NORTHAM PLATINUM HOLDINGS LIMITED                                       NORTHAM PLATINUM LIMITED
        Incorporated in the Republic of South Africa                      Incorporated in the Republic of South Africa
            Registration number: 2020/905346/06                              Registration number: 1977/003282/06
        JSE share code: NPH ISIN: ZAE000298253                                   JSE debt issuer code: NHMI
  (“Northam Holdings” or the “company” or, together with              Bond code: NHM021        Bond ISIN: ZAG000181496
         its subsidiaries, “Northam” or the “group”)                  Bond code: NHM022        Bond ISIN: ZAG000190133
                                                                      Bond code: NHM023        Bond ISIN: ZAG000190968
                                                                      Bond code: NHM025        Bond ISIN: ZAG000195934
                                                                      Bond code: NHM026        Bond ISIN: ZAG000195942
                                                                                    (“Northam Platinum”)

                                                DEALINGS IN SECURITIES

Northam Holdings shareholders (“Shareholders”) are referred to the announcement published on SENS on
Tuesday, 20 May 2025, regarding, inter alia, the vesting and settlement of the LIM Awards (as defined therein) under
the Northam Platinum Share Incentive Plan (“SIP”), (“Initial Announcement”).

Unless otherwise defined herein, capitalised words and terms contained in this announcement shall bear the same
meanings ascribed thereto in the Initial Announcement.

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements (“JSE Listings Requirements”),
Shareholders are hereby advised that LIM Participants, including directors of Northam Holdings and a director of a
major subsidiary of the company, Booysendal Platinum Proprietary Limited (“Booysendal”), have sold a portion of their
LIM Shares to settle their employee tax liability arising as a result of the vesting of the LIM Awards (“Sale”). The Sale
has been executed on-market by an independent stockbroker and implemented through a pooled sale (“Pooled Sale”)
of such number of LIM Shares as required to settle the employee tax liability of each LIM Participant, over 19 May 2025
and 20 May 2025. The proceeds received from the Pooled Sale have been allocated pro rata to all LIM Participants
(in accordance with their individual employee tax liability arising) at the same average disposal price.

Following the settlement of the Pooled Sale, the remaining Northam Shares of all the LIM Participants will be committed
to the VIM and constitute VIM Commitment Shares, as set out in the Initial Announcement.

For the avoidance of doubt, Northam confirms that the total number of Northam Shares required to be disposed of by
the LIM Participants in order to settle the full employee tax liability of all LIM Participants, has been disposed of, including
the Northam Shares held by the directors listed below.

Additional information pertaining to the Sale on behalf of the relevant LIM Participants is detailed below:

 Class of securities:                                          Northam Holdings ordinary shares
 Transactions completed on-market or off-market:               On-market
 Nature and extent of interest:                                Direct beneficial
 Clearance obtained in terms of paragraph 3.66 of the
 JSE Listings Requirements:                                    Yes


 Date             Director                Company name                    Total number of                  Total value of
                                                                     Northam Shares sold           Northam Shares sold# *
 19 May 2025
                  PA Dunne                Northam Holdings                            59 712                  R7 860 625.02
                  AH Coetzee              Northam Holdings                            73 188                  R9 634 636.65
                  LC van Schalkwyk        Booysendal                                  52 277                  R6 881 864.52
 20 May 2025
                  PA Dunne                Northam Holdings                           194 972                R26 082 710.75
                  AH Coetzee              Northam Holdings                           238 973                R31 969 019.33
                  LC van Schalkwyk        Booysendal                                 170 694                R22 834 880.03
#
 Rounding of figures may result in computational discrepancies.
*The total value of Northam Shares sold is based on the daily volume weighted average price (“VWAP”) achieved in the
Pooled Sale, as set out in the table below:

Trading data in respect of the Pooled Sale:

    Date                                               VWAP                        Low                       High
    19 May 2025                                     R131.6423                   R131.59                   R132.97
    20 May 2025                                     R133.7767                   R132.07                   R139.01

Johannesburg
21 May 2025


    Corporate Advisor and Sponsor to Northam Holdings        Attorneys to Northam Holdings and Northam Platinum
                        One Capital                                             Webber Wentzel




                            Corporate Advisor and Debt Sponsor to Northam Platinum
                                                  One Capital