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
             Share code: NPH ISIN: ZAE000298253                                Debt issuer code: NHMI
    (“Northam Holdings” or the “company” or, together with       Bond code: NHM015        Bond ISIN: ZAG000164922
           its subsidiaries, “Northam” or the “group”)           Bond code: NHM016        Bond ISIN: ZAG000167750
                                                                 Bond code: NHM018        Bond ISIN: ZAG000168097
                                                                 Bond code: NHM019        Bond ISIN: ZAG000168105
                                                                 Bond code: NHM020        Bond ISIN: ZAG000172594
                                                                 Bond code: NHM021        Bond ISIN: ZAG000181496
                                                                               (“Northam Platinum”)



       AUDITED GROUP ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2022 AND NOTICE OF ANNUAL
                                      GENERAL MEETING

Key financial features

•     Revenue of R34.1 billion.
•     Operating profit of R14.9 billion.
•     EBITDA of R16.5 billion (EBITDA margin of 48.3%).
•     Normalised headline earnings of R10.2 billion, equating to R25.74 per share.
•     Profit after tax of R9.8 billion.
•     Earnings per share of R26.15 and headline earnings per share of R26.11.
•     Net debt of R16.0 billion (Net Debt to EBITDA of 0.97).


Production and unit cash costs

Notwithstanding the array of challenges faced during the year under review, our operations collectively achieved a steady
increase in production and our growth projects remain on track.

A key feature during the year under review has been the difficult operational environments at the Zondereinde and
Booysendal mines. During the first half of the financial year, Zondereinde tragically suffered two mining related fatalities,
together with increased medical absences relating to the COVID-19 pandemic. Booysendal was affected by regional
community unrest, which impacted the entire eastern Bushveld region, throughout the financial year. This resulted in lost
production shifts. Booysendal was also affected by the intersection of a lower grade reef package in the upper southern
portion of the North UG2 mine, which led to a decrease in concentrator feed grade. These challenges and external events
negatively impacted the group’s metal production and unit cash costs during the financial year.

Despite the aforementioned challenges, the group’s equivalent refined metal from own operations increased to
716 488 oz 4E (F2021: 690 867 oz 4E). Zondereinde recorded improved production during the second half of the financial
year, whilst production growth from Booysendal was lower than forecast as a result of lower grade mined at Booysendal
North.

In respect of our current expansionary projects, development of the Western extension at Zondereinde has progressed well;
Booysendal has made good progress on South mine whilst recording 7 million fatality free shifts and remaining fatality free
since inception; and Eland continues its ramp-up, with the addition of the recently acquired Maroelabult section adding
considerable synergistic benefits.
Group unit cash costs per equivalent refined platinum ounce increased by 18.9% to R34 069/Pt oz (F2021: R28 662/Pt oz)
on the back of cost increases at all of the operations. Cash costs per equivalent refined platinum ounce increased by 14.8%
at Zondereinde to R34 828/Pt oz (F2021: R30 350/Pt oz), 21.9% at Booysendal to R25 321/Pt oz (F2021: R20 780/Pt oz),
and 29.5% at Eland to R55 594/Pt oz (F2021: R42 928/Pt oz). These increases were primarily driven by (i) above-inflationary
increases in chemicals, steel components, emulsion explosives and fuel, (ii) an increase in the number of employees in
service as the group continues to grow the labour complement to enable the planned expanded production profile together
with the negotiated wage increase for our employees, and (iii) lower concentrator feed grades from the Booysendal North
UG2 mine.


Capital expenditure

Capital expenditure increased to R4.6 billion (F2021: R3.3 billion). This is in line with our capital schedule and is the
combined result of increased expansionary capital of R3.1 billion (F2021: R1.8 billion), together with a marginal decrease
in sustaining capital expenditure to R1.4 billion (F2021: R1.5 billion).

Expansionary capital expenditure increased as a result of significant development on the Western extension project at
Zondereinde, together with the ongoing ramp-up at Eland. Sustaining capital expenditure at Booysendal increased due to
a number of extensions to strike belts and the first significant fleet replacements, whilst sustaining capital requirements at
our metallurgical operations decreased following the commissioning of the rebuilt smelter furnace 1 at Zondereinde.


Financial highlights

                                                                  30 June 2022          30 June 2021           % Variance

 Sales revenue                                        R000           34 064 270            32 626 918                    4.4
 Operating profit                                     R000           14 885 101            16 107 293                  (7.6)
 Operating profit margin                                 %                  43.7                  49.4                (11.5)
 Normalised headline earnings                         R000           10 208 024            10 867 830                  (6.1)
 Earnings per share                                   cents              2 614.9               2 681.8                 (2.5)
 Headline earnings per share                          cents              2 611.1               2 687.9                 (2.9)
 Normalised headline earnings per share               cents              2 573.8               2 131.9                  20.7
 EBITDA                                               R000           16 462 860            16 655 317                  (1.2)
 EBITDA margin                                           %                  48.3                  51.0                 (5.3)
 Capital expenditure                                  R000            4 570 223             3 332 204                   37.2


Returning meaningful value to our shareholders

There are a number of ways in which Northam can return value to its shareholders, including cash dividends, share buy-
backs and, previously, the purchase of Zambezi Platinum (RF) Proprietary Limited (previously Zambezi Platinum (RF)
Limited) (“Zambezi”) preference shares.

The group has returned R20.6 billion of value to shareholders over the last two financial years (F2022 and F2021) through
the acquisition of Zambezi preference shares and Northam Platinum shares, which collectively culminated in a 28.9%
reduction in the group’s issued share capital through the early maturity of the Zambezi BEE transaction.

The company is currently at a critical juncture in our growth trajectory, with various potential alternative outcomes which
remain to be determined. These outcomes will inform our approach to dividends.

The board of directors of the company (“board”) has therefore resolved not to declare a final dividend for the year ended
30 June 2022 (F2021: R Nil per share).
ANNUAL GENERAL MEETING

The annual general meeting of shareholders (“AGM”) will be held on Tuesday, 25 October 2022 at 10:00 to transact the
business as stated in the Notice of the 2022 Annual General Meeting (“notice of 2022 AGM”).

The AGM will be held entirely by way of electronic participation. Shareholders are encouraged to read the notice of
2022 AGM for information on how to electronically attend, participate in and vote at the AGM.

Shareholders are advised that the notice of 2022 AGM, containing the summarised audited annual financial statements for
the year ended 30 June 2022, will be distributed to shareholders today, 26 August 2022.

The annual integrated report for the year ended 30 June 2022, the complete consolidated audited annual financial
statements which incorporates the external auditor’s report in which Ernst & Young Inc. expressed an unmodified audit
opinion and the notice of 2022 AGM, are available on the company’s website at https://www.northam.co.za/investors-and-
media/publications/annual-reports or can be obtained from the company’s registered office on request.

The salient dates for the AGM are as follows:

                                                                                                                          2022
 Record date to determine which shareholders are entitled to receive the notice of 2022
 AGM, on                                                                                                    Friday, 19 August
 Distribution of the notice of 2022 AGM to shareholders, on                                                 Friday, 26 August
 Last date to trade in order to be recorded in the register to be able to electronically attend,
 participate in and vote at the AGM, on                                                                  Tuesday, 11 October
 Record date to determine which shareholders are entitled to electronically attend,
 participate in and vote at the AGM, on                                                                    Friday, 14 October
 For administration purposes, forms of proxy to be lodged by 10:00 (SA time), on *                         Friday, 21 October
 AGM to be held at 10:00 (SA time), on                                                                   Tuesday, 25 October
 Results of AGM expected to be published on SENS, on                                                     Tuesday, 25 October

* Any forms of proxy not lodged by this date and time must be submitted electronically to the chairperson of the AGM before
the start of the AGM, as set out in the notice of 2022 AGM, before the appointed proxy may exercise any rights of the
shareholder at the AGM.

This short-form announcement is the responsibility of the directors of the company and is only a summary of the information
contained in the full results announcement and does not contain full or complete details.

Any investment decision should be based on the full results announcement accessible via the JSE link at
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/NPHE/AFS_2022.pdf and available on Northam’s website at
https://www.northam.co.za/investors-and-media/publications/annual-reports.

The consolidated audited annual financial statements, from which the full results announcement has been extracted, have
been audited by Ernst & Young Inc. The key audit matters contained in the auditor’s report are addressed on page 15 of
the consolidated audited annual financial statements, which are available on Northam’s website at
https://www.northam.co.za/investors-and-media/publications/annual-reports.

The full results announcement and the consolidated audited annual financial statements for the year ended 30 June 2022,
incorporating the auditor’s report, are also available at our registered office and at the offices of our sponsor for inspection,
at no charge, during office hours.


On behalf of the board at Johannesburg on 26 August 2022.


TI Mvusi                                                    PA Dunne
Independent non-executive chairman            Chief executive officer


Directors

TI Mvusi                                     (independent non-executive chairman)
HH Hickey                                    (lead independent non-executive director)
PA Dunne *                                   (chief executive officer)
AH Coetzee                                   (chief financial officer)
GT Lewis *                                   (independent non-executive director)
NY Jekwa                                     (independent non-executive director)
MH Jonas                                     (independent non-executive director)
TE Kgosi                                     (non-executive director)
JG Smithies *                                (independent non-executive director)

* British

Registered office
Building 4, 1st Floor, Maxwell Office Park
Magwa Crescent West
Waterfall City
Jukskei View, 2090
South Africa

PO Box 412694
Craighall, 2024
South Africa

Telephone +27 11 759 6000
www.northam.co.za

Company secretary
PB Beale
Building 4, 1st Floor, Maxwell Office Park
Magwa Crescent West
Waterfall City
Jukskei View, 2090
South Africa

e-mail: trish.beale@norplats.co.za

PO Box 412694
Craighall, 2024
South Africa

Transfer secretaries
JSE Investor Services Proprietary Limited
13th Floor
19 Ameshoff Street
Braamfontein, 2001
South Africa

PO Box 4844
Johannesburg, 2000
South Africa
Telephone: +27 11 713 0800 / 086 147 2644
e-mail: InvestorServices@jseinvestorservices.co.za

Sponsor to Northam Holdings and debt sponsor to Northam Platinum
One Capital
17 Fricker Road
Illovo, 2196
Johannesburg
South Africa

PO Box 784573
Sandton, 2146
South Africa


Johannesburg
26 August 2022

 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