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 together with its subsidiaries,       Bond code: NHM021        Bond ISIN: ZAG000181496
                “Northam” or the “group”)                       Bond code: NHM022        Bond ISIN: ZAG000190133
                                                                Bond code: NHM025        Bond ISIN: ZAG000195934
                                                                Bond code: NHM026        Bond ISIN: ZAG000195942
                                                                Bond code: NHM027        Bond ISIN: ZAG000216052
                                                                Bond code: NHM028        Bond ISIN: ZAG000216045
                                                                Bond code: NHM029        Bond ISIN: ZAG000216037
                                                                              (“Northam Platinum”)

  GCR REVISES THE OUTLOOK ON NORTHAM’S LONG-TERM ISSUER RATING OF A+ (ZA) TO POSITIVE, ON
THE BACK OF AN IMPROVING OPERATIONAL PROFILE, EXPECTED STRONGER EARNINGS AND FINANCIAL
                                       POSITION

GCR Ratings (“GCR”) has affirmed Northam Platinum’s national scale long-term and short-term issuer ratings at A+(ZA)
and A1(ZA), respectively, with the rating outlook revised to Positive from Stable. Concurrently, GCR has affirmed
Northam Holdings’ national scale long-term and short-term issuer ratings at A+(ZA) and A1(ZA), respectively. The rating
outlook has been revised to Positive from Stable.

The affirmation of Northam’s rating and the revision of its outlook to Positive reflect the continued operational
development at the group’s mines, which together with its sustainable cost advantage, serve to enhance its business
profile.

Northam has reached 1 million platinum group metal (“PGM”) ounce 4E sales and is nearing its 1 million ounce
production target from own operations (i.e. excluding purchased metal). With PGM prices having notably improved and
forecast to remain broadly firmer, GCR anticipates upside to its base case and expects earnings to improve significantly,
and gearing metrics to strengthen. Additionally, Northam is expected to maintain a robust liquidity profile.

GCR notes that Northam's competitive position has progressively strengthened through strong project execution,
leading to continued production expansion and the prioritisation of operational improvements. GCR views Northam’s
low-cost position as a key benefit to through-the-cycle profitability. Additionally, chrome production has also become a
valuable emerging businesses segment, serving to diversify income streams. Northam has advanced its environmental
strategy including various large-scale renewable projects at different stages of completion, which will strengthen energy
security, lower long-term energy costs, and enable the achievement of decarbonisation targets.

The Positive outlook reflects GCR’s view that sustained operational improvements, disciplined capital management,
and the expected earnings recovery will strengthen Northam’s credit profile over the next 12 to 18 months.

The GCR announcement in regard to Northam’s credit rating is available from the GCR website
at: https://gcrratings.com/announcements/gcr-revises-the-outlook-on-northams-long-term-issuer-rating-of-aza-to-
positive-on-the-back-of-an-improving-operational-profile-and-expected-stronger-earnings-and-financial-position/




Johannesburg
29 October 2025
Corporate Advisor and Sponsor to   Corporate Advisor and Debt Sponsor to
       Northam Holdings                      Northam Platinum

          One Capital                           One Capital