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, together with its subsidiaries,           Bond code: NHM015       Bond ISIN: ZAG000164922
               “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
                                                                   Bond code: NHM022       Bond ISIN: ZAG000190133
                                                                   Bond code: NHM023       Bond ISIN: ZAG000190968
                                                                                 (“Northam Platinum”)

    NORTHAM PLATINUM’S LONG-TERM CREDIT RATING UPGRADED, SHORT-TERM CREDIT RATING
  RE-AFFIRMED, OUTLOOK ACCORDED AS STABLE, INCREASE IN AVAILABLE BANKING FACILITIES TO
    R9.15 BILLION WITH CONCOMITANT EXTENSION OF MATURITY TO 2027 AND CONFIRMATION OF
        SETTLEMENT OF ALL OUTSTANDING AMOUNTS DUE TO ROYAL BAFOKENG HOLDINGS

UPGRADE TO NORTHAM PLATINUM’S CREDIT RATING

Northam Holdings and Northam Platinum are pleased to advise that the credit rating agency, Global Credit Rating
Company Limited (“GCR”), has upgraded Northam Platinum’s national scale long-term credit rating to A+(za) from A(za),
with the short-term credit rating re-affirmed at A1(za) and the outlook accorded as Stable.

The upgrade of Northam Platinum’s rating is in view of Northam Platinum’s enhanced liquidity position with significant
financial flexibility, along with the expectation that the Group will continue to deliver a strong operating performance in
various price scenarios. GCR notes that Northam Platinum continues to sustain high profitability levels, stemming from
its ongoing ramp-up in production and its high-quality, competitive cost assets.

The GCR announcement in regard to Northam’s credit rating is available from the GCR website at:
https://gcrratings.com/category/announcements/.

INCREASE IN AVAILABLE BANKING FACILITIES

Northam is pleased to announce that it has concluded agreements in terms of which its five-year R4 billion revolving
credit facility (“RCF”) maturing in September 2024 (“Previous RCF”), has been refinanced and increased on more
favourable terms. The new five-year R5.705 billion RCF (“New RCF”) will mature in August 2027 and has a nominal
interest rate of between JIBAR plus 2.40% (at the lower end of utilisation) and JIBAR plus 2.80% (at the upper end of
utilisation). This compares favourably to the nominal interest rate in respect of the Previous RCF of between JIBAR plus
2.55% (at the lower end of utilisation) and JIBAR plus 2.95% (at the upper end of utilisation).

In addition, Northam has settled its R3 billion bridge facility which had a final maturity date in December 2022 and has
secured a new five-year term loan facility of R2.445 billion (“Term Loan”), maturing in August 2027 with a nominal
interest rate of three-month JIBAR plus 2.50%.

The New RCF together with the Term Loan (collectively, the “Facilities”) and Northam’s existing R1 billion general
banking facilities, increase Northam’s available banking facilities to R9.15 billion, on more favourable terms.
SETTLEMENT OF ALL OUTSTANDING AMOUNTS OWING TO RBH

Northam confirms that it has settled all amounts owing to Royal Bafokeng Holdings Proprietary Limited and its
subsidiaries (collectively, “RBH”) in respect of the acquisition of a material interest in Royal Bafokeng Platinum Limited
(“RBPlat”) from RBH, as announced on 9 November 2021. As a result, Northam’s shareholding in RBPlat is entirely
unencumbered.

Northam’s current shareholding in RBPlat comprises 100 219 552 RBPlat shares (representing c. 34.52% of the total
RBPlat shares in issue) with a current market value of approximately R14.6 billion based on the closing price per RBPlat
share of R146.04 on 27 October 2022.



Alet Coetzee, Northam’s Chief Financial Officer, said “Northam is pleased to receive external recognition of its strong
liquidity position and the continued success of its growth strategy, as affirmed by the upgraded credit rating. Northam
remains appreciative of the continued support from its lenders.”


Johannesburg
28 October 2022


      Corporate Advisor and Sponsor to Northam                     Corporate Advisor and Debt Sponsor to Northam
                      Holdings                                                        Platinum
                     One Capital                                                     One Capital




     Attorneys to Northam Holdings and Northam                        Global Coordinator and Facility Agent
                       Platinum                                             in respect of the Facilities
                   Webber Wentzel                               Nedbank Limited (acting through its Nedbank Corporate
                                                                          and Investment Banking division)