Valterra Platinum (VAL) Status update summary

Executive summary

• One work-related fatality occurred at Amandelbult's Dishaba Mine in July 2025; TRIFR improved 7% to 1.53 per million hours compared to the prior period.

• Amandelbult's Tumela Lower section ramped up to steady-state production ahead of schedule, completing recovery from February flooding.

• Q3 2025 own-managed mines PGM production (5E+Au M&C) decreased 2% to 539,600 ounces year-over-year, with declines at Mototolo, Amandelbult, and Unki, partially offset by Mogalakwena.

• Refined PGM production (excluding tolling) decreased 5% to 981,500 ounces; sales volumes fell 9% to 936,800 ounces due to timing differences.

Financial highlights

• Total PGM production in Q3 2025 declined 7% to 855,100 ounces, mainly due to Kroondal's transition to tolling; on a like-for-like basis, production decreased 1%.

• Purchase of PGM concentrate volumes decreased 15% to 315,500 ounces, but were flat year-over-year when adjusted for Kroondal.

• Toll-refined PGM production increased 40% to 215,700 ounces; normalised, this is a 4% reduction.

• Nickel production decreased 15% to 6,226 tonnes; copper production decreased 9% to 4,201 tonnes.

• Chrome production increased 10% to 271,000 tonnes.

• The average realised basket price for Q3 2025 was $1,916/PGM ounce, up 30% year-over-year and 27% quarter-on-quarter.

Outlook and guidance

• Full-year M&C production guidance remains at 3.0–3.2 million ounces, with own operations expected to contribute ~2.0 million ounces and POC 1.0–1.2 million ounces.

• Refined production and sales volumes guidance is ~3.4 million PGM ounces, supported by improved processing stability and inventory release.

• Amandelbult is on track for 450,000–480,000 PGM ounces for the year.