Valterra Platinum (VAL) Status Update summary

Safety performance

• No work-related fatalities reported; TRIFR improved by 7% to 1.70 per million hours at own operations.

• Continued focus on safety for both employees and contractors.

Production and operational highlights

• Total PGM production fell 17% year-on-year to 696,300 ounces, mainly due to lower third-party concentrate and Amandelbult flooding.

• Own-mined PGM production dropped 8% to 462,000 ounces, with Amandelbult down 32% after severe flooding; normalised, own-mined output would have matched prior year.

• Mogalakwena output rose 3% to 227,000 ounces, benefiting from higher throughput and new Jameson cells, while Mototolo increased 7% to 66,200 ounces.

• Unki and Modikwa saw declines of 15% and 11% respectively, due to lower grades, maintenance, and plant recovery issues.

Refined production, sales, and pricing

• Refined PGM production (excluding tolling) decreased 30% to 437,100 ounces, impacted by annual and triennial stock counts, Kroondal transition, and lower mined output.

• Toll-refined PGM production rose 30% to 208,200 ounces, reflecting Kroondal's shift to tolling.

• PGM sales volumes (excluding trading) dropped 30% to 493,700 ounces, in line with refined output.

• Average realised basket price increased 3% to $1,533/PGM ounce, with platinum and ruthenium prices higher, but palladium lower.