Press releases - 2026

Safety strengthened, with strong production across all PGM metrics over the quarter

• Improved safety performance - Zero fatalities during the quarter with a 26% improvement in the total recordable injury frequency rate (TRIFR) to 1.42 per million hours at own operations, down from 1.92 per million hours in the prior period.
• Total PGM production (expressed as 5E+Au metal-in-concentrate (M&C)) during the quarter, increased by 1% to 880,200 ounces compared to the prior period, driven by an increase in own-mined volume. Full year PGM production was 3,200,600 ounces.
• Own-mined PGM production was strong over the quarter, increasing by 1% to 594,600 ounces compared to the prior period. On a quarter-on-quarter basis, own-mined production increased by 10%, reflecting Amandelbult’s return to steady-state production for the first full quarter following the February 2025 flooding. Full year own-mined PGM production exceeded guidance at 2,060,300 ounces.
• Purchase of PGM concentrate (POC) decreased by 1% on the prior period to 285,600 ounces. Full year POC PGM production was 1,140,300 ounces.
• Refined PGM production (excluding tolling) increased by 1% on the prior period, and 6% from the previous quarter to 1,039,400 ounces due to higher M&C production and the release of work-in-progress inventory. Full year refined PGM production exceeded guidance at 3,412,000 ounces.
• PGM sales volumes for the quarter increased by 4% to 1,042,100 ounces, supported by the rollover of some sales from the previous quarter into October and increased sales volumes of minor PGMs. Full year sales volumes were 3,454,300 ounces, driven by higher refined production.
• Production guidance for 2026 for M&C and refined production is consistent with prior estimates at 3.0-3.4 million ounces.

Craig Miller, CEO of Valterra Platinum, said:

“We delivered our strongest quarterly performance of the year in the fourth quarter, with increased production across all major PGM metrics, showing clear momentum in achieving operational stability.

“Our own‑mined output increased meaningfully driven by Amandelbult’s full return to steady‑state operations and higher grades at Mogalakwena, which supported increased refined throughput and PGM sales in a higher price environment. We exceeded guidance across full year M&C production and refined output, reflecting disciplined execution driven by our operational excellence initiatives. With safety performance also continuing to improve, we remain focused on our ongoing drive to optimise working capital and enhance processing stability.

“Valterra Platinum’s performance in the quarter under review underscores a business operating with confidence and consistency, delivering on its strategy to build a stable, competitive and profitable long‑term PGM business.

“More insights on our performance will be shared when we release our annual results on 25 February 2026.”

Overview - Q4 2025 performance vs prior period Q4 2024

Improved safety performance

Zero fatalities reported for the quarter reflects our continued efforts to enhance the safety at our operations and our commitment to fostering a culture where safety, respect and wellbeing are at the heart of everything we do.

These efforts also resulted in us achieving a 26% improvement in TRIFR to 1.42 per million hours worked at own-managed operations, down from 1.92 in the prior period.

Total M&C PGM production

Total PGM production in Q4 2025 increased by 1% to 880,200 ounces compared to the prior period, primarily due to an increase in own-mined volume.

Strong PGM production from own mines

Own-mined production increased by 1% to 594,600 ounces compared to the prior period, mainly due to higher production from Amandelbult, partially offset by lower production at Mogalakwena, Unki and Mototolo. Fourth-quarter production delivered the strongest quarterly performance of 2025, increasing by 10% quarter-on-quarter due to Amandelbult’s return to steady-state operations and improved output at Mogalakwena.

• Mogalakwena’s PGM production decreased by 8% to 260,800 ounces, despite higher tonnes milled, primarily due to a lower built-up head grade compared to Q4 2024. Quarter-on-quarter production increased by 16%, supported by an 11% improvement in grade to 2.71g/t and an 87% increase in full-grade ore tonnes mined to ~4.7 million tonnes. Mogalakwena produced ~948,000 ounces for the year, reflecting the continued delivery of tangible results from the implementation of operational excellence initiatives. These include pit optimisation work, improved concentrator throughput, reduced mass pull, as well as the benefits of processing of low-grade ore stockpiles. At the Sandsloot underground project, 3.2 km of development was completed during 2025, with progress further supported by the successful completion of the ventilation main pass. The year ended with a ~80,000 tonne bulk ore sample stockpile, which is expected to be processed in 2026 to support the completion of the feasibility study.
• Amandelbult PGM production recovered significantly in the fourth quarter, with a 14% quarter-on-quarter increase driven by the return of Tumela Mine to steady-state operations. Full year production exceeded guidance at 483,600 ounces as a result of comprehensive execution of the restoration plan following the February 2025 flooding.
• Mototolo’s PGM production was impacted by the development work supporting the advancement of the Der Brochen project, which is progressing steadily, with all development ends successfully intersecting the reef after navigating the weathered zone. A higher proportion of development tonnes mined compared to the prior period diluted the overall mined grade, leading to a 4% decline in production to 71,000 ounces. As anticipated, production was further impacted by complex geological features at both Borwa and Lebowa shafts.
• Unki’s PGM production declined by 9% to 54,700 PGM ounces, driven by the continued mining of lower-grade ore blocks and concentrator throughput disruptions resulting from power and plant instabilities.
• Modikwa PGM production (50% own-mined) increased by 1% to 33,600 ounces, primarily due to higher tonnes milled.

Purchases of PGM concentrate

Purchase of concentrate volumes decreased by 1% to 285,600 ounces, primarily due to lower receipts from third parties, partially offset by higher production at Modikwa.

Strong refined PGM production

Refined PGM production (excluding tolling) increased by 1% to 1,039,400 ounces compared to the prior period, partially driven by higher M&C production. Refined output exceeded M&C mined and purchased, supported by solid processing performance and sustained improvements in the stability and reliability of the processing infrastructure, which enabled the optimisation of work-in-progress inventory.

Toll-refined PGM production increased by 41% to 257,300 PGM ounces, primarily due to the inclusion of Kroondal as toll-refined production from December 2024.

Improved base metal and chrome production

Nickel production increased by 12% to 7,098 tonnes, while copper production decreased by 2% to 4,413 tonnes. Quarter-on-quarter nickel and copper production increased by 14% and 5% respectively.

Total chrome production for the quarter increased by 17% to 298,000 tonnes, mainly due to higher chrome production at Amandelbult and improvements in chrome yields across our own operations.

Increased PGM sales volumes and realised basket price

PGM sales volumes increased by 4% to 1,042,100 ounces, supported by the timing of some sales rolling over from the previous quarter into October, together with higher volumes of minor PGMs sold.

The average Q4 2025 realised basket price of R38,723/PGM ounce, or $2,269/PGM ounce was the highest since Q4 2022 and up 41% and 50% year-on-year respectively. All PGMs, except iridium, contributed substantial year-on-year gains, most importantly, platinum and rhodium averaged 78% and 70% higher respectively. A broad-based price rally that began in May, driven by a mix of bullish macroeconomic, fundamental, and structural factors, gained further momentum during the final quarter on rising investor interest in physical assets, the launch of new futures contracts in China and ongoing market tightness. The average realised full year ZAR PGM basket price of R32,611/PGM ounce increased by 22%, while the Dollar PGM basket price of $1,852/PGM ounce increased by 26% year-on-year.

Production guidance for 2026-2028

Production guidance for 2026 for M&C and refined production is consistent with prior estimates at 3.0–3.4 million ounces. Refined production, which has historically been lower in the first quarter, is expected to be more evenly distributed throughout the year following the re-phasing of the annual stock counts and scheduled processing maintenance.

The information contained in this announcement has not been audited by the Company’s auditors.

JSE Sponsor:

Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities

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