NORTHAM PLATINUM HOLDINGS LIMITED - Share incentive plan awards

Share incentive plan awards

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 code: ZAE000298253                  JSE debt issuer code: NHMI
("Northam Holdings" or the "company" or, together with       Bond code: NHM021        Bond ISIN: ZAG000181496
its subsidiaries, 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")

SHARE INCENTIVE PLAN AWARDS

In accordance with the group's remuneration policy, conditional shares under the Northam Platinum Share Incentive
Plan, 2011 ("SIP") are awarded annually to all employees employed within the Paterson D lower band and above,
including executive directors ("SIP Performance Awards").

In compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements ("JSE Listings Requirements"),
Northam Holdings shareholders are hereby advised of the SIP Performance Awards below made to executive directors
and the company secretary of the company, as well as a director of a major subsidiary of the company, with effect from
31 October 2025 ("Grant Date").

Vesting of the SIP Performance Awards is subject to, inter alia, continued employment with the group and the
achievement of performance conditions over the vesting period.

Nature of transactions:                          SIP Performance Awards
Class of securities:                             In accordance with the SIP rules, upon vesting, SIP Performance
                                                 Awards may be settled by way of shares in Northam Holdings and/or
                                                 the equivalent rand value of the shares in Northam Holdings, in cash,
                                                 at the election of the group's remuneration committee based on the
                                                 achievement of the performance conditions over the 3 year vesting
                                                 period
Date of acceptance of SIP Performance            13 November 2025
Awards:
Vesting date:                                    31 October 2028, being the 3rd anniversary of the Grant Date
Transactions completed on-market or off-         Off-market
market:
Nature and extent of interest:                   Direct beneficial
Clearance obtained in terms of the JSE           Yes
Listings Requirements:

Transaction 1
Name of director of the company:                 PA Dunne
Total number of SIP Performance Awards:          62 700 SIP Performance Awards
Strike price and value of transaction:           Rnil
Deemed value of transaction*:                    R17 804 292.00

Transaction 2
Name of director of the company:                 AH Coetzee
Total number of SIP Performance Awards:          30 200 SIP Performance Awards
Strike price and value of transaction:           Rnil
Deemed value of transaction*:                    R8 575 592.00

Transaction 3
Name of company secretary of the company:        PB Beale
Total number of SIP Performance Awards:          14 500 SIP Performance Awards
Strike price and value of transaction:           Rnil
Deemed value of transaction*:                    R4 117 420.00

Transaction 4
Name of director of a major subsidiary of the    LC van Schalkwyk
company:
Name of major subsidiary:                        Booysendal Platinum Proprietary Limited
Total number of SIP Performance Awards:          24 300 SIP Performance Awards
Strike price and value of transaction:           Rnil
Deemed value of transaction*:                    R6 900 228.00


*The deemed value of the transaction is illustrative and is calculated using all relevant SIP Performance Awards, priced
at the Northam Holdings closing share price of R283.96 as at 13 November 2025. For the avoidance of doubt, the final
number of SIP Performance Awards that will vest, after the vesting date, remains subject to, inter alia, continued
employment with the group and the achievement of performance conditions.


Johannesburg
14 November 2025

Corporate Advisor and Sponsor to Northam Holdings            
One Capital                                                 

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

Attorneys to Northam Holdings and Northam Platinum
Webber Wentzel

Date: 14-11-2025 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.