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GCR upgrades Northam’s long term issuer rating to AA(ZA) from A+(ZA), on the back of a stronger operational profile and net ungeared balance sheet
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: ZAE000298253 JSE debt issuer code: NHMI
(“Northam Holdings” or together with its subsidiaries, Bond code: NHM021 Bond ISIN: ZAG000181496
“Northam” or the “group”) Bond code: NHM022 Bond ISIN: ZAG000190133
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”)
GCR UPGRADES NORTHAM’S LONG TERM ISSUER RATING TO AA(ZA) FROM A+(ZA), ON THE BACK OF A STRONGER OPERATIONAL PROFILE AND NET
UNGEARED BALANCE SHEET
GCR Ratings (“GCR”) has upgraded Northam Platinum’s national scale long and short term issuer ratings to AA(ZA) and
A1+(ZA), from A+(ZA) and A1(ZA), respectively, with a Stable outlook. Concurrently, GCR has upgraded Northam Holdings’
national scale long and short term issuer ratings to AA(ZA) and A1+(ZA), from A+(ZA) and A1(ZA) respectively. The rating
outlook is Stable.
The upgrade of Northam’s ratings reflects its demonstrated ability to grow production levels and reserves internally
through continuous project development. GCR notes that it believes that the group’s lower cost position and growing
volumes will continue to support its robust financial performance after record-high results for the financial year ended
30 June 2026. Concurrently, Northam is reducing leverage while maintaining robust liquidity, which provides the group
with substantial financial flexibility.
GCR further notes that Northam’s operational profile has strengthened through demonstrated strong execution of
ongoing development projects that will continue to enhance its production capacity, improve efficiencies and commodity
diversification. The continued capital investment, even during down cycles, has seen the group consistently ramp-up
production, in contrast to peers in the local market.
The Stable outlook reflects GCR’s expectation that Northam will progressively increase its production as it develops
new projects to expand capacity at its existing mines. This, coupled with generally supportive prices should continue to
underpin strong cash generation to support higher capex and further deleveraging.
The GCR announcement in regard to Northam’s credit rating upgrade is available from the GCR website at:
https://gcrratings.com/announcements/gcr-upgrades-northams-long-term-issuer-rating-to-aaza-from-aza-on-the-back-
of-a-stronger-operational-profile-and-net-ungeared-balance-sheet/
Johannesburg
28 October 2026
Corporate Advisor and Sponsor to Northam Holdings
One Capital
Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital
Date: 28/10/2026 07:05:00
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