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Trading Statement for the six months ended 31 December 2025
African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
("ARM" or the "Company")
TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 (1H F2026)
In terms of paragraph 6.26(a) of the Listings Requirements of the JSE
Limited, a listed company is required to publish a trading statement
as soon as it is satisfied that a reasonable degree of certainty
exists that the financial results for the period to be reported on
next will differ by at least 20% from those of the previous
corresponding period.
Headline earnings for 1H F2026 are expected to increase by between 5%
and 15% compared to the corresponding six months ended 31 December
2024 (1H F2025) to between R1 596 million and R1 748 million
(1H F2025: R1 520 million). Headline earnings per share are therefore
expected to be between 814 cents and 891 cents (1H F2025: 775 cents
per share).
Basic earnings for 1H F2026 are expected to increase by between 65%
and 75% to between R2 300 million and R2 440 million
(1H F2025: R1 394 million). Basic earnings per share are expected to
be between 1 173 cents and 1 244 cents (1H F2025: 711 cents per share).
The increase in 1H F2026 headline earnings and basic earnings was
primarily due to an increase in the US Dollar PGM basket prices at
Two Rivers and Modikwa Mines. In addition, the increase in basic
earnings includes a profit on disposal of Sakura and a gain on
remeasurement of ARM's pre-existing 50% interest in Nkomati Mine,
which gain arose as a result of the acquisition of Norilsk Nickel
Africa Proprietary Limited's 50% interest.
The financial information on which this trading statement is based
has not been reviewed or reported on by ARM's external auditors.
The Company's 1H F2026 financial results will be released on
6 March 2026.
ENDS
For all investor relations queries please contact:
Thabang Thlaku
Executive: Investor relations and new business development
Office: +27 11 779 1300 | Email: thabang.thlaku@arm.co.za
Sandton
24 February 2026
Sponsor: Investec Bank Limited
Date: 24-02-2026 11:25:00
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