NORTHAM PLATINUM HOLDINGS LIMITED - Northam Platinums long-term and short-term credit ratings reaffirmed and outlook maintained as stable

Northam Platinum’s long-term and short-term credit ratings reaffirmed and outlook maintained as stable

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: NHM015       Bond ISIN: ZAG000164922
"Northam" or the "group")                                        Bond code: NHM016       Bond ISIN: ZAG000167750
                                                                 Bond code: NHM021       Bond ISIN: ZAG000181496
                                                                 Bond code: NHM022       Bond ISIN: ZAG000190133
                                                                 Bond code: NHM023       Bond ISIN: ZAG000190968
                                                                 Bond code: NHM025       Bond ISIN: ZAG000195934
                                                                 Bond code: NHM026       Bond ISIN: ZAG000195942
                                                                 ("Northam Platinum")

NORTHAM PLATINUM'S LONG-TERM AND SHORT-TERM CREDIT RATINGS REAFFIRMED AND OUTLOOK MAINTAINED AS STABLE

Northam Holdings and Northam Platinum are pleased to advise that the credit rating agency, GCR Ratings ("GCR"),
has reaffirmed Northam Platinum's national scale long-term and short-term credit ratings at A+(za) and A1(za),
respectively, with the outlook maintained as Stable.

The reaffirmation of Northam Platinum's rating reflects the successful completion of major development activity at the
Booysendal mine complex, as well as Northam's robust liquidity profile.

GCR notes that development risk has been reduced with the Booysendal North and South mines attaining steady-state
production and substantial progress on the Eland mine development being made. Mining and production risk has also
been reduced as a result of operational diversification. Moreover, with Booysendal being one of the lowest cost mines
globally, and now accounting for half of Northam's platinum group metal ("PGM") production, the group is well positioned
to withstand the current depressed PGM pricing environment.

In addition, in the context of the currently depressed PGM price environment, GCR further notes that Northam's liquidity
profile is a key ratings strength, as the group has prioritised securing sources of liquidity to ensure it can meet all capital
and operating cash flow requirements over the medium-term, whilst ensuring that its gearing profile and capital structure
remain robust.

The Stable outlook reflects GCR's expectation that Northam's low-cost production profile and substantial access to
liquidity will provide the necessary cash flows and financial flexibility to withstand the earnings pressures caused by the
cyclical downturn in PGM prices.

The GCR announcement in regard to Northam Platinum's credit rating is available from the GCR website at:
https://gcrratings.com/announcements/gcr-affirms-northams-long-term-issuer-rating-of-aza-on-improved-production-
volumes-and-robust-sources-of-liquidity-outlook-stable/.


Johannesburg
16 October 2024

Corporate Advisor and Sponsor to Northam Holdings                         
One Capital                                                     

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital
Date: 16-10-2024 07:05:00
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