VALTERRA PLATINUM LIMITED - Valterra Platinum trading statement for the six months ended 30 June 2025

Valterra Platinum trading statement for the six months ended 30 June 2025

Valterra Platinum Limited
(previously Anglo American Platinum Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
JSE Share Code: VAL
LSE Share Code: VALT
ISIN: ZAE000013181
("The Company" or "Valterra Platinum")


18 July 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION


Valterra Platinum trading statement for the six months ended 30 June 2025

Shareholders are advised that Valterra Platinum intends to release its results for the six months ended 30 June 2025 ("the
period") on the Johannesburg Stock Exchange (JSE) News Service and the London Stock Exchange (LSE) Regulatory News
Services on 28 July 2025.

In accordance with section 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that the financial
results for the period are expected to differ from the financial results of the previous corresponding period as follows:
    • headline earnings and headline earnings per share ("HEPS") for the period are expected to have decreased by
      between 76% and 88% compared to the six months ended 30 June 2024 (the "prior period"). Headline earnings are
      likely to be between R0.8 billion and R1.6 billion (R6.5 billion in the prior period) and HEPS is expected to be
      between 305 cents per share and 590 cents per share (2,456 cents per share in the prior period); and
    • basic earnings and earnings per share ("EPS") for the period are expected to have decreased by between 86% and
      98% compared to the prior period. Basic earnings are likely to be between R0.1 billion and R0.9 billion (R6.3 billion
      in the prior period) and EPS is expected to be between 49 cents per share and 343 cents per share (2,402 cents per
      share in the prior period).

The decrease in earnings for the first half of 2025 compared to the prior period is primarily due to a 25% decline in PGM
sales volumes (excluding sales from trading) as well as R1.4 billion in one-off demerger related costs. The decline in sales
volumes reflects lower refined production as a consequence of lower M&C production due to significant rainfall and
flooding in February that disrupted operations at Tumela mine at Amandelbult, the drawdown of excess work-in-progress in
the prior period and the three yearly stock count at the Precious Metals Refinery. Own mines production for the first half of
2025, excluding Amandelbult, was in line with the prior period. We remain on track to deliver M&C production within
guidance after factoring in the Amandelbult flooding impact, albeit at the lower end. Refined production guidance of 3.0-
3.4 million PGM ounces remains unchanged.

The decline in earnings was partially offset by cost savings of R2.1bn achieved in the period.

Basic earnings were further impacted by a R0.9 billion (or 250 cents per share) assets scrapping, mainly relating to the
design and engineering work for the SO2 abatement plant at Mortimer Smelter, following the decision to place Mortimer
Smelter on care and maintenance. Taxation and royalties declined in line with lower profits.

The financial information contained in this announcement has not been reviewed or reported on by the Company's
auditors.


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


For further information, please contact:


Company Secretary
Fiona Edmundson
fiona.edmundson@valterraplatinum.com


Investors:
Theto Maake
theto.maake@valterraplatinum.com


Marcela Grochowina
marcela.grochowina@valterraplatinum.com


Leroy Mnguni
leroy.mnguni@valterraplatinum.com


Media:
Cindy Maneveld
cindy.maneveld@valterraplatinum.com


About Valterra Platinum
Valterra Platinum Limited is one of the world's leading integrated producers of platinum group metals (PGMs) with a primary
listing on the Johannesburg Stock Exchange and a secondary listing on the London Stock Exchange. With a portfolio of
world class, long-life mines and the most efficient processing assets in the industry, the company responsibly mines,
smelts and refines PGMs and associated co-products from its operations located in South Africa and Zimbabwe. With its
integrated value chain, supported by marketing hubs in London, Singapore and Shanghai, the company delivers tailored
solutions for its customers. The Company continues to integrate sustainability into everything it does, supports investment
in its mining and processing capabilities and pursues market development activities to grow and commercialise new
demand segments. It also makes a meaningful impact to communities around its operations and will deliver consistent
and superior returns to shareholders. Valterra Platinum is committed to zero harm, capital allocation discipline and
delivering on our value-accretive strategic priorities as a standalone, leading integrated PGM producer, guided by our
purpose of unearthing value to better our world

Date: 18-07-2025 08:00:00
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