Trading Statement

Trading Statement

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.