NORTHAM PLATINUM HOLDINGS LIMITED - Voluntary production update

Voluntary production update

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 equity share code: NPH                                   JSE debt issuer code: NHMI
ISIN: ZAE000298253                                           Bond code: NHM021       Bond ISIN: ZAG000181496
("Northam Holdings" or, together with its subsidiaries,      Bond code: NHM022       Bond ISIN: ZAG000190133
"Northam" or the "group")                                    Bond code: NHM025       Bond ISIN: ZAG000195934
                                                             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")

VOLUNTARY PRODUCTION UPDATE

Northam reports an increase of 3.7% in total equivalent refined platinum group metals ("PGMs") produced from own
operations, and an increase of 14.8% in chrome concentrate production, for the 6-month period ended 31 December 2025
("H1 F2026"), compared to the corresponding 6-month period ended 31 December 2024 ("H1 F2025").

Key production metrics from own operations for H1 F2026 compared to H1 F2025 are as follows:

                                                                                H1 F2026      H1 F2025

 PGM production                                                                    oz 4E         oz 4E   % variance

 Equivalent refined metal production from own operations at Zondereinde          170 262       165 076          3.1

 Concentrate production from own operations at Booysendal                        261 148       256 759          1.7

 Concentrate production from own operations at Eland                              44 842        37 488         19.6

 Total equivalent refined metal production from own operations                   467 818       451 213          3.7


 Chrome concentrate production                                                    tonnes        tonnes   % variance

 Production at Zondereinde                                                       241 454       242 402        (0.4)

 Production at Booysendal                                                        414 289       358 833         15.5

 Production at Eland                                                             167 016       115 387         44.7

 Total production                                                                822 759       716 622         14.8

Equivalent refined PGMs from third parties amounted to 83 448 oz 4E (H1 F2025: 59 743 oz 4E), representing an increase
of 39.7%.

Our operations performed well. Zondereinde is benefitting from logistics decongestion as a result of the ongoing shift of
UG2 stoping from the western to the higher-yielding eastern portions of the mine, as well as an increase in mining
productivity arising from focussed Merensky stoping in the Western extension. Booysendal continues to focus on
productivity and efficiency gains. Eland is making positive progress in its ramp-up programme with improvements achieved
in both square metres and tonnes mined.

At Zondereinde, the ramp-up of stoping continues within the Western extension section. Equipping of 3 shaft for personnel
and material transport, as well as the provision of services, is nearing completion. Reaming of 3a ventilation shaft also
continues. Both shafts are scheduled for commissioning during the first quarter of the 2026 calendar year. This will deliver
sustainable efficiency benefits to mining in the Western extension. Pilot drilling of 4 shaft, which will be a rock hoisting shaft,
is complete, and reaming has commenced.

At Booysendal, decline development is continuing in order to increase mineable reserves and operational flexibility.

At Eland, ore production from underground mining is ramping up. In addition, the reconfiguration of the mine's ventilation
circuit has enabled multi-blast conditions, which allow accelerated decline development rates. Focus remains on strike and
raise development in order to increase mineable reserves. The ongoing ramp-up of stoping is improving feed volumes and
grades to the concentrator, and further enhancements to the concentrator circuits are yielding additional benefits to PGM
and chrome production.

At the group's metallurgical facilities, upgrades to the base metal removal plant have been completed and the new furnace
slag concentrator is processing slag inventory at a satisfactory pace.


Johannesburg

14 January 2026

Corporate Advisor and Sponsor to Northam Holdings                              
One Capital 

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

Date: 14-01-2026 07:05:00
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