Condensed reviewed interim financial results for the six months ended 31 December 2019 NORTHAM PLATINUM LIMITED Incorporated in the Republic of South Africa (Registration number 1977/003282/06) Share code: NHM ISIN: ZAE000030912 Debt issuer code: NHMI Bond code: NHM002 Bond ISIN: ZAG000129024 Bond code: NHM006 Bond ISIN: ZAG000158577 Bond code: NHM007 Bond ISIN: ZAG000158593 Bond code: NHM008 Bond ISIN: ZAG000158858 Bond code: NHM009 Bond ISIN: ZAG000158866 Bond code: NHM010 Bond ISIN: ZAG000159229 Bond code: NHM011 Bond ISIN: ZAG000159237 Bond code: NHM012 Bond ISIN: ZAG000160136 Bond code: NHM013 Bond ISIN: ZAG000162181 Bond code: NHM014 Bond ISIN: ZAG000163650 Bond code: NHM015 Bond ISIN: ZAG000164922 (“Northam” or the “company” or the “group”) CONDENSED REVIEWED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 Key features Reviewed Reviewed 6 months ended 6 months ended 31 December 31 December Variance 2019 2018 % Normalised headline earnings R000 1 883 912 553 312 240.5 Normalised headline earnings per share cents 369.6 108.5 240.6 Sales revenue R000 7 824 901 4 982 761 57.0 Operating profit R000 2 959 543 1 030 780 187.1 Operating profit margin % 37.8 20.7 82.6 Profit/(loss) for the period R000 1 147 600 (63 837) N/A* Total comprehensive income for the period R000 1 147 636 (55 626) N/A* Headline earnings/(loss) per share cents 328.3 (19.0) N/A* Earnings/(loss) per share cents 328.0 (18.2) N/A* Cash generated from operating activities R000 2 033 332 1 297 758 56.7 EBITDA R000 3 192 549 1 124 540 183.9 Capital expenditure R000 1 352 238 1 544 087 (12.4) * N/A indicates a percentage change from a negative to a positive balance. Financial results Normalised headline earnings have been calculated taking into account the headline earnings adjusted for items relating to the 2015 Zambezi Platinum (RF) Limited black economic empowerment transaction (“BEE transaction”); these include the preference share dividends associated with the BEE financing structure as well as the loss on derecognition of the preference share liability. Stripping out the impact of the BEE transaction resulted in normalised headline earnings increasing to R1.9 billion (H1 F2019: R553.3 million), which equates to normalised earnings per share, based on the total number of 509 781 212 issued shares, of 369.6 cents (H1 F2019: 108.5 cents), being an increase of 240.6%. Sales revenue increased by 57.0% from R5.0 billion in H1 F2019 to R7.8 billion in the period under review. The increase is attributable to an 11.9% increase in the volume of PGMs sold to 329 760 oz 4E (H1 F2019: 294 823 oz 4E), a 42.4% increase in the 4E basket price to USD1 443/oz (H1 F2019: USD1 013/oz) and a 3.7% weaker average ZAR/USD exchange rate realised of R14.72 (H1 F2019: R14.19). A 23.1% increase in cost of sales and corresponding 57.0% increase in revenue resulted in operating profit increasing to R3.0 billion (H1 F2019: R1.0 billion), an all-time high for the group. This translates to an operating profit margin of 37.8%. It is the first time since 2015 that the group has generated meaningful free cash flow after funding capital expenditure. This amounted to R695.8 million (H1 F2019: utilisation of R185.6 million). It is expected that the group’s ability to generate free cash flow in the foreseeable future will be positively impacted by production growth and the continuing increase in Platinum Group Metal prices. The board of directors of Northam (“board”) has resolved not to declare an interim dividend for the 2020 financial year (H1 F2019: R Nil per share). The board is currently of the view that the most efficient way to return value to shareholders is by way of the purchase of Zambezi Platinum (RF) Limited preference shares. About this announcement This short-form announcement is the responsibility of the directors of Northam, and is a summary of the information in the group’s full interim reviewed financial results announcement for the period ended 31 December 2019 and does not contain full or complete details. Any investment decisions by investors and/or shareholders should be based on the full interim reviewed financial results accessible via the JSE link at https://senspdf.jse.co.za/documents/2020/JSE/ISSE/NHM/Interim_20.pdf and available on the company’s website at https://www.northam.co.za/investors-and-media/publications/presentations/2020/send/144-2020/1273- interim-financial-results. The full interim reviewed financial results announcement is also available for inspection at no charge at the company’s registered office and the offices of its sponsor, One Capital Sponsor Services Proprietary Limited (17 Fricker Road, Illovo), during normal business hours. Johannesburg 28 February 2020 Sponsor and Debt Sponsor One Capital Date: 28-02-2020 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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