Third Quarter Production Report

Numbers are independently rounded and minor variances might be present when performing additions, subtractions and calculations.

¹     M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold).

²    Restated for prior periods to exclude Kroondal from purchase-of-concentrate volume. Kroondal was a 50% joint operation until 1 November 2023. Upon the disposal of our 50% interest, Kroondal transitioned to a 100% third-party POC arrangement, whereby 100% of production was presented under 'Purchase of concentrate' until it transitioned to a toll arrangement on 1 September 2024.

³     PGM production from Mogalakwena, Amandelbult, Mototolo, Unki and 50% attributable production from joint operation Modikwa.

⁴     PGM production from third parties and 50% purchased from joint operation Modikwa.

⁵     Refined and sales volumes owned by Valterra Platinum referencing its annual guidance i.e. excluding toll refining volumes.

REVIEW OF THE QUARTER

Safety

Regrettably, a fatal incident occurred at Amandelbult's Dishaba Mine on 22 July 2025, involving Mr. William Nkenke, who tragically lost his life in a grout pack related incident while working underground. The area was secured, and operations in the affected zone were suspended. An internal investigation was initiated in collaboration with relevant authorities to determine the root cause and preventative measures have been implemented.

The Total Recordable Injury Frequency Rate (TRIFR) improved to 1.53 per million hours worked at own-managed operations, down from 1.57 in the prior period, reflecting continued progress in safety performance.

Total M&C PGM production

Total PGM production in Q3 2025 declined 7% to 855,100 ounces compared to the prior period primarily due to Kroondal's transition to a 4E tolling arrangement from September 2024. On a like-for-like basis, where prior periods are restated to exclude Kroondal from purchase of concentrate volume, total PGM production decreased by 1%.

PGM production from own mines

Own mine production declined 2% compared to the prior period, mainly due to lower production from Mototolo, Amandelbult and Unki, partially offset by higher production at Mogalakwena. Quarter-on-quarter production increased by 16%, driven by Amandelbult's ramp up to steady-state operations.

Mogalakwena increased PGM production by 4% to 225,700 ounces, driven by higher concentrator throughput, albeit at a marginally lower built-up head grade due to the blending of a greater proportion of lower-grade stockpiled material.  In Q4, the grade fed to the plant is expected to improve as higher-grade material becomes accessible in the pit, in line with the planned mining sequence. Operational improvements at the North concentrator and reduced mass pull from the newly commissioned Jameson cells reflect continued progress in operational excellence.

Amandelbult production showed a significant recovery in the third quarter, with Tumela Mine ramping up to steady-state operations, which underpinned a 118% quarter-on-quarter increase in production. However, PGM production at Amandelbult declined 3% to 153,100 ounces compared to the prior period, due to marginally lower tonnes milled and a slight reduction in head grade. The mine remains on track to deliver between 450,000 and 480,000 PGM ounces for the year.

Mototolo's PGM production declined by 11% to 66,200 ounces, mainly due to lower tonnes milled and reduced grades. Production was impacted by anticipated complex geological features encountered at both Borwa and Lebowa shafts, which temporarily affected crew efficiencies and mining grades. Development at Der Brochen continues to progress steadily, with all development ends successfully intersecting the reef after navigating the weathered slow sink zone.

Unki's production declined by 8% to 57,500 PGM ounces mainly due to the expected lower grades in the current mining area.

Modikwa PGM production (50% own-mined) decreased by 7% to 37,000 ounces, primarily due to lower concentrator recoveries following the introduction of open pit material, which replaced the volumes from South 1 shaft infrastructure that was closed in the first half of the year. 

Purchases of PGM concentrate

Purchase of concentrate volumes decreased by 15% to 315,500 ounces primarily due to Kroondal's transition to a 4E tolling arrangement from September 2024. Adjusting the comparable period for Kroondal volumes, POC was in line with prior period.

Refined PGM production

Refined production (excluding tolling) decreased by 11% to 981,500 ounces compared to Q3 2024. This was mainly due to a larger drawdown of work-in-progress inventory in the prior period, and the transition of Kroondal volumes from POC to tolling, which were included in the prior year's refined production.

Adjusting for Kroondal, the decline was 5%. Refined output exceeded M&C mined and purchased, on the back of a solid processing performance due to sustained improvements in stability and reliability of the processing infrastructure that facilitated the release of work-in-progress inventory.

Toll-refined PGM production increased by 40% to 215,700 PGM ounces. Normalising the comparative period to include Kroondal as tolling volumes, implies a 4% reduction as a result of lower volumes received from third parties.

Base metal and chrome production

Nickel production decreased by 15% to 6,226 tonnes and copper production decreased by 9% to 4,201 tonnes, as the prior period included a larger release of work-in-progress inventory.

Total chrome production increased by 10% to 271,000 tonnes, mainly due to higher chrome production at Mototolo and improvements in chrome yields across our own operations.

PGM sales volumes

PGM sales volumes decreased by 15% to 936,800 ounces, marginally below refined production volumes due to the timing difference in sales recognition, with some sales volumes rolling into October. Excluding Kroondal volumes from the comparable period, sales volumes declined by 9%.

The average Q3 2025 realised basket price was $1,916/PGM ounce, the highest since Q1 2023 and up 30% year-on-year. Much of this gain came between Q2 and Q3, with a 27% quarter-on-quarter increase in Q3, driven by broad price gains for all PGMs since May. The rally reflects a confluence of bullish macro-, micro- and sectoral drivers, including a weaker US dollar, resilient economic growth, robust precious metal investment amid rising inflationary fears and heightened geopolitical tensions, buoyant Chinese demand and concerns over metal availability in key trading centres.

2025 guidance

We remain on track to deliver M&C production of 3.0-3.2 million ounces. M&C production from our own operations is expected to be ~2.0 million PGM ounces and POC between ~1.0-1.2 million PGM ounces. Refined production and sales volumes guidance is expected to be ~3.4 million PGM ounces.

Numbers are independently rounded and minor variances might be present when performing additions, subtractions and calculations.

¹   M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold)

²   4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded due to variability

³   Modikwa is a 50% joint operation. The 50% equity share of production is presented under 'Own mined' production. Valterra Platinum purchases the remaining 50% of production, which is presented under 'Purchase of concentrate'.

JSE sponsor:

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

For further information, please contact:

Investors:

Leroy Mnguni

[email protected]

Marcela Grochowina

[email protected]

Media:

Cindy Maneveld

[email protected]

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