|
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 Share code: NPH ISIN: ZAE000298253 JSE Debt issuer code: NHMI
("Northam Holdings" or, together with its subsidiaries, Bond code: NHM021 Bond ISIN: ZAG000181496
"Northam" or the "group") Bond code: NHM022 Bond ISIN: ZAG000190133
Bond code: NHM023 Bond ISIN: ZAG000190968
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 is pleased to report a solid operational performance from both Zondereinde and Booysendal for the financial year
ended 30 June 2025 ("F2025"), while Eland continues to ramp-up.
The following key production metrics exceeded guidance:
• Equivalent refined metal produced from own operations at Zondereinde at 330 769 oz 4E
• Metal in concentrate produced from own operations at Booysendal at 512 147 oz 4E
• Equivalent refined metal purchases from third parties of 127 171 oz 4E
Total metal sold by the group exceeded 1 million oz 4E for the first time.
All other production metrics were within guidance, with the exception of Eland's production of Platinum Group Metals
("PGMs"). The group's equivalent refined metal produced from own operations for F2025 grew to 899 244 oz 4E from
892 876 oz 4E for the financial year ended 30 June 2024 ("F2024").
Group production of chrome concentrate increased by 9.0% to 1 439 752 tonnes (F2024: 1 320 963 tonnes), on the back
of improvements in UG2 tonnage throughput, feed grades and concentrator yields.
Key production metrics for F2025 compared to F2024 are as follows:
F2025 F2024
oz 4E oz 4E % variance
Equivalent refined metal produced from own operations at Zondereinde
(exceeded guidance) 330 769 328 513 0.7%
Metal in concentrate produced from own operations at Booysendal
(exceeded guidance) 512 147 511 340 0.2%
Metal in concentrate produced from own operations at Eland*
(below guidance) 72 442 69 020 5.0%
Total equivalent refined metal produced from own operations
(within guidance) 899 244 892 876 0.7%
Equivalent refined metal purchased from third parties
(exceeded guidance) 127 171 135 409 (6.1%)
Total equivalent refined metal produced from own operations including
refined metal purchased from third parties 1 026 415 1 028 285 (0.2%)
Total refined metal produced 937 942 891 721 5.2%
Refined metal sold 933 210 899 377 3.8%
Concentrate sold disclosed as equivalent ounces 73 265 50 874 44.0%
Total metal sold (within guidance) 1 006 475 950 251 5.9%
*Metal in concentrate produced from own operations at Eland amounted to 75 103 oz 4E and 72 442 oz 4E on a stock
adjusted basis.
F2025 F2024
tonnes tonnes % variance
Chrome concentrate produced at Zondereinde 497 438 443 806 12.1%
Chrome concentrate produced at Booysendal 735 706 743 072 (1.0%)
Chrome concentrate produced at Eland 206 608 134 085 54.1%
Total chrome concentrate produced (below guidance) 1 439 752 1 320 963 9.0%
Zondereinde
Stoping is continuing to ramp-up within the Western extension. Equipping of 3 shaft for personnel and material transport,
as well as the provision of services, continues to progress. Both 3 shaft, as well as 3a ventilation shaft, are scheduled for
commissioning during the first quarter of the 2026 calendar year. This is expected to deliver sustainable long-term efficiency
benefits. Pilot drilling of 3b rock hoisting shaft is complete.
Chrome concentrate production increased by 12.1% to 497 438 tonnes (F2024: 443 806 tonnes) on the back of improved
yields resulting from ongoing metallurgical enhancements, as well as higher UG2 tonnage throughput. These improvements
are expected to continue.
At the group's metallurgical facilities, situated at Zondereinde, upgrades to the base metal removal plant are progressing
well and the smelter furnaces are operating within expectations.
Booysendal
All current mining modules are operating at steady state levels. Decline development is continuing in order to increase
mineable reserves and operational flexibility. Production of chrome concentrate marginally reduced by 1.0% to
735 706 tonnes (F2024: 743 072 tonnes), due to preferential Merensky milling and in line with mining expectations. Chrome
concentrate production is expected to normalise during the financial year ending 30 June 2026 ("F2026").
Eland
Following the occurrence of two fatal accidents during the first half of F2025, significant additional focus has been placed
on safe operating practices, particularly relating to onboarding and embedding of new mining crews during this critical period
of the mine's development and ramp-up. A noticeably improved safety performance was delivered by Eland during the
second half of F2025. The safety of our employees remains of utmost importance and takes precedence over any production
objectives.
Production of PGM concentrate from own operations was below guidance at 75 103 oz 4E (72 442 oz 4E on a stock adjusted
basis). Improved chromite feed grades and ongoing recovery improvements led to a notable 54.1% increase in chrome
concentrate produced, at 206 608 tonnes (F2024: 134 085 tonnes), notwithstanding the impact of lower than anticipated
PGM production.
Development of the decline system is ongoing, and a reconfiguration of the mine's ventilation circuit will enable accelerated
decline development rates. A new 4.5 metre diameter raise-bored ventilation shaft has significantly improved environmental
conditions, particularly in the deeper sections of the mine that are critical to the medium-term ramp-up, and facilitated the
planned ventilation reconfiguration.
Updated guidance for Eland will be provided in Northam Holdings' F2025 financial results, which are expected to be
published on SENS on or about Friday, 29 August 2025.
Looking forward
In light of prevailing PGM market uncertainty, Northam remains internally focused with full emphasis on
operational excellence, particularly surrounding safe, sustainable production and efficient mining at the right cost.
Despite recent improvements in metal prices being realised, the global economic outlook remains uncertain, with potentially
volatile metal markets and exchange rates.
Northam's relative positioning on the industry cost curve, and the ability to retain operational flexibility and balance sheet
strength, remain our key differentiators. The group remains committed to the strategic goal of growing safe and sustainable
production down the industry cost curve.
This voluntary production report has not been reviewed and reported on by the group's external auditors.
Johannesburg
23 July 2025
Corporate Advisor and Sponsor to Northam Holdings
One Capital
Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital
Date: 23-07-2025 05:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS. |
|
