Northam's long-term and short-term credit ratings reaffirmed and outlook maintained as stable

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
Share code: NPH ISIN: ZAE000298253                              Debt issuer code: NHMI
(“Northam Holdings” or, together with its subsidiaries,         Bond code: NHM015       Bond ISIN: ZAG000164922
“Northam” or the “group”)                                       Bond code: NHM016       Bond ISIN: ZAG000167750
                                                                Bond code: NHM019       Bond ISIN: ZAG000168105
                                                                Bond code: NHM020       Bond ISIN: ZAG000172594
                                                                Bond code: NHM021       Bond ISIN: ZAG000181496
                                                                Bond code: NHM022       Bond ISIN: ZAG000190133
                                                                Bond code: NHM023       Bond ISIN: ZAG000190968
                                                                Bond code: NHM024       Bond ISIN: ZAG000195926
                                                                Bond code: NHM025       Bond ISIN: ZAG000195934
                                                                Bond code: NHM026       Bond ISIN: ZAG000195942
                                                                (“Northam Platinum”)

NORTHAM'S LONG-TERM AND SHORT-TERM CREDIT RATINGS REAFFIRMED AND OUTLOOK MAINTAINED AS STABLE
                                    
Northam Holdings and Northam Platinum are pleased to advise that the credit rating agency, GCR Ratings (“GCR”),
has reaffirmed Northam Platinum’s national scale long-term and short-term credit ratings at A+(za) and A1(za),
respectively, with the outlook maintained as Stable.

The affirmation of Northam Platinum’s rating is supported by its very strong liquidity profile, strong financial position and
continued expansion of production. Liquidity has been fortified to provide the group with sufficient financial resources to
continue its development activity.

GCR notes that Northam’s position as one of the lowest cost platinum group metal (“PGM”) producers globally, with a
flexible production profile, will enable it to withstand the current down cycle better than many of its larger peers.

The Stable outlook reflects GCR’s view that Northam Platinum’s strong liquidity position will provide the necessary
financial resources to withstand the cyclical downturn in PGM prices.

The GCR announcement in regard to Northam’s credit rating is available from the GCR website at:
https://gcrratings.com/announcements/gcr-affirms-northam-platinum-limiteds-long-term-issuer-rating-of-aza-on-strong-
liquidity-with-a-stable-outlook/.


Johannesburg
11 October 2023

Corporate Advisor and Sponsor to Northam Holdings                                                                                             
One Capital                                                    

Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital
Date: 11-10-2023 07:05:00
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