| Wed 16 Oct 2024, 7:05 | | NORTHAM PLATINUM HOLDINGS LIMITED - Northam Platinum’s long-term and short-term credit ratings reaffirmed and outlook maintained as stable |
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Northam Platinum’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
JSE share code: NPH ISIN: ZAE000298253 JSE 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: NHM021 Bond ISIN: ZAG000181496
Bond code: NHM022 Bond ISIN: ZAG000190133
Bond code: NHM023 Bond ISIN: ZAG000190968
Bond code: NHM025 Bond ISIN: ZAG000195934
Bond code: NHM026 Bond ISIN: ZAG000195942
("Northam Platinum")
NORTHAM PLATINUM'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 reaffirmation of Northam Platinum's rating reflects the successful completion of major development activity at the
Booysendal mine complex, as well as Northam's robust liquidity profile.
GCR notes that development risk has been reduced with the Booysendal North and South mines attaining steady-state
production and substantial progress on the Eland mine development being made. Mining and production risk has also
been reduced as a result of operational diversification. Moreover, with Booysendal being one of the lowest cost mines
globally, and now accounting for half of Northam's platinum group metal ("PGM") production, the group is well positioned
to withstand the current depressed PGM pricing environment.
In addition, in the context of the currently depressed PGM price environment, GCR further notes that Northam's liquidity
profile is a key ratings strength, as the group has prioritised securing sources of liquidity to ensure it can meet all capital
and operating cash flow requirements over the medium-term, whilst ensuring that its gearing profile and capital structure
remain robust.
The Stable outlook reflects GCR's expectation that Northam's low-cost production profile and substantial access to
liquidity will provide the necessary cash flows and financial flexibility to withstand the earnings pressures caused by the
cyclical downturn in PGM prices.
The GCR announcement in regard to Northam Platinum's credit rating is available from the GCR website at:
https://gcrratings.com/announcements/gcr-affirms-northams-long-term-issuer-rating-of-aza-on-improved-production-
volumes-and-robust-sources-of-liquidity-outlook-stable/.
Johannesburg
16 October 2024
Corporate Advisor and Sponsor to Northam Holdings
One Capital
Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital
Date: 16-10-2024 07:05:00
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