SA PGM Operations

Segment rollup of the South African PGM operations comprising the Marikana (80.64%), Rustenburg (74%) and non-managed Mimosa (50%) operations, producing platinum, palladium, rhodium and gold (4E) with iridium, ruthenium, nickel, chrome, copper and cobalt by-products. 2025 production of 1,797,928 4Eoz including attributable volumes and third-party purchased concentrate (PoC) was in line with guidance despite a 29% decline in surface production from heavy rainfall and TSF transitions (the 1,725koz statistical-review figure excludes PoC). AISC (excluding PoC and Mimosa) rose 10% to R24,193/4Eoz on higher royalties and sustaining capital; adjusted EBITDA rose 125% to R16.7bn on a 28% higher 4E basket price (R31,110/4Eoz). Segment Mineral Reserves increased 4.7% to 29.4Moz 4E, mainly from the +2.9Moz Marikana E4 UG2 mechanised project pre-feasibility study. SA PGM exploration projects (Akanani and Limpopo) carry a further 51.5Moz 4E of resources, declared on dedicated project rows.