US PGM Operations

Segment rollup of the US PGM underground operations comprising the 100%-owned Stillwater (incl. Stillwater West and East) and East Boulder mines along the J-M Reef of the Stillwater Complex in Montana, producing mined 2E PGMs (palladium and platinum). Following the Q4 2024 repositioning/restructuring, 2025 production of 284,069 2Eoz exceeded annual guidance with AISC of US$1,203/2Eoz below guidance, returning the underground operations to profitability with adjusted EBITDA of US$249M, aided by higher basket prices (US$1,195/2Eoz average) and US Section 45X Advanced Manufacturing Production credits. Mineral Reserves and Resources remained stable at 19.4Moz and 80.9Moz 2E respectively, with incremental increases (+2.2% and +2.1%) due to estimation enhancements.