Modikwa

50%-owned underground PGM joint venture on the Eastern Limb of the Bushveld Complex, 25km west of Burgersfort in Limpopo, jointly managed between ARM Mining Consortium and Rustenburg Platinum Mines under a mining right covering 140km2. Infrastructure comprises three primary decline shafts (North 1, South 1, South 2), the South 3 open pit, three adits on Onverwacht Hill, a concentrator with mainstream inert grinding (MIG) and a chrome recovery plant, extracting mainly UG2 Reef (hybrid conventional breast stoping with strike pillars) and Merensky Reef (bord-and-pillar). South 1 shaft reached end-of-life and was placed on care and maintenance in 2025. Mineral Resources are reported on a 100% basis; 2025 PGM production of 138.4koz reflects the company's 50% attributable share.