SALIENT FEATURES FOR QUARTER ENDED 31 MARCH 2025 COMPARED TO QUARTER ENDED 31 MARCH 2024 (Q1 2024)

• Continued improvement in Group safety indicators with Group LDIFR and TRIFR for Q1 2025 the lowest achieved since inception
• Group adjusted EBITDA¹ increased by 89% to R4.1 billion (US$222 million) reflecting diversification and restructuring benefits
• SA gold operations – leverage to higher gold price drove a 178% increase in adjusted EBITDA¹ to R1.8 billion (US$98 million)
• SA PGM operations – cost benefits from restructuring underpinned a 74% increase in adjusted EBITDA¹ to R2.5 billion (US$137 million)
• US PGM operations – restructuring improves commercial viability, with anticipated S45X credits further underpinning sustainability
• Century operation – strong performance, contributing Q1 2025 adjusted EBITDA¹ of R178 million (US$10 million), with solid outlook for 2025
• Keliber lithium project and GalliCam project designated as ‘Strategic projects’ by the European commission, confirming their strategic significance to Europe
  – GalliCam project awarded conditional €144 million grant from EU innovation fund
  – Review of Keliber lithium project capital requirements concluded. Project capital for 2025 forecast to be €300 million (US$326 million/R5.9 billion)¹³
  – Keliber lithium project scheduled for hot commissioning of refinery during H1 2026
• Increase in Group cash flow for 2026 forecast, due to completion of construction phase of the Keliber lithium project reducing future capital requirements

Please see the attached PDF for more details.