Trading Statement

Trading Statement

Valterra Platinum Limited

(previously Anglo American Platinum Limited)

(Incorporated in the Republic of South Africa)

(Registration number: 1946/022452/06)

JSE Share Code: VAL

LSE Share Code: VALT

ISIN: ZAE000013181

("The Company" or "Valterra Platinum")

23 January 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Valterra Platinum trading statement for the twelve months ended 31 December 2025

Shareholders are advised that Valterra Platinum intends to release its results for the twelve months ended 31 December 2025 ("the period") on the Johannesburg Stock Exchange (JSE) News Service and the London Stock Exchange (LSE) Regulatory News Services on 25 February 2026.

In accordance with section 3.4(b) of the JSE Limited Listings Requirements, shareholders are advised that the financial results for the period are expected to differ from the financial results of the previous corresponding period as follows:

· headline earnings and headline earnings per share ("HEPS") for the period are expected to increase by between 85% and 105% compared to the twelve months ended 31 December 2024 (the "prior period"). Headline earnings are likely to be between R15.6 billion and R17.3 billion (R8.4 billion in the prior period) and HEPS is expected to be between 5,941 cents per share and 6,588 cents per share (3,205 cents per share in the prior period); and

· basic earnings and earnings per share ("EPS") for the period are expected to have increased by between 105% and 125% compared to the prior period. Basic earnings are likely to be between R14.5 billion and R15.9 billion (R7.1 billion in the prior period) and EPS is expected to be between 5,522 cents per share and 6,055 cents per share (2,683 cents per share in the prior period).

The earnings for the period were positively impacted by a 26% stronger PGM dollar basket price of $1,852 per PGM ounce, as well as the delivery of R5 billion operational cost reductions, more than offsetting the impact of inflation and R1.7 billion one-off demerger related costs. Sales volumes were lower than the prior period as a result of the larger drawdown of excess work-in-progress in the prior period and the significant flooding that occurred at the Amandelbult Tumela mine in H1 2025 impacting mined and refined output. The impact of the flooding at Amandelbult was partially offset by the insurance proceeds received of R2.5 billion.

Basic earnings were impacted by R1.9 billion (or 725 cents per share) non-recurring scrapping of assets related to the design and engineering work for the SO2 abatement plant at Mortimer Smelter and the Vaalkop Tailings Storage Facility due to it being replaced by the Blinkwater Tailings Storage Facility which will provide adequate future tailings capacity.

Taxation and royalties increased in line with increased earnings.

The financial information contained in this announcement has not been audited or reported on by the Company's auditors.

JSE sponsor:

Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities

For further information, please contact:

Company Secretary

Fiona Edmundson

[email protected]

Investors:

Leroy Mnguni

[email protected]

Marcela Grochowina

[email protected]

Media:

Cindy Maneveld

[email protected] 

About Valterra Platinum

Valterra Platinum Limited is one of the world's leading integrated producers of platinum group metals (PGMs) with a primary listing on the Johannesburg Stock Exchange and a secondary listing on the London Stock Exchange. With a portfolio of world class, long-life mines and the most efficient processing assets in the industry, the company responsibly mines, smelts and refines PGMs and associated co-products from its operations located in South Africa and Zimbabwe. With its integrated value chain, supported by marketing hubs in London, Singapore and Shanghai, the company delivers tailored solutions for its customers. The Company continues to integrate sustainability into everything it does, supports investment in its mining and processing capabilities and pursues market development activities to grow and commercialise new demand segments. It also makes a meaningful impact to communities around its operations and will deliver consistent and superior returns to shareholders. Valterra Platinum is committed to zero harm, capital allocation discipline and delivering on our value-accretive strategic priorities as a standalone, leading integrated PGM producer, guided by our purpose of unearthing value to better our world.