Northam Platinum : Mineral Resources and Mineral Reserves statement, 30 June 2023

Northam Holdings: Mining that matters

Mineral Resources and Mineral Reserves statement as at 30 June 2023

Contents

2 Mineral Resources and Mineral Reserves statement

1. Highlights of the 2023 Mineral Resources and Mineral Reserves

1. Booysendal mine

1. Eland mine

1. Zondereinde mine

1. Dwaalkop joint venture

1. RBPlat mines

1. Kokerboom prospect
2. General notes on reporting criteria

1. Glossary of terms

1. Administration and contact information

A geotechnical observer using a borehole camera to check for parting surfaces in the hangingwall to the UG2 Reef

at Booysendal

Core to the group's operational growth strategy has been the expansion and strengthening of our Mineral Resources and Mineral Reserves base. This has been facilitated through the acquisition of quality assets in strategic locations, backed up by robust and ongoing planning processes following best practice in line with the prescripts and principles of the SAMREC Code (2016).

We consider the group's current Mineral Resources and Mineral Reserves positions to be of a sufficient scale and quality to support a sustainable production profile in line with our strategic intent.

Mineral Resources are the product

of mineral assets and exploration processes

224.14Moz 4E

Group total attributable Mineral Resources 2022: 225.47 Moz 4E

Mineral Reserves are the outcome of mine planning and scheduling, as well as the consideration of capital

34.38Moz 4E

Group total attributable Mineral Reserves 2022: 34.50 Moz 4E

Northam Holdings   Mineral Resources and Mineral Reserves statement 2023      1

Mineral Resources
and Mineral Reserves
statement
		Zondereinde
is the parent company of Northam Platinum			78.91 Moz 4E1
Northam Platinum Holdings Limited (Northam)			14.82 Moz 4E2
its stake in the Dwaalkop joint venture are held.
Limited, which is the operating entity in which
Northam's wholly-owned operations as well as
Northam's stake in Royal Bafokeng Platinum
Limited (RBPlat) is held by the parent company,
Northam Platinum Holdings Limited.	Amandelbult
Northam's attributable combined Mineral
Resources for 2023, expressed as metal
content, comprise 224.14 Moz 4E. The	Union
corresponding combined Mineral Reserves

comprise 34.38 Moz 4E.

The Mineral Resources and Mineral Reserves rest entirely within the Merensky and UG2 Reefs of the Bushveld Complex, South Africa, and estimates have been prepared using the guidelines of the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2016), the (SAMREC Code (2016)). Mineral Resources are reported inclusive of Mineral Reserves. All Mineral Resources (total Measured, Indicated and Inferred) and Mineral Reserves (total Proved and Probable) are expressed as 4E, being the combined platinum, palladium, rhodium and gold grade or content.

Booysendal, Eland and Zondereinde are wholly- owned PGM mines of Northam, having a 100% attributable interest. The Zondereinde mine includes the Middeldrift section to the east, as well as the Western extension section to the west, formerly known as the "Tumela block", all being consolidated into a single mining right. The Eland mine includes the Maroelabult mine to the west, which was acquired in 2021 and has been incorporated into the Eland mining right.

PilanesbergSedibelo

Implats
RPM	Crocodile River
Rustenburg
Pandora
Eastern & Western Plats
RBPlat*
22.67 Moz 4E1	Preto
5.22 Moz 4E2

Northam acquired a 34.52% interest in RBPlat in	Johannesburg
2021, the attributable interest being unchanged
this year. This interest has been disposed of
subsequent to 30 June 2023. Northam also has
a 50% attributable stake in the Dwaalkop joint
venture through its wholly-owned subsidiary
Mvelephanda Resources Proprietary Limited
(Mvelaphanda). Dwaalkop is managed by
Sibanye-Stillwater Limited (Sibanye-Stillwater).
2 Northam Holdings   Mineral Resources and Mineral Reserves statement 2023

Polokwane

Mogalakwena

Mokopane

Limpopo

Dwaalkop*

7.45 Moz 4E1

0.0 Moz 4E2

Groblersdal

Eland

14.70 Moz 4E1

3.27 Moz 4E2

oria

Emalahleni

0	50	100 km

Bushveld Complex location indicating current PGM mining operations and Northam's attributable combined Mineral Resources and Mineral Reserves, expressed as Moz 4E as at

30 June 2023.

Bokoni

Twickenham

Marula

Modikwa

Two Rivers

Mototolo

Der Brochen

Mashishing

Booysendal

100.41 Moz 4E1

11.07 Moz 4E2

Key:

Wholly-owned operations

Joint arrangement

Significant interest

Other peer operations

Cities/towns

-Main Roads

1 Mineral Resources

2 Mineral Reserves

* Estimated as at 31 December 2022

Northam Holdings   Mineral Resources and Mineral Reserves statement 2023      3