Production Report for the Second Quarter 2026

Valterra Platinum Limited

17 July 2026

 

Valterra Platinum Limited

(Incorporated in the Republic of South Africa)

(Registration number: 1946/022452/06)

JSE Share Code: VAL

LSE Share Code: VALT

JSE Debt Issuer Coder: VALI

ISIN: ZAE000013181

Tax number: 9575104717

("The Company" or "Valterra Platinum")

17 July 2026

PRODUCTION REPORT FOR THE SECOND QUARTER ENDING 30 JUNE 2026

Craig Miller, CEO of Valterra Platinum, said:

"The safety of everyone at Valterra Platinum remains our highest priority, and it is therefore with deep regret that we lost two colleagues in separate work-related incidents during the quarter. Mr. Thato Makuwa at Mogalakwena lost his life on 9 June, and Mr. Mongezi Mbusi at Amandelbult on 11 June. On behalf of the entire Valterra Platinum team, we convey our deepest condolences to their families, friends and colleagues. While we cannot undo these tragic events, they have strengthened our resolve to create a safer workplace and prevent future loss of life. We have taken decisive action across the business, bringing our leaders together to align safety priorities, undertaking operation-wide day long safety stoppages, and strengthening frontline leadership engagement and risk management. We remain unwavering in our commitment to preventing harm and ensuring that everyone returns home safely every day.

"From a production perspective, the second quarter of 2026 reflected a resilient year-on-year recovery with own-mined metal-in-concentrate (M&C) production up 13%, driven largely by improved performance at Amandelbult following the flooding disruptions experienced in 2025.

"Looking ahead to the remainder of the year, our priorities are clear. We remain focused on embedding a culture of zero harm, while continuing to advance operational excellence as we unlock further efficiencies across the portfolio. We are well positioned for a strong second half, supported by improving operational performance and increased production flexibility. We remain committed to delivering within our 2026 guidance."

Resilient performance underpinned by enhanced operational excellence

•  Safety performance - Two tragic work-related fatalities at Mogalakwena and at Amandelbult. The total recordable injury frequency rate (TRIFR) at 1.41 per million hours at own operations increased by 10% compared to the prior period.

•  Total PGM production (expressed as 5E+Au metal-in-concentrate (M&C)) increased by 1% to 775,400 ounces, driven by higher own-mined volume, partially offset by weaker purchase of concentrate (POC) volumes.

•  Own-mined PGM production increased by 13% to 525,700 ounces, primarily driven by improved performance at Amandelbult following the 2025 flooding, partially offset by lower production at Mototolo, Mogalakwena and Unki.

•  Purchase of PGM concentrate (POC) decreased by 18% to 249,700 ounces, reflecting reduced volumes from various third-party producers.

•  Refined PGM production (excluding tolling) increased by 1% to 963,500 ounces, in line with the increase in M&C production. Refined production exceeded M&C production, reflecting the ongoing optimisation of work-in-progress inventory across the processing value chain.

•  PGM sales volumes decreased by 4% to 945,600 ounces, primarily reflecting timing differences between production and sales during the period.

•  Guidance for 2026 remains unchanged, with M&C and refined production expected to be between 3.0-3.4 million ounces. Cash operating unit cost guidance remains intact at R19,000-R20,000 per PGM ounce, although costs are anticipated to be at the upper end of the guidance range. The targeted all-in sustaining cost (AISC) of ~US$1,050 per 3E ounce is also unchanged. We continue to closely monitor the potential inflationary impact of the Middle East conflict on input costs.

      REVIEW OF THE QUARTER

						Q2 2026	Q2 2026			H1 2026
Valterra Platinum	Q2	Q1	Q4	Q3	Q2	vs	vs	H1	H1	vs
PGM Production Report - Q2 2026	2026	2026	2025	2025	2025	Q2 2025	Q1 2026	2026	2025	H1 2025
M&C PGM production(1)	775.4	743.5	880.2	855.1	769.0	1   %	4   %	1,518.9	1,465.3	4   %
Own-mined volume(2)	525.7	486.2	594.6	539.6	464.1	13     %	8   %	1,011.8	926.1	9   %
Purchase of concentrate(3)	249.7	257.3	285.6	315.5	304.9	(18)      %	(3)    %	507.1	539.2	(6)    %
Refined PGM production	963.5	778.5	1,039.4	981.5	954.0	1   %	24     %	1,741.9	1,391.1	25     %
Base metals (tonnes) (4)	10,634	9,725	11,511	10,427	9,981	7   %	9   %	20,359	17,196	18     %
Chrome (kt)	294	283	298	271	165	78     %	4   %	576	346	66     %
PGM sales volume (5)	945.6	791.4	1,042.1	936.8	981.5	(4)    %	19     %	1,737.0	1,475.2	18     %

Numbers are independently rounded and minor variances might be present when performing additions, subtractions and calculations.

¹     M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold)

²     PGM production from Mogalakwena, Amandelbult, Mototolo, Unki and 50% attributable production from joint operation Modikwa

³     PGM production from third parties and 50% purchased from joint operation Modikwa

⁴     Base metals consists of Nickel and Copper

⁵   Refined and sales volumes owned by Valterra Platinum referencing its annual guidance i.e. excluding toll refining volumes.

Overview - Q2 2026 performance vs prior period Q2 2025

Safety performance

We recorded two tragic work-related fatalities during the quarter. On 9 June, Mr. Thato Makuwa lost his life in a drowning incident at Mogalakwena, and on 11 June Mr. Mongezi Mbusi lost his life in an underground load-haul-dump (LHD) vehicle incident at Amandelbult.

These incidents are a stark reminder that safety must remain our highest priority. In response, we have reinforced our safety interventions and intensified our focus on achieving a step change in safety performance across the business. We have aligned leadership on key safety priorities, implemented operation-wide safety stoppages for all employees and business partners, accelerated our behavioural safety programme to strengthen our zero-harm culture, and enhanced controls around critical risks. While investigations remain ongoing, we are embedding the initial lessons learned across the business to strengthen risk management, improve safety behaviours and leadership accountability, and ensure that everyone returns home safely every day.

Our total recordable injury frequency rate (TRIFR) at own operations increased by 10% to 1.41 per million hours worked, reflecting a higher number of recorded injuries and increased working shifts as Amandelbult returned to more normalised operating levels compared to Q2 2025.

Total M&C PGM production

Total PGM production in Q2 2026 increased by 1% to 775,400 ounces compared to the prior period, primarily driven by a 13% increase in own-mined production, offset by a 18% decrease in POC volumes.

PGM production from own mines

Own-mined production increased by 13% to 525,700 ounces compared to the prior period, mainly due to higher output from Amandelbult, partially offset by lower production at Mogalakwena, Mototolo and Unki.

•  Mogalakwena's PGM production decreased by 2% to 228,900 ounces, mainly due to lower milling throughput following the expiry of the Baobab concentrator lease at the end of 2025. Ore tonnes mined increased in line with the pit sequence, supporting an improvement in built-up head grade. Consistent with our value-over-volume approach, we continued to optimise feed grades through the strategic blending of low-grade ore stockpiles.

•  Amandelbult PGM production increased by 116% to 151,300 ounces, reflecting the recovery from the significant flooding experienced in 2025. As the operation only returned to steady-state production during the third quarter of 2025, the prior period remained significantly impacted by the 2025 flooding. Since then, improvements in both mining and concentrator performance, together with higher grades have supported the increase in production.

•  Mototolo's PGM production decreased by 13% to 58,700 ounces, reflecting the impact of a safety stoppage of approximately 14 days following the fatal incident at Borwa Shaft in March and a gradual ramp-up after the upliftment of the regulatory stoppage. The operation has since returned to steady-state production, with operational performance normalising, and a step-up in output is expected in the second half of the year.

•  Unki's PGM production declined by 4% to 51,800 ounces, driven by the anticipated transition into lower-grade areas of the orebody.

•  Modikwa PGM production (50% own-mined) decreased by 9% to 35,000 ounces, primarily due to lower milling volumes and a decline in built-up head grade.

Purchases of PGM concentrate

Purchase of concentrate volumes decreased by 18% to 249,700 ounces, reflecting reduced volumes from various third-party producers.

Refined PGM production

Refined PGM production (excluding tolling) increased by 1% to 963,500 ounces, in-line with the increase in M&C production. Refined production continued to exceed M&C production, reflecting the ongoing optimisation of work-in-progress inventory across the processing value chain.

Improved base metal and chrome production

Nickel production was broadly in line with the prior period at 6,425 tonnes. Copper production increased by 18% to 4,209 tonnes, driven by a timing difference for copper tonnes returned from tolling arrangements in the prior period.

Total chrome production for the quarter increased by 78% to 294,000 tonnes, primarily driven by the return of Amandelbult to stable operating levels following the 2025 flooding and improved chrome yields, partially offset by lower chrome production at Mototolo.

PGM sales volumes and realised basket price

PGM sales volumes decreased by 4% to 945,600 ounces, primarily reflecting timing differences between production and sales during the period.

The average realised basket price increased strongly to R44,708/PGM ounce, or $2,710/PGM ounce, representing a year-on-year increase of 63% in rand terms and 80% in dollar terms. While prices moderated quarter-on-quarter as investor demand for precious metals eased amid changing interest rate expectations, all PGM prices remained substantially above prior-year levels, supported by favourable underlying supply and demand fundamentals.

Guidance for 2026-2028

Production guidance for 2026 remains unchanged, with M&C and refined production expected to be between 3.0-3.4 million ounces. Cash operating unit cost guidance remains intact at R19,000-R20,000 per PGM ounce, although costs are anticipated to be at the upper end of the guidance range. The targeted all-in sustaining cost (AISC) of ~US$1,050 per 3E ounce is also unchanged. We continue to closely monitor the potential inflationary impact of the Middle East conflict on input costs.

	2026 guidance	2027 estimate	2028 estimate
Platinum Group Metals - M&C production (1)	3.0-3.4 Moz	3.0-3.3 Moz	3.0-3.3 Moz
Own-mined volume	2.1-2.3 Moz	2.1-2.3 Moz	2.2-2.4 Moz
Purchase of concentrate (POC)	0.9-1.1 Moz	0.9-1.0 Moz	0.8-0.9 Moz
Platinum Group Metals - Refined (2)	3.0-3.4 Moz	3.0-3.4 Moz	3.0-3.4 Moz

⁽¹⁾ The average M&C split by metal is Platinum: c.45%, Palladium: c.33% and Other: c.22%

⁽²⁾ Refined production excludes toll-refined material.

							Q2 2026	Q2 2026			H1 2026
Valterra Platinum		Q2	Q1	Q4	Q3	Q2	vs	vs	H1	H1	vs
PGM Production Report - Q2 2026		2026	2026	2025	2025	2025	Q2 2025	Q1 2026	2026	2025	H1 2025
Safety
Fatalities - own managed operations	number	2	1	0	1	1	100      %	100      %	3	1	200      %
Total recordable case frequency rate (TRCFR)	/million hrs	1.41	1.91	1.42	1.53	1.28	10     %	(26)      %	1.66	1.46	14     %
Mined production
PGM ounces produced(1)	000 ounces	525.7	486.2	594.6	539.6	464.1	13     %	8   %	1,011.8	926.1	9   %
Platinum	000 ounces	240.9	221.2	271.2	246.4	207.0	16     %	9   %	462.2	414.1	12     %
Palladium	000 ounces	188.7	176.3	214.0	192.7	178.2	6   %	7   %	365.2	353.6	3   %
Rhodium	000 ounces	29.6	26.6	33.4	30.8	23.0	29     %	11     %	56.3	46.8	21     %
Other PGMs	000 ounces	66.5	62.1	76.0	69.7	55.9	19     %	7   %	128.1	111.6	15     %
Tonnes milled	000 tonnes	6,019	5,857	6,563	6,331	5,848	3   %	3   %	11,876	11,521	3   %
4E built-up head grade(2)	g/t	3.04	2.95	3.14	3.02	2.88	6   %	3   %	3.00	2.90	3   %
Mogalakwena
PGM ounces produced(1)	000 ounces	228.9	212.3	260.8	225.7	234.3	(2)    %	8   %	441.2	461.3	(4)    %
Platinum	000 ounces	98.8	90.0	110.2	96.3	98.8	-    %	10     %	188.8	194.8	(3)    %
Palladium	000 ounces	104.4	97.6	121.0	103.1	108.2	(4)    %	7   %	202.1	213.4	(5)    %
Rhodium	000 ounces	6.2	5.6	7.0	6.2	6.5	(5)    %	11     %	11.9	12.8	(7)    %
Other PGMs	000 ounces	19.5	19.1	22.6	20.1	20.8	(6)    %	2   %	38.4	40.3	(5)    %
Tonnes milled	000 tonnes	3,454	3,439	3,753	3,623	3,699	(7)    %	-    %	6,894	7,282	(5)    %
4E built-up head grade(2)	g/t	2.56	2.42	2.71	2.45	2.48	3   %	6   %	2.49	2.48	-    %
Amandelbult
PGM ounces produced(1)	000 ounces	151.3	122.8	174.5	153.1	70.2	116      %	23     %	274.1	156.0	76     %
Platinum	000 ounces	76.0	61.7	87.5	76.9	35.9	112      %	23     %	137.8	79.2	74     %
Palladium	000 ounces	35.3	28.7	40.5	35.8	16.3	117      %	23     %	64.0	36.3	76     %
Rhodium	000 ounces	13.9	11.2	16.1	14.2	6.2	124      %	24     %	25.1	14.0	79     %
Other PGMs	000 ounces	26.1	21.2	30.4	26.2	11.8	121      %	23     %	47.2	26.5	78     %
Tonnes milled	000 tonnes	1,032	855	1,170	1,085	550	88     %	21     %	1,886	1,137	66     %
4E built-up head grade(2)	g/t	4.43	4.45	4.37	4.41	4.12	8   %	-    %	4.44	4.26	4   %
Mototolo
PGM ounces produced(1)	000 ounces	58.7	68.2	71.0	66.2	67.5	(13)      %	(14)      %	126.8	133.6	(5)    %
Platinum	000 ounces	27.3	31.9	32.8	30.6	31.3	(13)      %	(14)      %	59.2	61.8	(4)    %
Palladium	000 ounces	16.6	19.4	20.1	18.9	19.2	(14)      %	(14)      %	36.0	38.2	(6)    %
Rhodium	000 ounces	4.7	5.5	5.7	5.4	5.4	(13)      %	(15)      %	10.2	10.8	(6)    %
Other PGMs	000 ounces	10.1	11.4	12.4	11.3	11.6	(13)      %	(11)      %	21.4	22.8	(6)    %
Tonnes milled	000 tonnes	610	651	683	646	632	(3)    %	(6)    %	1,261	1,234	2   %
4E built-up head grade(2)	g/t	3.04	3.25	3.19	3.22	3.31	(8)    %	(6)    %	3.15	3.32	(5)    %
Unki
PGM ounces produced(1)	000 ounces	51.8	51.7	54.7	57.5	53.8	(4)    %	-    %	103.5	107.5	(4)    %
Platinum	000 ounces	23.9	24.0	25.6	26.6	24.7	(3)    %	-    %	47.9	49.3	(3)    %
Palladium	000 ounces	19.7	19.5	20.7	21.7	20.6	(4)    %	1   %	39.3	41.2	(5)    %
Rhodium	000 ounces	2.3	2.2	2.4	2.5	2.2	5   %	5   %	4.5	4.5	-    %
Other PGMs	000 ounces	5.9	6.0	6.0	6.7	6.3	(8)    %	(2)    %	11.8	12.5	(6)    %
Tonnes milled	000 tonnes	622	641	627	653	644	(3)    %	(3)    %	1,262	1,279	(1)    %
4E built-up head grade(2)	g/t	3.03	3.08	3.21	3.28	3.18	(5)    %	(2)    %	3.05	3.19	(4)    %
Modikwa joint operation (AAP share)(3)
PGM ounces produced(1)	000 ounces	35.0	31.2	33.6	37.0	38.3	(9)    %	12     %	66.2	67.7	(2)    %
Platinum	000 ounces	14.9	13.6	15.1	15.9	16.3	(9)    %	10     %	28.5	29.0	(2)    %
Palladium	000 ounces	12.7	11.1	11.7	13.3	13.9	(9)    %	14     %	23.8	24.5	(3)    %
Rhodium	000 ounces	2.5	2.1	2.2	2.6	2.7	(7)    %	19     %	4.6	4.7	(2)    %
Other PGMs	000 ounces	4.9	4.4	4.6	5.2	5.4	(9)    %	11     %	9.3	9.5	(2)    %
Tonnes milled	000 tonnes	301	271	330	324	323	(7)    %	11     %	573	589	(3)    %
4E built-up head grade(2)	g/t	3.90	3.89	3.50	3.81	3.92	(1)    %	-    %	3.89	3.89	-    %
Purchase of concentrate (POC)
PGM ounces produced(1)	000 ounces	249.7	257.3	285.6	315.5	304.9	(18)      %	(3)    %	507.1	539.2	(6)    %
Platinum	000 ounces	110.1	117.8	129.4	139.4	138.0	(20)      %	(7)    %	227.9	240.0	(5)    %
Palladium	000 ounces	53.5	54.8	60.3	67.3	68.6	(22)      %	(2)    %	108.3	120.0	(10)      %
Rhodium	000 ounces	14.6	15.4	16.8	19.1	18.0	(19)      %	(5)    %	30.0	32.1	(7)    %
Other PGMs	000 ounces	71.5	69.3	79.1	89.7	80.3	(11)      %	3   %	140.9	147.1	(4)    %

							Q2 2026	Q2 2026			H1 2026
Valterra Platinum		Q2	Q1	Q4	Q3	Q2	vs	vs	H1	H1	vs
PGM Production Report - Q2 2026		2026	2026	2025	2025	2025	Q2 2025	Q1 2026	2026	2025	H1 2025
Refined production owned
PGM ounces refined	000 ounces	963.5	778.5	1,039.4	981.5	954.0	1   %	24     %	1,741.9	1,391.1	25     %
Platinum	000 ounces	486.9	354.7	490.6	440.3	455.0	7   %	37     %	841.6	625.2	35     %
Palladium	000 ounces	285.1	234.0	326.7	310.4	286.8	(1)    %	22     %	519.0	428.1	21     %
Rhodium	000 ounces	57.6	41.5	63.2	61.6	55.7	3   %	39     %	99.1	83.3	19     %
Other PGMs	000 ounces	133.9	148.3	158.9	169.2	156.5	(14)      %	(10)      %	282.2	254.5	11     %
Nickel	tonnes	6,425	5,880	7,098	6,226	6,408	-    %	9   %	12,305	10,569	16     %
Copper	tonnes	4,209	3,845	4,413	4,201	3,573	18     %	9   %	8,054	6,627	22     %
Chrome	000 tonnes	294	283	298	271	165	78     %	4   %	576	346	66     %
Toll refining
PGM ounces refined	000 ounces	189.8	226.4	257.3	215.7	194.0	(2)    %	(16)      %	416.2	402.2	3   %
Platinum	000 ounces	113.2	132.4	152.5	128.4	115.2	(2)    %	(15)      %	245.5	238.9	3   %
Palladium	000 ounces	58.8	68.4	80.2	67.4	59.9	(2)    %	(14)      %	127.2	124.2	2   %
Rhodium	000 ounces	15.8	23.2	21.8	17.3	16.3	(3)    %	(32)      %	39.0	34.0	15    %
Gold	000 ounces	2.0	2.4	2.8	2.5	2.6	(20)      %	(17)      %	4.5	5.1	(12)   %
Sales volume from production
PGM ounces	000 ounces	945.6	791.4	1,042.1	936.8	981.5	(4)    %	19     %	1,737.0	1,475.2	18     %
Platinum	000 ounces	453.2	365.8	516.8	411.7	474.8	(5)    %	24     %	819.0	623.2	31     %
Palladium	000 ounces	278.5	236.0	309.5	297.9	267.9	4   %	18     %	514.5	439.1	17     %
Rhodium	000 ounces	50.0	44.3	63.9	56.8	54.1	(8)    %	13     %	94.3	83.4	13     %
Other PGMs	000 ounces	163.9	145.3	151.9	170.4	184.7	(11)      %	13     %	309.2	329.5	(6)    %
Realised metal, FX and basket prices
Platinum	(US$/oz)	1,966	2,249	1,683	1,392	1,024	92     %	(13)      %	2,093	1,015	106    %
Palladium	(US$/oz)	1,452	1,695	1,388	1,157	1,006	44     %	(14)      %	1,563	986	59     %
Rhodium	(US$/oz)	10,014	9,788	7,831	6,125	5,404	85     %	2   %	9,908	5,106	94     %
Iridium	(US$/oz)	7,139	6,459	4,484	4,287	3,938	81     %	11     %	6,823	3,979	71     %
Ruthenium	(US$/oz)	1,479	1,437	904	799	586	152      %	3   %	1,460	547	167    %
Gold	(US$/oz)	4,429	4,947	4,212	3,528	3,313	34     %	(10)      %	4,713	3,014	56     %
Average Fx achieved on sales	ZAR/US$	16.51	16.35	17.13	17.64	18.23	(9)    %	1   %	16.44	18.39	(11)   %
US$ realised basket price	(/PGM oz)	2,710	2,911	2,269	1,916	1,508	80     %	(7)    %	2,801	1,517	85     %
ZAR realised basket price	(/PGM oz)	44,708	47,529	38,723	33,654	27,443	63     %	(6)    %	45,993	27,631	66     %

Numbers are independently rounded and minor variances might be present when performing additions, subtractions and calculations.

¹   M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold)

²   4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded due to variability

³   Modikwa is a 50% joint operation. The 50% equity share of production is presented under 'Own mined' production. Valterra Platinum purchases the remaining 50% of production, which is presented under 'Purchase of concentrate'.

The information contained in this announcement has not been audited by the Company's auditors

JSE equity sponsor:

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

JSE debt sponsor:

The Standard Bank of South Africa Limited

For further information, please contact:

Company Secretary:

Fiona Edmundson

[e-mail]

Investors:

Leroy Mnguni

[e-mail]

Marcela Grochowina

[e-mail]

Media:

Cindy Maneveld

[e-mail]

ABOUT VALTERRA PLATINUM

Valterra Platinum 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. We operate world class, long-life mines and the industry's most efficient processing assets, responsibly mining, smelting, and refining PGMs and associated co-products from operations located in South Africa and Zimbabwe. With integrated marketing hubs in London, Singapore and Shanghai, we deliver tailored solutions for our customers. We continue to integrate sustainability into everything we do, invest in our mining and processing capabilities and advance market development initiatives to grow and commercialise new demand segments. We make a meaningful impact in the communities where we operate and remain committed to delivering consistent and superior returns to shareholders. Guided by our purpose of unearthing value to better our world, we are committed to zero harm, disciplined capital allocation and delivery on our value-accretive strategic priorities.

 

END