Contents

Introduction

02 Scope of the interim report

Business overview

  • 02 Forward-looking statements

  • 03 What investors need to know about our interim results

  • 04 The interim period at a glance

  • 06 Our growing operations

  • 08 Rationale for our investment in RBPlat

  • 10 Our investment in RBPlat at a glance

  • 12 Cash impact of the Composite Transaction and the purchase of our investment in RBPlat

  • 14 Operational guidance for F2022

  • 15 Q&A with the chief executive officer, Paul Dunne

  • 18 Managing risks - threats and opportunities

  • 26 Our environmental impact

  • 32 Our contribution to employees and communities

  • 34 Women in mining - a message from Paul Dunne

  • 36 Five-year performance highlights

  • 38 Group and operational performance

  • 61 Group Environmental, Social and Governance metrics

  • 63 Results commentary

Condensed reviewed interim financial results

  • 90 Consolidated statement of profit or loss and other comprehensive income

  • 91 Consolidated statement of financial position

  • 93 Consolidated statement of changes in equity

  • 99 Consolidated statement of cash flows

  • 101 Notes to the condensed reviewed interim financial results

Additional information

  • 211 Summary Mineral Resources and Mineral Reserves

  • 215 Glossary

  • 230 Composite Transaction Glossary

  • 237 Administration and contact information

Directors

PA Dunne* AH Coetzee DH Brown TI Mvusi HH Hickey

*British

Chief executive officer Chief financial officer

Independent non-executive chairman Lead independent director Independent non-executive directorNY Jekwa MH Jonas GT Lewis* JG Smithies* TE Kgosi

Independent non-executive director Independent non-executive director Independent non-executive director Independent non-executive director Non-executive director

Scope of the interim report

The condensed reviewed interim financial results contained within this booklet have been prepared in accordance with, and contain the information required by; International Accounting Standards 34 (IAS 34) Interim Financial Reporting, the SAICA FinancialReporting Guides as issued by the

Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and the requirements of the Companies Act, No. 71 of 2008.

Forward-looking statements

This report contains certain forward-looking statements with respect to the financial position, results, operations and business of the group.

These statements and forecasts involve uncertainty as they relate to events and depend on circumstances that will occur in the future.

There are various factors that could cause actual results or developments to differ from those expressed or implied by these forward-looking statements.

Consequently, forward-looking statements have not been reviewed or reported on by the group's auditors.

Forward-looking statements compiled by Northam Holdings at the time of publishing our interim results on 31 March 2022, were informed by the group's business plans and economic forecasts together with our latest forecasted operational and financial results.

Our strategy is underpinned by our belief in mining, PGMs, our country, our people and our company

2 Northam Holdings condensed reviewed interim results

What investors need to know about our interim results

Despite a challenging operating environment, the past six months have seen significant development in our strategic intent, positioning the group for the future.

Key highlights and key features include:Details of our key highlights and key features are set out in the respective sections of this report.

Our strategic intent has been demonstrated by:

  • ■ Acquiring all the issued Northam Shares (excluding Treasury Shares) in exchange for Northam Holdings Shares on a one-for-one basis on 20 September 2021

    • ■ Re-affirmation of the group's long-term and short-term credit ratings, as well as the upgrading of its outlook to positive

    • ■ Establishing an independent remuneration committee to address Shareholder concerns

  • ■ Listing Northam Holdings Shares on the Main Board of the JSE

  • ■ Acquiring 14 571 063 Northam Holdings Shares from the Strategic Partners

    • ■ Successfully concluding five-year wage agreements at both our Zondereinde and Eland mines with the National Union of Mineworkers (NUM)

  • ■ Acquiring a strategic investment of a 34.68% interest in Royal Bafokeng Platinum Limited (RBPlat)

  • ■ Successfully completing the rebuild and upgrade of smelter furnace 1 at the Zondereinde metallurgical complex

  • ■ Concluding a ten-year purchase of PGM concentrate agreement with Ivanplats Proprietary Limited, a subsidiary of Ivanhoe Mines Limited, whereby Northam will purchase 20 000 tonnes of PGM concentrate per annum

Despite the challenges faced during the current period, our growth strategy remain on track

Northam Holdings condensed reviewed interim results 3

Revenue

16.8%

Operating profit

12.7%

Cash cost per equivalent refined Pt oz

18.6%

R13.9 billion

(H1 F2021: R11.9 billion)

R5.9 billion

(H1 F2021: R5.2 billion)

R32 814 /Pt oz

(H1 F2021: R27 660 /Pt oz)

12-month rolling EBITDA

114.6%

Normalised headline earnings

18.3%

Net Debt , excluding the Deferred Acquisition Consideration of R5.7 billion

R17.7 billion

(H1 F2021: R8.2 billion)

R3.9 billion

(H1 F2021: R3.3 billion)

(R14.3 billion)

With Net Debt to EBITDA Ratio at 0.81

Equivalent refined metal from own operations

0.4%

Capital expenditure

77.0%

Safety

351 359 oz 4E

(H1 F2021: 352 741 oz 4E)

R2.3 billion

(H1 F2021: R1.3 billion)

2 fatalities at Zondereinde mine

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Northam Platinum Ltd. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 05:25:04 UTC.