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GCR revises the outlook on Northam’s long-term issuer rating of A+(ZA) to Positive
NORTHAM PLATINUM HOLDINGS LIMITED NORTHAM PLATINUM LIMITED
Incorporated in the Republic of South Africa Incorporated in the Republic of South Africa
Registration number: 2020/905346/06 Registration number: 1977/003282/06
JSE share code: NPH ISIN: ZAE000298253 JSE debt issuer code: NHMI
("Northam Holdings" or together with its subsidiaries, Bond code: NHM021 Bond ISIN: ZAG000181496
"Northam" or the "group") Bond code: NHM022 Bond ISIN: ZAG000190133
Bond code: NHM025 Bond ISIN: ZAG000195934
Bond code: NHM026 Bond ISIN: ZAG000195942
Bond code: NHM027 Bond ISIN: ZAG000216052
Bond code: NHM028 Bond ISIN: ZAG000216045
Bond code: NHM029 Bond ISIN: ZAG000216037
("Northam Platinum")
GCR REVISES THE OUTLOOK ON NORTHAM'S LONG-TERM ISSUER RATING OF A+ (ZA) TO POSITIVE, ON THE BACK OF AN IMPROVING
OPERATIONAL PROFILE, EXPECTED STRONGER EARNINGS AND FINANCIAL POSITION
GCR Ratings ("GCR") has affirmed Northam Platinum's national scale long-term and short-term issuer ratings at A+(ZA)
and A1(ZA), respectively, with the rating outlook revised to Positive from Stable. Concurrently, GCR has affirmed
Northam Holdings' national scale long-term and short-term issuer ratings at A+(ZA) and A1(ZA), respectively. The rating
outlook has been revised to Positive from Stable.
The affirmation of Northam's rating and the revision of its outlook to Positive reflect the continued operational
development at the group's mines, which together with its sustainable cost advantage, serve to enhance its business
profile.
Northam has reached 1 million platinum group metal ("PGM") ounce 4E sales and is nearing its 1 million ounce
production target from own operations (i.e. excluding purchased metal). With PGM prices having notably improved and
forecast to remain broadly firmer, GCR anticipates upside to its base case and expects earnings to improve significantly,
and gearing metrics to strengthen. Additionally, Northam is expected to maintain a robust liquidity profile.
GCR notes that Northam's competitive position has progressively strengthened through strong project execution,
leading to continued production expansion and the prioritisation of operational improvements. GCR views Northam's
low-cost position as a key benefit to through-the-cycle profitability. Additionally, chrome production has also become a
valuable emerging businesses segment, serving to diversify income streams. Northam has advanced its environmental
strategy including various large-scale renewable projects at different stages of completion, which will strengthen energy
security, lower long-term energy costs, and enable the achievement of decarbonisation targets.
The Positive outlook reflects GCR's view that sustained operational improvements, disciplined capital management,
and the expected earnings recovery will strengthen Northam's credit profile over the next 12 to 18 months.
The GCR announcement in regard to Northam's credit rating is available from the GCR website
at: https://gcrratings.com/announcements/gcr-revises-the-outlook-on-northams-long-term-issuer-rating-of-aza-to-
positive-on-the-back-of-an-improving-operational-profile-and-expected-stronger-earnings-and-financial-position/
Johannesburg
29 October 2025
Corporate Advisor and Sponsor to Northam Holdings
One Capital
Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital
Date: 29-10-2025 07:05:00
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