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NORTHAM PLATINUM LIMITED - Northams long term credit rating re-affirmed, short term credit rating revised and outlook upgraded

Release Date: 28/10/2019 17:00
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Northam’s long term credit rating re-affirmed, short term credit rating revised and outlook upgraded

Incorporated in the Republic of South Africa
(Registration number 1977/003282/06)
JSE share code: NHM ISIN code: ZAE000030912
Debt issuer code: NHMI
Bond code: NHM002 Bond ISIN: ZAG000129024
Bond code: NHM006 Bond ISIN: ZAG000158577
Bond code: NHM007 Bond ISIN: ZAG000158593
Bond code: NHM008 Bond ISIN: ZAG000158858
Bond code: NHM009 Bond ISIN: ZAG000158866
Bond code: NHM010 Bond ISIN: ZAG000159229
Bond code: NHM011 Bond ISIN: ZAG000159237
Bond code: NHM012 Bond ISIN: ZAG000160136
Bond code: NHM013 Bond ISIN: ZAG000162181
(“Northam” or the “group”)


Northam is pleased to advise shareholders that the credit rating agency, Global Credit Rating Co.
(“GCR”), has re-affirmed Northam’s national scale long term credit rating of A-(ZA) and revised its short
term credit rating to A2(ZA) (in accordance with the changes in GCR’s Rating Scales, Symbols and
Definitions, May 2019), with the outlook upgraded to positive.

The upgrade to a positive outlook acknowledges Northam’s improving trends in its earnings and
production profile, as well as its conservative debt metrics. Moreover, the positive outlook reflects the
likelihood of a future upgrade to Northam’s credit rating, should Northam continue to expand its
production profile and operating cash flows in line with expectations, whilst maintaining financial discipline
regarding expansionary capital expenditure and shareholder distributions.

GCR’s announcement in regard to Northam’s credit rating is available from GCR’s website at

28 October 2019

Corporate Advisor, Sponsor and Debt Sponsor
One Capital

Date: 28/10/2019 05:00:00
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