African Rainbow Minerals Limited provided earnings guidance for the first half of 2024. Headline earnings for first half of 2024 are expected to decrease by between 40% and 50% compared to the corresponding six months ended 31 December 2022 (1H F2023) to between ZAR 2,586 million and ZAR 3,103 million (1H F2023: ZAR 5,172 million restated¹). Headline earnings per share are therefore expected to be between 1,319 cents and 1,583 cents (1H F2023: 2,639 cents restated¹).

The decrease in first half of F2024 headline earnings was primarily due to a 43% decline in average US Dollar 6E PGM basket prices and the lower thermal coal prices. This was partially offset by a weaker average rand/US Dollar exchange rate and higher average realised export iron ore prices. Basic earnings for 1H F2024 are expected to decrease by between 70% and 80% to between ZAR 878 million and ZAR 1,316 million (1H F2023: ZAR 4,388 million restated¹) while basic earnings per share are expected to be between 448 cents and 671 cents (1H F2023: 2,239 cents restated¹).