Northam Holdings: Mining that matters

Annual integrated report 30 June 2022

Northam H

Northam Holdings: Mining that matters

Annual integrated report 30 June 2022

Northam H

Mining that matters

Mining and processing of Platinum Group Metals (PGMs) is complex. The conversion of mined ore to saleable metal involves several stages of metallurgical processing.

Northam Platinum Holdings Limited (Northam Holdings, Northam or the group) is an integrated, mine to market PGM producer. Integral to our ongoing production growth strategy has been our investment in expanding the capacity and flexibility of our downstream metallurgical processing facilities. This is enabling us to treat growing production from our own operations together with that of our PGM recycling business, as well as to offer downstream processing services to other producers.

Our metallurgical operations are located at the Zondereinde mine, and comprises smelter and base metal removal facilities. Our main smelter facility boasts two independent furnaces, furnace 1 and furnace 2, which treat primary concentrates from mining. Each furnace has dedicated upfront dryers, and two separate

and interchangeable iron-reduction convertors. In addition, we have recently commissioned a dedicated recycling smelter facility comprising two furnaces and their supporting infrastructure.

The smelter facilities produce convertor matte, which feeds our base metal removal plant, wherein nickel is recovered as a nickel sulphate precipitate, and pure copper plate is extracted in an electro-winning circuit. The remaining high-grade PGM concentrate at this stage is shipped to our toll refiners for separation into final saleable metals. We sell these metals to our customer base.

The photograph on the front cover of this report shows molten matte being tapped from our number 1 smelter furnace which was rebuilt and upgraded during the first half of this financial year.

oldings  Annual integrated report 2022

Contents

Introduction

4 Who is Northam?

8 Introducing our report

Business overview

10 Our business model

  1. The evolution of our business since 2015
  1. The year at a glance
  1. CEO Q&A - A recap on our strategy and beliefs
  1. Our investment in RBPlat
  1. Cash impact of the Composite Transaction and our investment in RBPlat

Our operations

24 Our growing operations

  1. Mineral Resources and Mineral Reserves
  1. New shaft access world record
  1. Growth on track
  1. Full build on target
  1. Upgrading for the future
  1. Our key stakeholder relationships
  1. Women in mining - A message from Paul Dunne
  1. Our contribution to our stakeholders

Governing our business

  1. A message from our independent chairman
  1. In memory of David Brown
  1. Board of directors
  1. Executive committee

Material issues

  1. The ongoing impact of COVID-19
  1. Material issues
  1. Managing risks and opportunities
  1. The Buttonshope Conservancy Trust

Other information

  1. Analysis of Northam Holdings shareholders
  2. Administration and contact information

Our reporting suite

Our integrated report is supplemented by a full suite of online publications, which caters for the diverse needs of our broad stakeholder base as part of our comprehensive integrated reporting. These can be accessed on our website at www.northam.co.za

Navigation icons

We use the capitals concept to convey quantitative and qualitative information. The degree and nature of the impact that our material issues have upon our business and the various capitals have also been considered throughout the report.

Capitals

Financial

Intellectual

Natural

Human

Manufactured

Social

Stakeholders

Communities

Government and

Suppliers of goods

regulatory authorities

and services

Customers

Industry associations

Unions

Employees

Investors and providers

of funding

Board and committees

A

Audit and risk

I

Investment committee

R

Remuneration committee

committee

B

IT

S

Social, ethics, human

Board of directors

IT steering committee

resources and

transformation committee

E

Executive committee

M

Management review

committees

H

Health, safety and

N

Nomination committee

environmental committee

Links

Refers to other pages in this report

Refers to supporting documents on our website: www.northam.co.za

COVID-19 issue

Northam Holdings:

Northam Holdings:

Northam Holdings:

Mining that matters

Mining that matters

Mining that matters

Annual integrated report

Annual financial statements

Summarised financial results

30 June 2022

30 June 2022

30 June 2022

Annual integrated report

Prepared in accordance with:

  • International Framework of the International Integrated Reporting Council (IIRC)
  • International Financial Reporting Standards (IFRS)
  • South African Companies Act No. 71 of 2008, as amended (Companies Act)
  • Global Reporting Initiative (GRI) standards
  • South African Companies Regulations, 2011 (Companies Regulations)
  • JSE Limited Listings Requirements
  • JSE Debt Listings Requirements
  • King IV Report on Corporate Governance for South Africa, 2016 (King IV™)

Approved by the board of directors

Annual financial statements

Prepared in accordance with:

  • IFRS
  • Interpretations issued by the IFRS Interpretations Committee
  • International Accounting Standards (IAS)
  • The South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides
  • Financial Reporting Guidelines as issued by the Accounting Practices Committee
  • Financial Pronouncements as issued by the Financial Reporting Standards Council
  • Companies Act
  • Companies Regulations
  • JSE Limited Listings Requirements
  • JSE Debt Listings Requirements
  • King IV™

Approved by the board of directors, and includes the chief executive officer and finance director responsibility statement, as well as the company secretary certificate

Summarised financial results

Prepared in accordance with:

  • IFRS
  • Interpretations issued by the IFRS Interpretations Committee
  • IAS
  • SAICA Financial Reporting Guides
  • Financial Reporting Guidelines as issued by the Accounting Practices Committee
  • Financial Pronouncements as issued by the Financial Reporting Standards Council
  • Companies Act
  • JSE Limited Listings Requirements
  • JSE Debt Listings Requirements

Approved by the board of directors

Northam Holdings:

Northam Holdings:

Northam Holdings:

Mining that matters

Mining that matters

Mining that matters

Corporate governance report

Mineral Resources and Mineral Reserves statement

Notice of the 2022 Annual General Meeting

30 June 2022

as at 30 June 2022

Corporate governance report

Prepared in accordance with:

  • International Framework of the IIRC
  • Companies Act
  • Companies Regulations
  • JSE Limited Listings Requirements
  • JSE Debt Listings Requirements
  • King IV™

Approved by the board together with the chairpersons of the respective committees for their reports

Mineral Resources and Mineral Reserves statement

Prepared in accordance with:

  • South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves 2016 (the SAMREC Code (2016))
  • JSE Limited Listings Requirements

Signed off by the Lead Competent Person

Notice of the 2022 Annual General Meeting

Prepared in accordance with:

  • Companies Act
  • Companies Regulations
  • JSE Limited Listings Requirements
  • JSE Debt Listings Requirements
  • Company's Memorandum of Incorporation (MOI)
  • King IV™

Approved by the board and company secretary

Northam Holdings:

Mining that matters

Northam Holdings:

Sustainability report 2022

Mining that matters

Remuneration report

30 June 2022

Remuneration report

Prepared in accordance with:

  • International Framework of the IIRC
  • Companies Act
  • JSE Limited Listings Requirements
  • King IV™

Approved by the chairperson of the remuneration committee

Sustainability report

Prepared in accordance with:

  • Core requirements of Global Reporting Initiative (GRI) Standards

Approved by the health, safety and environmental committee

  These reports are available on our website

Northam Holdings  Annual integrated report 2022

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Northam Platinum Holdings Ltd. published this content on 26 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2022 05:20:02 UTC.