Operational excellence

In a financial year characterised by lower commodity prices, we demonstrated the benefit of our diversified portfolio. This positions ARM well, as we focus on operating a competitive business in a challenging sector.

In summary:

• ARM Ferrous headline earnings decreased by 31% to R3.5 billion (F2024: R5.1 billion), partially offset by a 120% increase in headline earnings in the manganese division
• ARM Platinum headline earnings declined 42% to a headline loss of R1.3 billion (F2024: R910 million loss), largely due to the drop in average PGM basket price and high fixed costs associated with the early ounce production at Bokoni (discussed on page 77)
• ARM Coal headline earnings were down 88% to R47 million (F2024: R391 million), driven by the reduction in the realised coal price.

In this period of high volatility, we focus on what we can control: ensuring zero harm to all our employees, achieving quality production volumes, managing costs, and improving productivity.

Creating sustainable value

In F2025, ARM created total value of R12.2 billion (F2024: R12.4 billion). Of this, R2.6 billion was paid to shareholders as dividends and around R500 million accrued to providers of capital. We also reinvested R200 million in the group to support our continued growth.

The financial and operational reviews on pages 62 to 90 detail our performance for the year, while corporate actions in F2025 are summarised on page 11. My review focuses on progress against strategic objectives more broadly and the significant infrastructure challenges our operations continue to face.

PGM projects status

Two Rivers Merensky project

Due to the downturn in PGM prices, the Two Rivers Merensky project was placed on care and maintenance in July 2024. The construction of the Merensky concentrator plant and development of the first two mining levels are complete.

We are re-evaluating the potential restart of the Merensky project, depending on the outcome of the definitive feasibility study, and an evaluation of whether the recovery in PGM prices can be sustained.

Bokoni Platinum Mine

Milling and stoping operations at Bokoni were suspended at the end of F2025, as the mining and milling capacity was insufficient to offset fixed costs and sustain profitability. Ore-reserve development is advancing to support a phased ramp-up to a 240 000 tonnes per month (tpm) production rate, regarded as the optimum throughput to unlock economies of scale and deliver sustainable returns.

This strategy is anchored by Bokoni's large, high-grade Mineral Resource, which positions the mine competitively on the cost curve at steady-state production. To accelerate cash generation and reduce funding needs, the existing 60 000tpm concentrator will be restarted ahead of the new concentrator plant, with timing carefully sequenced to ore availability and ramp-up milestones.

We remain confident that this strategy is the right approach to unlock value from Bokoni's exceptional resource base while exercising disciplined capital allocation, considering ongoing commodity price uncertainty.

Corporate actions

In F2025, ARM concluded corporate actions in line with our focus on investing in growth and our existing business.

Hedging collar transaction over 24% of our equity in Harmony

We implemented a hedging collar transaction involving 18 million shares in Harmony Gold, representing 24% of ARM's equity in that company. The collar and related arrangements give ARM access to future funding on efficient terms while retaining partial upside exposure. The structure includes a put option at R234.85 and a call option at R562.40, both maturing in June 2030.

ARM remains fully committed to Harmony as a strategic investment and remains confident in Harmony and its management's ability to drive growth and value for its shareholders.

Refer to SENS announcement on 11 June 2025 for details.

Share buyback

In accordance with the general authority granted by shareholders at ARM's annual general meeting in December 2024, we have cumulatively repurchased and cancelled 3 239 681 ordinary shares, at an average price of R154.27 per share, totalling R499.8 million.

Additionally, ARM's subsidiary, Opilac, distributed 12 717 328 treasury shares in specie back to ARM, which were cancelled and delisted. These actions reduced the total issued share capital by 7% to 208 710 769 ordinary shares. The cancellation of the treasury shares has no impact on the earnings per share and headline earnings per share of ARM.

Refer to SENS announcement on 20 June 2025 for details.

Closure of Cato Ridge Works and Alloys, disposal of Assmang's interest in Sakura

ARM has announced a series of strategic transactions involving its 50% stake in the joint venture, Assmang. These include the permanent closure of the Cato Ridge Works plant from 31 August 2025. Assmang will also sell land, properties and houses in Cato Ridge, with part of the land designated for community benefit.

Additionally, Assmang will dispose of its stake in Sakura Ferroalloys to Assore, resulting in a cash distribution of R900 million to ARM.

Refer to SENS announcement on 11 June 2025 for details.

Surge Copper

ARM has entered into a subscription agreement to acquire 25.8 million common shares of Surge Copper Corp through a non-brokered private placement for some C$4.5 million.

This follows ARM's earlier exercise of its rights under an investor rights agreement, where it purchased 1.6 million shares for C$0.24 million in a top-up offering. Prior to these transactions, ARM held 43.0 million shares (13.4% of Surge's issued shares). On completion of the private placement, its shareholding will increase to 68.7 million shares, representing 19.9% of the company on a non-diluted basis.

Surge owns a large, contiguous mineral claim package that contains copper and other metals which are important inputs to the low-carbon energy transition and associated electrification technologies. It has made strong progress on the prefeasibility study, which remains on track for completion in 2026.

Refer to SENS announcement on 15 August 2025 for details.