The remuneration committee supports the board by applying a strategy focused on attracting, motivating, rewarding and retaining talent through competitive remuneration practices while creating shareholder value. Stakeholder feedback is considered in regular reviews of our remuneration policy, which gives effect to the remuneration strategy by supporting business objectives in the wider operating environment and offering a balanced remuneration mix based on the principles set out below.

Refer to remuneration report in our 2025 ESG report.

F2025 performance against bonus targets for

PROFIT*
Better than plan
ARM Coal Worse than plan
ARM Platinum ARM Ferrous ARM group

UNIT CASH COSTS
Better than plan
ARM Ferrous ARM Coal Worse than plan
ARM Platinum ARM group

SAFETY MODIFIER**
Maximum achieved
ARM Coal: +10%
Worse than plan
ARM Ferrous: +9% ARM Platinum:-10% ARM group: +7.9%

*  Based on profit before interest and tax (PBIT).

** Safety modifier adjusted for LTIFR and fatalities.

Connecting performance and remuneration

Our competitive remuneration strategy is founded on principles set out in the remuneration committee's terms of reference. In developing ARM's remuneration policies, the committee ensures the mix of fixed and variable remuneration in cash, shares and other elements meets the company's business needs and promotes its strategic objectives, with an appropriate balance between shortterm and long-term incentives. It also ensures that performance targets in all Paterson grade levels across ARM are set and monitored. Key objectives from the terms of reference are to:

• Provide fair, responsible and transparent remuneration, aligned with ARM's business strategy and risk appetite
• Attract, motivate, reward and retain our people
• Promote an ethical culture and responsible corporate citizenship
• Develop performance measures that support positive outcomes across the economic, social and environmental triple context in which ARM operates
• Present the remuneration policy and implementation report to shareholders annually or as legally prescribed, and diligently consider their feedback
• Set fees for non-executive directors at competitive levels to attract individuals of the required calibre and expertise.

Fixed pay

The board-approved cost-to-company salary increases in the corporate office from 1 July 2025 are based on independent benchmarking processes and after considering the current consumer price index (CPI).

Paterson grade	Role	F2026 increase1	F2025 increase2
F-band	Executives (including executive directors)	4.5%	4.0%
D and E-bands	Middle and senior management	5.0%	5.0%
A to C-bands	General staff	6.0%	6.0%

¹ CPI of 2.8% at May 2025 as published by StatsSA. Inflation forecast by the International Monetary Fund (IMF) of 4.5%.
² CPI of 5.2% at May 2024 as published by StatsSA.

Across the operations, cost-to-company increases are agreed in terms of multiple-year wage agreements. The committee also considers the results of independent benchmarking processes and the current CPI. At the bargaining-unit level, multiple-year wage agreements apply to most ARM-managed operations. In addition, most operations have an employee share ownership plan in place. In 2024, wage agreements were finalised for ARM Ferrous Northern Cape mines (Khumani, Black Rock and Beeshoek – five years), Bokoni Mine (three years), and Cato Ridge Works (one year). New wage negotiations for Two Rivers and Modikwa began in July 2025. In August 2025, section 189 processes for retrenchment were concluded at Cato Ridge Works and Bokoni, while a section 189 notice was issued at Beeshoek.

Employee benefits as a percentage of cost-to-company are the same for all employees, subject to certain employee elections.