Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €13.70, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 105% over the past three years. Announcement • Oct 27
Northam Platinum Holdings Limited Announces Board and Committee Changes Northam Platinum Holdings Limited announced at the AGM held on October 27, 2025, approved that Mr. GT Lewis, who retired by rotation at the AGM, did not make himself available for re-election as a director of the company and has retired from the board of directors of Northam ("board"), as well as the company's health, safety and environmental committee, with effect from the conclusion of the AGM; election of Ms TE Kgosi, Dr NY Jekwa and Mrs. G Wildschutt as a member of the social, ethics, human resources and transformation committee. Announcement • Aug 30
Northam Platinum Holdings Limited, Annual General Meeting, Oct 27, 2025 Northam Platinum Holdings Limited, Annual General Meeting, Oct 27, 2025. Announcement • Aug 29
Northam Platinum Holdings Limited Declares Final Gross Cash Dividend for the Financial Year Ended 30 June 2025, Payable on 22 September 2025 The board of directors of Northam Platinum Holdings Limited announced that it has resolved to declare and pay a final gross cash dividend of 200.0 cents per share for the year 2025 (June 2024: 70.0 cents per share) which in aggregate amounts to a final gross cash dividend of approximately ZAR 800.2 million. The final cash dividend has been declared from income reserves. A dividend withholding tax of 20% will be applicable to Shareholders who are not exempt from, or who do not qualify for, a reduced rate of dividend withholding tax. Accordingly, for those Shareholders subject to dividend withholding tax at a rate of 20%, the final net cash dividend amounts to 160.0 cents per share (30 June 2024: 56.0 cents per share). E dividend date is September 17, 2025 and Record date is September 19, 2025. The payable date is September 22, 2025. Announcement • Jul 23
Northam Platinum Holdings Limited to Report Fiscal Year 2025 Results on Aug 29, 2025 Northam Platinum Holdings Limited announced that they will report fiscal year 2025 results on Aug 29, 2025 Announcement • Feb 28
Northam Platinum Holdings Limited Declares an Interim Gross Cash Dividend for the Six Months Ended 31 December 2024, Payable on 24 March 2025 Northam Platinum Holdings Limited announced that for the six months ended 31 December 2024, the board of directors ("board") has resolved to declare and pay an interim gross cash dividend of 15.0 cents per share (31 December 2023: 100.0 cents per share and for 30 June 2024: 70.0 cents per share), in line with the board approved company dividend policy of 25% of headline earnings, which in aggregate amounts to an interim gross cash dividend of approximately ZAR 59.4 million. A dividend withholding tax of 20% will be applicable to Shareholders who are not exempt from, or who do not qualify for, a reduced rate of dividend withholding tax. Accordingly, for those Shareholders subject to dividend withholding tax at a rate of 20%, the final net cash dividend will amount to 12.0 cents per share (31 December 2023: 80.0 cents per share and 30 June 2024: 56.0 cents per share). Key dates include the last day to trade cum dividend on 17 March 2025, trading ex-dividend on 18 March 2025, record date on 20 March 2025, and payment date on 24 March 2025. Announcement • Feb 13
Northam Platinum Holdings Limited to Report First Half, 2025 Results on Feb 28, 2025 Northam Platinum Holdings Limited announced that they will report first half, 2025 results on Feb 28, 2025 Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €6.55, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.81 per share. Buy Or Sell Opportunity • Oct 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.6% to €5.85. The fair value is estimated to be €7.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 68%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €5.55, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 1.6% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €7.56 per share. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €4.64, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total loss to shareholders of 4.4% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €7.34 per share. Reported Earnings • Sep 01
Full year 2024 earnings released: EPS: R4.61 (vs R6.55 in FY 2023) Full year 2024 results: EPS: R4.61 (down from R6.55 in FY 2023). Revenue: R30.8b (down 22% from FY 2023). Net income: R1.80b (down 30% from FY 2023). Profit margin: 5.8% (down from 6.5% in FY 2023). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Announcement • Aug 30
Northam Platinum Holdings Limited Declare Final Dividend for the Financial Year Ended 30 June 2024, Payable on 23 September 2024 The board of directors of Northam Platinum Holdings Limited declared a final gross cash dividend of 70.0 cents per share for the financial year ended 30 June 2024 ("F2024") (30 June 2023: 600.0 cents per share) which in aggregate amounts to a final gross cash dividend of approximately R277.4 million. The final cash dividend has been declared from income reserves. Trading ex-dividend is 18 September 2024. Record date is 20 September 2024. Payment date of the final cash dividend is 23 September 2024. Buy Or Sell Opportunity • Jul 31
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €7.00. The fair value is estimated to be €5.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jul 03
Public Investment Corporation Limited acquired an unknown minority stake in Northam Platinum Holdings Limited (JSE:NPH). Public Investment Corporation Limited acquired an unknown minority stake in Northam Platinum Holdings Limited (JSE:NPH) on July 1, 2024. PIC now holds a beneficial interest of 20.09% in Northam Platinum's total issued share capital.Public Investment Corporation Limited completed the acquisition of an unknown minority stake in Northam Platinum Holdings Limited (JSE:NPH) on July 1, 2024 Announcement • Jun 19
Northam Platinum Holdings Limited and Northam Platinum Limited Announce Changes to the Boards of Directors and the Nomination Committee Northam Platinum Holdings Limited announced following changes to the board of directors of Northam Platinum Holdings Limited (Northam Holdings Board), the board of directors of Northam Platinum Limited (Northam Platinum Board) and the group's Nomination committee, with effect from the conclusion of the respective annual general meetings of Northam Holdings andNortham Platinum, expected to be held on 28 October 2024: the resignation of Mr. Temba Mvusi as chairperson of both the Northam Holdings Board and the Northam Platinum Board, as a result of conditions of the Prudential Authority's approval of his appointment as chairperson of the board of directors of Sanlam Limited and Sanlam Life Insurance Limited; the appointment of Mr. Mcebisi Jonas as the independent non-executive chairperson of the Northam Holdings Board, and as an independent non-executive director and chairperson of the Northam Platinum Board; and the appointment of Mr. Jonas as a member and chairperson of the group's Nomination committee following Mr. Mvusi's resignation as a member and chairperson thereof. Mr. Mvusi will remain an independent non-executive director of both the Northam Holdings Board and the Northam Platinum Board. The above-mentioned appointments of Mr. Jonas were made in accordance with the group's Nomination committee Charter in respect of which the nomination of Northam directors is managed. Upcoming Dividend • Mar 12
Upcoming dividend of R1.00 per share Eligible shareholders must have bought the stock before 19 March 2024. Payment date: 25 March 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (4.4%). Reported Earnings • Mar 05
First half 2024 earnings released: EPS: R1.37 (vs R15.96 in 1H 2023) First half 2024 results: EPS: R1.37 (down from R15.96 in 1H 2023). Revenue: R15.0b (down 26% from 1H 2023). Net income: R532.6m (down 91% from 1H 2023). Profit margin: 3.6% (down from 31% in 1H 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Announcement • Mar 02
Northam Platinum Holdings Limited Declares Interim Gross Cash Dividend for the Six Months Ended 31 December 2023, Payable on 25 March 2024 Northam Platinum Holdings Limited announced that for the six months ended 31 December 2023, the board of directors ("board") has resolved to declare and pay an interim gross cash dividend of 100.0 cents per share (31 December 2022: Nil cents per share and for 30 June 2023: 600.0 cents per share), which in aggregate amounts to an interim gross cash dividend of approximately ZAR 396.2 million. The interim gross cash dividend has been declared from income reserves. Last day to trade (cum dividend) is 18 March 2024. Trading ex-dividend, on 19 March 2024. Record date to determine which Shareholders are eligible to receive the dividend, on 22 March 2024. Payment date of the dividend, on 25 March 2024. Shareholders may not dematerialise or rematerialise their Northam Holdings shares between 19 March 2024 and 22 March 2024, both days inclusive. Announcement • Feb 29
Northam Platinum Holdings Limited Announces Board Changes The board of directors of Northam Holdings announced the appointment of Mrs. Geralda Wildschutt as an independent non-executive director of the Board and as a member of the SEHR&T committee, with effect from 1 March 2024. Mrs. Wildschutt is currently an independent non-executive director of Caledonia Mining Corporation Plc, a gold mining company listed on the New York Stock Exchange and on AIM of the London Stock Exchange. She serves on the Climate Change Advisory Panel of Sasol Limited, a company listed on the JSE Limited. Mrs. Wildschutt served as a consultant to Anglo American PLC, Gold Fields Limited, Ivanhoe Mines Limited and Debswana Diamond Company Limited on a range of environmental, social and governance ("ESG") topics. She holds a Masters' Degree in Psychology from the University of Cape Town and an MBA from the Business School of the Netherlands. Mr. Paul Dunne, the chief executive officer of the company, will step down as a member of the SEHR&T committee immediately following the appointment of Mrs. Wildschutt. Announcement • Jan 17
Northam Platinum Holdings Limited, Annual General Meeting, Oct 28, 2024 Northam Platinum Holdings Limited, Annual General Meeting, Oct 28, 2024. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €6.55, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 30% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.35 per share. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.82, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total loss to shareholders of 49% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €4.27 per share. Board Change • Sep 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Glyn Lewis was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Aug 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 50% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.5% net profit margin). Reported Earnings • Aug 27
Full year 2023 earnings released: EPS: R6.55 (vs R26.15 in FY 2022) Full year 2023 results: EPS: R6.55 (down from R26.15 in FY 2022). Revenue: R39.5b (up 16% from FY 2022). Net income: R2.55b (down 74% from FY 2022). Profit margin: 6.5% (down from 29% in FY 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Announcement • Aug 25
Northam Platinum Holdings Limited, Annual General Meeting, Oct 30, 2023 Northam Platinum Holdings Limited, Annual General Meeting, Oct 30, 2023, at 10:00 South Africa Standard Time. Agenda: To consider and transact the business as stated in the notice of the 2023 AGM. New Risk • Jul 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risks High level of debt (67% net debt to equity). Share price has been volatile over the past 3 months (7.1% average weekly change). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €6.85, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total loss to shareholders of 19% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €6.97 per share. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risks High level of debt (67% net debt to equity). Share price has been volatile over the past 3 months (7.3% average weekly change). Buying Opportunity • Jun 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €8.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 11% in the next 2 years. Board Change • May 15
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Glyn Lewis was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be €9.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 7.9% in the next 2 years. Reported Earnings • Mar 25
First half 2023 earnings released: EPS: R15.96 (vs R9.65 in 1H 2022) First half 2023 results: EPS: R15.96 (up from R9.65 in 1H 2022). Revenue: R20.1b (up 45% from 1H 2022). Net income: R6.23b (up 78% from 1H 2022). Profit margin: 31% (up from 25% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Metals and Mining industry in Europe. Board Change • Feb 23
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Glyn Lewis was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Glyn Lewis was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 03
Northam Platinum Holdings Limited to Report First Half, 2023 Results on Feb 24, 2023 Northam Platinum Holdings Limited announced that they will report first half, 2023 results on Feb 24, 2023 Board Change • Nov 21
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Glyn Lewis was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improved over the past week After last week's 17% share price gain to €9.15, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Metals and Mining industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €12.33 per share. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €8.60, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Metals and Mining industry in Europe. Reported Earnings • Aug 28
Full year 2022 earnings released Full year 2022 results: Revenue: R34.1b (up 4.4% from FY 2021). Net income: R9.85b (up 4.9% from FY 2021). Profit margin: 29% (in line with FY 2021). Over the next year, revenue is forecast to grow 33%, compared to a 4.4% growth forecast for the Metals and Mining industry in Germany. Announcement • Aug 26
Northam Platinum Holdings Limited, Annual General Meeting, Oct 25, 2022 Northam Platinum Holdings Limited, Annual General Meeting, Oct 25, 2022, at 10:00 South Africa Standard Time. Agenda: To re-election of JG Smithies as director; to consider re-election of TE Kgosi as director; to consider re-election of HH Hickey as director; to consider appointment of PwC (with the designated external audit partner being Mr AJ Rossouw CA (SA)) as the independent external auditors of the group; to consider non-binding endorsement of the group’s remuneration policy; and to consider any other matters. Announcement • Jul 19
Northam Platinum Holdings Limited to Report Fiscal Year 2022 Results on Aug 26, 2022 Northam Platinum Holdings Limited announced that they will report fiscal year 2022 results on Aug 26, 2022 Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €8.50, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Metals and Mining industry in Europe. Board Change • Apr 29
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Glyn Lewis was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down R2.10b from profit in 1H 2021). Profit margin: (down from 18% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 29%, compared to a 37% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €12.94, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. Independent Non-Executive Director Glyn Lewis was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 1 highly experienced director. Independent Non-Executive Director Glyn Lewis was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. 1 highly experienced director. Independent Non-Executive Director Glyn Lewis was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €11.60, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Board Change • Oct 26
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non Executive Chairman David Brown was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. 
