REG - Valterra Platinum - Results for the six months ended 30 June 2025

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RNS Number : 7697S  Valterra Platinum Limited  28 July 2025

 
 

Valterra Platinum Limited

(previously Anglo American Platinum Limited)

(Incorporated in the Republic of South Africa)

(Registration number: 1946/022452/06)

JSE Share Code: VAL

LSE Share Code: VALT

ISIN: ZAE000013181

("The Company" or "Valterra Platinum")

 

28 July 2025

Valterra Platinum - Interim Results Short Form Announcement for the six months
ended 30 June 2025

 

Salient Features

 

Safety

 * Regrettably, there was one fatality at Unki on 20 April and another fatality
at Amandelbult's Dishaba mine on 22 July, despite our continued focus on
improving safety across all operations.  We have taken all necessary steps to
learn from these events and address the contributing factors.

 * At Mogalakwena and Mototolo, we achieved 13 years fatality free and Tumela
mine at Amandelbult is nine years fatality free at the end of H1 2025, all
hallmark achievements.

Strategy

 * Established our new identity as Valterra Platinum Limited, with outstanding
independent prospects and an investment case supported by our leading
integrated portfolio of world class assets.

 * Successfully completed the demerger from Anglo American plc, including a
secondary listing on the London Stock Exchange.

 * Completed the Sandsloot underground project pre-feasibility study and
commenced the feasibility study which we plan to complete, together with an
investment decision, in H1 2027.

Market

 * The realised PGM dollar and ZAR basket price increased by 5% and 3% to $1,517
and R27,631 per PGM ounce, respectively.

Production and sales

 * Own-mined PGM production (expressed as 5E+Au metal-in-concentrate (M&C))
declined by 12% to 926,100 ounces, primarily due to the flooding at
Amandelbult in February 2025 following heavy rains. All mining sections have
recommenced production, with Amandelbult's Tumela Mine Lower section, the most
severely impacted. Production from this mine restarted in June with the
ramp-up to full production expected in Q3 2025.

 * Own-mined M&C production, excluding Amandelbult was in line with the prior
period at 770,000 ounces.

 * Purchased concentrate (POC) volumes declined by 23% to 539,200 ounces
primarily due to Kroondal's transition to a 4E tolling arrangement from
September 2024. Adjusting the comparable period for Kroondal volumes, POC
declined 5%, also reflecting the weather-related impact on third parties.

 * Refined PGM production (excluding tolling) declined by 22% to 1.39 million
ounces due to lower total M&C production and the once in every three year
stock count at the Precious Metals Refinery. The prior period's volumes
included the release of built-up work-in-progress (WIP) inventories. Excluding
Kroondal volumes from the comparable period, refined production declined 18%.

 * PGM sales volumes, decreased by 25% to 1.48 million ounces, in line with lower
refined production.

Costs

 * Cost savings of R2.1 billion achieved in the first half of the year, and we
are on track to achieve cost savings of R4 billion for 2025 through
operational excellence. Our cost saving initiatives have enabled us to offset
inflation over the last 2 consecutive years.

 * Cash operating costs were R17,952 per PGM ounce (down 2% on H1 2024),
excluding the impact of the Amandelbult flooding - and R20,580 per PGM ounce,
including the flooding impact.

 * All-in sustaining costs (AISC) were $962 per 3E ounce (up 1% on H1 2024),
excluding the Amandelbult flooding impact or $1,213 per 3E ounce including
the flooding impact.

 

Earnings

 * R6.6 billion EBITDA, down 46% on the prior period primarily due to a 25%
decline in PGM sales volumes as well as R1.4 billion in one-off demerger
related costs.

 * Headline earnings per share decreased by 81% to R4.73 per share, primarily
owing to the R5.7 billion lower EBITDA.

 * Basic earnings were down 91% to R 2.23 per share having been further impacted
by R0.9bn scrapping of assets.

Balance sheet

 * Net debt at 30 June of R4.9 billion, representing 0.3 times net debt to EBITDA
ratio including the customer prepayment. The ratio is well within our
self-imposed target gearing ratio of less than 1 times net debt to EBITDA.

 * Liquidity headroom of R27 billion is consistent with our ongoing commitment to
maintaining flexibility and a strong balance sheet.

Dividend

 * Interim dividend of R0.5 billion, or R2.00 per share, aligned with our
dividend policy of 40% of headline earnings.

 

2025 guidance

 * We remain on track to deliver M&C production within guidance, albeit at
the lower end, after factoring in the Amandelbult flooding impact. M&C
production from our own operations is expected to be ~2.0 million PGM ounces
and POC volumes are expected to be ~1.0 - 1.2 million ounces.

 * Refined production guidance of 3.0 - 3.4 million PGM ounces remains unchanged.

 * Cash operating unit cost guidance has been revised to R19,000 - R19,500 per
PGM ounce to take into account the flooding impact.

 * Capital expenditure is expected to be between R17.0 - R17.5 billion which is
~R1.0 billion below previous 2025 guidance.

 * AISC expected to be within the guidance range of $970 - $1,000 per 3E ounce.

 

Craig Miller, CEO of Valterra Platinum, said:

"Safety remains our foremost priority, so it is with deep regret that we
experienced a fatality at Unki on 20 April where Mr. Felix Kore lost his life
in a mobile machinery-related incident. We have thoroughly investigated the
cause of the incident, and we have implemented measures to prevent a similar
occurrence. It is also with deep sadness that on 22 July, we experienced a
fatality at Amandelbult's Dishaba Mine, where Mr William Nkenke lost his life.
A full investigation is currently underway. On behalf of the entire Valterra
Platinum family, we convey our sincerest condolences to Mr. Kore's and Mr.
Nkenke's families, friends and colleagues.

 

"While we mourn these losses, we also recognise the achievement of significant
safety milestones across our operations, which reflect our team's dedication
to our journey to zero harm. These include 13 years fatality free at
Mogalakwena and Mototolo; 9 years fatality free at Amandelbult's Tumela Mine
and more than 2.5 years lost-time injury-free at the Polokwane Smelter. We
have also seen a 12% improvement in our total recordable injury frequency rate
(TRIFR) to 1.46.

 

"This year marked a pivotal milestone in our corporate journey, with the
successful completion of our demerger from Anglo American plc, the launch of
our new identity as Valterra Platinum and our secondary listing on the London
Stock Exchange. We have reconstituted an independent and diverse board of
directors and have made significant progress in transitioning from Anglo
American's centralised services. Transitional Service Agreements are in place
for some services, while other expertise and skills have been recruited into
the company as part of our target operating model.

 

"In March, we articulated our strategic priorities and investment case at our
inaugural Capital Markets Day, receiving strong support from both existing and
prospective investors. I want to thank every member of our team for their
tireless dedication over the past year to bringing this transformative moment
to life. Valterra Platinum is charting its own path, and we are doing so with
purpose, strength and unity.

 

"The extreme flooding event at Amandelbult demonstrated our ability to rapidly
respond to major setbacks. All underground personnel were safely evacuated,
and the team swiftly secured critical infrastructure and accelerated the
dewatering process. As a result, the Tumela Mine Lower section was
recommissioned ahead of schedule in June, with full ramp-up expected in Q3
2025. We are targeting 450,000 - 480,000 ounces in M&C PGM production from
Amandelbult for the full year and back to normalised M&C production levels
in 2026.

 

"We have completed the pre-feasibility study for the Sandsloot underground
project, which has affirmed that the technical and economic parameters used in
the study are consistent with what we presented at our Capital Markets Day. We
have commenced the feasibility study with a targeted completion in H1 2027
together with an investment decision, provided that it is in accordance with
our capital allocation framework. The investment case for Sandsloot is
compelling and our approach remains "value over volume" with the potential to
introduce higher underground grades at between 4 - 6 g/t to blend in with open
cast ore, this is the first step towards achieving our targeted 10 - 50%
overall increase in Mogalakwena M&C production and a 10 - 20% reduction in
AISC. Our progress during the reporting period includes a bulk ore sample of
31,000 tonnes of reef stockpiled, 12.8km of exploration drilling and advancing
the decline development by a further 1.6km during H1 2025, bringing total
exploration drilling since inception to 43km and the cumulative decline
development to 8.0km. Post the prefeasibility study completion, our
medium-term capital guidance for Sandsloot Underground has been reduced to
~R1.5 - R2.5 billion per annum to advance the project (previously R2.0 - R3.3
bn).

 

"Looking ahead to the second half of the year, we have reaffirmed our 2025
M&C and refined production guidance. Through our operational excellence
programs, we remain on track to deliver R4 billion in full-year operating cost
savings. These efforts are focused on ensuring that over the medium term, our
assets operate sustainably in the lower half of the industry cost curve.
Coupled with our disciplined approach to capital allocation, we continue to be
well positioned to sustain our track record of industry leading shareholder
returns through the cycle. This is demonstrated in an interim dividend
declaration by the board of R2.00 per share which is in-line with our dividend
policy of 40% of headline earnings".

 H1 2025 overview

 Key metrics                                                    H1 2025  H1 2024   %
 Fatalities^^                                                   1        2
 Total recordable injury frequency rate (TRIFR)                 1.46     1.66                        (12)
 Metal-in-concentrate (M&C) PGM production ('000 oz) oz)        1,465    1,755                       (17)
 Refined PGM production ('000 oz)                               1,391    1,782                       (22)
 Sales PGM volumes (excluding trading) ('000 oz)                1,475    1,974                       (25)
 Metal-in-concentrate (M&C) PGM production ('000 oz) oz) ^      1,465    1,620                       (10)
 Refined PGM production ('000 oz) ^                             1,391    1,695                       (18)
 Sales PGM volumes (excluding trading) ('000 oz) ^              1,475    1,842                       (20)
 Dollar basket price per PGM ounce sold                         1,517    1,442                             5
 Rand basket price per PGM ounce sold                           27,631   26,802                            3
 Unit costs (R/PGM oz) *                                        17,952   18,280   (2)
 All-in sustaining costs ($/3E oz) ^                            962      957                            1
 Revenue (R billion)                                            42.3     52.2                        (19)
 Adjusted EBITDA (R billion)                                    6.6      12.3                        (46)
 Mining EBITDA margin (%)                                       22       31         (9pp)
 Basic earnings (R billion)                                     0.6      6.3                         (91)
 Basic earnings per share (R/share)                             2.23     24.02                       (91)
 Headline earnings (R billion)                                  1.2      6.5                         (81)
 Headline earnings per share (R/share)                          4.73     24.56                       (81)
 Net (debt)/cash (R billion)                                    -4.9     14.5                    (134)
 Dividend per share (R/share)                                   2.00     9.75                        (79)

Note:       * - Unit costs adjusted for the Amandelbult lost ounces due
to the flooding. Including the AMB impact unit cost is R20,580/PGM oz and AISC
is $1,213/3E oz.

^- Production, refined and sales volumes with comparative period adjusted to
exclude Kroondal POC volumes.

^^-We experienced one fatality at Amandebult's Dishaba Mine, in July 2025,
post the period end.

 

The realised dollar basket price increased by 5% compared to the prior period
to $1,517 per PGM ounce - marking its strongest level since H1 2023. The
average realised platinum price was 5% higher than in H1 2024, with rhodium
and ruthenium 11% and 56% higher, respectively, all making major contributions
to the increase in our realised basket price.

 

Operational performance in the first half of 2025 was characterised by
inclement weather-related impacts across the portfolio, the most severe being
the flooding event at Amandelbult in February. This materially impacted
operational performance at Amandelbult, resulting in M&C production at
this operation declining by 45% or 128,700 ounces.

 

As a result, own-mined production declined by 12% or 125,400 ounces to 926,100
ounces. Excluding Amandelbult, own mined production of 770,000 ounces was in
line with H1 2024. Increased production at Mogalakwena and Mototolo, through
benefits of our operational excellence, was offset by weaker volumes at Unki
related to anticipated lower ore grades. POC volumes declined by 23% primarily
owing to Kroondal's transition from a POC to a toll arrangement in September
2024. As a result, total M&C production of 1.47 million ounces is 17%
lower compared to the prior period. Normalising the comparative period to
exclude Kroondal implies a 5% reduction in POC volumes and 10% lower overall
M&C production volumes.

 
 

Refined PGM production (excluding tolling) declined 22% to 1.39 million ounces
due to lower total M&C production and the once in every three year stock
count at the Precious Metals Refinery.  The prior period's volumes included
the release of built-up WIP inventories. The performance in the second quarter
of 2025 was 118% higher than the first quarter due to the improved
availability of the processing infrastructure post the Q1 2025 stock count,
which should further support our ability to deliver on our guidance through a
step up in M&C production in H2 2025. Normalising for Kroondal volumes in
the prior period, result in an 18% decline in refined production.

 

Sales volumes were 25% lower, in line with the lower refined production, or
20% lower if Kroondal volumes are excluded from the comparable period.

 

EBITDA of R6.6 billion was down 46% on the prior period, primarily due to a
25% decline in PGM sales volumes (excluding sales from trading) as well as the
R1.4 billion one-off demerger related costs. Headline earnings decreased by
81% to R1.2 billion or R4.73 per share, primarily owing to the R5.7 billion
lower EBITDA. Basic earnings were further impacted by asset scrappings of R0.9
billion in the period, therefore declining by 91% to R0.6 billion or R2.23 per
share.

 

Our balance sheet remains strong, further supported by the positive cash
generation from our portfolio of assets, excluding Amandelbult. We ended the
period in a net debt position of R4.9 billion, primarily due to the final 2024
dividend paid in April 2025 as part of the completion of our stand-alone
capital structure; lower M&C and refined production; as well as the
one-off demerger related costs. Despite this, leverage remained well within
our financial guardrails, with the net debt to EBITDA ratio of 0.3 times,
including the customer prepayment, comfortably below our target gearing ratio
of less than 1.0 times through the cycle.

 

The quantification of the insurance claims for the Amandelbult flooding are
ongoing, with an interim payment request submitted to insurers in June 2025
for property damage of ~R550 million and ~R1.0 billion for business
interruption.  After period end, the insurer confirmed an interim payment of
R1.4 billion. Preliminary indications, subject to change and adjustment as the
claim quantification process progresses, is that our total claim will range
between R4 billion and R5 billion before deductibles.

 

Consistent with our disciplined capital allocation framework, we continued to
invest in our business spending ~R8.0 billion in total capital in H1 2025 to
maintain asset integrity and reliability as well as invest in our worldclass
asset base. This positions us well to deliver stable and sustainable
production. The Board has declared an interim dividend of R2.00 per share.
This is aligned with our dividend policy of 40% of headline earnings and marks
the 16th consecutive dividend payment since reinstatement in 2017, a
best-in-class track record across the PGM sector and underscores our
commitment to industry leading and consistent shareholder returns. Further
detail regarding the dividend payable to shareholders can be found in today's
separate dividend announcement on the Johannesburg Stock Exchange News
Services (SENS) and London Regulatory News Services (RNS).

 

Operational excellence initiatives

Operational improvements were evident in several key areas. Mining
improvements include enhanced productivity at Mototolo reflecting the benefits
of a seven-day mining shift cycle implemented in the second quarter of 2024,
and at Mogalakwena, a notable improvement as the pit optimisation initiatives
and the value over volume approach gains momentum. At Mototolo and
Amandelbult, concentrator recoveries improved by 3 and 4 percentage points
respectively compared to H1 2024, while chrome yields at our owned operations
rose by 2-3 percentage points. These gains were particularly value accretive
given the increase in average chrome prices during the first half of 2025. At
Mogalakwena, early-stage optimisation of the newly commissioned Jameson cells
yielded a 9 % reduction in mass pull, which in turn contributed several
benefits including the 9% reduction in the number of trucks on the road since
December 2024 and 5% reduction in energy utilisation.  These advancements
demonstrate our focus on embedding operational excellence and extracting value
through innovation.

 

Our cost saving initiatives are ongoing. We are on track to deliver our
targeted R4 billion in cost savings in 2025, with R2.1 billion achieved in the
first half of 2025. This brings cumulative savings since the implementation of
our strategy to reposition the business for improved resilience in early 2024
to R9.4 billion in operating expenditure and R5.0 billion in capital
expenditure. These savings have enabled us to offset inflation for the past 2
years. In parallel, we remain relentless in our pursuit of further
efficiencies without compromising our commitment to zero harm, nor our
operating activities and the stability and integrity of our assets.

 

ESG

In Q1 2025 Mogalakwena achieved an Initiative of Responsible Mining Assurance
(IRMA) accreditation with a 50 recognition which means that all our owned
mining operations are now IRMA accredited. This is a significant milestone,
making us the only mining company with all our operations IRMA certified.

 

Valterra Platinum maintains full confidence in the integrity and safety of its
Tailings Storage Facilities (TSFs), all of which are conforming to the Global
Industry Standard on Tailings Management (GISTM). These facilities are
rigorously monitored through regular inspections, third-party audits, and
stability assessments by an independent Engineer of Record, with oversight
from the Independent Technical Review Body. In addition to robust
infrastructure, Valterra prioritises emergency preparedness by actively
engaging neighbouring communities through safety drills, accredited training,
and clear evacuation protocols. This collaborative approach, supported by
local and district municipalities together with various emergency services
departments, ensures that both technical and community safeguards are in
place, reinforcing the resilience and responsible management of our TSFs. In
line with the GISTM requirements, the TSF disclosure document will be updated
and re-issued in August 2025 (based on self-assessment) for 'extreme' or 'very
high' potential consequences of failure facilities.

 

Board

In July 2025, we appointed Ms Deborah Gudgeon and Ms Thoko Mokgosi-Mwantembe
as additional independent non-executive directors. These appointments enhance
the balance of knowledge, skills, experience and diversity on the board for it
to discharge its governance role and responsibilities objectively and
effectively into the future, including in relation to the Company's secondary
listing on the London Stock Exchange. This concludes the process of
reconstituting our board of directors, which consists of two executive
directors and nine independent non-executive directors.

 

Outlook

We expect the second half of the year to benefit from several operational
tailwinds. These include the production recovery at Amandelbult and expected
higher ore head grades at Mogalakwena due to the mining sequence - with 4E
grades expected to achieve the previously guided 2.7-2.9 g/t. There is also
improved processing infrastructure availability following the completion of
scheduled maintenance and stock counts that will enable us to process the
guided full-year production volumes as well as optimise our processing
pipelines.

 

We remain on track to deliver M&C production within guidance after
factoring in the Amandelbult flooding impact,

albeit at the lower end. M&C production from our own operations is
expected to be ~2.0 million PGM ounces and POC ~1.0 - 1.2 million PGM ounces.
Refined production guidance of 3.0 - 3.4 million PGM ounces remains unchanged.

 

Cash operating unit cost guidance increased to between R19,000 - R19,500 per
PGM ounce as a consequence of the Amandelbult flooding. Capital expenditure
guidance has been reduced to R17.0 - R17.5 billion which is ~R1.0 billion
below previous 2025 guidance. AISC is expected to be within guidance of $970 -
$1000 per 3E ounce, reflecting confidence in delivering our targeted cost
savings and step up in production in the second half.

 

Our strong production profile in the second half should allow us to realise
the benefit of higher volumes sold into buoyant markets. We continue to
believe that current price levels remain below the thresholds required to
incentivise new production. Our focus on sustaining capital investment,
prudent cost control, and operational consistency from our leading integrated
value chain allows us to capture the upside from a continued recovery of PGM
prices.

 

We have an extensive mineral resource endowment with an integrated asset base
of industry leading processing facilities. Through our pursuit of operational
excellence, we seek to maintain our position in the first half of the PGM cost
curve and deliver strong margins and cash flow generation. Through our
disciplined capital allocation, we will continue to invest across our
portfolio and market development to ensure superior shareholder returns.
 

 

Short-form announcement

This short-form announcement is the responsibility of the directors of the
Company. It is only a summary of the information contained in the Company's
interim financial statements for the six months ended 30 June 2025 (Interim
Financial Statements) and does not contain full or complete details. Any
investment decision should be based on the Interim Financial Statements
accessible from Monday, 28 July 2025, via the JSE or FCA's National Storage
Mechanism links below or the Company's website at www.valterraplatinum.com
(http://www.valterraplatinum.com) .

 

This short form announcement has not been audited or reviewed by the Company's
auditors, however the financial information included herein has been extracted
from the Interim Financial Statements, which have been reviewed by the Group's
auditors, PricewaterhouseCoopers Inc., who expressed an unmodified opinion
thereon. The Interim Financial Statements, containing the interim review
opinion, together with additional interim results commentary and performance
data can be obtained on the Company's website: www.valterraplatinum.com
(http://www.valterraplatinum.com)

 

Copies of the Interim Financial Statements may also be requested by contacting
Valterra Platinum Investor Relations by email at
theto.maake@valterraplatinum.com (mailto:theto.maake@valterraplatinum.com) and
are available for inspection at the Company's registered office at no charge,
by appointment, subject to prevailing restrictions.

 

JSE link: https://senspdf.jse.co.za/documents/2025/jse/isse/vale/HY25.pdf

FCA National Storage Mechanism link:  National Storage Mechanism | FCA
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)

JSE
Sponsor:

Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities

 

For further information, please contact:

Investors:
 

Theto
Maake
 
 
 

platinumIR@valterraplatinum.com

 

Leroy Mnguni

Leroy.mnguni@valterraplatinum.com (mailto:Leroy.mnguni@valterraplatinum.com)

platinumIR@valterraplatinum.com (mailto:platinumIR@valterraplatinum.com)

 

Marcela
Grochowina

marcela.grochowina@valterraplatinum.com

platinumIR@valterraplatinum.com (mailto:platinumIR@valterraplatinum.com)

 

Media:

Cindy Maneveld

cindy.maneveld.@ (mailto:cindy.maneveld.@valterraplatinum.com)
valterraplatinum (mailto:cindy.maneveld.@valterraplatinum.com) .com
(mailto:cindy.maneveld.@valterraplatinum.com)

 

Company Secretary:

Fiona Edmundson

Fiona.edmundson@valterraplatinum.com

 

 

About Valterra Platinum

Valterra Platinum Limited is one of the world's leading integrated producers
of platinum group metals (PGMs) with a primary listing on the Johannesburg
Stock Exchange and a secondary listing on the London Stock Exchange.  With a
portfolio of world class, long-life mines and the most efficient processing
assets in the industry, the Company responsibly mines, smelts and refines PGMs
and associated co-products from its operations located in South Africa and
Zimbabwe. With its integrated value chain, supported by marketing hubs in
London, Singapore and Shanghai, the Company delivers tailored solutions for
its customers. The Company continues to integrate sustainability into
everything it does, supports investment in its mining and processing
capabilities and pursues market development activities to grow and
commercialise new demand segments. It also makes a meaningful impact to
communities around its operations and will deliver consistent and superior
returns to shareholders. Valterra Platinum is committed to zero harm, capital
allocation discipline and delivering on our value-accretive strategic
priorities as a standalone, leading integrated PGM producer, guided by our
purpose of unearthing value to better our world

 

Cautionary statements

 

The Company makes no representation or warranty as to the appropriateness,
accuracy, completeness or reliability of the information in this announcement.

 

This announcement includes forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties, many of which
are beyond the Company's control and all of which are based on the Company's
directors' (the "Directors") current beliefs and expectations about future
events. These forward-looking statements can be identified by the use of
terminology such as "aims", "anticipates", "forecast", "assumes", "believes",
"estimates", "expects" or comparable terminology. They appear in a number of
places throughout this announcement and include statements regarding the
intentions, beliefs or current expectations of the Directors or the Company
concerning, among other things, the Company's financial position and strategy.

 

These forward-looking statements and other statements contained in this
announcement regarding matters that are not historical facts involve
predictions. No assurance can be given that such future results will be
achieved; actual events or results may differ materially as a result of risks
and uncertainties the Company faces. Such risks, uncertainties and other
important factors include, but are not limited to, health and safety
considerations, equipment degradation, regulatory framework, supply and demand
forecasts, price forecasts, business, economic and competitive uncertainties
and contingencies as well as other factors within and beyond the Company's
control that may affect its planned strategies and operational initiatives,
including actions taken by counterparties.

 

By their nature, forward-looking statements are based upon a number of
estimates and assumptions that, whilst considered reasonable by the Company,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause actual
results to differ materially from those indicated, expressed or implied in
such forward-looking statements. The forward-looking statements contained in
this announcement speak only as at the date they are made. Subject to the
requirements of the UK Listing Rules, the Listing Requirements of the
Johannesburg Stock Exchange, UK Prospectus Regulation, the UK Disclosure
Guidance and Transparency Rules, the Market Abuse Regulation or any other
applicable UK, South African, or other laws (as appropriate), the Directors
and the Company explicitly disclaim any intention or obligation or undertaking
to publicly release the result of any revisions to any forward-looking
statements made in this announcement that may occur due to any change in the
Directors' or the Company's expectations or to reflect events or circumstances
after the date on which this announcement is made.

 

Nothing in this announcement should be interpreted to mean that future
earnings per share of Valterra Platinum will necessarily match or exceed its
historical published earnings per share.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the market abuse regulation
(EU) no. 596/2014 as amended by the market abuse (amendment) (UK Mar)
Regulations 2019. Upon the publication of this announcement via the regulatory
information service, this inside information is now considered to be in the
public domain.

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