GCR upgrades Northams long term issuer rating to AA(ZA) from A+(ZA), on the back of a stronger operational profile and net ungeared balance sheet
Credit ratingNot material
In brief
GCR Ratings upgraded the national scale long- and short-term issuer ratings for both Northam Platinum and Northam Holdings to AA(ZA) and A1+(ZA), from A+(ZA) and A1(ZA) respectively, with a Stable outlook.
The announcement
GCR upgrades Northam’s long term issuer rating to AA(ZA) from A+(ZA), on the back of a stronger operational profile and net ungeared balance sheet NORTHAM PLATINUM HOLDINGS LIMITED NORTHAM PLATINUM LIMITED Incorporated in the Republic of South Africa Incorporated in the Republic of South Africa Registration number: 2020/905346/06 Registration number: 1977/003282/06 JSE share code: NPH ISIN: ZAE000298253 JSE debt issuer code: NHMI (“Northam Holdings” or together with its subsidiaries, Bond code: NHM021 Bond ISIN: ZAG000181496 “Northam” or the “group”) Bond code: NHM022 Bond ISIN: ZAG000190133 Bond code: NHM026 Bond ISIN: ZAG000195942 Bond code: NHM027 Bond ISIN: ZAG000216052 Bond code: NHM028 Bond ISIN: ZAG000216045 Bond code: NHM029 Bond ISIN: ZAG000216037 (“Northam Platinum”) GCR UPGRADES NORTHAM’S LONG TERM ISSUER RATING TO AA(ZA) FROM A+(ZA), ON THE BACK OF A STRONGER OPERATIONAL PROFILE AND NET UNGEARED BALANCE SHEET GCR Ratings (“GCR”) has upgraded Northam Platinum’s national scale long and short term issuer ratings to AA(ZA) and A1+(ZA), from A+(ZA) and A1(ZA), respectively, with a Stable outlook. Concurrently, GCR has upgraded Northam Holdings’ national scale long and short term issuer ratings to AA(ZA) and A1+(ZA), from A+(ZA) and A1(ZA) respectively. The rating outlook is Stable. The upgrade of Northam’s ratings reflects its demonstrated ability to grow production levels and reserves internally through continuous project development. GCR notes that it believes that the group’s lower cost position and growing volumes will continue to support its robust financial performance after record-high results for the financial year ended 30 June 2026. Concurrently, Northam is reducing leverage while maintaining robust liquidity, which provides the group with substantial financial flexibility. GCR further notes that Northam’s operational profile has strengthened through demonstrated strong execution of ongoing development projects that will continue to enhance its production capacity, improve efficiencies and commodity diversification. The continued capital investment, even during down cycles, has seen the group consistently ramp-up production, in contrast to peers in the local market. The Stable outlook reflects GCR’s expectation that Northam will progressively increase its production as it develops new projects to expand capacity at its existing mines. This, coupled with generally supportive prices should continue to underpin strong cash generation to support higher capex and further deleveraging. The GCR announcement in regard to Northam’s credit rating upgrade is available from the GCR website at: https://gcrratings.com/announcements/gcr-upgrades-northams-long-term-issuer-rating-to-aaza-from-aza-on-the-back- of-a-stronger-operational-profile-and-net-ungeared-balance-sheet/ Johannesburg 28 October 2026 Corporate Advisor and Sponsor to Northam Holdings One Capital Corporate Advisor and Debt Sponsor to Northam Platinum One Capital Date: 28/10/2026 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.