Report Summary 1. Company Background - Valterra Platinum, formerly Anglo American Platinum under Anglo American, was spun off on May 31, 2025, and listed in Johannesburg and London [1]. 2. Investment Rating - Not provided in the report. 3. Core View - The report presents Valterra Platinum's Q2 2025 production and sales data of platinum - group metals, showing a decline in overall production and sales compared to the same period last year, with varying performance across different mines [2][10][14]. 4. Specific Content Summaries 4.1 2025Q2 Platinum - Group Metal Mine Production - Total PGM (5E + gold) mined metal volume decreased by 9% year - on - year to 769,000 ounces, with platinum and palladium production down 17% and 10% respectively [2]. 4.1.1 Self - produced Mines - Amandelbult mine: PGM production dropped 55% to 70,200 ounces due to floods in February 2025. The annual production is expected to be 450,000 - 480,000 ounces, down from 580,000 ounces in 2024 [2][3]. - Mogalakwena mine: PGM production increased by 1% to 234,300 ounces due to higher concentrator output [4][5]. - Mototolo mine: PGM production rose 2% to 67,500 ounces, benefiting from a seven - day mining shift system and improved ore processing efficiency [5][6]. - Unki mine: PGM production decreased 2% to 53,800 ounces because of low ore grade and unstable power supply [6][7]. - Modikwa mine: Self - produced PGM increased 6% to 38,300 ounces, but the increase was partially offset by lower recovery rates [7][8]. 4.1.2 Purchased Mines - Total purchased PGM decreased 18% to 304,900 ounces. The change in Kroondal's ownership and processing method led to a significant year - on - year decline in purchased PGM. Modikwa mine's purchased PGM increased 6% to 38,300 ounces [8][9]. 4.2 2025Q2 Platinum - Group Metal Refined Production - Refined PGM production decreased 17% to 954,000 ounces year - on - year, mainly due to reduced self - produced ore supply and the exclusion of Kroondal's toll - processing volume. Platinum and palladium refined output decreased 18% and 23% respectively [10][13]. 4.3 2025Q2 Platinum - Group Metal Sales - PGM sales decreased 22% to 981,500 ounces year - on - year. After excluding Kroondal's data in Q2 2024, the decline narrowed to 17%. Platinum and palladium sales decreased 19% and 34% respectively [14][15]. 4.4 2025 Platinum - Group Metal Production Guidance - Valterra Platinum expects to produce about 2 million ounces of mined PGM, purchase 1 - 1.2 million ounces of concentrates, and refine 3 - 3.4 million ounces of PGM in 2025 [16].

Group 1: Market Overview - The platinum group metals (PGMs) market is unexpectedly stabilizing in 2024 after years of volatility, with prices rebounding and fluctuating within a narrow range despite ongoing macroeconomic and geopolitical uncertainties [1][2] - Demand for the five PGMs exceeds supply, with a projected 16% of global PGM production facing losses due to limited capital investment and corporate restructuring [2][18] Group 2: Production and Supply - In 2024, global PGM production is estimated to be significantly lower than pre-pandemic levels, with mining supply of 5E PGMs remaining constrained [2][11] - Recycling supply of PGMs is expected to increase by 6% year-on-year, driven by recovery in catalytic converter recycling, although it remains 24% below 2021 levels [2] Group 3: Price Projections - Platinum prices are projected to rise to $970 per ounce in 2025, supported by supply shortages, but the increase will be limited due to substantial above-ground stocks [3][18] - Palladium prices are expected to decline by 5% to $930 per ounce in 2025 due to weakening demand from the automotive sector [4][19] - Rhodium prices are forecasted to increase by 8% to $5,000 per ounce in 2025, supported by limited inventory [5][20] - Iridium prices are anticipated to drop by 14% to $4,100 per ounce in 2025, reflecting a high base from 2024 [6][20] - Ruthenium prices are expected to rise by 26% to $550 per ounce in 2025, driven by strong demand [7][21] Group 4: Demand Dynamics - The automotive sector's total demand for PGMs is projected to decline for the first time since 2020, with a 4% decrease in demand for platinum, palladium, and rhodium due to the slowdown in electrification [11] - Industrial demand for PGMs shows significant divergence, with platinum and palladium demand decreasing due to soft chemical industry demand, while rhodium demand is rebounding due to recovery in the glass industry [11][12] - Iridium demand is expected to reach a historical high, driven by expansion in the chemical industry and increased applications in electronics [12]