Name of the Project
Bokoni platinum group metals project.

Location
Limpopo, South Africa.

Project Owner/s
African Rainbow Minerals (ARM), a diversified South African mining and minerals company.

Project Description
The project entails developing Bokoni as a 180 000-t-a-month underground upper group two (UG2) operation using conventional stoping supported by mechanised off-reef development. Mining will be undertaken at Middelpunt Hill West, which will supply 120 000 t a month, and Wintersveldt, which will add 60 000 t a month.

Development will be phased from the existing brownfield platform.

The existing 60 000-t-a-month concentrator and chrome recovery plant will be selectively upgraded and recommissioned, followed by the construction of a new 120 000-t-a-month concentrator and chrome plant.

The two plants will share crushing, conveying and support services, and will ultimately operate as one coordinated processing system.

The existing tailings storage facility will be used for the first five years, after which a new 180 000-t-a-month facility will be required.

The initial 19-year mine plan is based on a 31-million-ounce measured platinum, palladium, rhodium, ruthenium, iridium and gold (6E) UG2 resource grading about 7.4 g/t with an 18% chrome grade.

The plan assumes a long-term milled grade of 6.1 g/t 6E and an 87% life-of-mine recovery. Steady-state production is expected to be about 350 000 oz/y to 400 000 oz/y of 6E metals.

The initial plan will deplete only about 13% of the measured and indicated UG2 resource, providing potential for future expansion and mine-life extensions.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value of R5.9-billion at a nominal discount rate of 18.47% and an internal rate of return of 28% , with a payback of 6.3 years.

Capital Expenditure
R15.2-billion, including a 15% contingency. Peak funding of R10.4-billion is expected by September 2029.

Planned Start/End Date
First platinum group metals and chrome concentrate production is planned for the first half of the 2028 financial year.

The new 120 000-t-a-month plant is scheduled for commissioning in the second half of the 2030 financial year, with the transition to steady-state production targeted for the 2032 financial year.

Latest Developments
ARM completed a definitive feasibility study across the mining, processing, infrastructure, capital, cost and execution workstreams in June 2026.

Its board subsequently approved the 180 000-t-a-month development plan and the associated R15.2-billion nominal capital allocation.

Mine access work is under way. Decline development at Middelpunt Hill has reached three of the six levels required for steady-state production, while one of the three Klipgat decline barrels has been completed and connected to the existing underground workings.

Detailed design of the project infrastructure and new plant is in progress.

ARM is well advanced in appointing an engineering, procurement and construction management contractor for the project.

Key Contracts, Suppliers and Consultants
Hatch (technical basis of the definitive feasibility study).

Contact Details for Project Information
African Rainbow Minerals, tel +27 11 779 1300 or email ir.admin@arm.co.za.