Name of the Project
Mogalakwena mine – Sandsloot underground project.

Location
Mogalakwena mine, about 30 km north-west of Mokopane in Limpopo, South Africa. Sandsloot is situated beneath the former Sandsloot openpit, south of the current openpit operations.

Project Owner/s
Integrated platinum group metals (PGM) producer Valterra Platinum, formerly Anglo American Platinum.

Project Description
A prefeasibility study (PFS) completed in the first half of 2025 supported the investment case for Sandsloot.

The project proposes the introduction of higher-grade underground ore of about 4 g/t to 6 g/t for blending with opencast ore in Mogalakwena’s existing concentrators.

Sandsloot is the first step towards Valterra’s broader targeted 10% to 50% overall increase in Mogalakwena metal-in-concentrate production and a 10% to 20% reduction in all-in sustaining costs. Subject to board approval, Phase 1 could increase Mogalakwena production by 10% to 20%.

The initial development phase envisages about two-million tonnes a year using a load-and-haul configuration. Installation of a conveyor could enable expansion to about four-million tonnes a year, with longer-term potential of up to five-million tonnes a year. The proposed mining method is longhole open stoping, with stope backfilling under evaluation in the feasibility study.

Sandsloot had mineral resources of 170.5-million tonnes grading 4.47 g/t on a four-element (platinum, palladium, rhodium and gold – 4E) basis, containing 24.5-million ounces, as at December 31, 2025. This includes 75-million tonnes of measured and indicated resources grading 5.23 g/t, containing 12.6-million ounces.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The 2025 PFS indicated a positive investment net present value and an internal rate of return well above its hurdle rate.

Capital Expenditure
Medium-term capital guidance for Sandsloot is maintained at between R1.5-billion and R2.5-billion a year. Underground development capital expenditure was R778-million in the first half of 2026.

Planned Start/End Date
Valterra has started the feasibility study, with completion targeted in the first half of 2027, together with an investment decision, if it is in accordance with Valterra’s capital allocation framework.

Trial mining is targeted to start in the fourth quarter of 2026. Subject to board approval, the Phase 1 production uplift is targeted by the end of the decade.

Latest Developments
At a value-chain media briefing reported by Mining Weekly on September 16, 2026, executive head of mining operations Willie Theron highlighted Mogalakwena’s resource potential of more than 300 years and the role of Sandsloot in supplying higher-grade ore. Valterra’s 2025 resource report records 285.1-million 4E ounces for Mogalakwena overall, inclusive of ore reserves. The multicentury statement concerns the wider resource endowment, rather than an established operating life for Sandsloot.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Valterra Platinum, tel +27 11 373 6111 or email info@valterraplatinum.com.