Name of the Project
Zondereinde – Western extension project.

Location
Limpopo, South Africa.

Project Owner/s
Platinum group metal producer Northam Platinum Holdings.

Project Description
Zondereinde is an established, conventional, long-life underground mine that mines the Merensky and upper group two (UG2) reefs. In early 2018, Northam acquired the Western extension, a portion of the Amandelbult mining right, from Valterra Platinum, formerly Anglo American Platinum. The acquisition added 3.6 km of mineable strike to the west of Zondereinde’s existing underground operations and extended the mine’s life to more than 30 years.

The Western extension project includes the development and equipping of 3 Shaft for personnel, materials and services, together with associated ventilation and rock-handling infrastructure. The 3 Shaft complex is intended to improve access to the Western extension and support the gradual transition of mining from Zondereinde’s existing workings into the extension area.

Potential Job Creation
The expanded mining footprint is expected to create direct, meaningful and sustainable employment for an additional 600 people.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
R4.7-billion.

For the six months ended December 31, 2025, Zondereinde’s total capital expenditure (capex) was R1.1-billion, compared with R958-million in the prior comparable period. Expansionary project expenditure accounted for R934.1-million and related mainly to the ongoing development of the deepening and Western extension sections, including equipping of the 3 Shaft complex. Total Zondereinde capex for the 2026 financial year is estimated at R3.2-billion.

Planned Start/End Date
Not stated.

Latest Developments
Northam reported in its interim results for the six months ended December 31, 2025, published at the end of February 2026, that development in the Western extension had progressed on levels 3 to 12. It noted that strike development had reached the fifth mining line, raises were being developed on the third mining line, and stoping and ledging were under way on the first two mining lines.

Stoping continued to ramp up within the Western extension. Merensky and UG2 milled tonnes increased in the six months to December 31, 2025, partly owing to the establishment of new Merensky stoping areas in the Western extension and higher-yielding UG2 areas on the eastern side of Zondereinde. Equivalent refined metal from own operations increased to 170 262 oz 4E, from 165 076 oz 4E in the previous comparable period.

Meanwhile, the chairlift declines between levels 3 and 7 have been completed. Equipping of 3 Shaft, which is designed for personnel, materials and services, is progressing. The intermediate pumping chamber has been established, which Northam has described as a key milestone.

Reaming of the 3a ventilation shaft is continuing, with just over 100 m left to completion as of the interim results. Pilot drilling of 4 Shaft, which will be a rock-hoisting shaft, is complete, and reaming has started.

Northam has indicated that commissioning of 3 Shaft and development of the 4 Shaft option as near-term Zondereinde priorities.

Key Contracts, Suppliers and Consultants
Master Drilling (raise-bore drilling contractor); and BBE (design and construction) of the refrigeration plant).

Contact Details for Project Information
Northam Platinum Holdings, tel +27 11 759 6000.
R&A Strategic Communications, on behalf of Northam Platinum, tel +27 11 880 3924 or email northam@rasc.co.za.