Northam Platinum Holdings Limited · JSE:NPH

Northam Platinum — H1 2003 Earnings Presentation

18 slides from Northam Platinum's earnings presentation, Feb 6, 2003

  1. Slide 1: Northam Platinum Limited interim results

    NORTHAM PLATIN UM LI MtwTeE OD UVTUTETTTATT or the ARE anaen imecernpee 2002 Pp Ne te Se onaral AA: : | i ei REY LEWIS COC MCTA! Manage: _—

  2. Slide 2: Safety performance

    Safety performance 10 3 9 7.99 8 2.06 7 2 6 5.28 1.51 4.82 5 1.28 4.02 1.14 1.14 4 2.60 1 3 2 1 0 0 F1999 F2000 F2001 F2002 H1 2003 F1999 F2000 F2001 F2002 H1 2003 DIIR (per 200 000 man hours) RIIR (per 200 000 man hours) • 2 million fatality free shifts achieved on 30 September 2002

  3. Slide 3: Highlights

    Highlights • Safety – 2 million fatality free shifts • Sales revenue up 28% to R854 million • Headline earnings up 64% to R207 million • Interim dividend up 29% to 90 cents per share • R592 million cash on hand

  4. Slide 4: Operational overview

    Operational overview • Total square metres mined up 30 % to 236 505m2 • Tons milled up 26% to 1 130 077 tons • Head grade improved from 5.2 g/t to 5.4g/t • PGMs in concentrate produced up 35% to 5 205 kg (3PGE+Au) • Merensky ore reserve up 50 % to 18 months

  5. Slide 5: Smelter shutdown

    Smelter shutdown • Commenced 27 December 2002 • Planned completion 5 March 2003 • Commissioning scheduled for completion 20 March 2003 • Cost of rebuild – R33 million • Northam concentrate toll treated by Impala

  6. Slide 6: Metals production

    Metals production Six months ended Dec 2002 Dec 2001 Platinum (kg) 3 195 2 359 Palladium (kg) 1 567 1 171 Rhodium (kg) 339 261 Gold (kg) 104 76 Total 5 205 3 867

  7. Slide 7: Refined metal sales

    Refined metal sales Six months ended Dec 2002 Dec 2001 Platinum (kg) 2 991 2 578 Palladium (kg) 1 490 1 281 Rhodium (kg) 316 259 Gold (kg) 101 74 Total 4 898 4 192

  8. Slide 8: Metal prices

    Metal prices US$/oz R/US$ 650 13 600 12 550 11 500 10 450 9 400 8 350 7 300 6 250 5 200 4 Jul-01 A S O N D Jan- F M A M J J A S O N D Jan- 02 03 Platinum Palladium US$ Basket Price R/$ Exchange rate

  9. Slide 9: Metal prices realised (R/kg)

    Metal prices realised (R/kg) Six months ended Dec 2002 Dec 2001 Platinum 181 705 137 624 Palladium 99 725 128 239 Rhodium 230 492 361 676 Gold 102 744 80 770 Basket (3PGEs+Au) 158 289 147 596

  10. Slide 10: Sales revenue (R000s)

    Sales revenue (R000s) Six months ended Dec 2002 Dec 2001 Platinum 543 373 354 796 Palladium 148 568 164 275 Rhodium 72 910 93 674 Gold 10 386 5 977 Other 79 145 50 689 Total 854 382 669 411

  11. Slide 11: Unit operating costs

    Unit operating costs Six months ended Dec 2002 Dec 2001 Operating costs (R/kg) 103 881 107 832 Operating costs ($/oz) 320 355 Cash costs (R/kg) 94 705 96 582 Cash costs ($/oz) 292 318

  12. Slide 12: Unit operating cash costs

    Unit operating cash costs R/kg PPI 160 115 000 105 000 140 96 582 94 705 95 000 85 847 120 85 000 84 257 75 000 77 905 100 65 000 55 000 80 45 000 60 35 000 25 000 40 Dec-00 Dec-01 Dec-02 R/kg PPI

  13. Slide 13: Capital Expenditure

    Capital Expenditure R million Accelerated development 25.7 19 line fissure and 9 level RAW 3.3 development Smelter rebuild 6.3 Refrigeration and pumping 4.9 Shafts 2.8 Routine 6.2 Total 49.2

  14. Slide 14: Operating cash flow

    Operating cash flow Rand million 1000 900 800 700 600 449 500 532 400 300 352 293 308 200 215 81 100 130 88 0 F1999 F2000 F2001 F2002 F2003

  15. Slide 15: Cash on hand at end of period

    Cash on hand at end of period Rand million 900 800 731 700 592 600 544 500 378 400 300 200 156 100 0 F1999 F2000 F2001 F2002 H1 2003

  16. Slide 16: Cash distributions

    Cash distributions Cents per share 300 250 200 135 175 150 100 100 100 90 70 50 15 10 20 0 F1999 F2000 F2001 F2002 F2003 1st Half 2nd Half

  17. Slide 17: Outlook

    Outlook • Maintain accelerated development programme • Increase Merensky face availability • Improve productivity where additional mineable face length and ground conditions allow • Earnings dependent on Rand metal prices and production and cost targets being achieved

  18. Slide 18: Geological section

    Geological section Click to add text Chromitite MERENSKY Cr NORMAL MERENSKY REEF Zone of Cr mineralisation 12m Transition zone NP2 MERENSKY REEF 5m Transition zone Cr P2 MERENSKY REEF Cr 2 to 4m FWP2 MERENSKY Merensky footwall rocks REEF UG2 UG2 Cr +-38m +-20m below below Normal P2 reef reef UG2 ree

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