Business segments

For management purposes, the group is organised into the following operating divisions:
ARM Platinum (which includes platinum and nickel), ARM Ferrous, ARM Coal and ARM Corporate (which includes Machadodorp Works, Corporate, Gold and other) in the table below.

The ARM Platinum segment is analysed further into Nkomati, Two Rivers Platinum Proprietary Limited (Two Rivers) and ARM Platinum Proprietary Limited, which includes 50% of the Modikwa Platinum Mine (Modikwa) and 100% of the Bokoni Platinum Mine (Bokoni).

Analysis of the ARM Ferrous segment on a 100% Assmang basis.

Analysis of the ARM Ferrous segment on a 100% Assmang basis.

Additional information

ARM Corporate as presented in the table above is analysed further into Machadodorp, Corporate and other, and Gold segments.

¹  Sales by geographical area has been included to provide additional information.

The movements in F2026 property, plant and equipment (including mineral rights) include capital expenditure at Bokoni of R1 091 million, Two Rivers of R1 017 million and Modikwa of R622 million, as well as the acquisition of Nkomati Mine of R813 million (refer note 23).

¹ Includes expected credit gain of R71 million less tax of R29 million (F2025: credit losses of R33 million less tax of R6 million).

Refer notes 2.1, 2.5 and 2.6 for more detail on the ARM Ferrous segment.

Level 2 and level 3 fair value losses or gains are included in other operating expenses or other operating income, respectively, in the statement of profit or loss.

Trade and other receivables contain provisional pricing features linked to commodity prices and exchange rates, which have been designated to be measured at fair value through profit or loss because of the embedded derivative.

The fair value of trade and other receivables that contain provisional pricing is R4 024 million (F2025: R3 614 million).

This is a level 2 valuation in terms of IFRS^® Accounting Standards.

Trade and other receivables include a contract asset from Assmang of R467 million (F2025: R700 million).

The contract asset results from revised fee arrangements, whereby fees received from Assmang only become payable following receipt by Assmang from the relevant customer.

The carrying value of trade and other receivables approximate their fair value.

¹  Includes repayments of R23 million (F2025: R28 million), remeasurements of Rnil (F2025: R1 million) and interest of R4 million (F2025: R7 million).
²  Two Rivers has a syndicated revolving credit facility of R1.75 billion (F2025: R1.75 billion). During F2026, Two Rivers fully repaid and settled its term loan (F2025: R1.25 billion).
³  Bokoni has an invoice discounting facility of R300 million (F2025: R300 million) with RMB.

The carrying amounts of the financial liabilities shown above approximate their fair value.

Trade and other payables movements primarily relate to Two Rivers payables arising from the delayed acquisition of the UG2 and Merensky fleet. The purchases were anticipated to be phased between March 2026 and June 2026. However, the acquisition of the fleet was only finalised in June 2026, resulting in a significant payable balance at 30 June 2026.

The carrying value of trade and other payables approximate their fair value.

The effective tax rate is primarily impacted by the tax losses not raised as deferred tax assets in Bokoni, exempt dividend income, the share of associate and joint-venture income after tax and the gain on re-measurement to fair value of pre-existing interest in Nkomati Mine.

The effective tax rate is primarily impacted by the tax losses not raised as deferred tax assets in Bokoni, exempt dividend income, the share of associate and joint-venture income after tax and the gain on re-measurement to fair value of pre-existing interest in Nkomati Mine.

The Harmony share price was R250.00 as at 30 June 2026, which falls between the floor and cap of the collar (the share price range that is not hedged). Consequently, the change in the fair value of the 18 million Harmony shares attributable to the hedged risk is Rnil. As the hedged item and the hedging instrument generated no offsetting fair value movements, the collar’s total fair value loss of R424 million, including time value, is therefore recognised as hedge ineffectiveness directly in other comprehensive income.

On 24 November 2023, ARM and Norilsk Nickel Africa Proprietary Limited (NNAf) signed a sale and purchase agreement, which provides for the acquisition by ARM of NNAf’s 50% participation interest in its partnership with ARM that operates the Nkomati Mine for a cash consideration of R1 million.

ARM assumed the environmental liabilities of Nkomati Mine, together with NNAf’s proportionate share of the obligations and liabilities relating to the Nkomati Mine assets, with a R325 million cash contribution from NNAf.

In F2025, the Competition Tribunal and DMPR (section 11) unconditionally approved the transaction between ARM and NNAf in terms of acquiring NNAf’s participation interest in Nkomati Mine. The final condition precedent in the sale and purchase agreement had been fulfilled on 4 July 2025.

ARM transferred the consideration of R1 million in cash on 31 July 2025.

The partnership agreement between ARM and NNAf in relation to the Nkomati Mine terminated immediately following the successful closing of the transaction.

There were several positive considerations that informed ARM’s decision to acquire NNAf’s 50% participation interest in its partnership with ARM that operates the Nkomati Mine. These include but are not limited to:

• Nkomati Mine is a known and predictable nickel sulphide orebody, with established infrastructure, relatively lower carbon emission footprint, low capital intensity and short lead times to resuming steady state production of class one compatible nickel sulphide concentrate, the preferred feed to nickel sulphate production sought after by battery manufacturers
• It has attractive bi-metal product credits including copper, cobalt, platinum, palladium and chrome
• ARM is committed to the short, medium and long-term success of the South African mining industry.

In terms of IFRS 3 Business combinations, ARM has concluded that the acquisition of Nkomati Mine is considered to be a ‘business combination’ as defined in IFRS 3, with an acquisition date of 4 July 2025, in line with transfer of control, being the effective date as per the sale and purchase agreement.

ARM measured the identifiable assets and liabilities of Nkomati Mine at acquisition date fair values.

The valuation of the identifiable assets and liabilities at acquisition date fair value requires significant assumptions, judgement and estimates.

ARM previously proportionately consolidated 50% of the assets and liabilities of Nkomati Mine as a joint operation and, post the transaction, ARM will consolidate 100%.

ARM has recognised a fair value gain (included in capital items in profit or loss – note 7) of R462 million relating to the remeasurement to fair value of its pre-existing 50% interest held in Nkomati Mine.

Fair values¹ of the assets acquired and liabilities assumed

Trade and other receivables at acquisition are current and receivable within 30 days.

The carrying amount of trade and other receivables approximates their fair value due to the short-term nature of the receivables.

Refer to note 2.3 for the financial results of Nkomati Mine.

The group in the ordinary course of business enters into various sale, purchase, service and lease transactions with subsidiaries, associated companies, joint ventures and joint operations.

Transactions between the company, its subsidiaries and joint operations related to fees, insurances, dividends, rentals and interest are regarded as intra-group transactions and eliminated on consolidation.

Contingent liabilities

Modikwa

ARM, as a member of the ICMM, remains committed to operating Tailings Storage Facilities (TSF) in line with global best practices as set out by the Global Industry Standard on Tailings Management (GISTM) and company policies.

ARM submitted its GISTM conformance results with its public disclosure report for all its TSFs on 5 August 2025. For F2026 and beyond, the ARM GISTM conformance results and public disclosure will be published with the ARM annual reporting suite.

Reviews by the Independent Tailings Review Boards (ITRB) were conducted in May 2026. These reviews by the ITRB are conducted annually to assess the safety of the TSFs in terms of design, construction, operation, monitoring, management and governance, and performance against the design intent.

At the Modikwa TSF, measures to improve the stability of the TSF are in progress. Extensive work was carried out from 2023 to date, to ensure that the TSF complies with industry and internal standards, and best practice guidelines. As part of this work, Modikwa commissioned an intensive geotechnical investigation to evaluate the characteristics of both the foundation and tailings material. The investigations were conducted to assess how best to improve the stability of the TSF under certain potential extreme conditions over the remaining life of the TSF to 2052. As part of the geotechnical investigation to improve the stability of the TSF, the trial shear key was constructed in F2026 to understand the impact of the excavations on the TSF and the underlying foundation material.

The outcome of the trial shear key construction and the geotechnical investigation will be used to inform the extent of the additional TSF stability measures required. As at 30 June 2026, a reliable estimate of the financial effect of the extent of the additional TSF stability measures cannot be determined. Accordingly, no provision has been recognised.

Disputes

ARM

Following the court’s dismissal of the plaintiff’s action on 9 May 2023, Pula Group LLC and Pula Graphite Partners Tanzania Limited (Pula Group) served ARM and other defendants with summons on 4 December 2023. Pula Group is claiming damages of US$195 000 000 from the defendants, including ARM, arising from an alleged breach of a confidentiality agreement. ARM has taken the necessary legal steps to protect its rights, and the matter remains before the Tanzanian High Court. Based on the current status of the proceedings and legal advice obtained, management is unable to determine the outcome of the matter or reliably estimate any potential financial effect. Accordingly, no provision has been recognised.

ARM and ARM Coal

ARM and ARM Coal have been served with applications seeking court certification of a class action relating to employees of certain coal mines. The proposed class action is intended to pursue damages against the coal mines in respect of diseases allegedly contracted by employees while working at the coal mines. The class action has not yet been certified. Four separate certification applications have been launched, each with its own list of respondents. These applications are referred to as the Glencore, Anglo American, Exxaro and BHP Billiton applications. ARM and ARM Coal have filed notices to oppose the applications and have submitted their answering affidavits. Additional applicants have also applied to court to intervene in the proceedings. Based on the current status of the proceedings, including the fact that the class action has not yet been certified, management is unable to determine the outcome of these matters or reliably estimate any potential financial effect. Accordingly, no provision has been recognised.

ARM received a dividend of R77 million from ARM Coal. The dividend was received on 19 August 2026.

ARM Platinum received a dividend of R208 million from Modikwa, from which an amount of R200 million was distributed to ARM on 25 August 2026.

Harmony declared a final dividend of 750 cents per share. At 30 June 2026 and at the date of this report, ARM owned 74 665 545 Harmony shares.

Board approval of the Bokoni development project

The board of directors of ARM (the board) has approved the development of the Bokoni 180 000 tonnes per month (ktpm) project (the project). The approval of the project follows the completion of the definitive feasibility study in June 2026. The estimated nominal project capital expenditure is R15.2 billion of which R2 838 million was committed (refer note 20) at 30 June 2026.

Details of this SENS announcement can be found on www.arm.co.za.

Board approval of the Nkomati operational restart

The board has approved the recommencement of open-pit mining operations and nickel concentrate production at Nkomati Nickel Mine. This approval fulfils one of the conditions precedent to the nickel concentrate offtake agreement concluded with Boliden ‘Commercial AB’ (the offtake agreement). The offtake agreement has not yet become unconditional and remains subject to the fulfilment or waiver, as applicable, of the remaining conditions precedent. The estimated nominal project capital for this project amounts to R753 million, all of which had been committed as at 30 June 2026 (refer note 20).

Details of this SENS announcement can be found on www.arm.co.za.

No other significant events have occurred subsequent to the reporting date that could materially affect the reported results.