VALTERRA PLATINUM-SPON ADR Business Summary

Valterra Platinum Limited (ANGPY), formerly known as Anglo American Platinum Limited, is the world’s largest primary producer of platinum group metals (PGMs), following its strategic demerger from Anglo American plc in May 2025. The company operates a vertically integrated business model, generating revenue through the extraction, processing, and global marketing of platinum, palladium, rhodium, iridium, ruthenium, and osmium, alongside base metal by-products such as nickel, copper, and cobalt. Its primary business segments include managed mining operations—anchored by the world-class, high-margin Mogalakwena open-pit mine—joint operations, and a sophisticated smelting and refining infrastructure. Valterra Platinum competes directly with major South African peers including Sibanye-Stillwater, Impala Platinum (Implats), and Northam Platinum. Within this landscape, the company maintains a superior market position due to its lower cost curve, high degree of mechanization, and significant exposure to the burgeoning hydrogen economy through its PGM applications in fuel cell technology. The company is led by Chief Executive Officer Craig Miller, a seasoned mining executive who previously served as the firm’s Finance Director and held various senior roles within the Anglo American group for over two decades. He is supported by Chief Financial Officer Sayurie Naidoo, who oversees the company’s financial strategy and reporting following the 2025 transition to independence. The board is chaired by Norman Mbazima, an industry veteran with extensive experience in South African mining governance and strategic portfolio management. Since its incorporation in 1946 and its recent emergence as an independent entity, Valterra Platinum has maintained a robust base of institutional investors, including Peregrine Investment Management and Rhumbline Advisers. The leadership team remains focused on operational excellence and ESG integration, positioning the firm as a critical supplier of future-facing minerals essential for global decarbonization.