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[Ferro-Alloys.com] African Rainbow Minerals Limited Manganese Operational Performance

ARM Ferrous: manganese ore operations

Manganese ore financial information (100% basis)

Prices

The average US dollar index price for high?grade manganese ore (43.5%) decreased by 22%, while the price for low?grade manganese ore (36.5%) was unchanged year on year.

Volumes

Total manganese ore sales volumes were 2.3 million tonnes (1H F2025: 2.3 million tonnes). Export sales volumes decreased by 1% to 1.86 million tonnes (1H F2025: 1.88 million tonnes), and local sales volumes increased by 9% to 433 283 tonnes (1H F2025: 399 000 tonnes).

Production volumes at Black Rock Mine decreased by 4% to 1.9 million tonnes (1H F2025: 2.0 million tonnes). The mine experienced systemic production challenges during the first half, primarily driven by regulatory disruption, further compounded by a drill rig fire and ore-handling constraints. Decisive interventions and targeted operational and technical actions were progressively implemented, resulting in

stabilisation during November 2025 and a strong recovery in December 2025.

Unit costs

Unit cash costs increased by 18% to R1 022 per tonne (1H F2025: R865 per tonne), driven mainly by inflation, lower production volumes, additional capital developments necessary to strategically position the mine and higher labour costs due to vacancies filled.

Despite the increase in on-mine unit cash costs, unit cost of sales decreased by 8% mainly due to favourable stock movements, which is due to the impact of a significant net realisable value non-cash accounting adjustment recognised in the prior period, lower marketing costs driven by lower realised prices and lower freight rates. These were partially offset by higher on-mine unit cash costs and higher inland logistics tariffs.

Capital expenditure and projects

Capital expenditure increased by 35% to R554 million (1H F2025: R410 million). The increase is largely due to higher spending on development capital, together with a low base in the prior period when several projects were deferred and spending was intentionally curtailed to preserve cash.

Manganese ore operational statistics (100% basis)

* There were no intra-group sales to Cato Ridge Works (1H F2025: 40 000 tonnes).

ARM Ferrous: manganese alloy operations

Manganese alloy financial information (100% basis)

Closure of Cato Ridge Works and Alloys, disposal of certain land assets of Assmang, and Assmang’s interest in Sakura ARM successfully completed a series of major strategic transactions involving its 50% joint?venture interest in Assmang. All key decisions and disposals were previously announced on SENS on 30 June 2025.

Permanent closure of Cato Ridge Works Following the completion of a structured consultation process in terms of section 189 of the Labour Relations Act, Assmang resolved to permanently close the Cato Ridge Works complex. Operations ceased at the end of May 2025, and all affected employees were retrenched effective 31 August 2025.

Disposal of Cato Ridge land and properties

Assmang has executed the actions for the disposal of the Cato Ridge land, properties and houses to Assore SA PropCo, totaling R453 million. On 27 June 2025, Assmang entered into binding agreements with Assore SA PropCo for the disposal of certain land parcels, properties and houses associated with the Cato Ridge

complex. The aggregate purchase consideration is R453 million, to be implemented in two phases: Phase 1 for R253 million and Phase 2 for R200 million. Although the disposal steps have been carried out, the transaction is not yet final, as it remains subject to certain conditions typical for a transaction of this nature.

Disposal of Sakura Ferroalloys

Assmang completed the sale of its 54.36% interest in Sakura Ferroalloys on 3 November 2025, following fulfilment of all suspensive conditions under the sale agreement. The total purchase consideration amounted to R2.06 billion, comprising R1.8 billion for the existing equity and R258 million for additional shares subscribed for during 2025. Of the R1.8 billion in equity, R900 million was settled in cash, and the remaining R900 million was settled through a dividend in specie. The R900 million cash received from the sale was used to fund a special dividend paid to ARM on 4 November 2025.

Prices

Average high-carbon ferromanganese (HCFeMn) index prices decreased by 10% and mediumcarbon ferromanganese (MCFeMn) prices decreased by 9% year on year.

Volumes

Production at Cato Ridge Works and Cato Ridge Alloys ceased at the end of May 2025 due to the permanent closure of the operations (1H F2025: 52 000 tonnes and 1H F2025: 26 000 tonnes). Sakura’s production until

31 October 2025 (100% basis) was 81 000 tonnes (1H F2025: 122 000 tonnes). Cato Ridge Works export sales were 17 000 tonnes (1H F2025: 17 000 tonnes). These sales relate to existing inventory and are expected to be depleted by year end. Sales for Cato Ridge Alloys are at 22 000 tonnes (1H F2025: 23 000 tonnes). Sakura’s sales until 31 October 2025 were 67 000 tonnes (1H F2025: 123 000 tonnes).

Unit costs

Production activities ceased at the end of May 2025. Only existing stock is being sold at the Cato Ridge Complex; as a result, no production costs were incurred in 1H F2026.

Capital expenditure and projects

Capital expenditure increased by 38% to R18 million (1H F2025: R13 million). The capital expenditure relates to the water treatment plant.

Manganese alloy operational statistics (100% basis)

*   There were no intra-group sales tonnes sold to Cato Ridge Alloys (1H F2025: 32 000 tonnes). Production activities ceased at the end of May 2025, with only existing stock being sold at the Cato Ridge Complex.

**  Sakura production tonnes and sales tonnes are reflected only until 31 October 2025.

The 22nd China Ferro-alloys International Conference, host ed by Ferro-Alloys.com, will be held on 20 May to 22 May, 2026 in Beijing city, China. We sincerely invite you jointly explore the development ferroalloys trend in 2026.  Why Attend?

• [Editor:tianyawei]