Northam Platinum : Annual Financial Statements of Booysendal Platinum Limited for 30 June 2022

Booysendal Platinum Proprietary Limited: Mining that matters

Annual financial statements 30 June 2022

CONTENT

Directors' responsibilities and approval of annual financial statements	2
Company secretary's confirmation	2
Independent auditor's report	3
Directors' report	5
Notice of annual general meeting	8
Report of the Northam Platinum Holdings Limited audit and risk committee to the directors	9
Statement of profit or loss and other comprehensive income	10
Statement of financial position	11
Statement of changes in equity	12
Statement of cash flows	13
Accounting policies and notes to the annual financial statements	14
Administration and contact information	81

These annual financial statements have been prepared under the supervision of the chief financial officer, AH Coetzee CA(SA).

1

DIRECTORS' RESPONSIBILITIES AND APPROVAL OF ANNUAL FINANCIAL STATEMENTS

In approving the annual financial statements, the directors hereby confirm:

• That they are responsible for the preparation, integrity and fair presentation of the annual financial statements of Booysendal Platinum Proprietary Limited (Booysendal or the company). The auditors are responsible for auditing and reporting on whether the annual financial statements are fairly presented.
• The directors are of the opinion, based on the information and explanations given by management, that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the annual financial statements. However, any system of internal financial control can only provide reasonable and not absolute, assurance against material misstatement or loss.
• The annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). They conform and adhere to applicable accounting standards and are presented after applying accounting policies supported by reasonable and prudent judgements and estimates made by management, which have been consistently applied.
• Adequate accounting records and an effective system of internal controls and risk management have been maintained during the entire financial year.
• The going concern basis has been adopted in preparing the annual financial statements. The directors have no reason to believe that the company will not be a going concern in the foreseeable future based on forecasts and available cash resources. These annual financial statements support the viability of the company.
• The annual financial statements have been audited by the independent auditors, Ernst & Young Inc. who were given unrestricted access to all financial records and related data. The directors believe that all representations made to the independent auditors during their audit are valid and appropriate. The unmodified audit report of Ernst & Young Inc. is included in these annual financial statements. The appointment of Ernst & Young Inc. as the group's external auditors will terminate upon the conclusion of the audit in respect of the financial year ended 30 June 2022. Northam Platinum Holdings Limited (Northam Holdings), the ultimate holding company, has appointed PricewaterhouseCoopers Inc (PwC). as the new external auditor for the group for the financial year ending 30 June 2023. The change in external auditor was initiated following Northam Holdings' decision to early adopt the Mandatory Audit Firm Rotation rule, issued by the Independent Regulatory Board for Auditors (IRBA), which is effective for financial years commencing on or after 1 April 2023.

The annual financial statements were approved by the board of directors on 30 September 2022 and are signed on its behalf by:

PA Dunne	AH Coetzee
Director	Director
Johannesburg
30 September 2022

COMPANY SECRETARY'S CONFIRMATION

I, PB Beale, in my capacity as a representative of Northam Platinum Limited, the company secretary of Booysendal Platinum Proprietary Limited, hereby certify in terms of section 88(2) of the Companies Act, No. 71 of 2008, as amended (Companies Act) that all returns have been lodged with the Companies and Intellectual Property Commission and that all such returns are true, correct and up to date.

PB Beale

Company secretary

For and behalf of Northam Platinum Limited

Johannesburg

30 September 2022

2

EY	Ernst & Young Incorporated
102 Rivonia Road	Co. Reg. No. 2005/002308/21
Sandton	Tel: [phone]
Private Bag X14	Fax: [phone]
Sandton	Docex 123 Randburg
2146	ey.com

Independent Auditor's Report

To the Shareholders of Booysendal Platinum Proprietary Limited

Report on the Audit of the Annual Financial Statements

Opinion

We have audited the annual financial statements of Booysendal Platinum Proprietary Limited ("the company") set out on pages 10 to 80, which comprise the statement of financial position as at 30 June 2022, statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements present fairly, in all material respects, the financial position of Booysendal Platinum Proprietary Limited as at 30 June 2022, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Companies Act of South Africa.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the financial statements section of our report. We are independent of the company in accordance with the Independent Regulatory Board for Auditors' Code of Professional Conduct for Registered Auditors (IRBA Code) and other independence requirements applicable to performing audits of financial statements of the company and in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing audits of the company and in South Africa. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Other Information

The directors are responsible for the other information. The other information comprises the information included in the 81-page document titled "Booysendal Platinum Proprietary Limited: Mining that matters Annual Financial Statements 30 June 2022", which includes the Directors' Report as required by the Companies Act of South Africa. The other information does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we do not express an audit opinion or any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for Financial Statements

The directors are responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

A member firm of Ernst & Young Global Limited	3

EY	Ernst & Young Incorporated
102 Rivonia Road	Co. Reg. No. 2005/002308/21
Sandton	Tel: [phone]
Private Bag X14	Fax: [phone]
Sandton	Docex 123 Randburg
2146	ey.com

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Ernst & Young Inc.

Director - Ebrahim Dhorat

Registered Auditor

Chartered Accountant (SA)

102 Rivonia Road, Sandton, 2146

30 September 2022

A member firm of Ernst & Young Global Limited	4