AFRICAN RAINBOW MINERALS LIMITED - Trading Statement for the six months ended 31 December 2024 (1H F2025)

Trading Statement for the six months ended 31 December 2024 (1H F2025)

African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
("ARM" or the "Company")


TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2024 
(1H F2025)

In terms of paragraph 3.4(b) of the Listings Requirements of the
JSE Limited, a listed company is required to publish a trading
statement as soon as it is satisfied that a reasonable degree of
certainty exists that the financial results for the period to be
reported on next will differ by at least 20% from those of the
previous corresponding period.

Headline earnings for 1H F2025 are expected to decrease by between
45% and 55% compared to the corresponding six months ended
31 December 2023 (1H F2024) to between R1 330 million and
R1 625 million (1H F2024: R2 955 million). Headline earnings per
share are therefore expected to be between 678 cents and 829 cents
(1H F2024: 1 507 cents per share).

The decrease in 1H F2025 headline earnings was primarily due to a
22% reduction in average realised US dollar iron ore prices, lower
iron ore and manganese ore sales volumes, higher cash costs and a
stronger rand/US dollar exchange rate. This was partially offset
by higher PGM ounce production.

Basic earnings for 1H F2025 are expected to increase by between 8%
and 18% to between R1 313 million and R1 435 million (1H F2024: R1
216 million). Basic earnings per share are expected to be between
670 cents and 732 cents (1H F2024: 620 cents per share) and include
the following impairments (after tax, on an attributable basis):

-    An impairment of property, plant and equipment at Beeshoek of
     R96 million after tax;
-    An impairment of Assmang's investment in Sakura Ferroalloys
     of R36 million with no tax effect; and
-    An impairment of property, plant and equipment at Cato Ridge
     Works of R4 million after tax.

The increase in basic earnings is mostly attributable to the lower
impairments in 1H F2025 when compared to the previous corresponding
period (1H F2024: R1 739 million).

The financial information on which this trading statement is based
has not been reviewed or reported on by ARM's external auditors.

The Company's 1H F2025 financial results will be released on
7 March 2025.

ENDS
For all investor relations queries please contact:

Thabang Thlaku
Executive: Investor relations and new business development
Office: +27 11 779 1300 | Email: thabang.thlaku@arm.co.za

Sandton
25 February 2025
Sponsor: Investec Bank Limited

Date: 25-02-2025 02:25:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.