• Strong operational performance with flat sales and production
• EBITDA up 49% quarter-on-quarter due to higher manganese prices
• Unit costs increased due to ZAR strengthening against USD

The March 2026 quarter saw continuing strong operational performance in line with expectations. Sales and production were flat quarter-on-quarter and in line with full year targets. EBITDA was up strongly quarter-on-quarter (by 49%) due to manganese prices. Cash was down 6%, but only due to the payment of an interim dividend (operating cashflow was up 27% quarter-on-quarter). Unit costs increased (to US$2.50 per dmtu) due to the South African Rand (ZAR) strengthening against the US dollar (USD). The cost per unit for this quarter would be US$2.21 per dmtu, for example, if calculated at the March 2025 quarter ZAR/USD rate. The March 2026 quarter saw average (realised) manganese prices increase on the December 2025 quarter average (US$4.35/dmtu CIF, from US$4.10/dmtu CIF). The spot price at 31 March 2026 was US$5.16/dmtu (CIF). At the end of April 2026 the spot price is US$5.13/dmtu (CIF), 0.6% lower than the price seen at the end of the March 2026 quarter. Freight rates increased to US$36.90 per tonne, at the end of the March 2026 quarter (Port Elizabeth to Tianjin) compared with US$25.00 per tonne at the start of the March 2026 quarter (48% increase). By the end of April 2026, freight rates have reduced to US$32.10 per tonne. The impact of the war in the Middle East on energy markets increased the cost of diesel and freight during the quarter. Manganese prices increased sufficiently to compensate for these cost increases.

Tshipi is well placed to minimise any operational impact of the current conflict in the Middle East, with long-term agreements with diesel suppliers and a tank farm on site which can store almost one million litres of diesel. Tshipi currently has an average of 13 days' consumption of diesel on site and continues to receive daily deliveries. Tshipi will continue to monitor the situation but does not foresee any operational continuity risks at this stage.