Significant accounting judgements and estimates

Goodwill is tested for impairment on an annual basis and whenever impairment indicators are identified. Expected future cash flows used

to determine the recoverable amount of property, plant and equipment and goodwill are inherently uncertain and could materially

change over time. The recoverable amount is significantly affected by a number of factors including reserves and production estimates,

together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production

costs, future capital expenditure and discount rates (see note 10).

An individual operating mine does not have an indefinite life because of the finite life of its reserves. The allocation of goodwill to an

individual mine will result in an eventual goodwill impairment due to the depleting nature of the mine.

Accounting policy

Goodwill is stated at cost less accumulated impairment losses. Goodwill is not amortised. In accordance with the requirements of IAS 36

Impairment of Assets, the Group performs its annual impairment review of goodwill at each financial year end or whenever there are

impairment indicators to establish whether there is any indication of impairment to goodwill. Goodwill is allocated to CGUs for the purpose

of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination

in which the goodwill arose. An impairment is made if the carrying amount exceeds the recoverable amount. The recoverable amount is

determined as the higher of “value in use” and “fair value less cost to sell”, based on the cash flows over the life of the CGUs and

discounted to a present value at an appropriate discount rate. Impairment losses on goodwill are not reversed. Gains and losses on the

disposal of an entity include the carrying amount of goodwill allocated to the entity sold. Other intangible assets, including customer

relationships, software, patents and trademarks that are acquired by the Group and have finite useful lives, are measured at cost less

accumulated amortisation and any accumulated impairment losses.

Amortisation on intangible assets is calculated on a straight-line method over the estimated useful lives, and is generally recognised in profit

or loss. The estimated useful lives for intangible assets are as follows:

•Vendor relationships - 5 - 10 years

•Brand: 5 years

•Software: 3 years


Figures in million – SA rand	Notes	2025	Revised 2024	2023
Goodwill
Balance at beginning of the year		878	499	8,241
Goodwill on acquisition of subsidiaries	16.1	9	379	—
Impairment	10	—	—	(8,435)
Foreign currency translation		(44)	—	693
Carrying value at end of the year1		843	878	499
Other intangibles
Cost
Balance at beginning of the year		1,496	98	86
Intangible assets acquired on acquisition of subsidiaries	16.1	162	1,397	—
Additions		1	4	—
Foreign currency translation		(174)	(3)	12
Balance at end of the year		1,485	1,496	98

Accumulated amortisation and impairment
Balance at beginning of the year		220	95	5
Impairment	10	—	—	86
Foreign currency translation		(27)	(1)	—
Charge for the year		161	126	4
Balance at end of the year		355	220	95
Carrying value at end of the year2		1,130	1,276	3
Total goodwill and other intangibles		1,973	2,154	502

•Sandouville, amounting to R23 million allocated to the Sandouville CGU. During 2023, the entire goodwill amount allocated to the Sandouville CGU was impaired (see

note 10)

•Reldan, amounting to R283 million allocated to the Reldan CGU, where it is tested for impairment. During 2025, the PPA was revised which resulted in additional

goodwill of R96 million, resulting in a total goodwill R379 million (see note 16.2). Additional goodwill of R9 million was recognised on the acquisition of Metallix (see note

16.1) which is reported with Reldan

2Included in the balance at 31 December 2025, is an intangible asset at the Pennsylvania recycling operation in respect of vendor relationships - manufacturers amounting

to R902 million (2024: R1,146 million) with a remaining amortisation period of approximately eight years. Also included is an intangible asset at the North Carolina recycling

operation in respect of vendor relationships amounting to R106 million with a remaining amortisation period of approximately eight years

The recoverable amount of goodwill was calculated based on the fair value less cost of disposal of the CGUs to which to goodwill was

allocated.

Goodwill amounting to R1,188 million (US$63 million) is estimated to be deductible for tax purposes in respect of the Reldan acquisition (see

note 16.2).

The Group’s estimates and assumptions used in the 31 December 2025 impairment testing include:


		Gold operations1			PGM operations			Europe (Sandouville nickel refinery)2	AUS operations*	Pennsylvania site recycling
		2025	2024	2023	2025	2024	2023	2023	2023	2025	2024
Average gold price3,5	R/kg	1,903,056	1,324,530	1,072,364
Average PGM (4E) basket price4,5	R/4Eoz				28,890	26,963	29,124
Average PGM (2E) basket price5	US$/2E oz				1,134	1,120	1,281
Average nickel price5	US$/lbs							8.9
Average cobalt price5	US$/lbs							15.8
Average zinc price5	A$/t								3,873
Average gold price5	US$/oz									3,562	2,329
Average silver price5	US$/oz									44	29
Nominal discount rate — South Africa6,7	%	11.7% - 13.5%	14.3% - 15.7%	13.7% - 15.8%	13.9% - 16.3%	21.3% - 21.5%	22.5% - 22.7%
Nominal discount rate — US7	%				11.6	13.0	12.0			13.1	15.3
Nominal discount rate — Europe7	%							7.4
Nominal discount rate — Australia7	%								9.3
Inflation rate — South Africa3,8	%	3.5	5.0	6.0	3.5	5.0	6.0
Inflation rate — US8	%				2.2	2.1	2.5			2.2	2.1
Inflation rate — Europe8	%							1.6
Inflation rate — Australia8	%								2.9
Life-of-mine3,9	years	1 - 11	4 - 10	4 - 11	1 - 66	13 - 45	14 - 47	23	4	N/A	N/A

*No impairment assessment performed at 31 December 2024 and 2025 as carrying values reduced to nil due to change in the rehabilitation provision

1Includes the operating gold mines Driefontein, Kloof and Beatrix

2The Keliber impairment assessment at 31 December 2025 applied an average lithium hydroxide price of US$17,475/t (2024: US$18,640/t, 2023: US$22,933/t), nominal

discount rate of 10.1% (2024: 9.9%, 2023: 10.1%), inflation rate of 2% (2024: 2%, 2023: 2%) and a life-of-mine of 20 years (2024: 23 years, 2023:24 years)

3The estimates and assumptions used in the impairment assessment of the Burnstone project include an average gold price of R1,670,512/kg (2024: R1,189,493/kg, 2023:

R1,012,625/kg), inflation rate of 3.5% (2024: 5.0%, 2023: 6.0%) and life-of-mine of 23 years (2024: 25 years, 2023: 25 years)

4No impairment assessment was performed for Mimosa at 31 December 2025. The average PGM basket price used on the Mimosa equity-accounted joint venture at 31

December 2024 was R25,433/4Eoz (2023: R26,632/4Eoz)

5The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts

6Nominal discount rate for the Burnstone project is 15.2% (2024: 17.5%, 2023: 18.9%) and for the equity-accounted joint venture Mimosa at 31 December 2024 was 22.7%

(2023: 31.2%)

7The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs

8The inflation rate is based on the expected forecast inflation rate in the geographical region which most affects the CGU's cash flows

9Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash

flows over the life of each mine based on the available reserves