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# VALTERRA PLATINUM MARKETING LIMITED

## Company Registration Number:
06726161 (England and Wales)

## Unaudited statutory accounts for the year ended 31 December 2025

## Period of accounts

## Start date: 1 January 2025

## End date: 31 December 2025

# VALTERRA PLATINUM MARKETING LIMITED

## Contents of the Financial Statements

for the Period Ended 31 December 2025

Directors report |
Profit and loss |
Balance sheet |
Additional notes |
Balance sheet notes |

# VALTERRA PLATINUM MARKETING LIMITED

Directors' report period ended 31 December 2025

The directors present their report with the financial statements of the company for the period ended 31 December 2025

Principal activities of the company

Valterra Platinum Marketing Limited ("the Company") , formerly known as Anglo Platinum Marketing Limited, is a wholly owned subsidiary of Rustenburg Platinum Mines Limited, a company incorporated in South Africa. On 28 May 2025, the Company name was changed from Anglo Platinum Marketing Limited to Valterra Platinum Marketing Limited. Effective 31 May 2025, Valterra Platinum demerged from Anglo American plc to become a standalone business. The principal activities of the Company comprise the sale of platinum group metals, nickel and associated by-products to international customers, and trading of physical and financial platinum group metals linked products to generate a margin. A branch of the Company ("the Branch") was registered in Singapore on 3 May 2012 to expand the Company activities into the Asia Pacific region. The Branch's financial results are included in these financial statements. The directors present their Strategic Report on Company for the year ended 31 December 2025.

Company policy on disabled employees

The Company's policy is that people with disabilities should have full and fair consideration for all vacancies. Employment of disabled people is considered on merit and with regard only to the ability of any applicant to carry out the role. The Company endeavors to retain the employment of, and arrange suitable retraining for, any employees in workforce who become disabled during their employment. Where possible the Company will adjust a person's working environment to enable them stay in employment.

Directors

The directors shown below have held office during the whole of the period from
1 January 2025 to 31 December 2025

Hilton Ingram
Sayurie Naidoo
Christopher Howard
Craig Wilson Miller

The directors shown below have held office during the period of
1 January 2025 to 31 March 2025

John Eastwood
Matthew Walker
Mukumbi Litana

The director shown below has held office during the period of
1 May 2025 to 31 December 2025

Mark Freed

The director shown below has held office during the period of
1 April 2025 to 31 December 2025

David Jollie

Secretary Fiona Jane Edmundson

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 June 2026

And signed on behalf of the board by:
Name: Christopher Howard
Status: Director

# VALTERRA PLATINUM MARKETING LIMITED

## Profit And Loss Account

for the Period Ended 31 December 2025

| 2025 | 2024
--- | --- | ---
| £ | £
Turnover: | 5,984,977 | 5,554,615
Cost of sales: | ( 5,788,714 ) | ( 5,325,197 )
Gross profit(or loss): | 196,263 | 229,418
Administrative expenses: | ( 28,414 ) | ( 35,966 )
Other operating income: | 140 | 282
Operating profit(or loss): | 167,989 | 193,734
Interest receivable and similar income: | 37,497 | 50,438
Interest payable and similar charges: | ( 1,127 ) | ( 1,970 )
Profit(or loss) before tax: | 204,359 | 242,202
Tax: | ( 47,686 ) | ( 47,914 )
Profit(or loss) for the financial year: | 156,673 | 194,288

# VALTERRA PLATINUM MARKETING LIMITED

## Balance sheet

As at 31 December 2025

| Notes | 2025 | 2024
--- | --- | --- | ---
|  | £ | £
Fixed assets
Investments: | 3 | 250,329 | 105,508
Total fixed assets: |  | 250,329 | 105,508
Current assets
Stocks: | 4 | 345,318 | 222,422
Debtors: | 5 | 97,660 | 71,102
Cash at bank and in hand: |  | 886,971 | 1,025,734
Investments: | 6 | 14,458 | 18,210
Total current assets: |  | 1,344,407 | 1,337,468
Prepayments and accrued income: |  | 5,564 | 12,582
Creditors: amounts falling due within one year: | 7 | ( 1,162,635 ) | ( 877,168 )
Net current assets (liabilities): |  | 187,336 | 472,882
Total assets less current liabilities: |  | 437,665 | 578,390
Creditors: amounts falling due after more than one year: | 8 | ( 1,199 ) | ( 426 )
Provision for liabilities: |  | ( 771 ) | ( 503 )
Total net assets (liabilities): |  | 435,695 | 577,461
Capital and reserves
Called up share capital: |  | 4,001 | 4,001
Share premium account: |  | 96,019 | 96,019
Other reserves: |  | 0 | 0
Profit and loss account: |  | 335,675 | 477,441
Total Shareholders' funds: |  | 435,695 | 577,461

The notes form part of these financial statements

# VALTERRA PLATINUM MARKETING LIMITED

## Balance sheet statements

For the year ending 31 December 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 29 June 2026
and signed on behalf of the board by:

Name: Christopher Howard
Status: Director

The notes form part of these financial statements

# VALTERRA PLATINUM MARKETING LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  Revenue is derived principally from commodity sales. A sale is recognised when control has been transferred. This is typically when title and insurance risk have passed to the customer and the goods have been delivered to a contractually agreed location. Revenue from contracts with customers is measured at the fair value of consideration received or receivable as at the date control is transferred, after deducting discounts, volume rebates, value added tax and other sales taxes.

  Valuation information and policy

  Financial assets and liabilities are measured in accordance with the Company's accounting policies. Investments designated at fair value through other comprehensive income, derivative financial instruments and certain inventories are carried at fair value. Where quoted market prices are not available, fair values are determined using appropriate valuation techniques, including discounted cash flow models and observable market data. Inventories are stated at the lower of cost and net realisable value, except for inventories held by commodity broker-traders, which are measured at fair value less costs to sell

  Other accounting policies

  The accounts include policies relating to revenue recognition, inventories, investments, financial instruments, foreign currency translation, taxation, provisions, impairment and share-based payments.

# VALTERRA PLATINUM MARKETING LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

- ## 2. Employees

  | 2025 | 2024
  --- | --- | ---
  Average number of employees during the period | 57 | 24

# VALTERRA PLATINUM MARKETING LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 3. Fixed assets investments note

Fixed asset investments comprise investments in subsidiary undertakings, joint ventures and financial asset investments. Investments in subsidiaries, associates and joint ventures are stated at cost less any accumulated impairment losses. Financial asset investments are measured at fair value through other comprehensive income. At 31 December 2025, fixed asset investments amounted to US$100.329 million (2024: US$105.508 million), comprising investments in subsidiary undertakings, joint ventures and unquoted equity investments.

# VALTERRA PLATINUM MARKETING LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 4. Stocks

| 2025 | 2024
--- | --- | ---
| £ | £
Stocks | 345,318 | 222,422
Total | 345,318 | 222,422

# VALTERRA PLATINUM MARKETING LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 5. Debtors

| 2025 | 2024
--- | --- | ---
| £ | £
Trade debtors | 90,483 | 60,918
Other debtors | 7,177 | 10,184
Total | 97,660 | 71,102
Debtors due after more than one year: | 150,000 |

# VALTERRA PLATINUM MARKETING LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 6. Current assets investments note

Current asset investments comprise derivative financial assets measured at fair value. The carrying value at 31 December 2025 was £10.751 million (2024: £13.540 million).

# VALTERRA PLATINUM MARKETING LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 7. Creditors: amounts falling due within one year note

| 2025 | 2024
--- | --- | ---
| £ | £
Trade creditors | 365,043 | 193,225
Taxation and social security | 10,282 | 8,587
Accruals and deferred income | 0 | 0
Other creditors | 787,310 | 675,356
Total | 1,162,635 | 877,168

# VALTERRA PLATINUM MARKETING LIMITED

## Notes to the Financial Statements

for the Period Ended 31 December 2025

## 8. Creditors: amounts falling due after more than one year note

| 2025 | 2024
--- | --- | ---
| £ | £
Other creditors | 1,199 | 426
Total | 1,199 | 426