Prominent South African miner experiencing the hardest times in its history

• Afrimat is facing its hardest times in its 20-year history due to a deteriorating local operating environment, including a stronger rand and lower international iron ore prices.
• The company has faced pressure in the mining and construction industries, and has undergone significant expansion, including the acquisition of Lafarge's South African assets in 2024.
• Afrimat expects the second half of its 2027 financial year to improve relative to the first half, despite the tough operating environment, and is seeing benefits from its Lafarge acquisition.