Precious (still) provides

Research evidence excerpt

Precious (still) provides

Idea

June 17, 2026 11:01 PM GMT

RMB Morgan Stanley Proprietary Limited+MSA Rocks | Europe Christopher Nicholson

Equity Strategist and Analyst

Precious (still) provides Christopher.Nicholson@rmbmorganstanley.comBrian Morgan +27 11 587-0816

Equity Analyst

Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

EEMEA - Metals & Mining

Exhibit 1: At spot, the tax and royalty take from the South African miners could Europe

Industry View In-Line

be expected to remain elevated relative to recent history...

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BHP's commodity mix – but there's plenty of

alpha too (13 May 2026)

Sibanye-Stillwater: Finland trip day 2 (22 Apr

2026)

Sibanye-Stillwater: Finland trip day 1 (20 Apr

Source: Company Data, RMB Morgan Stanley Research estimates (e) 2026)

SA Gold: Asymmetry favours upside (15 Apr

Exhibit 2: … underpinned by the gold and PGM sectors where, despite recent 2026)

volatility, margins remain well above mid-cycle average levels metal&ROCK: The Price Deck – 2Q26: Two-Way

Risks (8 Apr 2026)

Commodity Matters: Stockpiling, Scarcity and

Safe Havens (8 Apr 2026)

Metals & Mining: 2Q26 - A Sharp Turn in

Narrative (8 Apr 2026)

SA Diversified Mining: Updated estimates and

valuations (9 Apr 2026)

Source: Company Data, RMB Morgan Stanley Research estimates (2026)

Paper & Packaging: Scenario Framing Amid

Tax take still strong. We update one of our most requested pieces of analysis - the Energy Shock (31 Mar 2026)

corporate income tax/royalty take from the South African miners. While lower than South Africa Mining: PGMs: Taking stock (20

February 2026 estimates and below the bumper years of 2021/22, we continue to Mar 2026)