CRITICAL JUDGMENTS, ESTIMATES, ASSUMPTIONS AND RISKS

The judgments, estimates, assumptions and risks

discussed here reflect updates from the 2025 Annual

Financial Statements. For judgments, estimates,

assumptions and risks related to other areas not discussed

in these interim consolidated financial statements, please

refer to Notes 3 and 28 of the 2025 Annual Financial

a) Provision for Environmental Rehabilitation (“PER”)

Provisions are updated each reporting period for changes

to expected cash flows and for the effect of changes in the

discount rate and foreign exchange rates. The change in

estimate is added or deducted from the related asset and

depreciated over the expected economic life of the

operation to which it relates. In the case of closed sites,

changes in estimates and assumptions are recognized

immediately in the consolidated statements of income. For

Q2 2026, we recorded a net decrease of $35 million (Q2

2025: $108 million net decrease) to the PER at our

minesites and for YTD 2026, a net decrease of $79 million

(YTD 2025: $82 million net decrease) primarily due to

spending incurred during the year and an increase in the

discount rate, partially offset by accretion.

Adjustments to the estimated amount and timing of

future closure and rehabilitation cash flows are a normal

occurrence in light of the significant judgments and

estimates involved. Rehabilitation provisions are adjusted

as a result of changes in estimates and assumptions and

are accounted for prospectively. In Q4 of each year, our life

of mine plans are updated and that typically results in an

update to the rehabilitation provision.

Contingencies can be either possible assets or possible

liabilities arising from past events which, by their nature, will

be resolved only when one or more future events, not

wholly within our control, occur or fail to occur. The

assessment of such contingencies inherently involves the

exercise of significant judgment and estimates of the

outcome of future events. Refer to Note 17 for further

details on contingencies.