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+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published Wednesday, 22 July at 11h03 (South African Time) Last close: $58.94 Stop-loss = a weekly close below $55.40 Target: $67.00 Top Holdings Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes AXA S.A. is a major French company that provides insurance, investment management, and other financial services. Market Cap = €91bn Published Wednesday, 22 July at 10h02 (South African Time) Looking to emerge from a multi-month base Last close: €45.06 Stop-loss = a weekly close below €41.20 Target: €52.50 Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Published Tuesday, 21 July at 15h33 (South African Time) Looking to emerge from a multi-month base Last close: $24.16 Stop-loss = a weekly close below $20.30 Target: $33.00 Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Analyst Disclosure: This note has been compiled using an artificial intelligence tool, based on the analyst's own data. STATUS OVERVIEW TECHNICAL CONDITION: MULTI-TIMEFRAME DOWNTREND / APPROACHING OVERSOLD EXTENSION CATEGORY: BEARISH / OVERSOLD DESCENT WATCH TREND STATUS Daily Trend: Short-Term Base Building / Neutral Momentum Weekly Trend: Active Downward Expansion / High Bearish Momentum Monthly Trend: Secular Correction / Weak Structural Posture Primary Action: Defer Aggressive Shorts / Await Relief Bounce or Capitulation TACTICAL ACTION SCALE 🟥 At/approaching sell/reduce 🟧 Sell (continuation) 🟨 Sell on rally 🟠 Sell on sharp rally — Delayed/Weakest Sell: The asset is likely already beaten down, requiring a significant, oversized bounce to justify shorting or selling. (⬅️ NPH IS POSITIONED HERE) ⬜ Neutral 🔵 Buy on deeper pullback (⬅️ NPH SECONDARY ACTION) 🟢 Buy on pullback 🟦 Buy (continuation) 🟩 At/approaching buy/add CORE THESIS Severe Structural Retraction Reaching Extended Bearish Thresholds Northam Platinum Holdings Limited (NPH) remains under significant structural pressure following a sharp liquidation cycle from its early 2026 peaks near 45,000 down to current trading levels around 23,081. The broader intermediate trend is dominated by aggressive seller control, pushing the asset into a extended downward trajectory. However, because the asset is already severely beaten down, shorting at current levels presents an unfavourably skewed risk-to-reward ratio. Weekly momentum has descended into a High Bearish Momentum / Approaching Oversold window, while Daily momentum has transitioned into a Neutral state, signalling that the initial violent selling wave is pausing into high-level consolidation. While the macro trend remains defensively positioned, tactical traders should avoid chasing late-stage shorts into oversold support and instead wait for significant counter-trend relief rallies to execute defensive exits or short setups. Verdict: DO NOT CHASE SHORTS AT BEATEN-DOWN LOWS / AWAIT OVERSIZED COUNTER-TREND RALLIES TO SELL / STAND ASIDE ON FRESH LONG LEVERAGE. STRUCTURAL PROFILE (Based on Core Momentum Data) DAILY (Tactical): Short-Term Trend ➔ NEUTRAL STABILIZATION WEEKLY (Intermediate): Structural Trend ➔ HIGH BEARISH MOMENTUM / APPROACHING OVERSOLD MONTHLY (Secular): Macro Cycle ➔ WEAK STRUCTURAL POSTURE Profile Alignment: The timeframe stack reflects structural weakness across the higher timeframes, offset by short-term tactical stabilization. The Monthly profile sits in a Weak regime, confirming that the long-term trend has lost structural drive. The Weekly chart drives the dominant downward momentum, positioned within the High Bearish Momentum / Approaching Oversold boundary. The Daily chart offers minor tactical relief, moving into Neutral territory as price chops sideways around 22,000–23,500 to absorb downside selling pressure. STRUCTURAL TIME FRAME ANALYSIS Daily Momentum (The Tactical Engine): The Daily chart highlights a temporary pause in downside momentum. After falling from the 37,000 level, price action has formed a tight floor near 22,500–23,000. Daily momentum has recovered into a Neutral state, indicating a short-term equilibrium between buyers and sellers. Weekly Expansion (The Structural Driver): The Weekly chart exhibits a prolonged, steep downtrend sequence. The swift drop off peak levels has pushed intermediate momentum firmly into High Bearish Momentum / Approaching Oversold status. This signals an extended condition where downward acceleration is becoming stretched, raising the probability of a sharp mean-reversion bounce. Monthly Volatility (The Secular Anchor): The Monthly chart shows price breaking back below prior multi-year breakdown levels. Monthly momentum sits in a Weak posture, confirming that broader structural headwinds persist and any multi-week advances will face heavy overhead supply. INTERACTION VERDICT — Oversold Watch: "The macro and intermediate trends remain firmly negative, but the rubber band is stretched tightly into approaching oversold territory on the weekly frame. Shorting a heavily beaten-down share into extended support is hazardous. Require a substantial relief rally before considering fresh tactical short exposure." CATEGORIZATION & STRATEGY Daily Timeframe (Tactical) Primary Category: NEUTRAL Impending Transition: WEAKNESS DROP OR HIGH BULLISH MOMENTUM ACCELERATION Strategic Overlay: MONITOR RANGE BOUNDARIES FOR TACTICAL RELIEF Weekly Timeframe (Intermediate) Primary Category: HIGH BEARISH MOMENTUM / APPROACHING OVERSOLD Impending Transition: OVERSOLD CAPITULATION OR MEAN REVERSION BOUNCE Strategic Overlay: AWAIT OVERSIZED BOUNCE TO EXECUTE DEFENSIVE SELLS Monthly Timeframe (Secular) Primary Category: WEAK Impending Transition: HIGH BEARISH MOMENTUM Strategic Overlay: MAINTAIN DEFENSIVE POSTURE / DEFER LONG-TERM ALLOCATIONS STRATEGIC INTERPRETATIONS BY TIMEFRAME TACTICAL (Next 1 to 3 Weeks): "The Daily chart is coiling around 22,500–23,500 with Neutral momentum. A short-term bounce toward 26,000–28,000 would represent a standard counter-trend correction, offering tactical longs a scalp opportunity and short-term holders a better exit window." Action: Monitor Support Floor (Tactical Patience) INTERMEDIATE (Next 3 to 9 Months): "The Weekly chart remains locked in a high bearish momentum regime approaching oversold extremes. Do not aggressively short into this extended window; wait for an oversized rally back toward broken structural support near 29,000–31,000 before evaluating intermediate short positioning." Action: Await Oversized Relief Rally SECULAR (Next 1 to 3 Years): "The Monthly chart shows a Weak macro cycle struggling to regain its prior secular bull drive. Long-term investors should remain cautious and wait for clear multi-month base formation before considering structural capital deployment." Action: Defer New Long-Term Allocations KEY RISKS TO THESIS The Oversold Capitulation Flush (Downside Risk) Scenario: Daily support around 22,500 breaks on high volume, triggering a final panic liquidation wave down toward major historical support near 18,000–19,500 to fully flush weekly momentum into Oversold territory. Impact: Premature bounce buyers get caught in a sharp capitulation breakdown. The Violent Short-Squeeze Bounce (Upside Risk for Shorts) Scenario: Stretched weekly bearish momentum triggers a rapid short-squeeze, propelling price vertically back toward 28,000–30,000 within a few sessions. Impact: Late-stage short sellers face severe drawdowns into counter-trend strength. DECISION LOGIC Current State: "Intermediate High Bearish Momentum Approaching Oversold with Tactical Neutral Base" Question: Has the Daily chart broken out above tactical resistance (~24,500) or lost short-term base support (~22,500)? Yes (Price clears ~24,500 on volume) ➔ EXECUTE COUNTER-TREND TACTICAL BOUNCE TRADE (Tight stops, reduced size) No, holding steady (Price consolidates near 23,000) ➔ STAND ASIDE / AWAIT RALLY TO SELL No, price breaks below ~22,500 ➔ STAND ASIDE / AWAIT OVERSOLD CAPITULATION AT LOWER MACRO SUPPORT (~18,000–19,500) PRICE PROJECTIONS: FORWARD MODELING BULL CASE ("Mean-Reversion Relief Rally") — Target ~28,000 – 30,500 | Probability: 35% Tactical neutral momentum resolves upward, driving a sharp short-squeeze retest of prior broken breakdown levels near 28,000–30,500 to relieve intermediate oversold conditions. BASE CASE ("Beaten-Down Grind & Retest") — Target ~21,000 – 25,500 | Probability: 50% Price continues to chop sideways in a wider consolidation range around 21,000–25,500, steadily digesting the recent decline before attempting a multi-week recovery. BEAR CASE ("Capitulation Breakdown") — Target ~17,500 – 19,000 | Probability: 15% A break below 22,500 triggers a final capitulation flush down to multi-year secular demand zones near 17,500–19,000. SCENARIO PLANNING Managing Existing Exposure: Use any oversized counter-trend rallies toward 28,000+ to reduce lingering long exposure or tighten protective stops. Respecting the Extension: Refrain from aggressive short positions at current levels given the approaching weekly oversold state. EXECUTION PROTOCOL PRIMARY: Stand aside on heavy new position sizing; wait for a significant relief rally to establish defensive sells. Step 1: Avoid fresh short entries at current levels into approaching weekly oversold parameters. Step 2: For tactical bounce traders, entries require a clear daily reversal structure with stops strictly placed beneath 22,500. Step 3: For defensive sellers, wait for counter-trend rallies toward key resistance zones (~28,000–30,000) to execute sell orders. CONCLUSION Northam Platinum Holdings Limited remains locked in a firm intermediate downward trend across Weekly and Monthly timeframes. However, with Weekly momentum approaching extreme extended levels and Daily momentum stabilizing into Neutral territory, the stock is heavily beaten down. Strategic focus should center on waiting for an oversized relief rally to execute defensive sales rather than shorting into late-stage downside pressure. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Gold Fields (GFI) | A 'heavy' (bearish) chart. Attempting to rebound but being sold intraday. Any ultra short term attempt to rebound is likely to be sold into the declining 8-week EMA (yellow downward sloping line). Tuesday, 21 July at 10h22

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes MTN Group: Yesterday's bearish engulfing candle is worth noting. Depending on todays intraday price action, it could signal the start of a short term bearish reversal. Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes INSTRUMENT: J200 (JSE Top 40 Index) DATE & TIME: Monday, July 20, 2026 | 8:50:04 PM STRUCTURAL RATING: ⭐⭐☆☆☆ The reward-to-risk profile is currently heavily skewed by deteriorating momentum. For a Buy/Long position, the reward-to-risk is Poor 🟥 because both the 7-day and 14-day trends are weak and bearish, dictating absolute patience until price action stabilizes on lower time frames. Conversely, for a Short/Sell position, the reward-to-risk is Appealing 🟩 due to the localized breakdown in the broader upward macro trend; this structural weakness presents a defined tactical setup to utilize reflexive rebounds into the 8, 21, or 50-EMA overhead resistance layers as a prime sell-short zone. TACTICAL ACTION SCALE 🟥 At/approaching sell/reduce 🟠 Sell on sharp rally 🟨 Sell on rally ⬅️ J200 IS POSITIONED HERE 🟧 Sell (continuation) ⬜ Neutral 🟦 Buy (continuation) 🟢 Buy on pullback 🔵 Buy on deeper pullback 🟩 At/approaching buy/add RATIONALE: While the long-term baseline is technically still classified as an upward trend, the current 7-day and 14-day structures are decidedly "Weak" and "Bearish." Because the overarching momentum has notably weakened, long positions must be avoided. Instead, the optimal tactical execution is a Sell on rally, requiring market participants to wait for upward reflexive bounces back into dynamic resistance zones (specifically the 8, 21, or 50-EMA) to establish high-probability short exposure against the deteriorating near-to-medium-term momentum. SCENARIO MATRIX (BASE, BEAR & BULL CASE) Base Case (60% Probability): Near-Term Heavy Drift: Price action fails to stabilize on lower time frames in the short-to-medium term, remaining capped under strong bearish distribution layers. Reflexive rallies lack genuine volume support and are firmly rejected upon testing the overhead 8, 21, or 50-EMA bands, allowing sellers to maintain technical control and grind the index lower into established support shelves. Bear Case (25% Probability): Accelerated Trend Breakdown: Localized selling pressure intensifies, completely bypassing any near-term stabilization zones. The index suffers a severe velocity expansion to the downside, which prevents dynamic EMAs from being back-tested as resistance and ultimately threatens to permanently fracture the structural long-term upward trend baseline. Bull Case (15% Probability): Lower Time Frame Floor Validation: The "Very Weak" near-term regime abruptly exhausts as strong institutional bids emerge, validating immediate price stabilization. Momentum rapidly accelerates to force a clean, high-volume break back above the 8, 21, and 50-EMAs, neutralizing the localized bearish structures and re-aligning the index with its broader, structural long-term upward trend. What Can Go Right From Current Levels (Risk For Short Sellers) For Existing Sell/Short Positions: Macro Trend Resurgence: Existing shorts are ultimately fighting a longer-term baseline that is still officially identified as an upward trend. If the localized weakness rapidly stabilizes on lower time frames and price fiercely reclaims the 50-EMA, the broader cyclical regime could shift back to an active bull phase, triggering cascading stop-loss execution and turning paper profits into forced buying. For Potential (New) Sell/Short Positions: Front-Running the Rebound: The structural model specifically dictates using "Rebounds Into The 8, 21 or 50-EMA" to build short exposure. Initiating fresh bearish positions directly into current depressed levels, rather than waiting for an upward mean-reversion into those defined resistance layers, exposes new capital to unnecessary upward variance and a compromised entry price. What Can Go Wrong From Current Levels (Risk For Buys/Longs) For Existing Buy/Long Positions: Cascading Tactical Breakdown: Investors holding legacy long positions face an uncomfortable capital draw as both the 7-day and 14-day trends remain demonstrably weak and bearish. Because the overarching structural trend has notably weakened, long holders risk enduring a grueling multi-week contraction if lower time frame stability fails to materialize quickly. For Potential (New) Buy/Long Positions: Catching a Falling Knife: Entering fresh allocations at current levels actively fights dominant downward velocity. The technical model strictly requires capital to "Wait Until It Stabilizes On The Lower Time Frame." New buyers stepping in prematurely lack a verified structural floor or defensive architecture, exposing the portfolio to immediate negative drift and highly compromised capital efficiency. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Based on 137 shares: Lester Davids Senior Investment Analyst: Unum Capital

+35 Take Profit Opportunities: Our Capabilities > https://www.unum.capital/post/capabilities Free Content: July 2026 > https://www.unum.capital/post/rjuly2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za NOTE: When Published Intraday (JSE Equities), Prices Are Delayed By 15 Minutes Lester Davids Senior Investment Analyst: Unum Capital