CASH AND CASH EQUIVALENTS

12 Months Ended

Jun. 30, 2026



	ACCOUNTING POLICIES Cash and cash equivalents are short term, highly liquid investments that are readily convertible to cash without significant risk of changes in value and comprise cash at the bank, access deposits, income funds and highly liquid investments which are readily convertible to known amounts of cash. Cash and cash equivalents are non-derivative financial assets categorised as financial assets measured at amortised cost. Cash and cash equivalents are initially measured at fair value. Subsequent to initial recognition, cash and cash equivalents are measured at amortised cost, which is equivalent to their fair value.


Amounts in R million	Note	2026	2025

Cash at the bank		74.6	64.9
Access deposits and income funds1		2,681.3	1,228.1
Restricted cash2		14.1	13.2
		2,770.0	1,306.2

Interest earned on cash and cash equivalents	6	136.5	68.3

1These consist of access deposit notes and conservatively managed income funds that are diversified across the major financial institutions

in South Africa.

At reporting date all of these instruments had same day or next day liquidity and effective annualised yields of between 7.6% and 8.3%

(2025: between 8.0% and 9.4%).

2This consists of cash held on call as collateral for guarantees issued by the Standard Bank of South Africa Limited on behalf of the Group for

environmental rehabilitation amounting to R7.8 million (2025: R5.2 million) and various utilities amounting to R5.1 million (2025: R5.1 million).

Guarantees

As part of the ordinary operations of the Group, the Group has issued guarantees by third party financial institutions to Eskom

Holdings SOC Limited of R183.1 million (2025: R115.1 million) and R117.2 million (2025: R117.2 million) to Ekurhuleni

Metropolitan Municipality. For guarantees relating to rehabilitation see note 11.

12CASH AND CASH EQUIVALENTS continued

CREDIT RISK

The Group is exposed to credit risk on the total carrying value of its cash and cash equivalents. The Group manages its

exposure to credit risk by investing cash and cash equivalents across several major financial institutions, considering the

credit ratings of the respective financial institutions, funds and underlying instruments.

Impairment on cash and cash equivalents, if any, are measured on a 12-month expected loss basis and reflects the short

maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external

credit ratings of the counterparties which are rated between AA- and AA+.

Included in cash and cash equivalents are investments in income funds comprising highly liquid, low-risk instruments. As the

funds are readily redeemable, carry insignificant credit and market risk, and are subject to an insignificant risk of changes in

value, they are classified as cash and cash equivalents.

MARKET RISK

Interest rate risk

A change of 100 basis points (bp) in the interest rates would have increased/(decreased) equity and profit/(loss) by the

amounts shown below. This analysis is performed on the average balance of cash and cash equivalents for the year and

assumes that all other variables remain constant. The analysis excludes income tax.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of cash and cash equivalents approximates their carrying value due to their short term maturities.