Wrap Text
First Quarter Production Report for the Period 1 July to 30 September 2025
IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE share code : IMP
ISIN : ZAE000083648
ADR code : IMPUY
("Implats" or the "Group")
FIRST QUARTER PRODUCTION REPORT FOR THE PERIOD 1 JULY TO 30 SEPTEMBER 2025
Key features
• Zero fatalities in the quarter
• 7% regression in the lost-time injury frequency rate
• Group 6E production volumes* decreased by 5% from the previous comparable quarter to
882 000 ounces, with a 5% decline in managed volumes* to 693 000 ounces, a 5% decline from
joint ventures to 138 000 ounces, and a 3% increase in third-party receipts to 52 000 ounces
• Gross 6E refined and saleable production volumes increased by 3% to 830 000 ounces and
6E sales volumes were 7% higher at 847 000 ounces
• FY2026 guidance on volumes, cost and capital expenditure is maintained.
Implats' Chief Executive Officer, Nico Muller, said: "Implats delivered higher refined and saleable
production and sales volumes into much improved PGM pricing. Our efforts to mitigate fatal injuries
secured a fatal-free quarter, testament to our commitment to achieving our zero harm ambitions. Implats
remains firmly on track to deliver against its previously communicated operational, cost and capital
expenditure guidance in FY2026.
6E refined and saleable metal volumes improved by 3% to 830 000 ounces, while final metal sales
increased by 7% to 847 000 ounces. The sustained recovery in PGM pricing provides a welcome
tailwind and Implats is well positioned to maximise and share value, while maintaining a firm focus on
safe, consistent and efficient operational delivery.
We recently successfully concluded annual contractual negotiations with our core customer base,
reaffirming our outlook for rising demand across our suite of precious and base metals. PGM markets
in 2025 have been characterised by constrained liquidity, much-improved investor sentiment and firmer
pricing. After a prolonged period of market complacency, ongoing geopolitical and macroeconomic
uncertainty has driven increased demand for supply surety and critical metals security."
*Group production and managed volumes have been restated following the completion of the consolidation of Impala Rustenburg and now include
saleable volumes from the North Shafts (formerly known as Impala Bafokeng), where previously concentrate volumes were included.
Group operational performance Q1 FY2026 Q1 FY2025 Var, %
Safety
TIFR pmmhw 8.54 6.83 -25.0
LTIFR pmmhw 3.52 3.31 -6.5
Fatalities Count - 3 -
6E Group production 000oz 882 928 -4.9
Managed operations 000oz 693 732 -5.4
JV operations 000oz 138 145 -5.0
Third-party 000oz 52 50 3.0
Gross 6E refined and saleable 000oz 830 807 2.8
Impala Central and South Shafts 6E refined 000oz 288 282 1.9
IRS 6E refined 000oz 369 361 2.2
Impala North Shafts 6E saleable1 000oz 117 110 6.3
Impala Canada 6E saleable1 000oz 55 53 4.6
Gross platinum refined and saleable 000oz 386 382 1.0
Gross palladium refined and saleable 000oz 280 277 1.2
Gross rhodium refined and saleable 000oz 48 44 9.9
Gross nickel refined and saleable t 4 531 3 928 15.4
6E sales volumes 000oz 847 792 7.0
Managed operations production:
Tonnes milled 000t 7 115 7 094 0.3
6E grade g/t 3.74 3.83 -2.6
Impala Rustenburg
Tonnes milled 000t 3 999 3 920 2.0
6E grade g/t 4.05 4.22 -3.8
6E stock adjusted2 and saleable1 000oz 446 471 -5.4
Central and South Shafts 6E stock adjusted2 000oz 329 361 -8.7
North Shafts 6E in concentrate3 000oz 137 130 5.7
Marula
Tonnes milled 000t 430 426 0.9
6E grade g/t 4.12 4.18 -1.5
6E in concentrate3 000oz 49 53 -7.8
Zimplats
Tonnes milled 000t 1 982 1 982 -
6E grade g/t 3.30 3.38 -2.6
6E in matte (incl. concentrate sold to IRS)4 000oz 143 150 -5.3
Impala Canada
Tonnes milled 000t 703 767 -8.3
6E grade g/t 2.93 2.86 2.4
6E in concentrate3 000oz 56 58 -3.5
JV operations production:
Two Rivers
Tonnes milled 000t 889 944 -5.9
6E grade g/t 3.11 3.12 -0.2
6E in concentrate3 000oz 75 79 -4.6
Mimosa
Tonnes milled 000t 741 750 -1.2
6E grade g/t 3.61 3.61 -
6E in concentrate3 000oz 63 66 -5.6
Impala Refining Services production:
Gross 6E receipts5 000oz 399 408 2.2
Managed operations (Marula and Zimplats) 000oz 194 207 -6.6
JV operations 000oz 153 150 2.3
Third-party 000oz 52 50 3.0
1. PGM production adjusted for offtake terms from third parties.
2. PGM production post the precious metals refinery, adjusted for any increase (added), or decrease (deducted) in smelting and refining lock up.
3. PGM production post the concentrator ahead of the smelter, unadjusted for further processing recoveries.
4. PGM production post the smelter ahead of the base metal refinery, unadjusted for further processing recoveries.
5. PGM production received by Group smelting facilities.
Page 2 of 5
HEALTH AND SAFETY
Safety remains a core priority for Implats' management, teams and individuals, with a key focus to
achieve zero harm. Pleasingly, no fatal incidents were reported at Group operations.
The lost-time injury frequency rate regressed by 7% to 3.52 per million man-hours worked (Q1 FY2025:
3.31). The reported incidence of lost-time injuries showed clear signs of improvement during the period
and injuries due to high-risk incidents involving winches and machinery were notably reduced.
The total-injury frequency rate deteriorated by 25% to 8.54 (Q1 FY2025: 6.83), skewed higher by the
precautionary medical referral of all employees exposed to smoke inhalation following an underground
fire.
PRODUCTION
Tonnes milled at managed operations rose marginally to 7.11 million tonnes during the quarter
(Q1 FY2025: 7.09 million). Volumes at Zimplats and Marula were stable and higher throughput at
Impala Rustenburg's North Shafts offset the planned reduction in volumes at Impala Canada and
operational disruptions at Impala Rustenburg's South and Central Shafts. 6E milled grade declined by
3% to 3.74 g/t.
The impact of lower grade and recoveries was exacerbated by the temporary increase in concentrate
inventory at Zimplats during furnace maintenance. 6E production from managed operations declined by
5% to 693 000 ounces.
6E concentrate production from the Group's joint ventures — Mimosa and Two Rivers — declined by
5% to 138 000 ounces.
Third-party 6E concentrate deliveries to Impala Refining Service (IRS) increased by 3% to 52 000
ounces.
Consequently, Group 6E production volumes declined by 5% to 882 000 ounces.
Refined 6E production, which includes saleable ounces from Impala Canada and Impala Rustenburg's
North Shafts, improved by 3% to 830 000 ounces (Q1 FY2025: 807 000). Scheduled annual processing
maintenance and stock counts were completed in the period and excess inventory increased by 60 000
6E ounces from the end of FY2025 to circa 480 000 6E ounces at period end.
6E sales volumes increased by 7% to 847 000 ounces (Q1 FY2025: 792 000), including saleable
production from Impala Canada and Impala Rustenburg's North Shafts.
Impala Rustenburg
Production momentum at Impala Rustenburg was negatively affected by operational disruptions due to
the early implementation of winder upgrades, Department of Minerals and Petroleum Resources
(DMPR) stoppages during July 2025, unstable power supply, and labour repositioning between short-
and long-life shafts which primarily impacted the South and Central Shafts.
Tonnes milled increased by 2% to 3.99 million tonnes, while grade declined by 4% to 4.05g/t due to
higher contributions from mechanised sections and dilution caused by geological features. At the North
Shafts, operational delivery improved at Styldrift — 6E concentrate volumes increased by 6% to 137 000
6E ounces with a further accumulation of circa 10 000 ounces untreated run-of-mine ore stock ahead of
the concentrator plants. 6E stock-adjusted production at the South and Central Shafts declined by 9%
to 329 000 ounces.
Following the consolidation of the Impala Rustenburg complex, reported production volumes comprise
stock-adjusted ounces from the South and Central Shafts (329 000 ounces) and saleable ounces
(adjusted for offtake terms from a third party of 117 000 ounces) from the North Shafts. On this basis,
6E production volumes declined by 5% to 446 000 ounces.
Page 3 of 5
Refined and saleable 6E production improved by 3% to 405 000 ounces, with the seasonal accumulation
of in-process inventory during annual maintenance at the smelter and refining complex.
Zimplats
Tonnes milled were stable at 1.98 million tonnes, while mill grade decreased by 3% to 3.30g/t due to
changes in ore mix from the underground mines and higher throughput of open-cast material. Several
power outages, together with the lower grade, negatively impacted concentrator stability and recoveries,
and 6E concentrate production declined by 4% from the prior comparable quarter.
6E production in matte declined by 5% to 143 000 ounces — the impact of lower concentrate volumes
was compounded by 12 600 ounces in untreated concentrate inventory due to slag taphole repairs at
the new furnace. The concentrate inventory accumulated in the period is expected to be smelted during
the remainder of FY2026.
Marula
Operational stability at Marula continued to improve in the quarter with safety performance gains and a
continued focus on recovering mining flexibility. Milled volumes improved by 1% to 430 000 tonnes,
while milled head grade declined by 2% to 4.12g/t as the development-to-stoping ratio was strategically
increased to enhance mining flexibility. As a result, development crews doubled from 32 to 65.
Processing recoveries were negatively impacted by dilution and milled grade variation, and 6E in
concentrate production declined by 8% to 49 000 ounces — the prior comparable period benefitted from
high-grade surface material and larger contributions from stoping crews. Stoping crews reduced year-
on-year by approximately 30% from 84 to 60.
Impala Canada
Impala Canada continued to deliver to plan and achieved key performance measures in line with its
revised operating strategy, which is aimed at maximising volume and cost performance over the
remaining life-of-mine. Tonnes milled declined by 8% to 703 000 tonnes and grade improved by 2% to
2.93g/t, resulting in a 4% reduction in 6E volumes in concentrate to 56 000 ounces.
Mimosa
Operational delivery at Mimosa was negatively impacted by power interruptions, which impeded
processing stability. Tonnes milled decreased by 1% to 741 000 tonnes and grade was stable at 3.61g/t.
Recoveries were lower due to processing instability and the processing of higher oxidised ore as mining
approaches orebody extremities close to the surface. 6E concentrate production was 6% lower at 63 000
ounces. The shipment to IRS of previously accumulated concentrate inventory enhanced sales volumes
in the period.
Two Rivers
Two Rivers delivered to plan in the quarter. Production volumes in the prior comparable period included
contributions from the Merensky project ahead of its mothballing. Milled volumes declined by 6% to
889 000 tonnes, while higher processing recoveries helped offset marginally lower milled grade of
3.11g/t, yielding 6E concentrate production volumes of 75 000 ounces.
Impala Refining Services (IRS)
Mine-to-market 6E receipts from Zimplats and Marula declined by 7% to 194 000 ounces, reflecting the
accumulation of concentrate at Zimplats. Receipts from Two Rivers and Mimosa rose by 2% to 153 000
ounces as previously accumulated inventory was received from Mimosa. Third-party 6E receipts
improved by 3% to 52 000 ounces, reflecting the underlying operating performance at customer
operations. Refined 6E production improved by 2% to 369 000 ounces.
The first quarter production report for the period 1 July to 30 September 2025 has not been reviewed
and reported on by the external auditors of Implats.
Page 4 of 5
Queries:
Johan Theron
E-mail: johan.theron@implats.co.za
T: +27 (0) 11 731 9013
M: +27 (0) 82 809 0166
Emma Townshend
E-mail: emma.townshend@implats.co.za
T : +27 (0) 21 794 8345
M : +27 (0) 82 415 3770
Alice Lourens
E-mail : alice.lourens@implats.co.za
T: +27 (0) 11 731 9033
M: +27 (0) 82 498 3608
31 October 2025
Johannesburg
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Page 5 of 5
Date: 31-10-2025 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
