Wrap Text
Production Report For The Second Quarter Ending 30 June 2025
Valterra Platinum Limited
(previously Anglo American Platinum Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
JSE Share Code: VAL
LSE Share Code: VALT
ISIN: ZAE000013181
("The Company" or "Valterra Platinum")
18 July 2025
PRODUCTION REPORT FOR THE SECOND QUARTER ENDING 30 JUNE 2025
Overview – Q2 2025 performance vs. prior period Q2 2024
• Safety performance - We tragically recorded one work-related fatality at Unki Mine in April 2025. The total
recordable injury frequency rate (TRIFR) improved to 1.28 per million hours at own operations, down from 1.48 per
million hours in the prior period.
• Own-managed mines Platinum Group Metals (PGMs) production (expressed as 5E+Au metal-in-concentrate
(M&C)) decreased by 15% to 464,100 ounces primarily due to lower production from Amandelbult, following the
floods experienced in February 2025. All mining operations at Amandelbult have resumed and the full year
production is expected to be between 450k-480k ounces (2024: 580k ounces).
• Purchase of PGM concentrate (POC) increased by 2% to 304,900(1) ounces, due to higher third-party receipts, as
well as higher production from the Modikwa joint operation (50% POC).
• Refined PGMs production (owned production, excluding tolling) decreased by 12% (1) to 954,000 ounces as a
consequence of lower M&C production due to the significant rainfall and flooding that disrupted operations at
Tumela Mine at Amandelbult and a larger drawdown of excess work-in-progress inventory in the prior period.
• PGMs sales volumes (from production, excluding sales from trading) decreased by 22% to 981,500 ounces, in
line with lower refined production. In the prior period, sales were further supported by a higher draw-down of
finished goods inventory. On a like-for-like basis(1) PGM sales decreased by 17%.
• Guidance for 2025 - We remain on track to deliver M&C production within guidance after factoring in the
Amandelbult flooding impact, albeit at the lower end. M&C production from our own operations is expected to be
~2.0 million PGM ounces and POC between ~1.0-1.2 million PGM ounces. Refined production guidance of 3.0-
3.4 million PGM ounces remains unchanged.
(1) On a like-for-like basis - prior periods are restated to exclude Kroondal from purchase of concentrate volume, excluded from refined owned
production, treated as 4E toll refined production and excluded from sales volumes. Kroondal has transitioned to 4E tolling arrangement
effective September 2024, as outlined in the Kroondal sales announcement.
Craig Miller, CEO of Valterra Platinum, said:
"Safety is our foremost strategic priority, so it is with great regret and sadness that we experienced a fatality at Unki
Mine when Mr. Felix Kore tragically lost his life in a mobile equipment-related incident. On behalf of the entire
Valterra Platinum team we convey our sincerest condolences to Mr. Kore's family, friends and colleagues. The team
has thoroughly investigated the cause of the incident, and we have implemented measures throughout the entire
business to prevent a similar occurrence.
"The repair and recovery work at Amandelbult has progressed well and in line with our expectations. Dishaba Mine
and Tumela Upper restarted in April and Tumela lower was successfully recommissioned in June 2025 and remains
on track to be at steady-state in the third quarter. Amandelbult is expected to deliver between 450k-480k ounces in
2025 (2024: 580k ounces). Factoring in the Amandelbult impact, total M&C production guidance for the year
remains unchanged, albeit at the lower end. Refined production guidance of 3.0-3.4 million PGM ounces remains
unchanged.
"We have successfully completed the demerger from Anglo American and officially started on our new independent
journey as Valterra Platinum."
Q2 2025 Q2 2025 H1 2025
Valterra Platinum Q2 Q1 Q4 Q3 Q2 vs vs H1 H1 vs
PGM Production Report - Q2 2025 2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
(1)
M&C PGM production - adj for
Kroondal (2) 769.0 696.3 875.8 868.1 847.2 (9)% 10% 1,465.3 1,620.4 (10)%
(3)
Own mined volume 464.1 461.9 588.3 552.0 547.2 (15)% —% 926.1 1,051.5 (12)%
Purchase of concentrate(4) 304.9 234.3 287.5 316.1 300.1 2% 30% 539.2 568.9 (5)%
M&C PGM production (1) 769.0 696.3 875.8 922.2 921.0 (17)% 10% 1,465.3 1,755.1 (17)%
Own mined volume(3)- as reported 464.1 461.9 588.3 552.0 547.2 (15)% —% 926.1 1,051.5 (12)%
(4)
Purchase of concentrate - as reported 304.9 234.3 287.5 370.2 373.8 (18)% 30% 539.2 703.6 (23)%
(4)
Refined PGM production owned - adj
for Kroondal(2) 954.0 437.1 1,027.9 1,035.9 1,088.9 (12)% 118% 1,391.1 1,695.0 (18)%
4E Toll refined production 194.0 208.2 182.8 224.8 197.4 (2)% (7)% 402.2 379.5 6%
Total refined production (owned and toll) 1,148.0 645.3 1,210.7 1,260.7 1,286.4 (11)% 78% 1,793.3 2,074.6 (14)%
Refined PGM production owned (4) 954.0 437.1 1,027.9 1,106.9 1,153.5 (17)% 118% 1,391.1 1,781.5 (22)%
4E Toll refined production- as reported 194.0 208.2 182.8 153.8 132.9 46 % (7)% 402.2 293.1 37 %
Total refined production (owned and toll)-
as reported 1,148.0 645.3 1,210.7 1,260.7 1,286.4 (11)% 78% 1,793.3 2,074.6 (14)%
(5)
PGM sales volume from production -
adj for Kroondal (2) 981.5 486.9 960.0 1,033.5 1,188.5 (17)% 102% 1,468.4 1,841.9 (20)%
(6)
Trading sales volume 1,063.9 2,528.5 2,476.5 1,973.7 2,092.4 (49)% (58)% 3,592.4 3,292.4 9%
Total sales volume (production and
trading)- adj for Kroondal 2,045.4 3,015.4 3,436.5 3,007.2 3,280.9 (38)% (32)% 5,060.7 5,134.3 (1)%
PGM sales volume from production (5) 981.5 493.7 1,002.0 1,102.2 1,266.1 (22)% 99% 1,475.2 1,973.6 (25)%
(6)
Trading sales volume - as reported 1,063.9 2,528.5 2,476.5 1,973.7 2,092.4 (49)% (58)% 3,592.4 3,292.4 9%
Total sales volume (production and
trading) - as reported 2,045.4 3,022.2 3,478.5 3,075.9 3,358.5 (39)% (32)% 5,067.6 5,266.1 (4)%
Numbers are independently rounded and minor variances might be present when performing additions, subtractions and
calculations.
1
M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and
iridium plus gold).
2
Restated for prior periods to exclude Kroondal from purchase-of-concentrate volume. Kroondal was a 50% joint operation until 1 November
2023. Upon the disposal of our 50% interest, Kroondal transitioned to a 100% third-party POC arrangement, whereby 100% of production was
presented under 'Purchase of concentrate' until it transitioned to a toll arrangement on 1 September 2024.
3
PGM production from Mogalakwena, Amandelbult, Mototolo, Unki and 50% attributable production from joint operation Modikwa.
4
PGM production from third parties and 50% purchased from joint operation Modikwa.
5
Refined and sales volumes owned by Valterra Platinum referencing its annual guidance i.e. excluding toll refining volumes.
6
Trading sales volume - relates to sales of metal not produced by Valterra Platinum operations.
REVIEW OF THE QUARTER
Safety
Zero harm is our top priority and we remain committed to eliminating fatalities at all of our operations. We sadly
experienced a fatal incident at Unki Mine in Zimbabwe on 20 April 2025. The incident involved Mr. Felix Kore, who
tragically lost his life in a mobile equipment-related incident while working underground. The area was secured, and
operations in the affected zone were suspended. An internal investigation was initiated in collaboration with
relevant authorities to determine the root cause and prevent recurrence.
Total recordable injury frequency rate (TRIFR) improved to 1.28 per million hours at own operations, down from 1.48
per million hours compared to the prior period. This is predominantly due to a decrease in total injuries as we
continue to strengthen our safety culture across employees and contractors. This is mainly driven by increased
focus on Visible Felt Leadership (VFL) and increasing attention to material risks which could cause injury or harm.
METAL-IN-CONCENTRATE (M&C) PGM PRODUCTION
Total PGM production
On a like-for-like basis, where prior periods are restated to exclude Kroondal from purchase-of-concentrate volume,
total PGM production in Q2 2025 decreased by 9% to 769,000 ounces compared to the prior period. The decline is
primarily attributed to the production impacts at Amandelbult as a result of the flooding (~87,000 ounces), partially
offset by higher POC volumes.
PGM production from own mines
Own-mine production was down 15% compared to the prior period, mainly due to lower production from
Amandelbult. Excluding the impact at Amandelbult, production rose by 1% as a result of higher production from
Mogalakwena, Mototolo and Modikwa. This performance underscores the effectiveness of our operational stability
and improvement activities and the robustness of our asset base.
PGM production at Amandelbult declined by 55% to 70,200 ounces, due to lower volumes received from Tumela
Lower as the majority of the quarter was spent on infrastructure repairs and preparing the shaft to recommence
production, following the flooding incident earlier in the year. This was partially offset by stable production from
Dishaba Mine, which remained in line with the prior period. The overall head grade declined by 8%, primarily due to
reduced volumes from Tumela Mine, which generally yields higher-grade ore than Dishaba Mine. Mining operations
at Tumela Lower resumed in June 2025, while maintenance and infrastructure repairs continue. The mine is
expected to reach full production and steady-state operations in the third quarter to produce between 450k and
480k of PGM ounces for the year against 580k ounces in 2024.
Mogalakwena delivered a 1% increase in PGM production to 234,300 ounces, driven primarily by higher throughput
at the concentrators. Progress continues on pit optimisation and the value-over-volume strategy, reflected in
reduced waste mining and a lower stripping ratio compared to the prior period. Stability and increased runtime at
the North concentrator, along with a reduction in mass pull following the commissioning of the Jameson cells,
further demonstrates the progress made in implementing our operational excellence strategic priority. The 4E built-
up head grade of 2.48g/t was in line with expectations, due to the planned blending of low-grade ore stockpiles. The
operation remains on track to meet the full-year blended grade guidance of 2.7–2.9g/t.
Mototolo's PGM production increased by 2% to 67,500 ounces, reflecting the benefits of a seven-day mining shift
cycle implemented in the second quarter of 2024, improved ore supply to the concentrator and a higher recovery.
Unki's production declined by 2% to 53,800 PGM ounces primarily due to an anticipated lower built-up head grade,
as well as the negative impact of nationwide electricity supply disruptions on the stability of the concentrator plant.
Modikwa PGM production (50% own-mined) increased by 6% to 38,300 ounces primarily due to increased tonnes
milled as a result of the introduction of the open pit and Merensky material to replace the South 1 infrastructure,
partially offset by a lower concentrator recovery.
Purchases of PGM concentrate
Purchase of concentrate volumes decreased by 18% to 304,900 ounces as expected, reflecting Kroondal volumes
which had transitioned to a 4E tolling arrangement in September 2024. On a like-for-like basis to exclude Kroondal
from purchase of concentrate volumes in the comparative period, POC increased by 2% owing to higher third-party
receipts, as well as higher production from the Modikwa joint operation (50% POC).
REFINED PGM PRODUCTION
Refined production decreased by 17% to 954,000 ounces when compared to Q2 2024, as a consequence of lower
M&C production due to the significant rainfall and flooding that disrupted operations at Tumela Mine at
Amandelbult and a larger drawdown of excess work-in-progress inventory in the prior period. On a like-for-like basis
to exclude Kroondal from purchase of concentrate volumes in the comparative period, refined production
decreased by 12%.
On a like-for-like basis, where prior periods are restated to include Kroondal as tolling, toll-refined PGM production
increased by 2% to 194,000 PGM ounces.
Base metal and chrome production
Nickel production decreased by 13% to 6,408 tonnes and copper production decreased by 23% to 3,573 tonnes, as
the prior period included the release of work-in-progress inventory which is now at normalised levels.
Total chrome production decreased by 33% to 165,000, mainly due to lower volumes from Amandelbult following
the floods, partially offset by increased chrome production of 39,000 tonnes at Mototolo which would have
previously accrued to Glencore. Modikwa joint operation chrome production remained constant for the quarter at
~14,000 tonnes.
PGM SALES VOLUMES
PGM sales volumes (excluding trading) decreased by 22% to 981,500 ounces in line with lower refined production.
In the prior period, sales were supported by a higher draw-down of finished goods inventory. On a like-for-like basis
where prior periods are restated to exclude Kroondal from refined and sales volumes, PGM sale volumes decreased
by 17%.
The average realised basket price of $1,508/PGM ounce was 6% higher, driven by a 16% higher realised rhodium
price and 2% higher realised platinum and palladium price.
2025 GUIDANCE
We remain on track to deliver M&C production within guidance after factoring in the Amandelbult flooding impact,
albeit at the lower end. M&C production from our own operations is expected to be ~2.0 million PGM ounces and
POC ~1.0-1.2 million PGM ounces. Refined production guidance of 3.0-3.4 million PGM ounces remains
unchanged.
Q2 2025 Q2 2025 H1 2025
Valterra Platinum Q2 Q1 Q4 Q3 Q2 vs vs H1 H1 vs
PGM Production Report - Q2 2025 2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
Safety
Fatalities - own managed operations number 1 0 1 0 2 (50) % (100) % 1 2 (50)%
Total recordable case frequency rate
(TRCFR) /million hrs 1.28 1.70 1.92 1.57 1.48 (14) % (25) % 1.46 1.66 (12)%
Mined production
PGM ounces produced(1) 000 ounces 464.1 462.0 588.3 552.0 547.2 (15) % — % 926.1 1,051.5 (12)%
Platinum 000 ounces 207.0 207.1 267.5 249.8 250.3 (17) % — % 414.1 480.2 (14)%
Palladium 000 ounces 178.2 175.4 218.0 198.4 197.1 (10) % 2 % 353.6 382.3 (8)%
Rhodium 000 ounces 23.0 23.8 31.1 32.3 30.9 (26) % (3)% 46.8 58.8 (20)%
Other PGMs 000 ounces 55.9 55.7 71.7 71.5 68.9 (19) % — % 111.6 130.2 (14)%
Tonnes milled 000 tonnes 5,848 5,675 6,219 5,979 6,142 (5)% 3 % 11,521 12,063 (4)%
4E built-up head grade(2) g/t 2.88 2.91 3.34 3.22 3.17 (9)% (1)% 2.90 3.11 (7)%
Mogalakwena
PGM ounces produced(1) 000 ounces 234.3 227.0 283.5 217.8 232.6 1% 3% 461.3 452.1 2%
Platinum 000 ounces 98.8 95.9 122.0 92.1 100.2 (1)% 3% 194.8 194.4 —%
Palladium 000 ounces 108.2 105.2 129.8 101.2 106.1 2% 3% 213.4 206.5 3%
Rhodium 000 ounces 6.5 6.3 7.6 6.1 6.3 2% 2% 12.8 12.5 2%
Other PGMs 000 ounces 20.8 19.6 24.1 18.4 20.0 4% 6% 40.3 38.7 4%
Tonnes milled 000 tonnes 3,699 3,583 3,701 3,167 3,483 6% 3% 7,282 6,998 4%
4E built-up head grade(2) g/t 2.48 2.48 3.00 2.68 2.60 (5)% —% 2.48 2.52 (2)%
Amandelbult
PGM ounces produced(1) 000 ounces 70.2 85.8 136.9 158.2 157.6 (55) % (18) % 156.0 284.7 (45) %
Platinum 000 ounces 35.9 43.3 69.0 79.5 80.5 (55) % (17) % 79.2 145.9 (46) %
Palladium 000 ounces 16.3 20.0 31.8 37.0 36.9 (56) % (19) % 36.3 66.9 (46) %
Rhodium 000 ounces 6.2 7.8 12.6 14.6 14.2 (56) % (20) % 14.0 25.7 (46) %
Other PGMs 000 ounces 11.8 14.7 23.5 27.1 26.0 (54) % (20) % 26.5 46.2 (43) %
Tonnes milled 000 tonnes 550 588 899 1,101 1,146 (52) % (6)% 1,137 2,070 (45) %
4E built-up head grade(2) g/t 4.12 4.40 4.49 4.44 4.48 (8)% (6)% 4.26 4.50 (5)%
Mototolo
PGM ounces produced(1) 000 ounces 67.5 66.2 74.2 74.1 66.3 2% 2% 133.6 128.2 4%
Platinum 000 ounces 31.3 30.6 34.1 33.6 30.2 4% 3% 61.8 58.1 6%
Palladium 000 ounces 19.2 19.0 21.5 21.7 19.6 (2)% 1% 38.2 38.1 —%
Rhodium 000 ounces 5.4 5.4 6.0 5.9 5.4 —% 1% 10.8 10.4 4%
Other PGMs 000 ounces 11.6 11.2 12.6 12.9 11.1 5% 4% 22.8 21.6 6%
Tonnes milled 000 tonnes 632 602 666 697 617 2% 5% 1,234 1,176 5%
4E built-up head grade(2) g/t 3.31 3.34 3.41 3.35 3.42 (3)% (1)% 3.32 3.47 (4)%
Unki
PGM ounces produced(1) 000 ounces 53.8 53.6 60.3 62.2 54.7 (2)% —% 107.5 117.5 (9)%
Platinum 000 ounces 24.7 24.6 27.7 28.1 24.7 —% —% 49.3 53.3 (8)%
Palladium 000 ounces 20.6 20.6 23.1 24.0 21.1 (2)% —% 41.2 45.4 (9)%
Rhodium 000 ounces 2.2 2.3 2.6 2.8 2.4 (6)% (4)% 4.5 5.2 (14) %
Other PGMs 000 ounces 6.3 6.1 6.9 7.3 6.5 (2)% 3% 12.5 13.6 (8)%
Tonnes milled 000 tonnes 644 636 652 687 609 6% 1% 1,279 1,263 1%
4E built-up head grade(2) g/t 3.18 3.21 3.43 3.30 3.30 (4)% (1)% 3.19 3.40 (6)%
Modikwa joint operation (AAP share)(3)
PGM ounces produced(1) 000 ounces 38.3 29.4 33.4 39.7 36.0 6% 30 % 67.7 69.0 (2)%
Platinum 000 ounces 16.3 12.7 14.7 16.5 14.7 11 % 29 % 29.0 28.5 2%
Palladium 000 ounces 13.9 10.6 11.8 14.5 13.4 4% 31 % 24.5 25.4 (4)%
Rhodium 000 ounces 2.7 2.0 2.3 2.9 2.6 4% 32 % 4.7 5.0 (6)%
Other PGMs 000 ounces 5.4 4.1 4.6 5.8 5.3 2% 31 % 9.5 10.1 (7)%
Tonnes milled 000 tonnes 323 266 301 327 287 12 % 21 % 589 556 6%
4E built-up head grade(2) g/t 3.92 3.86 3.72 3.90 3.93 —% 2% 3.89 3.87 1%
Purchase of concentrate (POC)
PGM ounces produced(1) 000 ounces 304.9 234.3 287.4 370.3 373.8 (18) % 30 % 539.2 703.6 (23) %
Platinum 000 ounces 138.0 102.0 130.0 171.2 173.9 (21) % 35 % 240.0 327.9 (27) %
Palladium 000 ounces 68.6 51.4 63.7 86.5 89.3 (23) % 33 % 120.0 168.8 (29) %
Rhodium 000 ounces 18.0 14.1 17.0 24.9 26.5 (32) % 27 % 32.1 49.6 (35) %
Other PGMs 000 ounces 80.3 66.8 76.7 87.6 84.1 (5)% 20 % 147.1 157.3 (6)%
Q2 2025 Q2 2025 H1 2025
Valterra Platinum Q2 Q1 Q4 Q3 Q2 vs vs H1 H1 vs
PGM Production Report - Q2 2025 2025 2025 2024 2024 2024 Q2 2024 Q1 2025 2025 2024 H1 2024
Refined production owned
PGM ounces refined 000 ounces 954.0 437.1 1,027.9 1,106.9 1,153.5 (17) % 118 % 1,391.1 1,781.5 (22) %
Platinum 000 ounces 455.0 170.2 482.1 536.9 554.0 (18) % 167 % 625.2 826.7 (24) %
Palladium 000 ounces 286.8 141.3 327.9 341.7 372.5 (23) % 103 % 428.1 578.9 (26) %
Rhodium 000 ounces 55.7 27.6 67.8 70.2 70.8 (21) % 102 % 83.3 110.4 (25) %
Other PGMs 000 ounces 156.5 98.0 150.1 158.1 156.2 —% 60 % 254.5 265.5 (4)%
Nickel tonnes 6,408 4,161 6,329 7,363 7,335 (13) % 54 % 10,569 12,045 (12) %
Copper tonnes 3,573 3,054 4,515 4,639 4,650 (23) % 17 % 6,627 7,909 (16) %
Chrome 000 tonnes 165 181 255 247 249 (33) % (9)% 346 448 (23) %
Toll refining
PGM ounces refined 000 ounces 194.0 208.2 182.8 153.8 132.9 46 % (7)% 402.2 293.1 37 %
Platinum 000 ounces 115.2 123.6 108.6 90.8 78.0 48 % (7)% 238.9 171.5 39 %
Palladium 000 ounces 59.9 64.3 57.7 48.3 41.8 43 % (7)% 124.2 91.0 36 %
Rhodium 000 ounces 16.3 17.7 13.9 12.4 11.0 49 % (8)% 34.0 26.1 31 %
Gold 000 ounces 2.6 2.6 2.6 2.3 2.1 22 % 1% 5.1 4.5 14 %
Sales volume from production
PGM ounces 000 ounces 981.5 493.7 1,002.0 1,102.2 1,266.1 (22) % 99 % 1,475.2 1,973.6 (25) %
Platinum 000 ounces 474.8 148.4 477.7 527.4 583.8 (19) % 220 % 623.2 865.8 (28) %
Palladium 000 ounces 267.9 171.2 334.6 325.2 404.4 (34) % 56 % 439.1 634.1 (31) %
Rhodium 000 ounces 54.1 29.3 68.2 69.0 73.6 (26) % 84 % 83.4 116.2 (28) %
Other PGMs 000 ounces 184.7 144.8 121.5 180.6 204.3 (10) % 28 % 329.5 357.5 (8)%
Trading(4)
PGM ounces 000 ounces 1,063.9 2,528.5 2,476.5 1,973.7 2,092.4 (49) % (58) % 3,592.4 3,292.5 9%
Platinum 000 ounces 687.8 1,916.3 1,566.5 1,187.8 1,186.2 (42) % (64) % 2,604.1 1,854.5 40%
Palladium 000 ounces 330.8 566.8 830.6 685.9 728.5 (55) % (42) % 897.6 1,179.2 (24)%
Rhodium 000 ounces 12.4 20.3 19.3 25.0 49.9 (75) % (39) % 32.7 56.0 (42)%
Other PGMs 000 ounces 32.9 25.1 60.1 75.0 127.8 (74) % 31 % 58.0 202.8 (71)%
Realised metal, Fx and realised basket
prices
Platinum (US$/oz) 1,024 985 945 952 1,000 2% 4 % 1,015 964 5%
Palladium (US$/oz) 1,006 957 975 1,027 985 2% 5% 986 1,006 (2)%
Rhodium (US$/oz) 5,404 4,556 4,607 4,699 4,651 16 % 19 % 5,106 4,619 11 %
Iridium (US$/oz) 3,938 4,029 4,457 4,484 4,573 (14) % (2)% 3,979 4,705 (15)%
Ruthenium (US$/oz) 586 493 442 345 343 71 % 19 % 547 351 56 %
Gold (US$/oz) 3,313 2,731 2,895 2,800 2,510 32 % 21 % 3,014 2,351 28 %
Average Fx achieved on sales ZAR/US$ 18.23 18.51 17.90 17.84 18.54 (2)% (2)% 18.39 18.68 (2)%
US$ realised basket price (/PGM oz) 1,508 1,533 1,509 1,477 1,419 6% (2)% 1,517 1,442 5%
ZAR realised basket price (/PGM oz) 27,443 28,005 27,371 25,888 26,011 6% (2)% 27,631 26,802 3%
Numbers are independently rounded and minor variances might be present when performing additions, subtractions and
calculations.
¹ M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and
iridium plus gold)
² 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are
excluded due to variability
³ Modikwa is a 50% joint operation. The 50% equity share of production is presented under 'Own mined' production. Valterra Platinum
purchases the remaining 50% of production, which is presented under 'Purchase of concentrate'.
4
Trading sales volume - relates to sales of metal not produced by Valterra Platinum operations.
JSE sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
For further information, please contact:
Investors:
Theto Maake
theto.maake@valterraplatinum.com
Marcela Grochowina
marcela.grochowina@valterraplatinum.com
Leroy Mnguni
leroy.mnguni@valterraplatinum.com
Media:
Cindy Maneveld
cindy.maneveld@valterraplatinum.com
ABOUT VALTERRA PLATINUM
Valterra Platinum Limited is one of the world's leading integrated producers of platinum group metals (PGMs) with a
primary listing on the Johannesburg Stock Exchange and a secondary listing on the London Stock Exchange. With a
portfolio of world class, long-life mines and the most efficient processing assets in the industry, the company
responsibly mines, smelts and refines PGMs and associated co-products from its operations located in South
Africa and Zimbabwe. With its integrated value chain, supported by marketing hubs in London, Singapore and
Shanghai, the company delivers tailored solutions for its customers. The Company continues to integrate
sustainability into everything it does, supports investment in its mining and processing capabilities and pursues
market development activities to grow and commercialise new demand segments. It also makes a meaningful
impact to communities around its operations and will deliver consistent and superior returns to shareholders.
Valterra Platinum is committed to zero harm, capital allocation discipline and delivering on our value-accretive
strategic priorities as a standalone, leading integrated PGM producer, guided by our purpose of unearthing value to
better our world
Date: 18-07-2025 08:00:00
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