Wrap Text
Production Update for the six months ended 31 December 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")
PRODUCTION UPDATE FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Implats will release its results for the six months ended 31 December 2025 (the "period" or
"H1 FY2026") on or about 5 March 2026.
The Group's sustained focus on safe, consistent and efficient operational delivery underpinned a
commendable performance in H1 FY2026, with notable gains delivered in Q2 FY2026.
The lost-time injury frequency rate improved by 7% to 3.08#, while the total-injury frequency rate
regressed by 2% to 7.21# from the six months ended 31 December 2024 (the "comparative period" or
"H1 FY2025"). No fatal incidents were reported at Group mining and processing operations in the period.
However, we regret to report that an employee at Impala Rustenburg was fatally injured in a motor
vehicle accident in December 2025.
Implats is on track to deliver previously provided refined production, unit cost and capital expenditure
guidance in FY2026.
Group 6E production* increased by 1% to 1.80 million 6E ounces from 1.78 million 6E ounces for the
comparative period.
Production from managed operations* increased by 1% to 1.41 million 6E ounces:
• Impala Rustenburg production declined by 2% to 888 000 stock-adjusted and saleable 6E
ounces:
o Stock-adjusted ounces from the South and Central shafts declined by 4% to 661 000
6E ounces, with a notable gain in operating momentum in Q2 FY2026
o Saleable production from the North Shafts improved by 6% to 228 000 6E ounces due
to sustained improvements at Styldrift
• Performance at Marula reflected the impact of increased development rates on grade and
recoveries as strategic interventions to improve mining flexibility were advanced and 6E
concentrate production declined by 4% to 97 000 6E ounces
• Production in matte at Zimplats increased by 13% to 317 000 6E ounces, as the comparative
period was impacted by commissioning the expanded smelter complex
• At Impala Canada, 6E concentrate volumes declined by 5% to 109 000 ounces, reflecting the
planned tapering of production rates at the operation.
#
Per million-man hours worked
*Group production and managed volumes have been restated following the consolidation of Impala Rustenburg. The figures now include saleable
and concentrate volumes from the North Shafts (formerly Impala Bafokeng), whereas previously only concentrate volumes from this operation were
reported.
Group operational performance H1 FY2026 H1 FY2025 Var %
Safety
TIFR Pmmhw 7.21 7.10 (1.6)
LTIFR Pmmhw 3.08 3.31 6.8
Fatalities Count 1 5 -
6E Group production 000oz 1 798 1 784 0.8
Managed operations 000oz 1 411 1 399 0.8
JV operations 000oz 272 282 (3.3)
Third-party 000oz 115 103 11.9
Gross 6E refined and saleable 000oz 1 782 1 788 (0.3)
Impala Central and South shafts 6E refined 000oz 643 718 (10.5)
IRS 6E refined 000oz 814 746 9.1
Impala North shafts 6E saleable1 000oz 228 216 5.5
Impala Canada 6E saleable1 000oz 97 107 (9.7)
Gross platinum refined and saleable 000oz 851 863 (1.3)
Gross palladium refined and saleable 000oz 585 587 (0.4)
Gross rhodium refined and saleable 000oz 103 102 0.9
Gross nickel refined and saleable T 9 593 8 375 14.5
6E sales volumes 000oz 1 779 1 773 0.3
Managed operations production:
Tonnes milled 000t 14 036 13 740 2.2
6E grade g/t 3.77 3.80 (0.9)
Impala Rustenburg
Tonnes milled 000t 7 793 7 543 3.3
6E grade g/t 4.11 4.17 (1.5)
6E stock adjusted2 and saleable1 000oz 888 903 (1.6)
Central and South shafts 6E stock adjusted2 000oz 661 687 (3.8)
North shafts 6E in concentrate3 000oz 268 254 5.1
Marula
Tonnes milled 000t 852 848 0.5
6E grade g/t 4.05 4.10 (1.4)
6E in concentrate3 000oz 97 101 (4.2)
Zimplats
Tonnes milled 000t 4 022 3 811 5.5
6E grade g/t 3.30 3.38 (2.6)
6E in matte (incl. concentrate sold to IRS)4 000oz 317 280 13.2
Impala Canada
Tonnes milled 000t 1 370 1 537 (10.9)
6E grade g/t 3.00 2.84 5.8
6E in concentrate3 000oz 109 116 (5.5)
JV operations production:
Two Rivers
Tonnes milled 000t 1 730 1 787 (3.2)
6E grade g/t 3.09 3.09 -
6E in concentrate3 000oz 150 153 (2.0)
Mimosa
Tonnes milled 000t 1 469 1 467 0.1
6E grade g/t 3.59 3.61 (0.5)
6E in concentrate3 000oz 123 129 (4.9)
Impala Refining Services production:
Gross 6E receipts5 000oz 805 766 5.1
Managed operations (Marula and Zimplats) 000oz 408 380 7.3
JV operations 000oz 283 284 (0.4)
Third-party 000oz 115 103 11.9
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 3
Production from joint ventures ("JVs") decreased by 3% to 272 000 6E ounces:
• Two Rivers recorded a 2% decrease in 6E in concentrate production to 150 000 ounces, with
grade and yield improvements largely offsetting the impact of reduced milled throughput
• At Mimosa, 6E in concentrate volumes declined by 5% to 123 000 ounces, with processing
stability impacted by intermittent power interruptions and increased volumes of oxidised ore as
mining operations approach the extremities of the orebody.
Concentrate receipts from third parties were 12% higher at 115 000 6E ounces, reflecting the underlying
performance at customer operations.
Refined 6E production, which includes saleable ounces from Impala Rustenburg's North Shafts and
Impala Canada, was stable at 1.78 million 6E ounces. Processing operations performed well in the
period, with record milling rates delivered at the Base Metal Refinery and the scheduled rebuild of
Furnace 4 initiated as planned, in December 2025. Implats ended H1 FY2026 with excess inventory of
circa 400 000 6E ounces (FY2025: 420 000 ounces, Q1 FY2026: 480 000 ounces).
Sales volumes were stable at 1.78 million 6E ounces, including saleable production from Impala Canada
and Impala Rustenburg's North Shafts. Material gains in US dollar basket pricing were only partially
offset by appreciation in the rand exchange rate. As a result, the Group's sales revenue improved to
circa R33 250 per 6E ounce sold (H1 FY2025: R23 831).
Group unit costs per 6E ounce are expected to increase by 11% to circa R23 200 on a stock-adjusted
basis (H1 FY2025: R20 885). Input inflation was driven by structural adjustments in labour spend at
Zimplats, increased development rates at Marula and marginally lower stock-adjusted volumes at
managed operations.
Group capital expenditure is expected to have decreased to circa R2.9 billion (H1 FY2025: R3.9 billion)
in the period due primarily to lower levels of capital at Zimplats as processing projects neared
completion.
The financial information for the period ended 31 December 2025, on which this production update is
based, has not been reviewed and reported on by Implats' external auditors.
Ends
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
30 January 2026
Johannesburg
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Page 3 of 3
Date: 30-01-2026 08:00:00
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