Wrap Text
Production Report For The Third Quarter Ending 30 September 2026
Valterra Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
JSE Share Code: VAL
LSE Share Code: VALT
JSE Debt Issuer Code: VALI
ISIN: ZAE000013181
Tax number: 9575104717
(“The Company" or "Valterra Platinum")
23 October 2026
PRODUCTION REPORT FOR THE THIRD QUARTER ENDING 30 SEPTEMBER 2026
Craig Miller, CEO of Valterra Platinum, said:
“Ensuring that our employees return home safely every day is our highest priority. The tragic loss of our colleague,
Ms. Olwethu Kutta, at the Amandelbult Tumela Mine in July is unacceptable, and our thoughts are with her family,
friends, and colleagues. We remain unwavering in our commitment to preventing a recurrence and have launched
an immediate call to action to strengthen safety leadership and controls across the business, supported by an
independent review from industry-leading safety specialists. The findings and recommendations from these
processes are being implemented across our operations as we continue to strengthen our safety culture and pursue
our goal of zero harm.
“Own-mined M&C production was lower during the quarter, primarily reflecting company-wide safety stoppages
undertaken following the fatalities in the first half of the year, to reinforce safety leadership and critical controls
across the business. A strong performance at Mototolo partially offset the lower production. Refined production
reflected the planned re-phasing of processing maintenance and annual stock counts into the third quarter,
supporting a more balanced distribution of refined production across the year.
“We achieved another important strategic milestone during the quarter through the conclusion of two new purchase
of concentrate agreements with Tharisa plc. These agreements further enhance the margins generated from our
third-party processing portfolio while supporting utilisation of our processing infrastructure, reinforcing the value and
competitive advantage of our integrated processing platform.
“Looking ahead, production remains on track to be delivered within our 2026 guidance range, and we remain
focused on operating safely, executing with discipline and delivering sustainable value for all our stakeholders.”
Resilient performance amid safety and operational headwinds
• Safety performance - One work-related fatality at Amandelbult in July. The total recordable injury frequency rate
(TRIFR) at 1.45 per million hours at own operations improved by 5% compared to the prior period.
• Total PGM production (expressed as 5E+Au metal-in-concentrate (M&C)) decreased by 6% to 804,300 ounces,
driven by lower own-mined volumes and by weaker purchase of concentrate (POC) volumes.
• Own-mined PGM production decreased by 5% to 511,900 ounces, primarily driven by the impact of safety
stoppages, at Amandelbult. A strong performance at Mototolo partially offset the lower production at
Mogalakwena and Unki.
• Purchase of PGM concentrate (POC) decreased by 7% to 292,400 ounces, reflecting reduced volumes from
various third-party producers.
• Refined PGM production (excluding tolling) decreased by 41% to 576,900 ounces, primarily due to the re-phasing
of scheduled processing maintenance and annual stock counts from the first to the third quarter. Year-to-date
refined production for the nine months ended September 2026 remained broadly in line with the prior year.
• PGM sales volumes decreased by 27% to 683,300 ounces, driven by lower refined production, partially offset by a
drawdown of refined inventory. Year-to-date sales volumes for the nine months ended September 2026 remained
in line with the prior year, this period normalizes for the change in timing of the processing maintenance.
• Guidance for 2026 remains unchanged, with M&C and refined production expected to be between 3.0-3.4 million
ounces. Cash operating unit costs are expected to be at or around the upper end of the guided range of R19,000-
R20,000 per PGM ounce, driven by inflationary pressures on key consumables, including fuel, drill steel,
chemicals and certain explosives, associated with the ongoing Middle East conflict, coupled with the impact of
the safety-related stoppages on production volumes. Mitigation initiatives remain in place through operational
efficiencies, disciplined cost management and procurement interventions. The targeted all-in sustaining cost
(AISC) remains at approximately US$1,050 per 3E ounce.
REVIEW OF THE QUARTER
YTD
Q3 2026 Q3 2026 2026
Valterra Platinum Q3 Q2 Q1 Q4 Q3 vs vs YTD YTD vs
YTD
PGM Production Report - Q3 2026 2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 2025
(1)
M&C PGM production 804.3 775.4 743.5 880.2 855.1 (6)% 4 % 2,323.2 2,320.4 —%
Own-mined volume(2) 511.9 525.7 486.2 594.6 539.6 (5)% (3)% 1,523.7 1,465.7 4%
(3)
Purchase of concentrate 292.4 249.7 257.3 285.6 315.5 (7)% 17 % 799.5 854.7 (6)%
Refined PGM production 576.9 963.5 778.5 1,039.4 981.5 (41)% (40)% 2,318.8 2,372.6 (2)%
(4)
Base metals (tonnes) 7,119 10,634 9,725 11,511 10,427 (32)% (33)% 27,478 27,623 (1)%
Dry chrome produced (kt) 277 279 269 283 258 7% (1)% 825 587 41 %
PGM sales volumes (5) 683.3 945.6 791.4 1,042.1 936.8 (27)% (28)% 2,420.3 2,412.1 —%
(6)
Dry chrome sales volumes (kt) 260 346 207 242 258 1% (25)% 814 572 42 %
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
PGM production from Mogalakwena, Amandelbult, Mototolo, Unki and 50% attributable production from joint operation Modikwa
3
PGM production from third parties and 50% purchased from joint operation Modikwa
4
Base metals consists of Nickel and Copper
5
Refined and sales volumes owned by Valterra Platinum referencing its annual guidance i.e. excluding toll refining volumes
6
Dry chrome sales refers to 40.5% UG2 chrome concentrate.
Overview – Q3 2026 performance vs prior period Q3 2025
Safety performance
Regrettably, we experienced a fatal incident at our Amandelbult Tumela Mine in July 2026. Ms. Olwethu Kutta, lost
her life in a fall-of-ground incident while conducting a planned workover inspection. In response, we implemented a
company-wide call to action to strengthen critical safety controls, reinforce frontline risk management and enhance
leadership engagement and verification across our operations. We remain resolute in our commitment to learning
from incidents to prevent recurrence and have engaged leading external safety specialists to review our safety
practices. While the loss of life remains our overriding concern, broader safety indicators improved during the
quarter, with the total recordable injury frequency rate (TRIFR) at own operations decreasing by 5% to 1.45 per
million hours worked.
Total M&C PGM production
Total PGM production in Q3 2026 decreased by 6% to 804,300 ounces compared to the prior period, primarily
driven by a 5% decrease in own-mined production and by a 7% decrease in POC volumes.
PGM production from own mines
Own-mined production decreased by 5% to 511,900 ounces compared to the prior period, mainly due to lower
output from Amandelbult, Mogalakwena and Unki, partially offset by higher production at Mototolo.
• Mogalakwena’s PGM production decreased by 4% to 217,600 ounces, primarily reflecting lower milling
throughput following the expiry of the Baobab concentrator lease at the end of 2025, consistent with the planned
milling profile for 2026. Ore tonnes increased in line with the pit sequence, which also supported an improved
head grade, while recovery was impacted by the processing of a different ore blend compared to the prior period.
Consistent with our value-over-volume approach, we continued to optimise feed grades through the strategic
blending of low-grade ore stockpiles.
• Amandelbult PGM production decreased by 10% to 137,900 ounces, reflecting the impact of Section 54
regulatory and self-imposed safety stoppages across the mine, following the fatal incident at Tumela mine.
Operational performance recovered progressively during the latter part of the quarter as compliance measures
were implemented and operations resumed. By quarter-end, the operation had returned to steady state
production, supporting an expected step-up in output in the fourth quarter.
• Mototolo’s PGM production increased by 7% to 70,800 ounces, reflecting strong performance from the Borwa
shaft and the continued ramp-up of the Der Brochen shaft. The increase was further supported by higher milling
throughput and an improved head grade.
• Unki’s PGM production declined by 12% to 50,600 ounces, primarily due to lower head grades as mining
progressed into planned lower-grade areas of the orebody with higher internal waste dilution, together with lower
milling throughput associated with planned plant maintenance.
• Modikwa PGM production (50% own-mined) decreased by 5% to 35,000 ounces, driven by lower concentrator
recoveries, reduced head grades and marginally lower milling volumes. Recoveries were impacted by the
treatment of weathered open-pit ore, while operational disruptions affected grades and throughput during the
quarter.
Purchases of PGM concentrate
Purchase of concentrate volumes decreased by 7% to 292,400 ounces, reflecting reduced volumes from various
third-party producers, as well as lower production at Modikwa.
Refined PGM production
Refined PGM production (excluding tolling) decreased by 41% to 576,900 ounces, reflecting the re-phasing of the
processing maintenance and stock counts from the first to the third quarter of the year. As a result, year-to-date
refined production for the nine months ended September 2026 remained broadly in line with the prior year, with
both periods reflecting the impact of planned maintenance and stock count activities. Processing operations were
fully ramped up by the end of August, with refined production returning to unconstrained run rates during
September.
Base metal and chrome production
Nickel production decreased by 39% to 3,825 tonnes and copper production decreased by 22% to 3,294 tonnes,
driven by the re-phasing of scheduled processing maintenance and stock counts to the third quarter of the year.
Total dry 40.5% UG2 chrome concentrate production for the quarter increased by 7% to 277,000 tonnes, mainly
due to the restoration of Amandelbult to stable production levels and improved chrome yields, partially offset by
lower chrome production at Mototolo.
PGM sales volumes and realised basket price
PGM sales volumes decreased by 27% to 683,300 ounces, driven by lower refined production during the quarter,
partially offset by a drawdown of refined inventory. Year-to-date sales volumes for the nine months ended
September 2026 remained in line with the prior year, this period normalizes for the change in timing of the
processing maintenance.
The average realised basket price was R38,815/PGM ounce, or US$2,383/PGM ounce, representing year-on-year
increases of 15% in rand terms and 24% in dollar terms. Although major PGM prices moderated quarter-on-quarter
amid weaker automotive sales and broader macroeconomic concerns, they remained well above prior-year levels.
Minor PGMs, particularly iridium and ruthenium, continued to outperform, supported by robust demand from
emerging technology applications.
Guidance for 2026
Guidance for 2026 remains unchanged, with M&C and refined production expected to be between 3.0-3.4 million
ounces. Cash operating unit costs are expected to be at or around the upper end of the guided range of R19,000-
R20,000 per PGM ounce, assuming current macroeconomic and commodity market conditions persist for the
remainder of the year. Cost pressures are primarily related to key consumables, including fuel, drill steel, chemicals
and certain explosives, associated with the ongoing Middle East conflict, together with the impact of safety-related
stoppages on production volumes. Mitigation initiatives remain in place through operational efficiencies, disciplined
cost management and procurement interventions. The targeted all-in sustaining cost (AISC) remains at
approximately US$1,050 per 3E ounce.
YTD
Q3 2026 Q3 2026 2026
Valterra Platinum Q3 Q2 Q1 Q4 Q3 vs vs YTD YTD vs
YTD
PGM Production Report - Q3 2026 2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 2025
Safety
Fatalities - own managed operations number 1 2 1 0 1 —% (50) % 4 2 100%
Total recordable case frequency rate
(TRCFR) /million hrs 1.45 1.41 1.91 1.42 1.53 (5)% 3% 1.58 1.52 4%
Mined production
PGM ounces produced(1) 000 ounces 511.9 525.7 486.2 594.6 539.6 (5)% (3)% 1,523.7 1,465.7 4%
Platinum 000 ounces 231.7 240.9 221.2 271.2 246.4 (6)% (4)% 693.9 660.5 5%
Palladium 000 ounces 185.4 188.7 176.3 214.0 192.7 (4)% (2)% 550.4 546.3 1%
Rhodium 000 ounces 29.0 29.6 26.6 33.4 30.8 (6)% (2)% 85.4 77.6 10%
Other PGMs 000 ounces 65.8 66.5 62.1 76.0 69.7 (6)% (1)% 194.0 181.3 7%
Tonnes milled 000 tonnes 6,130 6,019 5,857 6,563 6,331 (3)% 2 % 18,005 17,852 1%
4E head grade(2) g/t 2.99 3.04 2.95 3.14 3.02 (1)% (2)% 3.00 2.94 2%
Mogalakwena
PGM ounces produced(1) 000 ounces 217.6 228.9 212.3 260.8 225.7 (4)% (5)% 658.8 687.0 (4)%
Platinum 000 ounces 91.8 98.8 90.0 110.2 96.3 (5)% (7)% 280.6 291.1 (4)%
Palladium 000 ounces 100.6 104.4 97.6 121.0 103.1 (2)% (4)% 302.6 316.5 (4)%
Rhodium 000 ounces 6.0 6.2 5.6 7.0 6.2 (3)% (3)% 17.9 19.0 (6)%
Other PGMs 000 ounces 19.2 19.5 19.1 22.6 20.1 (4)% (2)% 57.7 60.4 (4)%
Tonnes milled 000 tonnes 3,555 3,454 3,439 3,753 3,623 (2)% 3 % 10,449 10,905 (4)%
4E head grade(2) g/t 2.48 2.56 2.42 2.71 2.45 1% (3)% 2.48 2.47 —%
Amandelbult
PGM ounces produced(1) 000 ounces 137.9 151.3 122.8 174.5 153.1 (10) % (9)% 412.1 309.1 33 %
Platinum 000 ounces 68.7 76.0 61.7 87.5 76.9 (11) % (10) % 206.5 156.1 32 %
Palladium 000 ounces 32.9 35.3 28.7 40.5 35.8 (8)% (7)% 96.8 72.1 34 %
Rhodium 000 ounces 12.7 13.9 11.2 16.1 14.2 (11) % (9)% 37.9 28.2 34 %
Other PGMs 000 ounces 23.6 26.1 21.2 30.4 26.2 (10) % (10) % 70.9 52.7 35 %
Tonnes milled 000 tonnes 947 1,032 855 1,170 1,085 (13) % (8)% 2,833 2,222 27 %
4E head grade(2) g/t 4.47 4.43 4.45 4.37 4.41 1% 1% 4.45 4.33 3%
Mototolo
PGM ounces produced(1) 000 ounces 70.8 58.7 68.2 71.0 66.2 7% 21 % 197.6 199.8 (1)%
Platinum 000 ounces 32.7 27.3 31.9 32.8 30.6 7% 20 % 91.9 92.4 (1)%
Palladium 000 ounces 20.3 16.6 19.4 20.1 18.9 7% 22 % 56.4 57.0 (1)%
Rhodium 000 ounces 5.7 4.7 5.5 5.7 5.4 6% 21 % 15.9 16.2 (2)%
Other PGMs 000 ounces 12.1 10.1 11.4 12.4 11.3 7% 20 % 33.4 34.2 (2)%
Tonnes milled 000 tonnes 687 610 651 683 646 6% 13 % 1,948 1,880 4%
4E head grade(2) g/t 3.26 3.04 3.25 3.19 3.22 1% 7% 3.19 3.29 (3)%
Unki
PGM ounces produced(1) 000 ounces 50.6 51.8 51.7 54.7 57.5 (12) % (2)% 154.0 165.0 (7)%
Platinum 000 ounces 23.4 23.9 24.0 25.6 26.6 (12) % (2)% 71.3 75.9 (6)%
Palladium 000 ounces 19.2 19.7 19.5 20.7 21.7 (12) % (3)% 58.4 62.9 (7)%
Rhodium 000 ounces 2.2 2.3 2.2 2.4 2.5 (12) % (4)% 6.7 7.0 (4)%
Other PGMs 000 ounces 5.8 5.9 6.0 6.0 6.7 (13) % (2)% 17.6 19.2 (8)%
Tonnes milled 000 tonnes 619 622 641 627 653 (5)% —% 1,881 1,932 (3)%
4E head grade(2) g/t 2.98 3.03 3.08 3.21 3.28 (9)% (2)% 3.03 3.22 (6)%
Modikwa joint operation (VP share)(3)
PGM ounces produced(1) 000 ounces 35.0 35.0 31.2 33.6 37.0 (5)% —% 101.2 104.8 (3)%
Platinum 000 ounces 15.1 14.9 13.6 15.1 15.9 (5)% 1% 43.6 44.9 (3)%
Palladium 000 ounces 12.4 12.7 11.1 11.7 13.3 (7)% (2)% 36.2 37.8 (4)%
Rhodium 000 ounces 2.4 2.5 2.1 2.2 2.6 (8)% (4)% 7.0 7.3 (4)%
Other PGMs 000 ounces 5.1 4.9 4.4 4.6 5.2 (2)% 4% 14.4 14.8 (3)%
Tonnes milled 000 tonnes 321 301 271 330 324 (1)% 7% 894 913 (2)%
4E head grade(2) g/t 3.74 3.90 3.89 3.50 3.81 (2)% (4)% 3.84 3.86 (1)%
Purchase of concentrate (POC)
PGM ounces produced(1) 000 ounces 292.4 249.7 257.3 285.6 315.5 (7)% 17 % 799.5 854.7 (6)%
Platinum 000 ounces 130.6 110.1 117.8 129.4 139.4 (6)% 19 % 358.5 379.4 (6)%
Palladium 000 ounces 60.8 53.5 54.8 60.3 67.3 (10) % 14 % 169.1 187.4 (10) %
Rhodium 000 ounces 17.9 14.6 15.4 16.8 19.1 (6)% 23 % 47.9 51.2 (6)%
Other PGMs 000 ounces 83.1 71.5 69.3 79.1 89.7 (7)% 16 % 224.0 236.7 (5)%
VALTERRA PLATINUM PGMs PRODUCTION REPORT FOR THE THIRD QUARTER ENDING 30 SEPTEMBER 2026 5
YTD
Q3 2026 Q3 2026 2026
Valterra Platinum Q3 Q2 Q1 Q4 Q3 vs vs YTD YTD vs
YTD
PGM Production Report - Q3 2026 2026 2026 2026 2025 2025 Q3 2025 Q2 2026 2026 2025 2025
Refined production owned
PGM ounces refined 000 ounces 576.9 963.5 778.5 1,039.4 981.5 (41) % (40) % 2,318.8 2,372.6 (2)%
Platinum 000 ounces 259.2 486.9 354.7 490.6 440.3 (41) % (47) % 1,100.8 1,065.4 3%
Palladium 000 ounces 187.7 285.1 234.0 326.7 310.4 (40) % (34) % 706.7 738.6 (4)%
Rhodium 000 ounces 31.5 57.6 41.5 63.2 61.6 (49) % (45) % 130.6 144.9 (10) %
Other PGMs 000 ounces 98.5 133.9 148.3 158.9 169.2 (42) % (26) % 380.7 423.7 (10) %
Nickel tonnes 3,825 6,425 5,880 7,098 6,226 (39) % (40) % 16,129 16,795 (4)%
Copper tonnes 3,294 4,209 3,845 4,413 4,201 (22) % (22) % 11,348 10,828 5%
UG2 chrome concentrate(4) 000 tonnes 277 279 269 283 258 7% (1)% 825 587 41 %
Toll refining
PGM ounces refined 000 ounces 209.2 189.8 226.4 257.3 215.7 (3)% 10 % 625.4 617.9 1%
Platinum 000 ounces 122.3 113.2 132.4 152.5 128.4 (5)% 8% 367.8 367.3 —%
Palladium 000 ounces 65.3 58.8 68.4 80.2 67.4 (3)% 11 % 192.4 191.6 —%
Rhodium 000 ounces 19.5 15.8 23.2 21.8 17.3 13 % 23 % 58.5 51.4 14 %
Gold 000 ounces 2.1 2.0 2.4 2.8 2.5 (16) % 5% 6.7 7.6 (12) %
Sales volume from production
PGM ounces 000 ounces 683.3 945.6 791.4 1,042.1 936.8 (27) % (28) % 2,420.3 2,412.1 —%
Platinum 000 ounces 295.1 453.2 365.8 516.8 411.7 (28) % (35) % 1,114.1 1,035.0 8%
Palladium 000 ounces 214.7 278.5 236.0 309.5 297.9 (28) % (23) % 729.2 737.0 (1)%
Rhodium 000 ounces 34.1 50.0 44.3 63.9 56.8 (40) % (32) % 128.4 140.2 (8)%
Other PGMs 000 ounces 139.4 163.9 145.3 151.9 170.4 (18) % (15) % 448.6 499.9 (10)%
UG2 chrome concentrate(4) 000 tonnes 260 346 207 242 258 1% (25) % 814 572 42 %
Realised metal, FX and basket prices
Platinum (US$/oz) 1,726 1,966 2,249 1,683 1,392 24 % (12) % 1,996 1,165 71%
Palladium (US$/oz) 1,315 1,452 1,695 1,388 1,157 14 % (9)% 1,490 1,055 41%
Rhodium (US$/oz) 8,438 10,014 9,788 7,831 6,125 38 % (16) % 9,518 5,519 72%
Iridium (US$/oz) 7,720 7,139 6,459 4,484 4,287 80 % 8 % 7,070 4,101 72%
Ruthenium (US$/oz) 1,583 1,479 1,437 904 799 98 % 7 % 1,500 626 140%
Gold (US$/oz) 4,239 4,429 4,947 4,212 3,528 20 % (4)% 4,581 3,225 42%
Chrome(5) (US$/t) 255 260 270 252 280 (9)% (2)% 261 257 2%
Average FX achieved on sales ZAR/US$ 16.27 16.51 16.35 17.13 17.64 (8)% (1)% 16.39 18.12 (10)%
US$ realised basket price (/PGM oz) 2,383 2,710 2,911 2,269 1,916 24 % (12)% 2,683 1,672 60%
ZAR realised basket price (/PGM oz) 38,815 44,708 47,529 38,723 33,654 15 % (13)% 43,967 29,970 47%
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
UG2 Chrome concentrate refers to 40.5% UG2 chrome concentrate in dry tonnes
5
Realised 40.5% UG2 chrome concentrate price which reflects a weighted average of various incoterm sales
The information contained in this announcement has not been audited by the Company’s auditors
JSE equity sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
JSE debt sponsor:
The Standard Bank of South Africa Limited
For further information, please contact:
Company Secretary:
Fiona Edmundson
fiona.edmundson@valterraplatinum.com
Investors:
Leroy Mnguni
leroy.mnguni@valterraplatinum.com
Marcela Grochowina
marcela.grochowina@valterraplatinum.com
Media:
Cindy Maneveld
cindy.maneveld@valterraplatinum.com
ABOUT VALTERRA PLATINUM
Valterra Platinum 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. We operate
world class, long-life mines and the industry’s most efficient processing assets, responsibly mining, smelting, and
refining PGMs and associated co-products from operations located in South Africa and Zimbabwe. With integrated
marketing hubs in London, Singapore and Shanghai, we deliver tailored solutions for our customers. We continue to
integrate sustainability into everything we do, invest in our mining and processing capabilities and advance market
development initiatives to grow and commercialise new demand segments. We make a meaningful impact in the
communities where we operate and remain committed to delivering consistent and superior returns to
shareholders. Guided by our purpose of unearthing value to better our world, we are committed to zero harm,
disciplined capital allocation and delivery on our value-accretive strategic priorities.
Date: 23/10/2026 08:05:00
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