Wrap Text
Production Update for the year ended 30 June 2026
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 YEAR ENDED 30 JUNE 2026
Implats will release its audited results for the year ended 30 June 2026 (the "period" or "FY2026") on or
about 3 September 2026.
The Group delivered a strong operating performance at key mining and processing assets in FY2026,
with higher refined production and sales volumes harnessing the benefit of significantly improved rand
PGM pricing in the period.
Notwithstanding a continued improvement in the overall safety performance achieved in FY2026,
regrettably the Group reported four fatalities at its managed operations in the period. The Group's lost-
time injury frequency rate and the total-injury frequency rate improved by 9% and 17% to 3.13# and
6.72#, respectively, from the year ended 30 June 2025 (the "prior comparable period" or "FY2025").
Group 6E production* improved marginally to 3.50 million 6E ounces from 3.48 million 6E ounces in the
prior comparable period.
Production from managed operations* increased by 1% to 2.75 million 6E ounces:
• Impala Rustenburg production increased by 4% to 1.74 million 6E ounces:
o Production from the South and Central shafts increased by 3%, with stock-adjusted
volumes of 1.31 million 6E ounces at a five-year high
o Saleable production from the North Shafts improved by 6% to 435 000 6E ounces and
benefitted from the sustained ramp-up in production at Styldrift
• Production in matte at Zimplats was stable at 606 300 6E ounces, with circa 24 000 6E ounces
of concentrate inventory accumulated during furnace maintenance. Concentrate volumes
benefitted from improvements in both mined and milled volumes and increased by 5% to
660 400 6E ounces
• Performance at Marula reflected the impact of an increased development rate on grade and
recoveries as strategies to improve mining flexibility were advanced. 6E concentrate production
declined by 8% to 186 000 6E ounces
• At Impala Canada, 6E concentrate volumes were 10% lower at 212 800 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
volumes from Impala Rustenburg North Shafts (formerly Impala Bafokeng), where previously only concentrate volumes from this operation were
reported.
Group operational performance FY2026 FY2025 Var %
Safety
TIFR Pmmhw 6.72 8.13 17.3
LTIFR Pmmhw 3.13 3.45 9.3
Fatalities Count 4 8
6E Group production 000oz 3 497 3 481 0.5
Managed operations 000oz 2 749 2 730 0.7
JV operations 000oz 526 542 (3.1)
Third-party 000oz 222 209 6.4
Gross 6E refined and saleable 000oz 3 559 3 375 5.5
Impala Central and South shafts 6E refined 000oz 1 256 1 244 0.9
IRS 6E refined 000oz 1 668 1 504 10.9
Impala North shafts 6E saleable1 000oz 435 409 6.2
Impala Canada 6E saleable1 000oz 200 217 (7.7)
Gross platinum refined and saleable 000oz 1 679 1 603 4.7
Gross palladium refined and saleable 000oz 1 190 1 137 4.7
Gross rhodium refined and saleable 000oz 209 193 8.3
Gross nickel refined and saleable T 18 456 15 693 17.6
6E sales volumes 000oz 3 512 3 369 4.2
Managed operations production:
Tonnes milled 000t 27 476 26 294 4.5
6E grade g/t 3.75 3.78 (0.7)
Impala Rustenburg
Tonnes milled 000t 15 070 14 149 6.5
6E grade g/t 4.13 4.14 (0.4)
6E stock adjusted2 and saleable1 000oz 1 744 1 684 3.6
Central and South shafts 6E stock adjusted2 000oz 1 310 1 275 2.7
North Shafts 6E in concentrate3 000oz 511 481 6.1
Marula
Tonnes milled 000t 1 632 1 680 (2.9)
6E grade g/t 4.02 3.97 1.3
6E in concentrate3 000oz 186 202 (7.9)
Zimplats
Tonnes milled 000t 8 046 7 471 7.7
6E grade g/t 3.29 3.37 (2.3)
6E in matte (incl. concentrate sold to IRS)4 000oz 606 606 -
Impala Canada
Tonnes milled 000t 2 728 2 994 (8.9)
6E grade g/t 2.92 2.98 (2.0)
6E in concentrate3 000oz 213 237 (10.4)
JV operations production:
Two Rivers
Tonnes milled 000t 3 462 3 484 (0.6)
6E grade g/t 3.00 3.01 (0.3)
6E in concentrate3 000oz 287 289 (0.7)
Mimosa
Tonnes milled 000t 2 872 2 913 (1.4)
6E grade g/t 3.54 3.61 (1.9)
6E in concentrate3 000oz 239 254 (5.8)
Impala Refining Services production:
Gross 6E receipts5 000oz 1 540 1 515 1.7
Managed operations (Marula and Zimplats) 000oz 787 800 (1.6)
JV operations 000oz 531 506 4.9
Third-party 000oz 222 209 6.4
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 4
Production from joint ventures ("JVs") declined by 3% to 525 700 6E ounces:
• Two Rivers recorded a 1% decrease in 6E in concentrate production to 286 600 ounces, with
yield improvements largely compensating for variations in milled throughput and grade
• At Mimosa, 6E in concentrate volumes retraced by 6% to 239 100 ounces. Processing stability
was impacted by intermittent power interruptions and increased volumes of oxidised ore as
mining activities navigated complex geology towards the extremities of the orebody.
Concentrate receipts from third parties were 6% higher at 221 900 6E ounces, reflecting better-than-
expected deliveries from underlying contractual agreements.
Refined 6E production, which includes saleable ounces from Impala Rustenburg North Shafts and
Impala Canada, improved by 5% to 3.56 million 6E ounces. South African processing assets delivered
a particularly strong performance in the period. Record milling rates were achieved at the base metal
refinery, while the precious metal refinery delivered a 6% increase in volumes to 2.92 million 6E ounces.
Excess work in process inventory was reduced in line with expectations to 300 000 6E ounces (FY2025:
420 000 ounces).
Sales volumes increased by 4% to 3.51 million 6E ounces, including saleable production from Impala
Canada and Impala Rustenburg North Shafts. The Group benefitted from significant, broad-based
appreciation of US dollar pricing for both precious and base metals in the period. Rand appreciation
provided only a marginal offset to achieved pricing and, as a result, sales revenue rose by more than
50% to circa R38 100 per 6E ounce sold.
Group unit costs per 6E ounce are expected to increase by 8% to approximately R24 250 on a stock-
adjusted basis. Unit costs benefitted from improved refined and saleable volumes and rand appreciation.
This partially offset inflationary pressures from energy pricing at our mechanised operations, the
prioritisation of development activities at Marula, which increased costs and reduced reported
production volumes, and additional discretionary spend on maintenance and infrastructure at Impala
Rustenburg and Zimplats.
Group capital expenditure is expected to have increased to circa R7.2 billion in the period. Capital
expenditure was below the guided range of R8.0 to R9.0 billion due primarily to the timing delays on
fleet expenditure at Zimplats and the commencement of projects relating to the Marula deepening and
the chrome project at Impala Rustenburg North Shafts.
The financial information for the year ended 30 June 2026, 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
Page 3 of 4
31 July 2026
Johannesburg
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Page 4 of 4
Date: 31-07-2026 08:00:00
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