Wrap Text
Production Report For The Fourth Quarter Ending 31 December 2025
Production Report
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")
5 February 2026
PRODUCTION REPORT FOR THE FOURTH QUARTER ENDING 31 DECEMBER 2025
Craig Miller, CEO of Valterra Platinum, said:
"We delivered our strongest quarterly performance of the year in the fourth quarter, with increased production across
all major PGM metrics, showing clear momentum in achieving operational stability.
"Our own-mined output increased meaningfully driven by Amandelbult's full return to steady-state operations and
higher grades at Mogalakwena, which supported increased refined throughput and PGM sales in a higher price
environment. We exceeded guidance across full year M&C production and refined output, reflecting disciplined
execution driven by our operational excellence initiatives. With safety performance also continuing to improve, we
remain focused on our ongoing drive to optimise working capital and enhance processing stability.
"Valterra Platinum's performance in the quarter under review underscores a business operating with confidence and
consistency, delivering on its strategy to build a stable, competitive and profitable long-term PGM business.
"More insights on our performance will be shared when we release our annual results on 25 February 2026."
Safety strengthened, with strong production across all PGM metrics over the quarter
• Improved safety performance - Zero fatalities during the quarter with a 26% improvement in the total recordable
injury frequency rate (TRIFR) to 1.42 per million hours at own operations, down from 1.92 per million hours in the
prior period.
• Total PGM production (expressed as 5E+Au metal-in-concentrate (M&C)) during the quarter, increased by 1% to
880,200 ounces compared to the prior period, driven by an increase in own-mined volume. Full year PGM
production was 3,200,600 ounces.
• Own-mined PGM production was strong over the quarter, increasing by 1% to 594,600 ounces compared to the
prior period. On a quarter-on-quarter basis, own-mined production increased by 10%, reflecting Amandelbult's
return to steady-state production for the first full quarter following the February 2025 flooding. Full year own-
mined PGM production exceeded guidance at 2,060,300 ounces.
• Purchase of PGM concentrate (POC) decreased by 1% on the prior period to 285,600 ounces. Full year POC PGM
production was 1,140,300 ounces.
• Refined PGM production (excluding tolling) increased by 1% on the prior period, and 6% from the previous quarter
to 1,039,400 ounces due to higher M&C production and the release of work-in-progress inventory. Full year refined
PGM production exceeded guidance at 3,412,000 ounces.
• PGM sales volumes for the quarter increased by 4% to 1,042,100 ounces, supported by the rollover of some sales
from the previous quarter into October and increased sales volumes of minor PGMs. Full year sales volumes were
3,454,300 ounces, driven by higher refined production.
• Production guidance for 2026 for M&C and refined production is consistent with prior estimates at 3.0-3.4
million ounces.
REVIEW OF THE QUARTER
Q4 Q4 FY
2025 2025 2025
Valterra Platinum Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
Q4 Q3 FY
PGM Production Report - Q4 2025 2025 2025 2025 2025 2024 2024 2025 2025 2024 2024
M&C PGM production(1)- adj for Kroondal (2) 880.2 855.1 769.0 696.3 875.7 1% 3 % 3,200.6 3,364.2 (5)%
Own-mined volume(3) 594.6 539.6 464.1 461.9 588.3 1% 10 % 2,060.3 2,191.8 (6)%
(4)
Purchase of concentrate 285.6 315.5 304.9 234.3 287.4 (1)% (9)% 1,140.3 1,172.4 (3)%
(1)
M&C PGM production 880.2 855.1 769.0 696.3 875.7 1% 3 % 3,200.6 3,553.1 (10)%
Own-mined volume(3)- as reported 594.6 539.6 464.1 461.9 588.3 1% 10 % 2,060.3 2,191.8 (6)%
(4)
Purchase of concentrate - as reported 285.6 315.5 304.9 234.3 287.4 (1)% (9)% 1,140.3 1,361.3 (16)%
(4) (2)
Refined PGM production - adj for Kroondal 1,039.4 981.5 954.0 431.3 992.0 5% 6 % 3,406.2 3,723.0 (9)%
4E Toll refined production 257.3 215.7 194.0 214.0 218.7 18% 19 % 881.0 823.0 7%
Total refined production (owned & toll) 1,296.7 1,197.2 1,148.0 645.3 1,210.7 7% 8 % 4,287.2 4,546.0 (6)%
Refined PGM production (4) 1,039.4 981.5 954.0 437.1 1,027.9 1% 6 % 3,412.0 3,916.3 (13)%
4E Toll refined production- as reported 257.3 215.7 194.0 208.2 182.8 41% 19 % 875.2 629.7 39%
Total refined production (owned & toll)- as reported 1,296.7 1,197.2 1,148.0 645.3 1,210.7 7% 8 % 4,287.2 4,546.0 (6)%
PGM sales volume (5) - adj for Kroondal (2) 1,042.1 936.8 981.5 486.9 960.0 9% 11 % 3,447.4 3,835.4 (10)%
PGM sales volume (5) - as reported 1,042.1 936.8 981.5 493.7 1,002.0 4% 11 % 3,454.3 4,077.8 (15)%
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.
Overview – Q4 2025 performance vs prior period Q4 2024
Improved safety performance
Zero fatalities reported for the quarter reflects our continued efforts to enhance the safety at our operations and our
commitment to fostering a culture where safety, respect and wellbeing are at the heart of everything we do.
These efforts also resulted in us achieving a 26% improvement in TRIFR to 1.42 per million hours worked at own-
managed operations, down from 1.92 in the prior period.
Total M&C PGM production
Total PGM production in Q4 2025 increased by 1% to 880,200 ounces compared to the prior period, primarily due to
an increase in own-mined volume.
Strong PGM production from own mines
Own-mined production increased by 1% to 594,600 ounces compared to the prior period, mainly due to higher
production from Amandelbult, partially offset by lower production at Mogalakwena, Unki and Mototolo. Fourth-
quarter production delivered the strongest quarterly performance of 2025, increasing by 10% quarter-on-quarter
due to Amandelbult's return to steady-state operations and improved output at Mogalakwena.
• Mogalakwena's PGM production decreased by 8% to 260,800 ounces, despite higher tonnes milled, primarily due
to a lower built-up head grade compared to Q4 2024. Quarter-on-quarter production increased by 16%, supported
by an 11% improvement in grade to 2.71g/t and an 87% increase in full-grade ore tonnes mined to ~4.7 million
tonnes. Mogalakwena produced ~948,000 ounces for the year, reflecting the continued delivery of tangible results
from the implementation of operational excellence initiatives. These include pit optimisation work, improved
concentrator throughput, reduced mass pull, as well as the benefits of processing of low-grade ore stockpiles. At
the Sandsloot underground project, 3.2 km of development was completed during 2025, with progress further
supported by the successful completion of the ventilation main pass. The year ended with a ~80,000 tonne bulk
ore sample stockpile, which is expected to be processed in 2026 to support the completion of the feasibility study.
• Amandelbult PGM production recovered significantly in the fourth quarter, with a 14% quarter-on-quarter increase
driven by the return of Tumela Mine to steady-state operations. Full year production exceeded guidance at 483,600
ounces as a result of comprehensive execution of the restoration plan following the February 2025 flooding.
• Mototolo's PGM production was impacted by the development work supporting the advancement of the Der
Brochen project, which is progressing steadily, with all development ends successfully intersecting the reef after
navigating the weathered zone. A higher proportion of development tonnes mined compared to the prior period
diluted the overall mined grade, leading to a 4% decline in production to 71,000 ounces. As anticipated, production
was further impacted by complex geological features at both Borwa and Lebowa shafts.
• Unki's PGM production declined by 9% to 54,700 PGM ounces, driven by the continued mining of lower-grade ore
blocks and concentrator throughput disruptions resulting from power and plant instabilities.
• Modikwa PGM production (50% own-mined) increased by 1% to 33,600 ounces, primarily due to higher tonnes
milled.
Purchases of PGM concentrate
Purchase of concentrate volumes decreased by 1% to 285,600 ounces, primarily due to lower receipts from third
parties, partially offset by higher production at Modikwa.
Strong refined PGM production
Refined PGM production (excluding tolling) increased by 1% to 1,039,400 ounces compared to the prior period,
partially driven by higher M&C production. Refined output exceeded M&C mined and purchased, supported by solid
processing performance and sustained improvements in the stability and reliability of the processing infrastructure,
which enabled the optimisation of work-in-progress inventory.
Toll-refined PGM production increased by 41% to 257,300 PGM ounces, primarily due to the inclusion of Kroondal as
toll-refined production from December 2024.
Improved base metal and chrome production
Nickel production increased by 12% to 7,098 tonnes, while copper production decreased by 2% to 4,413 tonnes.
Quarter-on-quarter nickel and copper production increased by 14% and 5% respectively.
Total chrome production for the quarter increased by 17% to 298,000 tonnes, mainly due to higher chrome production
at Amandelbult and improvements in chrome yields across our own operations.
Increased PGM sales volumes and realised basket price
PGM sales volumes increased by 4% to 1,042,100 ounces, supported by the timing of some sales rolling over from
the previous quarter into October, together with higher volumes of minor PGMs sold.
The average Q4 2025 realised basket price of R38,723/PGM ounce, or $2,269/PGM ounce was the highest since Q4
2022 and up 41% and 50% year-on-year respectively. All PGMs, except iridium, contributed substantial year-on-year
gains, most importantly, platinum and rhodium averaged 78% and 70% higher respectively. A broad-based price rally
that began in May, driven by a mix of bullish macroeconomic, fundamental, and structural factors, gained further
momentum during the final quarter on rising investor interest in physical assets, the launch of new futures contracts
in China and ongoing market tightness. The average realised full year ZAR PGM basket price of R32,611/PGM ounce
increased by 22%, while the Dollar PGM basket price of $1,852/PGM ounce increased by 26% year-on-year.
Production guidance for 2026-2028
Production guidance for 2026 for M&C and refined production is consistent with prior estimates at 3.0–3.4 million
ounces. Refined production, which has historically been lower in the first quarter, is expected to be more evenly
distributed throughout the year following the re-phasing of the annual stock counts and scheduled processing
maintenance.
2026 guidance 2027 estimate 2028 estimate
Platinum Group Metals - M&C production (1) 3.0–3.4 Moz 3.0–3.3 Moz 3.0–3.3 Moz
Own-mined volume 2.1–2.3 Moz 2.1–2.3 Moz 2.2–2.4 Moz
Purchase of concentrate (POC) 0.9–1.1 Moz 0.9–1.0 Moz 0.8–0.9 Moz
(2)
Platinum Group Metals - Refined 3.0–3.4 Moz 3.0–3.4 Moz 3.0–3.4 Moz
(1)
The average M&C split by metal is Platinum: c.45%, Palladium: c.33% and Other: c.22%
(2)
Refined production excludes toll-refined material.
Q4 2025 Q4 2025 FY 2025
Valterra Platinum Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
PGM Production Report - Q4 2025 2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 FY 2024
Safety
Fatalities - own managed operations number — 1 1 0 1 (100) % (100) % 2 3 (33)%
Total recordable case frequency rate
(TRCFR) /million hrs 1.42 1.53 1.28 1.70 1.92 (26) % (7)% 1.48 1.67 (14)%
Mined production
PGM ounces produced(1) 000 ounces 594.6 539.6 464.1 462.0 588.3 1% 10 % 2,060.3 2,191.8 (6)%
Platinum 000 ounces 271.2 246.4 207.0 207.1 267.5 1% 10 % 931.6 997.5 (7)%
Palladium 000 ounces 214.0 192.7 178.2 175.4 218.0 (2)% 11 % 760.3 798.7 (5)%
Rhodium 000 ounces 33.4 30.8 23.0 23.8 31.1 8% 8 % 111.1 122.2 (9)%
Other PGMs 000 ounces 76.0 69.7 55.9 55.7 71.7 6% 9 % 257.3 273.4 (6)%
Tonnes milled 000 tonnes 6,563 6,331 5,848 5,675 6,219 6% 4 % 24,415 24,261 1%
4E built-up head grade(2) g/t 3.14 3.02 2.88 2.91 3.34 (6)% 4% 2.99 3.20 (6)%
Mogalakwena
PGM ounces produced(1) 000 ounces 260.8 225.7 234.3 227.0 283.5 (8)% 16 % 947.8 953.4 (1)%
Platinum 000 ounces 110.2 96.3 98.8 95.9 122.0 (10) % 14 % 401.3 408.5 (2)%
Palladium 000 ounces 121.0 103.1 108.2 105.2 129.8 (7)% 17 % 437.5 437.5 —%
Rhodium 000 ounces 7.0 6.2 6.5 6.3 7.6 (8)% 14 % 26.0 26.2 (1)%
Other PGMs 000 ounces 22.6 20.1 20.8 19.6 24.1 (6)% 12 % 83.0 81.2 2%
Tonnes milled 000 tonnes 3,753 3,623 3,699 3,583 3,701 1% 4 % 14,658 13,866 6%
4E built-up head grade(2) g/t 2.71 2.45 2.48 2.48 3.00 (10) % 11 % 2.53 2.69 (6)%
Amandelbult
PGM ounces produced(1) 000 ounces 174.5 153.1 70.2 85.8 136.9 27 % 14 % 483.6 579.8 (17)%
Platinum 000 ounces 87.5 76.9 35.9 43.3 69.0 27 % 14 % 243.6 294.4 (17)%
Palladium 000 ounces 40.5 35.8 16.3 20.0 31.8 27 % 13 % 112.5 135.7 (17)%
Rhodium 000 ounces 16.1 14.2 6.2 7.8 12.6 28 % 14 % 44.3 52.9 (16)%
Other PGMs 000 ounces 30.4 26.2 11.8 14.7 23.5 29 % 16 % 83.2 96.8 (14)%
Tonnes milled 000 tonnes 1,170 1,085 550 588 899 30 % 8% 3,392 4,070 (17)%
4E built-up head grade(2) g/t 4.37 4.41 4.12 4.40 4.49 (3)% (1)% 4.35 4.48 (3)%
Mototolo
PGM ounces produced(1) 000 ounces 71.0 66.2 67.5 66.2 74.2 (4)% 7% 270.8 276.5 (2)%
Platinum 000 ounces 32.8 30.6 31.3 30.6 34.1 (4)% 7% 125.2 125.8 —%
Palladium 000 ounces 20.1 18.9 19.2 19.0 21.5 (6)% 6% 77.2 81.3 (5)%
Rhodium 000 ounces 5.7 5.4 5.4 5.4 6.0 (5)% 6% 21.9 22.3 (2)%
Other PGMs 000 ounces 12.4 11.3 11.6 11.2 12.6 (2)% 10 % 46.5 47.1 (1)%
Tonnes milled 000 tonnes 683 646 632 602 666 3% 6% 2,563 2,539 1%
4E built-up head grade(2) g/t 3.19 3.22 3.31 3.34 3.41 (6)% (1)% 3.26 3.42 (5)%
Unki
PGM ounces produced(1) 000 ounces 54.7 57.5 53.8 53.6 60.3 (9)% (5)% 219.7 240.0 (8)%
Platinum 000 ounces 25.6 26.6 24.7 24.6 27.7 (8)% (4)% 101.5 109.1 (7)%
Palladium 000 ounces 20.7 21.7 20.6 20.6 23.1 (10) % (4)% 83.6 92.5 (10)%
Rhodium 000 ounces 2.4 2.5 2.2 2.3 2.6 (9)% (4)% 9.4 10.6 (12)%
Other PGMs 000 ounces 6.0 6.7 6.3 6.1 6.9 (13) % (10) % 25.2 27.8 (9)%
Tonnes milled 000 tonnes 627 653 644 636 652 (4)% (4)% 2,559 2,602 (2)%
4E built-up head grade(2) g/t 3.21 3.28 3.18 3.21 3.43 (7)% (2)% 3.22 3.38 (5)%
Modikwa joint operation (AAP share)(3)
PGM ounces produced(1) 000 ounces 33.6 37.0 38.3 29.4 33.4 1% (9)% 138.4 142.1 (3)%
Platinum 000 ounces 15.1 15.9 16.3 12.7 14.7 2% (5)% 60.0 59.7 1%
Palladium 000 ounces 11.7 13.3 13.9 10.6 11.8 (1)% (12) % 49.5 51.7 (4)%
Rhodium 000 ounces 2.2 2.6 2.7 2.0 2.3 (4)% (15) % 9.5 10.2 (7)%
Other PGMs 000 ounces 4.6 5.2 5.4 4.1 4.6 —% (12) % 19.4 20.5 (5)%
Tonnes milled 000 tonnes 330 324 323 266 301 10 % 2% 1,243 1,184 5%
4E built-up head grade(2) g/t 3.50 3.81 3.92 3.86 3.72 (6)% (8)% 3.77 3.84 (2)%
Purchase of concentrate (POC)
PGM ounces produced(1) 000 ounces 285.6 315.5 304.9 234.3 287.4 (1)% (10) % 1,140.3 1,361.3 (16)%
Platinum 000 ounces 129.4 139.4 138.0 102.0 130.0 —% (7)% 508.9 629.1 (19)%
Palladium 000 ounces 60.3 67.3 68.6 51.4 63.7 (5)% (10) % 247.6 319.0 (22)%
Rhodium 000 ounces 16.8 19.1 18.0 14.1 17.0 (1)% (12) % 68.0 91.5 (26)%
Other PGMs 000 ounces 79.1 89.7 80.3 66.8 76.7 3% (12) % 315.8 321.7 (2)%
Q4 2025 Q4 2025 FY 2025
Valterra Platinum Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
PGM Production Report - Q4 2025 2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 FY 2024
Refined production owned
PGM ounces refined 000 ounces 1,039.4 981.5 954.0 437.1 1,027.9 1% 6% 3,412.0 3,916.3 (13) %
Platinum 000 ounces 490.6 440.3 455.0 170.2 482.1 2% 11 % 1,556.0 1,845.7 (16) %
Palladium 000 ounces 326.7 310.4 286.8 141.3 327.9 —% 5% 1,065.3 1,248.5 (15) %
Rhodium 000 ounces 63.2 61.6 55.7 27.6 67.8 (7)% 3% 208.2 248.4 (16) %
Other PGMs 000 ounces 158.9 169.2 156.5 98.0 150.1 6% (6)% 582.5 573.7 2%
Nickel tonnes 7,098 6,226 6,408 4,161 6,329 12 % 14 % 23,893 25,737 (7)%
Copper tonnes 4,413 4,201 3,573 3,054 4,515 (2)% 5% 15,241 17,063 (11) %
Chrome 000 tonnes 298 271 165 181 255 17 % 10 % 916 950 (4)%
Toll refining
PGM ounces refined 000 ounces 257.3 215.7 194.0 208.2 182.8 41 % 19 % 875.2 629.7 39 %
Platinum 000 ounces 152.5 128.4 115.2 123.6 108.6 40 % 19 % 519.8 370.9 40 %
Palladium 000 ounces 80.2 67.4 59.9 64.3 57.7 39 % 19 % 271.8 197.0 38 %
Rhodium 000 ounces 21.8 17.3 16.3 17.7 13.9 57 % 26 % 73.2 52.4 40 %
Gold 000 ounces 2.8 2.5 2.6 2.6 2.6 8% 9% 10.4 9.4 11 %
Sales volume from production
PGM ounces 000 ounces 1,042.1 936.8 981.5 493.7 1,002.0 4% 11 % 3,454.3 4,077.8 (15) %
Platinum 000 ounces 516.8 411.7 474.8 148.4 477.7 8% 26 % 1,551.8 1,870.9 (17) %
Palladium 000 ounces 309.5 297.9 267.9 171.2 334.6 (7)% 4 % 1,046.5 1,293.9 (19) %
Rhodium 000 ounces 63.9 56.8 54.1 29.3 68.2 (6)% 12 % 204.1 253.4 (19) %
Other PGMs 000 ounces 151.9 170.4 184.7 144.8 121.5 25 % (11) % 651.9 659.6 (1)%
Realised metal, FX and basket prices
Platinum (US$/oz) 1,683 1,392 1,024 985 945 78 % 21 % 1,338 955 40 %
Palladium (US$/oz) 1,388 1,157 1,006 957 975 42 % 20 % 1,157 1,003 15 %
Rhodium (US$/oz) 7,831 6,125 5,404 4,556 4,607 70 % 28 % 6,236 4,637 35 %
Iridium (US$/oz) 4,484 4,287 3,938 4,029 4,457 (1)% 2 % 4,227 4,590 (8)%
Ruthenium (US$/oz) 904 799 586 493 442 102 % 13 % 687 365 88 %
Gold (US$/oz) 4,212 3,528 3,313 2,731 2,895 46 % 19 % 3,495 2,559 37 %
Average Fx achieved on sales ZAR/US$ 17.13 17.64 18.23 18.51 17.90 (4)% (3)% 17.84 18.24 (2)%
US$ realised basket price (/PGM oz) 2,269 1,916 1,508 1,533 1,509 50 % 18 % 1,852 1,468 26 %
ZAR realised basket price (/PGM oz) 38,723 33,654 27,443 28,005 27,371 41 % 15 % 32,611 26,695 22 %
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'.
The information contained in this announcement has not been audited by the Company's auditors
JSE sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
For further information, please contact:
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 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: 05-02-2026 09:05:00
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