IMPALA PLATINUM HOLDINGS LIMITED - Production Update for the year ended 30 June 2025
04 August 2025 14:00
Production Update for the year ended 30 June 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 YEAR ENDED 30 JUNE 2025
Implats will release its audited results for the year ended 30 June 2025 (the "period" or "FY2025") on or
about 29 August 2025.
Implats delivered a commendable performance across its mining and processing assets in FY2025. Unit
costs benefitted from easing input inflation and rand appreciation but faced headwinds from lower
production volumes. Group capital expenditure reduced as various projects were completed and
commissioned in the period. The Group generated positive free cash flow and closed the period with an
improved net cash position.
Gross Group 6E production decreased by 3% to 3.55 million 6E ounces from 3.65 million 6E ounces for
the year ended 30 June 2024 (the "comparative period" or "FY2024").
Production from managed operations declined by 4% to 2.80 million 6E ounces:
• Stock-adjusted production at Impala Rustenburg decreased by 1% to 1.28 million 6E ounces
• Impala Bafokeng delivered stable production of 481 300 6E ounces in concentrate, with the
benefit of improved efficiencies at Styldrift offset by safety stoppages
• Performance at Marula was challenged by constrained mining flexibility and organisational
restructuring implemented in the period. 6E concentrate production declined by 10% to 201 900
ounces
• 6E production in matte at Zimplats decreased by 6% to 606 300 ounces, due primarily to poor
fleet performance and compounded by the lock up of concentrates during the commissioning of
the expanded smelter complex
• At Impala Canada, 6E concentrate volumes were 15% lower at 237 400 ounces, reflecting the
operation's revised operating parameters and lower underground grade.
Production from joint ventures ("JVs") declined by 1% to 542 400 6E ounces:
• Two Rivers recorded a 1% decrease in 6E in concentrate production to 288 500 ounces, with
improved operational delivery at the UG2 operations offset by inclement weather and safety
stoppages
• At Mimosa, 6E in concentrate volumes retraced by 1% to 253 900 ounces as operating
momentum was impeded by intermittent regional power disruptions.
Concentrate receipts from third parties were 9% higher at 208 600 6E ounces, reflecting better-than-
expected deliveries from underlying contractual agreements.
Group operational performance FY2025 FY2024 Var, %
Safety
TIFR pmmhw 8.13 8.29 1.9
LTIFR pmmhw 3.45 3.89 11.3
Fatalities Count 8 19 57.9
6E Group production 000oz 3 553.3 3 653.7 -2.7
Managed operations 000oz 2 802.3 2 916.0 -3.9
JV operations 000oz 542.4 546.8 -0.8
Third-party 000oz 208.6 190.8 9.3
Gross 6E refined and saleable 000oz 3 374.5 3 377.8 -0.1
Impala 6E refined 000oz 1 244.0 1 214.1 2.5
IRS 6E refined 000oz 1 504.1 1 492.1 0.8
Impala Bafokeng 6E saleable1 000oz 409.4 409.8 -0.1
Impala Canada 6E saleable1 000oz 217.1 261.8 -17.1
Gross platinum refined and saleable 000oz 1 602.9 1 589.8 0.8
Gross palladium refined and saleable 000oz 1 136.8 1 157.5 -1.8
Gross rhodium refined and saleable 000oz 193.2 189.6 1.9
Gross nickel refined and saleable t 15 693 16 155 -2.9
6E sales volumes 000oz 3 369.0 3 438.6 -2.0
Managed operations production:
Tonnes milled 000t 26 294 27 887 -5.7
6E grade g/t 3.78 3.73 1.3
Impala Rustenburg
Tonnes milled 000t 9 995 10 204 -2.0
6E grade g/t 4.08 3.99 2.3
6E stock adjusted2 000oz 1 275.3 1 283.7 -0.7
Impala Bafokeng
Tonnes milled 000t 4 155 4 243 -2.1
6E grade g/t 4.30 4.36 -1.4
6E in concentrate3 000oz 481.3 482.6 -0.3
Marula
Tonnes milled 000t 1 680 1 851 -9.2
6E grade g/t 3.97 4.28 -7.2
6E in concentrate3 000oz 201.9 223.3 -9.6
Zimplats
Tonnes milled 000t 7 471 7 912 -5.6
6E grade g/t 3.37 3.32 1.5
6E in matte (incl. concentrate sold to IRS)4 000oz 606.3 645.9 -6.1
Impala Canada
Tonnes milled 000t 2 994 3 676 -18.6
6E grade g/t 2.98 2.90 2.6
6E in concentrate3 000oz 237.4 280.6 -15.4
JV operations production:
Two Rivers
Tonnes milled 000t 3 484 3 568 -2.4
6E grade g/t 3.01 3.12 -3.5
6E in concentrate3 000oz 288.5 291.4 -1.0
Mimosa
Tonnes milled 000t 2 913 2 894 0.7
6E grade g/t 3.61 3.61 0.1
6E in concentrate3 000oz 253.9 255.4 -0.6
Impala Refining Services production:
Gross 6E receipts5 000oz 1 514.8 1 605.7 -5.7
Managed operations 000oz 800.1 869.9 -8.0
JV operations 000oz 506.1 545.0 -7.1
Third-party 000oz 208.6 190.8 9.3
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
Refined 6E production, which includes saleable ounces from Impala Bafokeng and Impala Canada, was
stable at 3.37 million 6E ounces. Processing capacity was impeded by required maintenance at our
South African smelters, while our base and precious metals refineries faced interruptions to both water
and hydrogen supply. Implats ended the period with excess inventory of 420 000 6E ounces.
Sales volumes declined by 2% to 3.37 million 6E ounces, including saleable production from Impala
Canada and Impala Bafokeng. US dollar commodity pricing strengthened in the period, the impact of
which was offset by rand appreciation. As a result, the Group's sales revenue was stable at circa
R25 170 per 6E ounce sold.
Group unit costs per 6E ounce are expected to increase by 7% to approximately R22 500 on a stock-
adjusted basis. Moderating input inflation was offset by lower production volumes, the transfer of capital
spend to working costs at Impala Canada (circa R185 per 6E ounce), and ex gratia employee payments
incurred in the period (circa R230 per 6E ounce).
Implats generated EBITDA of circa R9.9 billion in FY2025. Group capital expenditure is expected to
have decreased to circa R7.0 billion due to lower levels of growth and replacement capital during the
year as projects neared completion and spend at Impala Canada was transferred to working costs.
Implats generated positive free cash flow of circa R2.4 billion in the period and its closing adjusted net
cash improved to circa R8.1 billion at 30 June 2025, from R6.9 billion in the comparable period.
The financial information for the year ended 30 June 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
4 August 2025
Johannesburg
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Page 3 of 3
Date: 04-08-2025 02:00:00
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