Wrap Text
Production Report for the period ended 31 March 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 REPORT FOR THE PERIOD ENDED 31 MARCH 2026
Key features
• For the nine months ended 31 March 2026 (the "period"), total-injury and lost-time frequency rates#
improved by 18% and 15%, respectively, from the period ended 31 March 2025 (the "prior comparable
period")
• 6E Group production volumes* were stable at 2.56 million ounces - managed volumes were largely
unchanged at 2.0 million ounces, JV production decreased 2% to 395 000 ounces, and third-party
receipts of 167 000 ounces increased by 16% from the prior comparable period
• Gross 6E refined and saleable production rose 5% to 2.63 million ounces and 6E sales volumes
increased by 3% to 2.63 million ounces during the period.
Implats' Chief Executive Officer, Nico Muller, commented: "Our third quarter production results reflect strong
operating momentum at several key mining assets at the Group. Our processing assets delivered well to reduce
excess inventory, despite the scheduled rebuild of our Number 4 furnace during the period. We remain firmly
on track to deliver our previously provided Group volume, unit cost and capital expenditure guidance for FY2026.
"Demand for PGMs from our customer base has remained robust, despite elevated global geopolitical tensions
and we have benefitted from sustained pricing support for PGMs in the quarter. We are closely monitoring the
impact of events in the Middle East on our supply chains, with steps taken to buffer availability of critical
consumables and spares at our operations.
"We remain focused on delivering consistent and safe production in the final months of FY2026 – ensuring our
ability to capitalise on strong rand PGM pricing, maximise free cash flow generation and deliver value."
# 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 Impala Rustenburg North Shafts (formerly Impala Bafokeng), whereas previously only concentrate volumes from this operation were
reported.
Q3 Q3 FY2026 FY2025
Group operational performance Var % Var %
FY2026 FY2025 YtD YtD
Safety
TIFR Pmmhw 5.68 9.01 36.9 6.64 8.04 17.5
LTIFR Pmmhw 2.83 3.89 27.3 2.99 3.51 14.9
Fatalities Count 2 3 5
6E Group production 000oz 762 766 (0.5) 2 560 2 550 0.4
Managed operations 000oz 588 604 (2.6) 1 999 2 003 (0.2)
JV operations 000oz 122 121 0.8 395 403 (2.1)
Third-party 000oz 52 41 26.9 167 144 16.2
Gross 6E refined and saleable 000oz 851 716 18.8 2 633 2 504 5.1
Impala Central and South shafts 6E refined 000oz 267 226 18.1 910 944 (3.6)
IRS 6E refined 000oz 432 361 19.5 1 245 1 107 12.5
Impala North Shafts 6E saleable1 000oz 98 78 25.8 327 295 10.9
Impala Canada 6E saleable1 000oz 54 51 6.0 151 158 (4.6)
Gross platinum refined and saleable 000oz 395 323 22.2 1 246 1 186 5.1
Gross palladium refined and saleable 000oz 292 257 13.5 876 844 3.8
Gross rhodium refined and saleable 000oz 52 45 17.5 155 147 6.0
Gross nickel refined and saleable t 4 388 3 524 24.5 13 981 11 899 17.5
6E sales volumes 000oz 847 775 9.2 2 626 2 549 3.0
Managed operations production:
Tonnes milled 000t 6 492 5 881 10.4 20 528 19 621 4.6
6E grade g/t 3.75 3.74 0.4 3.76 3.78 (0.5)
Impala Rustenburg
Tonnes milled 000t 3 494 3 097 12.8 11 287 10 641 6.1
6E grade g/t 4.15 4.06 2.2 4.12 4.14 (0.4)
6E stock adjusted2 and saleable1 000oz 416 358 16.2 1 304 1 261 3.4
Central and South shafts 6E stock adjusted2 000oz 318 280 13.5 979 966 1.3
North Shafts 6E in concentrate3 000oz 116 92 25.8 383 346 10.7
Marula
Tonnes milled 000t 392 401 (2.2) 1 243 1 249 (0.5)
6E grade g/t 4.09 3.88 5.4 4.06 4.03 0.7
6E in concentrate3 000oz 44 46 (6.3) 141 148 (4.8)
Zimplats
Tonnes milled 000t 1 926 1 674 15.1 5 949 5 485 8.4
6E grade g/t 3.28 3.36 (2.5) 3.29 3.38 (2.6)
6E in matte (incl. concentrate sold to IRS)4 000oz 76 140 (45.3) 393 419 (6.3)
Impala Canada
Tonnes milled 000t 680 709 (4.1) 2 049 2 246 (8.7)
6E grade g/t 2.85 3.14 (9.2) 2.95 2.93 0.7
6E in concentrate3 000oz 52 60 (13.1) 161 175 (8.1)
JV operations production:
Two Rivers
Tonnes milled 000t 845 821 3.0 2 576 2 608 (1.2)
6E grade g/t 2.86 2.87 (0.3) 3.02 3.02 (0.1)
6E in concentrate3 000oz 64 61 3.9 214 214 (0.3)
Mimosa
Tonnes milled 000t 688 695 (1.0) 2 157 2 162 (0.2)
6E grade g/t 3.55 3.61 (1.7) 3.58 3.61 (0.8)
6E in concentrate3 000oz 58 60 (2.3) 181 189 (4.1)
Impala Refining Services production:
Gross 6E receipts5 000oz 301 321 (6.3) 1 106 1 087 1.7
Managed operations (Marula and Zimplats) 000oz 126 174 (27.8) 534 554 (3.7)
JV operations 000oz 123 106 16.1 406 390 4.1
Third-party 000oz 52 41 26.9 167 144 16.2
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.
2
HEALTH AND SAFETY
Implats is determined to eliminate fatalities and life-changing injuries, in line with our vision of achieving zero
harm to the health and safety of our employees and contractors. As such, safe production remains our foremost
priority.
Regrettably, during the quarter ended 31 March 2026, the Group reported two fatalities at its managed
operations, resulting from a winch incident in February and a tramming incident in March, both of which occurred
at Impala Rustenburg. The board and management team have extended their sincere sympathies and continue
to offer support to the families of Mr Monnawapula Joshua Sikhomba and Mr Karabo Edward Pitse.
The Group's lost-time injury frequency rate (LTIFR) improved by 27% to 2.83 per million man-hours worked
from 3.89 reported in the prior comparable period, while the total-injury frequency rate (TIFR) improved by 37%
to 5.68 per million man-hours worked.
For the nine months ended 31 March 2026, the Group's LTIFR and TIFR improved by 15% and 18% to 2.99
and 6.64 per million-man hours worked, respectively, from the prior comparable period.
PRODUCTION
Quarter ended 31 March 2026
Gross Group 6E production was stable at 762 000 ounces.
Tonnes milled at managed operations increased by 10% to 6.49 million tonnes, reflecting improved mining fleet
availability and higher open-pit volumes at Zimplats as well as positive operating momentum at Impala
Rustenburg, which offset the planned reduction in volumes at Impala Canada and the continued focus on
development at Marula. 6E milled grade of 3.75g/t benefitted from changes in ore mix, with higher milled
volumes at Impala Rustenburg offsetting the impact of increased throughput of lower-grade open-pit ore at
Zimplats and lower grades at Impala Canada.
Notwithstanding the improvements in mined and milled volumes, 6E production at managed operations retraced
by 3% to 588 000 ounces, as matte volumes at Zimplats were adversely impacted by the accumulation of 63 000
ounces of concentrate inventory during smelter maintenance. 6E production from the joint ventures (JVs) at
Mimosa and Two Rivers improved by 1% to 122 000 ounces. At Impala Refining Services (IRS), third-party 6E
receipts were 27% higher than the prior comparable quarter at 52 000 ounces.
Refined 6E production, which includes saleable ounces from Impala Canada and Impala Rustenburg North
Shafts (formerly Impala Bafokeng), improved by 19% to 851 000 ounces. The rebuild of Furnace 4, which was
initiated in December 2025, progressed in the period with first matte produced, as planned, in mid-April 2026.
Implats finished the period with circa 320 000 6E ounces of excess inventory (Q3 FY2025: 375 000 ounces, H1
FY2026: 400 000 ounces).
6E sales volumes increased by 9% to 847 000 ounces, including saleable production from Impala Canada and
Impala Rustenburg North Shafts.
Nine months ended 31 March 2026
Group production benefitted from improved operating momentum at Impala Rustenburg and Zimplats, which
offset changes in operating parameters at Marula and Impala Canada. Tonnes milled from managed operations
increased by 5% to 20.53 million tonnes, while the average 6E mill grade declined by 1% to 3.76g/t.
6E production from managed operations at Impala Rustenburg, Zimplats, Marula and Impala Canada was stable
at 2.00 million ounces. During smelter maintenance at Zimplats, 63 000 ounces of concentrate inventory
accumulated, which reduced reported matte volumes. 6E production from the JV operations decreased by 2%
to 395 000 ounces, while received 6E third-party concentrate volumes were 16% higher at 167 000 ounces. In
total, Group 6E production was stable at 2.56 million ounces.
3
Refined 6E production, which includes saleable production from Impala Rustenburg North Shafts and Impala
Canada, increased by 5% to 2.63 million ounces while 6E sales volumes increased by 3% to 2.63 million ounces.
Group excess inventory reduced ahead of expectations, supported by a strong performance at the base and
precious metal refineries and despite the scheduled rebuild of Furnace 4 initiated in December 2025. The
processing of accumulated Zimplats concentrates, with higher associated base metal content, will slow the pace
of inventory reduction in Q4 FY2026.
Impala Rustenburg
Quarter ended 31 March 2026
Reported production volumes benefitted from a strong start-up following the Christmas break, while several
operational constraints were navigated in the prior comparable period. Tonnes milled improved by 13% to 3.49
million tonnes, while grade improved by 2% to 4.15g/t.
At North Shafts, higher volumes at Styldrift underpinned a 26% increase in 6E concentrate production to
116 000 ounces. Recorded metal production in the prior comparable period was negatively impacted by
logistical delays in delivering volumes to third-party processing facilities due to heavy rainfall at period end.
6E stock-adjusted production at South and Central shafts improved by 14% to 318 000 ounces, with milled
throughput in the prior period hampered by concentrator maintenance and heavy rainfall, which impacted ore
movements and re-mining volumes.
Following the consolidation of the Impala Rustenburg complex, reported 6E production volumes comprise stock-
adjusted ounces from South and Central shafts (318 000 ounces) and saleable ounces from North Shafts
(adjusted for offtake terms from a third party of 98 000 ounces). On this basis, 6E production volumes improved
by 16% to 416 000 ounces.
Refined 6E production at South and Central shafts increased by 18% to 267 000 ounces due to the feed
allocation to Group processing operations, as accumulated excess inventory was reduced at Impala Refining
Services (IRS). Saleable 6E production from North Shafts increased by 26% to 98 000 ounces.
Nine months ended 31 March 2026
Milled volumes improved by 6% to 11.29 million tonnes, while 6E mill grade of 4.12g/t regressed marginally on
higher contributions from mechanised sections and dilution caused by geological features. 6E concentrate
production from North Shafts improved by 11% to 383 000, while 6E stock-adjusted volumes from South and
Central shafts rose 1.3% to 979 000 ounces. Refined 6E production from South and Central shafts declined by
4% to 910 000 ounces and 6E saleable volumes from North Shafts improved by 11% to 327 000 ounces.
Impala Refining Services (IRS)
Quarter ended 31 March 2026
Concentrate and matte receipts were impacted by lower deliveries from managed operations, which offset the
benefit of higher receipts from JVs and third parties. Receipts from managed operations decreased by 28% to
126 000 6E ounces due to the accumulation of concentrates at Zimplats and lower production volumes at
Marula. JV receipts increased by 16% to 123 000 6E ounces. Deliveries from Mimosa in the prior comparable
period were impacted by administrative delays. Receipts from IRS third-party customers increased by 27% to
52 000 6E ounces. In aggregate, 6E total receipts declined by 6% to 301 000 ounces, while refined production
increased by 20% to 432 000 ounces as previously accumulated inventory was reduced.
Nine months ended 31 March 2026
Mine-to-market receipts decreased marginally to 939 000 6E ounces on concentrate accumulation at Zimplats
and weaker volumes at Marula, which offset the benefit of higher deliveries from Mimosa and stable production
at Two Rivers. Third-party receipts were 16% higher at 167 000 6E ounces and, in aggregate, gross receipts
4
were 2% higher at 1.11 million ounces. Refined volumes benefitted from feed allocation at Group processing
operations and increased by 12% to 1.25 million ounces as previously accumulated excess inventory was
reduced.
Marula
Quarter ended 31 March 2026
Marula's operating performance reflects continued efforts to prioritise development to support a sustained
improvement in mining flexibility, development metres increasing by 25% from the prior comparable period.
Milled volumes declined by 2% to 392 000 tonnes, while grade improved by 5% to 4.09g/t 6E. Process
recoveries were negatively impacted by dilution and milled grade variation from higher development-to-stoping
ratios, resulting in 6E concentrate production volumes declining by 6% to 44 000 ounces.
Nine months ended 31 March 2026
Milled throughput of 1.24 million tonnes was stable, while 6E head grade of 4.06g/t was 1% higher than the
prior comparable period. 6E concentrate production declined by 5% to 141 000 ounces reflecting the impact of
mill feed variations on process recoveries.
Two Rivers
Quarter ended 31 March 2026
Tonnes milled improved by 3% while 6E grade was stable at 2.86g/t 6E and 6E production increased by 4% to
64 000 ounces. Production in the prior comparable period was negatively impacted by weather-related damage
to electrical substations and the access bridge to the mine.
Nine months ended 31 March 2026
Operational and yield improvements at the UG2 mine largely offset the impact of safety stoppages in H1 FY2026
and tonnes milled declined by 1%, while grade was stable at 3.02 6/t 6E. Improved process recoveries mitigated
the impact of lower milled volumes and 6E concentrate volumes were stable at 214 000 ounces.
Zimplats
Quarter ended 31 March 2026
Mined and milled volumes benefitted from improvements in the availability and performance of the mechanised
fleet and higher volumes of open-pit production. Tonnes milled improved by 15%, while 6E grade regressed by
3% to 3.28g/t 6E due to higher contributions of lower-grade South Pit ore and dilution due to geological
structures. 6E concentrate volumes increased by 18% to 159 000 ounces, with production in the prior
comparable period adversely impacted by final assay adjustments. Production in matte was adversely impacted
by furnace maintenance and declined by 45% to 76 000 6E ounces. Maintenance was completed during the
quarter with matte tapping reinitiated in mid-March 2026. Accumulated 6E concentrate stock of circa 63 000 6E
ounces at Zimplats is expected to be depleted during the remainder of FY2026.
Nine months ended 31 March 2026
Milled throughput improved by 8%, while milled grade of 3.29g/t 6E declined by 3%. 6E concentrate production
improved by 6% to 487 000 ounces, while the build-up of concentrate inventories resulted in matte production
declining by 6% to 393 000 6E ounces.
5
Mimosa
Quarter ended 31 March 2026
Mimosa continued to experience sporadic regional power disruptions, which impeded operating momentum,
while milled grade was impacted by complex ground conditions and geology. Milled volumes decreased by 1%
to 688 000 tonnes, while milled 6E head grade declined by 2% to 3.55g/t. 6E Concentrate production fell 2% to
58 000 ounces as process stability and yield was challenged by power disruptions and changes in ore
mineralogy.
Nine months ended 31 March 2026
Mimosa delivered a commendable operating performance amid a complex operating context and intermittent
power interruptions. Milled throughput was stable at 2.16 million tonnes while 6E head grade declined by 1% to
3.58g/t. 6E concentrate production of 181 000 was 4% lower than the prior comparable period.
Impala Canada
Quarter ended 31 March 2025
Impala Canada continued to deliver in line with the mine's revised production baseline. Milled throughput
decreased by 4% to 680 000 tonnes, while milled head grade of 2.85g/t declined by 9% from the prior
comparable period, reflecting ore source and cost optimisation. 6E production in concentrate was 13% lower at
52 000 ounces.
Nine months ended 31 March 2026
Milled throughput declined by 9% to 2.05 million tonnes. Milled head grade improved by 1% to 2.95g/t and 6E
concentrate production was 8% lower at 161 000 ounces.
OUTLOOK AND GUIDANCE
Implats delivered a strong mining and processing performance at key assets in the quarter and remains firmly
on track to deliver within previously guided Group operating, cost and capital expenditure parameters for
FY2026.
The third quarter production report for the period 1 January 2026 to 31 March 2026 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
6
24 April 2026
Johannesburg
Sponsor:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
7
Date: 24-04-2026 07:05:00
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