Wrap Text
Production Report For The Second Quarter Ending 30 June 2026
Production Report
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 Coder: VALI
ISIN: ZAE000013181
Tax number: 9575104717
("The Company" or "Valterra Platinum")
17 July 2026
PRODUCTION REPORT FOR THE SECOND QUARTER ENDING 30 JUNE 2026
Craig Miller, CEO of Valterra Platinum, said:
"The safety of everyone at Valterra Platinum remains our highest priority, and it is therefore with deep regret that we
lost two colleagues in separate work-related incidents during the quarter. Mr. Thato Makuwa at Mogalakwena lost
his life on 9 June, and Mr. Mongezi Mbusi at Amandelbult on 11 June. On behalf of the entire Valterra Platinum team,
we convey our deepest condolences to their families, friends and colleagues. While we cannot undo these tragic
events, they have strengthened our resolve to create a safer workplace and prevent future loss of life. We have taken
decisive action across the business, bringing our leaders together to align safety priorities, undertaking operation-
wide day long safety stoppages, and strengthening frontline leadership engagement and risk management. We
remain unwavering in our commitment to preventing harm and ensuring that everyone returns home safely every
day.
"From a production perspective, the second quarter of 2026 reflected a resilient year-on-year recovery with own-
mined metal-in-concentrate (M&C) production up 13%, driven largely by improved performance at Amandelbult
following the flooding disruptions experienced in 2025.
"Looking ahead to the remainder of the year, our priorities are clear. We remain focused on embedding a culture of
zero harm, while continuing to advance operational excellence as we unlock further efficiencies across the
portfolio. We are well positioned for a strong second half, supported by improving operational performance and
increased production flexibility. We remain committed to delivering within our 2026 guidance."
Resilient performance underpinned by enhanced operational excellence
• Safety performance - Two tragic work-related fatalities at Mogalakwena and at Amandelbult. The total
recordable injury frequency rate (TRIFR) at 1.41 per million hours at own operations increased by 10% compared
to the prior period.
• Total PGM production (expressed as 5E+Au metal-in-concentrate (M&C)) increased by 1% to 775,400 ounces,
driven by higher own-mined volume, partially offset by weaker purchase of concentrate (POC) volumes.
• Own-mined PGM production increased by 13% to 525,700 ounces, primarily driven by improved performance at
Amandelbult following the 2025 flooding, partially offset by lower production at Mototolo, Mogalakwena and
Unki.
• Purchase of PGM concentrate (POC) decreased by 18% to 249,700 ounces, reflecting reduced volumes from
various third-party producers.
• Refined PGM production (excluding tolling) increased by 1% to 963,500 ounces, in line with the increase in
M&C production. Refined production exceeded M&C production, reflecting the ongoing optimisation of work-in-
progress inventory across the processing value chain.
• PGM sales volumes decreased by 4% to 945,600 ounces, primarily reflecting timing differences between
production and sales during the period.
• Guidance for 2026 remains unchanged, with M&C and refined production expected to be between 3.0-3.4
million ounces. Cash operating unit cost guidance remains intact at R19,000-R20,000 per PGM ounce, although
costs are anticipated to be at the upper end of the guidance range. The targeted all-in sustaining cost (AISC) of
~US$1,050 per 3E ounce is also unchanged. We continue to closely monitor the potential inflationary impact of
the Middle East conflict on input costs.
REVIEW OF THE QUARTER
Q2 Q2 H1
2026 2026 2026
Valterra Platinum Q2 Q1 Q4 Q3 Q2 vs vs H1 H1 vs
Q2 Q1 H1
PGM Production Report - Q2 2026 2026 2026 2025 2025 2025 2025 2026 2026 2025 2025
M&C PGM production (1)
775.4 743.5 880.2 855.1 769.0 1% 4 % 1,518.9 1,465.3 4%
Own-mined volume (2)
525.7 486.2 594.6 539.6 464.1 13 % 8 % 1,011.8 926.1 9%
Purchase of concentrate(3) 249.7 257.3 285.6 315.5 304.9 (18)% (3)% 507.1 539.2 (6)%
Refined PGM production 963.5 778.5 1,039.4 981.5 954.0 1% 24 % 1,741.9 1,391.1 25 %
Base metals (tonnes) (4)
10,634 9,725 11,511 10,427 9,981 7% 9 % 20,359 17,196 18 %
Chrome (kt) 294 283 298 271 165 78 % 4% 576 346 66 %
PGM sales volume (5) 945.6 791.4 1,042.1 936.8 981.5 (4)% 19 % 1,737.0 1,475.2 18 %
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.
Overview – Q2 2026 performance vs prior period Q2 2025
Safety performance
We recorded two tragic work-related fatalities during the quarter. On 9 June, Mr. Thato Makuwa lost his life in a
drowning incident at Mogalakwena, and on 11 June Mr. Mongezi Mbusi lost his life in an underground load-haul-
dump (LHD) vehicle incident at Amandelbult.
These incidents are a stark reminder that safety must remain our highest priority. In response, we have reinforced
our safety interventions and intensified our focus on achieving a step change in safety performance across the
business. We have aligned leadership on key safety priorities, implemented operation-wide safety stoppages for all
employees and business partners, accelerated our behavioural safety programme to strengthen our zero-harm
culture, and enhanced controls around critical risks. While investigations remain ongoing, we are embedding the
initial lessons learned across the business to strengthen risk management, improve safety behaviours and
leadership accountability, and ensure that everyone returns home safely every day.
Our total recordable injury frequency rate (TRIFR) at own operations increased by 10% to 1.41 per million hours
worked, reflecting a higher number of recorded injuries and increased working shifts as Amandelbult returned to
more normalised operating levels compared to Q2 2025.
Total M&C PGM production
Total PGM production in Q2 2026 increased by 1% to 775,400 ounces compared to the prior period, primarily driven
by a 13% increase in own-mined production, offset by a 18% decrease in POC volumes.
PGM production from own mines
Own-mined production increased by 13% to 525,700 ounces compared to the prior period, mainly due to higher
output from Amandelbult, partially offset by lower production at Mogalakwena, Mototolo and Unki.
• Mogalakwena's PGM production decreased by 2% to 228,900 ounces, mainly due to lower milling throughput
following the expiry of the Baobab concentrator lease at the end of 2025. Ore tonnes mined increased in line with
the pit sequence, supporting an improvement in built-up head grade. 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 increased by 116% to 151,300 ounces, reflecting the recovery from the significant
flooding experienced in 2025. As the operation only returned to steady-state production during the third quarter of
2025, the prior period remained significantly impacted by the 2025 flooding. Since then, improvements in both
mining and concentrator performance, together with higher grades have supported the increase in production.
• Mototolo's PGM production decreased by 13% to 58,700 ounces, reflecting the impact of a safety stoppage of
approximately 14 days following the fatal incident at Borwa Shaft in March and a gradual ramp-up after the
upliftment of the regulatory stoppage. The operation has since returned to steady-state production, with
operational performance normalising, and a step-up in output is expected in the second half of the year.
• Unki's PGM production declined by 4% to 51,800 ounces, driven by the anticipated transition into lower-grade
areas of the orebody.
• Modikwa PGM production (50% own-mined) decreased by 9% to 35,000 ounces, primarily due to lower milling
volumes and a decline in built-up head grade.
Purchases of PGM concentrate
Purchase of concentrate volumes decreased by 18% to 249,700 ounces, reflecting reduced volumes from various
third-party producers.
Refined PGM production
Refined PGM production (excluding tolling) increased by 1% to 963,500 ounces, in-line with the increase in M&C
production. Refined production continued to exceed M&C production, reflecting the ongoing optimisation of work-
in-progress inventory across the processing value chain.
Improved base metal and chrome production
Nickel production was broadly in line with the prior period at 6,425 tonnes. Copper production increased by 18% to
4,209 tonnes, driven by a timing difference for copper tonnes returned from tolling arrangements in the prior period.
Total chrome production for the quarter increased by 78% to 294,000 tonnes, primarily driven by the return of
Amandelbult to stable operating levels following the 2025 flooding and improved chrome yields, partially offset by
lower chrome production at Mototolo.
PGM sales volumes and realised basket price
PGM sales volumes decreased by 4% to 945,600 ounces, primarily reflecting timing differences between
production and sales during the period.
The average realised basket price increased strongly to R44,708/PGM ounce, or $2,710/PGM ounce, representing a
year-on-year increase of 63% in rand terms and 80% in dollar terms. While prices moderated quarter-on-quarter as
investor demand for precious metals eased amid changing interest rate expectations, all PGM prices remained
substantially above prior-year levels, supported by favourable underlying supply and demand fundamentals.
Guidance for 2026-2028
Production guidance for 2026 remains unchanged, with M&C and refined production expected to be between
3.0-3.4 million ounces. Cash operating unit cost guidance remains intact at R19,000-R20,000 per PGM ounce,
although costs are anticipated to be at the upper end of the guidance range. The targeted all-in sustaining cost
(AISC) of ~US$1,050 per 3E ounce is also unchanged. We continue to closely monitor the potential inflationary
impact of the Middle East conflict on input costs.
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
Platinum Group Metals - Refined (2) 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.
Q2 Q2 H1
2026 2026 2026
Valterra Platinum Q2 Q1 Q4 Q3 Q2 vs vs H1 H1 vs
Q2 Q1 H1
PGM Production Report - Q2 2026 2026 2026 2025 2025 2025 2025 2026 2026 2025 2025
Safety
Fatalities - own managed operations number 2 1 0 1 1 100 % 100 % 3 1 200 %
Total recordable case frequency rate
(TRCFR) /million hrs 1.41 1.91 1.42 1.53 1.28 10 % (26)% 1.66 1.46 14 %
Mined production
PGM ounces produced(1) 000 ounces 525.7 486.2 594.6 539.6 464.1 13 % 8 % 1,011.8 926.1 9%
Platinum 000 ounces 240.9 221.2 271.2 246.4 207.0 16 % 9 % 462.2 414.1 12 %
Palladium 000 ounces 188.7 176.3 214.0 192.7 178.2 6% 7 % 365.2 353.6 3%
Rhodium 000 ounces 29.6 26.6 33.4 30.8 23.0 29 % 11 % 56.3 46.8 21 %
Other PGMs 000 ounces 66.5 62.1 76.0 69.7 55.9 19 % 7 % 128.1 111.6 15 %
Tonnes milled 000 tonnes 6,019 5,857 6,563 6,331 5,848 3% 3 % 11,876 11,521 3%
4E built-up head grade(2) g/t 3.04 2.95 3.14 3.02 2.88 6% 3% 3.00 2.90 3%
Mogalakwena
PGM ounces produced(1) 000 ounces 228.9 212.3 260.8 225.7 234.3 (2)% 8% 441.2 461.3 (4)%
Platinum 000 ounces 98.8 90.0 110.2 96.3 98.8 —% 10 % 188.8 194.8 (3)%
Palladium 000 ounces 104.4 97.6 121.0 103.1 108.2 (4)% 7% 202.1 213.4 (5)%
Rhodium 000 ounces 6.2 5.6 7.0 6.2 6.5 (5)% 11 % 11.9 12.8 (7)%
Other PGMs 000 ounces 19.5 19.1 22.6 20.1 20.8 (6)% 2% 38.4 40.3 (5)%
Tonnes milled 000 tonnes 3,454 3,439 3,753 3,623 3,699 (7)% —% 6,894 7,282 (5)%
4E built-up head grade(2) g/t 2.56 2.42 2.71 2.45 2.48 3% 6% 2.49 2.48 —%
Amandelbult
PGM ounces produced(1) 000 ounces 151.3 122.8 174.5 153.1 70.2 116 % 23 % 274.1 156.0 76 %
Platinum 000 ounces 76.0 61.7 87.5 76.9 35.9 112 % 23 % 137.8 79.2 74 %
Palladium 000 ounces 35.3 28.7 40.5 35.8 16.3 117 % 23 % 64.0 36.3 76 %
Rhodium 000 ounces 13.9 11.2 16.1 14.2 6.2 124 % 24 % 25.1 14.0 79 %
Other PGMs 000 ounces 26.1 21.2 30.4 26.2 11.8 121 % 23 % 47.2 26.5 78 %
Tonnes milled 000 tonnes 1,032 855 1,170 1,085 550 88 % 21 % 1,886 1,137 66 %
4E built-up head grade(2) g/t 4.43 4.45 4.37 4.41 4.12 8% —% 4.44 4.26 4%
Mototolo
PGM ounces produced(1) 000 ounces 58.7 68.2 71.0 66.2 67.5 (13)% (14)% 126.8 133.6 (5)%
Platinum 000 ounces 27.3 31.9 32.8 30.6 31.3 (13)% (14)% 59.2 61.8 (4)%
Palladium 000 ounces 16.6 19.4 20.1 18.9 19.2 (14)% (14)% 36.0 38.2 (6)%
Rhodium 000 ounces 4.7 5.5 5.7 5.4 5.4 (13)% (15)% 10.2 10.8 (6)%
Other PGMs 000 ounces 10.1 11.4 12.4 11.3 11.6 (13)% (11)% 21.4 22.8 (6)%
Tonnes milled 000 tonnes 610 651 683 646 632 (3)% (6)% 1,261 1,234 2%
4E built-up head grade(2) g/t 3.04 3.25 3.19 3.22 3.31 (8)% (6)% 3.15 3.32 (5)%
Unki
PGM ounces produced(1) 000 ounces 51.8 51.7 54.7 57.5 53.8 (4)% —% 103.5 107.5 (4)%
Platinum 000 ounces 23.9 24.0 25.6 26.6 24.7 (3)% —% 47.9 49.3 (3)%
Palladium 000 ounces 19.7 19.5 20.7 21.7 20.6 (4)% 1% 39.3 41.2 (5)%
Rhodium 000 ounces 2.3 2.2 2.4 2.5 2.2 5% 5% 4.5 4.5 —%
Other PGMs 000 ounces 5.9 6.0 6.0 6.7 6.3 (8)% (2)% 11.8 12.5 (6)%
Tonnes milled 000 tonnes 622 641 627 653 644 (3)% (3)% 1,262 1,279 (1)%
4E built-up head grade(2) g/t 3.03 3.08 3.21 3.28 3.18 (5)% (2)% 3.05 3.19 (4)%
Modikwa joint operation (AAP share)(3)
PGM ounces produced(1) 000 ounces 35.0 31.2 33.6 37.0 38.3 (9)% 12 % 66.2 67.7 (2)%
Platinum 000 ounces 14.9 13.6 15.1 15.9 16.3 (9)% 10 % 28.5 29.0 (2)%
Palladium 000 ounces 12.7 11.1 11.7 13.3 13.9 (9)% 14 % 23.8 24.5 (3)%
Rhodium 000 ounces 2.5 2.1 2.2 2.6 2.7 (7)% 19 % 4.6 4.7 (2)%
Other PGMs 000 ounces 4.9 4.4 4.6 5.2 5.4 (9)% 11 % 9.3 9.5 (2)%
Tonnes milled 000 tonnes 301 271 330 324 323 (7)% 11 % 573 589 (3)%
4E built-up head grade(2) g/t 3.90 3.89 3.50 3.81 3.92 (1)% —% 3.89 3.89 —%
Purchase of concentrate (POC)
PGM ounces produced(1) 000 ounces 249.7 257.3 285.6 315.5 304.9 (18)% (3)% 507.1 539.2 (6)%
Platinum 000 ounces 110.1 117.8 129.4 139.4 138.0 (20)% (7)% 227.9 240.0 (5)%
Palladium 000 ounces 53.5 54.8 60.3 67.3 68.6 (22)% (2)% 108.3 120.0 (10)%
Rhodium 000 ounces 14.6 15.4 16.8 19.1 18.0 (19)% (5)% 30.0 32.1 (7)%
Other PGMs 000 ounces 71.5 69.3 79.1 89.7 80.3 (11)% 3% 140.9 147.1 (4)%
VALTERRA PLATINUM PGMs PRODUCTION REPORT FOR THE SECOND QUARTER ENDING 30 JUNE 2026 5
Q2 Q2 H1
2026 2026 2026
Valterra Platinum Q2 Q1 Q4 Q3 Q2 vs vs H1 H1 vs
Q2 Q1 H1
PGM Production Report - Q2 2026 2026 2026 2025 2025 2025 2025 2026 2026 2025 2025
Refined production owned
PGM ounces refined 000 ounces 963.5 778.5 1,039.4 981.5 954.0 1% 24 % 1,741.9 1,391.1 25 %
Platinum 000 ounces 486.9 354.7 490.6 440.3 455.0 7% 37 % 841.6 625.2 35 %
Palladium 000 ounces 285.1 234.0 326.7 310.4 286.8 (1)% 22 % 519.0 428.1 21 %
Rhodium 000 ounces 57.6 41.5 63.2 61.6 55.7 3% 39 % 99.1 83.3 19 %
Other PGMs 000 ounces 133.9 148.3 158.9 169.2 156.5 (14)% (10)% 282.2 254.5 11 %
Nickel tonnes 6,425 5,880 7,098 6,226 6,408 —% 9 % 12,305 10,569 16 %
Copper tonnes 4,209 3,845 4,413 4,201 3,573 18 % 9 % 8,054 6,627 22 %
Chrome 000 tonnes 294 283 298 271 165 78 % 4% 576 346 66 %
Toll refining
PGM ounces refined 000 ounces 189.8 226.4 257.3 215.7 194.0 (2)% (16)% 416.2 402.2 3%
Platinum 000 ounces 113.2 132.4 152.5 128.4 115.2 (2)% (15)% 245.5 238.9 3%
Palladium 000 ounces 58.8 68.4 80.2 67.4 59.9 (2)% (14)% 127.2 124.2 2%
Rhodium 000 ounces 15.8 23.2 21.8 17.3 16.3 (3)% (32)% 39.0 34.0 15 %
Gold 000 ounces 2.0 2.4 2.8 2.5 2.6 (20)% (17)% 4.5 5.1 (12)%
Sales volume from production
PGM ounces 000 ounces 945.6 791.4 1,042.1 936.8 981.5 (4)% 19 % 1,737.0 1,475.2 18 %
Platinum 000 ounces 453.2 365.8 516.8 411.7 474.8 (5)% 24 % 819.0 623.2 31 %
Palladium 000 ounces 278.5 236.0 309.5 297.9 267.9 4% 18 % 514.5 439.1 17 %
Rhodium 000 ounces 50.0 44.3 63.9 56.8 54.1 (8)% 13 % 94.3 83.4 13 %
Other PGMs 000 ounces 163.9 145.3 151.9 170.4 184.7 (11)% 13 % 309.2 329.5 (6)%
Realised metal, FX and basket prices
Platinum (US$/oz) 1,966 2,249 1,683 1,392 1,024 92 % (13)% 2,093 1,015 106 %
Palladium (US$/oz) 1,452 1,695 1,388 1,157 1,006 44 % (14)% 1,563 986 59 %
Rhodium (US$/oz) 10,014 9,788 7,831 6,125 5,404 85 % 2 % 9,908 5,106 94 %
Iridium (US$/oz) 7,139 6,459 4,484 4,287 3,938 81 % 11 % 6,823 3,979 71 %
Ruthenium (US$/oz) 1,479 1,437 904 799 586 152 % 3 % 1,460 547 167 %
Gold (US$/oz) 4,429 4,947 4,212 3,528 3,313 34 % (10)% 4,713 3,014 56 %
Average Fx achieved on sales ZAR/US$ 16.51 16.35 17.13 17.64 18.23 (9)% 1 % 16.44 18.39 (11)%
US$ realised basket price (/PGM oz) 2,710 2,911 2,269 1,916 1,508 80 % (7)% 2,801 1,517 85 %
ZAR realised basket price (/PGM oz) 44,708 47,529 38,723 33,654 27,443 63 % (6)% 45,993 27,631 66 %
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 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: 17-07-2026 08:05:00
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