Successful De-merger and Listings
Completed demerger from Anglo American and secondary listing on the London Stock Exchange; Anglo American fully divested remaining minority interest, enabling a simplified stand-alone operating structure and reconstituted Board.
Strong Financial Performance
Revenue increased 7% year-on-year to ZAR 116 billion; EBITDA rose 68%; sustaining free cash flow of ZAR 20 billion; cash from operations since 30 June of ZAR 28 billion.
Material Balance Sheet Strengthening
Net position moved from ZAR 4.5 billion net debt at 30 June to ZAR 11.5 billion net cash at year end; liquidity headroom ZAR 43 billion; inaugural S&P investment-grade rating and domestic MTN program established.
Shareholder Returns
Declared final dividend and special/base payouts totaling ~ZAR 12 billion for 2025 (c. ZAR 45 per share); Board returned excess cash while maintaining a 40% headline earnings payout policy.
Cost and Capital Discipline
Delivered ZAR 5 billion of operational/corporate savings in 2025 and cumulative ZAR 18 billion in cost & capital savings over 24 months; controllable cost base down 18% since 2023; cash operating unit cost ZAR 19,488 per PGM ounce.
All-in Sustaining Cost (AISC) Performance
AISC maintained below $1,000 per 3E ounce: $987 per 3E oz (flat YoY) and a 13% reduction versus 2023; revised AISC including life-extension capital reported at $1,039 per 3E oz.
Operational Outperformance and Production
Refined production and sales exceeded guidance: refined production surpassed 3.4 million ounce guidance and sales (including inventory destocking) totaled close to 3.5 million ounces; Amandelbult produced 484,000 ounces.
Mogalakwena Operational Improvements
Strip ratio declined 22% to 4.5x; mined 15% more volumes despite an 8% reduction in total tonnes mined; drilling efficiencies +9%, redrills +15%, load-and-haul efficiencies +24% and +18%; all-in sustaining cost at Mogalakwena reduced to $835 per 3E ounce (8% reduction).
Processing and Mass-Pull Optimization
Jameson Cells and other optimizations delivered mass-pull reductions with tangible benefits: 21% fewer concentrate truck movements, 4% lower smelter electricity consumption, 5% lower CO2 emissions, estimated ZAR 123 million cost saving in 2025 and annualized benefit ~ZAR 250 million.
Project and Resource Progress — Sandsloot & Der Brochen
Sandsloot: 30 km additional exploration drilling, 13 Moz upgraded to measured & indicated, 3.2 km underground development, ventilation shaft pass completed, ~80,000 t bulk ore stockpile and ~ZAR 1.4 billion invested in 2025; prefeasibility supports a 10%–50% uplift in Mogalakwena volumes and 10%–20% cost reduction potential.
Sustainability and Accreditation
All mining operations accredited by the Initiative for Responsible Mining Assurance (IRMA); Mogalakwena recognition completes accreditation across the portfolio — highlighted as a rare global achievement.