2025 Integrated annual report
Key features for F2025
Regrettable fatalities at Bokoni Platinum Mine and Modikwa Mine
Unit cost increases at Two Rivers Mine and Modikwa Mine in line with inflation
42% decrease in headline earnings
Early ounces mining operations at Bokoni at the end of F2025
Significant points
  • Modikwa production affected by safety stoppages after fatal incident
  • Committed to maintaining a safe and healthy work environment for all employees and contractors
  • Acquisition of Nkomati finalised in Q1 F2026

Scorecard

Modikwa Mine

F2025 OBJECTIVES
  • Produce 300 000 6E PGM ounces, with a continued focus on costs to improve mine's position on platinum industry all-in sustaining cost curve.
  • Commission underground-to-surface conveyor system at South 2 in line with cash preservation strategy
  • Ramp up volumes to average of 60 000 tonnes per month.
  • Produce 100 000 tonnes of chrome concentrate while milling Merensky ore.
  • Produce Merensky ore of 50 000 tonnes per month.
ACHIEVED/NOT ACHIEVED

Not achieved

  • Modikwa produced 281 638 6E PGM ounces.

Not achieved

  • Expected to be completed in F2026.

Achieved

  • South 2 production ramped up to 60 000 tonnes per month.

Achieved

  • Modikwa produced 105 318 tonnes of chrome concentrate.

Achieved

  • Modikwa produced 50 000 tonnes per month.
F2026 OBJECTIVES
  • Produce 300 000 6E PGM ounces, with a continued focus on mining development.
  • Ramp up South 2 volumes to 70 000 tonnes per month.
  • Maintain production profile of chrome production in line with UG2 volumes. No new objective for F2026.
  • Maintain current production profile of Merensky production. No new objective for F2026.

Two Rivers Mine

F2025 OBJECTIVES
  • Produce 294 000 6E PGM ounces, with a continued focus on all-in sustaining costs to improve the mine's position on the platinum industry all-in sustaining cost curve.
  • Sales volumes of 183 000 tonnes of chrome concentrate.
ACHIEVED/NOT ACHIEVED

Not achieved

  • Two Rivers produced 288 502 6E PGM ounces.

Not achieved

  • Two Rivers sold 153 507 tonnes of chrome concentrate.
F2026 OBJECTIVES
  • Produce 283 000 6E PGM ounces, with a focus on mining development, to increase face length availability and ensure sustainability of the operation.
  • Sales volumes of 180 000 tonnes of chrome concentrate.

Bokoni Mine

F2025 OBJECTIVES
  • Ramp up mining and milling volumes to 60 000 tonnes per month.
ACHIEVED/NOT ACHIEVED

Not achieved

  • Early ounce mining operations at Bokoni suspended.
F2026 OBJECTIVES
  • Complete revised DFS during 1H F2026 for consideration and board approval in 2H F2026, while continuing with limited capital development.