2025 Condensed reviewed results for the financial year ended
30 June and cash dividend declaration
SALIENTFEATURES
Headline earnings for the year ended 30 June 2025 (F2025) decreased by 47% to R2 695 million or R13.79 per share (F2024: R5 080 million or R25.91 per share)
A final dividend of R6.00 per share is declared (F2024: R9.00 per share), this brings the total dividend for F2025 to R10.50 per share (F2024: R15.00 per share)
ARM maintained a robust financial position, with net cash of R6 609 million at 30 June 2025 (30 June 2024: R7 197 million).
Water supply to Khumani Mine remained consistent during the second half of the year with no significant operational disruptions caused by water shortages
As at the end of June 2025, construction of the solar plant for ARM’s platinum operations reached completion. Electricity from this plant will be supplied to the mining operations through a Power Purchase Agreement (PPA) by Q2 F2026.
The marginal increase in the average US dollar 6E platinum group metals (PGMs) basket price and the marginally higher manganese ore and alloy prices was offset by lower thermal coal prices, lower average realised export iron ore prices and a stronger average rand/US dollar exchange rate
Unit cash costs growth for PGMs and iron ore improved, increasing in line with inflationary cost increases.
To limit expenditure, a decision was taken to
suspend early ounces mining operations at
Bokoni at the end of F2025. We are now
advancing capital development of the larger
mine in a way that ensures its long-term
sustainability. We remain confident in our
approach to unlock value from Bokoni’s
exceptional resource base while exercising
strict capital discipline considering the
ongoing PGM price uncertainty
Implementation of a hedging collar transaction over 24% of ARM’s equity in Harmony
Delisting of ordinary shares following a share buyback and transfer of ARM treasury shares within the group
Closure of Cato Ridge Works and Alloys, disposal of certain land assets of Assmang and Assmang’s interest in Sakura
ARM has increased its stake in Surge Copper Corp to 19.9% through a private placement and earlier top-up purchase, strengthening its position as Surge advances its pre-feasibility study scheduled for completion in 2026.
Regrettably, there were three fatalities recorded at our operations during the period. We extend our deepest condolences to the deceased employees’ families, friends and colleagues
The group’s lost-time injury frequency rate (LTIFR) regressed to 0.31 per 200 000 man-hours (F2024: 0.22)
The group’s total recordable injury frequency rate (TRIFR) regressed to 0.51 (F2024: 0.50).
