Wrap Text
Production Report For The First Quarter Ending 31 March 2026
Production Report
Valterra Platinum Limited
(previously Anglo American 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")
23 April 2026
PRODUCTION REPORT FOR THE FIRST QUARTER ENDING 31 MARCH 2026
Craig Miller, CEO of Valterra Platinum, said:
"Safety remains our highest priority, and it is therefore with deep regret that we recorded a work-related fatality at our
Mototolo mine on 27 March. Mr. Ramodike tragically lost his life in a mobile machinery-related incident. On behalf of
the Board and management, I extend our sincere condolences to Mr. Ramodike's family, friends, and colleagues. This
tragic loss is deeply felt across the organisation, particularly given that it occurred following a 13-year fatality-free
period at Mototolo mine. We have further reinforced our resolve to eliminate fatalities across our operations. A
comprehensive investigation is underway, and the findings will be fully integrated into our systems and practices to
prevent a similar occurrence.
"Operationally, the first quarter of 2026 reflected a strong year-on-year recovery, with metal-in-concentrate (M&C)
PGM production increasing by 7%. This improvement follows the severe weather-related disruptions at Amandelbult
in Q1 2025. We delivered a 78% increase in refined production due to higher M&C output, together with improved
utilisation of our processing infrastructure, supported by the proactive rescheduling of planned maintenance and
annual stock counts into the third quarter of 2026. The realignment of processing downtime to periods of higher
electricity tariffs reflects our continued focus on optimising operating efficiency and reducing cost.
"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.
With production stabilised and continued focus on cost discipline, we are delivering in line with our strategy. This
positions us well to continue to deliver sustainable performance and long-term value for all stakeholders, despite the
uncertain geopolitical landscape which is impacting the global economic outlook and fuelling input commodity
inflation."
Strong refined PGM production with continued focus on safety
• Safety performance - We tragically recorded one work-related fatality at our Mototolo Mine in March 2026. The
total recordable injury frequency rate (TRIFR) at 1.91 per million hours at own operations increased by 12%
compared to the prior period.
• Total PGM production (expressed as 5E+Au metal-in-concentrate (M&C)) increased by 7% to 743,500 ounces
compared to the prior period, driven by an increase in own-mined volume and POC volumes.
• Own-mined PGM production increased by 5% to 486,200 ounces compared to the prior period, primarily driven by
improved performance at Amandelbult following the February 2025 flooding, partially offset by lower production at
Mogalakwena.
• Purchase of PGM concentrate (POC) increased by 10% to 257,300 ounces, reflecting an improvement in
operational performance from the various third-party producers from which we purchase concentrate.
• Refined PGM production (excluding tolling) increased by 78% on the prior period to 778,500 ounces, driven by
higher M&C production and the proactive re-phasing of scheduled processing maintenance and annual stock
counts into the third quarter which allows more evenly distributed refined production throughout the year, and for
a reduction in electricity costs.
• PGM sales volumes for the quarter increased by 60% to 791,400 ounces driven by higher refined production.
• Production guidance for 2026 for M&C and refined production is consistent with prior estimates at 3.0-3.4 million
ounces, cash operating unit cost guidance remains between R19,000-R20,000 per PGM ounce and targeted all-in
sustaining cost (AISC) of ~US$1,050 per 3E ounce is unchanged, while the input costs impact from the Middle East
conflict continue to be closely monitored.
REVIEW OF THE QUARTER
Q1 2026 Q1 2026
Valterra Platinum Q1 Q4 Q3 Q2 Q1 vs vs
PGM Production Report - Q1 2026 2026 2025 2025 2025 2025 Q1 2025 Q4 2025
(1)
M&C PGM production 743.5 880.2 855.1 769.0 696.3 7% (16)%
(2)
Own-mined volume 486.2 594.6 539.6 464.1 461.9 5% (18) %
Purchase of concentrate(3) 257.3 285.6 315.5 304.9 234.3 10 % (10) %
(3)
Refined PGM production 778.5 1,039.4 981.5 954.0 437.1 78 % (25)%
4E Toll refined production 226.4 257.3 215.7 194.0 208.2 9% (12) %
Total refined production (owned & toll) 1,004.9 1,296.7 1,197.2 1,148.0 645.3 56 % (23) %
PGM sales volume (4) 791.4 1,042.1 936.8 981.5 493.7 60 % (24)%
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
Refined and sales volumes owned by Valterra Platinum referencing its annual guidance i.e. excluding toll refining volumes.
Overview – Q1 2026 performance vs prior period Q1 2025
Safety performance
Unfortunately, in March 2026 we experienced a fatal incident at our Mototolo Mine. Mr. Ramodike, lost his life in a
mobile equipment-related incident while working underground. A comprehensive investigation is underway, and the
findings will be fully integrated into our systems and practices to prevent a similar occurrence.
Total recordable injury frequency rate (TRIFR) increased by 12% to 1.91 per million hours at our own operations
compared to the prior period. This increase was influenced by more recorded injuries and an increase in the number
of working shifts as Amandelbult production returned to more normalised operating levels compared to Q1 2025. We
have clear visibility on the improvements required across the business to address the deterioration in trend and, in
response, have strengthened our safety practices and reinforced accountability at all levels to restore a positive
safety performance trajectory. We remain confident that these focused interventions, supported by disciplined
execution, will deliver improved outcomes by the end of 2026.
Total M&C PGM production
Total PGM production in Q1 2026 increased by 7% to 743,500 ounces compared to the prior period, primarily driven
by a 5% increase in own-mined production and a 10% increase in POC volumes.
Robust PGM production from own mines
Own-mined production increased by 5% to 486,200 ounces compared to the prior period, mainly due to higher output
from Amandelbult and Mototolo, partially offset by lower production at Mogalakwena and Unki.
• Mogalakwena's PGM production decreased by 6% to 212,300 ounces compared to the prior period, primarily due
to lower tonnes milled following the planned High Pressure Grind Rolls (HPGR) crusher maintenance being brought
forward from Q2 to Q1, and lower built-up head grade resulting from our strategy of blending of low-grade ore
stockpiles.
• Compared to the prior period, Amandelbult PGM production increased by 43% to 122,800 ounces, reflecting the
recovery from the impact of significant flooding in February 2025. Production has normalised and the first quarter's
production is broadly consistent with performances in previous years.
• Mototolo's PGM production increased by 3% to 68,200 ounces, driven by higher tonnes milled as a result of strong
mining performance, partially offset by a lower built-up head grade. Continued progress with the development of
Der Brochen has resulted in increased dilution. We expect grades to be restored in 2028 as production at Der
Brochen ramps up.
• Unki's PGM production declined by 4% to 51,700 ounces, driven by the anticipated mining of lower-grade ore.
• Modikwa PGM production (50% own-mined) increased by 6% to 31,200 ounces, largely because of higher tonnes
milled and increased built-up head grade.
Purchases of PGM concentrate
Purchase of concentrate volumes increased by 10% to 257,300 ounces, reflecting an improvement in operational
performance from the various third-party producers from which we purchase concentrate, as well as higher
production at Modikwa.
Strong refined PGM production
Refined PGM production (excluding tolling) increased by 78% to 778,500 ounces compared to the prior period, partly
driven by higher M&C production. Historically, first-quarter production has been lower due to scheduled annual stock
counts and planned maintenance. In 2026, these activities have shifted from the first to the third quarter to align
reduced power consumption with higher winter tariffs, contributing to further cost savings.
Improved base metal and chrome production
Nickel production increased by 41% to 5,880 tonnes and copper production increased by 26% to 3,845 tonnes,
supported by the re-phasing of stock counts and scheduled processing maintenance from the first to the third quarter
of the year.
Total chrome production for the quarter increased by 56% to 283,000 tonnes, mainly due to the restoration of
Amandelbult to stable production levels and improved chrome yields.
Increased PGM sales volumes and realised basket price
PGM sales volumes increased by 60% to 791,400 ounces, driven by higher refined production and a marginal draw
down of refined inventory.
The average Q1 2026 realised basket price increased strongly to R47,529/PGM ounce, or $2,911/PGM ounce, the
highest since Q2 2021, representing year-on-year increases of 70% in rand terms and 90% in dollar terms. All PGMs
recorded strong price gains, led by ruthenium, platinum and rhodium. Prices scaled multi-year highs in January as
the positive momentum from late 2025 continued, before weakening later in the quarter due to a broader market
correction and rising geopolitical tensions. Despite this, large year-on-year gains remained intact, supported by
strong performances from rhodium and the minor PGMs. Quarter-on-quarter, the realised PGM basket price
increased by 23% in rand terms and 28% in dollar terms.
Production guidance for 2026-2028
Production guidance for 2026 for M&C and refined production remains unchanged at 3.0–3.4 million ounces. Cash
operating unit cost guidance of between R19,000-R20,000 per PGM ounce and targeted all-in sustaining cost (AISC)
of ~US$1,050 per 3E ounce also remain unchanged; however, management continues to closely monitor the
potential impact of current geopolitical tensions 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.
Q1 2026 Q1 2026
Valterra Platinum Q1 Q4 Q3 Q2 Q1 vs vs
PGM Production Report - Q1 2026 2026 2025 2025 2025 2025 Q1 2025 Q4 2025
Safety
Fatalities - own managed operations number 1 0 1 1 0 100 % 100 %
Total recordable case frequency rate (TRCFR) /million hrs 1.91 1.42 1.53 1.28 1.70 12 % 35 %
Mined production
PGM ounces produced(1) 000 ounces 486.2 594.6 539.6 464.1 462.0 5% (18) %
Platinum 000 ounces 221.2 271.2 246.4 207.0 207.1 7% (18) %
Palladium 000 ounces 176.3 214.0 192.7 178.2 175.4 1% (18) %
Rhodium 000 ounces 26.6 33.4 30.8 23.0 23.8 12 % (20) %
Other PGMs 000 ounces 62.1 76.0 69.7 55.9 55.7 11 % (18) %
Tonnes milled 000 tonnes 5,857 6,563 6,331 5,848 5,675 3% (11) %
4E built-up head grade(2) g/t 2.95 3.14 3.02 2.88 2.91 1% (6)%
Mogalakwena
PGM ounces produced(1) 000 ounces 212.3 260.8 225.7 234.3 227.0 (6)% (19) %
Platinum 000 ounces 90.0 110.2 96.3 98.8 95.9 (6)% (18) %
Palladium 000 ounces 97.6 121.0 103.1 108.2 105.2 (7)% (19) %
Rhodium 000 ounces 5.6 7.0 6.2 6.5 6.3 (11) % (20) %
Other PGMs 000 ounces 19.1 22.6 20.1 20.8 19.6 (3)% (15) %
Tonnes milled 000 tonnes 3,439 3,753 3,623 3,699 3,583 (4)% (8)%
4E built-up head grade(2) g/t 2.42 2.71 2.45 2.48 2.48 (2)% (11) %
Amandelbult
PGM ounces produced(1) 000 ounces 122.8 174.5 153.1 70.2 85.8 43 % (30) %
Platinum 000 ounces 61.7 87.5 76.9 35.9 43.3 42 % (29) %
Palladium 000 ounces 28.7 40.5 35.8 16.3 20.0 44 % (29) %
Rhodium 000 ounces 11.2 16.1 14.2 6.2 7.8 44 % (30) %
Other PGMs 000 ounces 21.2 30.4 26.2 11.8 14.7 44 % (30) %
Tonnes milled 000 tonnes 855 1,170 1,085 550 588 45 % (27) %
4E built-up head grade(2) g/t 4.45 4.37 4.41 4.12 4.40 1% 2%
Mototolo
PGM ounces produced(1) 000 ounces 68.2 71.0 66.2 67.5 66.2 3% (4)%
Platinum 000 ounces 31.9 32.8 30.6 31.3 30.6 4% (3)%
Palladium 000 ounces 19.4 20.1 18.9 19.2 19.0 2% (3)%
Rhodium 000 ounces 5.5 5.7 5.4 5.4 5.4 2% (4)%
Other PGMs 000 ounces 11.4 12.4 11.3 11.6 11.2 2% (8)%
Tonnes milled 000 tonnes 651 683 646 632 602 8% (5)%
4E built-up head grade(2) g/t 3.25 3.19 3.22 3.31 3.34 (3)% 2%
Unki
PGM ounces produced(1) 000 ounces 51.7 54.7 57.5 53.8 53.6 (4)% (5)%
Platinum 000 ounces 24.0 25.6 26.6 24.7 24.6 (2)% (6)%
Palladium 000 ounces 19.5 20.7 21.7 20.6 20.6 (5)% (6)%
Rhodium 000 ounces 2.2 2.4 2.5 2.2 2.3 (4)% (8)%
Other PGMs 000 ounces 6.0 6.0 6.7 6.3 6.1 (2)% —%
Tonnes milled 000 tonnes 641 627 653 644 636 1% 2%
4E built-up head grade(2) g/t 3.07 3.21 3.28 3.18 3.21 (4)% (4)%
Modikwa joint operation (AAP share)(3)
PGM ounces produced(1) 000 ounces 31.2 33.6 37.0 38.3 29.4 6% (7)%
Platinum 000 ounces 13.6 15.1 15.9 16.3 12.7 7% (10) %
Palladium 000 ounces 11.1 11.7 13.3 13.9 10.6 5% (5)%
Rhodium 000 ounces 2.1 2.2 2.6 2.7 2.0 5% (5)%
Other PGMs 000 ounces 4.4 4.6 5.2 5.4 4.1 7% (4)%
Tonnes milled 000 tonnes 271 330 324 323 266 2% (18) %
4E built-up head grade(2) g/t 3.89 3.50 3.81 3.92 3.86 1% 11 %
Purchase of concentrate (POC)
PGM ounces produced(1) 000 ounces 257.3 285.6 315.5 304.9 234.3 10 % (10) %
Platinum 000 ounces 117.8 129.4 139.4 138.0 102.0 15 % (9)%
Palladium 000 ounces 54.8 60.3 67.3 68.6 51.4 7% (9)%
Rhodium 000 ounces 15.4 16.8 19.1 18.0 14.1 9% (8)%
Other PGMs 000 ounces 69.3 79.1 89.7 80.3 66.8 4% (12) %
Q1 2026 Q1 2026
Valterra Platinum Q1 Q4 Q3 Q2 Q1 vs vs
PGM Production Report - Q1 2026 2026 2025 2025 2025 2025 Q1 2025 Q4 2025
Refined production owned
PGM ounces refined 000 ounces 778.5 1,039.4 981.5 954.0 437.1 78 % (25) %
Platinum 000 ounces 354.7 490.6 440.3 455.0 170.2 108 % (28) %
Palladium 000 ounces 234.0 326.7 310.4 286.8 141.3 66 % (28) %
Rhodium 000 ounces 41.5 63.2 61.6 55.7 27.6 50 % (34) %
Other PGMs 000 ounces 148.3 158.9 169.2 156.5 98.0 51 % (7)%
Nickel tonnes 5,880 7,098 6,226 6,408 4,161 41 % (17) %
Copper tonnes 3,845 4,413 4,201 3,573 3,054 26 % (13) %
Chrome 000 tonnes 283 298 271 165 181 56 % (5)%
Toll refining
PGM ounces refined 000 ounces 226.4 257.3 215.7 194.0 208.2 9% (12) %
Platinum 000 ounces 132.4 152.5 128.4 115.2 123.6 7% (13) %
Palladium 000 ounces 68.4 80.2 67.4 59.9 64.3 6% (15) %
Rhodium 000 ounces 23.2 21.8 17.3 16.3 17.7 31 % 6%
Gold 000 ounces 2.4 2.8 2.5 2.6 2.6 (8)% (14) %
Sales volume from production
PGM ounces 000 ounces 791.4 1,042.1 936.8 981.5 493.7 60 % (24) %
Platinum 000 ounces 365.8 516.8 411.7 474.8 148.4 146 % (29) %
Palladium 000 ounces 236.0 309.5 297.9 267.9 171.2 38 % (24) %
Rhodium 000 ounces 44.3 63.9 56.8 54.1 29.3 51 % (31) %
Other PGMs 000 ounces 145.3 151.9 170.4 184.7 144.8 —% (4)%
Realised metal, FX and basket prices
Platinum (US$/oz) 2,249 1,683 1,392 1,024 985 128 % 34 %
Palladium (US$/oz) 1,695 1,388 1,157 1,006 957 76 % 22 %
Rhodium (US$/oz) 9,788 7,831 6,125 5,404 4,556 115 % 25 %
Iridium (US$/oz) 6,459 4,484 4,287 3,938 4,029 59 % 44 %
Ruthenium (US$/oz) 1,437 904 799 586 493 190 % 59 %
Gold (US$/oz) 4,947 4,212 3,528 3,313 2,731 81 % 17 %
Average Fx achieved on sales ZAR/US$ 16.35 17.13 17.64 18.23 18.51 (12) % (5)%
US$ realised basket price (/PGM oz) 2,911 2,269 1,916 1,508 1,533 90 % 28 %
ZAR realised basket price (/PGM oz) 47,529 38,723 33,654 27,443 28,005 70 % 23 %
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.
Cautionary statements
The Company makes no representation or warranty as to the appropriateness, accuracy, completeness or reliability
of the information in this announcement.
This announcement includes forward-looking statements. These forward-looking statements involve known and
unknown risks and uncertainties, many of which are beyond the Company's control and all of which are based on
the Company's directors' (the "Directors") current beliefs and expectations about future events. These forward-
looking statements can be identified by the use of terminology such as "aims", "anticipates", "forecast", "assumes",
"believes", "estimates", "expects" or comparable terminology. They appear in a number of places throughout this
announcement and include statements regarding the intentions, beliefs or current expectations of the Directors or
the Company concerning, among other things, the Company's financial position and strategy.
These forward-looking statements and other statements contained in this announcement regarding matters that are
not historical facts involve predictions. No assurance can be given that such future results will be achieved; actual
events or results may differ materially as a result of risks and uncertainties the Company faces. Such risks,
uncertainties and other important factors include, but are not limited to, health and safety considerations,
equipment degradation, regulatory framework, supply and demand forecasts, price forecasts, business, economic
and competitive uncertainties and contingencies as well as other factors within and beyond the Company's control
that may affect its planned strategies and operational initiatives, including actions taken by counterparties.
By their nature, forward-looking statements are based upon a number of estimates and assumptions that, whilst
considered reasonable by the Company, are inherently subject to significant business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from
those indicated, expressed or implied in such forward-looking statements. The forward-looking statements
contained in this announcement speak only as at the date they are made. Subject to the requirements of the UK
Listing Rules, the Listing Requirements of the Johannesburg Stock Exchange, UK Prospectus Regulation, the UK
Disclosure Guidance and Transparency Rules, the Market Abuse Regulation or any other applicable UK, South
African, or other laws (as appropriate), the Directors and the Company explicitly disclaim any intention or obligation
or undertaking to publicly release the result of any revisions to any forward-looking statements made in this
announcement that may occur due to any change in the Directors' or the Company's expectations or to reflect events
or circumstances after the date on which this announcement is made.
Nothing in this announcement should be interpreted to mean that future earnings per share of Valterra Platinum will
necessarily match or exceed its historical published earnings per share.
The information contained within this announcement is deemed by the Company to constitute inside information as
stipulated under the market abuse regulation (EU) no. 596/2014 as amended by the market abuse (amendment) (UK
Mar) Regulations 2019. Upon the publication of this announcement via the regulatory information service, this inside
information is now considered to be in the public domain.
Date: 23-04-2026 08:55:00
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