REG - Valterra Platinum - Fourth Quarter Production Report 31 December 2025
05/02/2026 07:05
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RNS Number : 7848R Valterra Platinum Limited 05 February 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
ISIN: ZAE000013181
("The Company" or "Valterra Platinum")
5 February 2026
PRODUCTION REPORT FOR THE FOURTH QUARTER ENDING 31 DECEMBER 2025
Craig Miller, CEO of Valterra Platinum, said:
"We delivered our strongest quarterly performance of the year in the fourth
quarter, with increased production across all major PGM metrics, showing clear
momentum in achieving operational stability.
"Our own‑mined output increased meaningfully driven by Amandelbult's full
return to steady‑state operations and higher grades at Mogalakwena, which
supported increased refined throughput and PGM sales in a higher price
environment. We exceeded guidance across full year M&C production and
refined output, reflecting disciplined execution driven by our operational
excellence initiatives. With safety performance also continuing to improve, we
remain focused on our ongoing drive to optimise working capital and enhance
processing stability.
"Valterra Platinum's performance in the quarter under review underscores a
business operating with confidence and consistency, delivering on its strategy
to build a stable, competitive and profitable long‑term PGM business.
"More insights on our performance will be shared when we release our annual
results on 25 February 2026."
Safety strengthened, with strong production across all PGM metrics over the
quarter
• Improved safety performance - Zero fatalities during the quarter with a
26% improvement in the total recordable injury frequency rate (TRIFR) to 1.42
per million hours at own operations, down from 1.92 per million hours in the
prior period.
• Total PGM production (expressed as 5E+Au metal-in-concentrate (M&C))
during the quarter, increased by 1% to 880,200 ounces compared to the prior
period, driven by an increase in own-mined volume. Full year PGM production
was 3,200,600 ounces.
• Own-mined PGM production was strong over the quarter, increasing by 1%
to 594,600 ounces compared to the prior period. On a quarter-on-quarter basis,
own-mined production increased by 10%, reflecting Amandelbult's return to
steady-state production for the first full quarter following the February 2025
flooding. Full year own-mined PGM production exceeded guidance at 2,060,300
ounces.
• Purchase of PGM concentrate (POC) decreased by 1% on the prior period to
285,600 ounces. Full year POC PGM production was 1,140,300 ounces.
• Refined PGM production (excluding tolling) increased by 1% on the prior
period, and 6% from the previous quarter to 1,039,400 ounces due to higher
M&C production and the release of work-in-progress inventory. Full year
refined PGM production exceeded guidance at 3,412,000 ounces.
• PGM sales volumes for the quarter increased by 4% to 1,042,100 ounces,
supported by the rollover of some sales from the previous quarter into October
and increased sales volumes of minor PGMs. Full year sales volumes were
3,454,300 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.
REVIEW OF THE QUARTER
Q4 2025 Q4 2025 FY 2025
Valterra Platinum Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
PGM Production Report - Q4 2025 2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 FY 2024
M&C PGM production((1))- adj for Kroondal ((2)) 880.2 855.1 769.0 696.3 875.7 1 % 3 % 3,200.6 3,364.2 (5) %
Own-mined volume ((3)) 594.6 539.6 464.1 461.9 588.3 1 % 10 % 2,060.3 2,191.8 (6) %
Purchase of concentrate ((4)) 285.6 315.5 304.9 234.3 287.4 (1) % (9) % 1,140.3 1,172.4 (3) %
M&C PGM production ((1)) 880.2 855.1 769.0 696.3 875.7 1 % 3 % 3,200.6 3,553.1 (10) %
Own-mined volume ((3))- as reported 594.6 539.6 464.1 461.9 588.3 1 % 10 % 2,060.3 2,191.8 (6) %
Purchase of concentrate ((4))- as reported 285.6 315.5 304.9 234.3 287.4 (1) % (9) % 1,140.3 1,361.3 (16) %
Refined PGM production ((4))- adj for Kroondal ((2)) 1,039.4 981.5 954.0 431.3 992.0 5 % 6 % 3,406.2 3,723.0 (9) %
4E Toll refined production 257.3 215.7 194.0 214.0 218.7 18 % 19 % 881.0 823.0 7 %
Total refined production (owned & toll) 1,296.7 1,197.2 1,148.0 645.3 1,210.7 7 % 8 % 4,287.2 4,546.0 (6) %
Refined PGM production ((4)) 1,039.4 981.5 954.0 437.1 1,027.9 1 % 6 % 3,412.0 3,916.3 (13) %
4E Toll refined production- as reported 257.3 215.7 194.0 208.2 182.8 41 % 19 % 875.2 629.7 39 %
Total refined production (owned & toll)- as reported 1,296.7 1,197.2 1,148.0 645.3 1,210.7 7 % 8 % 4,287.2 4,546.0 (6) %
PGM sales volume ((5)) - adj for Kroondal ((2)) 1,042.1 936.8 981.5 486.9 960.0 9 % 11 % 3,447.4 3,835.4 (10) %
PGM sales volume ((5)) - as reported 1,042.1 936.8 981.5 493.7 1,002.0 4 % 11 % 3,454.3 4,077.8 (15) %
( )
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) Restated for prior periods to exclude Kroondal from
purchase-of-concentrate volume. Kroondal was a 50% joint operation until 1
November 2023. Upon the disposal of our 50% interest, Kroondal transitioned to
a 100% third-party POC arrangement, whereby 100% of production was presented
under 'Purchase of concentrate' until it transitioned to a toll arrangement on
1 September 2024
( )
(3 ) PGM production from Mogalakwena, Amandelbult, Mototolo, Unki and
50% attributable production from joint operation Modikwa
( )
(4 ) PGM production from third parties and 50% purchased from joint
operation Modikwa
( )
(5 ) Refined and sales volumes owned by Valterra Platinum referencing
its annual guidance i.e. excluding toll refining volumes.
( )
( )
Overview - Q4 2025 performance vs prior period Q4 2024
Improved safety performance
Zero fatalities reported for the quarter reflects our continued efforts to
enhance the safety at our operations and our commitment to fostering a culture
where safety, respect and wellbeing are at the heart of everything we do.
These efforts also resulted in us achieving a 26% improvement in TRIFR to 1.42
per million hours worked at own-managed operations, down from 1.92 in the
prior period.
Total M&C PGM production
Total PGM production in Q4 2025 increased by 1% to 880,200 ounces compared to
the prior period, primarily due to an increase in own-mined volume.
Strong PGM production from own mines
Own-mined production increased by 1% to 594,600 ounces compared to the prior
period, mainly due to higher production from Amandelbult, partially offset by
lower production at Mogalakwena, Unki and Mototolo. Fourth-quarter production
delivered the strongest quarterly performance of 2025, increasing by 10%
quarter-on-quarter due to Amandelbult's return to steady-state operations and
improved output at Mogalakwena.
• Mogalakwena's PGM production decreased by 8% to 260,800 ounces, despite
higher tonnes milled, primarily due to a lower built-up head grade compared to
Q4 2024. Quarter-on-quarter production increased by 16%, supported by an 11%
improvement in grade to 2.71g/t and an 87% increase in full-grade ore tonnes
mined to ~4.7 million tonnes. Mogalakwena produced ~948,000 ounces for the
year, reflecting the continued delivery of tangible results from the
implementation of operational excellence initiatives. These include pit
optimisation work, improved concentrator throughput, reduced mass pull, as
well as the benefits of processing of low-grade ore stockpiles. At the
Sandsloot underground project, 3.2 km of development was completed during
2025, with progress further supported by the successful completion of the
ventilation main pass. The year ended with a ~80,000 tonne bulk ore sample
stockpile, which is expected to be processed in 2026 to support the completion
of the feasibility study.
• Amandelbult PGM production recovered significantly in the fourth
quarter, with a 14% quarter-on-quarter increase driven by the return of Tumela
Mine to steady-state operations. Full year production exceeded guidance at
483,600 ounces as a result of comprehensive execution of the restoration plan
following the February 2025 flooding.
• Mototolo's PGM production was impacted by the development work
supporting the advancement of the Der Brochen project, which is progressing
steadily, with all development ends successfully intersecting the reef after
navigating the weathered zone. A higher proportion of development tonnes mined
compared to the prior period diluted the overall mined grade, leading to a 4%
decline in production to 71,000 ounces. As anticipated, production was further
impacted by complex geological features at both Borwa and Lebowa shafts.
• Unki's PGM production declined by 9% to 54,700 PGM ounces, driven by the
continued mining of lower-grade ore blocks and concentrator throughput
disruptions resulting from power and plant instabilities.
• Modikwa PGM production (50% own-mined) increased by 1% to 33,600 ounces,
primarily due to higher tonnes milled.
Purchases of PGM concentrate
Purchase of concentrate volumes decreased by 1% to 285,600 ounces, primarily
due to lower receipts from third parties, partially offset by higher
production at Modikwa.
Strong refined PGM production
Refined PGM production (excluding tolling) increased by 1% to 1,039,400 ounces
compared to the prior period, partially driven by higher M&C production.
Refined output exceeded M&C mined and purchased, supported by solid
processing performance and sustained improvements in the stability and
reliability of the processing infrastructure, which enabled the optimisation
of work-in-progress inventory.
Toll-refined PGM production increased by 41% to 257,300 PGM ounces, primarily
due to the inclusion of Kroondal as toll-refined production from December
2024.
Improved base metal and chrome production
Nickel production increased by 12% to 7,098 tonnes, while copper production
decreased by 2% to 4,413 tonnes. Quarter-on-quarter nickel and copper
production increased by 14% and 5% respectively.
Total chrome production for the quarter increased by 17% to 298,000 tonnes,
mainly due to higher chrome production at Amandelbult and improvements in
chrome yields across our own operations.
Increased PGM sales volumes and realised basket price
PGM sales volumes increased by 4% to 1,042,100 ounces, supported by the timing
of some sales rolling over from the previous quarter into October, together
with higher volumes of minor PGMs sold.
The average Q4 2025 realised basket price of R38,723/PGM ounce, or $2,269/PGM
ounce was the highest since Q4 2022 and up 41% and 50% year-on-year
respectively. All PGMs, except iridium, contributed substantial year-on-year
gains, most importantly, platinum and rhodium averaged 78% and 70% higher
respectively. A broad-based price rally that began in May, driven by a mix of
bullish macroeconomic, fundamental, and structural factors, gained further
momentum during the final quarter on rising investor interest in physical
assets, the launch of new futures contracts in China and ongoing market
tightness. The average realised full year ZAR PGM basket price of R32,611/PGM
ounce increased by 22%, while the Dollar PGM basket price of $1,852/PGM ounce
increased by 26% year-on-year.
Production guidance for 2026-2028
Production guidance for 2026 for M&C and refined production is consistent
with prior estimates at 3.0-3.4 million ounces. Refined production, which has
historically been lower in the first quarter, is expected to be more evenly
distributed throughout the year following the re-phasing of the annual stock
counts and scheduled processing maintenance.
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.
( )
Q4 2025 Q4 2025 FY 2025
Valterra Platinum Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
PGM Production Report - Q4 2025 2025 2025 2025 2025 2024 Q4 2024 Q3 2025 2025 2024 FY 2024
Safety
Fatalities - own managed operations number - 1 1 0 1 (100) % (100) % 2 3 (33) %
Total recordable case frequency rate (TRCFR) /million hrs 1.42 1.53 1.28 1.70 1.92 (26) % (7) % 1.48 1.67 (14) %
Mined production
PGM ounces produced ((1)) 000 ounces 594.6 539.6 464.1 462.0 588.3 1 % 10 % 2,060.3 2,191.8 (6) %
Platinum 000 ounces 271.2 246.4 207.0 207.1 267.5 1 % 10 % 931.6 997.5 (7) %
Palladium 000 ounces 214.0 192.7 178.2 175.4 218.0 (2) % 11 % 760.3 798.7 (5) %
Rhodium 000 ounces 33.4 30.8 23.0 23.8 31.1 8 % 8 % 111.1 122.2 (9) %
Other PGMs 000 ounces 76.0 69.7 55.9 55.7 71.7 6 % 9 % 257.3 273.4 (6) %
Tonnes milled 000 tonnes 6,563 6,331 5,848 5,675 6,219 6 % 4 % 24,415 24,261 1 %
4E built-up head grade ((2)) g/t 3.14 3.02 2.88 2.91 3.34 (6) % 4 % 2.99 3.20 (6) %
Mogalakwena
PGM ounces produced ((1)) 000 ounces 260.8 225.7 234.3 227.0 283.5 (8) % 16 % 947.8 953.4 (1) %
Platinum 000 ounces 110.2 96.3 98.8 95.9 122.0 (10) % 14 % 401.3 408.5 (2) %
Palladium 000 ounces 121.0 103.1 108.2 105.2 129.8 (7) % 17 % 437.5 437.5 - %
Rhodium 000 ounces 7.0 6.2 6.5 6.3 7.6 (8) % 14 % 26.0 26.2 (1) %
Other PGMs 000 ounces 22.6 20.1 20.8 19.6 24.1 (6) % 12 % 83.0 81.2 2 %
Tonnes milled 000 tonnes 3,753 3,623 3,699 3,583 3,701 1 % 4 % 14,658 13,866 6 %
4E built-up head grade ((2)) g/t 2.71 2.45 2.48 2.48 3.00 (10) % 11 % 2.53 2.69 (6) %
Amandelbult
PGM ounces produced ((1)) 000 ounces 174.5 153.1 70.2 85.8 136.9 27 % 14 % 483.6 579.8 (17) %
Platinum 000 ounces 87.5 76.9 35.9 43.3 69.0 27 % 14 % 243.6 294.4 (17) %
Palladium 000 ounces 40.5 35.8 16.3 20.0 31.8 27 % 13 % 112.5 135.7 (17) %
Rhodium 000 ounces 16.1 14.2 6.2 7.8 12.6 28 % 14 % 44.3 52.9 (16) %
Other PGMs 000 ounces 30.4 26.2 11.8 14.7 23.5 29 % 16 % 83.2 96.8 (14) %
Tonnes milled 000 tonnes 1,170 1,085 550 588 899 30 % 8 % 3,392 4,070 (17) %
4E built-up head grade ((2)) g/t 4.37 4.41 4.12 4.40 4.49 (3) % (1) % 4.35 4.48 (3) %
Mototolo
PGM ounces produced ((1)) 000 ounces 71.0 66.2 67.5 66.2 74.2 (4) % 7 % 270.8 276.5 (2) %
Platinum 000 ounces 32.8 30.6 31.3 30.6 34.1 (4) % 7 % 125.2 125.8 - %
Palladium 000 ounces 20.1 18.9 19.2 19.0 21.5 (6) % 6 % 77.2 81.3 (5) %
Rhodium 000 ounces 5.7 5.4 5.4 5.4 6.0 (5) % 6 % 21.9 22.3 (2) %
Other PGMs 000 ounces 12.4 11.3 11.6 11.2 12.6 (2) % 10 % 46.5 47.1 (1) %
Tonnes milled 000 tonnes 683 646 632 602 666 3 % 6 % 2,563 2,539 1 %
4E built-up head grade ((2)) g/t 3.19 3.22 3.31 3.34 3.41 (6) % (1) % 3.26 3.42 (5) %
Unki
PGM ounces produced ((1)) 000 ounces 54.7 57.5 53.8 53.6 60.3 (9) % (5) % 219.7 240.0 (8) %
Platinum 000 ounces 25.6 26.6 24.7 24.6 27.7 (8) % (4) % 101.5 109.1 (7) %
Palladium 000 ounces 20.7 21.7 20.6 20.6 23.1 (10) % (4) % 83.6 92.5 (10) %
Rhodium 000 ounces 2.4 2.5 2.2 2.3 2.6 (9) % (4) % 9.4 10.6 (12) %
Other PGMs 000 ounces 6.0 6.7 6.3 6.1 6.9 (13) % (10) % 25.2 27.8 (9) %
Tonnes milled 000 tonnes 627 653 644 636 652 (4) % (4) % 2,559 2,602 (2) %
4E built-up head grade ((2)) g/t 3.21 3.28 3.18 3.21 3.43 (7) % (2) % 3.22 3.38 (5) %
Modikwa joint operation (AAP share) ((3))
PGM ounces produced ((1)) 000 ounces 33.6 37.0 38.3 29.4 33.4 1 % (9) % 138.4 142.1 (3) %
Platinum 000 ounces 15.1 15.9 16.3 12.7 14.7 2 % (5) % 60.0 59.7 1 %
Palladium 000 ounces 11.7 13.3 13.9 10.6 11.8 (1) % (12) % 49.5 51.7 (4) %
Rhodium 000 ounces 2.2 2.6 2.7 2.0 2.3 (4) % (15) % 9.5 10.2 (7) %
Other PGMs 000 ounces 4.6 5.2 5.4 4.1 4.6 - % (12) % 19.4 20.5 (5) %
Tonnes milled 000 tonnes 330 324 323 266 301 10 % 2 % 1,243 1,184 5 %
4E built-up head grade ((2)) g/t 3.50 3.81 3.92 3.86 3.72 (6) % (8) % 3.77 3.84 (2) %
Purchase of concentrate (POC)
PGM ounces produced ((1)) 000 ounces 285.6 315.5 304.9 234.3 287.4 (1) % (10) % 1,140.3 1,361.3 (16) %
Platinum 000 ounces 129.4 139.4 138.0 102.0 130.0 - % (7) % 508.9 629.1 (19) %
Palladium 000 ounces 60.3 67.3 68.6 51.4 63.7 (5) % (10) % 247.6 319.0 (22) %
Rhodium 000 ounces 16.8 19.1 18.0 14.1 17.0 (1) % (12) % 68.0 91.5 (26) %
Other PGMs 000 ounces 79.1 89.7 80.3 66.8 76.7 3 % (12) % 315.8 321.7 (2) %
Q4 2025
Valterra Platinum Q3 Q2 Q1 Q4 vs FY FY
PGM Production Report - Q4 2025 2025 2025 2025 2024 Q3 2025 2025 2024
Refined production owned
PGM ounces refined 000 ounces 1,039.4 981.5 954.0 437.1 1,027.9 1 % 6 % 3,412.0 3,916.3 (13) %
Platinum 000 ounces 490.6 440.3 455.0 170.2 482.1 2 % 11 % 1,556.0 1,845.7 (16) %
Palladium 000 ounces 326.7 310.4 286.8 141.3 327.9 - % 5 % 1,065.3 1,248.5 (15) %
Rhodium 000 ounces 63.2 61.6 55.7 27.6 67.8 (7) % 3 % 208.2 248.4 (16) %
Other PGMs 000 ounces 158.9 169.2 156.5 98.0 150.1 6 % (6) % 582.5 573.7 2 %
Nickel tonnes 7,098 6,226 6,408 4,161 6,329 12 % 14 % 23,893 25,737 (7) %
Copper tonnes 4,413 4,201 3,573 3,054 4,515 (2) % 5 % 15,241 17,063 (11) %
Chrome 000 tonnes 298 271 165 181 255 17 % 10 % 916 950 (4) %
Toll refining
PGM ounces refined 000 ounces 257.3 215.7 194.0 208.2 182.8 41 % 19 % 875.2 629.7 39 %
Platinum 000 ounces 152.5 128.4 115.2 123.6 108.6 40 % 19 % 519.8 370.9 40 %
Palladium 000 ounces 80.2 67.4 59.9 64.3 57.7 39 % 19 % 271.8 197.0 38 %
Rhodium 000 ounces 21.8 17.3 16.3 17.7 13.9 57 % 26 % 73.2 52.4 40 %
Gold 000 ounces 2.8 2.5 2.6 2.6 2.6 8 % 9 % 10.4 9.4 11 %
Sales volume from production
PGM ounces 000 ounces 1,042.1 936.8 981.5 493.7 1,002.0 4 % 11 % 3,454.3 4,077.8 (15) %
Platinum 000 ounces 516.8 411.7 474.8 148.4 477.7 8 % 26 % 1,551.8 1,870.9 (17) %
Palladium 000 ounces 309.5 297.9 267.9 171.2 334.6 (7) % 4 % 1,046.5 1,293.9 (19) %
Rhodium 000 ounces 63.9 56.8 54.1 29.3 68.2 (6) % 12 % 204.1 253.4 (19) %
Other PGMs 000 ounces 151.9 170.4 184.7 144.8 121.5 25 % (11) % 651.9 659.6 (1) %
Realised metal, FX and basket prices
Platinum (US$/oz) 1,683 1,392 1,024 985 945 78 % 21 % 1,338 955 40 %
Palladium (US$/oz) 1,388 1,157 1,006 957 975 42 % 20 % 1,157 1,003 15 %
Rhodium (US$/oz) 7,831 6,125 5,404 4,556 4,607 70 % 28 % 6,236 4,637 35 %
Iridium (US$/oz) 4,484 4,287 3,938 4,029 4,457 (1) % 2 % 4,227 4,590 (8) %
Ruthenium (US$/oz) 904 799 586 493 442 102 % 13 % 687 365 88 %
Gold (US$/oz) 4,212 3,528 3,313 2,731 2,895 46 % 19 % 3,495 2,559 37 %
Average Fx achieved on sales ZAR/US$ 17.13 17.64 18.23 18.51 17.90 (4) % (3) % 17.84 18.24 (2) %
US$ realised basket price (/PGM oz) 2,269 1,916 1,508 1,533 1,509 50 % 18 % 1,852 1,468 26 %
ZAR realised basket price (/PGM oz) 38,723 33,654 27,443 28,005 27,371 41 % 15 % 32,611 26,695 22 %
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 sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
For further information, please contact:
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 Limited 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. With a
portfolio of world class, long-life mines and the most efficient processing
assets in the industry, the company responsibly mines, smelts and refines PGMs
and associated co-products from its operations located in South Africa and
Zimbabwe. With its integrated value chain, supported by marketing hubs in
London, Singapore and Shanghai, the company delivers tailored solutions for
its customers. The Company continues to integrate sustainability into
everything it does, supports investment in its mining and processing
capabilities and pursues market development activities to grow and
commercialise new demand segments. It also makes a meaningful impact to
communities around its operations and will deliver consistent and superior
returns to shareholders. Valterra Platinum is committed to zero harm, capital
allocation discipline and delivering on our value-accretive strategic
priorities as a standalone, leading integrated PGM producer, guided by our
purpose of unearthing value to better our world
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