Northam Platinum refined PGM increased by 0.7% to 899 244 oz
Northam Platinum key feature of F2025 has been the strong production delivered by Zondereinde and Booysendal. Zondereinde continues to benefit from logistical decongestion resulting from the ongoing shift of UG2 stoping, from the western portions of the mine to higher yield in eastern portions of the mine. Booysendal, having reached its steady state production profile, is now focussing on productivity gains.
The group’s equivalent refined metal from own operations increased by 0.7% to 899 244 oz 4E (F2024: 892 876 oz 4E), with marginal improvements at both Zondereinde and Booysendal: Zondereinde ahead of the commissioning of 3 shaft, despite the impact of power and water outages caused by Eskom and Magalies Water, respectively; and Booysendal, on the back of productivity gains. This once again demonstrates the quality of these operations. Despite experiencing two fatal accidents during the first half, and a subsequent decision to limit mining build-up, Eland’s own production of 4E ounces improved by 5.0%.
Group production of chrome concentrate increased by 9.0% to 1 439 752 tonnes (F2024: 1 320 963 tonnes), on the back of improvements in UG2 tonnage throughput, feed grades and concentrator yields, particularly at Eland where yields have almost doubled during F2025.
Mining tonnages and grades across the group are expected to improve over the coming two years as our growth and innovation projects near completion, which, along with an expected increase in mineable reserves, will provide important additional operational flexibility.
Unit cash costs
The unit cash cost for the group amounted to R25 728/4E oz (F2024: R23 811/4E oz), representing an increase of 8.1% for the year. Unit cash costs increased at Zondereinde by 7.8% to R26 758/4E oz, Booysendal by 5.6% to R18 502/4E oz, and at Eland by 17.2% to R40 562/4E oz.
Sales revenue amounted to R32.9 billion, an increase of 6.9% (F2024: R30.8 billion). The increase in sales revenue is predominantly attributable to a 5.9% increase in 4E volumes sold.
The challenging market conditions experienced during most of F2025, with largely depressed Platinum Group Metal (“PGM”) prices realised during the financial year, continued to place significant pressure on revenue and profitability, as well as cash generation, despite a marginal improvement of 1.0% in total revenue per equivalent refined 4E ounce sold, to R32 690/4E oz (F2024: R32 377/4E oz).
