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Valterra Platinum Limited (VAL) investor relations material

Valterra Platinum Limited Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary28 Oct, 2025

Executive summary

  • One work-related fatality occurred at Amandelbult's Dishaba Mine in July 2025; TRIFR improved 7% to 1.53 per million hours compared to the prior period.

  • Amandelbult's Tumela Lower section ramped up to steady-state production ahead of schedule, completing recovery from February flooding.

  • Q3 2025 own-managed mines PGM production (5E+Au M&C) decreased 2% to 539,600 ounces year-over-year, with declines at Mototolo, Amandelbult, and Unki, partially offset by Mogalakwena.

  • Refined PGM production (excluding tolling) decreased 5% to 981,500 ounces; sales volumes fell 9% to 936,800 ounces due to timing differences.

Financial highlights

  • Total PGM production in Q3 2025 declined 7% to 855,100 ounces, mainly due to Kroondal's transition to tolling; on a like-for-like basis, production decreased 1%.

  • Purchase of PGM concentrate volumes decreased 15% to 315,500 ounces, but were flat year-over-year when adjusted for Kroondal.

  • Toll-refined PGM production increased 40% to 215,700 ounces; normalised, this is a 4% reduction.

  • Nickel production decreased 15% to 6,226 tonnes; copper production decreased 9% to 4,201 tonnes.

  • Chrome production increased 10% to 271,000 tonnes.

  • The average realised basket price for Q3 2025 was $1,916/PGM ounce, up 30% year-over-year and 27% quarter-on-quarter.

Outlook and guidance

  • Full-year M&C production guidance remains at 3.0–3.2 million ounces, with own operations expected to contribute ~2.0 million ounces and POC 1.0–1.2 million ounces.

  • Refined production and sales volumes guidance is ~3.4 million PGM ounces, supported by improved processing stability and inventory release.

  • Amandelbult is on track for 450,000–480,000 PGM ounces for the year.

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Frequently asked questions

Anglo American Platinum Limited is a mining company specializing in the production and supply of a broad range of metals. The company's product portfolio is categorized into three main areas: Platinum Group Metals (including platinum, palladium, rhodium, iridium, ruthenium, and osmium), base metals (comprising copper, nickel, cobalt and sulphate, and chrome), and precious metals such as gold. Anglo American Platinum also ventures into fuel cell electric vehicles. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the Johannesburg Stock Exchange.

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