Zimplats (ZIM) Q1 2026 TU earnings summary

Executive summary

• Achieved zero lost-time injuries, reflecting improved safety performance.

• Mined volumes decreased 1% from the prior quarter and were stable year-on-year.

• 6E head grade declined 1% from the prior quarter and 2% year-over-year.

• Final 6E metal production dropped 24% from the prior quarter and 5% year-over-year, impacted by furnace repairs and inventory build-up.

Financial highlights

• Total operating costs rose 21% year-over-year and 18% from the prior quarter, driven by higher labor, maintenance, and smelter expansion costs.

• Cash cost per 6E ounce increased 30% from the prior quarter and 27% year-over-year.

• Accumulation of concentrate inventory led to a $10.7 million transfer from operating costs to stocks.

Outlook and guidance

• Accumulated concentrate inventory (~12,600 6E ounces) will be smelted during the remainder of the financial year.

• Mupani Mine development on track for full-scale production by FY2029.

• Phase 2A 45MW solar plant expected to complete in H1 FY2027, increasing total solar generation to 80MW.