Zimplats (ZIM) Q1 2027 TU earnings summary

Executive summary

• No lost-time injuries; mined volumes fell 5% QoQ and 1% YoY, while 6E metal in concentrate declined 5% QoQ and rose 3% YoY.

• 6E head grade was stable QoQ and YoY; milled volumes fell 4% QoQ and increased 2% YoY.

Financial highlights

• Total operating costs were US$173.7M, down 16% QoQ and up 7% YoY; lower power use during furnace maintenance and reduced engineering maintenance drove the QoQ decline.

• Cash costs of metal produced were US$155.3M, down 36% QoQ and up 2% YoY.

Outlook and guidance

• Furnace maintenance began 1 September, with a return to operation scheduled by end-October 2026; accumulated concentrate inventory is expected to be smelted during the remainder of FY2027.

• Mupani Mine remains on track for full capacity of 3.6M tonnes per annum by FY2029; the Phase 2A solar project is expected to complete commissioning in Q2 FY2027, lifting solar generation to 80MW.