Zimplats (ZIM) Q3 2025 TU earnings summary

Executive summary

• Six lost-time injuries recorded due to two safety incidents; remedial actions underway.

• Mining volumes decreased 11% year-over-year and 4% sequentially, impacted by equipment availability.

• Open pit mining resumed, contributing 4.3% of mined volumes for the quarter.

Financial highlights

• Total operating cash costs increased 3% year-over-year, mainly due to higher power costs and open-cast mining.

• Operating cash costs improved 2% sequentially, reflecting lower variable costs from reduced volumes.

• Cash cost per 6E ounce rose 25% year-over-year and 10% sequentially to US$1,026.

• 6E metal in final product declined 16% year-over-year but increased 8% from the previous quarter.

Segment performance

• Ore mined: 1,787,000 tonnes, down 11% year-over-year and 4% sequentially.

• Ore milled: 1,674,000 tonnes, down 17% year-over-year and 8% sequentially.

• 6E head grade up 1% year-over-year, down 1% sequentially.

• 6E concentrate production fell 20% year-over-year and 15% sequentially (adjusted for assays).

• Platinum, palladium, gold, rhodium, ruthenium, and iridium output all declined year-over-year but improved sequentially.