Zimplats (ZIM) Q4 2024 earnings summary

Executive summary

• Recorded one fatality at Mupfuti Mine during the quarter; safety remains a priority.

• Mining volumes increased 2% year-over-year but declined 1% sequentially due to operational changes.

• 6E head grade and concentrator recoveries both decreased 1% year-over-year and quarter-on-quarter.

• 6E metal in concentrate was flat year-over-year, down 3% from the previous quarter; 6E metal in final product fell 4% year-over-year and 5% sequentially.

Financial highlights

• Total operating cash costs reduced by 4% year-over-year and quarter-on-quarter due to cost containment initiatives.

• Cash costs of metal produced decreased 5% year-over-year and 6% sequentially.

• Operating cash cost per 6E ounce was $823, down 1% year-over-year and quarter-on-quarter.

Outlook and guidance

• Exploration activities remained limited due to depressed metal prices, focusing on resource model updates.