JOHANNESBURG (miningweekly.com) – Platinum group metals (PGM) mining and marketing company Implats delivered higher refined and saleable production and sales volumes into improved PGM pricing in the three months to September 30.

Refined and saleable metal volumes improved by 3% to 830 000 oz and final metal sales rose by 7% to 847 000 oz.

“The sustained recovery in PGM pricing provides a welcome tailwind and Implats is well positioned to maximise and share value, while maintaining a firm focus on safe, consistent and efficient operational delivery,” Implats CEO Nico Muller stated in the Johannesburg Stock Exchange-listed PGM company’s production update for the first quarter of its financial year 2026 (FY26).

“Our efforts to mitigate fatal injuries secured a fatal-free quarter, testament to our commitment to achieving our zero harm ambitions. Implats remains firmly on track to deliver against its previously communicated operational, cost and capital expenditure guidance in FY26,” Muller reported.

Implats recently concluded annual contractual negotiations with its core customer base, reaffirming an outlook of rising demand across the company’s suite of precious and base metals.

“PGM markets in 2025 have been characterised by constrained liquidity, much-improved investor sentiment and firmer pricing.

“After a prolonged period of market complacency, ongoing geopolitical and macroeconomic uncertainty has driven increased demand for supply surety and critical metals security,” Muller added in a release to Mining Weekly.

Tonnes milled at managed operations rose marginally to 7.11-million tonnes during the three months to September 30.

Volumes at the Zimplats mine in Zimbabwe and the Marula mine in South Africa were stable and higher throughput at Impala Rustenburg’s North shafts offset the planned reduction in volumes at Impala Canada and operational disruptions at Impala Rustenburg’s South and Central shafts. Milled grade declined by 3% to 3.74 g/t.

The impact of lower grade and recoveries was exacerbated by the temporary increase in concentrate inventory at Zimplats during furnace maintenance. Production from managed operations declined by 5% to 693 000 oz.

Concentrate production from the group’s joint ventures – Mimosa in Zimbabwe and Two Rivers in South Africa – declined by 5% to 138 000 oz.

Third-party concentrate deliveries to Impala Refining Service increased by 3% to 52 000 oz.

Consequently, group production volumes declined by 5% to 882 000 oz.

Refined production, which includes saleable ounces from Impala Canada and Impala Rustenburg’s North Shafts, improved by 3% to 830 000 oz.

Scheduled annual processing maintenance and stock counts were completed in the period and excess inventory increased by 60 000 oz from the end of FY25 to circa 480 000 oz at period end.

Sales volumes increased by 7% to 847 000 oz,  including saleable production from Impala Canada and Impala Rustenburg’s North shafts.

IMPALA RUSTENBURG

Production momentum at Impala Rustenburg was negatively affected by operational disruptions owing to the early implementation of winder upgrades, Department of Mineral and Petroleum Resources stoppages during July, unstable power supply, and labour repositioning between short- and long-life shafts that impacted the South shaft and Central shaft.

Tonnes milled increased by 2% to 3.99-million tonnes, while grade declined by 4% to 4.05 g/t owing to higher contributions from mechanised sections and dilution caused by geological features.

At the North shafts, operational delivery improved at Styldrift, where concentrate volumes increased by 6% to 137 000 oz with a further accumulation of circa 10 000 oz untreated run-of-mine ore stock ahead of the concentrator plants. 6E stock-adjusted production at the South and Central shafts declined by 9% to 329 000 oz.

Following the consolidation of the Impala Rustenburg complex, reported production volumes comprise stock-adjusted ounces from the South and Central shafts (329 000 oz) and saleable ounces (adjusted for offtake terms from a third party of 117 000 oz) from the North shafts. On this basis, production volumes declined by 5% to 446 000 oz.

Refined and saleable production improved by 3% to 405 000 oz, with the seasonal accumulation of in-process inventory during annual maintenance at the smelter and refining complex.

ZIMPLATS

Tonnes milled at Zimplats were stable at 1.98-million tonnes, while mill grade decreased by 3% to 3.30 g/t owing to changes in ore mix from the underground mines and higher throughput of opencast material.

Several power outages, together with the lower grade, impacted concentrator stability and recoveries negatively, and concentrate production declined by 4% from the prior comparable quarter.

Production in matte declined by 5% to 143 000 oz. The impact of lower concentrate volumes was compounded by 12 600 oz in untreated concentrate inventory owing to slag taphole repairs at the new furnace.

The concentrate inventory accumulated in the period is expected to be smelted during the remainder of FY26.

MARULA

Operational stability at Marula continued to improve with safety performance gains and a continued focus on recovering mining flexibility.

Milled volumes improved by 1% to 430 000 t, while milled head grade declined by 2% to 4.12 g/t as the development-to-stoping ratio was strategically increased to enhance mining flexibility. As a result, development crews doubled from 32 to 65.

Processing recoveries were negatively impacted by dilution and milled grade variation, and in-concentrate production declined by 8% to 49 000 oz.

IMPALA CANADA

Impala Canada continued to deliver to plan and achieved key performance measures in line with its revised operating strategy, aimed at maximising volume and cost performance over the remaining life-of-mine.

Tonnes milled declined by 8% to 703 000 t and grade improved by 2% to 2.93 g/t, resulting in a 4% reduction in volumes in concentrate to 56 000 oz.

MIMOSA

Operational delivery at Mimosa was negatively impacted by power interruptions, which impeded processing stability. Tonnes milled decreased by 1% to 741 000 t, with grade stable at 3.61 g/t.

Recoveries were lower owing to processing instability and the processing of higher oxidised ore as mining approached orebody extremities close to the surface.

Concentrate production was 6% lower at 63 000 oz. The shipment to Impala Refining Services of previously accumulated concentrate inventory enhanced sales volumes in the period.

TWO RIVERS

The Two Rivers mine delivered to plan in the quarter. Production volumes in the prior comparable period included contributions from the Merensky project ahead of its mothballing.

Milled volumes declined by 6% to 889 000 t, while higher processing recoveries helped offset marginally lower milled grade of 3.11 g/t, yielding concentrate production volumes of 75 000 oz.

IMPALA REFINING SERVICES

Mine-to-market receipts from Zimplats and Marula declined by 7% to 194 000 oz, reflecting the accumulation of concentrate at Zimplats.

Receipts from Two Rivers and Mimosa rose by 2% to 153 000 oz as previously accumulated inventory was received from Mimosa.

Third-party receipts improved by 3% to 52 000 oz, reflecting the underlying operating performance at customer operations.

Refined production improved by 2% to 369 000 oz.

FY26 guidance on volumes, cost and capital expenditure is maintained.

HEALTH AND SAFETY

No fatal incidents were reported at group operations.

The lost time injury frequency rate regressed by 7% to 3.52 per million person-hours worked.

The total injury frequency rate deteriorated by 25% to 8.54, elevated by the precautionary medical referral of all employees exposed to smoke inhalation following an underground fire.