2025 year in review

Financial

Revenue

R5 835 million

(2024: R8 443 million)

EBITDA

R533 million

(2024: R1 698 million)^*

Headline earnings

12.2cps

(2024: 42.9cps)

Basic earnings

5.7cps

(2024: 26.7cps)

Net cash generated from operating activities

R609 million

(2024: R1 744 million)^*

Cash and balances held with Central Treasury

R1 156 million

(2024: R1 434 million)^*

Net asset value

R4 719 million

(2024: R4 876 million)

Final cash dividend

8cps

(2024: 8cps)

^* Restated (see note 41of the audited consolidated annual financial statements for details of the restatement for the year ended 31 December 2025).

Safety

Fatality

None

(2024: 1)

Total recordable injury frequency rate (TRIFR)

1.79

(2024: 2.31)

Disabling injury severity rate (DISR)

103

(2024: 76.96)

Lost-time injury frequency rate (LTIFR)

1.2

(2024: 0.80)

Successes

No debt at Merafe and positive cash reserves
No fatalities and improved TRIFR
Increase in chrome ore sales
Performance of Platinum Group Metals (PGMs)

Operational

Ferrochrome sales volume

124kt

(2024: 298kt)

Ferrochrome production

112kt

(2024: 301kt)

Average ferrochrome CIF price

93USc/lb

(2024: 99USc/lb)

Chrome ore sales

683kt

(2024: 475kt)

Platinum Group Metals sales volumes

14 948oz

(2024: 13 557oz)

Challenges

Ferrochrome prices and demand
Rail and port infrastructure
Performance of smelting operations
Electricity pricing
Production costs