Press releases - 2026

Johannesburg, South Africa - Valterra Platinum today announced the publication of its 2025 suite of annual reports, providing a comprehensive overview of the company’s performance, strategy, governance and sustainability progress during a year of significant change.

The reporting suite, which includes the Annual Integrated Report, Sustainability Report, Ore Resource and Mineral Reserves Report, Governance Report and Tax Transparency Report, reflects Valterra Platinum’s continued focus on delivering long-term value through disciplined capital allocation, operational excellence and responsible mining practices.

Craig Miller, CEO, said, “2025 was a defining year for our company, with the successful demerger from Anglo American plc, our launch as Valterra Platinum, and our secondary listing on the London Stock Exchange. We have successfully positioned Valterra Platinum as an independent, sustainable and competitive business. Ongoing initiatives across our world-class assets are focused on embedding our strategic priorities, including integrating sustainability in everything we do.

“In 2025, we delivered on all our strategic priorities. Despite ongoing global market volatility and evolving demand dynamics for platinum group metals (PGMs), we delivered strong operational and financial performance, underpinned by the resilience of our exceptional asset base and the strength of our people. We reinforced our organisational and technical capabilities across the business, executed our operational excellence activities with discipline and set up the company to accelerate its growth projects. We move into 2026 with momentum, clarity and an unwavering focus on value creation for all our stakeholders.”

Safety, people and operational excellence

The safety and wellbeing of employees remain Valterra Platinum’s foremost priority. Tragically, we recorded two fatalities in 2025 at Unki in Zimbabwe (ending a 13-year fatality free record) and at Amandelbult’s Dishaba mine. While the company made progress in embedding its safety culture and operating model, we acknowledge that significant further work is required to achieve our ambition of zero harm.

The resilience and capability of its workforce were demonstrated during the year, including in response to operational challenges such as bringing the Amandelbult mine back into operation following the flooding in early 2025, underscoring the strength of the organisation and its commitment to continuous improvement.  Our commitment to operational excellence underpins sustainable delivery, continuous improvement in our competitive position, and the protection of cash flow generation and returns across commodity price cycles. Our approach to value creation focuses on strengthening operational resilience, driving cost efficiencies, enhancing energy security, supporting long-term growth, and building enduring customer relationships.

Strong performance and financial resilience

Valterra Platinum delivered a strong financial performance despite a challenging operating environment characterised by volatile PGM prices and cost pressures. Adjusted EBITDA increased by 68% to R33.4 billion, while headline earnings rose 98% to R16.7 billion. The company maintained a robust balance sheet, ending the year with a net cash position of R11.5 billion, supporting a final dividend payout of R11.5 billion, contributing to a total annual dividend of R12bn for the 2025 year.

This performance reflects the company’s disciplined approach to cost management, achieving R5 billion in cost reductions, and its focus on enhancing competitiveness as an independent business.

Positioned for long-term value in PGMs and the energy transition

Valterra Platinum’s strategy is anchored in maximising value from its high-quality, long-life asset base while positioning the company to benefit from the critical role PGMs play in the global energy transition. Its metals are essential across a wide range of applications, including emissions reduction technologies, renewable energy systems and advanced industrial uses.

The company continues to invest in market development initiatives to support sustainable, long-term demand for PGMs and build confidence in the industry.

Sustainability and responsible mining

Sustainability is embedded at the core of Valterra Platinum’s strategy and capital allocation decisions. The company is committed to responsible mining practices, environmental stewardship and creating shared value for its stakeholders.

With the Initiative for Responsible Mining Assurance (IRMA) accreditation of Mogalakwena with a 50 score in Q1 2025, all wholly owned operations are now IRMA accredited. This sets Valterra Platinum apart from global mining peers and affirms the company’s industry leading sustainability practices, reinforcing commitment to responsible mining and environmental stewardship. This approach is supported by a clear sustainability framework focused on climate and environmental performance, resilient communities and ethical value chains, alongside strong governance and leading ESG ratings.

Through the supply of platinum group metals essential to cleaner technologies, including hydrogen energy and emissions reduction solutions, Valterra Platinum continues to play a critical role in advancing the global transition to a lower-carbon, more inclusive economy, while remaining committed to upholding human rights, fostering inclusive growth and collaborating with stakeholders to build sustainable livelihoods.

Valterra Platinum continues to play a meaningful role in supporting socio-economic development in its host communities and the broader South African economy, with a total contribution to society of R83 billion in 2025, including taxes, local procurement, wages, community investments and shareholder returns.

Disciplined outlook and future growth

Looking ahead, Valterra Platinum is focused on delivering sustainable, long-term shareholder value through disciplined capital allocation, operational excellence and strategic investment across its portfolio.

While near-term market conditions remain uncertain, the company is confident in the medium to long-term fundamentals of PGMs, given their critical role in enabling a lower-carbon future and unlocking the role out of new technologies. Valterra Platinum’s integrated value chain, strong governance framework and enhanced market positioning support its ability to navigate volatility and capture future growth opportunities.

The 2025 suite of reports is available on the Company’s website at: https://reports.valterraplatinum.com/