SYS.STATUS: OPERATIONAL
DEPTH: 2,148m
SHAFT: ACTIVE
DEPTH: 2,148m
SHAFT: ACTIVE
UTC: 04:12:38
FEED: LIVE
NODE: ZA-01
FEED: LIVE
NODE: ZA-01
Certified Reserve Statement · JORC 2012 Compliant
2.4M OUNCES
PROVEN. 340M TONNES IN RESERVE.
Platinum-group metals extracted from the Bushveld Igneous Complex at 2,148 metres depth. Supplying catalytic converters, hydrogen fuel cells, and jewellery-grade alloys to 14 countries.
4.8 g/tPGM
Ore Grade
87.4%mill
Recovery Rate
34 yrsest.
Mine Life
285Koz/yr
Annual Output
PT SPOT$968.40/oz+1.2%◆
PD SPOT$1,024.80/oz-0.4%◆
PT/PD RATIO0.945+0.8%◆
ZAR/USD18.74-0.2%◆
RHODIUM$4,200/oz+0.6%◆
RUTHENIUM$430/oz+2.1%◆
PT 3-MO FWD$974.20/oz+0.6%◆
PD 3-MO FWD$1,018.50/oz-0.6%◆
LBMA FIXING$967.00/oz+0.9%◆
JSE PGM IDX4,218.6 pts+1.5%◆
BRENT CRUDE$82.14/bbl-0.3%◆
VEIN ORE GRADE4.8 g/t PGM◆
PT SPOT$968.40/oz+1.2%◆
PD SPOT$1,024.80/oz-0.4%◆
PT/PD RATIO0.945+0.8%◆
ZAR/USD18.74-0.2%◆
RHODIUM$4,200/oz+0.6%◆
RUTHENIUM$430/oz+2.1%◆
PT 3-MO FWD$974.20/oz+0.6%◆
PD 3-MO FWD$1,018.50/oz-0.6%◆
LBMA FIXING$967.00/oz+0.9%◆
JSE PGM IDX4,218.6 pts+1.5%◆
BRENT CRUDE$82.14/bbl-0.3%◆
VEIN ORE GRADE4.8 g/t PGM◆
SCROLL TO DATA
Resource Statement
What Lies Underground
Reserve estimates certified by SRK Consulting.
Compliant with JORC Code 2012 and NI 43-101.
Last updated: Q4 2025
Compliant with JORC Code 2012 and NI 43-101.
Last updated: Q4 2025
Proven Reserves
Measured + Indicated
0M oz PGM
Platinum 1.6M oz · Palladium 0.8M oz
Probable Reserves
Inferred Resource
0M oz PGM
Est. conversion 5–8 years
Total In-Situ
All categories
0M oz PGM
Gross metal content
Ore Grade
Mill head grade
0g/t PGM
Pt: 3.1 g/t · Pd: 1.7 g/t
Mineralised Tonnes
Total resource base
0M tonnes
UG2 Reef + Merensky Reef
Strip Ratio
Waste : Ore
0:1
Underground operation
Annual Production
FY2025 actual
0oz/yr
Target 320K oz by FY2027
Competent Person
Dr. Pieter van Rensburg · Pr.Sci.Nat.
Auditor
SRK Consulting (SA) Pty Ltd
Effective Date
31 December 2025
Standard
JORC 2012 · SAMREC 2016
Operational Data
The Machine Running
REAL-TIME TELEMETRY — SHAFT ZA-01
Mill Throughput
185Kt/mo
+4.2%
Recovery Rate
87.4%
+0.5pp
Cash Cost
$680/oz
-2.1%
AISC
$920/oz
+1.4%
Concentrate Grade
142g/t
+3.8%
Shaft Depth
2,148m
Active
Shaft Cross-Section · Depth Profile
1,200m
Level 48 — UG2 Reef
42K t/mo
1,560m
Level 62 — Merensky Reef
68K t/mo
1,890m
Level 75 — UG2 Extension
51K t/mo
2,148m
Level 86 — Deep UG2
—
2,400m
Level 96 — Platreef Target
—
Monthly Throughput · FY2025
Kt MILLED
148K
Jan
155K
Feb
161K
Mar
158K
Apr
164K
May
170K
Jun
168K
Jul
175K
Aug
172K
Sep
178K
Oct
181K
Nov
185K
Dec
Mill Feed (Kt)
Avg Recovery:87.4%
Recovery Metrics by Process Stage
Crushing & Milling
96.2%
Flotation Circuit
91.4%
Smelting Furnace
98.1%
Base Metal Refinery
99.3%
Precious Metal Refinery
99.8%
Overall Plant Recovery
87.4%
Market Intelligence
The Price of Scarcity
Source: LBMA · Johnson Matthey PGM Market Report
Data range: Q1 2021 – Q1 2026
Prices in USD per troy ounce
Data range: Q1 2021 – Q1 2026
Prices in USD per troy ounce
5-Year PGM Price Overlay · USD/oz
Platinum
Palladium
Global PGM Demand by Sector · 2025E
Automotive
42%Industrial
28%Investment
15%Jewellery
9%Hydrogen
6%Demand Split: Platinum vs Palladium by End-Use
End-Use Sector
Pt %
Pd %
Autocatalyst
38%
12%
Industrial
28%
18%
Jewellery
24%
2%
Investment
6%
8%
H₂ Fuel Cell
4%
60%
GREEN TRANSITION SIGNAL
Hydrogen fuel cell demand for palladium projected to grow 840% by 2035. Vein's deep UG2 reef positions it as a primary beneficiary.
Proven Reserves
2.4M oz
Annual Output
285K oz
Pt Spot
$968/oz
Mine Life
34 years
Investor Access
The Numbers Don't
Lie Underground.
The Full Resource Report contains certified reserve estimates, mine-plan schedules, cost projections through 2059, and independent PGM price forecasts from three global commodity houses.
JORC 2012 CertifiedJSE Listed: VEIISO 14001 CertifiedICMM Member