The group stated in a trading statement that headline earnings are expected to be between R18,5 billion and R22,2bn, which is much higher than the R1,2bn reported at the interim stage last year.

Headline earnings per share (HEPS) are expected to be between 7047 cents per share and 8456 cents per share, compared with only 473 cents at the same time last year.

The full interim results are expected to be released on July 29. Basic earnings and earnings per share (EPS) are expected to increase by more than 3076%.

Basic earnings are anticipated to be between R18,6bn and R22,3bn, versus only R0,6bn in the prior period. Earnings per share (EPS) are expected to be between 7085 cents per share and 8494 cents per share, compared to 223 cents at the end of the same period last year.

Earnings increased, supported by a combination of an 18% increase in PGM sales volumes and significantly stronger PGM prices.

The PGM dollar basket price increased by 85% to $2801 per PGM ounce, which translated into a 66% increase in the PGM rand basket price to R459,93 per PGM ounce.

The uplift in volumes was driven by higher M&C output following the flooding-related disruptions at Amandelbult in the first half of 2025.

In addition, the proactive rescheduling of planned maintenance activities and annual stock counts to the third quarter of 2026 facilitated a more even distribution of refined production throughout the year, further supporting sales volumes.

Taxation and royalties increased in line with the increased earnings.

Craig Miller, CEO of Valterra Platinum, said in a second quarrer operational update that from a production perspective, the three months reflected a resilient year-on-year recovery, with own-mined metal-in-concentrate (M&C) production up 13%, driven largely by improved performance at Amandelbult following the flooding experienced in 2025.

“Looking ahead to the remainder of the year, our priorities are clear. We remain focused on embedding a culture of zero harm while continuing to advance operational excellence as we unlock further efficiencies across the portfolio. We are well positioned for a strong second half, supported by improving operational performance and increased production flexibility. We remain committed to delivering within our 2026 guidance,” said Miller.

Second quarter total PGM production increased by 1% to 775,400 ounces, driven by higher own-mined volume, partially offset by weaker purchases of concentrate (POC) volumes.

Own-mined PGM production increased by 13% to 525,700 ounces, primarily driven by improved performance at Amandelbult, partially offset by lower production at Mototolo, Mogalakwena, and Unki.

Refined PGM production increased by 1% to 963,500 ounces, in line with the increase in M&C production. Refined production exceeded M&C production, reflecting the ongoing optimisation of work-in-progress inventory across the processing value chain.

PGM sales volumes decreased by 4% to 945,600 ounces, primarily reflecting timing differences between production and sales during the period.

Guidance for 2026 remained unchanged, with M&C and refined production expected to be between 3,0 and 3,4 million ounces.

Cash operating unit cost guidance remained intact at R19,000 – R20,000 per PGM ounce, although costs were anticipated to be at the upper end of the guidance range.

The targeted all-in sustaining cost (AISC) of $1,050 per 3E ounce was also unchanged. “We continue to closely monitor the potential inflationary impact of the Middle East conflict on input costs,” said Miller.

The market did not reflect the strong results, with the share price falling 0.3% to R1076.35 on the JSE early Friday morning, although the price is 15.7% higher than a year ago.