JSE-listed Impala Platinum (Implats) achieved a “commendable” performance for the sixth months ended December 31, the first half of the company’s 2026 financial year, with notable gains in the second quarter, it says.

Platinum, palladium, rhodium, ruthenium, iridium and gold (6E) production increased by 1% year-on-year to 1.80-million ounces.

Production from managed operations increased by 1% to 1.41-million ounces.

Impala Rustenburg’s production declined by 2% to 888 000 oz of 6E stock-adjusted and saleable.

Performance at Marula reflected the impact of increased development rates on grade and recoveries as strategic interventions to improve mining flexibility were advanced and 6E concentrate production declined by 4% to 97 000 oz.

Production in matte at Zimplats, in Zimbabwe, increased by 13% to 317 000 oz of 6E, as the comparative period was impacted on by commissioning of the expanded smelter complex.

At Impala Canada, 6E concentrate volumes declined by 5% to 109 000 oz, reflecting the planned tapering of production rates at the operation.

Meanwhile, production from joint ventures (JVs) decreased by 3% to 272 000 oz of 6E.

Concentrate receipts from third parties were 12% higher at 115 000 oz of 6E, reflecting the underlying performance at customer operations.

Refined 6E production, which includes saleable ounces from Impala Rustenburg’s North Shafts and Impala Canada, was stable at 1.78-million ounces of 6E.

Processing operations performed well in the period under review, Implats points out, with record milling rates delivered at the Base Metal Refinery and the scheduled rebuild of Furnace 4 initiated as planned in December 2025.

Implats ended the period with excess inventory of about 400 000 oz of 6E.

Sales volumes were stable at 1.78-million ounces of 6E, including saleable production from Impala Canada and Impala Rustenburg’s North Shafts.

Material gains in dollar basket pricing were only partially offset by appreciation in the rand exchange rate. As a result, the group’s sales revenue improved to about R33 250/oz of 6E sold, compared with R23 831/oz of 6E recorded for the first half of the 2025 financial year.

Group capital expenditure is expected to have decreased to about R2.9-billion from R3.9-billion in the prior comparable period owing primarily to lower levels of capital at Zimplats as processing projects neared completion.

Implats expects to release its interim results on or about March 5.