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2026-11-06
◂ Monitor ZIM ASX

Zimplats Holdings Limited

Producer · Platinum Group Metals · Gold · Nickel · Copper · Zimbabwe Rating locked: sign in to view v8 · zim-20261024t213315-full
Last 2026-11-06
A$14.19
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$1.5B
EV
A$1.5B
Cash
US$58.3M
Debt
US$30M
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

3 assets

Core asset

Ngezi mines and integrated Selous processing

Zimbabwe

Producer90% ownedPlatinum Group MetalsGoldNickelCopper

Integrated producer: four underground mines share concentrates and smelting infrastructure. Gross operating quantities; direct legal ownership90%, with10% employee trust consolidated as agent.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
NM
Reserve life
NM
Head grade
NM
Published study economicsIssuer or study metrics
Operating cost1,102USD/6Eoz
Discount rate19.1%Published study basis

Impairmentcontext only: pretaxrealrate, undisclosedNPV; analystDCF uses its own transparentposttaxrate.

Resources & reserves7
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcemeasured264.4M t3.45g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Mineral Resourceindicated289.1M t3.55g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Mineral Resourceinferred116.6M t3.5g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Mineral Resourcetotal670.1M t3.5g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Ore Reserveproved149.5M t3.28g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Ore Reserveprobable96.3M t3.25g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Ore Reservetotal245.7M t3.27g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Tenements1
ml37Granted18,027 ha · No expiry supplied
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Registered mining leases validforlifeofmineZimbabweGranted—Yes
Economic studies1
StudyStageStatusDateSummary
Audited operatingCGU impairment modelOperating PlanCurrent2026-09-28Audited group impairment DCF uses long-term real basket US$2,297/6Eoz and19.11% pre-tax real discount rate. Public NPV and detailed schedule are unavailable, so this is a context cross-check.

Other

Hartley ML36 sulphide resource

Zimbabwe

Care And Maintenance90% ownedPlatinum Group MetalsGoldNickelCopper

Unfunded separate optional inventory. Public evidence does not establish a standalone restart/oxide recovery plan; not included in the core production schedule.

Care and maintenance · Care and maintenance
Nameplate capacity
—
Restart capex
—
Contained metal (attributable)
11.8m ozd
Last production year
—
Target restart
—
Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcemeasured19.3M t4.08g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Mineral Resourceindicated139.9M t3.84g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Mineral Resourceinferred53.2M t3.89g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Mineral Resourcetotal212.3M t3.88g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Tenements1
ml36Granted6,605 ha · No expiry supplied
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Registered mining leases validforlifeofmineZimbabweGranted—Yes

Other

Oxide resources across ML36 and ML37

Zimbabwe

Resource Stage90% ownedPlatinum Group MetalsGoldNickelCopper

Unfunded separate optional inventory. Public evidence does not establish a standalone restart/oxide recovery plan; not included in the core production schedule.

Resource / scoping · Resource stage
Contained metal (attributable)
3.1m ozd
Resource grade
1.61 g/td
% Measured + Indicated
44.1%d
Resource tonnes
65.70 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourceindicated29.9M t3.38g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Mineral Resourceinferred35.8M t3.43g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Mineral Resourcetotal65.7M t3.41g/t6EPlatinum Group Metals · Gold · Nickel · Copper2026-06-30
Tenements1
oxideleasesGranted— ha · No expiry supplied
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Registered mining leases validforlifeofmineZimbabweGranted—Yes

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Selous base metals refinery · Processing plant / refinery · Care and maintenance
Product and spec
Nickel and base-metal refining:deferred
Nameplate capacity
5,200 tpa
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
Ngezi and SMC concentrators · Processing plant / refinery · Operating
Product and spec
PGM-bearing sulphide concentrate
Nameplate capacity
8.1e+06 tpad
Throughput (12M)
8.0m t
Utilisation
99.3%d
Capital intensity (capex / tpa)
—
Feed source
Captive Ngezi mines
Offtake contracted
—
SMC smelter and SO2 abatement · Processing plant / refinery · Operating
Product and spec
Converter white matte,6E plus base-metal credits
Nameplate capacity
—
Throughput (12M)
225.0k t
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Captive concentrate with Mimosa toll-smelting
Offtake contracted
—