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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
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1M
—
YTD
—
1Y
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash US$58.3M Not Meaningful
Debt US$30M Net cash US$28.3M
Basic shares 107.6M 2026-06-30
Runway Not Meaningful ProducinggroupwithpositiveannualOCF;latestquartercashflow/burnnotdisclosed. Do notdivideannualcashflowbyfourorcountgovernmentreceivablesasliquidity.

Liquidity

Financial position

Reported US$58.337m cash, including US$31.660m ZWG equivalent; US$30m bank debt and US$5.387m leases. US$120m SBSA undrawn expires 29 May 2027 and Stanbic debt 30 November 2026. US$372.695m approved/contracted PPE commitments are dated over five years. Trade and statutory receivables are not immediately distributable cash.

Inventory composition1

US$195.862m operating inventory includes US$91.244m ore, concentrate and matte and US$104.618m net consumables. It is funded operating capital, with 24koz concentrate at June quarter end; no inventory is added as spare cash.

Groupoperatinginventoriesincludingconcentrateandmatte
US$195.9M carrying

Capital structure

Ownership and dilution

Ordinary shares
107.6M
Fully diluted
107.6M

Annual notes 14 and 24 and shareholder table: 107,637,649 issued shares; no potential ordinary-share dilution disclosed. Incentives are cash settled.

Security classes1
ClassTypeQuantityStrikeExpiry
Global ordinary shares of US$0.10 par valueOrdinary Share107.6M——

KPI history

Operating metrics · Ngezi mines and integrated Selous processing

Gross final product6E shown
059,693119,386179,080238,7732024-09-30: 150,353 6Eoz2024-09-302024-12-31: 129,536 6Eoz2024-12-312025-03-31: 139,506 6Eoz2025-03-312025-06-30: 186,946 6Eoz2025-06-302025-09-30: 142,535 6Eoz2025-09-302025-12-31: 174,229 6Eoz2025-12-312026-03-31: 76,340 6Eoz2026-03-312026-06-30: 213,190 6Eoz2026-06-30
MetricUnitTrend2024-09-302024-12-312025-03-312025-06-302025-09-302025-12-312026-03-312026-06-30
Gross final product6E6Eoz2024-09-30: 150,353 6Eoz2024-12-31: 129,536 6Eoz2025-03-31: 139,506 6Eoz2025-06-30: 186,946 6Eoz2025-09-30: 142,535 6Eoz2025-12-31: 174,229 6Eoz2026-03-31: 76,340 6Eoz2026-06-30: 213,190 6Eoz150,353129,536139,506186,946142,535174,22976,340213,190
Cash operating costUSD/6Eoz2024-09-30: 841 USD/6Eoz2024-12-31: 935 USD/6Eoz2025-03-31: 1,026 USD/6Eoz2025-06-30: 822 USD/6Eoz2025-09-30: 1,068 USD/6Eoz2025-12-31: 1,009 USD/6Eoz2026-03-31: 1,299 USD/6Eoz2026-06-30: 1,132 USD/6Eoz8419351,0268221,0681,0091,2991,132
Operating metric source table58
MetricProjectPeriodPeriod typeValueStatus
Final product6ENgezismcFY2022Year583,492 6EozReported
Cash operating costNgezismcFY2022Year724 USD/6EozReported
Gross realised basketNgezismcFY2022Year1,996 USD/6EozReported
Final product6ENgezismcFY2023Year611,226 6EozReported
Cash operating costNgezismcFY2023Year836 USD/6EozReported
Gross realised basketNgezismcFY2023Year1,595 USD/6EozReported
Final product6ENgezismcFY2024Year645,911 6EozReported
Cash operating costNgezismcFY2024Year829 USD/6EozReported
Gross realised basketNgezismcFY2024Year1,196 USD/6EozReported
Final product6ENgezismcFY2025Year606,343 6EozReported
Cash operating costNgezismcFY2025Year898 USD/6EozReported
Gross realised basketNgezismcFY2025Year1,348 USD/6EozReported
Final product6ENgezismcFY2026Year606,294 6EozReported
Cash operating costNgezismcFY2026Year1,102 USD/6EozReported
Gross realised basketNgezismcFY2026Year2,171 USD/6EozReported
Gross final product6ENgezismc2024-09-30Quarter150,353 6EozReported
Cash operating costNgezismc2024-09-30Quarter841 USD/6EozReported
Gross final product6ENgezismc2024-12-31Quarter129,536 6EozReported
Cash operating costNgezismc2024-12-31Quarter935 USD/6EozReported
Gross final product6ENgezismc2025-03-31Quarter139,506 6EozReported
Cash operating costNgezismc2025-03-31Quarter1,026 USD/6EozReported
Gross final product6ENgezismc2025-06-30Quarter186,946 6EozReported
Cash operating costNgezismc2025-06-30Quarter822 USD/6EozReported
Gross final product6ENgezismc2025-09-30Quarter142,535 6EozReported
Cash operating costNgezismc2025-09-30Quarter1,068 USD/6EozReported
Gross final product6ENgezismc2025-12-31Quarter174,229 6EozReported
Cash operating costNgezismc2025-12-31Quarter1,009 USD/6EozReported
Gross final product6ENgezismc2026-03-31Quarter76,340 6EozReported
Cash operating costNgezismc2026-03-31Quarter1,299 USD/6EozReported
Gross final product6ENgezismc2026-06-30Quarter213,190 6EozReported
Cash operating costNgezismc2026-06-30Quarter1,132 USD/6EozReported
revenueCompanyFY2026Year1,298,828,000 USDReported
npatCompanyFY2026Year276,674,000 USDReported
ocfCompanyFY2026Year180,490,000 USDReported
capexCompanyFY2026Year150,722,000 USDReported
fcfCompanyFY2026Year29,768,000 USDSource Derived
Gross final-product PtNgezismcFY2026Year279,981 oz PtReported
Gross metal sales PtNgezismcFY2026Year276,324 oz PtReported
Gross final-product PdNgezismcFY2026Year237,491 oz PdReported
Gross metal sales PdNgezismcFY2026Year234,353 oz PdReported
Gross final-product AuNgezismcFY2026Year30,906 oz AuReported
Gross metal sales AuNgezismcFY2026Year30,638 oz AuReported
Gross final-product RhNgezismcFY2026Year25,556 oz RhReported
Gross metal sales RhNgezismcFY2026Year25,175 oz RhReported
Gross final-product RuNgezismcFY2026Year22,040 oz RuReported
Gross metal sales RuNgezismcFY2026Year21,884 oz RuReported
Gross final-product IrNgezismcFY2026Year10,320 oz IrReported
Gross metal sales IrNgezismcFY2026Year9,995 oz IrReported
Gross final-product PtNgezismcJune2026 quarterQuarter97,950 oz PtReported
Gross final-product PdNgezismcJune2026 quarterQuarter84,035 oz PdReported
Gross final-product AuNgezismcJune2026 quarterQuarter10,570 oz AuReported
Gross final-product RhNgezismcJune2026 quarterQuarter9,058 oz RhReported
Gross final-product RuNgezismcJune2026 quarterQuarter7,867 oz RuReported
Gross final-product IrNgezismcJune2026 quarterQuarter3,710 oz IrReported
Gross final-product AgNgezismcJune2026 quarterQuarter20,467 oz AgReported
Gross final-product NiNgezismcJune2026 quarterQuarter2,030 t NiReported
Gross final-product CuNgezismcJune2026 quarterQuarter1,539 t CuReported
Gross final-product CoNgezismcJune2026 quarterQuarter23 t CoReported
Company guidance3
MetricProjectPeriodLowHighStatus
Gross In Matte6E Production, Parent Zimplats Specific GuidancengezismcFY2027630,000660,000 6EozCurrent
Parent Zimplats Specific Capital ExpenditurengezismcFY20272,400,000,0003,000,000,000 ZARCurrent
Mupani Design Ore Capacity Targeted In Fy2030ngezismcFY20303,600,0003,600,000 t/yr oreCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30Ann. 2026-09-28DebtUS$69.3M——Completed—
2026-09-28DividendUS$0——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-28

Audited annual notes 12,16,27,33 establish ESOT, offtake, government burdens, banking and tolling. Full private contracts and current vendor-loan repayment balance are unavailable.

Legal ZPM interest 90%; employee trust 10% consolidated as agent. Valuation applies 90% economic attribution once and bounds 100% attribution separately because the current vendor-loan distribution waterfall is not public.

Other · Active
Counterparties
Zimplats Employee Share Ownership Trust
Applies to
Ngezi mines and integrated Selous processing · Platinum Group Metals · Gold · Nickel · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
DirectZPMownership: 90 %
ESOTshare: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

All metal revenue is sold to Impala using assayed metal quantities and provisional observable prices. Three-to-five-month settlement requires working capital; the model uses a composite realized revenue basket and funded receivables.

Offtake · Active
Counterparties
Impala Platinum Limited
Applies to
Ngezi mines and integrated Selous processing · Platinum Group Metals · Gold · Nickel · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Customerrevenue: 1,298,828,000 USD
Settlementdelay: 3-5 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Reported FY2026 mineral royalty US$66.146m plus export commission US$10.315m; normalized proportional revenue burden is modeled separately from operating costs.

Royalty · Active
Counterparties
Government of Zimbabwe
Applies to
Ngezi mines and integrated Selous processing · Platinum Group Metals · Gold · Nickel · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Mineralroyalty: 66,146,000 USD
Exportcommission: 10,315,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

US$120m committed borrowing base expires 29 May 2027, SOFR plus 2.85%. Receipt-backed parent guarantee is limited; liquidity calendar repays draws before expiry.

Other · Active
Counterparties
Standard Bank of South Africa · Impala Platinum Limited
Applies to
Ngezi mines and integrated Selous processing · Platinum Group Metals · Gold · Nickel · Copper
Economic direction
Mixed
Period
Through 2027-05-29; start date not stated
Key terms
Undrawncommittedfacility: 120,000,000 USD
Interestspread: 2.85 %
How it affects our valuation

No valuation treatment is available for this arrangement.

US$30m drawn at 10%; November 2026 maturity is repaid in the nominal liquidity calendar and principal is deducted once in the equity bridge.

Other · Active
Counterparties
Stanbic Bank Zimbabwe
Applies to
Ngezi mines and integrated Selous processing · Platinum Group Metals · Gold · Nickel · Copper
Economic direction
Burden
Period
Through 2026-11-30; start date not stated
Key terms
Drawnbankdebt: 30,000,000 USD
Interest: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Mimosa concentrate toll smelting is distinct from own-mine output. Reported combined cash economics provide a modest existing benefit; no unsupported third-party volume is added.

Tolling Or Processing · Active
Counterparties
Mimosa Mining Company
Applies to
Ngezi mines and integrated Selous processing · Platinum Group Metals · Gold · Nickel · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Tollsmelting: charge USD
How it affects our valuation

No valuation treatment is available for this arrangement.