- Last 2026-11-06
- A$14.19
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- CEO/Director Appointment/ResignationPost Annual Leadership Change
- Quarterly Activities ReportLatest Four Activities Reports
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 12All sources ▸- Annual Report to shareholdersResults
- Preliminary Final ReportResults
- Quarterly Activities ReportOperations
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Half Year AccountsResults
- Quarterly Activities/Appendix 5B Cash Flow ReportOperations
- Quarterly Activities ReportOperations
- Annual Report to shareholdersResults
- Preliminary Final ReportResults
- Quarterly Activities ReportOperations
- Quarterly Activities ReportOperations
- Half Year AccountsResults
Event calendar · next 12 months
4 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Release maintenance-related concentrate inventory | Release maintenance-related concentrate inventory | Production | Company Guided | High | Confirm inventory is smelted and collected after the September/October rebuild, with release targeted by March 2027. |
| 45MW solar Phase2A commissioning H1FY2027 | 45MW solar Phase2A commissioning H1FY2027 | Construction Or Commissioning | Company Guided | High | Completion increases solar capacity from35MW to80MW; observed savings must validate the operating cost assumption. |
| Stanbic facility maturity30November2026 | Stanbic facility maturity30November2026 | Financing | Confirmed | High | Loan repayment needs cash or a facility draw at the actual maturity date. |
| SBSA facility maturity29May2027 | SBSA facility maturity29May2027 | Financing | Confirmed | High | Borrowing-base draws must be repaid before expiry; no rollover is assumed. |
Executive roster
As of 2026-09-28Background checks ▸Annual physical page 25 management committee, reconciled to July 2026 role changes; complete as disclosed in that annual report.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Alexander Mhembere | Chief Executive Officer | Chief Executive · Executive Director | 2007-10-01 | Annual Report to shareholders |
| Patricia Zvandasara | Chief Finance Officer | Finance · Executive Director | 2019-11-01 | Annual Report to shareholders |
| Dr Stanley Segula | Director Strategy and Business Development | Senior Management | 2026-07-01 | Annual Report to shareholders |
| Simbarashe Goto | Chief Operating Officer | Operations | 2026-07-01 | Annual Report to shareholders |
| Amend Chiduma | Chief Technical Officer | Technical | 2022-04-01 | Annual Report to shareholders |
| Takawira Maswiswi | Human Resources Director | Senior Management | 2017-03-01 | Annual Report to shareholders |
| Hamandishe Saburi | Head of Corporate Affairs | Commercial | 2026-05-01 | Annual Report to shareholders |
| Chipo Chengetai Sachikonye | Legal Counsel and Company Secretary | Company Secretary | 2020-02-01 | Annual Report to shareholders |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Ngezi mines and integrated Selous processing
Zimbabwe
Integrated producer: four underground mines share concentrates and smelting infrastructure. Gross operating quantities; direct legal ownership90%, with10% employee trust consolidated as agent.
- 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
Impairmentcontext only: pretaxrealrate, undisclosedNPV; analystDCF uses its own transparentposttaxrate.
Resources & reserves7
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured | 264.4M t | 3.45g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Mineral Resource | indicated | 289.1M t | 3.55g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Mineral Resource | inferred | 116.6M t | 3.5g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Mineral Resource | total | 670.1M t | 3.5g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Ore Reserve | proved | 149.5M t | 3.28g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Ore Reserve | probable | 96.3M t | 3.25g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Ore Reserve | total | 245.7M t | 3.27g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
Tenements1
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Registered mining leases validforlifeofmine | Zimbabwe | Granted | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Audited operatingCGU impairment model | Operating Plan | Current | 2026-09-28 | Audited 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
Unfunded separate optional inventory. Public evidence does not establish a standalone restart/oxide recovery plan; not included in the core production schedule.
- Nameplate capacity
- —
- Restart capex
- —
- Contained metal (attributable)
- 11.8m ozd
- Last production year
- —
- Target restart
- —
Resources & reserves4
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured | 19.3M t | 4.08g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Mineral Resource | indicated | 139.9M t | 3.84g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Mineral Resource | inferred | 53.2M t | 3.89g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Mineral Resource | total | 212.3M t | 3.88g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
Tenements1
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Registered mining leases validforlifeofmine | Zimbabwe | Granted | — | Yes |
Other
Oxide resources across ML36 and ML37
Zimbabwe
Unfunded separate optional inventory. Public evidence does not establish a standalone restart/oxide recovery plan; not included in the core production schedule.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | indicated | 29.9M t | 3.38g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Mineral Resource | inferred | 35.8M t | 3.43g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
| Mineral Resource | total | 65.7M t | 3.41g/t6E | Platinum Group Metals · Gold · Nickel · Copper | 2026-06-30 |
Tenements1
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Registered mining leases validforlifeofmine | Zimbabwe | Granted | — | 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
- 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
- —
- 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
- —
- 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
- —
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Global ordinary shares of US$0.10 par value | Ordinary Share | 107.6M | — | — |
KPI history
Operating metrics · Ngezi mines and integrated Selous processing
| Metric | Unit | Trend | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross final product6E | 6Eoz | 150,353 | 129,536 | 139,506 | 186,946 | 142,535 | 174,229 | 76,340 | 213,190 | |
| Cash operating cost | USD/6Eoz | 841 | 935 | 1,026 | 822 | 1,068 | 1,009 | 1,299 | 1,132 |
Operating metric source table58
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Final product6E | Ngezismc | FY2022 | Year | 583,492 6Eoz | Reported |
| Cash operating cost | Ngezismc | FY2022 | Year | 724 USD/6Eoz | Reported |
| Gross realised basket | Ngezismc | FY2022 | Year | 1,996 USD/6Eoz | Reported |
| Final product6E | Ngezismc | FY2023 | Year | 611,226 6Eoz | Reported |
| Cash operating cost | Ngezismc | FY2023 | Year | 836 USD/6Eoz | Reported |
| Gross realised basket | Ngezismc | FY2023 | Year | 1,595 USD/6Eoz | Reported |
| Final product6E | Ngezismc | FY2024 | Year | 645,911 6Eoz | Reported |
| Cash operating cost | Ngezismc | FY2024 | Year | 829 USD/6Eoz | Reported |
| Gross realised basket | Ngezismc | FY2024 | Year | 1,196 USD/6Eoz | Reported |
| Final product6E | Ngezismc | FY2025 | Year | 606,343 6Eoz | Reported |
| Cash operating cost | Ngezismc | FY2025 | Year | 898 USD/6Eoz | Reported |
| Gross realised basket | Ngezismc | FY2025 | Year | 1,348 USD/6Eoz | Reported |
| Final product6E | Ngezismc | FY2026 | Year | 606,294 6Eoz | Reported |
| Cash operating cost | Ngezismc | FY2026 | Year | 1,102 USD/6Eoz | Reported |
| Gross realised basket | Ngezismc | FY2026 | Year | 2,171 USD/6Eoz | Reported |
| Gross final product6E | Ngezismc | 2024-09-30 | Quarter | 150,353 6Eoz | Reported |
| Cash operating cost | Ngezismc | 2024-09-30 | Quarter | 841 USD/6Eoz | Reported |
| Gross final product6E | Ngezismc | 2024-12-31 | Quarter | 129,536 6Eoz | Reported |
| Cash operating cost | Ngezismc | 2024-12-31 | Quarter | 935 USD/6Eoz | Reported |
| Gross final product6E | Ngezismc | 2025-03-31 | Quarter | 139,506 6Eoz | Reported |
| Cash operating cost | Ngezismc | 2025-03-31 | Quarter | 1,026 USD/6Eoz | Reported |
| Gross final product6E | Ngezismc | 2025-06-30 | Quarter | 186,946 6Eoz | Reported |
| Cash operating cost | Ngezismc | 2025-06-30 | Quarter | 822 USD/6Eoz | Reported |
| Gross final product6E | Ngezismc | 2025-09-30 | Quarter | 142,535 6Eoz | Reported |
| Cash operating cost | Ngezismc | 2025-09-30 | Quarter | 1,068 USD/6Eoz | Reported |
| Gross final product6E | Ngezismc | 2025-12-31 | Quarter | 174,229 6Eoz | Reported |
| Cash operating cost | Ngezismc | 2025-12-31 | Quarter | 1,009 USD/6Eoz | Reported |
| Gross final product6E | Ngezismc | 2026-03-31 | Quarter | 76,340 6Eoz | Reported |
| Cash operating cost | Ngezismc | 2026-03-31 | Quarter | 1,299 USD/6Eoz | Reported |
| Gross final product6E | Ngezismc | 2026-06-30 | Quarter | 213,190 6Eoz | Reported |
| Cash operating cost | Ngezismc | 2026-06-30 | Quarter | 1,132 USD/6Eoz | Reported |
| revenue | Company | FY2026 | Year | 1,298,828,000 USD | Reported |
| npat | Company | FY2026 | Year | 276,674,000 USD | Reported |
| ocf | Company | FY2026 | Year | 180,490,000 USD | Reported |
| capex | Company | FY2026 | Year | 150,722,000 USD | Reported |
| fcf | Company | FY2026 | Year | 29,768,000 USD | Source Derived |
| Gross final-product Pt | Ngezismc | FY2026 | Year | 279,981 oz Pt | Reported |
| Gross metal sales Pt | Ngezismc | FY2026 | Year | 276,324 oz Pt | Reported |
| Gross final-product Pd | Ngezismc | FY2026 | Year | 237,491 oz Pd | Reported |
| Gross metal sales Pd | Ngezismc | FY2026 | Year | 234,353 oz Pd | Reported |
| Gross final-product Au | Ngezismc | FY2026 | Year | 30,906 oz Au | Reported |
| Gross metal sales Au | Ngezismc | FY2026 | Year | 30,638 oz Au | Reported |
| Gross final-product Rh | Ngezismc | FY2026 | Year | 25,556 oz Rh | Reported |
| Gross metal sales Rh | Ngezismc | FY2026 | Year | 25,175 oz Rh | Reported |
| Gross final-product Ru | Ngezismc | FY2026 | Year | 22,040 oz Ru | Reported |
| Gross metal sales Ru | Ngezismc | FY2026 | Year | 21,884 oz Ru | Reported |
| Gross final-product Ir | Ngezismc | FY2026 | Year | 10,320 oz Ir | Reported |
| Gross metal sales Ir | Ngezismc | FY2026 | Year | 9,995 oz Ir | Reported |
| Gross final-product Pt | Ngezismc | June2026 quarter | Quarter | 97,950 oz Pt | Reported |
| Gross final-product Pd | Ngezismc | June2026 quarter | Quarter | 84,035 oz Pd | Reported |
| Gross final-product Au | Ngezismc | June2026 quarter | Quarter | 10,570 oz Au | Reported |
| Gross final-product Rh | Ngezismc | June2026 quarter | Quarter | 9,058 oz Rh | Reported |
| Gross final-product Ru | Ngezismc | June2026 quarter | Quarter | 7,867 oz Ru | Reported |
| Gross final-product Ir | Ngezismc | June2026 quarter | Quarter | 3,710 oz Ir | Reported |
| Gross final-product Ag | Ngezismc | June2026 quarter | Quarter | 20,467 oz Ag | Reported |
| Gross final-product Ni | Ngezismc | June2026 quarter | Quarter | 2,030 t Ni | Reported |
| Gross final-product Cu | Ngezismc | June2026 quarter | Quarter | 1,539 t Cu | Reported |
| Gross final-product Co | Ngezismc | June2026 quarter | Quarter | 23 t Co | Reported |
Company guidance3
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Gross In Matte6E Production, Parent Zimplats Specific Guidance | ngezismc | FY2027 | 630,000 | 660,000 6Eoz | Current |
| Parent Zimplats Specific Capital Expenditure | ngezismc | FY2027 | 2,400,000,000 | 3,000,000,000 ZAR | Current |
| Mupani Design Ore Capacity Targeted In Fy2030 | ngezismc | FY2030 | 3,600,000 | 3,600,000 t/yr ore | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-30Ann. 2026-09-28 | Debt | US$69.3M | — | — | Completed | — |
| 2026-09-28 | Dividend | US$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.
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 %
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
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
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 %
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 %
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
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Partial public-source assessment of nine management and senior risk personnel and the announced CEO handover. Operational and safety outcomes are company-level evidence and do not establish personal causation.
Decision-relevant facts
Material summary
Alexander Mhembere
Chief Executive Officer; retiring effective 1 November 2026
Experience relevant to current responsibilities
The issuer states he joined Zimplats as CEO in October 2007, having previously managed Mimosa, and reports ACIS, ACMA and MBA credentials.
Responsibility not applicable · Career and qualifications are issuer-reported; the relevance judgment is an inference, not independent confirmation.
Announced CEO retirement
The issuer announced on 30 October that Mhembere retires as CEO and executive director effective 1 November 2026 while remaining chair of the operating subsidiary.
Individual involvement documented · The effective date and continuing subsidiary chair are expressly reported.
Improved FY2026 company results
The company reported FY2026 mined volumes of 8.4 million tonnes, 6E concentrate of 660,000 ounces and pretax profit of US$387.5 million versus US$66.4 million; it identified stronger metal prices as the main driver of profit.
Role overlaps event; causation unproven · The person held the reported executive role during the period; the figures do not isolate personal contributions.
Mupfuti fatality and subsequent safety record
A Zimplats employee died in an underground vehicle accident at Mupfuti on 22 June 2024. The company reported 13 lost-time injuries in FY2025, reducing to four with no fatalities in FY2026; final independent investigation findings were not located.
Role overlaps event; causation unproven · The person’s relevant group or operating management role overlapped the period; sources do not establish personal fault.
Bimha ground failure and redevelopment
The issuer reported Bimha’s precautionary closure in 2014 due to unsafe ground and a US$22.9 million write-off for inaccessible/damaged infrastructure in FY2015. The 2026 report says the mine later reached design capacity and its upgrade was completed in June 2024.
Role overlaps event; causation unproven · CEO or operating-company COO responsibilities overlapped the closure; no source attributes the geological failure to the person.
Community water complaint remained open
The issuer says a community attributed six cattle deaths at Mupani to water contamination. It reports its own testing found no evidence of contamination and the matter remained open at 30 June 2026 pending independent regulator and veterinary findings.
Role overlaps event; causation unproven · The complaint is reported by the company and no source establishes personal responsibility; exact timing within FY2026 and individual involvement are not established.
Evidence gaps · 3
- Separate person-specific topic searches, primary regulator and court records, complete prior-employer histories and independent credential verification remain incomplete.
- The FY2026 annual report management, safety, financial and complaints pages were visually inspected; other cited pages were not all visually inspected.
- The 2024 fatal accident’s final independent investigation and any regulatory outcome were not located.
Patricia Zvandasara
Chief Finance Officer
Experience relevant to current responsibilities
The issuer reports CFO service from November 2019, accounting qualifications and a masters in leadership. The qualifications have not been independently verified.
Responsibility not applicable · Career and qualifications are issuer-reported; the relevance judgment is an inference, not independent confirmation.
Improved FY2026 company results
The company reported FY2026 mined volumes of 8.4 million tonnes, 6E concentrate of 660,000 ounces and pretax profit of US$387.5 million versus US$66.4 million; it identified stronger metal prices as the main driver of profit.
Role overlaps event; causation unproven · The person held the reported executive role during the period; the figures do not isolate personal contributions.
Evidence gaps · 2
- Separate person-specific topic searches, primary regulator and court records, complete prior-employer histories and independent credential verification remain incomplete.
- The FY2026 annual report management, safety, financial and complaints pages were visually inspected; other cited pages were not all visually inspected.
Dr Stanley Segula
Director Strategy and Business Development; incoming Chief Executive Officer effective 1 November 2026
Experience relevant to current responsibilities
The issuer reports engineering training and previous roles as operating-company COO and managing director, followed by strategy director from July 2026.
Responsibility not applicable · Career and qualifications are issuer-reported; the relevance judgment is an inference, not independent confirmation.
Incoming chief executive appointment
The 30 October announcement appoints Segula CEO effective 1 November 2026. It states he had been managing director of the operating subsidiary since May 2015; the 2026 and 2023 annual reports instead state November 2015.
Individual involvement documented · The appointment is explicit; the earlier start-month conflict remains unresolved.
Mupfuti fatality and subsequent safety record
A Zimplats employee died in an underground vehicle accident at Mupfuti on 22 June 2024. The company reported 13 lost-time injuries in FY2025, reducing to four with no fatalities in FY2026; final independent investigation findings were not located.
Role overlaps event; causation unproven · The person’s relevant group or operating management role overlapped the period; sources do not establish personal fault.
Bimha ground failure and redevelopment
The issuer reported Bimha’s precautionary closure in 2014 due to unsafe ground and a US$22.9 million write-off for inaccessible/damaged infrastructure in FY2015. The 2026 report says the mine later reached design capacity and its upgrade was completed in June 2024.
Role overlaps event; causation unproven · CEO or operating-company COO responsibilities overlapped the closure; no source attributes the geological failure to the person.
Evidence gaps · 4
- Separate person-specific topic searches, primary regulator and court records, complete prior-employer histories and independent credential verification remain incomplete.
- The FY2026 annual report management, safety, financial and complaints pages were visually inspected; other cited pages were not all visually inspected.
- The 2024 fatal accident’s final independent investigation and any regulatory outcome were not located.
- The issuer’s 30 October CEO announcement states May 2015 for the subsidiary managing-director start; earlier and 2026 annual biographies state November 2015.
Simbarashe Goto
Chief Operating Officer
Experience relevant to current responsibilities
The issuer reports a National Diploma in Mining and mining general-management roles since 2011, followed by appointment as operating-company COO in July 2026.
Responsibility not applicable · Career and qualifications are issuer-reported; the relevance judgment is an inference, not independent confirmation.
Mupfuti fatality and subsequent safety record
A Zimplats employee died in an underground vehicle accident at Mupfuti on 22 June 2024. The company reported 13 lost-time injuries in FY2025, reducing to four with no fatalities in FY2026; final independent investigation findings were not located.
Role overlaps event; causation unproven · The person’s relevant group or operating management role overlapped the period; sources do not establish personal fault.
Evidence gaps · 3
- Separate person-specific topic searches, primary regulator and court records, complete prior-employer histories and independent credential verification remain incomplete.
- The FY2026 annual report management, safety, financial and complaints pages were visually inspected; other cited pages were not all visually inspected.
- The 2024 fatal accident’s final independent investigation and any regulatory outcome were not located.
Amend Chiduma
Chief Technical Officer
Experience relevant to current responsibilities
The issuer reports engineering training, technical management from 2018 and appointment as CTO in April 2022.
Responsibility not applicable · Career and qualifications are issuer-reported; the relevance judgment is an inference, not independent confirmation.
Evidence gaps · 2
- Separate person-specific topic searches, primary regulator and court records, complete prior-employer histories and independent credential verification remain incomplete.
- The FY2026 annual report management, safety, financial and complaints pages were visually inspected; other cited pages were not all visually inspected.
Takawira Maswiswi
Human Resources Director
Experience relevant to current responsibilities
The issuer reports HR leadership since 2012, appointment as HR director in March 2017 and a masters in tourism and hospitality.
Responsibility not applicable · Career and qualifications are issuer-reported; the relevance judgment is an inference, not independent confirmation.
Evidence gaps · 2
- Separate person-specific topic searches, primary regulator and court records, complete prior-employer histories and independent credential verification remain incomplete.
- The FY2026 annual report management, safety, financial and complaints pages were visually inspected; other cited pages were not all visually inspected.
Hamandishe Saburi
Head of Corporate Affairs
Experience relevant to current responsibilities
The issuer reports journalism and communications qualifications, corporate affairs management from October 2022 and promotion in May 2026.
Responsibility not applicable · Career and qualifications are issuer-reported; the relevance judgment is an inference, not independent confirmation.
Community water complaint remained open
The issuer says a community attributed six cattle deaths at Mupani to water contamination. It reports its own testing found no evidence of contamination and the matter remained open at 30 June 2026 pending independent regulator and veterinary findings.
Employer context; no individual link established · The complaint is reported by the company and no source establishes personal responsibility; exact timing within FY2026 and individual involvement are not established.
Evidence gaps · 2
- Separate person-specific topic searches, primary regulator and court records, complete prior-employer histories and independent credential verification remain incomplete.
- The FY2026 annual report management, safety, financial and complaints pages were visually inspected; other cited pages were not all visually inspected.
Chipo Chengetai Sachikonye
Legal Counsel and Company Secretary
Experience relevant to current responsibilities
The issuer reports legal qualifications, prior law-firm partnership experience and appointment as legal counsel and secretary in February 2020.
Responsibility not applicable · Career and qualifications are issuer-reported; the relevance judgment is an inference, not independent confirmation.
Evidence gaps · 2
- Separate person-specific topic searches, primary regulator and court records, complete prior-employer histories and independent credential verification remain incomplete.
- The FY2026 annual report management, safety, financial and complaints pages were visually inspected; other cited pages were not all visually inspected.
Lysias Chiwozva
General Manager – Strategy, Risk and Compliance
Experience relevant to current responsibilities
The issuer lists him as the operating company’s General Manager – Strategy, Risk and Compliance and a standing invitee to executive committee meetings.
Responsibility not applicable · Career and qualifications are issuer-reported; the relevance judgment is an inference, not independent confirmation.
Evidence gaps · 3
- Separate person-specific topic searches, primary regulator and court records, complete prior-employer histories and independent credential verification remain incomplete.
- The FY2026 annual report management, safety, financial and complaints pages were visually inspected; other cited pages were not all visually inspected.
- The September 2026 annual report lists the role but its continuation at 31 October and the exact role start date remain unverified.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-06-30 · 107,637,649 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 87.00% | 93,644,430 | |
| 2 | 6.16% | 6,633,373 | |
| 3 | 2.02% | 2,171,625 | |
| 4 | 1.52% | 1,631,546 | |
| 5 | 0.33% | 351,604 | |
| 6 | 0.30% | 324,186 | |
| 7 | 0.15% | 161,299 | |
| 8 | 0.15% | 160,600 | |
| 9 | 0.12% | 124,135 | |
| 10 | 0.11% | 121,096 | |
| 11 | 0.10% | 112,312 | |
| 12 | 0.09% | 97,800 | |
| 13 | 0.07% | 75,802 | |
| 14 | 0.05% | 56,650 | |
| 15 | 0.05% | 52,900 | |
| 16 | 0.04% | 47,496 | |
| 17 | 0.04% | 45,300 | |
| 18 | 0.04% | 39,512 | |
| 19 | 0.04% | 38,816 | |
| 20 | 0.04% | 38,600 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 87.00%Issued shares | 2026-06-30 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- Citicorp is a registered nominee and its 6.16% position does not identify underlying beneficial owners; it is not attributed to a particular investor.
- Register and substantial-holder views overlap and should not be summed.
- Identical source account names are distinguished using entry numbers; the source does not disclose separate underlying owners.
- The 30 June register is historical and may have changed since the reporting date.
Sources
- 2026 integrated annual report
Zimplats Holdings Limited via ASX · Published 2026-09-28 · Accessed 2026-10-31
Issuer states shareholder information as at 30 June 2026, including top 20 accounts, issued capital and substantial registered holders.
downloads/ZIM/2026/2026-09-28_Annual Report to shareholders_815b5024e3f5656b.pdf, PDF page 124
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
Disclosed holding observations6 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-11-01 | Alexander Mhembere
Details & evidence for Alexander Mhembere on 2026-11-01Nil direct interests, indirect and contract interests not applicable. Cessation observation, not a transaction.
Final Director's Interest Notice ↗ | FinalSecurities (class not specified) | 0 | — |
| 2026-11-01 | Gugulethu Rose Ngwenya
Details & evidence for Gugulethu Rose Ngwenya on 2026-11-01Nil direct registered securities; no indirect securities or contract interests disclosed.
Independent non-executive director · 2026-11-01 Initial Director's Interest Notice ↗ Initial Director's Interest Notice ↗ | InitialSecurities (class not specified) | 0 | — |
| 2026-11-01 | Clara Petronella Sadomba
Details & evidence for Clara Petronella Sadomba on 2026-11-01Nil direct registered securities; no indirect securities or contract interests disclosed.
Independent non-executive director · 2026-11-01 Initial Director's Interest Notice ↗ Initial Director's Interest Notice ↗ | InitialSecurities (class not specified) | 0 | — |
| 2026-11-01 | Stanley John Segula
Details & evidence for Stanley John Segula on 2026-11-01Nil direct and indirect securities and no contract interests.
Initial Director's Interest Notice ↗ | InitialSecurities (class not specified) | 0 | — |
| 2024-04-01 | Emilia Chisango
Details & evidence for Emilia Chisango on 2024-04-01Nil direct and indirect securities and no contract interests.
Appointment of Non Executive Director ↗ | InitialSecurities (class not specified) | 0 | — |
| 2024-01-08 | Chipo Mtasa
Details & evidence for Chipo Mtasa on 2024-01-08Nil direct interests, indirect and contract interests not applicable. Notice was late; ASX correspondence includes the company explanation.
Director Resignation ↗ | FinalSecurities (class not specified) | 0 | — |
The closest covered peers
Peer comparison
Peer comparison pending
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory17 documents
ZIM ordinary-share close13October2026Market Data · HighExtracted
Latest eligible local close A$14.00 on13October2026, volume5,415; no live24October quote is implied.
- Document ID
- doc-zim-20261013-price
- Published UTC
- 2026-10-13T06:00:00Z
- Projects
- —
- Commodities
- —
RBA F11.1 daily exchange rates to13October2026Market Data · HighExtracted
RBA primary daily CSV re-retrieved24October2026; eligible13October observation USD0.6961 per AUD and30June0.6869. Post-cutoff rows excluded.
- Document ID
- doc-zim-20261013-rba
- Published UTC
- 2026-10-13T00:00:00Z
- Projects
- —
- Commodities
- —
Annual Report to shareholdersResults · HighPartial
Audited group operations, JORC resources/reserves, legal interests, balance sheet, capital and employee trust terms; consolidated quantities are gross.
- Document ID
- doc-zim-20260928-annual
- Published UTC
- 2026-09-28T05:31:21Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
WPIC-Platinum-Quarterly-Q2Commodity Data · HighPartial
WPIC/Metals Focus September9 update forecasts265koz platinum surplus in2026, with recycling growth8% and demand decline18%; not a six-metal revenue-price forecast.
- Document ID
- doc-zim-20260909-wpic
- Published UTC
- 2026-09-09T00:00:00Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Impala-parent-Zimplats-guidanceResults · HighPartial
Primary parent results dated3September2026; Zimplats-specific FY2027 in-matte6E guidance630-660koz, capitalR2.4-3.0bn and furnace rebuild timing. Parent aggregate production/costs are not ZIM quantities. Publication clock unknown and midnight is a date placeholder.
- Document ID
- doc-zim-20260903-impala
- Published UTC
- 2026-09-03T00:00:00Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Preliminary Final ReportResults · HighMetadata Only
Preliminary result superseded by audited September annual report.
- Document ID
- doc-zim-20260828-prelim
- Published UTC
- 2026-08-27T21:48:39Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Quarterly Activities ReportOperations · HighPartial
Operating production, concentrate versus final-product inventory, cash operating costs and project expenditures; no Appendix 5B cash statement.
- Document ID
- doc-zim-20260730-quarter
- Published UTC
- 2026-07-29T22:36:09Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Critical-minerals-policyPermitting · HighMetadata Only
Statement dated25May2026, first issuer website post26May2026; publication clock unknown and midnight is a date placeholder. Critical minerals policy details awaited; no enacted incremental state interest quantified.
- Document ID
- doc-zim-20260525-policy
- Published UTC
- 2026-05-26T00:00:00Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighPartial
Operating production, concentrate versus final-product inventory, cash operating costs and project expenditures; no Appendix 5B cash statement.
- Document ID
- doc-zim-20260429-quarter
- Published UTC
- 2026-04-28T22:18:16Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Half Year AccountsResults · HighPartial
Reviewed half-year accounts and metal-price, expansion and deferred refinery disclosures.
- Document ID
- doc-zim-20260226-half
- Published UTC
- 2026-02-26T05:32:26Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighPartial
Operating production, concentrate versus final-product inventory, cash operating costs and project expenditures; no Appendix 5B cash statement.
- Document ID
- doc-zim-20260130-quarter
- Published UTC
- 2026-01-30T07:05:02Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Quarterly Activities ReportOperations · HighPartial
Operating production, concentrate versus final-product inventory, cash operating costs and project expenditures; no Appendix 5B cash statement.
- Document ID
- doc-zim-20251030-quarter
- Published UTC
- 2025-10-29T21:17:58Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Annual Report to shareholdersResults · HighPartial
Audited group operations, JORC resources/reserves, legal interests, balance sheet, capital and employee trust terms; consolidated quantities are gross.
- Document ID
- doc-zim-20250924-annual
- Published UTC
- 2025-09-24T08:54:46Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Preliminary Final ReportResults · HighMetadata Only
Preliminary result superseded by audited September annual report.
- Document ID
- doc-zim-20250827-prelim
- Published UTC
- 2025-08-27T05:08:36Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Quarterly Activities ReportOperations · HighPartial
Operating production, concentrate versus final-product inventory, cash operating costs and project expenditures; no Appendix 5B cash statement.
- Document ID
- doc-zim-20250730-quarter
- Published UTC
- 2025-07-30T06:53:49Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Quarterly Activities ReportOperations · HighPartial
Operating production, concentrate versus final-product inventory, cash operating costs and project expenditures; no Appendix 5B cash statement.
- Document ID
- doc-zim-20250429-quarter
- Published UTC
- 2025-04-29T06:34:48Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Half Year AccountsResults · HighPartial
Reviewed half-year accounts and metal-price, expansion and deferred refinery disclosures.
- Document ID
- doc-zim-20250226-half
- Published UTC
- 2025-02-26T06:32:11Z
- Projects
- ngezismc · hartley · oxides
- Commodities
- platinum_group_metals · gold · nickel · copper
Evidence facts31
58337000 USD
2026-06-3030000000 USD
2026-06-305387000 USD
2026-06-30107637649 shares
2026-06-308046401 t
2026-06-30606294 6Eoz
2026-06-30598369 6Eoz
2026-06-302171 USD/6Eoz
2026-06-301102 USD/6Eoz
2026-06-3075400000 6Eoz
2026-06-3025800000 6Eoz
2026-06-30150722000 USD
2026-06-30372695000 USD
2026-06-30409820000 USD
2026-06-3087097000 USD
2026-06-3091000000 USD
2026-06-3090 %
2026-06-3087 %
2026-06-302297 USD/6Eoz
2026-06-30265000 Pt oz
None630000 6Eoz
None660000 6Eoz
None2400000000 ZAR
None3000000000 ZAR
None16.5 ZAR/USD
None63000 6Eoz
None213190 6Eoz
Nonedeferred text
None0.6869 USD/AUD
2026-06-300.6961 USD/AUD
2026-10-1314.0 AUD/share
2026-10-13Conflicts requiring judgment2
- Mupani upgraded capacity date
The quarter and annual CEO text indicateFY2029, while annual objectivesp18 and resource mining statementp47 specifyH1FY2030/FY2030. Model usesFY2030 conservatively; milestoneprecision remains company-guided.
- Lease carrying value versus narrative presentvalue
Audited carrying-value tablep120 and borrowingsp114 sumUS$5.387mleases. Thep115US$6.1mnarrative matches contractual undiscountedcashflows6.114m, not the carryingvalue. Use5.387m.