FY26 trading statement: in line

Research evidence excerpt

FY26 trading statement: in line

Update

July 31, 2026 07:05 AM GMT

RMB Morgan Stanley Proprietary Limited+MImplats Limited | Europe Brian Morgan

Equity Analyst

FY26 trading statement: in line Brian.Morgan3@rmbmorganstanley.comChristopher Nicholson +27 11 587-0803

Equity Strategist and Analyst

Christopher.Nicholson@rmbmorganstanley.com +27 11 587-0816

Group refined and saleable production for FY26 came to 3559koz, in line with

guidance of 3.4-3.6Moz. For the June quarter, Impala released less inventory than Implats Limited (IMPJ.J, IMP SJ)

we'd hoped, but in the bigger picture the numbers are small. EEMEA - Metals & Mining | South Africa

Stock Rating Overweight

The company as provided unit costs per 6e stock adjusted ounces of R24,250/oz, in Industry View In-Line

Price target ZAc 20,000

line with guidance of R23,500-24,500/oz and MSe of R24,033/oz. Capex amounted

Shr price, close (Jul 30, 2026) ZAc 18,483

to R7.2b, below guidance of R8-9b and MSe of R8b. We expect that this will be a 52-Week Range ZAc 37,948- 15,188

Mkt cap, curr (mn) ZAR 166,604

timing effect. Net debt (06/26e) (mn)* ZAR (21,715)

EV, curr (mn)* ZAR 163,822

We're focused on Rustenburg production for the calendar year to date, given

* = GAAP or approximated based on GAAP

fatalities experienced. Tonnes milled was solid at 3.8Mt, in line with the September

and December quarters last year. There's no evidence yet that the incidences

impacted volumes, though the September 2026 quarter will be impacted by the

announced 1 week stoppage.

For the June quarter, Impala finished the June period with excess inventory of

300koz, down from 320koz in March. There was catch-up in the period from

smelter maintenance at Zimplats in the prior quarter. We'd expected an inventory

draw during the period.