Zimplats (ZIM) Q4 2026 TU earnings summary

Executive summary

• Recorded one lost-time injury, with ongoing focus on safety and zero-harm initiatives.

• Mined volumes increased 1% sequentially and 4% year-over-year, supported by improved equipment availability.

• Milled volumes rose 9% from the prior quarter and 6% year-over-year, reflecting higher mining volumes and stable plant operations.

• 6E metal in final product surged 179% sequentially and 14% year-over-year, driven by processing accumulated concentrate inventory.

Financial highlights

• Total operating cash costs increased 25% from the prior quarter and 51% year-over-year, mainly due to higher production volumes and discretionary maintenance spend.

• Operating cash cost per 6E ounce decreased 13% sequentially but was 38% higher year-over-year.

Outlook and guidance

• Major furnace maintenance scheduled for September and October 2026 will lead to further concentrate inventory buildup, planned for release by end of Q3 FY2027.

• Mupani Mine development remains on track for full-scale production by FY2029.

• 45MW Phase 2A solar project progressing on schedule, targeting completion in FY2027 to increase total solar capacity to 80MW.