Zimplats (ZIM) Q3 2026 TU earnings summary

Executive summary

• Mined volumes decreased 1% from the prior quarter but rose 17% year-over-year, driven by higher open-pit output and improved underground fleet performance.

• Milled volumes fell 6% sequentially due to mill shutdowns but increased 15% year-over-year.

• 6E metal in final product dropped 56% from the prior quarter and 46% year-over-year, mainly due to smelter maintenance.

Financial highlights

• Total operating costs declined 2% from the prior quarter but rose 22% year-over-year, reflecting higher open-pit production and increased labor and maintenance costs.

• Operating cash cost per 6E ounce increased 29% sequentially and 27% year-over-year, driven by lower final metal production.

• Transfers to closing stocks amounted to $67.1 million due to concentrate accumulation.

Outlook and guidance

• Accumulated concentrate stocks of approximately 63,000 ounces 6E are expected to be processed by FY2026 year-end.

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

• 45MW Phase 2A solar project is on schedule for completion in H1 FY2027, increasing total solar capacity to 80MW.