Investment Rating - Industry rating: Recommended [4] Core Insights - The report indicates a decrease in PGM production by 12.5% quarter-on-quarter to 448,114 ounces (13.94 tons) and a decrease in gold production by 22.0% to 141,110 ounces (4.39 tons) in Q1 2025 [1][3] - The average basket price for PGM increased by 4% quarter-on-quarter to $1,362 per ounce, while the average gold price received was $2,832 per ounce, reflecting a 7.0% increase quarter-on-quarter [1][3] - The adjusted EBITDA for the group grew by 89% year-on-year to 4.1 billion Rand ($222 million), indicating significant financial improvement [6] - The report highlights operational challenges in the South African gold mining business, which are expected to improve in Q2 2025 [7] Production and Financial Performance - PGM sales decreased by 15.2% quarter-on-quarter to 473,028 ounces (14.71 tons), with a year-on-year decrease of 26.2% [1] - The operational cost for PGM was $1,393 per ounce, reflecting a 4% increase quarter-on-quarter and a 6.7% increase year-on-year [1] - The total cost for gold was $2,522 per ounce, with a quarter-on-quarter increase of 10.6% and a year-on-year increase of 14.3% [3] - The adjusted EBITDA for South African gold operations increased by 178% year-on-year to 1.8 billion Rand ($98 million) [7] Future Guidance - The operational guidance for 2025 remains unchanged, with expected PGM production in the U.S. between 255,000 ounces and 270,000 ounces [11] - The anticipated capital expenditure for the U.S. PGM business is projected to be between $100 million and $110 million [11] - The report forecasts a decrease in gold production in South Africa to between 16,000 kg (514,000 ounces) and 17,000 kg (546,000 ounces) [12]