Core Insights - The Platreef Mine is advancing its development with the first sale of concentrate completed and significant expansions planned for both Phase 1 and Phase 2 [1][13][15] - The mine is projected to produce approximately 450,000 ounces of platinum, palladium, rhodium, and gold within 24 months, supported by a $700 million senior project finance facility [1][15][19] - The current market conditions indicate a new metals super-cycle, with rising prices for precious and base metals, which are now considered essential [3][27] Phase 1 and 2 Developments - The Phase 1 concentrator produced its first batch of concentrate on November 18, 2025, and is expected to achieve 80% of nameplate capacity by mid-2026 [7][33] - Shaft 3 is on track for completion in April 2026, which will increase hoisting capacity from 0.8 million tonnes per annum (Mtpa) to approximately 5.0 Mtpa [9][12] - The Phase 2 expansion is targeted for completion in Q4 2027, aiming to increase production significantly and is already underway with DRA Global appointed as the EPCM contractor [15][19][21] Resource and Production Estimates - The Flatreef discovery contains 59 million ounces of precious metals in Indicated Resources and 93 million ounces in Inferred Mineral Resources [2][34] - The Phase 2 expansion is expected to increase annualized production to over 460,000 ounces of platinum-group metals, with further increases anticipated in Phase 3 [23][22] - The Platreef Mine is projected to be one of the lowest-cost producers globally, with life-of-mine total cash costs estimated at $599 per ounce of platinum-group metals [22][21] Financial and Market Context - The current spot prices for platinum and palladium are significantly higher than those used in previous financial assessments, enhancing the project's value [28][29] - The net present value (NPV) of the Phase 2 feasibility study has increased by over 70% to approximately $2.7 billion due to rising metal prices [29] - The overall project value has been boosted to well over $5.0 billion, reflecting the strong market for precious metals [27][28]