Valterra Platinum Limited

Notable vs. Peers

• All-in sustaining cost of 996 is 59% higher than the peer producer average of 624.5.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · CONVERTED NEW-ORDER MINING RIGHT under South Africa's Mineral and Petroleum Resources Development Act (MPRDA) for the MOGALAKWENA MINE (Limpopo), DMRE reference LP 50 MR, covering 37,211 hectares and VALID FROM JULY 2010 TO JULY 2040 (30-year term). Held by Anglo American Platinum, which was renamed Valterra Platinum on its 2025 demerger from Anglo American. Primary source is the company's own Ore Reserves and Mineral Resources Report 2024, Mogalakwena 'Mineral rights' section, which states verbatim: 'Anglo American Platinum holds a converted mining right under the DMRE reference LP 50 MR, valid from July 2010 to July 2040.' Corroborated by Amplats' 2011 Integrated Annual Report: 'Letters of conversion of mining rights were received in 2010.' achievedDate left null: the report gives month/year (July 2010) but no execution day, and per the house convention the month is stated here rather than an invented day being written. MULTI-MINE, NO COMPANY-WIDE DATE -- recorded so a later pass does not mistake this for one: each Valterra operation holds its own separately-converted right, all referenced in the same report: Amandelbult LP 48 MR (July 2010-July 2040), Der Brochen LP 182 MR (July 2010-July 2040), Twickenham LP 89 MR (March 2011-March 2041), Modikwa LP 129 MR (November 2013-November 2043). Mogalakwena is recorded here as the flagship. An 'October 2010' conversion execution date that appears in some sources belongs to DER BROCHEN, not Mogalakwena, and is deliberately not used. Stage=PRODUCTION independently re-verified and CORRECT: Q2 2025 production report (18 July 2025) shows own-mine production of 464,100 PGM oz for the quarter, of which Mogalakwena 234,300 oz, against FY2025 guidance of ~2.0 Moz. https://www.valterraplatinum.com/media/press-releases/2025/18-07-2025 Task #663 (2026-08-25): row was missing entirely; stage=PRODUCTION was already correct. · Source
2. Construction decision (FID)

   Dec 2021 · Mototolo / Der Brochen life extension project -- board approval announced by SENS on 10 December 2021, in the company's own words: 'Anglo American Platinum announces that its Board has approved the Mototolo / Der Brochen life extension project.' R3.9 billion nominal capex (~US$245m); project execution began Q1 2022; extends life of mine beyond 30 years. SCOPE CAVEAT, disclosed: this is a LIFE-EXTENSION build approval at an existing operation, not the decision that made the company a producer, and it was taken under the company's former name (Anglo American Platinum). No founding FID can be recorded against Valterra: Mogalakwena, the flagship, has mined the Platreef since 1993 as Potgietersrust Platinums ('PPRust'), and Valterra Platinum is the SAME legal entity renamed -- the special resolution was filed with the CIPC and JSE trading began under the new name on 28 May 2025, the demerger from Anglo American plc took effect 31 May 2025, and the LSE secondary listing followed on 2 June 2025. The 2025 demerger renamed a 30-year-old producer; it built nothing. This row postdates FIRST_PRODUCTION (1993); see the header. Also checked and eliminated: the Mogalakwena Sandsloot UNDERGROUND FID has NOT been taken -- feasibility is underway, trial mining is guided to Q4 2026 and FID is targeted H1 2027, with Phase 1 explicitly 'subject to Board approval'. No dated Polokwane smelter or Mogalakwena open-pit expansion approval was found. · Source
3. Construction start

   Jan 2007 · Unki platinum mine (Zimbabwe) from-scratch construction, implementation commenced January 2007 (month precision). Source: DRA Global's own project page for Unki (https://www.draglobal.com/projects/unki-platinum/) -- 'Subsequent to the approval of the feasibility study, DRA was awarded the implementation of the project which commenced in January 2007', covering 'engineering design, project services, procurement service, construction & safety management, testing and final commissioning' (Jan 2007-Dec 2013 scope). Re-fetched and re-confirmed verbatim by Task #796 immediately before this write. BEST-SUPPORTED DATE ACROSS FOUR RESEARCH PASSES (Task #700, #742, #792, #795), NOT A PRIMARY-SOURCED CERTAINTY -- read this before treating January 2007 as unquestionable. Two other candidate dates were found and considered, and deliberately NOT used: (1) An approximately-2003 project launch/JV-era milestone. Corroborated only by a non-citable essay-mill source (ukessays.com, claiming feasibility completed 2001 and 'official launch' August 2003) plus indirect support from Anglo American's own 25 June 2008 statement (below), which independently lands on '2003' as when development began. (2) A 25 June 2008 Anglo American public statement (angloamerican.com/media/press-releases/archive/2008/2008-06-25, 'Anglo American statement on Zimbabwe', corroborated same-day by International Mining): 'The Unki platinum project in Zimbabwe, which has been in development since 2003, is a long-term investment for a mine which is yet to start production.' Task #795's own read: this was Anglo American publicly defending its CONTINUED investment amid international criticism following Zimbabwe's widely-condemned June 2008 election -- a politically-driven reaffirmation of an already-underway project, not a fresh construction FID. This is why 2008 was not preferred despite being the figure earlier passes' materials pointed toward. Anglo Platinum's own 2007/2008/2009 annual reports remain unreachable online -- dead on both the live angloplatinum.com paths and their Wayback-archived ASP-frame shells, confirmed across two independent search techniques (direct fetch, Wayback CDX API) and two separate passes. A future pass with access to those annual reports should treat this note as the record of what was already tried, not start over. This is a GENUINELY DISTINCT PROJECT from Mototolo/Der Brochen (this miner's CONSTRUCTION_DECISION row, 2021-12-10 -- a life-extension board approval at an existing South African operation under the company's former name, Anglo American Platinum): different country, different asset, different era. See REVIEWED_INVERSION_EXCEPTIONS["VALT"] in src/lib/milestone-chronology-rules.ts for the full ruling. Task #795 (2026-08-29) did this research and recommended this exact write; Task #796 added the reviewed-exception entry and wrote this row in the same change. · Source
4. First pour / production

   Reached — date not disclosed · Mogalakwena (the world's largest open-pit platinum mine) has been operational since 1993. No dated primary-source 'first production' release from that era found in available online sourcing -- recorded reached-but-undated at year precision. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: Valterra Platinum (renamed from Anglo American Platinum after its 2025 demerger from Anglo American plc) operates a long-established multi-mine PGM portfolio in South Africa's Bushveld Complex (Mogalakwena, Amandelbult, Mototolo, Unki in Zimbabwe, plus JV/associate operations) with production histories spanning decades under the prior Anglo American Platinum entity. Q2 2026 production report showed own-mined PGM production up 13% to 525,700 oz; Q1 2026 own-mined production was up 5% to 486,200 oz; full-year 2026 guidance of 3.0-3.4Moz refined production maintained. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.