ARM Platinum Returns to Profit as Higher PGM Prices Boost Earnings​

[SMM Flash] African Rainbow Minerals (ARM) reported R3.20 billion in headline earnings for FY2026, up 19% year-on-year, supported by sharply higher PGM prices. ARM Platinum contributed R1.35 billion, reversing a R1.29 billion loss in FY2025. At Two Rivers and Modikwa, US-dollar 6E basket prices rose 68% and 65%, respectively. However, physical output remained subdued: Two Rivers production fell 1% to 286,590 6E oz while Modikwa declined 3% to 273,671 6E oz. Unit cash costs increased 13% and 8%, respectively.​

The results show that stronger PGM pricing is materially improving South African producer margins despite continued cost and production pressures. Two Rivers’ cash operating margin increased to 37% from 17%, while its PGM cash operating profit rose to R3.48 billion. ARM also confirmed approval of the 180,000-tonne-per-month Bokoni development project following completion of its definitive feasibility study. The project carries estimated nominal capital expenditure of R15.2 billion, potentially adding a significant longer-term source of South African PGM supply.