770kt
Platreef's Phase 1 concentrator milling capacity
4.1mtpa
Total combined processing capacity of Phase 1 and 2 concentrators
450koz
Average annual production in ounces of 3PE+Au in Phase 2
93moz
Mineral Resource Base 3PE+AU
2.7mt
Mineral Resource Base of Nickel
10.7mtpa
Phase 3 expansion processing capacity as covered in 2025 Preliminary Economic Assessment
The Platreef Mine in South Africa is a large, high-grade deposit of platinum-group metals (PGMs), nickel, copper and gold, with a development plan designed to support a multi-generational mining operation.
Construction of the Phase 1 concentrator was completed in 2024, and first concentrate was produced on November 18, 2025. The Phase 1 concentrator commenced production in November 2025 and is ramping up towards commercial production, expected in the fourth quarter of 2026.
Construction of Shaft #3 was completed in March 2026, enabling greater flexibility in moving ore and waste to surface. Commissioning of the shaft and its associated underground infrastructure was completed in June 2026.
Construction of the Phase 2 expansion is underway, including a new 3.3-million-tonne-per-annum concentrator. Scheduled for completion by the end of 2027, Phase 2 is expected to increase annual production to over 450,000 ounces of 3PE+Au, plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper.
Widening of Shaft #2 from 3.1 metres to a final diameter of 10 metres commenced in April 2026 and is expected to be ready to hoist ore by the end of 2029, supporting the future Phase 3 expansion.
Two independent technical studies were completed in early 2025 on the Phase 2 and Phase 3 expansions. This includes an updated Feasibility Study on the Phase 2 expansion to 4.1 Mtpa of processing capacity (4.1 Mtpa FS), followed by a Preliminary Economic Assessment covering a new Phase 3 expansion to 10.7 Mtpa of processing capacity (10.7 Mtpa PEA). See news Feb 18,2025, news release.
Platreef’s 5-MW solar power facility was completed in early 2025, providing renewable electricity to support mine development and operations.
With its thick orebody, suited to mechanized mining, significant nickel and copper by-product credits, and phased expansion plan, Platreef is projected to become one of the world’s largest and highest-margin primary PGM producers.
Phase 1 & 2 Feasibility Study
The study outlines Phase 1 production from Q4 2025, followed by the Phase 2 expansion 2 years later in Q4 2027. Phase 2 delivers, as outlined in the 4.1 Mtpa FS, a near five-fold increase in platinum, palladium, nickel, rhodium, and gold production to over 460,000 oz. of 3PE+Au, plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper. The 4.1 Mtpa FS generates a net present value (NPV8%) of $1.4 billion and an internal rate of return (IRR) of 20%, at consensus long-term metal prices.
2025 Preliminary Economic Assessment (PEA)
The 10.7 Mtpa PEA considers the Phase 3 expansion once the major Shaft #2 is available for hoisting in 2029. This expansion further doubles the annualized platinum, palladium, rhodium, and gold production to over 1 million ounces of 3PE+Au, plus approximately 22,000 tonnes of nickel and 13,000 tonnes of copper. The 10.7 Mtpa PEA is expected to rank Platreef as one of the world’s largest primary platinum group metal producers on a platinum-equivalent basis.
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