South African PGM producer Northam Platinum posts $3.3 billion revenue in 2026

South Africa’s platinum group metals (PGM) sector is entering a stronger phase as Northam Platinum Holdings delivers record production, with sales surging double-digit above $3.3 billion and earnings for the financial year ended June 30, 2026, strengthening its position among the country’s leading PGM producers.

The results represent a significant improvement in both production and financial performance as higher PGM prices provided the biggest boost to revenue, while increased metal sales and production strengthened the company’s operating performance.

Northam Platinum revenue and earnings surge

The Johannesburg-listed mining group, recorded a 64.1% increase in sales revenue to R54 billion ($3.3 billion), supported by higher metal prices and increased volumes sold. Sales revenue rose 64.1% to a record R54 billion ($3.33 billion), compared with R32.9 billion ($2.03 billion) in the previous financial year. The increase was supported by a 57.4% rise in the Rand 4E basket price achieved and an 8% increase in metal sold. 

Operating profit climbed 293.8% to R14.2 billion ($877.92 million) from R3.6 billion ($222.57 million), while the operating profit margin increased to 26.2% from 10.9%, and EBITDA also increased substantially to R16.7 billion ($1.03 billion) from R4.9 billion ($302.99 million).

The company also reported record basic earnings per share of between R34.88 ($2.15) and R35.642 ($2.2), compared with R3.814 ($0.23) in the previous financial year. Headline earnings per share increased to between R30.061 ($1.86) and R30.823 from R380.8 ($1.9). The stronger earnings performance also helped Northam move into a net cash position at year-end.

Northam Platinum PGM production reaches record

Northam’s own operations produced a record 938,754 ounces of equivalent refined PGMs in 2026, up 4.4% from 899,244 ounces a year earlier. Production across the group’s major operations remained central to the increase. Zondereinde produced 333,050 ounces, while Booysendal delivered 531,668 ounces. Eland recorded the strongest growth, with production increasing 25.9% to 91,205 ounces.

The performance moves Northam closer to its long-standing objective of producing 1 million ounces of equivalent refined PGMs from its own operations. Total 4E metal sold increased 8.0% to a record 1,087,327 ounces.

Northam also recorded strong growth in chrome production during the year. Chrome concentrate production increased 17.4% to approximately 1.69 million tonnes from 1.44 million tonnes in 2025. The increase was supported by higher UG2 throughput, improved feed grades and stronger concentrator yields. The company said the performance was particularly strong at Eland, where concentrator yields more than doubled during the year.

Northam raises minimum dividend payout to 40%

Northam Platinum, led by Chief Executive Officer Paul Dunne, who has headed the South African platinum group metals producer since March 2014, has raised the minimum annual dividend payout under its earnings-based policy to 40% of headline earnings, up from 25%. The company introduced the 25% minimum payout policy in August 2023.

Over the following three years, actual annual dividend distributions averaged approximately 42% of headline earnings. The new 40% minimum therefore brings the formal policy closer to the level of distributions shareholders have received in recent years. Northam said it would continue balancing shareholder returns with the capital requirements needed to maintain sustainable mining operations.

Northam’s next phase of growth is being guided by its Vision 2031 strategy. The company aims to generate sales of more than 1.5 million ounces of PGMs and more than 2 million tonnes of chrome concentrate over the next five years. Third-party metal purchases, which currently exceed 150,000 ounces annually, are also expected to double over the next five years.