Revenue increased 157% to US$487.1m in FY26 H1, driven by higher gold production and a supportive gold price environment. Adjusted EBITDA reached US$245.2m.
Operating cash flow of US$259.5m enabled continued balance sheet strengthening, reducing net debt to US$46.2m at 31 December 2025.
The Board declared an interim gross cash dividend of 12.0 cents per share (ZAR280.0m), payable on 17 March 2026, reflecting disciplined capital allocation alongside debt reduction and growth investment.
Group AISC for H1 was US$1,874/oz. Full-year AISC guidance increased to between US$1,820 and US$1,870, impacted by a stronger rand/dollar exchange rate, employee share-based payments, and higher royalties due to the increased gold price. Still, around 90% of production has an AISC of US$1700/oz, lower than our global peer average.
For investors assessing capital discipline, the framework is consistent: convert higher gold prices into cash flow, reduce leverage, return capital, and fund sequenced growth.