The Mogale Tailings Retreatment (MTR) plant expansion to 1,000ktpm, commissioned in December 2025, delivered a full year of increased throughput in FY26. A Definitive Feasibility Study on the neighbouring Soweto Cluster was completed in June 2026, confirming an integrated 600ktpm circuit at MTR as the preferred option, treating more than 108Mt of Mineral Reserves for approximately 561,000oz of gold over 15 years, at a project capital estimate of approximately US$216 million and a real IRR of approximately 29.6%.
Strategically, MTR and Soweto together represent one of the Group’s clearest paths to a long-life, low-capital-intensity surface production hub, while continuing to convert historical environmental liabilities into productive assets. Approvals are expected by October 2026, setting up a Final Investment Decision.
For investors focused on de-risked organic growth, the sequencing is clear: capacity commissioned, feasibility validated, DFS finalised, now moving toward production reality.