Financial instruments and risk management (Tables)

12 Months Ended

Dec. 31, 2025

Financial Instruments And Risk Management [Abstract]

Schedule of significant financial instruments measured at fair value by level within the fair value hierarchy

The following table sets out the Group’s significant financial instruments measured at fair value by level within the fair value hierarchy:

Figures in million - SA rand	2025			2024			2023
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets measured at fair value
Environmental rehabilitation obligation funds	—	3,915	—	—	3,750	—	—	3,212	—
Trade receivables — PGM concentrate sales	—	1,286	—	—	965	—	—	3,407	—
Trade receivables — Zinc provisional price sales	—	84	—	—	356	—	—	108	—
Other investments	1,968	752	1,287	1,517	504	1,151	1,241	411	1,233
Financial liabilities measured at fair value
Derivative financial instrument	—	—	—	—	—	—	—	3,810	—
Gold hedge contracts	—	453	—	—	282	—	—	140	—
Zinc hedge contracts	—	15	—	—	208	—	—	33	—
Other hedge contracts	—	80	—	—	—	—	—	—	—
Metals borrowing liability	1,667	—	—	855	—	—	—	—	—
Contingent consideration	—	—	—	—	—	—	—	—	1,570

The table below summarises the movement in financial assets and financial liabilities classified as level 3 in the table above:

Figures in million - SA rand	2025	2024	2023
Financial assets measured at fair value
Balance at beginning of the year	1,151	1,233	855
Fair value movement recognised in profit or loss	5	(113)	108
Fair value movement recognised in other comprehensive income	131	31	(59)
Additions	—	—	323
Foreign currency translation	—	—	6
Balance at end of the year	1,287	1,151	1,233
Financial liabilities measured at fair value
Balance at beginning of the year	—	1,570	—
Initial recognition	—	—	1,433
Fair value movement recognised in profit or loss	—	(396)	137
Payment made	—	(1,174)	—
Balance at end of the year	—	—	1,570

Schedule of liquidity risk

The following are contractually due, undiscounted cash flows resulting from maturities of financial liabilities including interest payments:

Figures in million – SA rand	Total	Within one year	Between one and two years	Between two and three years	Between three and five years	After five years
31 December 2025
Other payables	4,982	2,205	224	111	212	2,230
Trade and other payables	10,706	10,706	—	—	—	—
Borrowings
- Capital
R6.5 billion RCF	2,500	—	—	2,500	—	—
US$ Convertible Bond	8,285	—	—	8,285	—	—
2026 and 2029 Notes	19,884	11,185	—	—	8,699	—
Burnstone Debt	2,707	—	—	—	129	2,578
Keliber loan facilities	9,720	—	700	1,868	4,167	2,985
Other borrowings	97	12	12	12	26	35
Franco-Nevada liability	2	2	—	—	—	—
- Interest	15,553	1,734	1,340	1,184	1,609	9,686
Total	74,436	25,844	2,276	13,960	14,842	17,514
31 December 2024
Other payables	6,758	1,644	94	175	245	4,600
Trade and other payables	10,374	10,374	—	—	—	—
Borrowings
- Capital
R6.5 billion RCF	3,000	—	—	3,000	—	—
US$ Convertible Bond	9,380	—	—	—	9,380	—
2026 and 2029 Notes	22,512	—	12,663	—	9,849	—
Burnstone Debt	146	—	—	—	—	146
Keliber loan facilities	5,858	—	—	422	2,314	3,122
Other borrowings	438	331	12	13	28	54
Franco-Nevada liability	4	4	—	—	—	—
- Interest	17,407	1,930	1,880	1,317	1,680	10,600
Total	75,877	14,283	14,649	4,927	23,496	18,522
31 December 2023
Other payables	12,757	2,203	188	277	477	9,612
Trade and other payables	11,678	11,678	—	—	—	—
Borrowings
- Capital
R5.5 billion RCF	4,000	4,000	—	—	—	—
US$ Convertible Bond	9,285	9,285	—	—	—	—
2026 and 2029 Notes	22,284	—	—	12,535	—	9,749
Burnstone Debt	145	—	—	—	145	—
Other borrowings	40	11	5	5	10	9
Franco-Nevada liability	3	3	—	—	—	—
Stillwater Convertible Debentures	4	4	—	—	—	—
- Interest	17,328	1,339	941	876	1,049	13,123
Total	77,524	28,523	1,134	13,693	1,681	32,493