v3.26.3
Financial Risk Management (Tables)
12 Months Ended
Jun. 30, 2026
Financial Instruments [Abstract]  
Disclosure of Financial Assets The group's financial assets and liabilities are classified as set out below:
SA Rand
Figures in million
Debt
instruments
at amortised
cost
Equity
instruments
designated
at fair value
through OCI
Derivatives
designated
as cash flow
hedges
Derivatives
at fair value
through
profit or loss
Debt
instruments
at fair value
through
profit or loss
Financial
liabilities at
amortised
cost
At 30 June 2026
Financial assets
Restricted cash and investments
5 298
449
—
—
1 963
—
Other non-current assets
25
193
—
—
29
—
Non-current derivative financial
instruments
—
—
1 448
123
—
—
– Rand gold forwards
—
—
1
—
—
—
– Rand gold collars
—
—
1 305
—
—
—
– US$ gold collars
—
—
142
—
—
—
– US$ silver contracts
—
—
—
123
—
—
Current derivative financial
instruments
—
—
737
83
—
—
– Rand gold forwards
—
—
3
—
—
—
– Rand gold collars
—
—
609
—
—
—
– US$ gold collars
—
—
125
—
—
—
– Foreign exchange contracts
—
—
—
83
—
—
Trade and other receivables
3 180
—
—
—
735
—
Cash and cash equivalents
8 624
—
—
—
—
—
Financial liabilities
Non-current derivative financial
instruments
—
—
1 034
41
—
—
– Rand gold forwards
—
—
137
—
—
—
– US$ gold forwards
—
—
22
—
—
—
– Rand gold collars
—
—
587
—
—
—
– US$ gold collars
—
—
288
—
—
—
– US$ silver contracts
—
—
—
41
—
—
Current derivative financial
instruments
—
—
3 023
433
—
—
– Rand gold forwards
—
—
805
—
—
—
– US$ gold forwards
—
—
265
—
—
—
– Rand gold collars
—
—
1 499
—
—
—
– US$ gold collars
—
—
454
—
—
—
– US$ silver contracts
—
—
—
433
—
—
Borrowings
—
—
—
—
—
9 476
Contingent consideration liabilities
—
—
—
—
2 120
—
Streaming contract liabilities
—
—
—
672
—
5 063
Other non-current liabilities
—
—
—
—
—
413
Trade and other payables
—
—
—
—
—
6 109
37Financial risk management continued
SA Rand
Figures in million
Debt
instruments
at amortised
cost
Equity
instruments
designated
at fair value
through OCI
Derivatives
designated
as cash flow
hedges
Derivatives
at fair value
through
profit or loss
Debt
instruments
at fair value
through
profit or loss
Financial
liabilities at
amortised
cost
At 30 June 2025
Financial assets
Restricted cash and investments
4 849
384
—
—
1 828
—
Other non-current assets
1
107
—
—
45
—
Non-current derivative financial
instruments
—
—
209
27
—
—
– Rand gold forwards
—
—
14
—
—
—
– US$ gold forwards
—
—
3
—
—
—
– Rand gold collars
—
—
164
—
—
—
– US$ gold collars
—
—
28
—
—
—
– US$ silver contracts
—
—
—
3
—
—
– Foreign exchange contracts
—
—
—
24
—
—
Current derivative financial
instruments
—
—
68
264
—
—
– Rand gold forwards
—
—
16
—
—
—
– US$ gold forwards
—
—
2
—
—
—
– Rand gold collars
—
—
43
—
—
—
– US$ gold collars
—
—
7
—
—
—
– Foreign exchange contracts
—
—
—
264
—
—
Trade and other receivables
2 647
—
—
—
86
—
Cash and cash equivalents
13 101
—
—
—
—
—
Financial liabilities
Non-current derivative financial
instruments
—
—
2 649
39
—
—
– Rand gold forwards
—
—
675
—
—
—
– US$ gold forwards
—
—
166
—
—
—
– Rand gold collars
—
—
1 492
—
—
—
– US$ gold collars
—
—
316
—
—
—
– US$ silver contracts
—
—
—
39
—
—
Current derivative financial
instruments
—
—
4 950
109
—
—
– Rand gold forwards
—
—
3 604
—
—
—
– US$ gold forwards
—
—
550
—
—
—
– Rand gold collars
—
—
590
—
—
—
– US$ gold collars
—
—
206
—
—
—
– US$ silver contracts
—
—
—
109
—
—
Borrowings
—
—
—
—
—
1 953
Contingent consideration liability
—
—
—
—
1 457
—
Other non-current liabilities
—
—
—
—
—
272
Trade and other payables
—
—
—
—
—
4 372
Disclosure of Financial Liabilities The group's financial assets and liabilities are classified as set out below:
SA Rand
Figures in million
Debt
instruments
at amortised
cost
Equity
instruments
designated
at fair value
through OCI
Derivatives
designated
as cash flow
hedges
Derivatives
at fair value
through
profit or loss
Debt
instruments
at fair value
through
profit or loss
Financial
liabilities at
amortised
cost
At 30 June 2026
Financial assets
Restricted cash and investments
5 298
449
—
—
1 963
—
Other non-current assets
25
193
—
—
29
—
Non-current derivative financial
instruments
—
—
1 448
123
—
—
– Rand gold forwards
—
—
1
—
—
—
– Rand gold collars
—
—
1 305
—
—
—
– US$ gold collars
—
—
142
—
—
—
– US$ silver contracts
—
—
—
123
—
—
Current derivative financial
instruments
—
—
737
83
—
—
– Rand gold forwards
—
—
3
—
—
—
– Rand gold collars
—
—
609
—
—
—
– US$ gold collars
—
—
125
—
—
—
– Foreign exchange contracts
—
—
—
83
—
—
Trade and other receivables
3 180
—
—
—
735
—
Cash and cash equivalents
8 624
—
—
—
—
—
Financial liabilities
Non-current derivative financial
instruments
—
—
1 034
41
—
—
– Rand gold forwards
—
—
137
—
—
—
– US$ gold forwards
—
—
22
—
—
—
– Rand gold collars
—
—
587
—
—
—
– US$ gold collars
—
—
288
—
—
—
– US$ silver contracts
—
—
—
41
—
—
Current derivative financial
instruments
—
—
3 023
433
—
—
– Rand gold forwards
—
—
805
—
—
—
– US$ gold forwards
—
—
265
—
—
—
– Rand gold collars
—
—
1 499
—
—
—
– US$ gold collars
—
—
454
—
—
—
– US$ silver contracts
—
—
—
433
—
—
Borrowings
—
—
—
—
—
9 476
Contingent consideration liabilities
—
—
—
—
2 120
—
Streaming contract liabilities
—
—
—
672
—
5 063
Other non-current liabilities
—
—
—
—
—
413
Trade and other payables
—
—
—
—
—
6 109
37Financial risk management continued
SA Rand
Figures in million
Debt
instruments
at amortised
cost
Equity
instruments
designated
at fair value
through OCI
Derivatives
designated
as cash flow
hedges
Derivatives
at fair value
through
profit or loss
Debt
instruments
at fair value
through
profit or loss
Financial
liabilities at
amortised
cost
At 30 June 2025
Financial assets
Restricted cash and investments
4 849
384
—
—
1 828
—
Other non-current assets
1
107
—
—
45
—
Non-current derivative financial
instruments
—
—
209
27
—
—
– Rand gold forwards
—
—
14
—
—
—
– US$ gold forwards
—
—
3
—
—
—
– Rand gold collars
—
—
164
—
—
—
– US$ gold collars
—
—
28
—
—
—
– US$ silver contracts
—
—
—
3
—
—
– Foreign exchange contracts
—
—
—
24
—
—
Current derivative financial
instruments
—
—
68
264
—
—
– Rand gold forwards
—
—
16
—
—
—
– US$ gold forwards
—
—
2
—
—
—
– Rand gold collars
—
—
43
—
—
—
– US$ gold collars
—
—
7
—
—
—
– Foreign exchange contracts
—
—
—
264
—
—
Trade and other receivables
2 647
—
—
—
86
—
Cash and cash equivalents
13 101
—
—
—
—
—
Financial liabilities
Non-current derivative financial
instruments
—
—
2 649
39
—
—
– Rand gold forwards
—
—
675
—
—
—
– US$ gold forwards
—
—
166
—
—
—
– Rand gold collars
—
—
1 492
—
—
—
– US$ gold collars
—
—
316
—
—
—
– US$ silver contracts
—
—
—
39
—
—
Current derivative financial
instruments
—
—
4 950
109
—
—
– Rand gold forwards
—
—
3 604
—
—
—
– US$ gold forwards
—
—
550
—
—
—
– Rand gold collars
—
—
590
—
—
—
– US$ gold collars
—
—
206
—
—
—
– US$ silver contracts
—
—
—
109
—
—
Borrowings
—
—
—
—
—
1 953
Contingent consideration liability
—
—
—
—
1 457
—
Other non-current liabilities
—
—
—
—
—
272
Trade and other payables
—
—
—
—
—
4 372
Schedule of Sensitivity Analysis for Types of Market Risk The group has reviewed its foreign currency exposure on financial assets and financial liabilities and has identified the following
sensitivities in the exchange rates that would affect profit and loss before tax:
•Rand/US$ exchange rate – 3% (2025: 4%) based on the standard deviation from a one-year forecast of various financial
institution outlooks
•Rand/A$ exchange rate – 5% (2025: 3%) based on the standard deviation from a one-year forecast of various financial institution
outlooks
•A$/US$ exchange rate – 5% (2025: 4%) based on the standard deviation from a one-year forecast of various financial institution
outlooks.
Only material foreign currency exposure balances were considered when determining the need for a sensitivity analysis and
therefore management has not performed a sensitivity analysis on PGK/US$ exchange rates.
SA Rand
Figures in million
2026
2025
Sensitivity analysis – borrowings: South Africa
Rand against US$
Balance at 30 June
6 604
1 777
Strengthen by 3% (FY25: 4%)
198
71
Weaken by 3% (FY25: 4%)
(198)
(71)
Closing rate
16.39
17.75
Sensitivity analysis – borrowings: Australia
A$ against US$
Balance at 30 June
2 872
—
Strengthen by 5% (FY25: n/a)
144
—
Weaken by 5% (FY25: n/a)
(144)
—
Closing rate
0.69
—
37Financial risk management continued
Market risk continued
Foreign exchange risk continued
Sensitivity analysis continued
SA Rand
Figures in million
2026
2025
Sensitivity analysis – contingent consideration liabilities: Mponeng
Rand against US$
Balance at 30 June
433
676
Strengthen by 3% (FY25: 4%)
13
27
Weaken by 3% (FY25: 4%)
(13)
(27)
Closing rate
16.39
17.75
Sensitivity analysis – contingent consideration liabilities: Australia
A$ against US$
Balance at 30 June
1 687
781
Strengthen by 5% (FY25: 4%)
84
31
Weaken by 5% (FY25: 4%)
(84)
(31)
Closing rate
0.69
0.66
Sensitivity analysis – streaming arrangements
A$ against US$
Balance at 30 June
5 736
—
Strengthen by 5% (FY25: n/a)
287
—
Weaken by 5% (FY25: n/a)
(287)
—
Closing rate
0.69
—
Sensitivity analysis – other financial instruments
Rand against US$
Balance at 30 June
83
288
Strengthen by 3% (FY25: 4%)
22
162
Weaken by 3% (FY25: 4%)
(21)
(143)
Closing rate
16.39
17.75
A$ against US$
Balance at 30 June
3 937
2 796
Strengthen by 5% (FY25: 4%)
197
112
Weaken by 5% (FY25:4%)
(197)
(112)
Closing rate
0.69
0.66
Rand against A$
Balance at 30 June
1 222
—
Strengthen by 5% (FY25: n/a)
61
—
Weaken by 5% (FY25: n/a)
(61)
—
Closing rate
11.35
—
The group has reviewed its exposure to commodity-linked instruments and identified the following sensitivities in the gold and silver
prices that would affect other comprehensive income and profit or loss before tax, respectively:
•Gold price: 11% (2025: 11%) based on the standard deviation of a one-year forecast gold price from various financial institution
outlooks
•Silver price: 17% (2025: n/a) based on the standard deviation of a one-year forecast silver price from various financial institution
outlooks. A sensitivity has been performed in the 2026 year due to the increased silver derivatives balance and the silver price
volatility.
SA Rand
Figures in million
2026
2025
Sensitivity analysis
Rand gold derivatives
Other comprehensive income
Increase by 11% (FY25: 11%)
(4 338)
(4 489)
Decrease by 11% (FY25: 11%)
4 033
3 985
US$ gold derivatives
Other comprehensive income
Increase by 11% (FY25: 11%)
(670)
(735)
Decrease by 11% (FY25: 11%)
615
651
US$ silver derivatives
Profit or loss before tax
Increase by 17% (FY25: n/a)
(334)
—
Decrease by 17% (FY25: n/a)
313
—
Schedule of Credit Risk Financial institutions' credit rating by exposure (source: Fitch Ratings and Global Credit Ratings)
SA Rand
Figures in million
2026
2025
Cash and cash equivalents
AA+
3 341
8 558
AA
6
—
AA-
4 843
4 543
A+
434
—
Total
8 624
13 101
Restricted cash and investments (refer to note 15)
AA+
7 109
6 542
AA-
55
51
Total
7 164
6 593
Derivative financial assets (refer to note 17)
AA+ 
601
239
AA
1 032
66
AA-
758
91
A+
—
172
Total
2 391
568
37Financial risk management continued
Credit risk continued
Disclosure of Contractual Maturities of Non-derivative Financial Liabilities The following are the undiscounted contractual maturities of financial liabilities (including principal and interest payments assuming
the closing R/US$ exchange rate, closing spot US$ gold price, closing spot US$ silver price and interest rate at year end):
SA Rand
Figures in million
2026
2025
Current
Non-current
Current
(Restated)4
Non-current
Contingent consideration liabilities (a)
Due between 0 to five years
249
1 177
492
971
Due between five to 10 years
—
809
—
229
Due between 10 to 15 years
—
1 077
—
564
Due between 15 to 20 years
—
806
—
375
Other non-current liabilities1
—
66
—
42
Lease liability2
334
426
208
314
Trade and other payables (excluding non-financial
liabilities)1,3,4
5 790
—
4 166
—
Derivative financial liabilities3
Due between 0 to six months
2 594
—
3 296
—
Due between six to 12 months
2 134
—
2 073
—
Due between one to two years
—
1 324
—
2 504
Due between two to three years
—
23
—
668
Streaming contract liabilities (b)
Due between 0 to five years
503
2 821
—
—
Due between five to 10 years
—
4 003
—
—
Due between 10 to 15 years
—
3 725
—
—
Due between 15 to 20 years
—
2 696
—
—
Borrowings
Due between 0 to six months (c)
9 476
—
97
—
Due between six to 12 months
—
—
95
—
Due between one to two years
—
—
—
1 950
Due between two to three years
—
—
—
56
Due between three to four years
—
—
—
26
Total
21 080
18 953
10 697
7 699
1These balances exclude the lease liability as it has been disclosed separately.
2Refer to note 26 for details of the maturity periods.
3The group will utilise its cash generated from operations to settle outstanding obligations.
4Refer to note 38 for further detail on restatement.
(a)The maturities presented for the 2026 financial year include the NSR royalty liability assumed as part of the MAC Copper
acquisition. Refer to note 27.
(b)Consists of the copper and silver streaming host financial liabilities and the related embedded derivatives, which were
assumed through MAC Copper. Refer to note 29.
(c)Settlement of all existing US$ debt facilities at 30 June 2026 in early July 2026. As the interest accrued until maturity is
negligible, the amount presented is equal to the carrying amount of borrowings as at 30 June 2026 (see note 30).
Disclosure of Contractual Maturities of Derivative Financial Liabilities The following are the undiscounted contractual maturities of financial liabilities (including principal and interest payments assuming
the closing R/US$ exchange rate, closing spot US$ gold price, closing spot US$ silver price and interest rate at year end):
SA Rand
Figures in million
2026
2025
Current
Non-current
Current
(Restated)4
Non-current
Contingent consideration liabilities (a)
Due between 0 to five years
249
1 177
492
971
Due between five to 10 years
—
809
—
229
Due between 10 to 15 years
—
1 077
—
564
Due between 15 to 20 years
—
806
—
375
Other non-current liabilities1
—
66
—
42
Lease liability2
334
426
208
314
Trade and other payables (excluding non-financial
liabilities)1,3,4
5 790
—
4 166
—
Derivative financial liabilities3
Due between 0 to six months
2 594
—
3 296
—
Due between six to 12 months
2 134
—
2 073
—
Due between one to two years
—
1 324
—
2 504
Due between two to three years
—
23
—
668
Streaming contract liabilities (b)
Due between 0 to five years
503
2 821
—
—
Due between five to 10 years
—
4 003
—
—
Due between 10 to 15 years
—
3 725
—
—
Due between 15 to 20 years
—
2 696
—
—
Borrowings
Due between 0 to six months (c)
9 476
—
97
—
Due between six to 12 months
—
—
95
—
Due between one to two years
—
—
—
1 950
Due between two to three years
—
—
—
56
Due between three to four years
—
—
—
26
Total
21 080
18 953
10 697
7 699
1These balances exclude the lease liability as it has been disclosed separately.
2Refer to note 26 for details of the maturity periods.
3The group will utilise its cash generated from operations to settle outstanding obligations.
4Refer to note 38 for further detail on restatement.
(a)The maturities presented for the 2026 financial year include the NSR royalty liability assumed as part of the MAC Copper
acquisition. Refer to note 27.
(b)Consists of the copper and silver streaming host financial liabilities and the related embedded derivatives, which were
assumed through MAC Copper. Refer to note 29.
(c)Settlement of all existing US$ debt facilities at 30 June 2026 in early July 2026. As the interest accrued until maturity is
negligible, the amount presented is equal to the carrying amount of borrowings as at 30 June 2026 (see note 30).
Disclosure of Net Debt Net cash/(debt) is as follows:
SA Rand
Figures in million
2026
2025
Cash and cash equivalents
8 624
13 101
Borrowings
(9 476)
(1 953)
Net cash/(debt)
(852)
11 148
Schedule of Financial Assets Measured at Fair Value The following table sets out the group’s assets and liabilities measured at fair value by level within the fair value hierarchy:
SA Rand
Figures in million
At 30 June 2026
At 30 June 2025
Level 1 
Level 2 
Level 3 
Level 1
Level 2 
Level 3 
Fair value through other
comprehensive income
Other non-current assets (a)
46
—
147
—
—
107
Restricted cash and investments (b)
449
—
—
384
—
—
Fair value through profit or loss
Restricted cash and investments (b)
—
1 963
—
—
1 828
—
Derivative financial assets (c)
—
2 391
—
—
568
—
Derivative financial liabilities (c)
—
(4 531)
—
—
(7 747)
—
Trade and other receivables (d)
—
735
—
—
86
—
Loan to ARM BBEE Trust (e)
—
—
29
—
—
45
Contingent consideration liabilities (f)
—
—
(2 120)
—
—
(1 457)
Streaming contract liabilities (g)
—
—
(672)
—
—
—
(a)The level 1 valued assets comprise of listed equity securities held by MAC Copper and are designated at fair value through
other comprehensive income. The level 3 valued instruments comprise mainly of the equity investment in Rand Mutual
Assurance. The fair value of the investment was estimated with reference to an independent valuation. A combination of the
"Embedded Valuation" and "Net Asset Value" techniques were applied to revalue the investment at the reporting dates. In
evaluating the group's share of the business, common practice marketability and minority discounts as well as additional
specific risk discounts were applied. There are no inputs to the valuation that a reasonably possible change would result in a
material change in the fair value of the investment.
(b)The level 1 valued assets comprise of listed equity securities designated as fair value through other comprehensive income
instruments. The majority of the level 2 valued assets are directly derived from the Top 40 index on the JSE and are
discounted at market interest rates. This relates to equity-linked deposits in the group's environmental rehabilitation trust
funds. The remaining balance of the environmental trust funds is carried at amortised cost and therefore not disclosed here.
(c)The mark-to-market remeasurement of the derivative contracts (refer to note 17 for further details) was determined as follows:
•Foreign exchange contracts comprise of zero cost collars: The zero cost collars were valued using a Black-Scholes
valuation technique derived from spot Rand/US$ exchange rate inputs, implied volatilities on the Rand/US$ exchange rate,
Rand/US$ inter-bank interest rates and discounted at a market interest rate (zero-coupon interest rate curve)
•Rand gold forward sale contracts: spot Rand/US$ exchange rate, Rand and dollar interest rates (forward points), spot
US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at a market
interest rate
•US$ gold forward sale contracts: spot US$ gold price, differential between the US interest rate and gold lease interest rate
and discounted at a market interest rate
•Silver contracts (zero cost collars): a Black-Scholes valuation technique, derived from the spot US$ silver price, strike price,
implied volatilities, time to maturity and interest rates and discounted at a market interest rate
•Rand gold zero cost collar contracts: a Black-Scholes valuation technique, derived from spot Rand/US$ exchange rate,
spot US$ gold price, Rand and dollar interest rates (forward points) with discounting at the market interest rate (zero-
coupon interest rate curve), US$ gold forward rates, time to maturity and implied volatilities
37Financial risk management continued
Fair value determination for financial assets and liabilities continued
(c)The mark-to-market remeasurement of the derivative contracts (refer to note 17 for further details) was determined as follows:
continued
•US$ gold zero cost collar contracts: a Black-Scholes valuation technique, derived from spot US$ gold price, US$ gold
forward rates, US$ interest rates with discounting at the market interest rate (zero-coupon interest rate curve), time to
maturity and implied volatilities.
(d)The fair value of receivables arising from copper and silver concentrate sales contracts at 30 June 2026 which contain
provisional pricing mechanisms are determined using the appropriate quoted forward price from the exchange that is the
principal active market for the particular metal. As such, these receivables, which have the characteristics of a commodity
derivative, are classified within Level 2 of the fair value hierarchy. 
(e)At 30 June 2026, the fair value movement was calculated using a discounted cash flow model, taking into account forecast
dividend payments over the estimated repayment period of the loan at a rate of 11.2% (2025: 11.5%). A 22 basis points
(2025: 28 basis points) change in the discount rate, which would represent a reasonably possible change based on expected
movement in lending rates, would not cause a material change in the fair value of the loan. The loan balance forms part of
other non-current assets in the balance sheet. During the 2026 year, repayments to the value of R23 million
(2025: R28 million) were received.
(f)Contingent consideration liabilities (refer to note 27) consist of the following:
•Mponeng operation
The contingent consideration related to the Mponeng operation was determined using the expected gold production profile
for Mponeng. At 30 June 2026, the liability was valued at R433 million (2025: R676 million), using a discounted cash flow
valuation method at a post-tax real rate of 11.1% (2025: 10.8%). Should the expected gold production profile increase by
10.8%  or decrease by 10.8%, the contingent consideration liability would increase by R157 million (2025: R319 million at
11.5%) or decrease by R157 million (2025: R319 million at 11.5%) respectively. This represents reasonably expected
changes which were determined based on the average variance between the planned production and the actual production
achieved over a number of years. No other reasonably expected changes in key unobservable inputs would have caused a
material change in the fair value of the liability.
•Eva Copper
The contingent consideration for Eva Copper includes contingent consideration valued at R540 million (2025: R781 million),
using a probability weighted method for the new resource payment and a discounted cash flow valuation for the excess
payment, both discounted at a post-tax nominal rate of 11.1% (2025: 11.4%). A long-term copper price of US$4.78/lbs
(2025: US$4.25/lbs) was applied in the valuation. A 11.3% change (2025: 11.8%)  in the long-term copper price, which
would represent a reasonably possible change based on the standard deviation of market analysts long-term forecasts of
the copper price, would not cause a material change in the fair value of the contingent consideration.
•NSR Royalty
The NSR royalty was valued at R1.1 billion, using a discounted cash flow valuation, discounted at a post-tax real discount
rate of 7.0%. The valuation is determined using the present value of the expected discounted cash flows over the expected
life-of-mine of CSA. Expected cash flows are determined by making use of market analyst forecasts of the copper price and
after deducting for the estimated treatment and refining charges in terms of the existing offtake agreement with Glencore.
Should the long-term copper price either increase or decrease by 11.3%, which would represent a reasonably possible
change based on the standard deviation of market analysts long-term forecasts of the copper price, the fair value of the
royalty liability would increase or decrease by R131 million respectively.
(g)The streaming contract liabilities balance includes a copper compound and silver embedded derivative valued at R147 million
and R525 million, respectively. These liabilities were assumed by the group on acquisition of MAC Copper and are measured
at fair value through profit or loss. Refer to note 29.
•The copper compound derivative relates to the embedded copper price within the copper stream and the buy-down option.
The copper compound derivative is valued using a copper future curve simulation valuation model and a Monte-Carlo
valuation for the buy-down option at each reporting date. The following key assumptions were used in the valuation of the
copper compound derivative: Copper spot price of US$13 279 per tonne, LME Copper implied volatility of 22.3% and own
credit spread 8.4%. In isolation, at 30 June 2026, a 10% increase/decrease in copper spot price, which would represent a
reasonably possible change based on the standard deviation of market analysts' short-term forecasts of the copper price,
would not cause a material change in the fair value of the copper stream embedded derivative liability.
•The silver derivative relates to the embedded silver price within the silver stream. The silver derivative is valued using a
silver future curve simulation valuation model at each reporting date. The following key assumptions were used in the
valuation of the silver derivative: Silver spot price of US$58.26/oz and own credit spread of 7.7%. In isolation, at 30 June
2026, a 20% increase/decrease in silver spot price, which would represent a reasonably possible change based on the
standard deviation of market analysts' short-term forecasts of the silver price, would not cause a material change in the fair
value of the silver derivative liability.
Schedule of Financial Liabilities Measured at Fair Value The following table sets out the group’s assets and liabilities measured at fair value by level within the fair value hierarchy:
SA Rand
Figures in million
At 30 June 2026
At 30 June 2025
Level 1 
Level 2 
Level 3 
Level 1
Level 2 
Level 3 
Fair value through other
comprehensive income
Other non-current assets (a)
46
—
147
—
—
107
Restricted cash and investments (b)
449
—
—
384
—
—
Fair value through profit or loss
Restricted cash and investments (b)
—
1 963
—
—
1 828
—
Derivative financial assets (c)
—
2 391
—
—
568
—
Derivative financial liabilities (c)
—
(4 531)
—
—
(7 747)
—
Trade and other receivables (d)
—
735
—
—
86
—
Loan to ARM BBEE Trust (e)
—
—
29
—
—
45
Contingent consideration liabilities (f)
—
—
(2 120)
—
—
(1 457)
Streaming contract liabilities (g)
—
—
(672)
—
—
—
(a)The level 1 valued assets comprise of listed equity securities held by MAC Copper and are designated at fair value through
other comprehensive income. The level 3 valued instruments comprise mainly of the equity investment in Rand Mutual
Assurance. The fair value of the investment was estimated with reference to an independent valuation. A combination of the
"Embedded Valuation" and "Net Asset Value" techniques were applied to revalue the investment at the reporting dates. In
evaluating the group's share of the business, common practice marketability and minority discounts as well as additional
specific risk discounts were applied. There are no inputs to the valuation that a reasonably possible change would result in a
material change in the fair value of the investment.
(b)The level 1 valued assets comprise of listed equity securities designated as fair value through other comprehensive income
instruments. The majority of the level 2 valued assets are directly derived from the Top 40 index on the JSE and are
discounted at market interest rates. This relates to equity-linked deposits in the group's environmental rehabilitation trust
funds. The remaining balance of the environmental trust funds is carried at amortised cost and therefore not disclosed here.
(c)The mark-to-market remeasurement of the derivative contracts (refer to note 17 for further details) was determined as follows:
•Foreign exchange contracts comprise of zero cost collars: The zero cost collars were valued using a Black-Scholes
valuation technique derived from spot Rand/US$ exchange rate inputs, implied volatilities on the Rand/US$ exchange rate,
Rand/US$ inter-bank interest rates and discounted at a market interest rate (zero-coupon interest rate curve)
•Rand gold forward sale contracts: spot Rand/US$ exchange rate, Rand and dollar interest rates (forward points), spot
US$ gold price, differential between the US interest rate and gold lease interest rate which is discounted at a market
interest rate
•US$ gold forward sale contracts: spot US$ gold price, differential between the US interest rate and gold lease interest rate
and discounted at a market interest rate
•Silver contracts (zero cost collars): a Black-Scholes valuation technique, derived from the spot US$ silver price, strike price,
implied volatilities, time to maturity and interest rates and discounted at a market interest rate
•Rand gold zero cost collar contracts: a Black-Scholes valuation technique, derived from spot Rand/US$ exchange rate,
spot US$ gold price, Rand and dollar interest rates (forward points) with discounting at the market interest rate (zero-
coupon interest rate curve), US$ gold forward rates, time to maturity and implied volatilities
37Financial risk management continued
Fair value determination for financial assets and liabilities continued
(c)The mark-to-market remeasurement of the derivative contracts (refer to note 17 for further details) was determined as follows:
continued
•US$ gold zero cost collar contracts: a Black-Scholes valuation technique, derived from spot US$ gold price, US$ gold
forward rates, US$ interest rates with discounting at the market interest rate (zero-coupon interest rate curve), time to
maturity and implied volatilities.
(d)The fair value of receivables arising from copper and silver concentrate sales contracts at 30 June 2026 which contain
provisional pricing mechanisms are determined using the appropriate quoted forward price from the exchange that is the
principal active market for the particular metal. As such, these receivables, which have the characteristics of a commodity
derivative, are classified within Level 2 of the fair value hierarchy. 
(e)At 30 June 2026, the fair value movement was calculated using a discounted cash flow model, taking into account forecast
dividend payments over the estimated repayment period of the loan at a rate of 11.2% (2025: 11.5%). A 22 basis points
(2025: 28 basis points) change in the discount rate, which would represent a reasonably possible change based on expected
movement in lending rates, would not cause a material change in the fair value of the loan. The loan balance forms part of
other non-current assets in the balance sheet. During the 2026 year, repayments to the value of R23 million
(2025: R28 million) were received.
(f)Contingent consideration liabilities (refer to note 27) consist of the following:
•Mponeng operation
The contingent consideration related to the Mponeng operation was determined using the expected gold production profile
for Mponeng. At 30 June 2026, the liability was valued at R433 million (2025: R676 million), using a discounted cash flow
valuation method at a post-tax real rate of 11.1% (2025: 10.8%). Should the expected gold production profile increase by
10.8%  or decrease by 10.8%, the contingent consideration liability would increase by R157 million (2025: R319 million at
11.5%) or decrease by R157 million (2025: R319 million at 11.5%) respectively. This represents reasonably expected
changes which were determined based on the average variance between the planned production and the actual production
achieved over a number of years. No other reasonably expected changes in key unobservable inputs would have caused a
material change in the fair value of the liability.
•Eva Copper
The contingent consideration for Eva Copper includes contingent consideration valued at R540 million (2025: R781 million),
using a probability weighted method for the new resource payment and a discounted cash flow valuation for the excess
payment, both discounted at a post-tax nominal rate of 11.1% (2025: 11.4%). A long-term copper price of US$4.78/lbs
(2025: US$4.25/lbs) was applied in the valuation. A 11.3% change (2025: 11.8%)  in the long-term copper price, which
would represent a reasonably possible change based on the standard deviation of market analysts long-term forecasts of
the copper price, would not cause a material change in the fair value of the contingent consideration.
•NSR Royalty
The NSR royalty was valued at R1.1 billion, using a discounted cash flow valuation, discounted at a post-tax real discount
rate of 7.0%. The valuation is determined using the present value of the expected discounted cash flows over the expected
life-of-mine of CSA. Expected cash flows are determined by making use of market analyst forecasts of the copper price and
after deducting for the estimated treatment and refining charges in terms of the existing offtake agreement with Glencore.
Should the long-term copper price either increase or decrease by 11.3%, which would represent a reasonably possible
change based on the standard deviation of market analysts long-term forecasts of the copper price, the fair value of the
royalty liability would increase or decrease by R131 million respectively.
(g)The streaming contract liabilities balance includes a copper compound and silver embedded derivative valued at R147 million
and R525 million, respectively. These liabilities were assumed by the group on acquisition of MAC Copper and are measured
at fair value through profit or loss. Refer to note 29.
•The copper compound derivative relates to the embedded copper price within the copper stream and the buy-down option.
The copper compound derivative is valued using a copper future curve simulation valuation model and a Monte-Carlo
valuation for the buy-down option at each reporting date. The following key assumptions were used in the valuation of the
copper compound derivative: Copper spot price of US$13 279 per tonne, LME Copper implied volatility of 22.3% and own
credit spread 8.4%. In isolation, at 30 June 2026, a 10% increase/decrease in copper spot price, which would represent a
reasonably possible change based on the standard deviation of market analysts' short-term forecasts of the copper price,
would not cause a material change in the fair value of the copper stream embedded derivative liability.
•The silver derivative relates to the embedded silver price within the silver stream. The silver derivative is valued using a
silver future curve simulation valuation model at each reporting date. The following key assumptions were used in the
valuation of the silver derivative: Silver spot price of US$58.26/oz and own credit spread of 7.7%. In isolation, at 30 June
2026, a 20% increase/decrease in silver spot price, which would represent a reasonably possible change based on the
standard deviation of market analysts' short-term forecasts of the silver price, would not cause a material change in the fair
value of the silver derivative liability.