Unki

100%-owned underground PGM operation (Unki Mines (Private) Limited) on the Great Dyke in Zimbabwe, 60km south-east of Gweru in the Midlands. A mechanised, trackless bord-and-pillar mine accessed by a twin-decline shaft system (both shafts 3.2km from the surface portal), with run-of-mine ore processed at the on-site 210,000tpm concentrator and an integrated smelter. Mines the Main Sulphide Zone (MSZ). 2025 production fell 8% on lower-grade ore and plant recovery, with throughput held to nameplate to protect recoveries. Key risks include Zimbabwe's 30% export-proceeds surrender rule (over US$100 million outstanding from authorities at 31 December 2025), tax-compliance volatility and regulatory policy risk.