Production Report Q3 2025
Afarak Group's Q3 2025 overall production decreased by 51.4% compared to Q3 2024. However, the specialty alloys segment saw a production increase of 28.3%, reaching 23,952 metric tons, up from 18,669 metric tons in the same period last year. Processing volumes within the specialty alloys segment increased by 41.3% to 6,039 metric tons. Mining activity in the specialty alloys segment also rose by 24.4% to 17,913 metric tons. South African mining activity experienced a significant drop of 67.9% to 28,932 metric tons, while year-to-date South African mines production was down 43.9% to 138,114 metric tons compared to 246,193 metric tons in 2024.
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07:00 London, 09:00 Helsinki, 24 October 2025 - Afarak Group SE (“Afarak” or “the Company”) (LSE: AFRK, NASDAQ: AFAGR)
Correction: Production report Q3 2025
Correction: Mining and Processing tonnages were reported in the wrong categories in the previous production report.
Afarak Group continued to show increased output in the specialty segment with a 28.3% higher production compared to the same period 2024.
The South African Mining activity is naturally reduced, due to the sale of the Zeerust mine during the second quarter of this year. We have also engaged in major preparation work, both in Vlaakport and Mecklenburg mines, causing a reduced mining activity during Q3 2025.
This is shown in Afarak Group overall production during the third quarter of 2025, which was lower by 51.4% when compared to same period of last year.
| Q3/2025 | Q3/2024 | Change | YTD 2025 | YTD 2024 | Change | FY 2024 | ||
|---|---|---|---|---|---|---|---|---|
| Speciality Alloys | mt | 23,952 | 18,669 | 28.3% | 80,106 | 65,051 | 23.1% | 87,908 |
| Processing | mt | 6,039 | 4,273 | 41.3% | 21,966 | 18,726 | 17.3% | 22,963 |
| Mining | mt | 17,913 | 14,396 | 24.4% | 58,141 | 46,324 | 25.5% | 64,945 |
| South African mines | mt | 28,932 | 90,165 | -67.9% | 138,114 | 246,193 | -43.9% | 300,985 |
| Mining | mt | 28,932 | 90,165 | -67.9% | 138,114 | 246,193 | -43.9% | 300,985 |
Processing
The processing volumes increased by 41.3% during the third quarter of 2025 when compared to same quarter of last year.
Mining
The South African mining activity dropped by 67.9% when compared to same period of last year. This led to a decrease in the overall group’s mining activity during the quarter under review.
The mining activity at the Turkish mines increased significantly by 24.4% over the same period of 2024.
Outlook for Q4 2025
Demand: The demand for Cr Ore remains strong and sustained in China. The decision of the major South African ferro-chrome players to massively reduce the production naturally leads to a higher export of ore, and an increased production of ferro-chrome in China. The relatively low activity of stainless steel producers in the Western world, continues to hamper the demand for FeCr in these territories.
Price Trends: Cr Ore prices in China have again improved during Q3 2025. The world market prices for both high and low carbon ferrochrome are also recovering gradually.
Challenges and Opportunities: Chrome products being US$ commodities, we certainly feel the weakening of the US currency in our bottom line. New discussions about a possible export quota for Cr Ore out of South Africa have recently restarted.
Helsinki, October 24, 2025
AFARAK GROUP SE
Board of Directors
Distribution:
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London Stock Exchange
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