Kazera Global (LSE:KZG) reported meaningful operational progress for the six months to 31 December 2025, with its mineral sands and diamond operations in South Africa transitioning from development toward early production while the group continued strengthening its financial position.
At Whale Head Minerals, newly installed processing infrastructure has begun producing consistent heavy mineral concentrates grading around 32% TiO₂. The company is currently implementing plant upgrades and introducing additional operating shifts in an effort to increase production capacity. Management said this progress could support negotiations for higher-value offtake agreements once the long-delayed 2A Mining Right clears the existing regulatory backlog.
Within the group’s diamond operations, Deep Blue Minerals achieved its first diamond recoveries and initial sales following the commissioning of a new jig and FlowSort recovery system. Early results have been encouraging, with both grades and recovery rates exceeding expectations. In addition, a revised agreement with Alexkor has improved Kazera’s share of revenue as the project scales up production.
Elsewhere, the Aftan tantalum and lithium project remains a strategic focus. Kazera is pursuing enforcement of a multi-million-dollar arbitration award against former buyer Hebei while also engaging with potential development partners. However, discussions with counterparties have been cautious pending a decision from the Namibian Supreme Court related to the dispute. To support future development, the company has raised new equity, extended loan facilities and added technical personnel, providing additional funding and operational capacity as it prepares for its next growth stage.
Despite these operational advances, Kazera’s financial outlook remains constrained. The company reported no revenue for 2025 and continues to post significant losses alongside ongoing cash burn. Technical indicators also point to a weak share price trend, with the stock trading below key moving averages and showing a negative MACD signal. Valuation support remains limited as the negative P/E ratio reflects continued losses, and there is no dividend yield available.
More about Kazera Global plc
Kazera Global is an AIM-listed investment company focused on developing natural resource projects across southern Africa. Its portfolio includes interests in heavy mineral sands, diamonds and tantalum-lithium assets. Through subsidiaries such as Whale Head Minerals, Deep Blue Minerals and African Tantalum, the company is working to advance projects toward early-stage production and unlock value from titanium-rich mineral sands, alluvial and inland diamond deposits, and hard-rock tantalum and lithium resources.
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