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Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2022
Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater” or the “Group” or the “Company”)
Website: www.sibanyestillwater.com
Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2022
Johannesburg, 17 February 2023: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is
pleased to report attributable Group Mineral Resources and Mineral Reserves as at 31 December
2022.
The declared Mineral Resources and Mineral Reserves for the Group's managed operations and
projects are the outcome of a detailed annual operational and life of mine (LoM) planning
process and are indicative of the considerable underlying mineral assets base which supports
sustainable long-life production.
The Group has established a diversified portfolio of assets across five continents, with
substantial Mineral Resources underpinning long life production of a diverse mix of metals and
minerals - which reduces risk and supports its strategy of producing green metals and future
energy solutions.
This Mineral Resource and Mineral Reserve declaration represents a condensed and consolidated
summary of the full Sibanye-Stillwater Mineral Resource and Mineral Reserve declaration which
will be available in the Group Mineral Resource and Mineral Reserve Report, when published on
24 April 2023 at www.sibanyestillwater.com/news-investors/reports/annual/.
1. Salient features
• A maiden lithium (Li) Mineral Reserve of 193.6kt of Lithium Carbonate Equivalent (LCE), and
a 133% increase in Li Mineral Resources to 452.9kt of LCE
– Continuous execution and delivery on the Group’s green metals strategy with an increased
focus on battery metals, has led to an increase in attributable ownership of the Keliber
project in Finland from 26.6% to 84.96%
– The declaration of Mineral Reserves follows the completion of a positive Feasibility
Study (FS) and the approval for the construction of the Keliber project
– Ongoing, successful exploration at the large and prospective mineral tenement holdings
at Keliber also contributed an additional 30.4kt of attributable LCE Mineral Resource
• 2E PGM Mineral Reserves of 26.3Moz and Mineral Resources of 84.2Moz following the
repositioning of our US PGM operations and consequent update of the life of mine (LoM)
plans
– The Mineral Reserves supports a 42 year LoM, building up to 700koz of annual production
by 2026
– The estimates reflects minor year-on-year decreases of 3.6% and 6.1% respectively, due
to enhanced t in estimation methodologies, with considerable Mineral Reserve upside
potential remaining, based on the very large Inferred Resource base of 44.8Moz
• 31.4Moz 4E PGM Mineral Reserves at our SA PGM operations, and a 1.5% increase in Mineral
Resources to 177.3Moz
– The 2.3% decrease in Mineral Reserves was principally driven by depletion of 2.7Moz
during 2022, partly off-set by the conclusion of a positive FS at the 50% owned Mimosa
North Hill project (+1.5Moz), which is currently under board consideration for
construction
– The large 4E PGM Mineral Resources base at the SA PGM operations provide significant
opportunity to increase future Mineral Reserves, extending the life of the operations
and unlocking substantial value, subject to the necessary studies being completed and a
supportive investment environment
• Stable Mineral Reserves of 12.9Moz (-0.6%), and Mineral Resources of 69.3Moz (-7.2%) at our
SA gold operations and projects (including DRDGOLD)
2.Group overview
Mineral Resources Inclusive of Mineral Reserves
31 Dec 2022 31 Dec 2021
PGM Tonnes Grade PGM PGM 100% Tonnes Grade PGM PGM 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Americas¹ Operations Measured 42.6 13.7 18.7 18.7 39.9 14.7 18.9 18.9
Indicated 50.4 12.8 20.7 20.7 59.1 13.8 26.1 26.1
Measured + 93.0 13.2 39.4 39.4 99.0 14.1 45.0 45.0
Indicated
Inferred 114.0 12.2 44.8 44.8 113.6 12.2 44.6 44.6
Exploration Measured 18.8 0.8 0.5 2.8 23.5 0.9 0.7 2.8
Indicated 21.5 0.6 0.4 2.3 27.8 0.7 0.6 2.4
Measured + 40.3 0.7 0.9 5.1 51.3 0.8 1.3 5.2
Indicated
Inferred 5.0 0.5 0.1 0.4 7.5 0.9 0.2 0.6
Southern Operations Measured 419.7 4.3 58.2 81.8 440.4 4.2 59.7 83.7
Africa²
Indicated 644.1 4.3 89.3 113.7 624.4 4.3 85.8 110.0
Measured + 1,063.7 4.3 147.6 195.5 1,064.8 4.2 145.4 193.7
Indicated
Inferred 212.3 4.4 29.7 38.5 209.6 4.3 29.3 38.1
Exploration Measured 1.8 4.2 0.2 0.3 1.8 4.2 0.2 0.3
Indicated 253.7 4.1 33.5 47.0 247.3 4.2 33.3 46.6
Measured + 255.4 4.1 33.7 47.3 249.0 4.2 33.5 46.9
Indicated
Inferred 165.4 3.7 19.4 27.5 162.4 3.7 19.4 27.3
Total Measured + Indicated 1,452.4 4.7 221.5 287.3 1,464.1 4.8 225.2 290.9
Grand total 1,949.1 5.0 315.6 398.5 1,957.2 5.1 318.7 401.5
GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold
100% 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Americas Exploration Measured 656.7 0.1 2.5 2.6 661.4 0.1 2.5 2.7
Indicated 614.2 0.1 1.7 2.5 622.2 0.1 1.7 2.6
Measured + 1,270. 0.1 4.1 5.2 1,283. 0.1 4.2 5.2
Indicated 9 6
Inferred 202.7 0.1 0.5 0.8 206.1 0.1 0.5 0.8
Southern Operations Measured 483.5 1.8 28.5 31.4 496.6 1.8 29.3 32.3
Africa
Indicated 401.8 1.4 18.2 20.6 409.2 1.4 18.4 20.8
Measured + 885.3 1.6 46.7 51.9 905.9 1.6 47.7 53.1
Indicated
Inferred 35.4 5.8 6.6 6.7 41.3 8.2 10.9 11.0
Development Measured 1.1 6.2 0.2 0.2 1.1 6.2 0.2 0.2
Indicated 25.5 5.6 4.6 4.6 25.5 5.6 4.6 4.6
Measured + 26.6 5.7 4.8 4.8 26.6 5.7 4.8 4.8
Indicated
Inferred 31.5 4.2 4.3 4.3 31.5 4.2 4.3 4.3
Exploration Measured — — — — — — — —
Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Measured + 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Indicated
Inferred 4.0 3.6 0.5 0.5 4.0 3.6 0.5 0.5
Total Measured + Indicated 2,226. 0.9 62.1 68.4 2,260. 0.9 63.2 69.6
9 2
Grand total 2,500. 0.9 73.9 80.6 2,543. 1.0 79.3 86.1
5 1
LITHIUM Tonnes Li LCE LCE 100% Tonnes Li LCE LCE 100%
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Europe³ Development Measured 3.7 0.5 106.4 125.3 1.1 0.5 33.3 125.3
Indicated 8.0 0.5 202.4 238.3 2.4 0.5 62.0 232.9
Measured + 11.6 0.5 308.9 363.5 3.6 0.5 95.3 358.2
Indicated
Inferred 2.8 0.4 57.2 67.4 0.4 0.4 9.8 36.9
Americas³ Exploration Measured 2.7 0.2 24.8 356.8 2.8 0.2 25.4 356.8
Indicated 6.1 0.2 50.4 725.2 6.3 0.2 51.6 725.2
Measured + 8.8 0.2 75.2 1,082. 9.0 0.2 77.0 1,082.
Indicated 0 0
Inferred 1.4 0.2 11.6 166.8 1.4 0.2 11.9 166.8
Total Measured + Indicated 20.4 0.4 384.1 1,445. 12.6 0.3 172.3 1,440.
5 2
Grand total 24.6 0.3 452.9 1,679. 14.4 0.3 194.0 1,643.
7 9
URANIUM Tonnes Grade U3O8 U3O8 100% Tonnes Grade U3O8 U3O8 100%
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Southern 158.0 0.1 40.4 50.5 159.5 0.1 40.5 50.6
Exploration Measured
Africa
Indicated 49.1 0.2 26.1 28.5 47.5 0.2 25.9 28.3
Measured + 207.0 0.1 66.5 79.0 207.0 0.1 66.4 78.8
Indicated
Inferred — 1.1 0.1 0.1 — 1.1 0.1 0.1
Grand total 207.1 0.1 66.6 79.1 207.1 0.1 66.5 78.9
COPPER Tonnes Grade Copper Copper Tonnes Grade Copper Copper
100% 100%
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Americas Exploration Measured 656.7 0.4 6,179. 6,558. 661.4 0.4 6,200. 6,559.
2 0 9 5
Indicated 614.2 0.4 5,477. 6,320. 622.2 0.4 5,544. 6,368.
1 5 1 7
Measured + 1,270. 0.4 11,656. 12,878. 1,283. 0.4 11,745. 12,928.
Indicated 9 3 5 6 0 2
Inferred 202.7 0.4 1,812. 2,098. 206.1 0.4 1,856. 2,150.
1 4 9 3
Grand total 1,473. 0.4 13,468. 14,976. 1,489. 0.4 13,601. 15,078.
6 4 9 7 8 5
ZINC Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
100% 100%
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Australia Operations Measured 7.3 3.1 490.7 2,467. 10.6 3.0 706.9 3,536.
0 2
Indicated — — — — — — — —
Measured + 7.3 3.1 490.7 2,467. 10.6 3.0 706.9 3,536.
Indicated 0 2
Inferred — — — — — — — —
Exploration Measured 0.2 4.8 21.0 105.8 0.2 4.8 21.2 105.8
Indicated 1.8 5.7 221.0 1,111. 1.8 5.7 222.1 1,111.
1 1
Measured + 2.0 5.6 242.1 1,217. 2.0 5.6 243.3 1,217.
Indicated 0 0
Inferred 0.5 6.5 65.8 330.7 0.5 6.5 66.1 330.7
Total Measured + Indicated 9.2 1.5 732.7 3,683. 12.6 1.4 950.2 4,753.
9 2
Grand total 9.7 1.5 798.5 4,014. 13.0 1.5 1,016. 5,083.
6 3 9
Note: Mineral Resources are attributable, and metal content is additionally stated on a 100% basis
1For the US PGM operations, PGM is represented by the 2E (Pt and Pd)
2For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)
3For the Lithium Mineral Resources, LCE content was calculated by multiplying the Li (%) content by a factor of 5.323. Lithium
Hydroxide Monohydrate (LiOH.H2O)) can be derived from LCE by dividing by a factor of 0.88
Mineral Reserves
31 Dec 2022 31 Dec 2021
PGM Tonnes Grade PGM PGM 100% Tonnes Grade PGM PGM 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Americas¹ Operation Proved 10.0 13.5 4.3 4.3 8.2 15.4 4.1 4.1
Probable 50.3 13.6 22.0 22.0 60.1 12.0 23.2 23.2
Proved + Probable 60.2 13.6 26.3 26.3 68.3 12.4 27.3 27.3
Southern Operation Proved 128.9 3.5 14.7 21.4 124.6 3.5 14.2 20.0
Africa²
Probable 151.2 3.4 16.7 21.6 171.0 3.3 18.0 23.1
Proved + Probable 280.0 3.5 31.4 43.0 295.6 3.4 32.2 43.2
Grand total Proved + Probable 340.3 5.3 57.7 69.3 363.9 5.1 59.4 70.5
GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold
100% 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Operation Proved 227.8 0.9 6.6 8.7 149.6 1.4 6.8 8.0
Africa
Probable 124.6 0.9 3.7 4.5 154.8 0.7 3.7 5.0
Proved + Probable 352.4 0.9 10.3 13.2 304.4 1.1 10.4 13.0
Development Proved — — — — — — — —
Probable 20.5 4.0 2.7 2.7 20.6 3.9 2.6 2.6
Proved + Probable 20.5 4.0 2.7 2.7 20.6 3.9 2.6 2.6
Grand total Proved + Probable 373.0 1.1 12.9 15.9 325.0 1.2 13.0 15.6
LITHIUM Tonnes Li LCE LCE 100% Tonnes Li LCE LCE 100%
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Europe³ Development Proved 3.3 0.5 85.4 100.5 — — — —
Probable 4.9 0.4 108.2 127.3 — — — —
Grand total Proved + Probable 8.2 0.4 193.6 227.9 — — — —
ZINC Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
100% 100%
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Australia Operation Proved 6.8 3.0 445.5 2,239. 9.9 3.0 649.2 3,247.
9 4
Probable — — — — — — — —
Grand total Proved + Probable 6.8 3.0 445.5 2,239. 9.9 3.0 649.2 3,247.
9 4
Note: Mineral Reserves are attributable, and metal content is additionally stated on a 100% basis
1For the US PGM operations, PGM is represented by the 2E (Pt and Pd)
2For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)
3For the Lithium Mineral Resources, LCE content was calculated by multiplying the Li (%) content by a factor of 5.323. Lithium
Hydroxide Monohydrate (LiOH.H2O)) can be derived from LCE by dividing by a factor of 0.88
2.1. About our disclosure and related assumptions
The Group reports in accordance with both the JSE and the US Securities and Exchange
Commission (SEC) rules and guidelines on commodity prices used for the estimation of
Mineral Resources and Mineral Reserves at all managed operations, development, and
exploration properties. This specific disclosure is in compliance with the JSE rules,
while the SEC compliant version can be located at
https://www.sibanyestillwater.com/download/reserves-resources-dec2022-nyse
We use forward looking prices, based on extensive market research, that reflect “through
the cycle” pricing. Mineral Resource price assumptions, which focus on longer timeframes,
are based on moderately higher prices than for Mineral Reserves to reflect the ore-body
flexibility.
The US$ based, forward looking commodity prices used for the 2022 LoM process has largely
been retained from 2021, with only minor changes. The Mineral Reserve gold price has been
adjusted marginally downwards by US$9 (-0.5%), whilst the uranium price has been adjusted
upwards to reflect the growing recognition of the role nuclear power will play in
securing baseload, low carbon, green energy supply.
The commodity prices used in the estimation of Mineral Resources and Mineral Reserves at
the non-managed entities are provided in the notes to the relevant tables. In specific
reference to Keliber, which became majority owned and managed by Sibanye-Stillwater
during the course of 2022, the estimates reflect work done by the Keliber Competent
Persons (QP's) prior to the company taking majority ownership and were conducted at a Li
price of ~US$25,000/t LiOH.H2O much more conservative than the current consensus long-term
market outlook price of ~US$37,000/t LiOH.H2O.
The exchange rate used for the Mineral Resources and Mineral Reserves Declaration as at
31 December 2022 is R16.00/US$, up from R15.00/US$ at end 2021, reflecting the
deteriorating long-term ZAR outlook.
The Mineral Reserve basket prices used in the determination of all the commodities
estimates represents significant discounts to the current (16 Feb 2023) metal spot
prices, reflecting the significant operating margins at our operations.
a. 2E PGM: US$1,250 vs spot of US$1,355, a premium of 8%
b. 4E PGM: ZAR31,281 vs spot of ZAR38,643, a premium of 23%
c. Gold: ZAR850,000/kg vs spot of ~ZAR1,064,500/kg, a premium of 25%
Sibanye-Stillwater 2022 price decks for Mineral Resources & Mineral Reserves at managed operations.
31-Dec-22 31-Dec-21
MINERAL RESOURCES MINERAL RESERVES MINERAL RESERVES
Precious metals US$/oz R/oz R/kg US$/oz R/oz R/kg US$/oz R/oz R/kg
Gold 1,800 28,800 925,941 1,650 26,400 850,000 1,659 24,885 800,000
Platinum 1,500 24,000 771,617 1,250 20,000 643,014 1,250 18,750 602,826
Palladium 1,500 24,000 771,617 1,250 20,000 643,014 1,250 18,750 602,826
Rhodium 10,000 160,000 5,144,116 8,000 128,000 4,115,292 8,000 120,000 3,858,084
Iridium 3,000 48,000 1,543,235 2,500 40,000 1,286,029 2,500 37,500 1,205,651
Ruthenium 350 5,600 180,044 300 4,800 154,323 300 4,500 144,678
Base metals US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne
Nickel 7.94 17,500 280,000 7.35 16,200 259,200 7.35 16,200 243,000
Copper 4.54 10,000 160,000 4.06 8,950 143,200 4.06 8,950 134,250
Cobalt 25 55,116 881,848 22 48,502 776,026 22 48,502 727,525
Uranium oxide (U3O8) 1 40 88,185 1,322,772
55 121,254 1,940,066 50 110,231 1,763,696
Chromium oxide (Cr2O3),(42%
0 165 2,640 0 150 2,400 0.07 150 2,250
concentrate) 1
1 Long term contract prices
The relevant metal (prill) split exposure of our PGM operations is summarised below.
Prill Splits
2E Prill split (US PGM operations) Unit Stillwater Mine East Boulder Mine Average
Platinum % 22.2 21.7 22.0
Palladium % 77.8 78.3 78.0
Marikana Rustenburg Kroondal Mimosa
4E Prill split (SA PGM operations) Unit
MER UG2 MER UG2 UG2 MSZ
Platinum % 61.8 59.4 63.7 54.0 58.1 49.4
Palladium % 27.8 28.9 27.3 34.0 31.1 38.2
Rhodium % 3.3 11.2 4.0 11.2 10.1 4.0
Gold % 7.1 0.6 4.9 0.8 0.7 8.4
MER – Merensky Reef
UG2 – Upper Group 2 Chromitite
MSZ – Main Sulphide Zone
3. Group Mineral Resources and Mineral Reserves per geographical region & commodity
3.1. Americas
3.1.1. Platinum group metals
3.1.1.1. Montana operations
• Total 2E PGM Mineral Resources of 84.2Moz, a year-on-year decrease of 6.1%
• Total 2E PGM Mineral Reserves of 26.3Moz, a year-on-year decrease of 3.6%
PGM Mineral Resources Inclusive of Mineral Reserves
31 Dec 2022 31 Dec 2021
PGM Americas Tonnes Grade PGM PGM 100% Tonnes Grade PGM PGM 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Stillwater Measured 42.6 13.7 18.7 18.7 39.9 14.7 18.9 18.9
and
East Boulder Indicated 50.4 12.8 20.7 20.7 59.1 13.8 26.1 26.1
Measured + 93.0 13.2 39.4 39.4 99.0 14.1 45.0 45.0
Indicated
Inferred 114.0 12.2 44.8 44.8 113.6 12.2 44.6 44.6
Grand total 207.0 12.6 84.2 84.2 212.6 13.1 89.6 89.6
PGM Mineral Reserves
31 Dec 2022 31 Dec 2021
PGM Americas Tonnes Grade PGM PGM 100% Tonnes Grade PGM PGM 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Stillwater Proved 10.0 13.5 4.3 4.3 8.2 15.4 4.1 4.1
and
East Boulder Probable 50.3 13.6 22.0 22.0 60.1 12.0 23.2 23.2
Grand total Proved + Probable 60.2 13.6 26.3 26.3 68.3 12.4 27.3 27.3
2E PGM = Pt (78%) + Pd (22%)
During 2022, a comprehensive update of US PGM operations – Mineral Reserves reconciliation
the Mineral Resource and Mineral Reserve Factors 2E PGM (Moz)
estimation methodology at the Montana
operations was undertaken, which also 31-Dec-21 27.3
included an update to the mine plan and Depletion -0.5
scheduling. This repositioning of the US Post depletion 26.8
PGM operations culminated in a revision Area Inclusions/Exclusions 0.4
to the Mineral Reserves which now
Geological interpretation -3.9
supports a 42 year LoM, building up to
+700koz of annual production from 2027. Estimation methodology 2.5
Modifying factors 0.5
A detailed reconciliation of the 2021 to
31-Dec-22 26.3
2022 US PGM operations Mineral Reserves
is shown in the following table.
3.1.1.2. US PGM exploration projects
PGM Mineral Resources
31 Dec 2022 31 Dec 2021
PGM Americas Tonnes PGM PGM Copper Copper Tonnes PGM PGM Copper Copper
Exploration (Mt) (g/t) (Moz) (%) (Mlb) (Mt) (g/t) (Moz) (%) (Mlb)
Marathon¹ Measured 18.8 0.8 0.5 0.2 84.2 23.4 0.8 0.6 0.2 104.9
Indicated 21.5 0.6 0.4 0.2 101.7 26.7 0.6 0.5 0.2 126.6
Measured + 40.3 0.7 0.9 0.2 185.9 50.1 0.7 1.1 0.2 231.5
Indicated
Inferred 5.0 0.5 0.1 0.2 25.5 6.2 0.5 0.1 0.2 31.7
Denison² Measured — — — — — 0.1 6.2 — 0.5 1.0
Indicated — — — — — 1.1 2.8 0.1 1.3 31.3
Measured + — — — — — 1.2 3.0 0.1 1.2 32.3
Indicated
Inferred — — — — — 1.3 2.7 0.1 1.2 33.7
Total Measured + Indicated 40.3 0.7 0.9 0.2 185.9 51.3 0.8 1.3 0.2 263.7
Grand total 45.3 0.7 1.0 0.2 211.4 58.8 0.8 1.5 0.3 329.1
118.19% Attributable, non-managed
264.92% Attributable, non-managed
• In January 2022 the Group reached an agreement with Generation Mining Ltd. to dispose
of its 16.5% direct project level interest in the Marathon project, held via
Stillwater Canada Inc., a subsidiary of Sibanye-Stillwater Limited, in exchange for
21,759,332 common shares in Generation Mining, bringing the Groups' share holding in
Generation Mining to 18.19%. This has resulted in an associated 4.46% decrease in
attributable Mineral Resources
• On 7 November 2022, the transaction for the sale of Lonmin Canada Inc., including the
Denison project, to Mining Inc. (Magna) was completed, for an aggregate of US$16
million, resulting in the related attributable Mineral Resources being removed from
our inventory
3.1.2. Battery metals
3.1.2.1. Lithium exploration project
Lithium Mineral Resources
31 Dec 2022 31 Dec 2021
LITHIUM Americas Tonnes Li LCE H3BO3 H3BO3 Tonnes Li LCE H3BO3 H3BO3
(Mt) (%) (kt) (%) (kt) (Mt) (%) (kt) (%) (kt)
Exploration Rhyolite Measured 2.7 0.2 24.8 8.3 225.2 2.8 0.2 25.4 8.3 230.7
Ridge
6.1 0.2 50.4 8.1 494.4 6.3 0.2 51.6 8.1 506.5
Indicated
Measured + 8.8 0.2 75.2 8.2 719.6 9.0 0.2 77.0 8.2 737.2
Indicated
1.4 0.2 11.6 7.9 106.5 1.4 0.2 11.9 7.9 109.1
Inferred
Grand total 10.2 0.2 86.8 8.1 826.1 10.4 0.2 88.9 8.1 846.3
6.95% attributable interest in Ioneer Ltd, manager of the Rhyolite Ridge project
LCE figures derived from in-situ Li mineralisation by applying a ratio of 1:5.323
The attributable Mineral Resources in the Rhyolite Ridge Lithium-Boron project (Rhyolite
Ridge project), via the Group's shareholding in ioneer Ltd, were largely unchanged, and
only impacted by a minor change in shareholding from 7.1% to 6.95%.
The Group has an agreement with ioneer Limited to establish a 50:50 joint venture with
respect to the Rhyolite Ridge project in Nevada, subject to the satisfaction of all
conditions precedent. During 2022, the project advanced to the final stage of permitting,
with the U.S. Bureau of Land Management (BLM) publishing a Notice of Intent (NOI) in the
Federal Register.
3.1.2.2. Copper exploration projects
Copper Mineral Resources
31 Dec 2022 31 Dec 2021
COPPER Americas Tonnes Copper Copper Gold Gold Tonnes Copper Copper Gold Gold
Exploration (Mt) (%) (Mlb) (g/t) (Moz) (Mt) (%) (Mlb) (g/t) (Moz)
Altar¹ Measured 637.9 0.4 6,095. 0.1 2.4 637.9 0.4 6,095. 0.1 2.4
0 0
580.3 0.4 5,293. 0.1 1.5 580.3 0.4 5,293. 0.1 1.5
Indicated
0 0
Measured + 1,218. 0.4 11,388. 0.1 3.9 1,218. 0.4 11,388. 0.1 3.9
Indicated 2 0 2 0
190.4 0.4 1,750. 0.1 0.4 190.4 0.4 1,750. 0.1 0.4
Inferred
0 0
Rio Grande² Measured — — — — — — — — — —
12.5 0.3 82.4 0.4 0.1 14.1 0.3 93.2 0.4 0.2
Indicated
Measured + 12.5 0.3 82.4 0.4 0.1 14.1 0.3 93.2 0.4 0.2
Indicated
Inferred 7.2 0.2 36.7 0.3 0.1 8.2 0.2 41.5 0.3 0.1
Total Measured + Indicated 1,230. 0.4 11,470. 0.1 4.1 1,232. 0.4 11,481. 0.1 4.1
7 4 3 2
Grand total 1,428. 0.4 13,257. 0.1 4.5 1,430. 0.4 13,272. 0.1 4.6
3 1 9 7
1100% Attributable, non-managed
217.59% Attributable, non-managed, based on shareholding in Aldebaran Resources
The Group's attributable total copper Mineral Resources were impacted by a minor change in shareholding in Aldebaran Resource s
Ltd. from 19.99% to 17.59%. As of 31 December 2022, Aldebaran has unofficially completed expenditures to gain a 60% interest in
the Altar project, however official notification with audited expenditures is expected in early Q1 2023.
3.2. Southern Africa
3.2.1. Platinum group metals
3.2.1.1. SA PGM operations
• Total 4E PGM Mineral Resources of 177.3Moz, a year-on-year increase of 1.5%
• Total 4E PGM Mineral Reserves of 31.4Moz, a year-on-year decrease of 2.3%
PGM Mineral Resources Inclusive of Mineral Reserves
31 Dec 2022 31 Dec 2021
PGM Southern Tonnes Grade PGM PGM 100% Tonnes Grade PGM PGM 100%
Africa
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Marikana¹ Measured 73.1 4.2 9.9 12.2 73.3 4.2 9.9 12.3
Indicated 513.4 4.1 67.8 84.1 513.4 4.1 68.1 84.4
Measured + 586.5 4.1 77.7 96.3 586.6 4.1 78.0 96.8
Indicated
Inferred 179.4 4.4 25.1 31.2 178.9 4.4 25.2 31.2
Rustenburg² Measured 287.8 4.5 41.9 56.6 308.3 4.4 43.2 58.4
Indicated 112.7 5.4 19.4 25.4 88.6 5.3 15.1 20.5
Measured + 400.6 4.8 61.3 82.0 396.9 4.6 58.4 78.9
Indicated
Inferred 14.9 5.6 2.7 3.5 11.0 5.6 2.0 2.7
Kroondal³ Measured 25.0 3.3 2.7 5.4 27.8 3.3 3.0 5.9
Indicated 4.7 3.8 0.6 1.2 4.8 3.8 0.6 1.2
Measured + 29.8 3.4 3.3 6.6 32.5 3.4 3.6 7.1
Indicated
Inferred 2.5 2.9 0.2 0.5 2.5 2.9 0.2 0.5
Mimosa4 Measured 33.7 3.5 3.8 7.6 31.0 3.5 3.5 7.0
Indicated 13.1 3.5 1.5 3.0 17.7 3.5 2.0 4.0
Measured + 46.9 3.5 5.3 10.6 48.7 3.5 5.5 11.0
Indicated
Inferred 15.5 3.4 1.7 3.4 17.2 3.4 1.9 3.7
Total Measured + Indicated 1,063. 4.3 147.6 195.5 1,064. 4.2 145.4 193.7
7 8
Grand total 1,276. 4.3 177.3 234.0 1,274. 4.3 174.7 231.8
0 4
PGM Mineral Reserves
31 Dec 2022 31 Dec 2021
PGM Southern Tonnes Grade PGM PGM 100% Tonnes Grade PGM PGM 100%
Africa
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Marikana¹ Proved 21.5 3.9 2.7 3.4 22.6 3.9 2.9 3.6
Probable 117.9 3.9 14.7 18.2 121.6 3.9 15.1 18.8
Proved + Probable 139.4 3.9 17.4 21.6 144.2 3.9 18.0 22.3
Rustenburg² Proved 79.3 3.5 9.0 12.2 83.4 3.5 9.5 12.9
Probable 24.7 1.4 1.1 1.5 41.7 1.5 2.0 2.6
Proved + Probable 103.9 3.0 10.2 13.7 125.1 2.9 11.5 15.5
Kroondal³ Proved 8.0 2.6 0.7 1.3 10.4 2.6 0.9 1.7
Probable — — — — — — — —
Proved + Probable 8.0 2.6 0.7 1.3 10.4 2.6 0.9 1.7
Mimosa4 Proved 20.1 3.5 2.2 4.5 8.2 3.6 0.9 1.9
Probable 8.6 3.4 1.0 1.9 7.7 3.5 0.9 1.7
Proved + Probable 28.7 3.5 3.2 6.4 15.8 3.5 1.8 3.6
Grand total Proved + Probable 280.0 3.5 31.4 43.0 295.6 3.4 32.2 43.2
180.64% Attributable, managed; 274% Attributable with Hoedspruit 86.35%, managed; 350% Attributable, managed; 450% Attributable,
non-managed
Mineral Resources were positively of 0,4Moz, whilst increased geological
impacted (+5.0Moz) by the re- complexity (faulting) at the Kroondal and
incorporation of the Hoedspruit Mineral Rustenburg operations impacted a further
Resources into the Rustenburg operation, 0.3Moz. An adjustment in modifying
which was previously (2021) excluded factors (-0.3Moz) contributed further to
subject to the final approval of the the overall decline of 0.8Moz.
prospecting right renewal.
A detailed reconciliation of the 2021 to
Mineral Reserves depletion (-2.7Moz) was 2022 SA PGM operations Mineral Reserves
positively off-set by the inclusion of is shown below.
the Mimosa North Hill project following SA PGM operations – Mineral Reserves reconciliation
the completion of a positive FS (+1.5
Moz), with minor LoM extensions, due to
tail end optimisation at all operations,
adding a further 0.5Moz.
Marginal decreases in LoM grades at the
Rustenburg operation and Marikana
operation resulted in evaluation losses
Factors 4E PGM (Moz) Geological changes -0.3
Mineral Reserves 2021 (attributable) 32.2 Technical factors -0.3
2022 Depletion -2.7 Mineral Reserves 2022 (attributable) 31.4
Economic valuation 3.5
Evaluation -0.4
3.2.1.2. SA PGM exploration projects
• Total 4E PGM Mineral Resources of 53.1Moz, an increase of 0.5%
PGM Mineral Resources
31 Dec 2022 31 Dec 2021
PGM Southern Tonnes Grade PGM PGM 100% Tonnes Grade PGM PGM 100%
Africa
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Exploration Akanani¹ Measured — — — — — — — —
Indicated 164.5 4.2 22.0 27.5 164.5 4.2 22.0 27.5
Measured + 164.5 4.2 22.0 27.5 164.5 4.2 22.0 27.5
Indicated
Inferred 87.9 3.4 9.6 12.0 87.9 3.4 9.6 12.0
Limpopo² Measured 1.8 4.2 0.2 0.3 1.8 4.2 0.2 0.3
Indicated 80.0 4.1 10.5 17.6 73.6 4.3 10.3 17.2
Measured + 81.7 4.1 10.7 17.9 75.4 4.3 10.5 17.5
Indicated
Inferred 70.9 4.0 9.2 14.2 67.9 4.2 9.1 14.0
Blue Ridge³ Measured — — — — — — — —
Indicated 9.2 3.2 1.0 1.9 9.2 3.2 1.0 1.9
Measured + 9.2 3.2 1.0 1.9 9.2 3.2 1.0 1.9
Indicated
Inferred 6.7 3.0 0.6 1.3 6.7 3.0 0.6 1.3
Total Measured + Indicated 255.4 4.1 33.7 47.3 249.0 4.2 33.5 46.9
Grand total 420.9 3.9 53.1 74.8 411.4 4.0 52.9 74.2
180.13% Attributable, managed, 2Attributable for Baobab and Doornvlei (80.64%), and Dwaalkop (40.32%), 350% Attributable, managed
The only year on year change relates to the Limpopo project area, where a positive
"reasonable prospect for eventual economic extraction (RPEEE)" assessment of a wider,
mechanised mining cut was completed. As a result, a revised geotechnical mining cut was
accepted and this resulted in the addition of 0.3Moz.
The Group, through its subsidiary Akanani Mining Proprietary Limited (Akanani), held a
prospecting right over the Akanani project area. Akanani duly applied for a mining right
which application has been rejected, related to an interpretation on the expiry date of
the prospecting right. To secure its position, the Group has launched internal appeal
proceedings in accordance with the Minerals and Petroleum Resources Development Act,
2002. The Group has also requested the Minister of Mineral Resources and Energy to
suspend the further processing of a 3rd party prospecting right application over the same
area, pending the finalisation of the appeal. The internal appeal process is progressing
within the prescripts of the MPRDA. The Group will resort to court action in order to
enforce its rights should the internal appeal not be successful.
3.2.2. Gold
3.2.2.1 SA gold operations
• Total gold Mineral Resources of 53.3Moz, a year-on-year decrease of 9.1%
• Total gold Mineral Reserves of 10.3Moz, a year-on-year decrease of 1.5%
Gold Mineral Resources Inclusive of Mineral Reserves
31 Dec 2022 31 Dec 2021
GOLD Southern Tonnes Grade Gold Gold Tonnes Grade Gold Gold
Africa 100% 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Kloof Measured 32.8 11.4 12.0 12.0 34.5 11.3 12.6 12.6
Indicated 35.8 6.8 7.9 7.9 35.7 7.0 8.0 8.0
Measured + 68.6 9.0 19.9 19.9 70.2 9.1 20.6 20.6
Indicated
Inferred 21.7 8.7 6.1 6.1 28.1 11.5 10.4 10.4
Beatrix Measured 25.7 6.5 5.4 5.4 26.5 6.4 5.4 5.4
Indicated 25.2 5.3 4.3 4.3 25.6 5.2 4.3 4.3
Measured + 50.9 5.9 9.6 9.6 52.1 5.8 9.7 9.7
Indicated
Inferred 1.6 4.4 0.2 0.2 1.7 4.2 0.2 0.2
Driefontein Measured 20.7 11.0 7.3 7.3 21.1 10.9 7.4 7.4
Indicated 11.7 9.0 3.4 3.4 12.2 8.5 3.3 3.3
Measured + 32.4 10.2 10.7 10.7 33.3 10.0 10.7 10.7
Indicated
Inferred 1.3 4.8 0.2 0.2 0.8 6.6 0.2 0.2
Cooke¹ Measured 159.6 0.3 1.3 1.7 159.6 0.3 1.3 1.7
Indicated 43.3 0.3 0.4 0.6 45.6 0.3 0.5 0.6
Measured + 202.9 0.3 1.7 2.3 205.2 0.3 1.8 2.3
Indicated
Inferred — — — — — — — —
DRDGOLD² Measured 244.8 0.3 2.5 5.0 255.0 0.3 2.6 5.2
Indicated 285.8 0.2 2.3 4.5 290.1 0.2 2.3 4.6
Measured + 530.5 0.3 4.8 9.5 545.1 0.3 4.9 9.8
Indicated
Inferred 10.7 0.2 0.1 0.2 10.8 0.2 0.1 0.2
Total Measured + Indicated 885.3 1.6 46.7 51.9 905.9 1.6 47.7 53.1
Grand total 920.7 1.8 53.3 58.6 947.2 1.9 58.6 64.1
176% Attributable, managed, 250.33% Attributable, non-managed
Gold Mineral Reserves
31 Dec 2022 31 Dec 2021
GOLD Southern Tonnes Grade Gold Gold Tonnes Grade Gold Gold
Africa 100% 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Kloof Proved 11.0 6.1 2.1 2.1 12.7 6.2 2.5 2.5
Probable 7.5 5.4 1.3 1.3 7.7 4.9 1.2 1.2
Proved + Probable 18.6 5.8 3.4 3.4 20.3 5.7 3.8 3.8
Beatrix Proved 5.9 3.8 0.7 0.7 6.8 3.9 0.8 0.8
Probable 0.7 3.1 0.1 0.1 0.9 2.7 0.1 0.1
Proved + Probable 6.7 3.7 0.8 0.8 7.7 3.7 0.9 0.9
Driefontein Proved 5.8 8.4 1.6 1.6 7.7 8.4 2.1 2.1
Probable 5.6 7.9 1.4 1.4 4.2 7.2 1.0 1.0
Proved + Probable 11.4 8.1 3.0 3.0 11.9 8.0 3.0 3.0
Cooke¹ Proved — — — — — — — —
Probable 7.3 0.3 0.1 0.1 9.5 0.3 0.1 0.1
Proved + Probable 7.3 0.3 0.1 0.1 9.5 0.3 0.1 0.1
DRDGOLD² Proved 205.0 0.3 2.2 4.3 122.5 0.3 1.3 2.6
Probable 103.5 0.2 0.8 1.6 132.5 0.3 1.3 2.6
Proved + Probable 308.5 0.3 3.0 5.9 255.0 0.3 2.6 5.2
Grand total Proved + Probable 352.4 0.9 10.3 13.2 304.4 1.1 10.4 13.0
176% Attributable, managed, 250.33% Attributable, non-managed
The change in Mineral Resources can be
attributed to the Kloof operations where
a re-interpretation of the Ventersdorp SA gold operations – Mineral Reserves
Contact Reef (VCR) geological facies reconciliation
resulted in a reduction of 5.7Moz,
predominantly in the Inferred category, Factors Au (Moz)
situated below the shafts infrastructure. 31 Dec 2021 10.5
Mineral Reserves depletion (-0.8Moz), Depletion -0.8
were positively off-set by extension of Post depletion 9.7
the Beatrix LoM by 1 year, and minor
increases at Driefontein and Kloof Area inclusions/exclusions 0.3
(+0.3Moz), while our attributable
Attributable adjustment 0.7
interest in DRDGOLD contributed a further
0.7Moz. Notable other changes relate to Geological interpretation 0.05
the closure of Beatrix 4# and the
curtailment of operations on 47 level at Economic parameters -0.4
Kloof 4# (-0.4Moz). Modifying factors -0.04
A detailed reconciliation of the 2021 to 31 Dec 2022 10.3
2022 SA gold operations' Mineral Reserves
is provided in the table.
3.2.2.2. SA gold development project
• Total gold Mineral Resources of 9.1Moz, unchanged
• Total gold Mineral Reserves of 2.7Moz, a year-on-year increase of 2.8%
Gold Mineral Resources Inclusive of Mineral Reserves
31 Dec 2022 31 Dec 2021
GOLD Southern Tonnes Grade Gold Gold Tonnes Grade Gold Gold
Africa 100% 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Development Burnstone Measured 1.1 6.2 0.2 0.2 1.1 6.2 0.2 0.2
Indicated 25.5 5.6 4.6 4.6 25.5 5.6 4.6 4.6
Measured + 26.6 5.7 4.8 4.8 26.6 5.7 4.8 4.8
Indicated
Inferred 31.5 4.2 4.3 4.3 31.5 4.2 4.3 4.3
Grand total 58.1 4.9 9.1 9.1 58.1 4.9 9.1 9.1
Gold Mineral Reserves
31 Dec 2022 31 Dec 2021
GOLD Southern Tonnes Grade Gold Gold Tonnes Grade Gold Gold
Africa 100% 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Development Burnstone Proved — — — — — — — —
Probable 20.5 4.0 2.7 2.7 20.6 3.9 2.6 2.6
Grand total Proved + Probable 20.5 4.0 2.7 2.7 20.6 3.9 2.6 2.6
Factors Au (Moz)
At the Burnstone development project the increase in
Mineral Reserves was driven by an optimisation of the tail 31 Dec 2021 2.6
end production profile.
A detailed reconciliation of the 2021 to 2022 SA gold Post depletion 2.6
operations' Mineral Reserves is provided in the following Area inclusions/exclusions 0.1
table.
SA gold development – Mineral Reserves reconciliation 31 Dec 2022 2.7
3.2.2.3. SA gold exploration projects
• Total gold Mineral Resources of 6.9Moz, remained unchanged
Gold Mineral Resources
31 Dec 2022 31 Dec 2021
GOLD Southern Tonnes Grade Gold Gold Tonnes Grade Gold Gold
Africa 100% 100%
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Exploration SOFS Measured — — — — — — — —
Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Measured + 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Indicated
Inferred 4.0 3.6 0.5 0.5 4.0 3.6 0.5 0.5
Grand total 48.1 4.4 6.9 6.9 48.1 4.4 6.9 6.9
3.2.3. Uranium exploration projects
• Total U3O8 Mineral Resources of 66.6Mlb, unchanged
Uranium Mineral Resources
31 Dec 2022 31 Dec 2021
URANIUM Southern Tonnes Grade U3O8 U3O8 100% Tonnes Grade U3O8 U3O8 100%
Africa
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Exploration Beatrix Measured 3.6 1.1 8.5 8.5 3.6 1.1 8.5 8.5
Indicated 7.8 1.1 18.3 18.3 7.8 1.1 18.3 18.3
Measured + 11.4 1.1 26.9 26.9 11.4 1.1 26.9 26.9
Indicated
Inferred — 1.1 0.1 0.1 — 1.1 0.1 0.1
Cooke¹ Measured 154.4 0.1 31.9 42.0 156.0 0.1 31.9 42.0
Indicated 41.3 0.1 7.8 10.2 39.7 0.1 7.6 9.9
Measured + 195.7 0.1 39.6 52.2 195.7 0.1 39.5 52.0
Indicated
Inferred — — — — — — — —
Total Measured + Indicated 207.0 0.1 66.5 79.0 207.0 0.1 66.4 78.8
Grand total 207.1 0.1 66.6 79.1 207.1 0.1 66.5 78.9
176% Attributable, managed
Uranium Mineral Resources occur as co-mineralisation within tonnage reported under the SA
gold Mineral Resources. Minor variations occurred due to changes in the gold production
schedules for the Cooke operations.
3.3. Europe
3.3.1. Battery metals
3.3.1.1. Keliber lithium development project
• LCE Mineral Resources of 366.1kt, a year-on-year increase of 248%
• Maiden LCE Mineral Reserves of 193.6kt
Lithium Mineral Resources Inclusive of Mineral Reserves
31 Dec 2022 31 Dec 2021
LITHIUM Europe Tonnes Li LCE LCE 100% Tonnes Li LCE LCE 100%
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Development Keliber Measured 3.7 0.5 106.4 125.3 1.1 0.5 33.3 125.3
Indicated 8.0 0.5 202.4 238.3 2.4 0.5 62.0 232.9
Measured + 11.6 0.5 308.9 363.5 3.6 0.5 95.3 358.2
Indicated
Inferred 2.8 0.4 57.2 67.4 0.4 0.4 9.8 36.9
Grand total 14.5 0.5 366.1 430.9 4.0 0.5 105.1 395.1
Lithium Mineral Reserves
31 Dec 2022 31 Dec 2021
LITHIUM Europe Tonnes Li LCE LCE 100% Tonnes Li LCE LCE 100%
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Development Keliber¹ Proved 3.3 0.5 85.4 100.5 — — — —
Probable 4.9 0.4 108.2 127.3 — — — —
Grand total Proved + Probable 8.2 0.4 193.6 227.9 — — — —
84.96% Attributable, non-managed
During 2022, Sibanye-Stillwater increased its shareholding in Keliber (2021: 26.6%) to a
controlling 84.96%, enabling Sibanye-Stillwater to act decisively and fast-track the
Keliber project. A FS completed by Keliber in February 2022 and updated in October 2022,
confirmed the project economics, and on 28 November 2022 the Board approved development
of the Keliber lithium project in Finland, beginning with the construction of the
lithium-hydroxide refinery. The reported Mineral Reserves reflect the open pit portion of
the project only.
Ongoing exploration activities have also added 30.4kt of LCE to the Mineral Resource
Inventory. The increased Mineral Resources are related to the maiden resource estimates
of the Tuoreetsaaret and Leviakangas deposits.
3.4. Australia
3.4.1. Zinc tailings retreatment (part of the circular economy)
3.4.1.1. New Century zinc operation
• Zinc Mineral Resources of 798.5Mlb, a year-on-year decrease of 21.4%
• Zinc Mineral Reserves of 445.5Mlb, a year-on-year decrease of 31.4%
Zinc Mineral Resources Inclusive of Mineral Reserves
31 Dec 2022 31 Dec 2021
ZINC Australia Tonnes Zinc Zinc Zinc Tonnes Zinc Zinc Zinc
100% 100%
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Operations New Century Measured 7.3 3.1 490.7 2,467. 10.6 3.0 706.9 3,536.
0 2
Indicated — — — — — — — —
Measured + 7.3 3.1 490.7 2,467. 10.6 3.0 706.9 3,536.
Indicated 0 2
Inferred — — — — — — — —
Grand total 7.3 3.1 490.7 2,467. 10.6 3.0 706.9 3,536.
0 2
ZINC Australia Tonnes Zinc Zinc Lead Lead Tonnes Zinc Zinc Lead Lead
(Mt) (%) (Mlb) (%) (Mlb) (Mt) (%) (Mlb) (%) (Mlb)
Exploration New Century Measured 0.2 4.8 21.0 5.4 23.7 0.2 4.8 21.2 5.4 23.8
Indicated 1.8 5.7 221.0 2.4 92.5 1.8 5.7 222.1 2.4 93.0
Measured + 2.0 5.6 242.1 2.7 116.2 2.0 5.6 243.3 2.7 116.8
Indicated
Inferred 0.5 6.5 65.8 3.1 31.6 0.5 6.5 66.1 3.1 31.7
Grand total 2.4 5.8 307.8 2.8 147.8 2.4 5.8 309.4 2.8 148.5
Zinc Mineral Reserves
31 Dec 2022 31 Dec 2021
ZINC Australia Tonnes Zinc Zinc Zinc Tonnes Zinc Zinc Zinc
100% 100%
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Operations New Century Proved 6.8 3.0 445.5 2,239. 9.9 3.0 649.2 3,247.
9 4
Probable — — — — — — — —
Grand total Proved + Probable 6.8 3.0 445.5 2,239. 9.9 3.0 649.2 3,247.
9 4
19.89% Attributable, non-managed
The year on year change in Mineral Resources and Mineral Reserves were driven by
depletion.
4. Corporate governance
This Mineral Reserve and Mineral Resource declaration represents a condensed and
consolidated summary of the full Sibanye-Stillwater Mineral Resource and Mineral Reserve
declaration available in the Group Mineral Resource and Mineral Reserve Report, which
will be published on 24 April 2023 and will be available at
www.sibanyestillwater.com/news-investors/reports/annual/.
The Mineral Resources and Mineral Reserves are estimates at a particular date, and are
affected by fluctuations in mineral prices, the exchange rates, operating costs, mining
permits, changes in legislation and operating factors.
Sibanye-Stillwater prepares and reports its Mineral Resources and Mineral Reserves in
accordance with the SAMREC Code, the updated Section 12 of the JSE Listings Requirements;
and the SEC regulation S-K Sub-part 1300. For non-managed mineral properties, Mineral
Resources and Mineral Reserves are in certain cases prepared under different codes, such
as JORC and NI-43-101. These codes are closely aligned with SAMREC, form part of CRIRSCO
(Committee for Mineral Reserves International Reporting Standards), and the estimates are
therefore deemed to be consistent with SAMREC and SK1300.
Production volumes are reported in metric tonnes (t). By-product metals that do not
constitute material contribution to potential revenue-flows are typically excluded from
the estimates.
All financial models used to determine the managed Mineral Reserves are based on current
tax regulations as at 31 December 2022. Rounding of figures may result in minor
computational discrepancies. Where this happens, it is not deemed significant.
There are teams QP's, designated in terms of the respective national reporting codes, who
take responsibility for the reporting of Mineral Resources and Mineral Reserves at the
respective operations and projects. Corporate governance on the overall compliance of the
Group’s figures and responsibility for the generation of a Group consolidated statement
has been overseen by the Group's lead Competent Persons, included below. The Group has
the written confirmation of the lead Competent Persons that the information, as disclosed
in this report, is compliant with the relevant security exchanges’ listing requirements
(Section 12 of the JSE listing requirements, SAMREC Table 1 and the US SEC SK1300), and
that it may be published in the form and context in which it was intended.
For the managed operations, Stephan Stander is the Group Lead QP for Mineral Resources;
and Tom Van Den Berg is the Group Lead QP for Mineral Reserves. Stephan is a registered
member of the South African Council for Natural Scientific Professions (SACNASP
400089/96). Tom is a registered member of the South African Institute of Mining and
Metallurgy (SAIMM 700497).
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
EVP: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Ends.
5. Forward looking statements
The information in this document may contain forward-looking statements within the meaning of the
“safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements, including, among others, those relating to Sibanye Stillwater
Limited’s (“Sibanye-Stillwater” or the “Group”) financial positions, business strategies, plans and
objectives of management for future operations, are necessarily estimates reflecting the best
judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks
and uncertainties that could cause actual results to differ materially from those suggested by the
forward-looking statements. As a consequence, these forward-looking statements should be considered
in light of various important factors, including those set forth in this document.
All statements other than statements of historical facts included in this document may be forward-
looking statements. Forward-looking statements also often use words such as “will”, “would”,
“expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”,
“estimate” and words of similar meaning. By their nature, forward-looking statements involve risk
and uncertainty because they relate to future events and circumstances and should be considered in
light of various important factors, including those set forth in this disclaimer. Readers are
cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or
achievements to differ materially from estimates or projections contained in the forward-looking
statements include, without limitation, Sibanye-Stillwater’s future financial position, plans,
strategies, objectives, capital expenditures, projected costs and anticipated cost savings,
financing plans, debt position and ability to reduce debt leverage; economic, business, political
and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and
objectives of management for future operations; Sibanye-Stillwater’s ability to obtain the benefits
of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply
with loan and other covenants and restrictions and difficulties in obtaining additional financing
or refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in
assumptions underlying Sibanye-Stillwater’s estimation of its current mineral reserves; any failure
of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost
savings in connection with, and the ability to successfully integrate, past, ongoing and future
acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any
ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and
exploration and development activities, including any proposed, anticipated or planned expansions
into the battery metals or adjacent sectors and estimations or expectations of enterprise value
(including the Rhyolite Ridge project); the ability of Sibanye-Stillwater to comply with
requirements that it operate in ways that provide progressive benefits to affected communities;
changes in the market price of gold, PGMs, battery metals (e.g., nickel, lithium, copper and zinc)
and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements;
the occurrence of hazards associated with underground and surface mining; any further downgrade of
South Africa’s credit rating; a challenge regarding the title to any of Sibanye-Stillwater’s
properties by claimants to land under restitution and other legislation; Sibanye-Stillwater’s
ability to implement its strategy and any changes thereto; the outcome of legal challenges to the
Group’s mining or other land use rights; the occurrence of labour disputes, disruptions and
industrial actions; the availability, terms and deployment of capital or credit; changes in the
imposition of industry standards, regulatory costs and relevant government regulations,
particularly environmental, sustainability, tax, health and safety regulations and new legislation
affecting water, mining, mineral rights and business ownership, including any interpretation
thereof which may be subject to dispute; the outcome and consequence of any potential or pending
litigation or regulatory proceedings, including in relation to any environmental, health or safety
issues; failure to meet ethical standards, including actual or alleged instances of fraud, bribery
or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater’s
business; the concentration of all final refining activity and a large portion of Sibanye-
Stillwater’s PGM sales from mine production in the United States with one entity; the
identification of a material weakness in disclosure and internal controls over financial reporting;
the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of
South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating
in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience;
power disruptions, constraints and cost increases; supply chain disruptions and shortages and
increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s
operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-
economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of
operations at its mines for safety or environmental incidents (including natural disasters) and
unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management and
employees with sufficient technical and/or production skills across its global operations necessary
to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient
representation of historically disadvantaged South Africans in its management positions; failure of
Sibanye-Stillwater’s information technology, communications and systems; the adequacy of Sibanye-
Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at
informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based
operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such
as the coronavirus disease (COVID-19).
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in
Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange and the United States Securities
and Exchange Commission, including the 2021 Integrated Report and the annual report on Form 20-F
for the fiscal year ended 31 December 2021 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater
expressly disclaims any obligation or undertaking to update or revise any forward-looking statement
(except to the extent legally required). These forward-looking statements have not been reviewed or
reported on by the Group’s external auditors.
NON-IFRS MEASURES
The information in this document contains certain non-IFRS measures, including adjusted EBITDA,
AISC and AIC. These measures may not be comparable to similarly-titled measures used by other
companies and are not measures of Sibanye-Stillwater’s financial performance under IFRS. These
measures should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. Sibanye- Stillwater is not providing a reconciliation of the
forecast non-IFRS financial information presented in this report because it is unable to provide
this reconciliation without unreasonable effort.
WEBSITES
References in this document to information on websites (and/or social media sites) are included as
an aid to their location and such information is not incorporated in, and does not form part of,
this report.
Date: 17-02-2023 12:02:00
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