Wrap Text
Results for the six months ended 30 June 2023 – Short form announcement
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”,”the Company” and/or “the Group”)
Registered Address:
Constantia Office Park
Bridgeview House • Building 11 • Ground Floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park • 1709
Postal Address:
Private Bag X5 • Westonaria • 1780
Tel +27 11 278 9600 • Fax +27 11 278 9863
Website: www.sibanyestillwater.com
MARKET RELEASE
Results for the six months ended 30 June 2023 – Short form announcement
JOHANNESBURG, 29 August 2023: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) is pleased to report operating and financial results for the six
months ended 30 June 2023.
SALIENT FEATURES FOR THE SIX MONTHS ENDED 30 JUNE 2023
• Strategic commodity and geographical diversification - SA gold turnaround cushions impact of lower PGM prices
• Strong financial position maintained - 0.01x Net debt: adjusted EBITDA, net debt of only R262m (US$13.9m)
• Interim dividend declared of 53 SA cps (11.19 US cents* per ADR)
• SA gold operations: R5.5bn (US$ 332m) adjusted EBITDA turnaround year-on-year
• SA PGM operations: Industry leading cost management. Moving down industry cost curve increases competitiveness
• US PGM operations: Stillwater West mine shaft repaired, improved operating outlook for H2 2023
• Keliber lithium project on track to produce battery grade lithium hydroxide in 2025 - equity capital fully funded
• Tailings storage facilities conformance with GISTM requirements
• Well positioned for clean energy transition
* Based on the closing exchange rate of R18.9400/US$ at 22 August 2023 from EquityRT
KEY STATISTICS - GROUP
US dollar SA rand
Six months ended Six months ended
Jun 2022 Dec 2022 Jun 2023 KEY STATISTICS Jun 2023 Dec 2022 Jun 2022
GROUP
782 344 407 US$m Basic earnings Rm 7,423 6,380 12,016
775 350 324 US$m Headline earnings Rm 5,891 6,484 11,938
1,465 1,045 776 US$m Adjusted EBITDA1 Rm 14,147 18,550 22,561
803 359 427 US$m Profit for the period Rm 7,786 6,639 12,341
15.40 17.33 18.21 R/US$ Average exchange rate using daily closing rate
KEY STATISTICS BY REGION
US dollar SA rand
Six months ended Six months ended
Jun 2022 Dec 2022 Jun 2023 KEY STATISTICS Jun 2023 Dec 2022 Jun 2022
AMERICAS REGION
US PGM underground operations
230,039 191,094 205,513 oz 2E PGM production2,3 kg 6,392 5,944 7,155
1,935 1,766 1,390 US$/2Eoz Average basket price R/2Eoz 25,312 30,609 29,799
261 125 53 US$m Adjusted EBITDA1 Rm 976 2,309 4,021
1,366 1,840 1,737 US$/2Eoz All-in sustaining cost4 R/2Eoz 31,633 31,880 21,036
US PGM recycling
361,333 237,441 162,452 oz 3E PGM recycling2,3 kg 5,053 7,385 11,239
2,906 3,274 2,735 US$/3Eoz Average basket price R/3Eoz 49,804 56,747 44,752
39 39 20 US$m Adjusted EBITDA1 Rm 371 676 598
SOUTHERN AFRICA (SA) REGION
PGM operations
823,806 843,658 799,182 oz 4E PGM production3,5 kg 24,857 26,241 25,623
2,817 2,434 1,867 US$/4Eoz Average basket price R/4Eoz 34,006 42,188 43,379
1,374 956 649 US$m Adjusted EBITDA1 Rm 11,794 16,983 21,152
1,179 1,179 1,083 US$/4Eoz All-in sustaining cost4 R/4Eoz 19,716 20,431 18,160
Gold operations
191,683 428,859 416,738 oz Gold produced kg 12,962 13,339 5,962
1,864 1,720 1,921 US$/oz Average gold price R/kg 1,124,871 958,232 922,851
(202) (17) 130 US$m Adjusted EBITDA1 Rm 2,375 (440) (3,106)
3,115 2,019 1,813 US$/oz All-in sustaining cost4 R/kg 1,061,477 1,124,737 1,542,355
EUROPEAN REGION
Sandouville nickel refinery6
4,565 2,277 3,493 tNi Nickel production7 tNi 3,493 2,277 4,565
30,789 24,646 26,888 US$/tNi Nickel equivalent average basket price8 R/tNi 489,635 427,120 474,144
4 (34) (35) US$m Adjusted EBITDA1 Rm (627) (553) 61
29,896 38,333 37,486 US$/tNi Nickel equivalent sustaining cost9 R/tNi 682,628 664,311 460,397
AUSTRALIAN REGION
New Century zinc retreatment operation10
— — 24 ktZn Zinc metal produced (payable)11 ktZn 24 — —
— — 1,640 US$/tZn Average equivalent zinc concentrate price12 R/tZn 29,871 — —
— — (28) US$m Adjusted EBITDA1 Rm (502) — —
— — 2,418 US$/tZn All-in sustaining cost4 R/tZn 44,030 — —
1. The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt
covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be
considered in addition to and not as a substitute for any other measure of financial performance and liquidity. For a reconciliation of profit before royalties and tax to adjusted EBITDA, see note
9.1 of the consolidated interim financial statements
2. The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In addition to the US PGM operations’
underground production, the operation treats various recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown.
PGM recycling represents palladium, platinum and rhodium ounces fed to the furnace
3. The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US underground operations
is principally platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)
4. See “Salient features and cost benchmarks - Six months ” for the definition of All-in sustaining cost (AISC)
5. The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC,
refer to the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Six months"
6. The Sandouville nickel refinery processes nickel matte and is included in the Group results since the effective date of the acquisition on 4 February 2022
7. The nickel production at the Sandouville nickel refinery operations is principally nickel metal and nickel salts (liquid form), together referred to as nickel equivalent products
8. The nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold
9. See "Salient features and cost benchmarks - Six months Sandouville nickel refinery" for a reconciliation of cost of sales before amortisation and depreciation to nickel equivalent sustaining cost
10. New Century is a leading tailings management and rehabilitation company that currently owns and operates the New Century zinc tailings retreatment operation in Queensland, Australia.
Amounts included since effective date of acquisition on 22 February 2023
11. Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
12. Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
metal sold
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OF SIBANYE-STILLWATER
The Group financial and operating results for the six-months ended 30 June 2023 (H1 2023) reflect the challenging global macro-economic and
turbulent geopolitical environment which has prevailed during 2023, with slowing global growth reducing demand for commodities, resulting in a
significant decline in commodity prices other than gold during the period.
The operating environment has been equally demanding, with regional factors in our operating jurisdictions posing significant challenges. These
regional factors include some which we have previously highlighted as “grey elephants” (highly probable, high impact yet often ignored global
trends), such as climate change - causing extreme weather events which are becoming increasingly frequent globally, with severe storms
disrupting our US PGM operations in mid-2022 and our New Century tailings operations in Australia in Q1 2023; social discontent - widespread strikes
in France causing downtime at our Sandouville nickel refinery in Le Havre during H1 2023 and ongoing community and labour related disruptions
common in South Africa. Moreover, the shortage of critical skills impacting the mining industry globally, continues to impact productivity and costs
at our US PGM operation, and electricity disruptions and crime (cable theft and illegal mining) have intensified in South Africa.
In periods of change and disruption such as these, an intense focus on safety, which is a core Group value is particularly critical. The improvements
in the Group safety performance achieved in 2022 were largely maintained during H1 2023. There was however a regression in Group safety
lagging indicators during Q2 2023 which is receiving attention. This included three incidents at the SA gold operations during H1 2023 which
resulted in the tragic loss of six colleagues (four contractors and two employees). While these tragic events have set us back, we remain resolute in
our efforts towards Zero Harm in the workplace. The Board and management of Sibanye-Stillwater extend their sincere condolences to the family,
friends, and loved ones of our departed colleagues.
We remain committed to continuous improvement in health and safety at our operations. This is a deliberate journey and whilst we have made
progress, we continue to modify the strategy based on lessons learned and industry best practice to improve our risk approach, eliminate fatalities
and improve incident statistics. The journey is not an easy one and requires a committed and sustained focus, but our optimism is supported by the
performance of the SA PGM and US PGM operations, which operated without fatal incidents for H1 2023, and the European operations which
recorded no recordable safety incidents for Q2 2023.
The Group has successfully managed various challenges in the last few years, and I am confident that we will again successfully navigate these
challenges.
The appropriateness of our ongoing strategic evolution supporting our purpose "to safeguard global sustainability through our metals" and our
strategic commodity and geographical diversification since 2016, was again evident during H1 2023.
The impacts of the precipitous decline in PGM prices and operational disruptions at our US and European regions, were cushioned by a
significantly improved financial contribution from the SA gold operations. The normalisation of production after the industrial action and lock-out
which resulted in operations being suspended for most of H1 2022 (during which the SA PGM operations provided the diversification benefits),
ensured timeous exposure to the higher gold price during a period of strategic investment for the Group into the battery metals sector.
Our investments in future facing metals and the green economy in Europe, the US and Australia, are central to the delivery of our green metals
and clean energy solutions strategic differentiator. These strategic investments are expected to make an increasing financial contribution to the
Group in the second half of this decade, by positioning the Group to benefit from the future global energy transition and will further diversify the
Group portfolio. We anticipate that these strategic investments will provide a critical offset against the declining contribution from the SA gold
operations as they near the end of their reserve lives over this decade and are restructured in a phased manner.
Some of the previously mentioned regional challenges impacted negatively on our operations during H1 2023. Steps are being taken to address
and mitigate these challenges, as a result of which we expect these impacts to be minimised in H2 2023. Others were extremely well managed
with the potential impact on the Group minimised.
Group adjusted EBITDA of R14.1 billion (US$776 million) for H1 2023 was 37% lower than adjusted EBITDA of R22.6 billion (US$1.5 billion) for the
comparable period in 2022, primarily reflecting the significant decline in PGM prices and regional operational challenges partly offset by the
improved performance from the SA gold operations.
Continued capital allocation discipline has maintained the Group’s robust financial position. Cash and cash equivalents of R22.2 billion (US$1.2
billion) remain above the capital allocation framework reserve target of R20 billion, despite increased investment in our battery metals portfolio
and a R3.6 billion (US$198 million) final payment to Anglo American Platinum for the Rustenburg operations (the absence of which will benefit
future Rustenburg cash flow) during the period. Along with undrawn Revolving Credit Facilities (RCF) of $25.0 billion (US$1.3 billion), the Group has
substantial financial headroom. These undrawn debt facilities include the dollar RCF, which was refinanced with strong support from a syndicate of
global banks and increased from US$600 million to US$1 billion on improved terms during H1 2023, further enhancing Group liquidity and financial
flexibility.
Cash and cash equivalents at the end of H1 2023 were marginally below borrowings (excluding non-recourse Burnstone debt) of R22.4 billion
(US$1.2 billion), resulting in net debt of R262 million (US$14 million) and net debt: adjusted EBITDA ratio of 0.01x, which provides the Group with
significant financial headroom to weather any further challenges as well as providing strategic optionality to capitalise on value accretive
opportunities.
Profit for the period (after tax) of R7.8 billion (US$427 million) for H1 2023 was 37% lower than for H1 2022, with basic earnings per share (EPS) and
headline earnings per share (HEPS) of 262 SA cents (14.4 US cents) and 208 SA cents (11.4 US cents), approximately 38% and 51% lower year-on-
year respectively. The variance between EPS and HEPS primarily reflects an adjustment from EPS of R1.5 billion (US$82.0 million) related to non-cash
foreign exchange gains arising from the once off accounting treatment of the deregistration of offshore subsidiaries acquired as part of the
Lonmin transaction, during the period.
The SA PGM operations delivered another solid, consistent operating result for H1 2023, commendably managing the impact of elevated Eskom
load curtailment and making significant progress in addressing cable theft during Q2 2023. Production of 848,723 4Eoz (including PoC), was flat
compared to H1 2022, benefiting from a 24,195 4Eoz (95%) increase in PoC year-on-year, highlighting another relative advantage arising from our
unutilised processing capacity. 4E PGM production (excluding PoC) of 799,182 4Eoz, was 3% lower than for H1 2022, but in line with H1 2022 if
adjusted for the year-on-year decline in Kroondal production, which was primarily due to the planned closure of the Simunye shaft at the end of
2022. Costs were again well managed, with AISC (excluding PoC) of R19,716/4Eoz (US$1,083/4Eoz) for H1 2023, increasing by 9% year-on-year,
significantly less than recent cost increases reported by industry peers.
Production from the SA managed gold operations (excluding DRDGOLD) for H1 2023 of 10,411kg (334,721oz) increased by 233% year-on-year, with
AISC of R1,113,391/kg (US$1,902/oz) 47% lower, mainly reflecting the recovery in production from the SA gold operations following the suspension
of operations as a result of the industrial action and consequent lockout during H1 2022.
Mined 2E PGM production from the US PGM operations of 205,513 2Eoz for H1 2023, was 11% lower year-on-year, with AISC of US$1,737/2Eoz, 27%
higher than for H1 2022, primarily due to the shaft incident at the Stillwater West mine and ongoing critical skills shortages which continue to affect
productivity and unit costs. These factors have also delayed implementation of the repositioning plan, which was announced in mid-2022,
although we expect to resume planned implementation by Q4 2023.
3E PGM production from the US PGM recycling operation for H1 2023 halved year-on-year to 162,452 3Eoz. The global autocatalyst recycling
industry has not recovered as anticipated at the beginning of 2023. The uncertain global economic outlook, recessionary concerns and higher
interest rates have led to decreased consumer demand for new vehicles, with light duty vehicles (LDV) remaining in service for extended periods
and fewer vehicles being scrapped. Furthermore, the global collection networks have contracted due to the residual impact of COVID-19 and
lower PGM prices, leading to an accumulation of inventory within these networks. While there are positive signs of a recovery in global auto sales
emerging, these are only expected to reflect in recovery in receipts and feed rates in 2024.
Nickel equivalent production from the Sandouville nickel refinery of 3,493 tonnes for H1 2023 and nickel equivalent sustaining cost of US$37,486/tNi
(R682,628/tNi) were impacted by plant downtime of 50 production days during H1 2023, primarily due to equipment failure at the electro-winning
circuit, supply chain constraints leading to a shortage of critical inputs and social unrest in France in the form of nationwide strikes. Repairs to the
cathode units in the electro winning circuit are largely complete, with circuit availability and nickel recovery trends improving during Q2 2023.
Legacy contracts with suppliers and customers are also being renegotiated by the new management team and working capital risks are being
managed through the hedging of 70% of nickel purchases. The outlook for H2 2023, barring any unexpected disruptions, is therefore more positive.
STRATEGIC DELIVERY
Good progress continues to be made in building our green metals and energy solutions business.
Following the classification of the Tiehm's buckwheat as an endangered species at the Rhyolite Ridge lithium project, an alternative mine plan and
schedule that avoids all buckwheat, is subject to an updated feasibility study, with additional drilling being done to further define the orebody.
While permitting risk remains, the climate has turned positive, and we consider this would have strategic advantage in terms of securing a leading
position in developing the United States critical minerals value chain with a positive commercial return. The investment will only be advanced
subject to intensive oversight of the technical status of the project. The Federal permitting process (NEPA) continues to advance with completion
of the first public scoping period and progress towards publication of a draft EIS.
The integration of New Century into Sibanye-Stillwater is expected to be completed during H2 2023. A feasibility study on Mount Lyell (a previously
operated copper mine) in Tasmania is underway and a decision on the option to acquire 100% of Mt Lyell from Vedanta Resources will be taken
prior to its expiry on 5 November 2023.
Our involvement in the process to extend our copper portfolio into Zambia through our bid to acquire the Mopani operation is ongoing. A
competitive process is underway to determine the successful bidder to enter into a phase of final due diligence and exclusive negotiation on the
detailed terms.
KEY FINANCIAL RESULTS
US dollar SA rand
Six months ended Six months ended
Jun 2022 Dec 2022 Jun 2023 KEY STATISTICS Jun 2023 Dec 2022 Jun 2022
GROUP
4,570 3,878 3,326 Revenue (million) 60,568 67,909 70,379
28 13 14 Basic earnings (cents) 262 225 426
27 13 11 Headline earnings (cents) 208 229 423
DIVIDEND DECLARATION
The Sibanye-Stillwater board of directors has declared and approved a cash dividend of 53 SA cents per ordinary share (2.7983 US cents** per
share or US 11.1932 cents** per ADR) or approximately R1,500 million (US$79 million*) in respect of the six months ended 30 June 2023 (Interim
dividend). The Board applied the solvency and liquidity test and reasonably concluded that the company will satisfy that test immediately after
completing the proposed distribution.
Sibanye-Stillwater’s dividend policy is to return between 25% to 35% of normalised earnings# to shareholders and after due consideration of future
requirements the dividend may be increased beyond these levels.
Normalised earnings# is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial instruments and
foreign exchange differences, impairments, gain/loss on disposal of property, plant and equipment, occupational healthcare expenses,
restructuring costs, transactions costs, share-based payment expenses on BEE transactions, gain on acquisitions, net other business development
costs, share of results of equity-accounted investees, all after tax and the impact of non-controlling interest, and changes in estimated deferred
tax rate.
The interim dividend declared of 53 SA cents (H1 2022: 138 cents) equates to 35% of normalised earnings# for the period ended June 2023.
The interim dividend will be subject to the Dividends Withholding Tax. In accordance with paragraphs 11.17 of the JSE Listings Requirements the
following additional information is disclosed:
• The dividend has been declared out of income reserves;
• The local Dividends Withholding Tax rate is 20% (twenty per centum);
• The gross local dividend amount is 53.00000 SA cents per ordinary share for shareholders exempt from the Dividends Tax;
• The net local dividend amount is 42.40000 SA cents (80% of 53 SA cents) per ordinary share for shareholders liable to pay the Dividends
Withholding Tax;
• Sibanye-Stillwater currently has 2,830,567,264 ordinary shares in issue; and
• Sibanye-Stillwater’s income tax reference number is 9723 182 169
Shareholders are advised of the following dates in respect of the final dividend:
Interim dividend: 53 SA cents per share
Declaration date: Tuesday, 29 August 2023
Last date to trade cum dividend: Tuesday, 19 September 2023
Shares commence trading ex-dividend: Wednesday, 20 September 2023
Record date: Friday, 22 September 2023
Payment of dividend: Tuesday, 26 September 2023
Please note that share certificates may not be dematerialised or rematerialised between Wednesday, 20 September 2023 and Friday, 22
September 2023 both dates inclusive.
To holders of American Depositary Receipts (ADRs):
• Each ADR represents 4 ordinary shares;
• ADRs trade ex-dividend on the New York Stock Exchange (NYSE): Thursday, 21 September 2023;
• Record date: Friday, 22 September 2023;
• Approximate date of currency conversion: Tuesday, 27 September 2023; and
• Approximate payment date of dividend: Tuesday, 10 October 2023
Assuming an exchange rate of R18.9400/US$1**, the dividend payable on an ADR is equivalent to 8.9546 US cents for Shareholders liable to pay
dividend withholding tax. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
** Based on an exchange rate of R18.9400/US$ at 22 August 2023 from EquityRT. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion
# Normalised earnings is a pro forma performance measure and is not a measure of performance under IFRS, may not be comparable to similarly titled measures of other companies, and
should not be considered in isolation or as alternatives to profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in
accordance with IFRS. This measure constitutes pro forma financial information in terms of the JSE Listing Requirements and is the responsibility of the Board. For a reconciliation of profit
attributable to the owners of Sibanye-Stillwater to normalised earnings, see note 7 of the consolidated interim financial statements
This short-form announcement is the responsibility of the board of directors of the Company (Board).
The information disclosed is only a summary and does not contain full or complete details. Any investment decisions by investors and/or
shareholders should be based on a consideration of the full announcement as a whole and shareholders are encouraged to review the full
announcement (results booklet), which is available for viewing on the Company’s website at https://www.sibanyestillwater.com/news-investors/
reports/quarterly/2023/ and via the JSE at https://senspdf.jse.co.za/documents/2023/jse/isse/sswe/HY23Result.pdf.
The financial results as contained in the consolidated interim financial statements for the six months ended 30 June 2023, from which this short-form
announcement has been correctly extracted, have been reviewed by EY Inc., who expressed an unmodified review conclusion thereon. A copy
of the auditor’s report can be obtained from the Company’s registered office, by emailing the Company Secretary
(lerato.matlosa@sibanyestillwater.com).
Contact:
Email: ir@sibanyestillwater.com
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
+27(0)83 453 4014
Website: www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
DISCLAIMER
FORWARD LOOKING STATEMENTS
The information in this announcement may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United
States Private Securities Litigation Reform Act of 1995 with respect to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the Group) financial
condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services, plans and
objectives of management for future operations, markets for stock and other matters. These forward-looking statements, including, among others,
those relating to Sibanye-Stillwater’s future business prospects, revenues and income, climate change-related targets and metrics, the potential
benefits of past and future acquisitions (including statements regarding growth, cost savings, benefits from and access to international financing
and financial re-ratings), gold, PGM, nickel and lithium pricing expectations, levels of output, supply and demand, information relating to Sibanye-
Stillwater’s new or ongoing development projects, any proposed, anticipated or planned expansions into the battery metals or adjacent sectors
and estimations or expectations of enterprise value, adjusted EBITDA and net asset, 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”, “goal”, “vision”, “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, Europe 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
Mineral Resources and 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; the impact of
South Africa's greylisting; 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; increasing regulation of environmental and sustainability matters such as greenhouse gas
emissions and climate change; being subject to, and 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, including global pandemics.
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 2022 Integrated Report and the Annual Financial
Report for the fiscal year ended 31 December 2022 on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2023
(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 contained in this announcement may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted free
cash flow, AISC, AIC, Nickel equivalent sustaining cost, average equivalent zinc concentrate price and normalised earnings. 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 document because it is unable to
provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have not been reviewed or
reported on by the Group’s external auditors.
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 document.
Date: 29-08-2023 12:30:00
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