Wrap Text
Results for the six months and year ended 31 December 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" or the "Group" or the "Company")
Website: www.sibanyestillwater.com
MARKET RELEASE
Results for the six months and year ended 31 December 2023 – Short form announcement
JOHANNESBURG, 5 March 2024: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) is pleased to report operating and financial results for the six
months ended 31 December 2023, and reviewed condensed consolidated financial statements for the year ended 31 December 2023.
SALIENT FEATURES FOR THE SIX MONTHS AND YEAR ENDED 31 DECEMBER 2023
• Unfortunate regression in fatalities primarily due to the Burnstone conveyor contractor incident
• Revenue 18% lower than for 2022, primarily due to lower PGM and nickel prices
• Loss for the period of R37.4bn (US$2.0bn) includes non-cash impairments of R47.5bn (US$2.6bn)
• Zero final dividend together with interim dividend of 53 SA cents per share (11.19 US cents* per ADR) equivalent to an annual yield of 2.1%
• Proactive repositioning to rebase high-cost operations expected to deliver R6.6 bn in cost savings and capital preservation
• Strong balance sheet at year-end with net debt: adjusted EBITDA at 0.58x
• R7.1bn (US$412 million) adjusted EBITDA turnaround in SA gold
• SA PGM operations continue to move operations down the industry cost curve with 4% unit cost increases
• Construction of the Keliber lithium refinery commenced in Q1 2023 and concentrator earth works started in Q4 2023
* Based on the closing exchange rate of R18.94/US$ at 22 August 2023 from EquityRT and closing share price of R24.90 at 31 December 2023
KEY STATISTICS - GROUP
US dollar SA rand
Year ended Six months ended Six months ended Year ended
Dec 2022 Dec 2023 Dec 2022 Jun 2023 Dec 2023 KEY STATISTICS Dec 2023 Jun 2023 Dec 2022 Dec 2023 Dec 2022
GROUP
1,126 (2,051) 344 407 (2,458) US$m Basic earnings Rm (45,195) 7,423 6,380 (37,772) 18,396
1,126 97 350 324 (227) US$m Headline earnings Rm (4,107) 5,891 6,484 1,784 18,422
2,510 1,116 1,045 776 340 US$m Adjusted EBITDA1 Rm 6,409 14,147 18,550 20,556 41,111
1,162 (2,032) 359 427 (2,459) US$m (Loss)/profit for the period Rm (45,216) 7,786 6,639 (37,430) 18,980
Average exchange rate using
16.37 18.42 17.33 18.21 18.62 R/US$ daily closing rate
KEY STATISTICS - BY REGION
US dollar SA rand
Year ended Six months ended Six months ended Year ended
Dec 2022 Dec 2023 Dec 2022 Jun 2023 Dec 2023 KEY STATISTICS Dec 2023 Jun 2023 Dec 2022 Dec 2023 Dec 2022
AMERICAS REGION
US PGM underground operations
421,133 427,272 191,094 205,513 221,759 oz 2E PGM production2,3 kg 6,897 6,392 5,944 13,290 13,099
1,862 1,243 1,766 1,390 1,124 US$/2Eoz Average basket price R/2Eoz 20,928 25,312 30,609 22,890 30,482
386 35 125 53 (18)US$m Adjusted EBITDA1 Rm (266) 976 2,309 710 6,330
1,586 1,872 1,840 1,737 1,992 US$/2Eoz All-in sustaining cost4 R/2Eoz 37,090 31,633 31,880 34,465 25,951
US PGM recycling
598,774 310,314 237,441 162,452 147,862 oz 3E PGM recycling2,3 kg 4,599 5,053 7,385 9,652 18,624
3,067 2,334 3,274 2,735 1,939 US$/3Eoz Average basket price R/3Eoz 36,105 49,804 56,747 42,981 50,202
78 33 39 20 13 US$m Adjusted EBITDA1 Rm 236 371 676 607 1,274
SOUTHERN AFRICA (SA) REGION
PGM operations
1,667,464 1,672,927 843,658 799,182 873,745 oz 4E PGM production3,5,13 kg 27,177 24,857 26,241 52,034 51,864
2,622 1,574 2,434 1,867 1,304 US$/4Eoz Average basket price R/4Eoz 24,276 34,006 42,188 28,979 42,914
2,330 958 956 649 309 US$m Adjusted EBITDA1 Rm 5,826 11,794 16,983 17,620 38,135
1,180 1,089 1,179 1,083 1,094 US$/4Eoz All-in sustaining cost4 R/4Eoz 20,363 19,716 20,431 20,054 19,313
Gold operations
620,541 810,584 428,859 416,738 393,847 oz Gold produced kg 12,250 12,962 13,339 25,212 19,301
1,798 1,936 1,720 1,921 1,955 US$/oz Average gold price R/kg 1,170,362 1,124,871 958,232 1,146,093 946,073
(219) 193 (17) 130 63 US$m Adjusted EBITDA1 Rm 1,148 2,375 (440) 3,523 (3,546)
2,410 1,904 2,019 1,813 2,008 US$/oz All-in sustaining cost4 R/kg 1,202,225 1,061,477 1,124,737 1,127,138 1,268,360
EUROPEAN REGION
Sandouville nickel refinery6
6,842 7,125 2,277 3,493 3,632 tNi Nickel production7 tNi 3,632 3,493 2,277 7,125 6,842
Nickel equivalent average
28,019 23,955 24,646 26,888 21,075 US$/tNi basket price8 R/tNi 392,420 489,635 427,120 441,138 458,595
(30) (72) (34) (35) (37) US$m Adjusted EBITDA1 Rm (701) (627) (553) (1,328) (492)
Nickel equivalent sustaining
32,239 35,474 38,333 37,486 33,492 US$/tNi cost9 R/tNi 623,615 682,628 664,311 653,246 527,676
AUSTRALIAN REGION
Century zinc retreatment
operation10
Zinc metal produced
— 76 — 24 51 ktZn (payable)11 ktZn 51 24 — 76 —
Average equivalent zinc
— 1,728 — 1,640 1,766 US$/tZn concentrate price12 R/tZn 32,878 29,871 — 31,815 —
— (15) — (28) 13 US$m Adjusted EBITDA1 Rm 217 (502) — (285) —
— 1,975 — 2,418 1,759 US$/tZn All-in sustaining cost4 R/tZn 32,746 44,030 — 36,361 —
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 other measures of financial performance and liquidity. For a reconciliation of profit/loss before royalties, carbon tax and tax to adjusted
EBITDA, see note 11.1 of the condensed consolidated 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 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 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" sections 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 US and SA PGM operations, Total SA PGM operations and Marikana" sections
6. The Sandouville 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" sections Sandouville nickel refinery for a definition of nickel equivalent sustaining cost
10. The Century zinc tailings retreatment operation is a leading tailings management and rehabilitation operation in Queensland, Australia. The Century operation was acquired by the Group 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
13. As previously announced, Sibanye Rustenburg Platinum Mines Limited had entered into a pool and share agreement to acquire Rustenburg Platinum Mines Limited 50% ownership. The
acquisition became effective on 1 November 2023 after all conditions precedent had either been met or waived, therefore SA PGM operations for the six months and year ended December
2023 includes Kroondal at 100% for November and December 2023
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OF SIBANYE-STILLWATER
While the operating environment remains challenging, with macro-economic and geo-political uncertainty persisting, our medium to long
term view on the fundamental outlook for the metals we produce with the exception of nickel, remains largely unchanged.
We are confident that the PGM price weakness during 2023 does not signal a structural change in PGM fundamentals like that of the
nickel market, but is more temporary in nature and we are beginning to see increasing signs which support a better demand outlook. We
believe that the precipitous decline in PGM prices during H1 2023, was due to a confluence of negative factors and exacerbated by
unexpected destocking of inventory which caught the market by surprise, causing increased uncertainty and market anxiety. This bearish
sentiment was reflected in a significant build-up of speculative short positions in palladium, which also contributed to the price pressure.
We continue to see emerging signals that in fact support our long held, robust view on PGM demand including:
• Absolute light duty vehicle (LDV) production is forecast to grow over the rest of this decade
• The recent moderation in battery electric vehicle (BEV) growth rates and accompanying increase in hybrid power-train adoption
supports our view that the predicted demise of internal combustion engine (ICE) vehicles, was premature and that delivery on BEV
penetration forecasts would be challenging
• Primary supply is likely to continue declining in an inflationary environment with low PGM prices
• Recycling supply remains subdued and well below forecasts
At the same time, we remain constructive on the outlook for lithium as well, despite current oversupply and the collapse in lithium prices.
We see increasing evidence that permitting and financing new mine supply is becoming more challenging and costly. As such we remain
confident that we have timed our lithium strategy well and will be suitably positioned to deliver into a growing deficit market in the latter
part of this decade.
Despite this relatively sanguine view on future metal prices, we are not ignorant of the risks posed by a potential extended downturn, and
have already taken proactive and decisive actions, which tangibly address financial losses and better position the business for
sustainability.
Our repositioning for a changing and less supportive environment began in 2021, aligned with our revised strategy, which was informed
by the grey elephants (highly probable, high impact and yet ignored threats) we identified at the time.
The initial repositioning commenced in mid-2022 in anticipation of a deteriorating operating environment and palladium price outlook,
with the US PGM operations repositioned for the high inflation environment, by suspending capital expenditure on further growth and a
refocus on improving operational flexibility and efficiency and reducing costs.
The significant further decline in palladium and rhodium prices during 2023, was larger than we had anticipated, prompting a Group wide
review of all operations and a focus on bottom of the cycle austerity and value preservation.
The identification and decisive implementation of cost saving and capital preservation opportunities during 2023 and 2024 to date, is
expected to yield approximately R6.6 billion (US$375 million) in cost and capital savings (aiming at resetting the cost base) and capital
reduction and/or deferrals, which will benefit near and medium term cash flow.
We recognize however that if low commodity prices persist, earnings are going to remain under pressure and, with ongoing inflationary
cost pressure, there may be further restructuring required. We have a strong balance sheet as a buffer, but will clearly continue to
manage our financial position in terms of our earnings and cash flow.
This may require further repositioning to address losses at the US PGM operations and the Sandouville refinery. The recent Court ruling on
aspects of the Keliber lithium project is likely to result in delays to the commencement of the Rapasaari mine. While further assessment of
the implications for the Keliber Lithium project are still being done, rescheduling of some capital investment may be an option. We are
also considering alternative capital and financing opportunities including revenue protection and monetisation and in 2023 implemented
a hedge at our SA gold operations of over 60% of 2024 production, with a floor of R1.1m/kg and a ceiling of R1.4m/kg, protecting revenue
downside without stifling upside.
SAFETY
A regression in the number of fatal incidents in 2023 compared to 2022 (which represented a record year for most safety measures) was
deeply regretful and of concern for management and the board was the increase in number of fatalities to 11 from five in 2022. Despite
this disappointing regression in fatal incidents, our continued focus on eliminating fatalities through the ongoing implementation of the
fatal elimination plan Group wide, resulted in many improvements in underlying safety trends during the year.
We are committed to continuous improvement in health and safety at our operations. This is a deliberate journey and whilst we have
made significant progress, we continue to embed the strategy based on lessons learned and industry best practice to improve our high
energy risk mitigation approach thereby eliminating fatalities from our operations. Pleasingly during 2023, we achieved a best ever
performance in serious injuries and a significant reduction in incidents and injuries that had a potential for loss of life. Our SA PGM
operations achieved over 11 consecutive months fatal free while our gold operations have currently been fatal free for seven months.
Our absolute priority remains on eliminating fatal incidents from our operations.
FINANCIAL OVERVIEW
The substantial declines in the prices of most commodities (with the notable exception of gold) and persistent cost inflation, translated into
materially lower earnings and cash flows placing the entire global mining industry under severe financial pressure.
The Group's financial results for the year ended 31 December 2023 (2023) were similarly impacted by the sudden and sharp decline in
PGM and nickel prices. The 33% year-on-year decline in the average PGM basket prices in particular, resulted in a dramatic fall in the
profitability of the US and SA PGM operations, which in recent years have contributed the bulk of Group earnings and cash flow.
The contrast in profitability of these operations between H1 2023 and H2 2023 is particularly stark, with the average 2E PGM basket price
declining by 19% period-on-period to US$1,124/2Eoz (R20,928/2Eoz), resulting in the US PGM operations reporting an adjusted EBITDA loss of
US$18 million (R266 million) from adjusted EBITDA of US$53 million (R976 million) for the previous 6 months. While the SA PGM operations
remain profitable, a 42% decline in the average 4E PGM basket price resulted in adjusted EBITDA more than halving period-on-period to
R5.8 billion (US$309 million) for H2 2023.
Consequently, Group adjusted EBITDA for 2023 fell to R20.6 billion (US$1.1 billion), 50% lower than adjusted EBITDA of R41.1 billion (US$2.5
billion) for 2022, which was in itself a 40% decline from record levels of R68.6 billion (US$4.6 billion) for 2021 (which marked the peak of the
commodity price cycle).
The significant decline in metal prices and uncertain outlook, along with specific operational performance factors, also resulted in the
Group having to recognise impairments of R47.5 billion (US$2.6 billion) against various assets (detailed in the condensed consolidated
financial statements), which was a primary driver of the Group reporting a loss for 2023 of R37.4 billion (US$2.0 billion) compared with a
R19.0 billion (US$1.2 billion) profit for 2022.
Pleasingly however, other than the US PGM recycling business, which continued to be impacted by external factors, all of the Group's
operations achieved production guidance for 2023 with our SA gold and SA PGM operations and Australian retreatment operation,
Century zinc, all profitable before the end of Q4 2023.
Consistent and disciplined adherence to the Group capital allocation framework, has also maintained a solid financial position at year-
end, with our balance sheet leverage still well below our stated mid-cycle comfort ratio of 1x net debt:adjusted EBITDA, with cash on
hand of R25.5bn (US$1.4bn) and undrawn debt facilities of R24bn (US$1.29bn) providing ample liquidity headroom and financial flexibility.
For additional information on safety and operational performance refer to the separate section on Group Safety and Operating Review in
the results book.
STRATEGIC REVIEW
A disciplined focus on capital allocation was maintained during the year. Despite the significant pressure on commodity prices, with the
exception of gold, market valuations have been slow to retrace until very recently, and whilst we continue to evaluate opportunities, the
primary M&A focus has been on the circular economy where valuations have become more reasonable, and in line with our strategy.
Our involvement in the process to extend our copper portfolio into Zambia through our bid to acquire the Mopani operation was
unsuccessful. We remain interested in increasing our exposure to copper at an opportune time including through progressing feasibility
studies for Mt Lyell.
In January the Rhyolite Ridge lithium/boron project in Nevada was awarded a conditional loan of US$700 million from the US Department
of Energy, a strong endorsement of the project. The project is in the final stages of the federal permitting process with a record of decision
expected in Q4 2024. While the focus is on getting the South basin into production, the option we have on the North basin offers a vast
footprint providing scalability in future. Provided Rhyolite Ridge meets the conditions precedent, it is expected that Sibanye-Stillwater
could commence funding of the staged US$490 million (R9.4bn*) JV contribution in H2 2024. With a minimum two year lead time from start
of construction, the earliest that Rhyolite Ridge could commence operations would be late 2026.
The integration of New Century Resources, with majority ownership acquired on 22 February 2023 and 100% ownership on 15 May 2023,
has progressed well with restructuring carried out to optimise regional and operational efficiencies. With Century zinc tailings retreatment
operations operating well, the focus has moved onto exploring regional opportunities. In November the Group exercised the option to
acquire 100% of the Mt Lyell Copper Project (a previously operated copper mine) located in Tasmania, Australia. The Mt Lyell feasibility
study (AACE Class 3 Estimate) is expected to be finished in H1 2024.
We announced in November that we had brought forward the completion of the transaction entered into between Rustenburg Platinum
Mines Limited (RPM) a subsidiary of Anglo American Platinum Limited (AAP), and Sibanye-Stillwater's subsidiary, Sibanye Rustenburg
Platinum Mines Limited (Rustenburg operation) which was originally announced on 31 January 2022, resulting in the Rustenburg operation
acquiring RPM's 50% share in the Kroondal pool and share agreement (Kroondal PSA) and the Group assuming full ownership of the low
cost, mechanised Kroondal operation, effective 1 November 2023.
RPM will be paid a deferred consideration (Deferred Consideration) calculated from 1 November 2023 until the full contracted 1,350,000
4Eoz (100% basis) have been delivered, which is expected to be during Q2 2024 (the Deferred Period). The remaining ounces (approx.
231,009 4E as at end September 2023) will continue to be delivered under the terms of the current Kroondal operation purchase of
concentrate (PoC) agreement. Upon delivery of the final remaining ounces, the PoC will fall away and all PGM concentrate from the
Kroondal operation, will be subject to the terms of the current Rustenburg operation's sale and toll treatment agreement with RPM.
During 2023, through our BioniCCube investment vehicle, we made investments in Verkor €15 million (R299 million), Glint £1.3 million (R31
million) and other (including Enhywhere) ~ €1 million (R16 million).
In line with the focus on the circular economy, we are optimistic that the acquisition of Reldan will be concluded for an estimated cash
consideration of US$155.4m (R3.0 billion*) in March 2024. It is anticipated that the transaction will be value accretive and positively
contribute to Sibanye-Stillwater from day one. The financing will be provided by the opportunistic and well timed US$500 million senior
unsecured guaranteed convertible bond due in 2028, which we completed in November 2023, paying a low coupon of 4.25% per
annum. This offering was multiple times oversubscribed and was one of various available financing options, which provided financial
flexibility at a reasonable cost under market conditions, and will enable further delivery on our strategic growth objectives at an
opportune time in the commodity cycle, whilst maintaining balance sheet resilience and liquidity.
While we continue to look at selective M&A which will complement our existing business, our focus for now is on the Group's strategic
essentials with a major focus on reducing both operating and capital costs and improving efficiencies whilst managing our operating
entities and projects using the existing balance sheet.
* Based on the closing exchange rate of R19.25/US$ at 29 February 2024 from EquityRT
KEY FINANCIAL RESULTS
US dollar SA rand
Year ended Six months ended Six months ended Year ended
Dec 2022 Dec 2023 Dec 2022 Jun 2023 Dec 2023 KEY STATISTICS Dec 2023 Jun 2023 Dec 2022 Dec 2023 Dec 2022
8,448 6,172 3,878 3,326 2,846 Revenue (million) 53,116 60,568 67,909 113,684 138,288
40 (72) 13 14 (86) Basic earnings per share (cents) (1,597) 262 225 (1,334) 651
40 3 13 11 (8) Headline earnings per share (cents) (145) 208 229 63 652
DIVIDEND DECLARATION
In line with Sibanye-Stillwater's dividend policy and Capital Allocation Framework, the Board of Directors resolved not to declare a final dividend
(2022: 122 SA cents per share).
This short-form announcement is the responsibility of the 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 outlining the operating and financial results for the six months ended 31 December 2023, and reviewed condensed consolidated
financial statements for the year ended 31 December 2023 (results booklet), which is available for viewing on the Company's website at
https://www.sibanyestillwater.com/news-investors/reports/quarterly/ and via the JSE cloudlink at
https://senspdf.jse.co.za/documents/2024/jse/isse/sswe/FY23Result.pdf.
The financial results as contained in the condensed consolidated financial statements for the year ended 31 December 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: sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
DISCLAIMER
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 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, expected cost savings and capital reduction/deferral,
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, Australia 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; the ability of Sibanye-Stillwater to meet its
decarbonisation targets, including by diversifying its energy mix with renewable energy projects; 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 document may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted EBITDA
margin, AISC, AIC, Nickel equivalent sustaining cost and adjusted free cash flow. 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
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not incorporated in, and does not form part of, this document.
Date: 05-03-2024 01:00:00
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