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Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2023
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 2023
Johannesburg, 26 February 2024: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is pleased to report
attributable Group Mineral Resources and Mineral Reserves as at 31 December 2023.
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.
CEO, Neal Froneman commented: "In line with our strategy, we have expanded and diversified our asset
portfolio across five continents. The substantial Mineral Resources and Reserves the Group holds, serve as the
foundation for long-term production of a varied mix of metals and minerals. This not only mitigates risk through
diversification, but supports the company's strategy of producing green metals that will underpin future energy
solutions. The 55.1% increase in attributable lithium Mineral Resources, and the addition of the Mt Lyell copper
Mineral Resources, are particularly pleasing."
This Mineral Resources and Mineral Reserves declaration represents a condensed and consolidated summary
of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration which will be available in the
Group Mineral Resources and Mineral Reserves Report, when published on 26 April 2024 at
www.sibanyestillwater.com/news-investors/reports/annual/.
1. Salient features
- Stable 2E PGM Mineral Resources of 87.8Moz (+4.4%) and Mineral Reserves of 26.3Moz (unchanged) at our
US PGM operations
- 4E PGM Mineral Resources of 182.8Moz (+3.1%) and Mineral Reserves of 28.1Moz (-10.4%) at our SA PGM
operations
- The reduction in Reserves is largely driven by depletion (-1.9Moz) and the exclusion of the North Hill
Project at Mimosa (-1.5Moz)
- Gold Mineral Resources of 41.2Moz (-23%) and Mineral Reserves of 10.9Moz (-15.7%) at our SA gold
operations and projects (including DRDGOLD)
- Impacted by the rationalisation at the Kloof and Beatrix operations, which led to the cessation of
production at the Kloof 4 shaft and Beatrix West shafts.
- A 55.1% increase in attributable lithium Mineral Resources to 702kt of lithium carbonate equivalent (LCE)
- Driven by successful exploration activities at the Keliber project in Finland and an updated Mineral
Resource estimate at the Rhyolite Ridge project in Nevada
- Zinc Mineral Resources of 3,002Mlb (+257%) and Mineral Reserves of 1,726Mlb (+287%)
- Driven by the 100% acquisition of New Century Resources Ltd.
- Copper Mineral Resources of 8,163Mlb (-39.4%)
- The exercise of the Mt Lyell option, obtained via the acquisition of NCR, has added 1,609Mlb of
contained copper
- Unchanged Mineral Resources at the Altar Project, but due to a 60% earn-in obtained by Aldebaran
Resources Ltd., the manager of the Altar exploration project, 6,752Mlb of attributable copper Mineral
Resources have been impacted. Mineral Resources now stands at 6,386Mlb copper (48.61% attrib.)
- Uranium (U3O8) Mineral Resources of 59.2Mlb, a decrease of -11.1%
- Due to reasonable prospect for eventual economic extraction (RPEEE) considerations, portions of the
Cooke Millsite TSF (-7.4Mlb) have been excluded
2.Group overview
Mineral Resources Inclusive of Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Americas1 Operations Measured 44.5 15.2 21.7 21.7 42.6 13.7 18.7 18.7
Indicated 49.1 14.2 22.4 22.4 50.4 12.8 20.7 20.7
Measured + Indicated 93.6 14.7 44.1 44.1 93.0 13.2 39.4 39.4
Inferred 113.8 11.9 43.7 43.7 114.0 12.2 44.8 44.8
Exploration Measured 22.1 0.8 0.6 4.1 18.8 0.8 0.5 2.8
Indicated 10.0 0.6 0.2 1.3 21.5 0.6 0.4 2.3
Measured + Indicated 32.1 0.7 0.7 5.4 40.3 0.7 0.9 5.1
Inferred 4.0 0.5 0.1 0.4 5.0 0.5 0.1 0.4
Southern Africa2 Operations Measured 416.3 4.3 58.1 79.1 419.7 4.3 58.2 81.8
Indicated 648.9 4.3 89.5 113.5 644.1 4.3 89.3 113.7
Measured + Indicated 1,065.1 4.3 147.5 192.6 1,063.7 4.3 147.6 195.5
Inferred 242.0 4.5 35.2 44.9 212.3 4.4 29.7 38.5
Exploration Measured 1.8 4.2 0.2 0.3 1.8 4.2 0.2 0.3
Indicated 244.5 4.1 32.5 45.1 253.7 4.1 33.5 47.0
Measured + Indicated 246.2 4.1 32.7 45.4 255.4 4.1 33.7 47.3
Inferred 158.8 3.7 18.8 26.2 165.4 3.7 19.4 27.5
Total Measured + Indicated 1,437.0 4.9 225.2 287.6 1,452.4 4.7 221.5 287.3
Grand total 1,955.6 5.1 323.0 402.8 1,949.1 5.0 315.6 398.5
Attributable 100% Attributable 100%
GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa Operations Measured 465.0 1.7 24.7 27.4 483.5 1.8 28.5 31.4
Indicated 390.9 1.2 14.6 17.0 401.8 1.4 18.2 20.6
Measured + Indicated 855.9 1.4 39.3 44.4 885.3 1.6 46.7 51.9
Inferred 22.7 2.6 1.9 2.0 35.4 5.8 6.6 6.7
Development Measured 1.0 5.6 0.2 0.2 1.1 6.2 0.2 0.2
Indicated 24.8 5.6 4.5 4.5 25.5 5.6 4.6 4.6
Measured + Indicated 25.9 5.6 4.7 4.7 26.6 5.7 4.8 4.8
Inferred 29.3 4.3 4.1 4.1 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 + Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Inferred 4.0 3.6 0.5 0.5 4.0 3.6 0.5 0.5
Australia Exploration Measured 3.7 0.2 0.03 0.03 - - - -
Indicated 51.4 0.3 0.4 0.4 - - - -
Measured + Indicated 55.1 0.2 0.4 0.4 - - - -
Inferred 24.3 0.1 0.1 0.1 - - - -
Americas Exploration Measured 332.1 0.1 1.2 2.8 656.7 0.1 2.5 2.6
Indicated 292.1 0.1 0.8 1.7 614.2 0.1 1.7 2.5
Measured + Indicated 624.2 0.1 2.0 4.4 1,270.9 0.1 4.1 5.2
Inferred 96.5 0.1 0.2 0.5 202.7 0.1 0.5 0.8
Total Measured + Indicated 1,605.2 1.0 52.8 60.4 2,226.9 0.9 62.1 68.4
Grand total 1,782.1 1.0 59.5 67.4 2,500.5 0.9 73.9 80.6
Attributable 100% Attributable 100%
LITHIUM Tonnes Li Liâ‚‚O LCE LCE Tonnes Li Liâ‚‚O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Europe3 Development Measured 3.3 0.62 1.33 108 135 3.7 0.55 1.18 106 125
Indicated 8.0 0.57 1.22 241 302 8.0 0.48 1.03 202 238
Measured + Indicated 11.3 0.58 1.25 349 437 11.6 0.50 1.07 309 364
Inferred 4.5 0.51 1.10 122 153 2.8 0.38 0.82 57 67
Americas3 Exploration Measured 3.0 0.17 0.37 28 403 2.7 0.17 0.37 25 357
Indicated 17.3 0.17 0.37 160 2,317 6.1 0.16 0.33 50 725
Measured + Indicated 20.4 0.17 0.37 188 2,720 8.8 0.16 0.35 75 1,082
Inferred 4.5 0.18 0.39 44 630 1.4 0.16 0.35 12 167
Total Measured + Indicated 31.6 0.32 0.69 537 3,157 20.4 0.35 0.76 384 1,446
Grand total 40.7 0.32 0.70 702 3,940 24.6 0.35 0.74 453 1,680
Attributable 100% Attributable 100%
URANIUM Tonnes Grade U₃O₈ U₃O₈ Tonnes Grade U₃O₈ U₃O₈
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Southern Africa Exploration Measured 63.8 0.24 33.2 41.0 158.0 0.12 40.4 50.5
Indicated 47.5 0.25 25.9 28.3 49.1 0.24 26.1 28.5
Measured + Indicated 111.4 0.24 59.1 69.3 207.0 0.15 66.5 79.0
Inferred - 1.10 0.1 0.1 0.04 1.10 0.1 0.1
Grand total 111.4 0.24 59.2 69.4 207.1 0.15 66.6 79.1
Attributable 100% Attributable 100%
COPPER Tonnes Grade Copper Copper Tonnes Grade Copper Copper
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Australia Exploration Measured 3.7 0.89 73 73 - - - -
Indicated 51.4 0.91 1,036 1,036 - - - -
Measured + Indicated 55.1 0.91 1,108 1,108 - - - -
Inferred 24.3 0.94 501 501 - - - -
Americas Exploration Measured 332.1 0.42 3,062 6,807 656.7 0.43 6,179 6,558
Indicated 292.1 0.41 2,622 5,643 614.2 0.40 5,477 6,321
Measured + Indicated 624.2 0.41 5,683 12,450 1,270.9 0.42 11,656 12,879
Inferred 96.5 0.41 871 1,893 202.7 0.41 1,812 2,098
Total Measured + Indicated 679.3 0.45 6,792 13,558 1,270.9 0.42 11,656 12,879
Grand total 800.2 0.46 8,163 15,952 1,473.6 0.41 13,468 14,977
Attributable 100% Attributable 100%
ZINC Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Australia Operations Measured 25.6 3.1 1,750 1,750 7.3 3.1 491 2,467
Indicated - - - - - - - -
Measured + Indicated 25.6 3.1 1,750 1,750 7.3 3.1 491 2,467
Inferred - - - - - - - -
Exploration Measured 1.0 4.8 106 106 0.2 4.8 21 106
Indicated 8.9 5.7 1,111 1,111 1.8 5.7 221 1,111
Measured + Indicated 9.9 5.6 1,217 1,217 2.0 5.6 242 1,217
Inferred 0.6 2.7 35 35 0.5 6.5 66 331
Total Measured + Indicated 35.5 3.8 2,967 2,967 9.2 3.6 733 3,684
Grand total 36.1 3.8 3,002 3,002 9.7 3.7 799 4,015
Note: Mineral Resources are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis
1 For the US PGM operations, PGM is represented by the 2E (Pt and Pd)
2 For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)
3 For the Lithium Mineral Resources, Li (%) was derived from Li2O by dividing by a factor of 2.153. 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 2023 31 Dec 2022
Attributable 100% Attributable 100%
PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Americas1 Operation Proved 10.9 13.5 4.8 4.8 10.0 13.5 4.3 4.3
Probable 49.5 13.6 21.5 21.5 50.3 13.6 22.0 22.0
Proved + Probable 60.4 13.5 26.3 26.3 60.2 13.6 26.3 26.3
Southern Africa2 Operation Proved 113.2 3.5 12.9 17.8 128.9 3.5 14.7 21.4
Probable 132.8 3.6 15.3 19.3 151.2 3.4 16.7 21.6
Proved + Probable 246.0 3.6 28.1 37.1 280.0 3.5 31.4 43.0
Grand total Proved + Probable 306.4 5.5 54.5 63.4 340.3 5.3 57.7 69.3
Attributable 100% Attributable 100%
GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa Operation Proved 211.8 0.8 5.4 7.3 227.8 0.9 6.6 8.7
Probable 124.2 0.8 3.0 3.9 124.6 0.9 3.7 4.5
Proved + Probable 336.0 0.8 8.4 11.2 352.4 0.9 10.3 13.2
Development Proved - - - - - - - -
Probable 19.8 4.0 2.5 2.5 20.5 4.0 2.7 2.7
Proved + Probable 19.8 4.0 2.5 2.5 20.5 4.0 2.7 2.7
Grand total Proved + Probable 355.8 1.0 10.9 13.7 373.0 1.1 12.9 15.9
Attributable 100% Attributable 100%
LITHIUM Tonnes Li Liâ‚‚O LCE LCE Tonnes Li Liâ‚‚O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Europe3 Development Proved 3.1 0.48 1.04 80 101 3.3 0.48 1.04 85 101
Probable 4.6 0.42 0.90 102 127 4.9 0.42 0.90 108 127
Grand total Proved + Probable 7.7 0.44 0.96 182 228 8.2 0.44 0.96 194 228
Attributable 100% Attributable 100%
ZINC Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Australia Operation Proved 26.1 3.0 1,726 1,726 6.8 3.0 446 2,240
Probable - - - - - - - -
Grand total Proved + Probable 26.1 3.0 1,726 1,726 6.8 3.0 446 2,240
Note: Mineral Reserves are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis
1 For the US PGM operations, PGM is represented by the 2E (Pt and Pd)
2 For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)
3 For the Lithium Mineral Reserves, Li (%) was derived from Li2O by dividing by a factor of 2.153. 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 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-
dec2023-nyse
Forward looking prices, based on extensive market research that reflect “through the cycle� pricing, is
considered in Mineral Resources and Mineral Reserves estimations. Mineral Resources price assumptions, which
focus on longer timeframes, are based on moderately higher prices than for Mineral Reserves to reflect the ore-
body flexibility.
For the PGM mineral properties, the US$ based, forward looking commodity prices used for the 2023 life of mine
process has largely been retained from 2022, with the only change relating to rhodium, where prices have
been adjusted downwards to US$6,000/oz from US$8,000/oz. The longer term outlook of US$1,250/oz for
platinum and palladium are maintained based on our evaluation of sustainable, through the cycle, price
assumptions.
At our South African gold operations, the most recent (at the time of estimation) bank consensus forward
looking prices for Mineral Reserves has been considered. This recognizes increase in spot gold prices, while still
maintaining a conservative longer term outlook.
As it relates to base metals, adjustments to our longer-term outlooks for chrome ore and uranium have been
made. Over the past year a 42% increase in lumpy chrome ore prices have been sustained - well above our
previous assumptions of US$150-US$165/tonne, with current spot at approximately US$280/tonne.
Over the past year, there has been an acceleration of a structural shift in the long-term fundamentals for
uranium, underpinned by the recognition of uranium as a potential source of green energy, and a crucial
contributor to the global decarbonization requirements going forward. This has resulted in the U3O8 spot price
recently breaching US$100/lb and long term consensus prices breaching US$ 60/lb U3O8. As a result, the
adjustments in the long term contract price to US$60/lb is deemed reasonable and reflects a price that is
sustainable in the foreseeable future.
The commodity prices used in the estimation of Mineral Resources and Mineral Reserves at non-managed
entities are provided in the notes to the relevant tables. At the Keliber lithium project, the estimates still reflect
the Keliber Competent Persons (CP's) review, prior to the company taking majority ownership and were
conducted at a Li price of ~US$25,000/t LiOH.H2O.
The exchange rates used for the Mineral Resources and Mineral Reserves Declaration as at 31 December 2023
is R17.00:US$ (up from R16.00:US$ at end 2022, reflecting the continuing deteriorating long-term Rand:US$
outlook), US$1.12:EUR, R19:EUR and US$0.75:AUD.
2023 price decks for managed Mineral Resources & Mineral Reserves (excluding SA gold Mineral Reserves)
31 Dec 2023 31 Dec 2022
MINERAL RESOURCES MINERAL RESERVES MINERAL RESERVES
Precious metals US$/oz R/oz R/kg US$/oz R/oz R/kg US$/oz R/oz R/kg
Gold 1,800 30,600 983,812 1,650 28,050 901,828 1,650 26,400 850,000
Platinum 1,500 25,500 819,843 1,250 21,250 683,203 1,250 20,000 643,014
Palladium 1,500 25,500 819,843 1,250 21,250 683,203 1,250 20,000 643,014
Rhodium 8,000 136,000 4,372,498 6,000 102,000 3,279,374 8,000 128,000 4,115,292
Iridium 3,000 51,000 1,639,687 2,500 42,500 1,366,406 2,500 40,000 1,286,029
Ruthenium 350 5,950 191,297 300 5,100 163,969 300 4,800 154,323
Base metals US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne
Nickel 7.94 17,500 297,500 7.35 16,200 275,400 7.35 16,200 259,200
Copper 4.54 10,000 170,000 4.06 8,950 152,150 4.06 8,950 143,200
Cobalt 25 55,116 936,964 22 48,502 824,528 22 48,502 776,026
Zinc 1.30 2,866 48,722 1.15 2,535 43,100 N/A N/A N/A
Uranium oxide (U3O8)1 60 132,277 2,248,712 50 110,231 1,873,927 50 110,231 1,763,696
Chromium oxide (Cr2O3), 0.10 220 3,740 0.09 200 3,400 0.06 150 2,400
(42% concentrate)1
Lithium carbonate 14.97 33,000 561,000 13.61 30,000 510,000 N/A N/A N/A
Lithium hydroxide 15.88 35,000 595,000 14.51 32,000 544,000 N/A N/A N/A
1 Long term contract prices
Sibanye-Stillwater 2023 price deck for Mineral Reserves at managed gold operations.
2024 2025 2026 2027 Long Term
(US$/oz) 1,984 1,875 1,750 1,700 1,600
(R/kg) 1,179,872 1,091,092 975,333 934,075 941,374
3. Group Mineral Resources and Mineral Reserves per geographical region & commodity
3.1. Americas
3.1.1. Platinum group metals (PGM)
3.1.1.1. US PGM operations
- Total 2E PGM Mineral Resources of 87.8Moz, a year-on-year increase of 4.4%
- Total 2E PGM Mineral Reserves of 26.3Moz, unchanged year-on-year
PGM Mineral Resources Inclusive of Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
PGM Americas Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Stillwater and Measured 44.5 15.2 21.7 21.7 42.6 13.7 18.7 18.7
East Boulder Indicated 49.1 14.2 22.4 22.4 50.4 12.8 20.7 20.7
Measured + Indicated 93.6 14.7 44.1 44.1 93.0 13.2 39.4 39.4
Inferred 113.8 11.9 43.7 43.7 114.0 12.2 44.8 44.8
Grand total 207.4 13.2 87.8 87.8 207.0 12.6 84.2 84.2
PGM Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
PGM Americas Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Stillwater and Proved 10.9 13.5 4.8 4.8 10.0 13.5 4.3 4.3
East Boulder Probable 49.5 13.6 21.5 21.5 50.3 13.6 22.0 22.0
Grand total Proved + Probable 60.4 13.5 26.3 26.3 60.2 13.6 26.3 26.3
2E PGM = Pt (22%) + Pd (78%)
Given our longer term outlook on PGM prices, US PGM operations - Mineral Reserves reconciliation
Mineral Reserves and Mineral Resources has Factors 2E PGM (Moz)
remained relatively stable, with Mineral Resources
31 Dec 2022 26.3
depletion off-set by successful brownfield
exploration activity, and enhance by continued Depletion -0.5
improvement in estimation practices. In light of the Post depletion 25.8
current depressed palladium price, ongoing review
Area inclusion/exclusion 0.2
of the US PGM operations production and ramp-up
profiles is currently taking place. Estimation methodology 2.2
Modifying factors -1.9
A detailed reconciliation of the 2022 to 2023 US
PGM operations Mineral Reserves is shown in the 31 Dec 2023 26.3
adjacent table.
3.1.1.2. US PGM - Marathon exploration project
- Total 2E PGM Mineral Resources of 0.8Moz, a year-on-year decrease of -18.9%
PGM Mineral Resources
31 Dec 2023 31 Dec 2022
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 22.1 0.8 0.6 0.20 99 18.8 0.8 0.5 0.20 84
Indicated 10.0 0.6 0.2 0.22 49 21.5 0.6 0.4 0.21 102
Measured + Indicated 32.1 0.7 0.7 0.21 148 40.3 0.7 0.9 0.21 186
Inferred 4.0 0.5 0.1 0.23 20 5.0 0.5 0.1 0.23 25
Grand total 36.0 0.7 0.8 0.21 167 45.3 0.7 1.0 0.21 211
1 13.9% Attributable, non-managed, excluding gold and silver by products which are not material.
The Mineral Resource estimate for the Marathon project in Canada has remained unchanged during 2023. The
Groups' shareholding in Generation Mining Ltd. changed from 18.19% to 13.9% during the year, resulting in the
associated decrease in attributable Mineral Resources.
3.1.2. Battery metals
3.1.2.1. Rhyolite Ridge lithium exploration project
- Total LCE Mineral Resources of 232 kt, a year-on-year increase of 167%
Lithium Mineral Resources
31 Dec 2023 31 Dec 2022
LITHIUM Americas Tonnes Li LCE H₃BO₃ H₃BO₃ Tonnes Li LCE H₃BO₃ H₃BO₃
(Mt) (%) (kt) (%) (kt) (Mt) (%) (kt) (%) (kt)
Exploration Rhyolite Ridge Measured 3.0 0.17 28 8.2 248 2.7 0.17 25 8.3 225
Indicated 17.3 0.17 160 3.4 595 6.1 0.16 50 8.1 494
Measured + Indicated 20.4 0.17 188 4.1 843 8.8 0.16 75 8.2 720
Inferred 4.5 0.18 44 2.8 128 1.4 0.16 12 7.9 106
Grand total 24.9 0.17 232 3.9 971 10.2 0.16 87 8.1 826
6.91% attributable interest in Ioneer Ltd, manager of the Rhyolite Ridge project
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. The project is in the final stage
of permitting, with a record of decision (ROD) expected in the second half of 2024.
During April 2023, ioneer announced an updated Mineral Resource estimate for the South Basin at the project,
now comprising 360Mt, containing 3.4Mt of LCE and 14.1Mt Boric acid equivalent (BAE). Accordingly, the
Groups attributable Mineral Resources have been adjusted based on its 6.91% legal interest in ioneer.
3.1.2.2. Altar copper exploration project
- Total copper Mineral Resources of 6,386Mlb, a year-on-year decrease of -39.4%
Copper Mineral Resources
31 Dec 2023 31 Dec 2022
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 310.1 0.43 2,963 0.1 1.2 637.9 0.43 6,095 0.1 2.4
Indicated 282.1 0.41 2,573 0.1 0.7 580.3 0.41 5,293 0.1 1.5
Measured + Indicated 592.2 0.42 5,536 0.1 1.9 1,218.2 0.42 11,388 0.1 3.9
Inferred 92.6 0.42 851 0.1 0.2 190.4 0.42 1,750 0.1 0.4
Rio Grande Measured - - - - - - - - - -
Indicated - - - - - 12.5 0.30 82 0.4 0.1
Measured + Indicated - - - - - 12.5 0.30 82 0.4 0.1
Inferred - - - - - 7.2 0.23 37 0.3 0.1
Total Measured + Indicated 592.2 0.42 5,536 0.1 1.9 1,230.7 0.42 11,470 0.1 4.1
Grand total 684.7 0.42 6,386 0.1 2.1 1,428.3 0.42 13,257 0.1 4.5
1 48.61% Attributable, non-managed
The Altar in situ Mineral Resource Estimate remained unchanged year-on-year. During 2023, Aldebaran
Resources, the manager of the project, gave notice that they have completed the contractual expenditures
to gain a 60% interest in the Altar project from the Group. Accordingly, the Group's attributable copper Mineral
Resources have been adjusted, taking into consideration the groups 40% project level interest, and 14.35%
equity shareholding in Aldebaran Resources Ltd. as of 31 December 2023, which now totals 48.61% vs 100% in
2022.
Given the lack of continued project and exploration work by Aldebaran, and considering the requirement for
the reasonable prospect for economic extraction, the group has excluded the previously reported Rio Grande
project from its total copper Mineral Resources.
3.2. Southern Africa
3.2.1. Platinum group metals
3.2.1.1. SA PGM operations
- Total 4E PGM Mineral Resources of 182.8Moz, a year-on-year increase of 3.1%
- Total 4E PGM Mineral Reserves of 28.1Moz, a year-on-year decrease of -10.4%
PGM Mineral Resources Inclusive of Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
PGM Southern Africa Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Marikana1 Measured 74.5 4.2 10.0 12.4 73.1 4.2 9.9 12.2
Indicated 541.5 4.1 72.2 89.5 513.4 4.1 67.8 84.1
Measured + Indicated 616.0 4.1 82.2 101.9 586.5 4.1 77.7 96.3
Inferred 201.4 4.5 28.9 35.8 179.4 4.4 25.1 31.2
Rustenburg2 Measured 270.2 4.6 40.3 54.4 287.8 4.5 41.9 56.6
Indicated 90.2 5.3 15.4 20.6 112.7 5.4 19.4 25.4
Measured + Indicated 360.4 4.8 55.7 75.0 400.6 4.8 61.3 82.0
Inferred 26.1 5.7 4.8 5.9 14.9 5.6 2.7 3.5
Kroondal3 Measured 37.0 3.3 3.9 4.5 25.0 3.3 2.7 5.4
Indicated 4.8 3.3 0.5 0.6 4.7 3.8 0.6 1.2
Measured + Indicated 41.9 3.3 4.4 5.1 29.8 3.4 3.3 6.6
Inferred - - - - 2.5 2.9 0.2 0.5
Mimosa4 Measured 34.5 3.5 3.9 7.8 33.7 3.5 3.8 7.6
Indicated 12.4 3.5 1.4 2.8 13.1 3.5 1.5 3.0
Measured + Indicated 46.9 3.5 5.3 10.6 46.9 3.5 5.3 10.6
Inferred 14.4 3.4 1.6 3.2 15.5 3.4 1.7 3.4
Total Measured + Indicated 1,065.1 4.3 147.5 192.6 1,063.7 4.3 147.6 195.5
Grand total 1,307.1 4.3 182.8 237.5 1,276.0 4.3 177.3 234.0
PGM Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
PGM Southern Africa Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Marikana1 Proved 19.8 3.9 2.5 3.1 21.5 3.9 2.7 3.4
Probable 111.5 3.9 14.0 17.4 117.9 3.9 14.7 18.2
Proved + Probable 131.4 3.9 16.5 20.4 139.4 3.9 17.4 21.6
Rustenburg2 Proved 72.9 3.6 8.4 11.4 79.3 3.5 9.0 12.2
Probable 17.9 1.6 0.9 1.2 24.7 1.4 1.1 1.5
Proved + Probable 90.9 3.2 9.3 12.6 103.9 3.0 10.2 13.7
Kroondal3 Proved 9.1 2.5 0.7 0.8 8.0 2.6 0.7 1.3
Probable - - - - - - - -
Proved + Probable 9.1 2.5 0.7 0.8 8.0 2.6 0.7 1.3
Mimosa4 Proved 11.3 3.5 1.3 2.6 20.1 3.5 2.2 4.5
Probable 3.3 3.3 0.4 0.7 8.6 3.4 1.0 1.9
Proved + Probable 14.6 3.5 1.6 3.3 28.7 3.5 3.2 6.4
Grand total Proved + Probable 246.0 3.6 28.1 37.1 280.0 3.5 31.4 43.0
1 80.64% Attributable, managed; 2 74% Attributable with Hoedspruit 86.35%, managed; 3 87% Attributable, managed; 4 50% Attributable, non-managed
Mineral Resources were positively impacted by the SA PGM operations - Mineral Reserves reconciliation
incorporation of the Schaapkraal Prospecting Right Factors 4E PGM (Moz)
Mineral Resources (8.97Moz) into the Marikana
operation, which was previously excluded subject 31 Dec 2022 31.4
to the approval of the prospecting right renewal. Depletion -1.9
Apart from depletion (-1.9Moz) the reduction in Post depletion 29.5
Mineral Reserves can mainly be ascribed to the Geological interpretation -0.1
exclusion of the Mimosa North Hill project (-1.5Moz)
due to commercial considerations, partially off-set Estimation methodology -0.2
by the gain (+0.5Moz) from the acquisition of the Economic valuation -1.5
additional 50% in the Kroondal operation.
Modifying factors -0.1
A detailed reconciliation of the 2022 to 2023 SA Attr. % gain Kroondal 0.5
PGM operations Mineral Reserves is shown in the
adjacent table. 31 Dec 2023 28.1
3.2.1.2. SA PGM exploration projects
- Total 4E PGM Mineral Resources of 51.5Moz, a year-on-year decrease of -3%
PGM Mineral Resources
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
PGM Southern Africa Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(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 + Indicated 164.5 4.2 22.0 27.5 164.5 4.2 22.0 27.5
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 80.0 4.1 10.5 17.6
Measured + Indicated 81.7 4.1 10.7 17.9 81.7 4.1 10.7 17.9
Inferred 70.9 4.0 9.2 14.2 70.9 4.0 9.2 14.2
Blue Ridge3 Measured - - - - - - - -
Indicated - - - - 9.2 3.2 1.0 1.9
Measured + Indicated - - - - 9.2 3.2 1.0 1.9
Inferred - - - - 6.7 3.0 0.6 1.3
Total Measured + Indicated 246.2 4.1 32.7 45.4 255.4 4.1 33.7 47.3
Grand total 405.0 4.0 51.5 71.6 420.9 3.9 53.1 74.8
1 80.13% Attributable, managed, 2 Attributable for Baobab and Doornvlei (80.64%), and Dwaalkop (40.32%), 3 50% Attributable, managed
The change relates to the Blue Ridge JV with Imbani Platinum, where agreement has been reached to apply
for and proceed with official mine closure. Hence, the related Mineral Resources has been excluded.
3.2.2. Gold
3.2.2.1 SA gold operations
- Total gold Mineral Resources of 41.2Moz, a year-on-year decrease of -22.7%
- Total gold Mineral Reserves of 8.4Moz, a year-on-year decrease of -18.4%
Gold Mineral Resources Inclusive of Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Kloof Measured 31.8 9.8 10.0 10.0 32.8 11.4 12.0 12.0
Indicated 25.5 5.6 4.6 4.6 35.8 6.8 7.9 7.9
Measured + Indicated 57.3 7.9 14.6 14.6 68.6 9.0 19.9 19.9
Inferred 7.0 4.5 1.0 1.0 21.7 8.7 6.1 6.1
Driefontein Measured 21.4 10.7 7.3 7.3 20.7 11.0 7.3 7.3
Indicated 12.5 8.6 3.4 3.4 11.7 9.0 3.4 3.4
Measured + Indicated 33.9 9.9 10.8 10.8 32.4 10.2 10.7 10.7
Inferred 4.5 5.0 0.7 0.7 1.3 4.8 0.2 0.2
Beatrix Measured 20.3 5.7 3.7 3.7 25.7 6.5 5.4 5.4
Indicated 24.2 5.0 3.9 3.9 25.2 5.3 4.3 4.3
Measured + Indicated 44.5 5.3 7.6 7.6 50.9 5.9 9.6 9.6
Inferred 0.5 4.0 0.1 0.1 1.6 4.4 0.2 0.2
Cooke1 Measured 157.9 0.3 1.3 1.7 159.6 0.3 1.3 1.7
Indicated 41.8 0.3 0.4 0.5 43.3 0.3 0.4 0.6
Measured + Indicated 199.7 0.3 1.7 2.3 202.9 0.3 1.7 2.3
Inferred - - - - - - - -
DRDGOLD2 Measured 233.7 0.3 2.3 4.6 244.8 0.3 2.5 5.0
Indicated 286.8 0.3 2.3 4.6 285.8 0.2 2.3 4.5
Measured + Indicated 520.5 0.3 4.6 9.2 530.5 0.3 4.8 9.5
Inferred 10.7 0.2 0.1 0.2 10.7 0.2 0.1 0.2
Total Measured + Indicated 855.9 1.4 39.3 44.4 885.3 1.6 46.7 51.9
Grand total 878.6 1.5 41.2 46.4 920.7 1.8 53.3 58.6
Gold Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Kloof Proved 7.6 5.1 1.3 1.3 11.0 6.1 2.1 2.1
Probable 3.2 5.6 0.6 0.6 7.5 5.4 1.3 1.3
Proved + Probable 10.8 5.3 1.8 1.8 18.6 5.8 3.4 3.4
Driefontein Proved 5.6 8.7 1.6 1.6 5.8 8.4 1.6 1.6
Probable 6.0 7.1 1.4 1.4 5.6 7.9 1.4 1.4
Proved + Probable 11.6 7.9 2.9 2.9 11.4 8.1 3.0 3.0
Beatrix Proved 4.7 3.5 0.5 0.5 5.9 3.8 0.7 0.7
Probable 1.2 3.5 0.1 0.1 0.7 3.1 0.1 0.1
Proved + Probable 5.9 3.5 0.7 0.7 6.7 3.7 0.8 0.8
Cooke1 Proved - - - - - - - -
Probable 8.8 0.3 0.1 0.1 7.3 0.3 0.1 0.1
Proved + Probable 8.8 0.3 0.1 0.1 7.3 0.3 0.1 0.1
DRDGOLD2 Proved 193.8 0.3 2.0 4.0 205.0 0.3 2.2 4.3
Probable 105.1 0.3 0.9 1.7 103.5 0.2 0.8 1.6
Proved + Probable 298.9 0.3 2.9 5.7 308.5 0.3 3.0 5.9
Grand total Proved + Probable 336.0 0.8 8.4 11.2 352.4 0.9 10.3 13.2
1 76% Attributable, managed, 2 50.28% Attributable, non-managed
The change in Mineral Resources can mainly be SA gold operations - Mineral Reserves reconciliation
attributed to the closure of Kloof 4 Shaft (-6.1Moz), Factors Gold (Moz)
the exclusion of the below infrastructure EBA area
at Kloof 7 Shaft (-4.9Moz) due to having no 31 Dec 2022 10.3
reasonable prospect for eventual economic Depletion -0.8
extraction (RPEEE) post the closure of Kloof 4 Shaft
and the cessation of Beatrix 4 Shaft (-1.5Moz), off- Post depletion 9.5
set by minor additions elsewhere.
Area inclusions/exclusions 0.2
Apart from depletion (-0.8Moz), the change in
Mineral Reserves can mainly be attributed to the Geological interpretation 0.3
closure of Kloof 4 Shaft(-1.5Moz) as well as further
adjustments at Driefontein and Kloof operations Economic valuation -1.6
due to area exclusions and changes in the 31 Dec 2023 8.4
Resource (0.5Moz).
3.2.2.2. SA gold - Burnstone development project
- Total gold Mineral Resources of 8.8Moz, a year-on-year decrease of -4%
- Total gold Mineral Reserves of 2.5Moz, a year-on-year decrease of -5.4%
Gold Mineral Resources Inclusive of Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Development Burnstone Measured 1.0 5.6 0.2 0.2 1.1 6.2 0.2 0.2
Indicated 24.8 5.6 4.5 4.5 25.5 5.6 4.6 4.6
Measured + Indicated 25.9 5.6 4.7 4.7 26.6 5.7 4.8 4.8
Inferred 29.3 4.3 4.1 4.1 31.5 4.2 4.3 4.3
Grand total 55.2 4.9 8.8 8.8 58.1 4.9 9.1 9.1
Gold Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Development Burnstone Proved - - - - - - - -
Probable 19.8 4.0 2.5 2.5 20.5 4.0 2.7 2.7
Grand total Proved + Probable 19.8 4.0 2.5 2.5 20.5 4.0 2.7 2.7
At the Burnstone development project, the SA gold development â€" Mineral Reserves reconciliation
decrease in Mineral Resources is ascribed to a Factors Gold (Moz)
reduction in the Inferred Mineral Resources based
on estimation practices. The minor reduction in 31 Dec 2022 2.7
Mineral Reserves was driven by the exclusion of a Area inclusions/exclusions -0.2
small area based on logistical considerations.
31 Dec 2023 2.5
3.2.2.3. SA gold - SOFS exploration project
- Total gold Mineral Resources of 6.9Moz, remained unchanged
Gold Mineral Resources
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(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 + Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
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
The SOFS project in the Free State, adjacent to our Beatrix Mining Right, remains a fully mining permitted
development option.
3.2.3. Uranium exploration projects
- Total U3O8 Mineral Resources of 59.2Mlb, a decrease of -11.1%
Uranium Mineral Resources
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
URANIUM Southern Africa Tonnes Grade U₃O₈ U₃O₈ Tonnes Grade U₃O₈ U₃O₈
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Exploration Beatrix (Beisa) Measured 3.6 1.1 8.5 8.5 3.6 1.09 8.5 8.5
Indicated 7.8 1.1 18.3 18.3 7.8 1.07 18.3 18.3
Measured + Indicated 11.4 1.1 26.9 26.9 11.4 1.07 26.9 26.9
Inferred - 1.1 0.1 0.1 0.04 1.10 0.1 0.1
Cooke1 Measured 60.3 0.19 24.7 32.5 154.4 0.09 31.9 42.0
Indicated 39.7 0.09 7.6 9.9 41.3 0.09 7.8 10.2
Measured + Indicated 100.0 0.15 32.2 42.4 195.7 0.09 39.6 52.2
Inferred - - - - - - - -
Total Measured + Indicated 111.4 0.24 59.1 69.3 207.0 0.15 66.5 79.0
Grand total 111.4 0.24 59.2 69.4 207.1 0.15 66.6 79.1
1 76% Attributable, managed
Uranium Mineral Resources occur as co-mineralisation within tonnage also reported under the SA gold Mineral
Resources.
A review of the economic potential of the remaining uranium Mineral Resources associated with the Cooke
and Ezulwini tailings storage facilities (TSFs), has resulted in the exclusion of -7.4Mlb, relating to the Millsite TSF.
3.3. Europe
3.3.1. Battery metals
3.3.1.1. Keliber lithium development project
- LCE Mineral Resources of 471kt, a year-on-year increase of 28.6%
- LCE Mineral Reserves of 182kt, a year-on-year decrease of -6%
Lithium Mineral Resources Inclusive of Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
LITHIUM Europe Tonnes Li Liâ‚‚O LCE LCE Tonnes Li Liâ‚‚O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Development Keliber1 Measured 3.3 0.62 1.33 108 135 3.7 0.55 1.18 106 125
Indicated 8.0 0.57 1.22 241 302 8.0 0.48 1.03 202 238
Measured + Indicated 11.3 0.58 1.25 349 437 11.6 0.50 1.07 309 364
Inferred 4.5 0.51 1.10 122 153 2.8 0.38 0.82 57 67
Grand total 15.8 0.56 1.21 471 590 14.5 0.48 1.02 366 431
Lithium Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
LITHIUM Europe Tonnes Li Liâ‚‚O LCE LCE Tonnes Li Liâ‚‚O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Development Keliber1 Proved 3.1 0.48 1.04 80 101 3.3 0.48 1.04 85 101
Probable 4.6 0.42 0.90 102 127 4.9 0.42 0.90 108 127
Grand total Proved + Probable 7.7 0.44 0.96 182 228 8.2 0.44 0.96 194 228
1 79.82% Attributable, managed
Ongoing, successful exploration activities at the Keliber project in Finland has resulted in an increase of the
Mineral Resources at the previously reported deposits, as well as the identification of additional mineralised
areas. A revision in estimation methodology, which now better delineates and distinguishes between ore and
barren material inclusions, has also had a positive impact on the reported grade which has increased to 1.21%
Liâ‚‚O.
The reported Mineral Reserves remain based on the previously (2022) reported Mineral Resource estimate, and
will be updated with the new Resource estimate during 2024. The decrease of -6% is due to a reduction in
attributable ownership from 84.96% to 79.82%.
3.4. Australia
3.4.1. Zinc tailings retreatment (part of the circular economy)
3.4.1.1. Century zinc operation (including on-lease in-situ exploration projects)
- Zinc Mineral Resources of 3,002Mlb, a year-on-year increase of 257%
- Zinc Mineral Reserves of 1,726Mlb, a year-on-year increase of 287%
Zinc Mineral Resources Inclusive of Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
ZINC Australia Tonnes Zinc Zinc Zinc Tonnes Zinc Zinc Zinc
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Operations Century Measured 25.6 3.1 1,750 1,750 7.3 3.1 491 2,467
Indicated - - - - - - - -
Measured + Indicated 25.6 3.1 1,750 1,750 7.3 3.1 491 2,467
Inferred - - - - - - - -
Grand total 25.6 3.1 1,750 1,750 7.3 3.1 491 2,467
Zinc Mineral Resources
31 Dec 2023 31 Dec 2022
ZINC Australia Tonnes Zinc Zinc Lead Lead Tonnes Zinc Zinc Lead Lead
(Mt) (%) (Mlb) (%) (Mlb) (Mt) (%) (Mlb) (%) (Mlb)
Exploration Century Measured 1.0 4.8 106 5.4 119 0.2 4.8 21 5.4 24
Indicated 8.9 5.7 1,111 2.4 465 1.8 5.7 221 2.4 93
Measured + Indicated 9.9 5.6 1,217 2.7 584 2.0 5.6 242 2.7 116
Inferred 0.6 2.7 35 6.2 82 0.5 6.5 66 3.1 32
Grand total 10.5 5.4 1,252 2.9 666 2.4 5.8 308 2.8 148
Zinc Mineral Reserves
31 Dec 2023 31 Dec 2022
Attributable 100% Attributable 100%
ZINC Australia Tonnes Zinc Zinc Zinc Tonnes Zinc Zinc Zinc
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Operations Century Proved 26.1 3.0 1,726 1,726 6.8 3.0 446 2,240
Probable - - - - - - - -
Grand total Proved + Probable 26.1 3.0 1,726 1,726 6.8 3.0 446 2,240
The year-on-year change in Mineral Resources and Mineral Reserves were primarily driven by the increase in
attributable ownership to 100%, off-set partially by mining depletion off the finite TSF Mineral Reserves.
The Watson's Lode Inferred Mineral Resource, previously reported on, has been excluded due to unfavourable
RPEEE considerations, driven by structural complexity.
3.4.1.1. Mt Lyell copper project
- Copper Mineral Resources of 1,609Mlb.
Copper Mineral Resources
31 Dec 2023 31 Dec 2022
COPPER Australia Tonnes Copper Copper Gold Gold Tonnes Copper Copper Gold Gold
(Mt) (%) (Mlb) (g/t) (Moz) (Mt) (%) (Mlb) (g/t) (Moz)
Exploration Mt Lyell Measured 3.7 0.89 73 0.2 0.03 - - - - -
Indicated 51.4 0.91 1,036 0.3 0.4 - - - - -
Measured + Indicated 55.1 0.91 1,108 0.2 0.4 - - - - -
Inferred 24.3 0.94 501 0.1 0.1 - - - - -
Grand total 79.4 0.92 1,609 0.2 0.5 - - - - -
During 2023, with the take-over of New Century Resources, the Group acquired the option to acquire the
historic Mt Lyell Copper mine, situated in Tasmania, from Vedanta Resources Ltd.. The option was exercised
during November 2023. A study into the feasibility of reopening the mine is in progress.
4. Corporate governance
This Mineral Reserves and Mineral Resources declaration represents a condensed and consolidated summary
of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration available in the Group Mineral
Resources and Mineral Reserves Report, which will be published on 26 April 2024 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 S-K1300.
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, but are included in the
economic assessments.
All financial models used to determine the managed Mineral Reserves are based on current tax regulations as
at 31 December 2023. Rounding of figures may result in minor computational discrepancies. Where this
happens, it is not deemed significant.
There are teams CP'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 CP for Mineral Resources; and Tom Van Den
Berg is the Group Lead CP 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
About Sibanye-Stillwater
Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations,
projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM
autocatalysts and has interests in leading mine tailings retreatment operations.
Sibanye-Stillwater has established itself as one of the world’s largest primary producers of platinum, palladium,
and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel,
chrome, copper and cobalt. The Group has recently begun to diversify its asset portfolio into battery metals
mining and processing and increase its presence in the circular economy by growing its recycling and tailings
reprocessing exposure globally. For more information refer to www.sibanyestillwater.com.
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 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, 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; 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, AISC, AIC,
sustaining capital, Nickel equivalent sustaining cost and average equivalent zinc concentrate price. 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: 26-02-2024 08:18:00
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