Wrap Text
Operating Update for the quarter ended 31 March 2025
SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
OPERATING UPDATE
QUARTER ENDED 31 MARCH 2025
Johannesburg, 9 May 2025: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an
operating update for the quarter ended 31 March 2025 (Q1 2025). The Group's financial results are only provided on a six-monthly basis.
SALIENT FEATURES FOR QUARTER ENDED 31 MARCH 2025 COMPARED TO QUARTER ENDED 31 MARCH 2024 (Q1 2024)
- Continued improvement in Group safety indicators with Group LDIFR and TRIFR for Q1 2025 the lowest achieved since inception
- Group adjusted EBITDA1 increased by 89% to R4.1 billion (US$222 million) reflecting diversification and restructuring benefits
- SA gold operations - leverage to higher gold price drove a 178% increase in adjusted EBITDA1 to R1.8 billion (US$98 million)
- SA PGM operations - cost benefits from restructuring underpinned a 74% increase in adjusted EBITDA1 to R2.5 billion (US$137 million)
- US PGM operations - restructuring improves commercial viability, with anticipated S45X credits further underpinning sustainability
- Century operation - strong performance, contributing Q1 2025 adjusted EBITDA1 of R178 million (US$10 million), with solid outlook for 2025
- Keliber lithium project and GalliCam project designated as 'Strategic projects' by the European commission, confirming their strategic significance to Europe
- GalliCam project awarded conditional EUR144 million grant from EU innovation fund
- Review of Keliber lithium project capital requirements concluded. Project capital for 2025 forecast to be EUR300 million (US$326 million/R5.9 billion)(13)
- Keliber lithium project scheduled for hot commissioning of refinery during H1 2026
- Increase in Group cash flow for 2026 forecast, due to completion of construction phase of the Keliber lithium project reducing future
capital requirements
KEY STATISTICS - GROUP
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Mar 2024 Dec 2024 Mar 2025 GROUP Mar 2025 Dec 2024 Mar 2024
115 175 222 US$m Adjusted EBITDA(1,5,12) Rm 4,109 3,128 2,174
18.86 17.88 18.48 R/US$ Average exchange rate using daily closing rate
STOCK DATA FOR THE QUARTER ENDED 31 MARCH 2025
Number of shares in issue
- at 31 March 2025 2,830,567,264
- weighted average 2,830,567,264
Free Float 99%
Bloomberg/Reuters SSWSJ/SSWJ.J
JSE Limited - (SSW)
Price range per ordinary share (High/Low) R14.08 to R20.83
Closing price on 31 March 2025 R20.83
Average daily volume 24,491,010
NYSE - (SBSW); one ADS represents four ordinary shares
Price range per ADS (High/Low) US$3.19 to US$4.58
Closing price on 31 March 2025 US$4.58
Average daily volume 7,923,062
KEY STATISTICS BY REGION
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Mar 2024 Dec 2024 Mar 2025 AMERICAS REGION Mar 2025 Dec 2024 Mar 2024
US PGM underground operations
122,543 75,727 71,991 oz 2E PGM production(2,3) kg 2,239 2,355 3,812
971 1,016 968 US$/2Eoz Average basket price R/2Eoz 17,889 18,166 18,313
32 (27) (9) US$m Adjusted EBITDA(12) Rm (172) (491) 609
1,335 1,560 1,284 US$/2Eoz All-in sustaining cost(4,12) R/2Eoz 23,725 27,890 25,183
US PGM recycling
77,873 79,770 74,717 oz 3E PGM recycling(2,3) kg 2,324 2,481 2,422
1,289 1,266 1,419 US$/3Eoz Average basket price R/3Eoz 26,223 22,636 24,311
4 5 4 US$m Adjusted EBITDA(12) Rm 70 81 71
US Reldan operations(5)
2 6 7 US$m Adjusted EBITDA(12) Rm 127 113 37
SOUTHERN AFRICA (SA) REGION
PGM operations
389,313 436,548 376,123 oz 4E PGM production(3,6) kg 11,699 13,578 12,109
1,273 1,336 1,362 US$/4Eoz Average basket price R/4Eoz 25,165 23,885 24,004
77 59 137 US$m Adjusted EBITDA(12) Rm 2,527 1,049 1,456
1,230 1,315 1,331 US$/4Eoz All-in sustaining cost(4,12) R/4Eoz 24,599 23,514 23,207
Gold operations
164,515 181,009 141,110 oz Gold production kg 4,389 5,630 5,117
2,069 2,646 2,832 US$/oz Average gold price R/kg 1,682,730 1,521,269 1,254,539
35 128 98 US$m Adjusted EBITDA(12) Rm 1,811 2,284 652
2,039 2,104 2,392 US$/oz All-in sustaining cost(4,12) R/kg 1,421,028 1,209,323 1,236,571
EUROPEAN REGION
Sandouville nickel refinery
2,279 1,396 946 tNi Nickel production(7) tNi 946 1,396 2,279
19,084 18,395 17,942 US$/tNi Nickel equivalent average basket price(8) R/tNi 331,570 328,909 359,933
(10) (16) (10) US$m Adjusted EBITDA(12) Rm (181) (291) (197)
23,294 30,068 24,623 US$/tNi Nickel equivalent sustaining cost(9,12) R/tNi 455,026 537,611 439,318
AUSTRALIAN REGION
Century zinc retreatment operation
16 13 25 ktZn Payable zinc production(10) ktZn 25 13 16
2,192 2,772 2,807 US$/tZn Average equivalent zinc concentrate price(11) R/tZn 51,883 49,558 41,346
(14) 24 10 US$m Adjusted EBITDA(12) Rm 178 427 (262)
2,574 3,693 1,738 US$/tZn All-in sustaining cost(4,12) R/tZn 32,127 66,039 48,547
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 and tax to adjusted EBITDA,
see "Adjusted EBITDA reconciliation - Quarters"
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 - Quarters" for the definition of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes the production and costs associated with
the purchase of concentrate (PoC) from third parties
5 The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024 and the results of Reldan for March 2024 has now been included for the quarter ended 31 March
2024. It is therefore not comparable to the quarter ended 31 March 2025. All salient features for the US Reldan operations are shown separately from the US PGM underground operations and
the US PGM recycling
6 The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production and 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 - Quarters"
7 The nickel production at the Sandouville 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 - Quarters" Sandouville nickel refinery for a reconciliation of cost of sales before amortisation and depreciation to nickel equivalent
sustaining cost
10 Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
11 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
sales
12 Adjusted EBITDA, All-in sustaining cost (AISC) and nickel equivalent sustaining cost are not measures of performance under IFRS Accounting Standards and should not be considered in isolation
or as substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the Non-IFRS
metrics presented by Sibanye-Stillwater
13 The guidance has been translated where relevant at an average exchange rate of R18.24/US$ and R19.80/EUR
OVERVIEW OF THE OPERATING RESULTS BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER
There are many pleasing aspects from the Q1 2025 operating results which reinforce the positive trends which were evident in the Group's
operating and financial performance for H2 2024.
It is particularly gratifying to note the continued improvement in most Group safety indicators, with the Group lost day injury frequency
rate (LDIFR) and total recordable injury frequency rate (TRIFR) for Q1 2025, the lowest recorded in the Group's history. While our teams at
the operations should be commended for maintaining improving safety trends since 2021, we regrettably continue to experience high
impact safety incidents, which are the cause of serious and fatal injuries. We will continue with our efforts to address the occurrence of
these incidents, to ensure the safety and health of all our employees.
The repositioning of the US PGM operations and restructuring of high-cost and end-of-life mines, along with the realignment of the SA
regional services to more effectively support the reduced operating footprint in South Africa, has notably improved Group profitability.
Group adjusted EBITDA of R4.1 billion (US$222 million) was 89% higher than adjusted EBITDA of R2.2 billion (US$115 million) for Q1 2024.
The first quarter of the year is also historically a seasonally low production quarter for the SA mining industry, and the 31% or R981 million
(US$47 million) increase in Q1 2025 adjusted EBITDA, from adjusted EBITDA for Q4 2024 of R3.1 billion (US$175 million) is a significant change
in the financial performance of the Group. This reinforces the trend we noted in our H2 2024 results in February 2025, that Group
profitability appeared to have stabilised, with H2 2024 marking the third consecutive 6-month period of consistent Group adjusted EBITDA
of between R6.4 to R6.7 billion (US$344 - 357 million) per half year period.
The SA gold operations continued to benefit from high leverage to the increasing gold price for Q1 2025, with adjusted EBITDA increasing
by 178% year-on-year to R1.8 billion (US$98 million). Operational challenges which constrained production during Q1 2025, have largely
been addressed at Beatrix and Driefontein, with production and costs expected to improve during Q2 2025. Kloof is undergoing a
transition to a higher volume, lower grade future production profile, accessing secondary reef horizons, which have largely been
unexploited in the past, and is expected to stabilise over a longer period. With the gold price increasing further during Q2 2025, if
maintained, profits from the SA gold operations could increase materially.
The SA PGM operations also reversed a declining profitability trend despite the 4E PGM basket price remaining under pressure. Adjusted
EBITDA increased by 74% to R2.5 billion (US$137 million) for Q1 2025, driven by solid cost management, which offset inflationary cost
pressures and enabled positive financial leverage to a 5% increase in the 4E basket price.
The restructuring of the US PGM operations during Q4 2024, successfully reduced absolute operating cost (excluding provision for S45X
credits) by 37% with absolute AISC costs (excluding provision for S45X credits) declining by 44% year-on-year. Despite a marginally lower
average 2E PGM basket price for Q1 2025 compared with Q1 2024, on a like-for-like basis (excluding the once off US$43 million (R812
million) insurance payment during Q1 2024 related to the flooding event during mid-2022), adjusted EBITDA for the US PGM operations for
Q1 2025 (excluding provision for S45X credits) improved by US$2 million (R31 million) year-on-year to a loss of US$9 million (R172 million).
Including the estimated S45X credit for Q1 2025 of US$6 million (R111 million), the adjusted EBITDA loss would have reduced further, to
approximately US$3 million (R55 million) for Q1 2025.
Combined with an estimated S45X credit of US$6 million (R111 million) for the US PGM recycling operations along with a consistent
financial contribution from the US PGM recycling operation for Q1 2025 (Adjusted EBITDA of US$4 million), the financial position of the US
PGM operations on a combined basis is considerably improved, supporting a more sustainable future for the US PGM operations.
The Century operations in the Australian (AUS) region, increased production materially compared with Q1 2024 (impacted by extreme
weather and flooding) after implementing weather resilience measures during 2024, enabling a US$10 million (R178 million) contribution to
Group adjusted EBITDA, compared with a US$14 million (R262 million) adjusted EBITDA loss for Q1 2024.
We are confident that further operational improvements can be achieved during the course of 2025 and sustained into 2026, with losses
from the Sandouville refinery anticipated to decline as operations wind down and the facility is placed on planned care and
maintenance, further improving Group profitability.
Group cash flow from 2026 will also benefit from reduced annual capital commitments following the forecast completion of the
construction/development phase of the Keliber lithium project, with hot commissioning of the refinery scheduled for H1 2026. Project
capital is forecast to drop to a substantially reduced level, from revised capital guidance of EUR300 million (R5.9 billion) for 2025, positively
impacting Group cash flow for 2026.
As illustrated in the table below, Group annual capital expenditure has steadily decreased since 2023, with capital expenditure guidance
for 2025, R2 billion (US$120 million) or 12% lower than invested for 2023. This reduction in annual capital expenditure is primarily related to
restructuring of the US PGM operations for sustainability through an extended period of low PGM prices, which has been successfully
achieved, and restructuring of the SA gold operations, primarily related to the closure of Kloof 4 shaft and the development of the
Burnstone project being deferred from H2 2023.
Capital investment for the Keliber lithium project has increased since the project was approved in 2022. Project capital is forecast to
decrease to a substantially reduced level for 2026, from revised capital guidance of EUR300 million (R5.9 billion) for 2025, following forecast
completion of the project construction/development phase in H1 2026. This is likely to result in Group capital commitments for 2026
reducing to below R15 billion, with resulting benefit to annual Group cash flow.
Capital expenditure analysis: 2025 guidance compared to prior years, and expected 2026 trend
SA rand (billion) US dollar (million)
Capital expenditure Notes on 2025 capital and expected capital trend for 2026 Guidance Guidance
analysis 2023 2024 2025 2023 2024 2025
Average exchange rate using daily closing rate 18.42 18.32 18.24
US region Reduced capital requirements associated with lower planned production after restructuring
for lower PGM prices 6.84 2.84 2.08 371 155 114
SA region 11.04 9.73 10.00 599 531 548
SA PGM operations1 Project capital and Kroondal consolidation offset by restructuring 5.65 5.85 6.50 307 319 356
SA gold operations2 Burnstone project deferred in H2 2023 and closure of Kloof 4 shaft reducing capital requirement 5.39 3.88 3.50 293 212 192
EU region 2.72 6.39 6.14 148 349 337
Sandouville nickel refinery Sandouville refinery being placed on care and maintenance, with GalliCam project PFS ongoing 0.25 0.17 0.20 13 9 11
Keliber lithium project Capital intensive construction phase expenditure peaked in 2024 with planned completion in H1 2026
reducing expected 2026 capital materially 2.47 6.22 5.94 134 340 326
AUS region Limited capex requirements from Century operation. Phosphate and Mt Lyell project studies underway 0.17 0.20 0.16 9 11 9
Total Forecast capital expenditure for 2025 R2bn less than 2023, with 2026 lower due to reduced 20.8 19.2 18.4 1,127 1,046 1,007
Keliber lithium project capex forecast from 2025
1 SA PGM operations include Mimosa for 2023 actuals, 2024 actuals and 2025 guidance as we guide including Mimosa
2 SA gold operations exclude DRDGOLD for 2023 actuals, 2024 actuals and 2025 guidance as we guide excluding DRDGOLD
We have actively managed our operations and balance sheet for sustainability and profitability through an extended period of low metal
prices. The increase in Group adjusted EBITDA for Q1 2025 was not solely a function of our leveraged exposure to the increasing gold
price, but reflects the combined outcome of operational restructuring we implemented from H2 2023, which has resulted in increased
profitability from most of our operations. We expect these positive outcomes from our actions during the last two years to continue. Along
with reduced future annual capital requirements, we believe that this result signals a clear inflexion point for the Group, and is set to
position us to realise ongoing value for stakeholders.
SAFE PRODUCTION
Continued improvements in safety performance across our operations are reflected in improving trends for both lagging and leading
indicators on the majority of Group-level safety metrics. These trends reflect continued reduction in risk at most of our operations. The
Group serious injury frequency rate (SIFR) (per million hours worked) for Q1 2025, improved by 4% year-on-year to 2.10, with the lost day
injury frequency rate (LDIFR) of 3.16 and total recordable injury frequency rate (TRIFR) of 3.47 improving by 23% and 25% respectively. The
Q1 2025 LDIFR and TRIFR numbers are the best ever recorded for the Group.
Despite the general reduction in the Group lagging indicators, the loss of two colleagues from the SA region during Q1 2025 (Q1 2024: 1)
is an ongoing reminder that we are still on a challenging journey to achieve our goal of zero harm. Mr. Xavier Humberto, 58 years old from
Thuthukani shaft, Kloof operation, was fatally injured on 28 January 2025 whilst clearing a waste transfer ore pass. On 12 March 2025, Ms.
Bomkazi Jozana, 31 years old from Hlanganani shaft, Driefontein operation, passed away from injuries sustained during a locomotive
incident. These incidents have been or are currently being investigated together with relevant stakeholders and support has been
provided to the families of the deceased.
We mourn the tragic loss of these employees and will continue to focus on the implementation of our Fatal elimination strategy. The Board
and management of Sibanye-Stillwater extend their sincere condolences to the loved ones, families and friends of our deceased
colleagues.
OPERATING REVIEW
Americas region
US PGM operations
The restructuring undertaken by the US PGM operations during Q4 2024 for an extended low PGM price environment, was efficiently
concluded during November 2024, resulting in the successful realisation of most of the planned benefits during Q1 2025. Mined 2E PGM
production of 71,991 2Eoz for Q1 2025, was 41% lower year-on-year, primarily due to the Stillwater West mine being suspended and placed
on care and maintenance.
2E PGMs sold of 57,750 2Eoz, were 20% less than production due to a smelter run-out at the Columbus metallurgical complex resulting in
approximately 10 days downtime and a temporary US$10 million (R189 million) build-up in concentrate inventory and recycle material
stockpiles at the end of Q1 2025. These inventory levels are expected to reduce to normal levels during Q2 2025, reducing working capital
and enhancing cash flow.
Plant head grade increased by 7% for Q1 2025 to 13.91g/t, the highest level since Q2 2020, due to a greater proportion of production from
the higher grade Stillwater East mine, with overall production from the Stillwater mine of 40,063 2Eoz for Q1 2025 49% lower than the
comparable period. Production from the East Boulder mine of 31,928 2Eoz was 26% lower year-on-year in line with plan.
Absolute AISC (excluding S45X credits) declined by 44% from US$164 million (R3.1 billion) for Q1 2024 to US$92 million (R1.7 billion) for Q1
2025, in line with the restructuring plan to improve profitability. Unit AISC (excluding S45X credits) for Q1 2025 decreased by 4% year-on-
year to US$1,284/2Eoz (R23,725/2Eoz), lower than annual guidance for 2025. Ore reserve development (ORD) expenditure declined by
46% to US$17 million (R320 million) primarily as a result of lower planned development and a decrease in contractor development and
maintenance costs with sustaining capital declining by 78% to US$2 million (R46 million) as a result of Stillwater West being placed on care
and maintenance which has resulted in greater availability of mechanised equipment.
This was a commendable performance following major restructuring and supports a more positive outlook for the US PGM operations,
underpinned by the substantial financial benefits from the anticipated credits from Section 45X of the Inflation Reduction Act (IRA) (S45X)
and further scope for operational efficiency and cost improvements expected from implementing more efficient mining practices and
appropriate technologies, which are currently being assessed. Estimated S45X tax credits of US$6 million (R111 million) for Q1 2025
(approximately US$83/2Eoz (R1,540/2Eoz), imply a reduction in AISC (including S45X credits) for the US PGM mining operations to
US$1,200/2Eoz (R22,185/2Eoz) for Q1 2025.
Total capital expenditure for Q1 2025 decreased by 57% year-on-year to US$20 million (R366 million) in line with the restructuring plan.
Project capital declined from US$3 million (R57 million) in Q1 2024 to zero in Q1 2025 due to suspension of construction on the East Boulder
tailings storage facility over the winter months, with expenditure forecast to increase as construction resumes during Q2 2025.
Despite a marginally lower average 2E PGM basket price for Q1 2025 compared with Q1 2024, adjusted EBITDA for Q1 2025 (excluding
S45X credits) improved by US$2 million (R31 million) year-on-year on a like-for-like basis (excluding the once off US$43 million (R812 million)
insurance payment during Q1 2024 related to the flooding event during mid-2022), to a loss of US$9 million (R172 million). Adjusted EBITDA
including the estimated S45X credit would improve to a US$3 million (R55 million) loss for Q1 2025.
US PGM recycling operations
The US PGM recycling operations fed an average of 9.3 tonnes per day (tpd) of spent autocatalyst material for Q1 2025, a 13% decrease
from 10.7 tpd processed in Q1 2024, primarily due to the smelter being offline for approximately 10 days due to the run-out incident
mentioned earlier. 3E PGM ounces fed of 74,717 3Eoz, was 4% lower than 77,873 3Eoz fed for Q1 2024, with the differential to the volume
of autocatalysts fed due to higher loadings of PGM's in autocatalysts processed. At the end of Q1 2025, recycle inventory increased to
approximately 137 tonnes containing approximately 12,120 3Eoz compared with 23 tonnes at the end of Q1 2024. The smelter is
scheduled to process this excess inventory to a sustainable level of around 60-70 tonnes during Q2 2025.
For Q1 2025 adjusted EBITDA from the US PGM recycling operations (excluding S45X credits) was US$4 million (R70 million) in line with Q1
2024 with the benefit of a 10% higher 3E PGM basket price (driven by platinum and rhodium prices which were 7% and 10% higher year-
on-year respectively) offsetting 26% lower volumes sold.
It is anticipated that the US PGM recycling operations will also qualify for a S45X credit of approximately 10% of operating costs. Once we
have the contract certificate from our contractor refiner we expect to be able to also claim approximately US$6 million for the quarter
with approximately US$30 million for 2025 (R547 million), improving the profitability of the recycling operations. Including estimated S45X
credits of US$6 million (R111 million) for Q1 2025, would increase adjusted EBITDA to US$10 million (R185 million).
Reldan recycling operation
For Q1 2025, Sibanye-Stillwater's Reldan recycling operation processed approximately 4 million lbs of mixed industrial waste, and sold
28,023 oz gold, 464,407 oz silver, 5,981 oz platinum, 8,638 oz palladium, and 747,577 lbs of copper, contributing adjusted EBITDA of US$7
million (R127 million) to the Group for Q1 2025, compared to adjusted EBITDA of US$2 million (R37 million) for Q1 2024 (noting that the
Reldan recycling operation was only consolidated from March 2024).
Southern African region
SA PGM operations
The SA PGM operations delivered another consistent performance with 4E PGM production (including attributable production from
Mimosa and excluding third party purchase of concentrate (PoC)) of 376,123 4Eoz, 3% lower year-on-year. PGM production from the
underground operations decreased by 1% to 348,940 4Eoz primarily due to the closure of 4B shaft, Marikana operation, toward the end of
Q1 2024 and a delayed startup of production from the Saffy shaft during Q1 2025, due to a S54 stoppage imposed after a fatal incident
on 21 December 2024, which was only uplifted by the authorities on 21 January 2025. Higher seasonal rainfalls which persisted throughout
Q1 2025, contributed to surface production declining by 24% to 27,183 4Eoz. 4E PGM production of 393,876 4Eoz (including attributable
production from Mimosa and PoC) was 5% lower than for Q1 2024, with PoC purchases of 17,753 4Eoz, 31% lower in line with revised
annual contractual agreements.
Costs continued to be well contained with total operating costs (excluding PoC) for Q1 2025 1% lower at R9.3 billion (US$502 million) than
for Q1 2024 with the cost benefits of the restructuring and closure of 4B shaft in Q1 2024, helping to offset annual inflationary effects. This
resulted in unit operating cost (excluding PoC) increasing by 2% to R26,683/4Eoz (US$1,444/4Eoz), well below annual inflation. AISC
(excluding PoC) for Q1 2025 increased by 6% year-on-year to R24,599/4Eoz (US$1,331/4Eoz) with AISC (including PoC) also increasing by
6% year-on-year to R24,331/4Eoz (US$1,317/4Eoz), primarily due to 13% lower by-product credits (R358 million (US$16 million) lower to R2.4
billion (US$132 million)). Chrome sales were 21% lower year-on-year due to timing of sales after the Q1 2025 close and a 20% decrease in
the market chrome price compared to Q1 2024. Chrome sales are expected to normalise for Q2 2025. Chrome as a percentage of by-
product credits therefore declined from 55% in Q1 2024 to 38% in Q1 2025, with by-product credits contributing R6,586/4Eoz (US$356/4Eoz)
to AISC (including PoC) for Q1 2025 compared with R7,514/4Eoz) (US$398/4Eoz) for Q1 2024. PoC purchase costs decreased by 16% year-
on-year to R496 million(US$27 million).
Capital expenditure of R1.2 billion (US$64 million) for Q1 2025 was 5% higher than for Q1 2024 with ORD increasing by 1% to R548 million
(US$30 million) and sustaining capital increasing by 9% to R470 million (US$25 million). Project capital of R167 million was 8% higher due to
project study work done on the Siphumelele mechanised UG2 project, Marikana E4 project and the Marikana pit tailing storage facility
(TSF) project, with project expenditure at the K4 shaft maintained at R154 million (US$8 million) in line with Q1 2024.
Adjusted EBITDA for Q1 2025, increased by 74% to R2.5 billion (US$137 million), due to the solid operating and cost performance
underpinned by the proactive restructuring undertaken since H2 2023, and boosted by a 5% increase in the average PGM basket price to
R25,165/4Eoz (US$1,362/4Eoz).
The Kroondal operation was consolidated into the Rustenburg operation with effect from 1 January 2025, following the acquisition of
Anglo American Platinum's 50% share of the Kroondal PSA on 1 November 2023 and section 11 approval for the transfer of Sibanye-
Stillwater's 50% by the South African Department of Mineral and Petroleum Resources. The processing agreement with Anglo American
Platinum also changed from a PoC to toll processing agreement with effect from 1 Sept 2024.
The following commentary refers to the Rustenburg operation and Kroondal operation as the combined entity, although separate
operational results for the Kroondal and Rustenburg operations are provided on page 21 of this booklet.
4E PGM production from the Rustenburg operation for Q1 2025 of 199,591 4Eoz, was 1% higher year-on-year with underground production
of 185,811 4Eoz 2% higher and surface production of 13,780 4Eoz, 17% lower due to adverse weather impacts on throughput. Production
from the Siphumelele mine, which was impacted by restructuring and the shaft bin incident in March 2024, increased by 53% or 4,475 4Eoz
to 12,866 4Eoz for Q1 2025. Production from the mechanised Bathopele mine was impacted by lower grades and poor ground conditions
intersecting the decline development and a planned decline in production (7% or 2,970 4Eoz lower) as the shaft approaches the end of
its reserve life. Production from the Klipfontein opencast mine declined by 56% or 2,048 4Eoz compared to the prior period due to the
ramp-down of mining from the current pit. An environmental permit to extend the Klipfontein opencast mine by a further year was
approved during March 2025, with production expected to ramp-up during Q3 2025. The historical Kroondal underground shafts have
recovered with production increasing by 8% or 4,744 4Eoz year-on-year. AISC for the Rustenburg operation of R25,131/4Eoz
(US$1,360/4Eoz) for Q1 2025 increased by 17% year-on-year, primarily due to lower surface production and the Kroondal operation
incurring smelting and refining costs following the change from a PoC to toll processing arrangement with effect from 1 September 2024.
By-product credits declined by 36% to R1.0 billion (US$56 million), primarily due to the 20% lower average chrome price and 27% lower
chrome sales. Also contributing to higher AISC was ORD expenditure increasing by 21% to R175 million (US$9 million) as a result of higher
direct development and shaft services costs at the Thembelani mine and an increase in ORD at the Siphumelele mine, from lower ORD for
Q1 2024 due to the shaft incident.
4E PGM production of 158,099 4Eoz from the Marikana operation (including PoC) for Q1 2025 was 10% lower year-on-year, with PoC
production of 17,753 4Eoz, 31% lower than planned. Production (excluding PoC) of 140,346 4Eoz was 6% lower year-on-year, with
production from underground of 134,871 4Eoz, 5% lower and surface production of 5,475 4Eoz, 28% lower due to the excessive rain
reducing throughput and plant recoveries due to plant instability. Underground production was impacted by the closure of 4B shaft in Q2
2024 (7,641 4Eoz lower year-on-year) and a S54 stoppage at the Saffy shaft, which was only lifted on 21 January 2025, resulted in 21% or
9,962 4Eoz lower production compared with Q1 2024. This decline in production year-on-year, was partially offset by higher production
from K4 shaft which increased by 11,415 4Eoz to 22,004 4Eoz, consistent with the planned build up. AISC (excluding PoC) declined by 8%
to R24,375/4Eoz (US$1,319/4Eoz) compared to Q1 2024 and AISC (including PoC) of R23,783/4Eoz (US$1,287/4Eoz) in Q1 2025 was 7% lower
year-on-year, with PoC purchase costs 16% lower to R496 million (US$27 million). Q1 2025 AISC was inflated by the inclusion of a once off
adjustment to legacy leave liability provisions, which added 2,492/4Eoz (9%) to Q1 2024 AISC. By-product credits increased by 19% to R1.3
billion (US$72 million) for Q1 2025, equivalent to an R8,379/4Eoz (US$453/4Eoz) AISC benefit, primarily due to 15% higher credits from
ruthenium sales and 119% higher credits from iridium sales compared with Q1 2024. ORD spend for Q1 2025 declined by 7% due to lower
primary development with the exception of K4 shaft where primary development increased by 13% year-on-year. Sustaining capital
increased by 35% to R204 million (US$11 million) predominantly due to surface infrastructure enhancement projects to facilitate a transition
to new feed sources and expanded tailing storage facility (TSF) infrastructure.
4E PGM production from Platinum Mile for Q1 2025 of 7,928 4Eoz was 33% lower than for Q1 2024 as a result of excessive rainfall which
affected throughput and yield from the East tailings facility. The Platinum Mile chrome extraction plant, commissioned at the end of 2023
is in build-up phase and produced 23kt of chrome in Q1 2025, 25% higher year-on-year, with the plan to increase production to 120kt per
year. AISC of R15,641/4Eoz (US$846/4Eoz) for Q1 2025 was 66% higher than for Q1 2024, despite by-product credits increasing by 23% to
R86 million (US$5 million) due to lower PGM production and higher unit chrome cost.
Attributable PGM production from Mimosa for Q1 2025 of 28,258 4Eoz was 6% lower than for Q1 2024 with unit costs well controlled,
declining by 6% to US$88/tonne (R1,627/tonne). AISC decreased by 11% to US$1,107/4Eoz (R20,454/4Eoz) for Q1 2025 with sustaining
capital expenditure decreasing by 50% to US$5 million (R84 million) following the commissioning of the new tailings storage facility in April
2024.
Total chrome production from the SA PGM operations for Q1 2025 of 569kt was 9% lower year-on-year, primarily due to the impact of
heavy rainfall during Q1 2025, which impacted chrome production from surface sources primarily. Total chrome sales of 504kt for Q1 2025
were 21% lower than sales of 638kt for Q1 2024, due to lower production and logistical constraints, due to wet material not drying quick
enough to be transported, affecting sales and resulting in the accumulation of stockpiles. Chrome revenue of R920 million (US$50 million)
for Q1 2025 was 41% lower than for Q1 2024, due to lower sales volumes and a 20% lower average chrome market price of US$231/tonne
for Q1 2025 compared to US$288/tonne for Q1 2024.
SA gold operations
Gold production from the SA gold operations (excluding DRDGOLD) of 3,297kg (106,001oz) for Q1 2025 was 15% lower than for Q1 2024.
Ore pass blockages at the Kloof main shaft severely impacted logistics and ventilation, constraining production, with production from
Driefontein 5 impacted by a pump station fire and lower grades at Driefontein 1 shaft. Production from the SA gold operations (including
DRDGOLD) for Q1 2025 of 4,389kg (141,110oz) was 14% lower than for Q1 2024.
AISC (excluding DRDGOLD) of R1,541,202/kg (US$2,594/oz) was 16% higher than for Q1 2024, primarily due to 22% lower gold sold year-on-
year with gold sold 69kg (2,218 oz) lower than gold produced for Q1 2025 due to normal timing differences. AISC (including DRDGOLD) for
Q1 2025 of R1,421,028/kg (US$2,392/oz) was 15% higher year-on-year.
Adjusted EBITDA from the SA gold operations (including DRDGOLD) of R1.8 billion (US$98 million) for Q1 2025, was 178% higher than
adjusted EBITDA of R652 million (US$35 million) for Q1 2024. The substantial financial leverage of the managed SA gold operations
(excluding DRDGOLD) to the gold price, is evident from the 6x increase in adjusted EBITDA to R1.1 billion (US$57 million) for Q1 2025 from
R163 million (US$9 million) for Q1 2024, compared with the 34% increase in the average gold price for Q1 2025 to R1,680,607/kg (US$2,829/
oz), and the adjusted EBITDA margin increasing to 19% for Q1 2025 from 3% for Q1 2024.
For Q2 2025 to date, the average spot gold price of R1,948,803/kg is 16% higher than the average price received for Q1 2025, which if
sustained, implies increased profitability from the SA gold operations.
Capital expenditure for Q1 2025 (excluding DRDGOLD) of R769 million (US$42 million) was 22% lower than for Q1 2024 with project capital
decreasing from R213 million (US$11 million) for Q1 2024 to zero for Q1 2025 as a result of the Burnstone project being placed on care and
maintenance in H2 2024. ORD expenditure and sustaining capital of R664 million (US$36 million) and R105 million (US$6 million) respectively
were in line with the prior period reflecting ongoing expenditure to maintain flexibility and optimise the remaining mine lives.
Production from the Driefontein operation declined by 12% to 1,378 kg (44,304 oz) due to a fire at the Driefontein 5 shaft pump chamber,
which disrupted production in January 2025 with normal working conditions re-established in the second week of February. During March
2025 stoping crews were negatively impacted at 5 shaft, further delaying the post fire ramp-up, by a section 54 order that was issued
following a fatal incident on 12 March 2025. Driefontein 5 shaft is expected to increase production gradually over the remainder of the
year. Production at Driefontein 1 shaft was impacted by lower grades associated with mining through lower grade slope facies compared
with proportionally higher grade terrace facies for Q1 2024. Production from the Driefontein operation is expected to stabilise over the
course of 2025.
AISC of R1,482,301/kg (US$2,495/oz) was 15% higher year-on-year, primarily as a result of lower production and 19% less gold sold due to
aforementioned operational challenges. Total operating costs from the Driefontein operation increased by only 1% to R1.6 billion (US$89
million) well below annual inflationary cost increases. ORD increased by 2% to R405 million (US$22 million) with sustaining capital
expenditure decreasing by 23% to R50 million (US$3 million).
The Kloof operation is undergoing a planned transition to extend its LOM, by accessing secondary reef horizons, which were historically
ignored due to Kloof's extremely high grade primary Ventersdorp contact reef (VCR) and Carbon leader (CL) reefs. During this transition,
AISC is forecast to be higher than LOM averages due to elevated ORD required to access and develop necessary flexibility for sustainable
production from the secondary reefs.
Underground production from the Kloof operation for Q1 2025 of 721kg (23,181oz) was 25% or 240kg (7,716oz) lower year-on-year. This was
primarily due to material blocking the primary ore pass system at the Kloof 1 shaft as a result of ore pass scaling, which impacted
ventilation and resulted in logistical constraints, resulting in accumulations of mined material underground . As a result, production from
Kloof 1 shaft was 38% or 226kg (7,266oz) lower than for Q1 2024. This was compounded by section 54 order following the fatal incident in
January 2025 restricting operations with Kloof 1 shaft initially only being able to deploy 17 of 54 crews. By the end of Q1 2025, 49/54 crews
were deployed with production ramping up during Q1 2025. Production from surface sources of 101kg (3,247oz), which is now being
processed at the Ezulwini plant, was 42% lower year-on-year due to depletion of surface rock dumps, in line with plan.
AISC of R2,012,712/kg (US$3,388/oz) for Q1 2025 was 27% higher than for Q1 2024 due to 38% less gold sold and 114kg (3,665oz) less gold
sold than produced due to timing differences. Total operating cost decreased by R100 million (US$4 million) year-on-year, following the full
closure of Kloof 4 shaft and the K2 plant in mid 2024 and the current ramp down of production from Kloof 7 shaft which will be closed at
the end of 2025. For Q1 2025, ORD was 1% higher year-on-year at R208 million (US$11 million) and sustaining capital was 24% higher at R47
million (US$3 million).
Underground production from the Beatrix operation for Q1 2025 of 885kg (28,453oz) was 2% lower than for Q1 2024 with tons milled 7%
lower partially offset by the yield which was 5% higher. Improved mining quality by maintaining stoping widths and stricter control of
dilution has resulted in the yield improving. AISC for Q1 2025 increased by 12% year-on-year to R1,241,150/kg (US$2,089/oz) primarily due to
10% lower gold sold compared to the prior period with ORD declining by 18% to R51 million (US$3 million) in line with the life-of-mine plan.
Sustaining capital increased from R3 million (US$0.2 million) to R8 million (US$0.4 million).
Gold production from the Cooke operation for Q1 2025 decreased by 26% to 212kg (6,816oz) due to mining of a lower grade zone and
lower purchases of higher grade third party material. AISC increased by 18% to R1,600,000/kg (US$2,693/oz) compared to Q1 2024. This
was primarily as a result of lower production and higher aggregate purchase costs of third party gold bearing material linked to the 33%
higher gold price achieved.
DRDGOLD's production for Q1 2025 of 1,092kg (35,109oz), was 11% lower than for Q1 2024 as a result of a 22% decrease in yield, partially
offset by a 13% increase in tonnes milled. This was consistent with the planned transition at ERGO to mainly higher volume, lower grade
sites, following the depletion of remnant higher-grade sites during the previous year. AISC for Q1 2025 increased by 18% to R1,071,235/kg
(US$1,803/oz), primarily due to the 9% decrease in gold sold. Sustaining capital of R62 million (US$3 million) was in line with Q1 2024, mostly
for the construction of water pipeline infrastructure from Ergo's central water facility to the 4A8 pump station at the legacy City Deep site.
Project capital was 20% higher in Q1 2025 at R387 million (US$21 million) mainly on the construction of FWGR's new regional tailings storage
facility (RTSF) and the pump station and pipeline infrastructure forming part of it, and Phase II of FWGR's Driefontein 2 Plant, designed to
double its throughput capacity to 1.2Mtpm by 2028.
European region
Sandouville nickel refinery and the GalliCam project
The ramp-down of the Sandouville nickel refinery progressed during Q1 2025 and is anticipated to be completed during H1 2025. A
headcount reduction plan was initiated in Q1 2025, with a voluntary leave plan agreed upon with the unions in April 2025, allowing up to
90 headcount reductions from a base of 202 employees at the beginning of 2025. In addition, temporary workforce loans are being
implemented to companies in the neighbourhood.
The last nickel matte delivery was received in early January 2025. Matte inventories were processed until the end of March 2025 and the
remaining solution is being transformed into final product which is expected to be completed during Q2 2025.
For Q1 2025, 946 tonnes of nickel products were produced at an AISC of US$24,623/tNi (R455,026/tNi). Total nickel sold was 1,134 tonnes at
an average nickel equivalent basket price of US$17,942/tNi (R331,570/tNi), 6% lower year-on-year and 188 tonnes more than produced.
This destocking and zero purchase of matte during the quarter resulted in working capital requirements declining from US$13.3 million in
Q1 2024 to US$3.5 million in Q1 2025. An adjusted EBITDA loss of US$10 million (R181 million) was consistent with Q1 2024, with adjusted
EBITDA losses expected to reduce in H2 2025 following the plant being placed on care and maintenance.
The pre-feasibility study to assess the potential repurposing the Sandouville plant to produce precursor cathode active material (pCAM)
(the GalliCam project) is expected to be completed in Q4 2025. The agreement for the EUR144 million conditional grant awarded for the
GalliCam project has been signed with EU for the Innovation Fund.
The GalliCam project and the Keliber lithium project were both designated as 'Strategic projects' by the European commission in
connection with the Critical Raw Materials Act during Q1 2025, confirming their significance to Europe.
Keliber lithium project
The completion of the construction/development stage of the Keliber lithium project is well advanced, with hot commissioning of the
refinery planned for Q1 2026. At the lithium refinery in Kokkola, the main equipment installation has been completed and office and
laboratory buildings have been approved for use. Pre-commissioning activities for the refinery started in Q1 2025 and cold commissioning
is planned to commence during Q2 2025.
Similarly, the construction works on the second phase of the Keliber lithium project comprising the concentrator in Paivaneva and the
development of the Syvajarvi open pit mine are progressing well.
The Keliber lithium project has received all key permits, but some permit conditions remain subject to further review by the permitting
authority:
- Rapasaari-Paivaneva environmental permit (EP) is legally valid since April 2024 following Vaasa administrative court ruling which also
included sending certain permit conditions back to the permitting authority for further review
- For the Paivaneva concentrator, the application concerning the permit conditions subject to further review was submitted in May 2024.
The hearing process was completed in Q1 2025 and the permit decision is expected in Q2 2025. The EP allows the construction of the
concentrator, but commencement of production is subject to the permitting authority's review and the issuing of an enforceable
permit decision
- For the Rapasaari mine, the application concerning the permit conditions subject to further review was submitted in Q1 2025
- Syvajarvi mine is planned to supply all feedstock to the concentrator for the first five years in an updated production schedule to
mitigate the risk of a potential Rapasaari permit delay
As communicated in February 2025, a review of the capital requirements to complete the construction stage of the Keliber lithium project
was undertaken during March 2025 to ensure that capital expenditure increases resulting from additional regulatory requirements and
changes to the scope of the project were incorporated in the final project capex forecasts. Revised total capital for the development/
construction stage of the project (excluding interest to be capitalised) to the hot commissioning stage of the refinery, currently expected
in H1 2026, has increased by EUR116 million (R3.2 billion) to EUR783 million (R15.2 billion) from EUR667 million (R13.0 billion). Total aggregated
project capital expenditure at the end of Q1 2025, was EUR508 million (R9.9 billion).
Reviewed capital expenditure for 2025 is forecast at EUR300 million (R5.9 billion) (previously EUR215 million (R4.3 billion)) with capital expenditure
(including capitalised interest and other capitalised expenditure outside the initial scope of the project, e.g. exploration) for Q1 2025 of
EUR73 million (R1.4 billion).
Australian region
Century zinc tailings retreatment operation
The Century operation delivered a strong operational performance for Q1 2025, with resilience measures effectively reducing the wet
season's impacts, and production of 25 kt of payable zinc, a 51% increase compared to the 16kt produced in Q1 2024, when production
was impacted by severe regional weather.
Sales for the quarter totalled 10 kt of payable zinc metal, which was 15kt lower than production due to the timing of shipments (US$40m
concentrate inventory built up at the Karumba port by end of Q1 2025). AISC for Q1 2025 of US$1,738/tZn (R32,127/tZn) was 32% lower
than for Q1 2024, due to the substantial increase in payable zinc production year-on-year.
Actions taken during 2024 to minimise future impacts of heavy rains on the operations during the wet season (particularly during the first
quarter of the year), included the addition of two satellite slurry winning pontoons (separate mining systems, less affected by rain events),
additional dewatering infrastructure, an improved debris removal system, and additional water diversion bunds, which have had a very
positive impact. We expect the strong operational and financial performance for Q1 2025 to continue through 2025.
Strong zinc prices and record low treatment charges (TCs) led to a 28% increase in the average equivalent zinc concentrate price
received. This coupled with solid production resulted in materially lower AISC, and a notable increase of US$24 million (R440 million) in
adjusted EBITDA year-on-year to US$10 million (R178 million) for Q1 2025, compared with a loss of US$14 million (R262 million) for Q1 2024.
Supportive zinc prices and low TC's together with approximately US$40m of zinc concentrate inventory to be monetised over coming
quarters, suggest a meaningful financial contribution from the Century operation for 2025 including positive free cash flow.
Options to leverage the existing infrastructure (processing plant, pipeline and port infrastructure) and extend the life of the assets beyond
the current zinc retreatment operations are being actively explored. This includes opportunities to potentially utilise the Century operation
infrastructure to access the extensive largely undeveloped phosphate resources in the region, with a feasibility study (AACE Class 2
Estimate) currently underway and forecast to be complete by year end.
Mt Lyell copper project
The Mt Lyell feasibility study (AACE Class 2 Estimate) is progressing and is expected to be completed during H2 2025.
OPERATING GUIDANCE FOR 2025*
Operating guidance for the 2025 year is unchanged apart from the SA gold operations (lower production and higher AISC, no change to
capital), and the increased capital forecast for the Keliber lithium project:
- PGM production from the US PGM operations for 2025, is forecast to be between 255,000 2Eoz and 270,000 2Eoz, with AISC between
US$1,420/2Eoz to US$1,460/2Eoz excluding possible S45X credit and AISC of between US$1,320/2Eoz to US$1,360/2Eoz including possible
S45X credit. Capital expenditure is forecast to be between US$100 million and US$110 million (R1.8 billion â€" R2.0 billion)
- 3E PGM production for the US PGM recycling operations is forecast to be between 300,000 3Eoz and 350,000 3Eoz fed for 2025. Capital
expenditure is forecast at US$1.5 million (R27 million)
- The Reldan recycling operation is forecast to produce: 120,000 to 130,000 oz gold, 2 to 2.3Moz silver, 35,000 to 40,000 3E PGM and 3 to
3.2Mlbs copper. Capital expenditure is forecast at US$2.8 million (R51 million)
- PGM production from the SA PGM operations for 2025 is forecast to be between 1.75 million 4Eoz and 1.85 million 4Eoz, including
Mimosa attributable production and third party PoC, with forecast AISC (excluding Mimosa and cost of third party PoC) forecast
between R23,500/4Eoz and R24,500/4Eoz (US$1,288/4Eoz and US$1,343/4Eoz). Capital expenditure (excluding Mimosa) is forecast at
R6.5 billion (US$356 million) that include project capital of R1.42 billion (US$78 million)
- Gold production from the managed SA gold operations (excluding DRDGOLD) for 2025 has been revised lower to between 16,000kg
(514koz) and 17,000kg (546koz). The revised AISC is forecast to be between R1,360,000/kg and R1,480,000/kg (US$2,319/oz and
US$2,524/oz). Capital expenditure is unchanged and forecast at R3.5 billion (US$192 million)
- The production ramp-down at the Sandouville nickel refinery is forecast to be completed in H1 2025. The final matte will be processed
during Q1 2025 and the ramp-down is expected to be completed by the end of H1 2025. Capital expenditure of EUR10 million (R198
million) is forecast for the GalliCam project costs
- Capital expenditure at the Keliber lithium project for 2025 has been increased from approximately EUR215 million (R4.3 billion) to EUR300
million (R5.9 billion) due to additional regulatory requirements and changes to scope of the project
- Production from the Century zinc tailings retreatment operation is forecast at between 88.3 and 97.8 kilotonnes of payable zinc metal
at an AISC of between A$3,400 and A$3,700/tZn (US$2,175 and US$2,367/tZn or R39,678 and R43,179/tZn) and capital expenditure of
A$8 million (US$5.7 million or R93 million). Project capital on the Mount Lyell copper/gold project for 2025 is forecast to be A$6 million
(US$4.3 million or R70 million)
Source: Company forecasts,
Guidance does not take into account the impact of unplanned events
* The guidance has been translated where relevant at an average exchange rate of R18.24/US$, R19.80/EUR and R11.67/A$
Notes:
- US PGM AISC are impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$950/oz
- SA PGM operations production guidance and costs include third party POC (exclude cost of purchasing third party material).Production includes 50% of the
attributable Mimosa production, while Mimosa is excluded from AISC and capital due to it being equity accounted
- Normal processes at the Sandouville nickel refinery will cease during Q1 2025/H1 2025 and the GalliCam studies to evaluate the viability of producing pCAM are
being conducted. GalliCam study cost excludes the care and maintenance costs of the refinery
- Mount Lyell was an operating copper mine which closed and is currently under care and maintenance
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
The information disclosed is only a summary of the operating update and additional information is contained in the booklet outlining the full operating update for
the quarter ended 31 March 2025 (booklet), which is available for viewing on the Company's website at https://www.sibanyestillwater.com/news-investors/reports/quarterly/.
Any investment decisions by investors and/or shareholders should be based on a booklet.
Non-IFRS measures
Sibanye-Stillwater presents certain non-IFRS figures to provide readers with additional financial information that
is regularly reviewed by management to assess the operational performance of the Group and is the
responsibility of the Group's Board of Directors. These non-IFRS measures should not be considered as
alternatives to IFRS Accounting Standards measures, including cost of sales, net operating profit, profit before
taxation, cash from operating activities or any other measure of financial performance presented in
accordance with IFRS Accounting Standards, and may not be comparable to similarly titled measures of other
companies.
The non-IFRS financial measures discussed in this document are listed below:
Non-IFRS measure Definition Purpose why these non-IFRS measures are Reconciled on page
reported of the booklet
Adjusted EBITDA Adjusted earnings before interest, tax, Used in the calculation of the debt covenant 24
depreciation and amortisation, and is reported ratio: net debt/(cash) to adjusted EBITDA
based on the formula included in Sibanye-
Stillwater's facility agreements for compliance
with the debt covenant formula and involves
eliminating the effects of various one-time,
irregular, and non-recurring items from the
standard EBITDA calculation
All-in sustaining costs Cost of sales before amortisation and Developed by the World Gold council for the 14,15,16,17,19,20
(AISC) depreciation plus additional costs which purpose of the gold mining industry, AISC
include community costs, inventory change provides metrics and aims to reflect the full
(PGM operations only), share-based payments, cost to sustain the production and sale of our
royalties, carbon tax, rehabilitation, leases, ore commodities, and reporting this metric allows
reserve development (ORD), sustaining capital for a meaningful comparisons across our
expenditure and deducting the by-product operations and different mining companies
credit
All-in costs (AIC) AISC plus additional costs relating to corporate Developed by the World Gold council for the 14,15,16,17,19,20
and major capital expenditure associated with purpose of the gold mining industry, AIC
growth provides metrics and aims to reflect the full
cost to sustain the production and sale of our
commodities, after including growth capital,
and reporting this metric allows for a
meaningful comparisons across our operations
and different mining companies
AISC/AIC per unit AISC/AIC divided by the total PGM produced/ Developed by the World Gold council for the 14,15,16,17,19,20
gold sold/payable zinc production purpose of the gold mining industry, AISC/AIC
per unit provides a metric that aims to reflect
the full cost to sustain the production and sale,
after including growth capital (AIC), of an
ounce/kilogram/tonne of commodity and
reporting this metric allows for a meaningful
comparisons across our operations and
different mining companies
Nickel equivalent Cost of sales before amortisation and We have adapted the AISC measure 12
sustaining cost depreciation plus additional costs which developed by the World Gold Council, nickel
include community costs, share-based equivalent sustaining cost metric aims to
payments, carbon tax, rehabilitation interest reflect the full cost of sustaining production
and amortisation, leases and sustaining capital and sale of nickel and allows for meaningful
expenditure and deducting by-product credit comparisons across different companies
Nickel equivalent Nickel equivalent sustaining cost divided by the We have adapted this measure developed by 12
sustaining cost per total volume of nickel products sold the World Gold Council, nickel equivalent
tonne sustaining cost per tonne provides a metric
that aims to reflect the full cost to sustain the
production and sale of a tonne of nickel and
reporting this metric allows for a meaningful
comparison across different companies
Operating costs The average cost of production, and operating Report a measure that aims to reflect the 15,18,19,20
cost per tonne is calculated by dividing the operating cost to produce our commodities,
cost of sales, before amortisation and and reporting this metric allows for a
depreciation and change in inventory in a meaningful comparisons across our operations
period by the tonnes milled/treated in the and different mining companies
same period, and operating cost per ounce
(and kilograms) is calculated by dividing the
cost of sales, before amortisation and
depreciation and change in inventory in a
period by the gold kilograms produced or PGM
2E and 4E ounces produced in the same period
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED AUDITORS
(SIBANYE-STILLWATER) Ernst & Young Inc (EY)*
Incorporated in the Republic of South Africa 102 Rivonia Road
Registration number 2014/243852/06 Sandton 2196
Share code: SSW and SBSW South Africa
Issuer code: SSW Private Bag X14
ISIN: ZAE000259701 Sandton 2146
South Africa
LISTINGS Tel: +27 11 772 3000
JSE: SSW *to resign at the 2025 AGM
NYSE: SBSW
BDO#
WEBSITE Wanderers Office Park
52 Corlett Drive
www.sibanyestillwater.com Illovo, 2196
REGISTERED AND CORPORATE OFFICE Private Bag X60500
Houghton, 2041
Constantia Office Park Tel: +27 011 488 1700
Bridgeview House, Building 11, Ground floor Fax: +27 010 060 7000
Cnr 14th Avenue & Hendrik Potgieter Road www.bdo.co.za
Weltevreden Park 1709
# to be appointed at the 2025 AGM
South Africa
Private Bag X5 AMERICAN DEPOSITARY RECEIPTS
Westonaria 1780
South Africa TRANSFER AGENT
Tel: +27 11 278 9600 BNY Mellon Shareowner Correspondence (ADSs)
Fax: +27 11 278 9863 Mailing address of agent:
TMS
COMPANY SECRETARY PO Box 43078
Providence, RI 02940-3078
Lerato Matlosa Overnight/certified/registered delivery:
Email: lerato.matlosa@sibanyestillwater.com TMS
150 Royal Street, Suite 101
DIRECTORS Canton, MA 02021
US toll free: + 1 888 269 2377
Dr Vincent Maphai*(Chairman) Tel: +1 201 680 6825
Neal Froneman (CEO) Email: shrrelations@cpushareownerservices.com
Charl Keyter (CFO)
Dr Elaine Dorward-King* Tatyana Vesselovskaya
Harry Kenyon-Slaney*^ Relationship Manager - BNY Mellon
Jeremiah Vilakazi*@ Depositary Receipts
Keith Rayner*@ Email: tatyana.vesselovskaya@bnymellon.com
Dr Peter Hancock***
Philippe Boisseau** TRANSFER SECRETARIES SOUTH AFRICA
Richard Menell*@#
Sindiswa Zilwa* Computershare Investor Services Proprietary Limited
Terence Nombembe^^
Timothy Cumming*@ Rosebank Towers
Dr Richard Stewart (CEO designate)+ 15 Biermann Avenue
Rosebank 2196
* Independent non-executive PO Box 61051
*@ Non-executive Marshalltown 2107
^ Appointed as lead independent director 1 January 2024 South Africa
# Resigned as lead independent director 1 January 2024 Tel: +27 11 370 5000
** Appointed as independent non-executive director 8 April 2024 Fax: +27 11 688 5248
*** Appointed as independent non-executive director 6 May 2024
^^ Appointed as independent non-executive director 11 September 2024
+ Appointed Executive Director 1 March 2025
INVESTOR ENQUIRIES
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Mobile: +27 83 453 4014
Email: james.wellsted@sibanyestillwater.com
or ir@sibanyestillwater.com
JSE SPONSOR
J.P. Morgan Equities South Africa Proprietary Limited
Registration number 1995/011815/07
1 Fricker Road, Illovo
Johannesburg 2196
South Africa
Private Bag X9936
Sandton 2146
South Africa
DISCLAIMER
Forward-looking statements
The information in this report may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's (Sibanye-Stillwater or the Group)
financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior
management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those
suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including
those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such
as "will", "would", "expect", "forecast", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar meaning. By their nature,
forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important
factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections contained in
the forward-looking statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected
costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South
Africa, Zimbabwe, the United States, 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; 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, silver, 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 outcome of any disputes or litigation; the
occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of industry
standards, regulatory costs and relevant government regulations, particularly environmental, sustainability, tax, health and safety regulations and new legislation
affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence
of any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; failure to meet ethical standards,
including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater's business; the
concentration of all final refining activity and a large portion of Sibanye-Stillwater's PGM sales from mine production in the United States with one entity; the
identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its
subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater's financial flexibility; operating in new geographies and regulatory
environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain disruptions and shortages and
increases in the price of production inputs; the regional concentration of Sibanye-Stillwater's operations; fluctuations in exchange rates, currency devaluations, inflation
and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or
environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater's ability to hire and retain senior management and employees
with sufficient technical and/or production skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve
sufficient representation of historically disadvantaged South Africans in its management positions, or maintain required board gender diversity; 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 in surrounding mining communities, including informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations; and the
impact of 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 2024 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2024
on Form 20-F filed with the United States Securities and Exchange Commission on 25 April 2025 (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 measures1
The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted EBITDA margin, adjusted free cash
flow, AISC, AIC, Nickel equivalent sustaining cost 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 Accounting Standards. These measures should not be considered in isolation
or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation of the
forecast non-IFRS financial information presented in this report because it is unable to provide this reconciliation without unreasonable effort. The forecast non-IFRS
financial information presented have not been reviewed or reported on by the Group's external auditors.
Non-IFRS measures are considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the
Group's Board of Directors and is presented for illustration purposes only, and because of its nature, non-IFRS measures should not be considered as a representation of
financial performance or results of operations.
1 IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)
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Date: 09-05-2025 08:00:00
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