Wrap Text
Results for the six months and year ended 31 December 2021
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 “Company” or “the Group”)
Website: www.sibanyestillwater.com
Results for the six months and year ended 31 December 2021 – Short form announcement
JOHANNESBURG, 3 March 2022: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) is pleased to report operating and financial
results for the six months ended 31 December 2021, and reviewed condensed consolidated provisional financial statements for
the year ended 31 December 2021.
SALIENT FEATURES FOR THE SIX MONTHS AND YEAR ENDED 31 DECEMBER 2021
Record financial results:
• Profit attributable to owners of Sibanye-Stillwater increased by 13% to R33.1 bn (US$2.2 bn) from R29.3 bn (US$1.8 bn)
for 2020
- Headline earnings for the year increased by 27% to R36.9 bn (US$2.5 bn) from R29.1 bn (US$1,8 bn) for 2020
- Solid operational performance with all operating segments achieving annual production guidance
• SA PGMs achieved lower AISC of R16,982/4Eoz (US$1,148/4Eoz), against industry trends. Consolidation synergy cost benefits
continue
• 19% increase in net cashflow from operating activities to R32.3 bn (US$2.2 bn) and an 88% increase in adjusted Free Cash
Flow to R37.4 bn (US$2.5 bn)
• Strong balance sheet: net cash increased further to R11.5 bn (US$719 m) on 31 December 2021
• Final dividend of R5,3 bn (US$342 m) or 187cps (US48.68 cents per ADR). Full year dividend yield of 9.8%*
• Significant progress made on green metals strategy. Strategic positions secured in key jurisdictions
• Commenced with project capital expenditure on K4, Burnstone and Klipfontein projects for future operational sustainability
• BioniCCubE – new innovation and market development fund (R&D fund) approved
* Based on the closing share price of R49.10 for the year end 31 December 2021
KEY OPERATING RESULTS
US dollar SA rand
Year ended Six months ended Six months ended Year ended
Dec 2020 Dec 2021 Dec 2020 Jun 2021 Dec 2021 KEY STATISTICS Dec 2021 Jun 2021 Dec 2020 Dec 2021 Dec 2020
UNITED STATES (US) OPERATIONS
PGM underground operations1,2
603,067 570,400 305,327 298,301 272,099 oz 2E PGM production2 kg 8,463 9,278 9,497 17,741 18,758
1,906 2,097 1,970 2,286 1,913 US$/2Eoz Average basket price R/2Eoz 28,755 33,261 32,026 31,021 31,373
741 727 409 437 290 US$m Adjusted EBITDA3 Rm 4,408 6,358 6,661 10,766 12,205
61 59 63 65 51 % Adjusted EBITDA margin3 % 51 65 63 59 61
874 1,004 882 973 1,039 US$/2Eoz All-in sustaining cost4 R/2Eoz 15,619 14,153 14,342 14,851 14,385
PGM recycling1,2
840,170 755,148 442,698 402,872 352,276 oz 3E PGM recycling2 kg 10,957 12,531 13,769 23,488 26,132
2,237 3,515 2,236 3,159 3,932 US$/3Eoz Average basket price R/3Eoz 59,098 45,963 36,357 51,987 36,821
54 101 27 50 51 US$m Adjusted EBITDA3 Rm 757 733 420 1,490 878
3 4 4 4 4 % Adjusted EBITDA margin3 % 4 4 4 4 3
11 21 7 12 9 US$m Net interest received Rm 144 171 113 315 181
65 122 34 62 60 US$m Profit before tax Rm 899 903 531 1,802 1,054
SOUTHERN AFRICA (SA) OPERATIONS
PGM operations2
1,526,372 1,836,138 895,459 894,165 941,973 oz 4E PGM production2,5 kg 29,299 27,812 27,852 57,110 47,475
2,227 3,182 2,396 3,686 2,696 US$/4Eoz Average basket price R/4Eoz 40,517 53,629 38,954 47,066 36,651
1,765 3,490 1,221 2,154 1,336 US$m Adjusted EBITDA3 Rm 20,270 31,338 20,025 51,608 29,074
53 61 60 66 54 % Adjusted EBITDA margin3 % 54 66 60 61 53
1,081 1,148 1,053 1,163 1,134 US$/4Eoz All-in sustaining cost4 R/4Eoz 17,037 16,921 17,123 16,982 17,792
US dollar SA rand
Year ended Six months ended Six months ended Year ended
Dec 2020 Dec 2021 Dec 2020 Jun 2021 Dec 2021 KEY STATISTICS Dec 2021 Jun 2021 Dec 2020 Dec 2021 Dec 2020
Gold operations
982,559 1,072,934 578,939 518,848 554,086 oz Gold produced kg 17,234 16,138 18,007 33,372 30,561
1,747 1,787 1,850 1,792 1,780 US$/oz Average gold price R/kg 860,303 838,088 967,229 849,703 924,764
471 346 371 162 184 US$m Adjusted EBITDA3 Rm 2,762 2,351 6,087 5,113 7,771
28 18 36 18 18 % Adjusted EBITDA margin3 % 18 18 36 18 28
1,406 1,689 1,347 1,691 1,685 US$/oz All-in sustaining cost4 R/kg 814,347 791,171 704,355 803,260 743,967
GROUP
1,782 2,234 1,220 1,707 527 US$m Basic earnings Rm 8,218 24,836 19,927 33,054 29,312
1,771 2,493 1,209 1,707 787 US$m Headline earnings Rm 12,045 24,833 19,785 36,878 29,146
2,998 4,639 2,008 2,787 1,852 US$m Adjusted EBITDA3 Rm 28,057 40,549 32,871 68,606 49,385
16.46 16.26 14.55 Average exchange rate using daily
14.79 15.03 R/US$ closing rate
Previously, the level of rounding applied in the Group’s condensed consolidated provisional financial statements included a decimal for the nearest
hundred thousand. During the year ended 31 December 2021, the Group changed the level of rounding to only reflect the nearest million by removing the
hundred thousand decimal space. Immaterial rounding adjustments were made to comparative information as a result of this change.
1 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 on spent
autocatalysts fed to the furnace
2 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)
3 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 note 11.1 of the condensed
consolidated provisional financial statements. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
4 See “Salient features and cost benchmarks” sections for the definition of All-in sustaining cost (AISC) and the “Reconciliation of AISC and AIC
excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana” sections
5 The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the
production including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM
and Marikana" sections
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OF SIBANYE STILLWATER
The Group delivered another record financial performance for 2021, with revenue of R172.2 billion (US$11.6 billion) and
adjusted EBITDA of R68.6 billion (US$4.6 billion), respectively 35% and 39% higher than for 2020. Record profit
attributable to shareholders of Sibanye-Stillwater of R33.1 billion (US$2.2 billion) and adjusted free cash flow (AFCF) of
R37.4 billion million (US$2.5 billion), underpinned increased returns to shareholders and successful delivery of all other
elements of the Group's capital allocation framework exceeding expectations that were set at the beginning of the year.
Our green metals strategy also advanced significantly during the year, with strategic positions secured in key
jurisdictions close to rapidly growing battery production markets in Europe and North America.
Annual production guidance was achieved by all the operating segments for 2021, providing a solid base for improved Group
profitability on the back of robust commodity prices. The operating performance from the SA PGM operations for 2021 was
particularly strong, with production of 1,836,138 4Eoz above the upper end of the guided range for 2021 and all-in
sustaining cost (AISC) well below the lower end of annual guidance and lower year-on-year. Gold production of 27,747kg
(892,087oz) from the SA gold operations (excluding DRDGOLD) for 2021 was within annual guidance with production of
14,348kg (461,299oz) for H2 2021, 7% higher than for H1 2021, despite approximately 600kg (19,300oz) less production as a
result of the safety stoppages towards the end of the year. 2E PGM production of 570,400 2Eoz from the US PGM operations
for 2021 was within the lower end of revised annual guidance, with ongoing regulatory and self imposed restrictions after
the fatal accident at the Stillwater West mine during June 2021 impacting throughout H2 2021. The US recycling business
had another strong year, achieving planned throughput and generating strong cash flow through active supplier management
and the drawdown of spent catalyst inventory towards the end of the year.
Normalised earnings** for 2021 increased by 27% to R38.9 billion (US$2.6 billion) year-on-year , driven by the strong
performance during H1 2021, with normalised earnings of R14.5 billion (US$963 million) for H2 2021, 34% lower than for H2
2020, primarily due to a sharp decline in precious metals prices during the period.
The Group ended the year in a robust financial position, with cash and cash equivalents of R30.3 billion (US$1.9 billion)
exceeding borrowings (excluding non-recourse Burnstone debt) of R18.8 billion (US$1.2 billion), resulting in a R11.5 billion
(US$719 million) net cash position with the net cash: Adjusted EBITDA ratio at 0.17x. The improved financial position and
favourable interest rates enabled the replacement of higher cost debt with the Group replacing its 2022 and 2025 notes
raised at the time of the Stillwater acquisition, with new 2026 and 2029 notes, raising US$1.2 billion on significantly
better terms.
Following the implementation of additional, targeted safety initiatives, including our "Rules of Life" campaign towards the
end of H1 2021, there has been a consistent improvement in all safety injury indicators which has continued during Q1 2022.
These positive safety trends included a 27% improvement in the Serious Injury Frequency Rate (SIFR), a 33% improvement in
the Lost Day Injury Frequency Rate (LDIFR) and a 31% improvement in the Total Recordable Injury Frequency Rate (TRIFR) from
H1 2021 to H2 2021. These improved lagging safety indicators represent the best that the Group has achieved since 2013 and
provide a strong indication of a likely reduction in high potential incident risks, in line with our overall focus on
adherence to safety standards.
Tragically, and in direct contrast to these improving safety trends, fatal incidents persisted during H2 2021. Tragically,
12 colleagues were lost during the period. In total, the Group experienced 20 fatalities during 2021, which was inconsistent
with previous Group performance, and a significant deterioration from the nine fatalities which occurred during 2020 and
six fatalities during 2019. A similar regression in fatal incidents was evident throughout the South African mining industry
in 2021, with 74 fatalities experienced in total compared with 60 lives lost during 2020. The reasons for this industry
wide regression are unclear, but the extended burden of COVID-19 has been a mentally, emotionally and physically depleting
factor.
** Normalised earnings is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial instruments and
foreign exchange differences, impairments, gain/loss on disposal of property, plant and equipment, occupational healthcare expense, restructuring
costs, transactions costs, share-based payment on BEE transaction, gain on acquisition, net other business development costs, share of results of
equity-accounted investees, all after tax, and the impact of non-controlling interest, and changes in estimated deferred tax rate. This measure
constitutes pro forma financial information in terms of the JSE Listings Requirements and is the responsibility of the board of directors (Board). For
a reconciliation of profit attributable to the owners of Sibanye-Stillwater to normalised earnings, see note 9 of the condensed consolidated provisional
financial statements For a reconciliation of profit attributable to the owners of Sibanye-Stillwater to normalised earnings, see note 9 of the
condensed consolidated provisional financial statements
The SA PGM operations continued to deliver solid operating results, with 4E PGM production increasing by 20% year-on-year
to 1,896,670 4Eoz (including 60,532 4Eoz of third-party concentrate treated at the Marikana smelting and refining operations).
This was despite significant operational headwinds, including safety stoppages, employee unavailability due to the COVID-
19 virus and ongoing power disruptions in South Africa.
Contrary to prevailing trends across the global mining industry, ongoing cost management and higher by-product revenues
offset significant inflationary cost pressures and higher royalties, resulting in AISC for 2021 declining by 5% to
R16,982/4Eoz (US$1,148/4Eoz) compared with 2020. This consistent cost management continues to enhance the relative
competitiveness of the SA PGM operations, which have moved significantly towards the lower half of the global industry cost
curves over the last five years, from the upper end of the curves prior to integration into the Group. This is the outcome
of the ongoing realisation of synergies as envisaged, prior to consolidation of these assets. The SA PGM operations generated
adjusted EBITDA of R51.6 billion (US$3.5 billion) for 2021 which was 78% higher than for the previous year and four-fold
higher than the total acquisition cost of these assets, a substantial return on investment.
Mined PGM production from the US PGM operations in 2021 of 570,400 2Eoz was towards the lower end of revised annual guidance,
primarily due to the ongoing impact of the rail collision safety incident in June 2021, with production of 272,099 2Eoz for
H2 2021, 9% lower than for H1 2021 as a result. The implementation of rail safety enhancements following the safety incident
in June 2021, has necessitated shutting down mining blocks at the Stillwater West mine, which remains constrained by Mine
Safety and Health Administration (MSHA) stop orders and new operating procedures. Additionally, production from the East
Boulder mine was impacted by electrical outages in December 2021 because of severe weather conditions. AISC for the US PGM
operations increased by 15% to US$1,004/2Eoz (R14,851/2Eoz), primarily due to the shortfall in production and above inflation
cost increases on consumables due to global logistical constraints. Increasing skills shortages in North America and high
employee attrition rates have also resulted in an increased reliance on contract employment at significantly higher costs.
Adjusted EBITDA for the US PGM underground operations of US$727 million (R10.8 billion) was 2% lower year-on-year as a
result.
3E PGM recycled production for 2021 declined by 10% to 755,148 3Eoz due to a reduction in concentrate feed from underground
affecting blending, a slowdown in used car scrapping rates globally and continued supply chain logistic constraints affecting
autocatalyst deliveries towards year end. The recycling operations fed an average of 23.8 tonnes per day of spent autocatalyst
for 2021, 10% lower than for 2020 with the rate declining over the year from 24.7 tonnes per day for H1 2021 to 22.8 tonnes
per day for H2 2021. This was however offset by a drawdown on recycling inventory from 432 tonnes at H1 2021 to 25 tonnes
at year end, enabling a release of working capital and a 16% increase in recycling 3Eoz sold to 782,552 3Eoz. Recycling
inventory is expected to normalise at around 200 tonnes once autocatalyst delivery backlogs dissipate. Adjusted EBITDA of
US$101 million (R1.5 billion) increased by 87% compared with 2020. This was primarily due to the higher PGM basket prices,
with interest on recycle supplier advances adding a further US$21 million (R315 million), partly offsetting the impact of
the operational shortfall.
Gold production from the SA gold operations (excluding DRDGOLD) for 2021 of 27,747kg (892,087oz), was above the lower end
of annual guidance, despite H2 2021 being impacted by safety stoppages. These included the self-imposed Group safety
intervention and suspension of operations at Beatrix 1 and 3 shafts and Kloof 1 shaft, which resulted in approximately 600kg
(19,300oz) less production during Q4 2021. AISC for the SA gold operations (excluding DRDGOLD) increased by 7% year-on-year
to R831,454/kg (US$1,749) as a result of the shortfall in planned production and above inflation cost increases on electricity
and some consumables. ORD expenditure and sustaining capital increased by 46% and 45% respectively due to increased spend
to restore operational flexibility following constraints during 2020 due to COVID-19.
STRATEGY REVIEW
Strategic M&A
Significant progress was made advancing our green metals strategy during 2021, with a series of transactions announced
during H2 2021 following the acquisition of an initial 26.6% holding in the Keliber lithium project during H1 2021. These
transactions represent the outcome of two years of careful market analysis and engagement in our strategic path towards
building a climate change resilient business, enabling further international diversification in high quality and strategic
assets that is set to deliver substantial future value and earnings diversification.
In summary the transactions comprise:
• During2021, the Group acquired a 26.6% stake in the Keliber Lithium project for EUR25 million. A further EUR5 million
payment in March 2022 will secure a 30% interest in the project, with the option to increase this interest to over 50%
following the conclusion of a definitive feasibility study which will dictate the funding requirements. Keliber is planned
as the 1st fully integrated lithium producer in Europe with direct access to key European battery markets from the Port of
Kokkola in Finland
• The acquisition of 100% of Eramet’s Sandouville nickel processing facilities in Le Havre, France was concluded on 4 February
2022 for an effective cash consideration of EUR85 million (adjusting for closing net debt and working capital). Following
the investment in the Keliber lithium project in Finland, this acquisition consolidates Sibanye-Stillwater's presence in
Europe, securing another strategic footprint in a favourable jurisdiction with strategic access to rapidly developing
battery metal end user markets in Europe. Integration of the existing facility into the Group is underway with internal
studies on optimisation of the facility and options for development of an adjacent property into a possible battery metals
and recycling facility in progress
• On16 September 2021 the Group announced a proposed 50:50 joint venture (JV) with ioneer with respect to the Rhyolite Ridge
Lithium-Boron project in Nevada, USA. During Q4 2021, the Group acquired a 7.1% direct equity interest in ioneer for
approximately US$70 million. The Group’s option to acquire a 50% interest in the Rhyolite Ridge project JV for a US$490
million contribution for the development of the proposed project, remains subject to various conditions being met, including
obtaining all relevant permits required to develop the project. Rhyolite Ridge is a world-class lithium project with the
potential to become the largest and lowest cost lithium mine in the US and is strategically positioned close to the rapidly
developing battery production facilities in the region. ioneer management continues to work closely with the US Fish and
Wildlife Services and Bureau of Land Management on the current propagation studies for the Tiehm's buckwheat as part of
the conservation plan being developed for the project. The first seedling and propagation studies undertaken in 2020 were
conducted by the University of Nevada – Reno
• In December 2021, the Group acquired a 19.9% stake in New Century, a leading Australian tailings reprocessing business for
a cash consideration of A$61 million. The New Century investment is complementary to and enhances Sibanye-Stillwater’s
established position as a leading global tailings retreatment business uniquely positioned to play a key role in green
metal supply chains together with its investment in DRDGOLD, a leading international gold tailings retreatment business
On 24 January 2022 the Group announced the termination of the proposed acquisitions of the Santa Rita nickel and Serrote
copper mines in Brazil from Appian Capital, which had been announced on 26 October 2021. Shortly after the announcement of
the proposed transaction, Appian informed the Group that a geotechnical event had occurred at the Santa Rita mine. The
Company subsequently assessed the event and concluded that it was likely to have a material and adverse effect on the
business, financial condition, results of operations, the properties, assets, liabilities or operations of Santa Rita. As
a result, a decision was taken to terminate the proposed transaction.
KEY FINANCIAL RESULTS
US dollar SA rand
Year ended Six months ended Six months ended Year ended
Dec 2020 Dec 2021 Dec 2020 Jun 2021 Dec 2021 KEY STATISTICS Dec 2021 Jun 2021 Dec 2020 Dec 2021 Dec 2020
7,739 11,643 4,439 6,182 5,461 Revenue (million) 82,241 89,953 72,373 172,194 127,392
65 77 44 58 19 Basic earnings per share (cents) 288 843 716 1,140 1,074
65 86 44 58 28 Headline earnings per share (cents) 422 843 711 1,272 1,068
DIVIDEND DECLARATION
The Sibanye-Stillwater board of directors has declared and approved a cash dividend of 187 SA cents per ordinary share (US
12.17 cents* per share or US 48.68 cents* per ADR) or approximately R5,252 million (US$342 million*) in respect of the six
months ended 31 December 2021 (“Final dividend”). The Board applied the solvency and liquidity test and reasonably concluded
that the company will satisfy that test immediately after completing the proposed distribution.
Sibanye-Stillwater dividend policy is to return at least 25% to 35% of normalised earnings to shareholders. Normalised
earnings is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial
instruments and foreign exchange differences, impairments, gain/loss on disposal of property, plant and equipment,
occupational healthcare expense, restructuring costs, transactions costs, share-based payment on BEE transaction, gain on
acquisition, net other business development costs, share of results of equity-accounted investees, all after tax and the
impact of non-controlling interest, and changes in estimated deferred tax rate.
The total dividend declared of 479 cents (Final dividend: 187 SA cents and Interim dividend: 292 SA cents) equates to 35%
of normalised earnings for the year ended 31 December 2021.
The final dividend will be subject to the Dividends Withholding Tax. In accordance with paragraphs 11.17 (a) (i) and 11.17
(c) of the JSE Listings Requirements the following additional information is disclosed:
The dividend has been declared out of income reserves;
The local Dividends Withholding Tax rate is 20% (twenty per centum);
The gross local dividend amount is 187.00000 SA cents per ordinary share for shareholders exempt from the Dividends Tax;
The net local dividend amount is 149.60000 SA cents (80% of 187 SA cents) per ordinary share for shareholders liable to
pay the Dividends Withholding Tax;
Sibanye-Stillwater currently has 2 808 406 269 ordinary shares in issue; and
Sibanye-Stillwater’s income tax reference number is 9723 182 169.
Shareholders are advised of the following dates in respect of the final dividend:
Final dividend: 187 SA cents per share
Declaration date: Thursday, 3 March 2022
Last date to trade cum dividend: Tuesday, 22 March 2022
Shares commence trading ex-dividend: Wednesday, 23 March 2022
Record date: Friday, 25 March 2022
Payment of dividend: Monday, 28 March 2022
Please note that share certificates may not be dematerialised or rematerialised between Wednesday, 23 March 2022 and
Friday, 25 March 2022 both dates inclusive.
To holders of American Depositary Receipts (ADRs):
Each ADR represents 4 ordinary shares;
ADRs trade ex-dividend on the New York Stock Exchange (NYSE): Thursday, 24 March 2022;
Record date: Friday, 25 March 2022;
Approximate date of currency conversion: Monday, 28 March 2022; and
Approximate payment date of dividend: Monday, 11 April 2022
Assuming an exchange rate of R15.3650/US$1*, the dividend payable on an ADR is equivalent to 48.68 United States cents for
Shareholders liable to pay dividend withholding tax. However, the actual rate of payment will depend on the exchange rate
on the date for currency conversion.
* Based on an exchange rate of R15.3650/US$ at 28 February 2022 from IRESS. However, the actual rate of payment will depend
on the exchange rate on the date for currency conversion
This short-form announcement is the responsibility of the board of directors of the Company (Board).
The information disclosed is only a summary and does not contain full or complete details. Any investment decisions by
investors and/or shareholders should be based on a consideration of the full announcement as a whole and shareholders are
encouraged to review the full announcement (results booklet), which is available for viewing on the Company’s website at
https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/ and via the JSE link. The full results announcement
is available for inspection at the Company’s registered office and the office of our sponsors during normal business hours
and is available at no charge. Alternatively, copies of the full announcement may be requested from the Company’s Investor
relations department (ir@sibanyestillwater.com).
The financial results as contained in the condensed consolidated provisional financial statements for the year ended 31
December 2021, from which this short-form announcement has been correctly extracted, have been reviewed by EY Inc., who
expressed an unmodified review conclusion thereon. A copy of the auditor’s report can be obtained from the Company’s
registered office, by emailing the Company Secretary (lerato.matlosa@sibanyestillwater.com).
The JSE link is as follows:
https://senspdf.jse.co.za/documents/2022/jse/isse/sswe/FY21Result.pdf
Contact:
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
+27(0)83 453 4014
Website: sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
FORWARD LOOKING STATEMENTS
The information in this document may contain forward-looking statements within the meaning of the “safe harbour” provisions of the
United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating
to Sibanye Stillwater Limited’s (“Sibanye-Stillwater” or the “Group”) financial positions, business strategies, plans and objectives of
management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of
Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those
suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various
important factors, including those set forth in this document.
All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking
statements also often use words such as “will”, ““would”, “expect”, “forecast”, “potential”, “may”, “could” “believe”, “aim”,
“anticipate”, “target”, “estimate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be considered in light of various important factors, including those
set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from
estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial
position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt
position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United
States and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of
any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and
restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond
instruments (including high yield bonds and convertible bonds, if any); changes in assumptions underlying Sibanye-Stillwater’s estimation
of its current mineral reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other
cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing
operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s
business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the battery
metals or adjacent sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with
requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold,
PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities
and supply requirements; the occurrence of hazards associated with underground and surface mining; any further downgrade of South
Africa’s credit rating; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution
and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the 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 high and ethical standards, including actual or alleged
instances of fraud, bribery or corruption; the effect of climate change 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 or sufficient technically skilled employees, 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 and
communications systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster
at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV,
tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19).
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with
the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report 2020
and the annual report on Form 20-F filed with the United States Securities and Exchange Commission on 22 April 2021 (SEC File no. 333-
234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or
undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements
have not been reviewed or reported on by the Group’s external auditors.
Date: 03-03-2022 08:00:00
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