Wrap Text
Results for the six months and year ended 31 December 2022 – Short form announcement
Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(Sibanye-Stillwater or the Group or the Company)
Website: www.sibanyestillwater.com
Results for the six months and year ended 31 December 2022 – Short form announcement
JOHANNESBURG, 28 February 2023: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) is pleased to
report operating and financial results for the six months ended 31 December 2022, and reviewed
condensed consolidated provisional financial statements for the year ended 31 December 2022.
SALIENT FEATURES FOR THE SIX MONTHS AND YEAR ENDED 31 DECEMBER 2022
• Significant improvement in safety performance. All indicators improved with the fatal
injury frequency rate (FIFR) reducing by 75%
• Strong balance sheet maintained with net cash of R5.9 bn (US$344m) and net cash: adjusted
EBITDA at 0.14x (2021:0.17x)
• Profit for the period of R19bn (US$1.2bn) compared to R33.8bn (US$2.3bn) for 2021
• Final dividend of R3.5bn (US$191m) or 122 SA cents per share (26.98 US cents per ADR), full
year dividend of R7.37bn (US$421m) equivalent to a 6%* annual yield
• SA PGM operations continue to move down the industry cost curves despite load curtailment
impact on production
• Inflation-linked three and five year wage agreements signed at the SA gold operations and
SA PGM operations respectively, positioning operations for stability
• US PGM operations recover from one in 200 year flood and repositioned to respond to the
changing macro environment
• Progress on Battery metals strategy
• 85% holding in Keliber lithium project obtained and construction of the Keliber lithium
refinery commenced in Q1 2023
• US Government offered conditional commitment for a loan of up to US$700 million for the
Rhyolite Ridge lithium-boron project
* Based on the closing share price of R44.72 using R2.60 per share for interim and final dividends for the year ended 31
December 2022
KEY OPERATING RESULTS
US dollar SA rand
Year ended Six months ended Six months ended Year ended
Dec 2021 Dec 2022 Dec 2021 Jun 2022 Dec 2022 KEY STATISTICS Dec 2022 Jun 2022 Dec 2021 Dec 2022 Dec 2021
GROUP
2,234 1,126 527 782 344 US$m Basic earnings Rm 6,380 12,016 8,218 18,396 33,054
2,493 1,126 787 775 350 US$m Headline earnings Rm 6,484 11,938 12,045 18,422 36,878
4,639 2,510 1,852 1,465 1,045 US$m Adjusted EBITDA1 Rm 18,550 22,561 28,057 41,111 68,606
Average exchange rate using
14.79 16.37 15.03 15.40 17.33 R/US$ daily closing rate
AMERICAS REGION
PGM underground operations2,3
570,400 421,133 272,099 230,039 191,094 oz 2E PGM production2,3 kg 5,944 7,155 8,463 13,099 17,741
2,097 1,862 1,913 1,935 1,766 US$/2Eoz Average basket price R/2Eoz 30,609 29,799 28,755 30,482 31,021
727 386 290 261 125 US$m Adjusted EBITDA1 Rm 2,309 4,021 4,408 6,330 10,766
1,004 1,586 1,039 1,366 1,840 US$/2Eoz All-in sustaining cost4 R/2Eoz 31,880 21,036 15,619 25,951 14,851
US PGM recycling2,3
755,148 598,774 352,276 361,333 237,441 oz 3E PGM recycling2,3 kg 7,385 11,239 10,957 18,624 23,488
3,515 3,067 3,932 2,906 3,274 US$/3Eoz Average basket price R/3Eoz 56,747 44,752 59,098 50,202 51,987
101 78 51 39 39 US$m Adjusted EBITDA1 Rm 676 598 757 1,274 1,490
SOUTHERN AFRICA (SA) REGION
PGM operations3
1,836,138 1,667,464 941,973 823,806 843,658 oz 4E PGM production3,5 kg 26,241 25,623 29,299 51,864 57,110
3,182 2,622 2,696 2,817 2,434 US$/4Eoz Average basket price R/4Eoz 42,188 43,379 40,517 42,914 47,066
3,490 2,330 1,336 1,374 956 US$m Adjusted EBITDA1 Rm 16,983 21,152 20,270 38,135 51,608
1,148 1,180 1,134 1,179 1,179 US$/4Eoz All-in sustaining cost4 R/4Eoz 20,431 18,160 17,037 19,313 16,982
Gold operations
1,072,934 620,541 554,086 191,683 428,859 oz Gold produced kg 13,339 5,962 17,234 19,301 33,372
1,787 1,798 1,780 1,864 1,720 US$/oz Average gold price R/kg 958,232 922,851 860,303 946,073 849,703
346 (219) 184 (202) (17) US$m Adjusted EBITDA1 Rm (440) (3,106) 2,762 (3,546) 5,113
1,689 2,410 1,685 3,115 2,019 US$/oz All-in sustaining cost4 R/kg 1,124,737 1,542,355 814,347 1,268,360 803,260
EUROPEAN REGION
Battery metals - Sandouville
refinery6
— 6,842 — 4,565 2,277 tNi Nickel production7 tNi 2,277 4,565 — 6,842 —
28,019 Nickel equivalent average
— — 30,789 24,646 US$/tNi basket price8 R/tNi 427,120 474,144 — 458,595 —
— (30) — 4 (34) US$m Adjusted EBITDA1 Rm (553) 60 — (492) —
32,239 Nickel equivalent sustaining
— — 29,896 38,333 US$/tNi cost9 R/tNi 664,311 460,397 — 527,676 —
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 note 11.1 of the condensed consolidated
provisional financial statements
2. The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated
to SA rand (rand). In addition to the US PGM operations’ underground production, the operation treats recycling
material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics
shown. PGM recycling represents palladium, platinum, and rhodium ounces on spent autocatalysts fed to the furnace
3. The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold,
referred to as 4E (3PGM+Au), and in the US operations is principally platinum and palladium, referred to as 2E (2PGM)
and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)
4. See “Salient features and cost benchmarks” sections for the definition of All-in sustaining cost (AISC)
5. The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties.
For a reconciliation of the production including third party PoC, refer to the "Reconciliation of operating cost
excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana" sections
6. The Sandouville refinery processes nickel matte and is included in the Group results since the effective date of the
acquisition on 4 February 2022
7. The nickel production at the Sandouville 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 ton is the total nickel revenue adjusted for other income - non-product
sales divided by the total nickel equivalent tons sold
9. See "Salient features and cost benchmarks - Six months Sibanye-Stillwater Sandouville Refinery" for a reconciliation
of cost of sales before amortisation and depreciation to nickel equivalent sustaining cost
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OF SIBANYE-STILLWATER
The Group's performance for 2022 reflects significant positive achievements in some respects,
and notable challenges in others.
Without doubt, the most significant achievement during 2022, was the ongoing improvement in our
safety performance and turnaround in the number of fatal incidents.
The Group operating and financial results for 2022 were impacted by exogenous factors including
a more challenging macro-economic and geopolitical environment and the severe weather event in
Montana, which impacted our US PGM operations. Global macro influences, including significant
inflationary cost pressures globally, ongoing supply chain disruptions and a deteriorating
economic outlook, which reflected in lower demand and lower prices for the metals we produce.
The severe weather event caused regional flooding across Montana in June 2022 and restricted
access to the Stillwater mine resulting in the operations being shut for 7 weeks. These are some
of the factors we have previously highlighted as existential threats (the Grey Elephants) which
we need to be mindful of and adapt to, to ensure the sustainability of our organisation and the
ecosystems within which we operate.
The manner in which these unanticipated operational disruptions and other external challenges
we faced were managed gives me confidence that the regional organisational structure we
established in late 2021 is appropriate for the diversified nature of the larger, multinational
business. Focused regional teams have been appointed to ensure continued operational delivery
across the Group, and appropriate responses to the unique environments in the regions we operate.
The industrial action and flooding events resulted in significantly reduced production from the
SA gold and US PGM operations during 2022, with a concomitant increase in unit costs. The phased
resumption and build-up of safe production after these operational stoppages also negatively
impacted production and costs during the second half of the year, resulting in Group revenue
declining by 20% to R138.3 billion (US$8.4 billion) for 2022 compared with R172.2 billion
(US$11.6 billion) for 2021.
Group adjusted EBITDA of R41.1 billion (US$2.5 billion) for 2022 was 40% lower than the record
adjusted EBITDA of R68.6 billion (US$4.6 billion) for 2021, but still the third highest Group
adjusted EBITDA recorded since listing. This was despite the SA gold operations recording a R3.5
billion (US$219 million) adjusted EBITDA loss (compared with a positive R5.1 billion (US$346
million) adjusted EBITDA contribution for 2021) and the adjusted EBITDA contribution from the
US PGM underground operations declining by 47% to US$386 million (R6.3 billion).
Normalised earnings for 2022 of R21 billion (US$1.3 billion) were 46% lower year-on-year, with
normalised earnings of R9.8 billion (US$558 million) for H2 2022, 32% lower than for H2 2021,
primarily due to the impact of lower commodity prices and production at the SA gold and US PGM
operations.
The fatal elimination program that we introduced and developed during 2022 was a fundamental
change in the approach to safety across our business. This was not a safety campaign but rather
an introduction of a safety cultural transformation that impacts over 85,000 employees.
The significant improvement in all our lagging indicators, most notably fatal incidents, with
the Group fatal injury frequency rate (FIFR) declining by 75%, not only retracing the anomalous
regression in fatalities we experienced during 2021, but declining to record levels previously
not achieved in the history of the Group, is a reflection of the efforts by all our teams and a
positive confirmation that the strategy we have adopted is yielding the results we are seeking.
Despite these improvements, our increased focus on leading indicators continues to highlight
that we still experience levels of risk at some of our operations that requires continued focus
and still have much to do regarding eliminating fatalities on a sustainable basis. We regrettably
suffered five fatalities across the Group during 2022, and while this is an improvement on the
21 fatalities in 2021, it is five too many; eliminating fatal incidents is the first step in
our continued effort to ensure our goal of zero harm in the workplace is achieved.
** 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 acquisitions, net other business development costs, share of results of equity-accounted investees,
all after tax and the impact of non-controlling interest, and changes in estimated deferred tax rate. 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 8 of the condensed consolidated provisional financial statements
Production from the SA PGM operations for 2022 (including attributable ounces from Mimosa and
third-party purchase of concentrate (PoC) of 63,344 4Eoz) of 1,730,808 4Eoz, was marginally
below the lower end of annual guidance for 2022. This was a solid performance considering the
ongoing impact of Eskom load curtailment as well as factors highlighted previously, including
copper cable theft and proactive safety related stoppages. In absolute terms, costs at the SA
PGM operations continued to be well managed, with AISC (excluding PoC) of R30 billion (US$1.8
billion) only 3% higher year-on-year. As a result of the year-on-year decline in production
however, AISC for 2022 was 14% higher than 2021, increasing to R19,313/4Eoz (US$1,180/4Eoz).
This was primarily due to the increased load shedding during H2 2022, with AISC of R20,431/4Eoz
(US$1,179/4Eoz) for H2 2022, 13% higher than for the first half of 2022 (R18,160/4Eoz
(US$1,179/4Eoz)).
The SA gold operations (excluding DRDGOLD) were suspended for three months during H1 2022 due
to the industrial action and lockout resulting in a 50% decline in production for 2022 to
13,736kg (441,623oz). Production of 10,608 kg (341,055oz) for H2 2022, was significantly improved
compared to production of 3,128kg (100,568oz) for H1 2022, reflecting the successful ramp up
post the industrial action and the completion of the tailings storage facility (TSF) remediation
at the Beatrix operation. More normalised rates of production were achieved during November
2022 and have been maintained during Q1 2023 to date. Including DRDGOLD, production for the year
was 19,301kg (620,541oz). In the absence of any further disruptions, which are not expected,
production for 2023 is forecast to be significantly higher than for 2022, with correspondingly
lower unit costs.
The ramp-up of production from the US PGM operations post the regional flood event in early June
2022 progressed well, with production rates normalising during Q4 2022. Mined 2E PGM production
for 2022 of 421,133 2Eoz was 5% below the lower end of annual guidance, reflecting the full
impact of the flood event as well as ongoing operational constraints which contributed to the
repositioning of the US PGM operations as presented to the market in August 2022
(https://thevault.exchange/?get_group_doc=245/1660214769-ssw-repositioning-US-PGM-operations-changing-macro-environment-11August22.pdf). AISC
of US$1,586/2Eoz (R25,951/2Eoz) for 2022 were substantially higher than AISC of US$1,004/2Eoz
(R14,851/2Eoz) reported for 2021, primarily as a result of lower production, compounded by
inflationary cost impacts and increased ore reserve development (ORD) and sustaining capex
associated with the repositioned plan, which resulted in a significant increase in unit costs
for H2 2022 relative to H1 2022. Implementation of the repositioned plan is in process, with
production forecast to build-up to 700,000+ 2Eoz by 2027 and AISC reducing to less than
US$1,000/2Eoz, once flexibility has been restored across the complex and the new cemented
backfill plant at Stillwater East has been completed.
The global slowdown in used car scrappage rates due to the uncertain global economic environment,
higher interest rates and higher new car prices as well as continued supply chain constraints,
(including port and road transport) and a firm adherence to our responsible sourcing principles,
impacted receipt and feed rates at the US PGM recycling operation during 2022. Spent
autocatalysts containing 3E PGM of 598,774 3Eoz were fed during 2022, 21% lower than 2021.
For the 11 months since acquisition on 4 February 2022, the Sandouville nickel refinery produced
4,839 tonnes of nickel metal, 2,003 tonnes of nickel salts and 153 tonnes of cobalt chloride at
a nickel equivalent sustaining cost of US$32,239/tNi (R527,676/tNi). While lower production was
expected as a result of planned annual plant maintenance, H2 2022 was impacted by technical
challenges at the plant and higher input costs, primarily gas and electricity. The focus for
2023 will be to improve plant availability and to reduce the frequency of unplanned maintenance.
Progress has been made in reviewing and renegotiating contracts with suppliers and customers
which should results in improved commercial terms at Sandouville for 2023. Since year end there
has been a change of leadership at Sandouville and several senior appointments have been made
in the European region to further support the recovery at the Sandouville operations. The focus
is on continuity and stability of production by de-bottlenecking the plant to increase throughput
to nameplate capacity of c.12kt of Ni metal, c.4kt of Ni salts and c.600t of CoCl2 by 2026.
STRATEGY REVIEW
A disciplined focus on capital allocation and value accretive M&A was maintained during 2022.
Battery metal prices remained at elevated levels throughout the year and a move by other industry
peers toward diversifying into the battery metals space was evident.
Meaningful progress has been achieved in 2022 with the growth in the European region. An 85%
interest in Keliber was acquired by exercising our right to take a 50% stake and concurrently
making an offer to minority shareholders other than the Finnish Minerals Group, which remains a
key shareholder. The required permits to advance the project have been obtained and construction
of the refinery has commenced in 2023.
The Sandouville recapitalisation is gathering momentum, and prospects are good for establishing
PGM, and in time, battery metals recycling operations on a meaningful scale in Europe. We are
also positioning to become more active in global tailings reprocessing through a recent increase
in our investment in New Century.
Commitments have also been obtained from the US Department of Energy for loan funding of up to
US$700 million for the development of the Rhyolite Ridge project in Nevada. This reflects the
strong support for establishing local supply of the critical minerals required for a low carbon
economy in both North America and in Europe, where we have purposefully built strategic
beachheads.
These opportunities do not exclude selective expansion into Africa as part of our Africa Region
strategy. We have identified that Zambia, under President Hichilema’s new leadership, is
transforming into an attractive jurisdiction seeking to attract mining capital under a favourable
policy environment. While the Zambian mining industry has been devastated through years of poor
regulation and neglect, confidence is building that the changes will persist creating meaningful
opportunities for renewal of its mining industry. The intended sale of the Mopani mine is of
particular interest presenting a unique opportunity to secure meaningful production ounces of
copper, a key green metal for the low carbon economy, at a favourable entry point in the
commodity cycles.
With such opportunities scarce in other parts of the world and greater competition for resources
due to perceptions of the risk context, we see diversification of specific commodities and
jurisdictions within Africa as a meaningful contributor to growth in our green metals strategy.
KEY FINANCIAL RESULTS
US dollar SA rand
Year ended Six months ended Six months ended Year ended
Dec 2021 Dec 2022 Dec 2021 Jun 2022 Dec 2022 KEY STATISTICS Dec 2022 Jun 2022 Dec 2021 Dec 2022 Dec 2021
11,643 8,448 5,461 4,570 3,878 Revenue (million) 67,909 70,379 82,241 138,288 172,194
77 40 19 28 13 Basic earnings per share 225 426 288 651 1,140
86 40 28 27 13 (cents)
Headline earnings per share (cents) 229 423 422 652 1,272
DIVIDEND DECLARATION
The Sibanye-Stillwater board of directors has declared and approved a cash dividend of 122 SA
cents per ordinary share (US 6.74 cents* per share or US 26.98 cents* per ADR) or approximately
R3,453 million (US$191 million*) in respect of the six months ended 31 December 2022 (“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
expenses, restructuring costs, transactions costs, share-based payment expenses on B-BBEE
transactions, gains on acquisitions, net other business development costs, share of results of
equity-accounted investees, all after tax and the impact of non-controlling interest, and changes
in the estimated deferred tax rate.
The total dividend declared of 260 cents (Final dividend: 122 SA cents and Interim dividend:
138 SA cents) equates to 35% of normalised earnings for the year ended 31 December 2022.
The final dividend will be subject to 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 122.00000 SA cents per ordinary share for shareholders
exempt from the Dividends Tax
• The net local dividend amount is 97.60000 SA cents (80% of 122 SA cents) per ordinary share
for shareholders liable to pay the Dividends Withholding Tax
• Sibanye-Stillwater currently has 2 830 370 251 ordinary shares in issue
• 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: 122 SA cents per share
Declaration date: Tuesday, 28 February 2023
Last date to trade cum dividend: Monday, 20 March 2023
Shares commence trading ex-dividend: Wednesday, 22 March 2023
Record date: Friday, 24 March 2023
Payment of dividend: Monday, 27 March 2023
Please note that share certificates may not be dematerialised or rematerialised between
Wednesday, 22 March 2023 and Friday, 24 March 2023 both dates inclusive.
To holders of American Depositary Receipts (ADRs):
• Each ADR represents 4 ordinary shares;
• ADRs trade ex-dividend on the New York Stock Exchange (NYSE): Thursday, 23 March 2023;
• Record Friday, 24 March 2023;
• Approximate date of currency conversion: Monday, 27 March 2023; and
• Approximate payment date of dividend: Monday, 10 April 2023
Assuming an exchange rate of R18.0887/US$1*, the dividend payable on an ADR is equivalent to
26.98 United States cents for Shareholders liable to pay dividend withholding tax. However, the
actual rate of payment will depend on the exchange rate on the date for currency conversion.
* Based on an exchange rate of R18.0887/US$ at 20 February 2023 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/2023 and via the JSE link at
https://senspdf.jse.co.za/documents/2023/jse/isse/sswe/FY22Result.pdf. 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 2022, from which this short-form announcement has been correctly
extracted, have been reviewed by EY Inc., who expressed an unmodified review conclusion thereon.
A copy of the auditor’s report can be obtained from the Company’s registered office, by emailing
the Company Secretary (lerato.matlosa@sibanyestillwater.com).
Contact:
Email: ir@sibanyestillwater.com
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
+27(0)83 453 4014
Website: sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
DISCLAIMER
FORWARD LOOKING STATEMENTS
The information in this document may contain forward-looking statements within the meaning of the “safe
harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. 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 announcement.
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; changes in
assumptions underlying Sibanye-Stillwater’s estimation of its Mineral Resources and Mineral Reserves; any
failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost
savings in connection with, and the ability to successfully integrate, past, ongoing and future
acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing
or future acquisitions; the success of Sibanye-Stillwater’s business strategy and exploration and
development activities, including any proposed, anticipated or planned expansions into the battery metals
or adjacent sectors and estimations or expectations of enterprise value (including the Rhyolite Ridge
project); the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that
provide progressive benefits to affected communities; changes in the market price of gold, PGMs, battery
metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among
other commodities and supply requirements; the occurrence of hazards associated with underground and
surface mining; any further downgrade of South Africa’s credit rating; the impact of South Africa's
greylisting; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to
land under restitution and other legislation; Sibanye-Stillwater’s ability to implement its strategy and
any changes thereto; the outcome of legal challenges to the Group’s mining or other land use rights; the
occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment
of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant
government regulations, particularly environmental, sustainability, tax, health and safety regulations and
new legislation affecting water, mining, mineral rights and business ownership, including any interpretation
thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation
or regulatory proceedings, including in relation to any environmental, health or safety issues; failure to
meet ethical standards, including actual or alleged instances of fraud, bribery or corruption; the effect
of climate change or other extreme weather events on Sibanye-Stillwater’s business; the concentration of
all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in
the United States with one entity; the identification of a material weakness in disclosure and internal
controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its
subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial
flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no
previous experience; power disruptions, constraints and cost increases; supply chain disruptions and
shortages and increases in the price of production inputs; the regional concentration of Sibanye-
Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-
economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations
at its mines for safety or environmental incidents (including natural disasters) and unplanned maintenance;
Sibanye-Stillwater’s ability to hire and retain senior management and employees with sufficient technical
and/or production skills across its global operations necessary to meet its labour recruitment and retention
goals, as well as its ability to achieve sufficient representation of historically disadvantaged South
Africans in its management positions; failure of Sibanye-Stillwater’s information technology,
communications and systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest,
sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-
Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the spread of other
contagious diseases, 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 2021 Integrated Report and the annual report on Form 20-F for the fiscal year
ended 31 December 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.
NON-IFRS MEASURES
The information contained in this document may contain certain non-IFRS measures, including adjusted
EBITDA, AISC, AIC and Nickel equivalent sustaining cost. These measures may not be comparable to similarly-
titled measures used by other companies and are not measures of Sibanye-Stillwater’s financial performance
under IFRS. These measures should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. Sibanye-Stillwater is not providing a reconciliation of the
forecast non-IFRS financial information presented in this report because it is unable to provide this
reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have
not been reviewed or reported on by the Group’s external auditors.
WEBSITES
References in this document to information on websites (and/or social media sites) are included as an aid
to their location and such information is not incorporated in, and does not form part of, this report.
Date: 28-02-2023 02:00:00
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Sharenet Sites 
