Wrap Text
Operating update for the quarter ended 30 September 2023
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 30 SEPTEMBER 2023
Johannesburg, 2 November 2023: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to
provide an operating update for the quarter ended 30 September 2023, Group financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 30 SEPTEMBER 2023 (Q3 2023) COMPARED TO QUARTER ENDED 30 SEPTEMBER 2022 (Q3 2022)
• Strong financial position and proactive repositioning for changing environment ensures competitiveness
• Industry leading cost management at SA PGM operations. Moving down industry cost curve increases competitiveness
• SA gold operations generated R344m (US$19m) adjusted (Adj) EBITDA, a R1.2bn (US$67m) turnaround; ongoing S189 process at Kloof 4
• US PGM operations resume planned mine production run rate in October 2023 driving improved outlook for production for Q4 2023
• Improved operational performance from the European and Australian regions
• Century zinc operation contributed positive Adj EBITDA of R53m (US$3m), successfully recovering post regional flooding during Q1 2023
• Construction of the Keliber lithium project progressing well: commenced construction at the concentrator and the first open pit
KEY STATISTICS â€" GROUP
US dollar SA rand
Quarter ended Quarter ended
Sep 2022 Jun 2023 Sep 2023 KEY STATISTICS Sep 2023 Jun 2023 Sep 2022
GROUP
496 343 163 US$m Adjusted EBITDA1 Rm 3,027 6,392 8,455
17.05 18.66 18.59 R/US$ Average exchange rate using daily closing rate
TABLE OF CONTENTS Page Stock data for the Quarter ended 30 September 2023
Key statistics by region 2 Number of shares in issue
Overview of quarter on quarter operating results 3 - at 30 September 2023 2,830,567,264
Salient features - operational tables - quarterly statistics 9 - weighted average 2,830,567,264
All-in cost (reconciliation) - quarters 14 Free Float 99 %
Unit operating cost 18 Bloomberg/Reuters SSWSJ/SSWJ.J
Adjusted EBITDA reconciliation - quarters 20 JSE Limited - (SSW)
Development results 21 Price range per ordinary share (High/Low) R25.87 to R33.82
Administration and other corporate information 23 Average daily volume 14,115,662
Disclaimer and forward-looking statements 24
NYSE - (SBSW); one ADR represents four ordinary shares
Price range per ADR (High/Low) US$5.47 to US$7.73
Average daily volume 4,268,600
KEY STATISTICS BY REGION
US dollar SA rand
Quarter ended Quarter ended
Sep 2022 Jun 2023 Sep 2023 KEY STATISTICS Sep 2023 Jun 2023 Sep 2022
AMERICAS REGION
US PGM underground operations
85,889 104,823 105,546 oz 2E PGM production2,3 kg 3,283 3,260 2,671
1,811 1,360 1,190 US$/2Eoz Average basket price R/2Eoz 22,122 25,378 30,878
52 39 21 US$m Adjusted EBITDA1 Rm 397 722 895
1,815 1,623 1,922 US$/2Eoz All-in sustaining cost4 R/2Eoz 35,738 30,280 30,947
US PGM recycling
141,560 83,608 72,434 oz 3E PGM recycling2,3 kg 2,253 2,601 4,403
3,378 2,480 2,215 US$/3Eoz Average basket price R/3Eoz 41,177 46,277 57,595
22 9 8 US$m Adjusted EBITDA1 Rm 147 172 371
SOUTHERN AFRICA (SA) REGION
PGM operations
432,143 419,391 451,560 oz 4E PGM production3,5 kg 14,045 13,045 13,441
2,479 1,698 1,317 US$/4Eoz Average basket price R/4Eoz 24,479 31,689 42,269
489 259 136 US$m Adjusted EBITDA1 Rm 2,532 4,842 8,332
1,127 1,041 1,080 US$/4Eoz All-in sustaining cost4 R/4Eoz 20,080 19,416 19,211
Gold operations
204,672 216,471 197,663 oz Gold produced kg 6,148 6,733 6,366
1,723 1,975 1,930 US$/oz Average gold price R/kg 1,153,448 1,184,973 944,316
(48) 86 19 US$m Adjusted EBITDA1 Rm 344 1,601 (811)
2,207 1,800 2,062 US$/oz All-in sustaining cost4 R/kg 1,232,600 1,080,135 1,210,049
EUROPEAN REGION
Sandouville nickel refinery
1,653 1,884 2,352 tNi Nickel production6 tNi 2,352 1,884 1,653
22,553 25,815 21,726 US$/tNi Nickel equivalent average basket price7 R/tNi 403,895 481,713 384,525
(14) (20) (16) US$m Adjusted EBITDA1 Rm (296) (382) (246)
30,185 36,363 31,514 US$/tNi Nickel equivalent sustaining cost8 R/tNi 585,853 678,537 514,654
AUSTRALIAN REGION
Century zinc retreatment operation9
â€" 23 25 ktZn Zinc metal produced (payable)10 ktZn 25 23 â€"
â€" 1,545 1,708 US$/tZn Average equivalent zinc concentrate price11 R/tZn 31,747 28,832 â€"
â€" (23) 3 US$m Adjusted EBITDA1 Rm 53 (433) â€"
â€" 2,013 1,753 US$/tZn All-in sustaining cost4 R/tZn 32,587 37,562 â€"
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)
5 The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to
the "Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters"
6 The nickel production at the Sandouville nickel refinery operations is principally nickel metal and nickel salts (liquid form), together referred to as nickel equivalent products
7 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
8 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
9 Century is a leading tailings management and rehabilitation company that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was
acquired by the Group on 22 February 2023
10 Zinc metal produced (payable) 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
metal sold
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER
The global macro-economic environment remains challenging, and we continue to assess the positioning of our operations for optimal
performance and sustainability through the cycle.
Our financial position remains robust and our capital allocation framework remains the guiding principle for growth and diversification
opportunities aligned with our strategy. We have maintained our capital discipline in anticipation of weaker market conditions, as
highlighted in February 2022. We remain prudent with capital investment and utilising our balance sheet to fund external growth during
this challenging period. We are conscious of the necessity of appropriately managing debt, mindful of our leverage position during
periods of decreasing, or volatile, profitability and earnings.
After a difficult start to the third quarter, with three tragic fatalities recorded in the first five weeks, the remainder of Q3 2023 was fatality
free. It was pleasing to note that the significant gains in our safety performance indicators since 2021 have been maintained, with the
other lagging indicators generally stable year-on-year. We look forward to ongoing improvements in the Group safety performance over
the remainder of the year, with an intense focus on ending the year without any high impact incidents.
As stated in our recent H1 2023 operating and financial results, we are mindful of the commercial environment and, where necessary, will
consider restructuring in areas where commercially viable operations cannot be sustained. In this regard, we recently announced
potential restructuring at our SA gold and SA PGM operations. Potential closure or rightsizing of high cost and underperforming shafts will
ensure that operations remain profitable and sustainable at current precious metal prices and beyond, while retaining significant
leverage to improvements in the commodity price outlook.
Although we repositioned the US PGM operations in mid-2022 in anticipation of the changing macro environment and worsening medium
term outlook for the palladium price, the decline in the palladium price during 2023 has surpassed our expectations, dropping lower and
faster than anticipated. While the mine production volume run rate at the US PGM operations improved during October 2023, persistent
inflation and the continued impact of skills shortages, have resulted in costs remaining significantly higher than planned. Further
repositioning is being considered to address these factors which have kept costs at elevated levels.
As guided, the operational performances of the Sandouville nickel refinery (Sandouville refinery) in France and the Century zinc
retreatment operation (Century operation) in Australia for Q3 2023 improved, with both operations recovering from disruptions which
impacted H1 2023. This improved operational performance resulted in the Century operation contributing positively to Group adjusted
EBITDA for Q3 2023, a significant turnaround from adjusted EBITDA losses from Q2 2023.
Despite the improved operational performance, the Sandouville refinery remained loss making, due to continued inflationary cost
pressures, elevated maintenance costs and a further decline in the average nickel price. The current operations are not commercially
viable at current nickel prices, and management has made notable progress with optimisation studies aimed at securing a sustainable
future for the Sandouville refinery. Positively, during these optimisation studies, the European region and Sandouville teams have identified
an innovative alternative to the current process and are currently assessing its commercial and technical feasibility. In parallel, we
continue to advance the studies on recycling and production of battery grade nickel products.
Addressing losses from these operations will ensure ongoing delivery of our strategy and position us well for future value creation.
In this regard, we have initiated the construction of the lithium concentrator and the development of the Syväjärvi open pit mine in
Päiväneva in Finland. This ensures that the Keliber lithium project remains on track to be the first integrated lithium hydroxide supplier in
Europe, delivering battery grade metal into the European battery ecosystem by 2026, at a time when we believe there will be increasing
deficits in lithium supply.
More details on the capital and expected production profile will be shared by Sibanye-Stillwater at its virtual battery metals investor day
on Tuesday, 14 November 2023 with a live presentation shared via webcast (link: https://themediaframe.com/mediaframe/
webcast.html?webcastid=jg7r2VtY) and conference call (register on: https://services.choruscall.za.com/DiamondPassRegistration/
register?confirmationNumber=2252855&link SecurityString=5ce1569ad) at 13h00 (CAT) / 11h00 (GMT) / 06h00 (EST) / 04h00 (MT).
While the economic outlook remains challenging and uncertain, we are well positioned for continued delivery of shared value for all
stakeholders.
SAFE PRODUCTION
The focus on safety continues, with our immediate objective to eliminate fatal and serious injuries through ongoing implementation of our
Fatal elimination strategy: critical controls, critical lifesaving behaviours and critical management routines.
Throughout Q3 2023, the safety focus was on advancing the risk reduction journey, implementation of medium and long-term
interventions related to the fatal elimination strategy, and continuing to make good progress in reducing the number of serious injuries at
the operations.
The serious injury frequency rate (SIFR) (per million hours worked), including the Australian region which was included from May 2023,
improved by 12% from an already significantly improved rate of 2.82 for Q3 2022 (10% improvement compared to Q3 2021 at the time) to
2.47 in Q3 2023. Of note is the SIFR at the SA PGM operations which improved from 2.36 in Q3 2022 to 2.10 in Q3 2023, the lowest rate ever
achieved by these operations. The Group total recordable injury frequency rate (TRIFR) regressed marginally by 1% year-on-year to 5.28
following significant improvements of 16% from Q3 2021 to Q3 2022. Regrettably, the fatal injury frequency rate (FIFR), regressed from 0.05
for Q3 2022 to 0.07 for Q3 2023 as a result of three fatalities in Q3 2023, two fatalities at the SA gold operations and one fatality at the SA
PGM operations, which occurred one day prior to the SA PGM operations achieving a commendable milestone of 10 million shifts without
fatalities.
We mourn the tragic loss of our three colleagues. Mr Armando Matias, a Development Miner at Driefontein's Hlanganani shaft, passed
away, on 13 July 2023 due to smoke inhalation during the underground fire. On 17 July 2023, Mr. Molemosa Nkopane a Loader Operator
at Rustenburg's Khuseleka shaft was fatally injured in a rail bound equipment derailment-related accident. On 1 August 2023, Mr Taelo
Ramochela, Special Team Leader Development at Kloof's Masimthembe Shaft passed away due to injuries sustained while conducting
an inspection in a boxhole.
Amidst the tragic loss of lives during the first 32 days of the quarter, it was encouraging that the rest of the quarter was fatality free and
again underpins the need to maintain constant vigilance and focus while implementing our Fatal elimination plan.
The board and management of Sibanye-Stillwater extend heartfelt condolences to the families, friends and colleagues of our deceased
colleagues. All incidents are being investigated with relevant stakeholders and appropriate support is being provided to the families of
the deceased.
Our core focus remains driving the full implementation of the Fatal elimination strategy from leadership down to all employees, ensuring it
is understood and internalised by every single employee, resulting in a safety-first culture that complements and is underpinned by the
Group's values.
US PGM operations
The US PGM operations concluded the recovery from the shaft incident at the Stillwater West mine (which resulted in an eight week
stoppage during H1 2023), achieving the mined production volume run rate planned as per the repositioning plan during October 2023.
An improvement in 2E PGM mined production is therefore forecast for Q4 2023 with an associated reduction in unit costs. Inflationary cost
pressures and a reliance on contractors due to the persistent skills shortage in Montana and the USA, is likely to keep costs elevated
however, we will continue to assess the changing macro economic and commodity price environment to ensure that the appropriate
production and cost structures are in place to ensure the sustainability of the operations.
Mined 2E PGM production from the US PGM operations of 105,546 2Eoz for Q3 2023, was 23% higher than for Q3 2022, which was
impacted by the regional flooding in Montana in mid-June 2022. The regional flooding restricted access to the Stillwater mine leading to
the suspension of production from the Stillwater West and East mines for eight weeks during Q3 2022, followed by a subsequent
production build-up during the remainder of 2022.
Mined tonnes milled for Q3 2023 of 316kt was 31% higher than for Q3 2022 with plant head grade of 11.6g/t for Q3 2023 5% lower than for
Q3 2022. The mining operations continue to experience grade challenges due to dilution from difficult ground conditions and mining
quality factors related to the high staff attrition rates and skills challenges.
AISC of US$1,922/2Eoz (R35,738/2Eoz) for Q3 2023 was 6% higher than for Q3 2022 (US$1,815, R30,947/2Eoz) due to higher than expected
contractor costs and persistently high inflationary cost pressures on stores and other operating costs. Ongoing skills shortages and a
reliance on contractors for ore reserve development (ORD), contributed to ORD capital increasing by 33% year-on-year to US$56 million
(R1,049 million) and sustaining capital increasing by 88% to US$32 million (R602 million) primarily as a result of the requirement to gain
additional flexibility for the operations. ORD costs, which now contribute US$535/2Eoz (R9,939/2Eoz) to AISC, has increased due to higher
development rates and contractor premiums due to the need to accelerate development and higher development support costs.
Included in the high ORD are other infrastructure costs (vertical alimak raises and raisebore drilling) as well as diamond drilling in order to
ensure that stoping remains on reef. Many of these activities are done by contractors at significantly higher cost, supported by
maintenance crews, also with a significant component of high-cost contractors. Sustaining capital which contributes US$307/2Eoz
(R5,704/2Eoz) was significantly higher due to spending on critical life of mine ventilation improvements at both mines, including fans and a
heat exchanger at the East Boulder mine, transport and mining fleet replacement, and expenditure associated with the smelter rebuild
for Q4 2023.
Of significant benefit, in terms of the US Inflation Reduction Act (IRA), the US PGM operations qualifies for an IRA credit (45X Advanced
Manufacturing Production Credit) equal to 10% of qualifying production costs incurred for critical minerals produced and sold after 31
December 2022, for a period of 10 years. For Q3 2023, management recognised an IRA credit of US$10.8 million (R201 million) against
operating costs.
Mine production at the Stillwater operation (West and East mines) of 68,796 2Eoz, was 45% higher than for Q3 2022, reflecting the recovery
from the flooding impact during H2 2022, but continued to be impacted by the shaft incident in Q1 2023, grade issues and fleet
availability. Mined production volume from the Stillwater mine returned to planned run rates during October 2023. Production from East
Boulder of 36,751 2Eoz, was 4% lower than for Q3 2022, impacted by ongoing grade issues, critical skills shortages, particularly mechanical,
which affected fleet availability and temporary planned power interruption due to the implementation of the new ventilation
arrangements which will improve underground conditions.
The key focus areas for the US PGM operations include infrastructure maintenance scheduling (which is being overhauled), improving
fleet availability, addressing the mining mix at the East Boulder mine, minimizing dilution, and implementing ongoing labour retention
strategies whilst reducing exposure to significantly higher cost contractors.
2E PGM sold for Q3 2023 of 124,882 2Eoz, was 80% higher year-on-year and 18% or 19,336 2Eoz higher than 2E PGM mined production for
the quarter, due to the timing of deliveries.
Consistent with the repositioning plan for the US PGM operations to increase the flexibility and the developed state of the underground
operations to 18 months, total development increased by 3% to 6.5 kilometres with primary off-reef development 17% higher year-on-year
at 1,957 metres and secondary development 2% lower at 4,587 metres. Whilst development rates were impacted by the shaft incident at
the Stillwater mine, ORD is improving with development rates achieved in Q3 2023 being the highest since Q1 2022.
Total capital expenditure for Q3 2023 increased by 17% year-on-year to US$100 million (R1,852 million), with 89% of this total spent on ORD
and sustaining capital. Project capital was 58% lower at US$11 million(R201 million) in line with the reduced spending on the Stillwater East
project. Following on the completion of the Benbow decline on 16 September 2022, remaining project capital spend was on the
completion of 56 East holing to the Benbow decline, and the processing plant upgrade (with the first line successfully commissioned).
US PGM recycling operations
The global autocatalyst recycling industry remains depressed mainly as a result of the uncertain global economic outlook, recessionary
concerns, and higher interest rates that have inhibited consumer demand for new vehicles. Light duty vehicles (LDV) are remaining in
service for extended periods of time with fewer vehicles being scrapped.
Reflecting on these factors, the recycling operations fed an average of 9.5 tonnes per day (tpd) for Q3 2023, 46% lower than for the
comparable period in 2022. During Q3 2023, 873 tonnes of material was processed, 46% lower than Q3 2022. At the end of Q3 2023,
approximately 24 tonnes of recycle inventory was on hand, an 18 tonne decrease versus the Q3 2022 ending inventory of 42 tonnes. There
has been a positive cash inflow over the year as inventory reduced from US$320 million (R5.4 billion) at the beginning of Q1 2023 to US$165
million (R3.1 billion) at the end of Q3 2023.
Recent increases in global auto sales have led to upward revisions in 2023 sales forecasts, offering a promising indicator of an uptick in
future recycling volumes. Despite these positive developments, the recycling segment continues to face short term challenges, driving
efforts to pursue and achieve volume-driven growth. This includes exploring opportunities beyond the traditional autocatalyst feed
sources.
SA PGM operations
The SA PGM operations produced another solid operational performance for Q3 2023, with leading cost management again standing out
as a key differentiator in the SA PGM industry. Production of 451,560 4Eoz (excluding third party purchase of concentrate (PoC)) for Q3
2023 was 4% higher than for Q3 2022, due to improved production from the Rustenburg and Marikana operations, which offset lower
production from the Kroondal operation as a consequence of the planned closure of the Simunye shaft during 2022. Production
(including PoC) was 6% higher year-on-year at 475,555 4Eoz due to third party PoC processing increasing by 44% to 23,995 4Eoz year-on-
year.
In contrast to Q3 2022, which was impacted by the beginning of elevated levels of power curtailment imposed by Eskom, no ore
stockpiles were reported at the end of Q3 2023 compared with the end of Q3 2022 when underground ore containing approximately
33,000 4Eoz was stockpiled on surface. The Group's strategic response to the load curtailment has been very effective, underpinned by
the relative advantage of processing capacity that averts the risk of accumulating "deferred production".
AISC (excluding third-party PoC) for Q3 2023 of R20,080/4Eoz (US$1,080/4Eoz) was just 5% higher than for Q3 2022, below prevailing South
African consumer price inflation (CPI) and reflecting ongoing industry-leading cost management. AISC (including PoC) was R20,029/4Eoz
(US$1,077/4Eoz) 1% lower year-on-year reflecting the significant decline in PGM prices year-on-year despite the 44% increase in PoC
purchases to 23,995 4Eoz . The well contained AISC benefited from a 16% year-on-year increase in by-product credits driven largely by
higher chrome prices, and lower royalties which offset ORD and sustaining capital increases of 5% and 4% respectively. A 78% decrease in
royalty costs year-on-year was also notable with by-product credits of R2.5bn (US$133 million) for the period exceeding the combined
value of royalties, inventory change, ORD and sustaining capital. AISC (including PoC) was also lower with third party PoC cost 28% lower
at R565 million (US$30 million) despite an increase in PoC volumes, which were offset by lower PGM prices.
Despite this solid performance, four shafts have become unprofitable following the precipitous decline in the 4E PGM basket price,
necessitating restructuring for profitability and sustainability in the longer term (see announcement below of SA PGM Section 189).
Capital expenditure of R1,440 million (US$77 million) for Q3 2023 was 14% higher than for Q3 2022 with ORD 5% higher at R622 million (US$33
million), sustaining capital 4% higher at R484 million (US$26 million) and project capital 61% higher at R334 million (US$18 million) as a result
of the 30% increase year-on-year in the project capital (R270 million (US$15 million)) at the K4 project at the Marikana operation and R64
million (US$3 million) spent on the new chrome extraction plant at Platinum Mile during Q3 2023, which is due to be commissioned in Q4
2023.
4E PGM production from the Rustenburg operation for Q3 2023 of 182,022 4Eoz was 1% higher year-on-year with underground production
2% higher and surface production 2% lower. The improvement in underground production was achieved despite difficult ground
conditions impacting productivity at the Thembelani shaft and seismic activity during 2022 at the Siphumelele shaft (restricting access to
planned production areas). Mining through the Hexriver fault, which has impacted productivity from the Bathopele shaft, has largely
been traversed and production is steadily improving. AISC from the Rustenburg operation was again very well contained, increasing by
only 1% to R18,701/4Eoz (US$1,006/4Eoz) year-on-year. A 13% increase in by-product credits driven mainly by the chrome price which
increased by 28% year-on-year and a 73% decline in royalties offset inflationary cost pressures and a 23% decline in ORD capital. By-
product credits from the Rustenburg operation were negatively impacted by port constraints, which restricted chrome sales. The
Rustenburg operations continue to move down the cost curve as a result of good cost management and with ground conditions
improving, the outlook for sustained production is positive.
4E PGM production for Q3 2023 from the Marikana operation (excluding third party PoC) of 179,014 4Eoz, was 9% higher than for Q3 2022,
with underground production and surface production 9% and 12% higher respectively due to lower impact from load curtailment and
cable theft than Q3 2022. 4E PGM production (including PoC) of 203,009 4Eoz for Q3 2023 was 13% higher than for Q3 2022 with PoC
increasing by 44% year-on-year to 23,995 4Eoz due to higher contractual deliveries from third parties. AISC (excluding third party PoC) for
Q3 2023 of R22,607/4Eoz (US$1,216/4Eoz) increased by only 4%, primarily due to higher production, which largely offset an increase in ORD
of 19% to R473 million(US$25 million) and a 14% increase in sustaining capital to R276 million (US$15 million). The year-on-year increase in
ORD and sustaining capital at Marikana is primarily due to the ramp-up of the K4 shaft. Since K4 commenced stoping and development
operations outside the main shaft infrastructure in March 2023, on reef development was expensed in working costs with off reef
development capitalised as ORD. While the K4 project remains in build-up phase, unit operating costs, ORD and sustaining capital remain
temporarily elevated, but are expected to reduce as production builds up, benefiting costs from the Marikana operation. AISC (including
PoC) for Q3 2023 at Marikana declined by 6% compared with Q3 2022 to R22,196/4Eoz (US$1,194/4Eoz). Other factors resulting in lowering
the AISC were a 33% increase in by-product credits, royalties which were 89% lower due to lower commodity prices and the cost of PoC
from third parties, which was 28% lower than for Q3 2022 at R565 million (US$30 million) due to the lower basket price, despite higher PoC
volumes.
4E PGM production from the Kroondal operation of 47,600 4Eoz for Q3 2023 was 1% lower than for the comparable period in 2022 due to
the Simunye shaft reaching the end of its life and winding down main production activities (ceasing during Q4 2022) and reduced
productivity and increased dilution from the Bambanani shaft which is mining through a shear zone. AISC of R18,550/4Eoz (US$998/4Eoz)
was 20% higher than for Q3 2022 primarily due to lower production, higher inflationary costs as highlighted above as well as higher support
costs, due to the mining through adverse ground conditions at the shear zone. By-product credits were also 37% lower due to lower
chrome production associated with the termination of primary mining at the Simunye shaft and reduced offtake from a contracted party.
Chrome production is expected to increase in future.
Attributable 4E PGM production from Mimosa of 29,060 4Eoz was 1% higher than Q3 2022. AISC increased by 10% year-on-year to
US$1,359/4Eoz (R25,258/4Eoz) due to inflationary pressures being experienced in Zimbabwe, in particular electricity costs which rose for
exporters by 40% in October 2022, the first increase since 2014. Sustaining capital remained elevated at US$14 million (R266 million)
primarily associated with the ongoing construction of the new tailings storage facility (TSF) which is due to be commissioned between
December 2023 and March 2024.
PGM production from Platinum Mile in Q3 2023 of 13,864 4Eoz was 13% higher year-on-year due to a 14% increase in yield as a result of
higher grade coupled with improved recoveries. AISC at Platinum Mile declined by 5% year-on-year to R10,747/4Eoz (US$578/4Eoz),
primarily as a result of higher 4E PGM production. Project capital spend of R64 million (US$3 million) in Q3 2023 was incurred on
expenditure on the chrome extraction plant which is expected to be commissioned in December 2023 with total capital spend forecast
at R130 million (US$7 million). This plant is planned to produce around 240,000 tonnes of chrome per year.
Chrome sales from the SA PGM operations for Q3 2023 of approximately 554kt were 1% lower than Q3 2022. The chrome price received
increased by 28% year-on-year to US$290/tonne (Q3 2022: US$227/tonne), underpinning a 25% increase in chrome revenue to R1.0 billion
(US$56 million).
Consultations regarding possible restructuring of the SA PGM operations
Subsequent to quarter end on 25 October, Sibanye-Stillwater announced that it would consult with affected employees regarding the
possible restructuring of four shafts at the SA PGM operations. Two of the shafts, the Simunye shaft at the Kroondal operation and the 4B
shaft at the Marikana operation are mature, with the Simunye shaft ceasing production in 2022 and the 4B shaft at the end of its
operating life due to the depletion of available economic ore reserves. The remaining two shafts, the Siphumelele shaft at the Rustenburg
operation and the Rowland shaft at the Marikana operation, require restructuring to achieve sustainable production and cost levels. The
proposed restructuring and shaft closures could potentially affect 4,095 employees and contractors (3,500 employees and 595
contractors), including support services employees.
The full announcement can be found here: https://thevault.exchange/?get_group_doc=245/1698223380-ssw-section189-notice-SA-PGM-
operations-25Oct2023.pdf.
The K4 Project
The K4 project is ahead of schedule. Underground infrastructure and mine development progressed in line with plan for the quarter with
surface infrastructure on track. K4 is incorporating several innovations aimed at developing a modern flagship underground mine, such as
development end and in stope lighting as well as surface noise zoning. At full production, K4 will be the largest operating shaft in the SA
PGM operations with a life-of-mine in excess of fifty years. K4 produced 10,043 4Eoz in Q3 2023 (914 4Eoz in Q3 2022). Production is
expected to accelerate as further ore drawpoints (boxholes) are commissioned. Project capital expenditure, primarily on ORD, was R270
million (US$15 million) in Q3 2023, 30% higher year-on-year. Project capital guidance of R920 million (US$51 million) is unchanged for 2023
with R657 million (US$36 million) spent year-to-date.
SA gold operations
The build-up of gold production from the SA gold managed operations during H2 2022 following the industrial action and lockout during
H1 2022 impacted Q3 2022 production and unit costs. Normalisation of production from Q4 2022 and exposure to a higher gold price
drove a significant turnaround from the managed SA gold operations during H1 2023, underlining what an important contribution SA gold
operations can make to the bottom line during periods of production stability. During Q3 2023 however, the managed SA gold operations
suffered two significant incidents which impacted production.
• On 12 July 2023, a fire at Driefontein 5 shaft disrupted operations at both Driefontein 1 and 5 shafts. While most of the crews at
Driefontein 1 were operational by the beginning of August 2023, the Driefontein 5 shaft crews were only gradually introduced back
into the working places when it was safe to enter from 27 September 2023 after the fire had been extinguished and the ventilation had
cleared all noxious gasses
• In a second incident, on 30 July 2023, the Kloof 4 shaft, which had been operationally constrained by seismicity and cooling
(associated with the chilled water reticulation circuit), was further impacted by an incident in the shaft caused when the ascending
counterweight of the shaft conveyance encountered an unknown obstruction in the shaft, resulting in a number of ballast plates
falling down the shaft, damaging the shaft infrastructure and preventing production from the 4 shaft area
Production from the SA gold operations (including DRDGOLD) for Q3 2023 of 6,148kg (197,663oz) was 3% lower compared to Q3 2022, with
gold production (excluding DRDGOLD) decreasing by 1% to 4,864kg (156,381oz). The decline in production was primarily due to the
impact of the incidents mentioned above as well as the closure of Beatrix 4 shaft at the end of 2022.
AISC (including DRDGOLD) of R1,232,600/kg (US$2,062/oz) was 2% higher than for Q3 2022 with AISC (excluding DRDGOLD) 3% lower at
R1,301,975/kg (US$2,178/oz). The decrease in AISC (excluding DRDGOLD) was a function of a 6% increase in gold sold year-on-year, which
offset inflationary cost pressures on consumables and contractor rates and annual electricity tariff increases which rose 19% higher year-
on-year. In addition, ORD capital increased by 43% to R677 million (US$36 million) due to higher development rates compared with Q3
2022 when the operations were resuming after the strike and lockout.
Capital expenditure for Q3 2023 (excluding DRDGOLD) increased by 9% to R1.3 billion (US$71 million) compared to the same period in
2022 (affected by strike and lockout), with ORD increasing by 43% and corporate and project spend decreasing by 13% to R379 million
(US$20 million). Project capital mainly comprised R330 million (US$18 million) at the Burnstone project. Sustaining capital declined by 14%
to R255 million (US$14 million) mainly due to investment in lamp room upgrades at all the operations during Q3 2022 and electrical and
winder upgrades which commenced during the industrial action in 2022 when the facilities and equipment were not in use.
Underground production for Q3 2023 from the Driefontein operation decreased by 11% to 1,452kg (46,683oz) compared to the same
period in 2022, primarily due to the fire at 5 shaft which also impacted 1 shaft production, and reduced mineable face length at 4 Shaft
following seismicity and resultant safety stoppages which are expected to persist to the end of the year. This impacted production by
132kg (4,244oz) for Q3 2023. The impact of the lost production at 5 shaft due to the fire and the impact on 1 shaft was 798kg (25,656oz)
during the quarter. Production from 5 Shaft recommenced in late September 2023 on a phased basis and is forecast to build up to full
production by December 2023. AISC of R1,455,137/kg (US$2,435/oz) for Q3 2023 was 20% higher as a result of 2% lower gold sold,
inflationary impacts as highlighted earlier which resulted in total operating costs increasing by 12%. ORD costs increased by 63% due to
higher development to increase mining flexibility and sustaining capital increased by 20% due to a change of scope in the 4 shaft pillar
project (additional support work on 32/33 level tunnel and shaft infrastructure and new underground workshops), winder rope purchases
and a water management project.
Underground production from the Kloof operation increased by 35% in Q3 2023 to 1,882kg (60,508oz) despite the major disruption at the
Kloof 4 shaft due to the shaft incident, which impacted production by 790kg (25,399oz). Increased production from the main and 8 shafts
offset lower production from 4 shaft. The underground yield increased by 25% to 5.16 g/t, with the yield for Q3 2022 diluted by the build up
in production from mining areas which stood dormant for three months. Production from surface sources of 234kg (7,523oz), was 23%
higher year-on-year as a result of higher grade surface areas being processed. AISC of R1,193,820/kg (US$1,997/oz) was 22% lower due to
a 44% increase in gold sold year-on-year. Operating costs were effectively managed following the Kloof 4 shaft incident by requesting
employees affected by the shaft incident to take annual leave, limiting stores expenditure to shaft repair work and issuing a force
majeure notice to non-critical contractors. ORD increased by 41% to R246 million (US$13 million) on the back of a 55% increase in off-reef
development while sustaining capital decreased by 28% to R108 million (US$6 million) due to lower spend following the Kloof 4 shaft
suspension, which also resulted in reduced project capital investment.
Underground production of 933kg (29,997oz) in Q3 2023 from the Beatrix operation was 29% lower than for Q3 2022 primarily due to the
closure of the Beatrix 4 shaft in Q1 2023, which resulted in approximately 193kg (6,205oz) less production relative to Q3 2022. AISC of
R1,343,011/kg (US$2,247/oz) was 6% lower than for Q3 2022, due to total operating costs declining by 32% to R1.1billion (US$59 million)
primarily as a result of the closure of the high cost Beatrix 4 shaft.
Tonnes milled by DRDGOLD for Q3 2023 decreased 21% year-on-year, however due to a 12% increase in grade, gold production of
1,284kg (41,282oz) was 12% lower than in Q3 2022. The decrease in the tonnes milled is as a result of load curtailment, the reclamation of
final remnant and clean-up material at operating sites nearing depletion at Ergo, Driefontein 5 shaft and the Far West Gold Recoveries on
the West Rand. The increase in yield is associated with higher grade remnant material that is typically encountered during the final stages
of reclamation and clean up, and the reclamation of high grade sand material at Ergo. Lower tonnes milled coupled with inflationary
increases in key consumables and higher electricity costs, plus increased security costs and additional machine hire costs to enable the
reclamation of final remnant material resulted in operating costs per tonne increasing by 45% to R198/tonne (US$11/tonne). This resulted in
higher AISC of R963,694/kg (US$1,612/oz) which increased by 26% year-on-year due to the above increase in working costs and industry
wide inflationary effects. DRDGOLD project capital also increased from R53 million (US$3 million) in Q3 2022 to R152 million (US$8 million) in
Q3 2023 with spending on the solar power plant.
Consultations regarding possible restructuring of the Kloof 4 shaft
On 14 September 2023, organised labour and other potentially affected stakeholders were notified that the company would be entering
into consultation in terms of S189A of the Labour Relations Act (S189) regarding the possible restructuring of its SA gold operations pursuant
to operational constraints and ongoing losses over an extended period at the Kloof 4 shaft. The possible restructuring of the Kloof 4 shaft
could potentially affect 2,389 employees and 581 contractor employees. The consultation process is proceeding as planned.
The full announcement can be found here: https://thevault.exchange/?get_group_doc=245/1694682564-ssw-Section-189-NoticeKloof-4-
Shaft14Sep2023.pdf
The Burnstone project
The development rate at Burnstone improved in Q3 2023 but the project remains behind schedule due to delays caused by the strike in
2022. Development is expected to accelerate as hoisting constraints have been alleviated with commencement of vertical shaft hoisting
imminent. The project has been replanned with an increased development profile to enable additional production from areas of higher
geological confidence. Steady state mining is now expected a year later than the Board approved plan for the restart of the Burnstone
project in February 2021 with design optimisation done on the life-of-mine designs to improve ore handling and increase mining flexibility.
Project capital guidance remains unchanged at R1.6 billion (US$90 million) with R1.1 billion (US$63 million) spent year-to-date and R330
million (US$18 million) spent in Q3 2023, 5% higher than Q3 2022.
European region
Sandouville nickel refinery
The Sandouville nickel refinery had an improved operating performance for Q3 2023 with operational stability achieved during Q3 2023
after several disruptions in Q3 2022 which extended into H1 2023. In Q3 2023, the Sandouville nickel refinery produced 2,352 tonnes of
nickel equivalent production, comprising 1,925 tonnes of nickel metal, 92% higher than for Q3 2022 and 427 tonnes of nickel salts (650
tonnes in Q3 2022) at a nickel equivalent sustaining cost of US$31,514/tNi (R585,853/tNi), 4% higher than for Q3 2022.
Operational issues at the cathode unit which impacted H1 2023, have been resolved resulting in production stabilising during Q3 2023.
Overall, the plant is now stable, both from process and reliability points of view, with nickel recovery improving by 4% to 98.8%. Production,
however, was impacted by heavy rainfall in Q3 2023.
The more stable operational performance has led to lower variable costs per tonne of nickel produced, with lower specific consumption
of energy and reagents. While input prices have decreased recently, they remain elevated due to global uncertainty and gas prices
remain elevated due to the Russia Ukraine war. Sales were impacted by lower nickel prices due to a general oversupply of nickel
cathode and a slowdown of the plating industry that led to lower premiums for Q3 2023.
In order to restore profitability, a new innovative alternative to the current process is being explored. The Sandouville team is currently
assessing its commercial and technical feasibility. Further details on this alternative will be available during Q1 2024. Sibanye-Stillwater
continues with the deployment of its strategy in France, advancing studies on three complementary processes:
• PGM autocatalyst recycling using European feedstocks (study results due in Q1 2024)
• Producing battery grade nickel sulphate
• Battery metals recycling
Further announcements will be made on these developments as the studies progress to the next phases.
Keliber lithium project
The Keliber lithium project progressed significantly during Q3 2023. On 6 October 2023, Sibanye-Stillwater announced Board approval for
the construction of the concentrator and the development of the Syväjärvi open pit mine in Päiväneva. Delivery of ore from the Syväjärvi
open pit mine will be timed to coincide with the commissioning of the concentrator. Higher capital expenditures will now be incurred to
meet the environmental permit requirements. The capital expenditure for the concentrator is now forecasted at €230 million (R4.5 billion),
€10 million (R195 million) higher than the previous estimate.
In addition capital expenditure for the Keliber lithium refinery increased by €59 million (R1.2 billion) to €418 million (R8.2 billion) due to
changes to the effluent water treatment process at the Keliber lithium refinery. The amended technology was added into the flowsheet to
ensure compliance with environmental permits, which will also result in increased recoveries. Despite the higher capital requirements, the
adjustment has not had a negative impact on the net present value of the project due to the positive impact of the expected recoveries.
The updated aggregated project capital for the Keliber project is estimated at €656 million (R12.8 billion) (2023 real terms) including
contingencies (previously €588 million in 2022 real terms).
Further progress in Q3 2023:
• Recruitments according to plan with a headcount of 67 at the end of September with potential to grow the team by over 20
professionals by year end. Overall headcount is planned to grow to 200 by the end of 2024
• Active cooperation and participation with the local community and relevant stakeholders including holding a public event in
Kaustinen, sponsoring local sport clubs and cultural events such as Kaustinen folk music festival, cooperation with local schools
continued with presentations and negotiations on future training and job opportunities, and public road maintenance and
transportation discussed at the Regional Councils' Traffic Day
• In Q3 2023, 28 diamond drill holes totalling 5,407 metres were completed at the Rapasaari, Syväjärvi and Leviäkangas East target
areas with two drill rigs. The best assayed intercepts are all associated with the Tuoreetsaaret deposit including 86.35 m @ 1.08 % Li2O
• The update of the Mineral Resources estimate continued in Q3 2023. The Mineral Resource estimates of seven deposits - Syväjärvi,
Rapasaari, Länttä, Outovesi, Emmes, Tuoreetsaaret and Leviäkangas - will be updated, and the final results are due in 2024. As a part
of regional lithium exploration, seasonal boulder mapping and till sampling continued in Q3 2023
• Debt funding for the balance of the project is advancing with the target facility increased from €300 million to €500 million
• Project capital expenditure for 2023 is lower than initially guided (see update under Operating guidance below) with the delta of the
capital expenditure moving to 2024 due to the later than estimated commencement of the concentrator during 2023
Australian region
Century zinc retreatment operation
Sibanye-Stillwater acquired full ownership of New Century Resources Limited during H1 2023, enhancing the Group's exposure to tailings
retreatment and complementing our existing investment in DRDGOLD. The integration of the Australian regional structures and assets into
Sibanye-Stillwater is progressing well.
Production from the Century operation recovered strongly from the flood impacted H1 2023. For Q3 2023, the Century operation
produced 25kt of zinc metal (payable), an increase from the 23kt produced in Q2 2023. AISC for Q3 2023 of US$1,753/tZn (R32,587/tZn)
was 13% lower than for Q2 2023, resulting in a significant financial turnaround, with the Century operation recording a R53 million (US$3
million) adjusted EBITDA profit compared with an R433 million (US$23 million) loss for the previous quarter (Q2 2023). The Century operation
invested US$2 million (R34 million) on capital expenditure in Q3 2023.
OPERATING GUIDANCE FOR 2023*
Mined 2E PGM production at the US PGM operations is forecast to be between 420,000 2Eoz and 430,000 2Eoz, with AISC between
US$1,750/2Eoz and US$1,825/2Eoz (R31,500/2Eoz to R32,850/2Eoz). Capital expenditure is forecast to be between US$320 million and
US$340 million (R5.76 billion to R6.12 billion), including approximately US$35 million (R630 million) project capital.
3E PGM production from the US PGM recycling operations is forecast to between 350,000 3Eoz and 400,000 3Eoz fed for the year. Capital
expenditure is forecast to be about US$1.4 million (R25 million).
Forecast 4E PGM production from the SA PGM operations for 2023 remains unchanged at between 1.7 million 4Eoz and 1.8 million 4Eoz
including third party PoC, with AISC between R20,800/4Eoz and R21,800/4Eoz (US$1,156/4Eoz to US$1,211/4Eoz) - excluding the cost of third
party PoC. Capital expenditure is forecast at R5.4 billion (US$300 million) for the year, including project capital of R920 million (US$51
million) for the K4 project.
Gold production from the managed SA gold operations (excluding DRDGOLD) for 2023 is forecast at between 19,500kg (625koz) and
20,500kg (660koz). AISC is still forecast to be between R1,190,000/kg and R1,290,000/kg (US$2,056/oz to US$2,230/oz) due to lower
production as a result of the incidents mentioned above. Capital expenditure is forecast at R5.4 billion (US$300 million), including R1.6
billion (US$90 million) of project capital expenditure for the Burnstone project.
Production from the Sandouville nickel refinery is forecast at between 7.0 kilotonnes to 7.5 kilotonnes of nickel equivalent product (Ni) at a
nickel equivalent AISC of between €33,715/tNi and €34,588/tNi (R657,000/tNi to R675,000/tNi) with capital expenditure of €14 million
(R273million).
The capital expenditure forecast for the Keliber lithium project for 2023 has been reduced from €231 million (R4.5 billion) to €130 million
(R2.3 billion). With the commencement of the construction of the concentrator in Q4 2023, most of the capex budgeted for 2023, will now
occur in 2024.
* The guidance has been translated where relevant at an average exchange rate of R18.00/US$ and R19.50/€
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations
US PGM Total SA PGM operations1
US and SA operations Rustenburg Marikana1 Kroondal Plat Mile Mimosa
PGM Under- Total Under- Surface Under- Surface Under- Surface Attribu- Surface Attribu-
operations1 ground2 ground ground ground table table
Production
Tonnes milled/treated kt Sep 2023 9,711 316 9,394 4,457 4,937 1,643 1,420 1,709 869 755 2,649 351
Jun 2023 9,469 287 9,182 4,210 4,972 1,572 1,390 1,557 918 727 2,665 354
Sep 2022 9,625 241 9,383 4,303 5,081 1,666 1,418 1,515 927 782 2,736 340
Plant head grade g/t Sep 2023 2.33 11.59 2.02 3.32 0.84 3.46 1.01 3.61 0.95 2.34 0.72 3.36
Jun 2023 2.28 12.48 1.96 3.29 0.83 3.38 1.03 3.67 0.95 2.22 0.69 3.47
Sep 2022 2.21 12.23 1.96 3.30 0.82 3.34 1.03 3.70 0.87 2.33 0.69 3.52
Plant recoveries % Sep 2023 76.64 90.10 74.01 85.36 34.07 86.43 52.16 86.47 28.32 83.85 22.61 76.62
Jun 2023 75.62 91.31 72.48 85.53 29.04 86.49 41.86 87.03 25.15 81.56 20.67 78.30
Sep 2022 75.59 89.25 73.19 85.09 32.61 86.52 52.47 87.06 25.94 82.17 20.30 74.44
Yield g/t Sep 2023 1.78 10.44 1.49 2.83 0.29 2.99 0.53 3.12 0.27 1.96 0.16 2.57
Jun 2023 1.72 11.40 1.42 2.81 0.24 2.92 0.43 3.19 0.24 1.81 0.14 2.72
Sep 2022 1.67 10.92 1.43 2.81 0.27 2.89 0.54 3.22 0.23 1.91 0.14 2.62
PGM production3 4Eoz - 2Eoz Sep 2023 557,106 105,546 451,560 406,135 45,425 157,977 24,045 171,498 7,516 47,600 13,864 29,060
Jun 2023 524,214 104,823 419,391 380,861 38,530 147,723 19,264 159,863 7,049 42,329 12,217 30,946
Sep 2022 518,032 85,889 432,143 388,460 43,683 154,797 24,641 156,873 6,723 48,120 12,319 28,670
PGM sold4 4Eoz - 2Eoz Sep 2023 549,696 124,882 424,814 141,322 15,060 179,811 47,600 13,864 27,157
Jun 2023 508,429 102,856 405,573 114,826 16,561 187,994 42,329 12,217 31,646
Sep 2022 471,994 69,534 402,460 137,246 16,578 160,115 48,120 12,319 28,082
Price and costs5
Average PGM basket price6 R/4Eoz - R/2Eoz Sep 2023 23,933 22,122 24,479 24,670 23,050 24,481 24,968 23,044 23,343
Jun 2023 30,313 25,378 31,689 32,269 27,153 31,741 32,564 27,980 27,972
Sep 2022 40,485 30,878 42,269 43,331 34,278 42,033 44,972 33,714 33,412
US$/4Eoz -
US$/2Eoz Sep 2023 1,287 1,190 1,317 1,327 1,240 1,317 1,343 1,240 1,256
Jun 2023 1,624 1,360 1,698 1,729 1,455 1,701 1,745 1,499 1,499
Sep 2022 2,374 1,811 2,479 2,541 2,010 2,465 2,638 1,977 1,960
Operating cost7,9 R/t Sep 2023 1,226 7,140 1,019 2,021 363 1,654 1,244 66 1,812
Jun 2023 1,123 6,333 953 2,035 245 1,560 1,186 59 1,730
Sep 2022 1,043 7,504 871 1,764 279 1,459 1,049 58 1,493
US$/t Sep 2023 66 384 55 109 20 89 67 4 97
Jun 2023 60 339 51 109 13 84 64 3 93
Sep 2022 61 440 51 103 16 86 62 3 88
R/4Eoz - R/2Eoz Sep 2023 21,723 21,384 21,808 21,022 21,460 23,814 19,727 12,623 21,886
Jun 2023 20,747 17,353 21,663 21,649 17,650 23,120 20,364 12,769 19,809
US$/4Eoz - Sep 2022 19,793 21,085 19,518 18,986 16,071 21,767 17,041 12,907 17,719
US$/2Eoz Sep 2023 1,169 1,150 1,173 1,131 1,154 1,281 1,061 679 1,177
Jun 2023 1,112 930 1,161 1,160 946 1,239 1,091 684 1,062
Sep 2022 1,161 1,237 1,145 1,114 943 1,277 999 757 1,039
All-in sustaining cost8,9 R/4Eoz - R/2Eoz Sep 2023 23,210 35,738 20,080 18,701 22,607 18,550 10,747 25,258
Jun 2023 21,724 30,280 19,416 18,121 21,574 18,403 10,886 22,329
Sep 2022 21,271 30,947 19,211 18,435 21,785 15,399 11,283 21,032
US$/4Eoz -
US$/2Eoz Sep 2023 1,249 1,922 1,080 1,006 1,216 998 578 1,359
Jun 2023 1,164 1,623 1,041 971 1,156 986 583 1,197
Sep 2022 1,248 1,815 1,127 1,081 1,278 903 662 1,234
All-in cost8,9 R/4Eoz - R/2Eoz Sep 2023 24,223 37,642 20,871 18,701 24,115 18,550 15,364 25,258
Jun 2023 22,710 32,235 20,139 18,121 22,940 18,805 13,833 22,329
Sep 2022 22,582 36,000 19,726 18,441 23,051 15,399 11,283 21,032
US$/4Eoz -
US$/2Eoz Sep 2023 1,303 2,025 1,123 1,006 1,297 998 826 1,359
Jun 2023 1,217 1,728 1,079 971 1,229 1,008 741 1,197
Sep 2022 1,324 2,111 1,157 1,082 1,352 903 662 1,234
Capital expenditure5
Ore reserve development Rm Sep 2023 1,671 1,049 622 149 473 â€" â€" â€"
Jun 2023 1,749 1,050 699 190 509 â€" â€" â€"
Sep 2022 1,313 723 590 194 396 â€" â€" â€"
Sustaining capital Rm Sep 2023 1,086 602 484 154 276 59 (5) 266
Jun 2023 853 418 435 145 229 64 (3) 273
Sep 2022 758 293 465 140 242 80 3 258
Corporate and projects Rm Sep 2023 535 201 334 â€" 270 â€" 64 â€"
Jun 2023 482 205 277 â€" 224 17 36 â€"
Sep 2022 642 434 208 1 207 â€" â€" â€"
Total capital expenditure Rm Sep 2023 3,292 1,852 1,440 303 1,019 59 59 266
Jun 2023 3,084 1,673 1,411 335 962 81 33 273
Sep 2022 2,713 1,450 1,263 335 845 80 3 258
US$m Sep 2023 177 100 77 16 55 3 3 14
Jun 2023 165 90 76 18 52 4 2 15
Sep 2022 159 85 74 20 50 5 â€" 15
Average exchange rate for the quarters ended 30 September 2023, 30 June 2023 and 30 September 2022 was R18.59/US$, R18.66/US$ and R17.05/US$, respectively
Figures may not add as they are rounded independently
1 The US and SA PGM operations, Total SA PGM operation and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a
reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM
operations and Marikana - Quartersâ€? and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana â€" Quartersâ€?
2 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground
production, the operation treats recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
3 Production per product â€" see prill split in the table below
4 PGM sold includes the third party PoC ounces sold
5 The US and SA PGM operations and Total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded
from revenue and cost of sales
6 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
7 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and
change in inventory in a period, by the PGM produced in the same period. For a reconciliation of unit operating cost, see “Unit operating cost - Quarters"
8 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost
per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation
of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters�
9 Operating cost, all-in sustaining costs and all-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other
measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board
Mining - PGM Prill split including third party PoC, excluding recycling operations
US AND SA PGM OPERATIONS TOTAL SA PGM OPERATIONS US PGM OPERATIONS
Sep 2023 Jun 2023 Sep 2022 Sep 2023 Jun 2023 Sep 2022 Sep 2023 Jun 2023 Sep 2022
% % % % % % % % %
Platinum 306,959 53% 288,639 52% 286,103 54% 282,763 59% 265,168 60% 265,975 59% 24,196 23% 23,471 22% 20,128 23%
Palladium 223,255 38% 213,734 39% 200,137 37% 141,905 30% 132,382 30% 134,376 30% 81,350 77% 81,352 78% 65,761 77%
Rhodium 42,851 7% 39,649 7% 40,296 8% 42,851 9% 39,649 9% 40,296 9%
Gold 8,036 1% 7,825 1% 8,216 2% 8,036 2% 7,825 2% 8,216 2%
PGM production 4E/2E 581,101 100% 549,847 100% 534,752 100% 475,555 100% 445,024 100% 448,863 100% 105,546 100% 104,823 100% 85,889 100%
Ruthenium 67,800 63,158 64,192 67,800 63,158 64,192
Iridium 16,836 16,016 16,034 16,836 16,016 16,034
Total 6E/2E 665,737 629,021 614,978 560,191 524,198 529,089 105,546 104,823 85,889
Figures may not add as they are rounded independently
US PGM Recycling
Unit Sep 2023 Jun 2023 Sep 2022
Average catalyst fed/day Tonne 9.5 11.2 17.7
Total processed Tonne 873 1,014 1,630
Tolled Tonne â€" â€" â€"
Purchased Tonne 873 1,014 1,630
PGM fed 3Eoz 72,434 83,608 141,560
PGM sold 3Eoz 77,679 74,041 162,659
PGM tolled returned 3Eoz 2,091 2,520 4,715
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS (continued)
SA gold operations
SA OPERATIONS
Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD
Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface Surface Surface
Production
Tonnes milled/treated kt Sep 2023 8,245 966 7,279 251 13 365 481 350 33 1,121 5,632
Jun 2023 7,670 1,120 6,550 357 23 389 331 374 115 1,110 4,972
Sep 2022 10,237 1,117 9,120 290 123 336 620 490 18 1,202 7,157
Yield g/t Sep 2023 0.75 4.42 0.26 5.77 3.37 5.16 0.49 2.66 0.21 0.28 0.23
Jun 2023 0.88 4.50 0.26 5.71 0.65 4.97 0.36 2.86 0.21 0.28 0.25
Sep 2022 0.62 3.90 0.22 5.65 0.41 4.14 0.31 2.69 â€" 0.27 0.20
Gold produced kg Sep 2023 6,148 4,267 1,881 1,452 43 1,882 234 933 7 313 1,284
Jun 2023 6,733 5,045 1,688 2,040 15 1,935 119 1,070 24 308 1,222
Sep 2022 6,366 4,354 2,012 1,640 50 1,393 190 1,321 â€" 319 1,453
oz Sep 2023 197,663 137,187 60,476 46,683 1,382 60,508 7,523 29,997 225 10,063 41,282
Jun 2023 216,471 162,200 54,270 65,588 482 62,212 3,826 34,401 772 9,902 39,288
Sep 2022 204,672 139,984 64,687 52,727 1,608 44,786 6,109 42,471 â€" 10,256 46,715
Gold sold kg Sep 2023 6,178 4,349 1,829 1,495 43 1,931 205 923 7 307 1,267
Jun 2023 6,801 5,107 1,694 2,105 18 1,917 122 1,085 24 308 1,222
Sep 2022 6,070 4,095 1,975 1,524 48 1,314 174 1,257 â€" 311 1,442
oz Sep 2023 198,627 139,824 58,804 48,065 1,382 62,083 6,591 29,675 225 9,870 40,735
Jun 2023 218,657 164,194 54,463 67,677 579 61,633 3,922 34,884 772 9,902 39,288
Sep 2022 195,155 131,657 63,498 48,998 1,543 42,246 5,594 40,413 â€" 9,999 46,361
Price and costs
Gold price received R/kg Sep 2023 1,153,448 1,153,446 1,153,090 1,152,688 1,153,094 1,154,696
Jun 2023 1,184,973 1,182,760 1,185,875 1,186,655 1,181,818 1,186,579
Sep 2022 944,316 944,020 944,220 942,721 945,338 945,908
US$/oz Sep 2023 1,930 1,930 1,929 1,929 1,929 1,932
Jun 2023 1,975 1,971 1,977 1,978 1,970 1,978
Sep 2022 1,723 1,722 1,722 1,720 1,725 1,726
Operating cost1,3 R/t Sep 2023 784 4,953 230 6,948 783 5,277 397 3,184 429 308 198
Jun 2023 791 4,081 229 4,616 478 4,964 384 2,650 279 298 200
Sep 2022 645 4,573 163 5,623 359 5,388 305 3,393 1,222 214 137
US$/t Sep 2023 42 266 12 374 42 284 21 171 23 17 11
Jun 2023 42 219 12 247 26 266 21 142 15 16 11
Sep 2022 38 268 10 330 21 316 18 199 72 13 8
R/kg Sep 2023 1,051,074 1,121,865 890,484 1,203,168 232,558 1,022,848 816,239 1,195,070 2,000,000 1,102,236 868,380
Jun 2023 901,084 905,847 886,848 808,333 733,333 997,933 1,067,227 925,234 1,333,333 1,074,675 815,057
Sep 2022 1,036,601 1,173,404 740,557 995,732 880,000 1,300,790 994,737 1,259,652 â€" 805,643 673,090
US$/oz Sep 2023 1,759 1,877 1,490 2,013 389 1,711 1,366 2,000 3,346 1,844 1,453
Jun 2023 1,502 1,510 1,478 1,347 1,222 1,663 1,779 1,542 2,222 1,791 1,359
Sep 2022 1,891 2,141 1,351 1,816 1,605 2,373 1,815 2,298 â€" 1,470 1,228
All-in sustaining cost2,3 R/kg Sep 2023 1,232,600 1,455,137 1,193,820 1,343,011 1,169,381 963,694
Jun 2023 1,080,135 1,071,597 1,190,289 1,064,022 1,120,130 910,802
Sep 2022 1,210,049 1,215,013 1,527,554 1,424,025 861,736 765,603
US$/oz Sep 2023 2,062 2,435 1,997 2,247 1,957 1,612
Jun 2023 1,800 1,786 1,984 1,774 1,867 1,518
Sep 2022 2,207 2,216 2,787 2,598 1,572 1,397
All-in cost2,3 R/kg Sep 2023 1,319,197 1,455,137 1,213,483 1,343,011 1,169,381 1,083,662
Jun 2023 1,197,324 1,071,597 1,207,945 1,064,022 1,120,130 1,129,296
Sep 2022 1,293,245 1,215,013 1,598,118 1,424,025 861,736 802,358
US$/oz Sep 2023 2,207 2,435 2,030 2,247 1,957 1,813
Jun 2023 1,996 1,786 2,013 1,774 1,867 1,882
Sep 2022 2,359 2,216 2,915 2,598 1,572 1,464
Capital expenditure
Ore reserve development Rm Sep 2023 677 339 246 92 â€" â€"
Jun 2023 745 411 249 85 â€" â€"
Sep 2022 472 208 174 90 â€" â€"
Sustaining capital Rm Sep 2023 367 131 108 16 â€" 112
Jun 2023 362 110 109 27 â€" 115
Sep 2022 409 109 150 37 â€" 113
Corporate and projects4 Rm Sep 2023 531 â€" 42 â€" â€" 152
Jun 2023 760 â€" 36 â€" â€" 267
Sep 2022 488 â€" 105 â€" â€" 53
Total capital expenditure Rm Sep 2023 1,576 470 396 108 â€" 264
Jun 2023 1,867 521 394 112 â€" 382
Sep 2022 1,369 317 429 127 â€" 166
US$m Sep 2023 85 25 21 6 â€" 14
Jun 2023 100 28 21 6 â€" 20
Sep 2022 80 19 25 7 â€" 10
Average exchange rates for the quarters ended 30 September 2023, 30 June 2023 and 30 September 2022 was R18.59/US$, R18.66/US$ and R17.05/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and
change in inventory in a period by the gold produced in the same period
2 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost
per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period. For a reconciliation of cost of
sales before amortisation and depreciation to All-in cost, see “All-in costs â€" Quartersâ€?
3 Operating cost, all-in sustaining costs and all-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other
measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board
4 Corporate project expenditure for the quarters ended 30 September 2023, 30 June 2023 and 30 September 2022 was R337 million (US$18 million), R457 million (US$24 million) and R330 million
(US$19 million), respectively, the majority of which related to the Burnstone project
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS (continued)
European operations
Sandouville nickel refinery
Metals split
Sep 2023 Jun 2023 Sep 2022
Volumes produced (tonnes)
Nickel salts1 427 18% 359 19% 650 39%
Nickel metal 1,925 82% 1,525 81% 1,003 61%
Total Nickel Production tNi 2,352 100% 1,884 100% 1,653 100%
Nickel cakes2 103 97 68
Cobalt chloride (CoCl2)3 46 30 37
Ferric chloride (FeCl3)3 409 348 321
Volumes sales (tonnes)
Nickel salts1 287 15% 364 18% 529 31%
Nickel metal 1,664 85% 1,714 82% 1,177 69%
Total Nickel Sold tNi 1,951 100% 2,078 100% 1,706 100%
Nickel cakes2 â€" 2
Cobalt chloride (CoCl2)3 41 34 51
Ferric chloride (FeCl3)3 409 348 321
Nickel equivalent basket price Unit Sep 2023 Jun 2023 Sep 2022
Nickel equivalent average basket price4 R/tNi 403,895 481,713 384,525
US$/tNi 21,726 25,815 22,553
Nickel equivalent sustaining cost Rm Sep 2023 Jun 2023 Sep 2022
Cost of sales, before amortisation and depreciation 1,100 1,407 882
Share-based payments (7) 11 â€"
Rehabilitation interest and amortisation 2 1 1
Leases 5 5 15
Sustaining capital expenditure 82 51 23
Less: By-product credit (39) (65) (43)
Nickel equivalent sustaining cost5 1,143 1,410 878
Nickel Products sold tNi 1,951 2,078 1,706
Nickel equivalent sustaining cost5 R/tNi 585,853 678,537 514,654
US$/tNi 31,514 36,363 30,185
Nickel recovery yield6 % 98.82 % 97.46 % 95.04 %
Average exchange rates for the quarters ended 30 September 2023, 30 June 2023 and 30 September 2022 was R18.59/US$, R18.66/US$ and R17.05/US$, respectively
Figures may not add as they are rounded independently
1 Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
2 Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
3 Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
4 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
5 The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel equivalent sustaining cost, in a
period by the total nickel products sold over the same period. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are intended to provide additional information
only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as alternatives to cost of sales, profit before tax, profit for the year, cash from
operating activities or any other measure of financial performance presented in accordance with IFRS. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne as
presented in this document may not be comparable to other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result
of differences in the underlying accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining
versus development capital activities based upon each company’s internal policies. Non-IFRS measures such as Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per
tonne are the responsibility of the Group's Board of Directors and because of its nature, should not be considered as a representation of financial performance under IFRS
6 Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS (continued)
Australian operations
Century zinc retreatment operation1
Production
Ore mined and processed kt Sep 2023 1,973
Jun 2023 1,949
Processing feed grade % Sep 2023 3.16
Jun 2023 3.13
Plant recoveries % Sep 2023 48.91
Jun 2023 45.86
Concentrate produced2 kt Sep 2023 67
Jun 2023 62
Concentrate zinc grade3 % Sep 2023 45.31
Jun 2023 45.02
Metal produced (zinc in concentrate)4 kt Sep 2023 30
Jun 2023 28
Zinc metal produced (payable)5 kt Sep 2023 25
Jun 2023 23
Zinc sold6 kt Sep 2023 28
Jun 2023 29
Zinc sold (payable)7 kt Sep 2023 23
Jun 2023 23
Price and costs
Average LME price US$/tZn Sep 2023 1,597
Jun 2023 1,601
Average equivalent zinc concentrate price8 R/tZn Sep 2023 31,747
Jun 2023 28,832
US$/tZn Sep 2023 1,708
Jun 2023 1,545
All-in sustaining cost9,10 R/tZn Sep 2023 32,587
Jun 2023 37,562
US$/tZn Sep 2023 1,753
Jun 2023 2,013
All-in cost9,10 R/tZn Sep 2023 34,937
Jun 2023 41,692
US$/tZn Sep 2023 1,879
Jun 2023 2,234
Average exchange rates for the quarters ended 30 September 2023 and 30 June 2023 was R18.59/US$ and R18.66/US$, respectively
Figures may not add as they are rounded independently
1 Century is a leading tailings management and rehabilitation company that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was
acquired by the Group on 22 February 2023
2 Concentrate produced is the dry concentrate which has been processed that contains zinc, silver and waste material
3 Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
4 Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced
5 Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
6 Zinc sold is the zinc metal contained in the concentrate sold
7 Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions
8 Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
metal sold
9 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per tonne and All-in cost per tonne are
calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total tonnes of zinc metal produced (payable) in the same period. For a reconciliation of cost of
sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters�
10 All-in sustaining costs and all-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other measure of
financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board
ALL-IN COSTS - QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA Total SA
PGM US PGM PGM Rustenburg Marikana1 Kroondal Plat Mile Mimosa Corporate
operations1 operations2 operations1
Cost of sales, before amortisation and depreciation3 Sep 2023 11,457 2,510 8,947 3,555 4,275 942 175 640 (640)
Jun 2023 11,384 2,032 9,352 3,456 4,875 865 156 678 (678)
Sep 2022 9,416 1,413 8,003 3,218 3,758 868 159 511 (511)
Royalties Sep 2023 84 â€" 84 70 12 2 â€" 29 (29)
Jun 2023 250 â€" 250 167 82 1 â€" 43 (43)
Sep 2022 374 â€" 374 258 112 4 â€" 26 (26)
Carbon tax Sep 2023 â€" â€" â€" â€" â€" â€" â€" â€" â€"
Jun 2023 â€" â€" â€" â€" â€" â€" â€" â€" â€"
Sep 2022 (1) â€" (1) â€" â€" (1) â€" â€" â€"
Community costs Sep 2023 21 â€" 21 â€" 21 â€" â€" â€" â€"
Jun 2023 20 â€" 20 â€" 20 â€" â€" â€" â€"
Sep 2022 22 â€" 22 â€" 22 â€" â€" â€" â€"
Inventory change Sep 2023 912 (253) 1,165 462 703 â€" â€" (4) 4
Jun 2023 74 (213) 287 367 (80) â€" â€" (65) 65
Sep 2022 1,462 398 1,064 375 689 â€" â€" (3) 3
Share-based payments4 Sep 2023 78 22 56 20 24 11 â€" â€" â€"
Jun 2023 74 47 27 11 16 (3) â€" â€" â€"
Sep 2022 54 12 42 16 19 7 â€" â€" â€"
Rehabilitation interest and amortisation5 Sep 2023 46 21 25 (6) 14 17 â€" 2 (2)
Jun 2023 56 22 34 (2) 18 18 â€" 1 (1)
Sep 2022 35 13 22 (8) 10 20 â€" 1 (1)
Leases Sep 2023 18 1 17 6 10 1 â€" â€" â€"
Jun 2023 17 1 16 6 9 1 â€" â€" â€"
Sep 2022 16 2 14 3 10 1 â€" â€" â€"
Ore reserve development Sep 2023 1,671 1,049 622 149 473 â€" â€" â€" â€"
Jun 2023 1,749 1,050 699 190 509 â€" â€" â€" â€"
Sep 2022 1,313 723 590 194 396 â€" â€" â€" â€"
Sustaining capital expenditure Sep 2023 1,086 602 484 154 276 59 (5) 266 (266)
Jun 2023 853 418 435 145 229 64 (3) 273 (273)
Sep 2022 758 293 465 140 242 80 3 258 (258)
Less: By-product credit Sep 2023 (2,658) (180) (2,478) (1,006) (1,302) (149) (21) (199) 199
Jun 2023 (3,112) (183) (2,929) (1,314) (1,428) (167) (20) (239) 239
Sep 2022 (2,327) (196) (2,131) (888) (981) (238) (23) (190) 189
Total All-in-sustaining costs6 Sep 2023 12,715 3,772 8,943 3,404 4,506 883 149 734 (734)
Jun 2023 11,365 3,174 8,191 3,026 4,250 779 133 691 (691)
Sep 2022 11,122 2,658 8,464 3,308 4,277 741 139 603 (604)
Plus: Corporate cost, growth and capital
expenditure Sep 2023 535 201 334 â€" 270 â€" 64 â€" â€"
Jun 2023 486 205 281 â€" 228 17 36 â€" â€"
Sep 2022 642 434 208 1 207 â€" â€" â€" â€"
Total All-in-costs6 Sep 2023 13,250 3,973 9,277 3,404 4,776 883 213 734 (734)
Jun 2023 11,851 3,379 8,472 3,026 4,478 796 169 691 (691)
Sep 2022 11,764 3,092 8,672 3,309 4,484 741 139 603 (604)
PGM production 4Eoz - 2Eoz Sep 2023 581,101 105,546 475,555 182,022 203,009 47,600 13,864 29,060 â€"
Jun 2023 549,847 104,823 445,024 166,987 192,545 42,329 12,217 30,946 â€"
Sep 2022 534,752 85,889 448,863 179,438 180,316 48,120 12,319 28,670 â€"
kg Sep 2023 18,074 3,283 14,791 5,662 6,314 1,481 431 904 â€"
Jun 2023 17,102 3,260 13,842 5,194 5,989 1,317 380 963 â€"
Sep 2022 16,633 2,671 13,961 5,581 5,608 1,497 383 892 â€"
All-in-sustaining cost R/4Eoz - R/2Eoz Sep 2023 23,033 35,738 20,029 18,701 22,196 18,550 10,747 25,258 â€"
Jun 2023 21,902 30,280 19,781 18,121 22,073 18,403 10,886 22,329 â€"
Sep 2022 21,977 30,947 20,143 18,435 23,719 15,399 11,283 21,032 â€"
US$/4Eoz - US$/2Eoz Sep 2023 1,239 1,922 1,077 1,006 1,194 998 578 1,359 â€"
Jun 2023 1,174 1,623 1,060 971 1,183 986 583 1,197 â€"
Sep 2022 1,289 1,815 1,181 1,081 1,391 903 662 1,234 â€"
All-in-cost R/4Eoz - R/2Eoz Sep 2023 24,002 37,642 20,777 18,701 23,526 18,550 15,364 25,258 â€"
Jun 2023 22,839 32,235 20,460 18,121 23,257 18,805 13,833 22,329 â€"
Sep 2022 23,245 36,000 20,638 18,441 24,867 15,399 11,283 21,032 â€"
US$/4Eoz - US$/2Eoz Sep 2023 1,291 2,025 1,118 1,006 1,266 998 826 1,359 â€"
Jun 2023 1,224 1,728 1,096 971 1,246 1,008 741 1,197 â€"
Sep 2022 1,363 2,111 1,210 1,082 1,459 903 662 1,234 â€"
Average exchange rates for the quarters ended 30 September 2023, 30 June 2023 and 30 September 2022 was R18.59/US$, R18.66/US$ and R17.05/US$, respectively
Figures may not add as they are rounded independently
1 The US and SA PGM operations, Total SA PGM operations and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a
reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM
operations and Marikana - Quartersâ€? and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana â€" Quartersâ€?
2 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations’ underground
production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown
3 Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
4 Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date
fair value
5 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
6 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost
per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period
Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters
US and SA PGM Total SA PGM operations Marikana
Rm Sep 2023 Jun 2023 Sep 2022 Sep 2023 Jun 2023 Sep 2022 Sep 2023 Jun 2023 Sep 2022
Cost of sales, before amortisation and depreciation as reported per
table above 11,457 11,384 9,416 8,947 9,352 8,003 4,275 4,875 3,758
Inventory change as reported per table above 912 74 1,462 1,165 287 1,064 703 (80) 689
Less: Chrome cost of sales (333) (451) (402) (333) (451) (402) (150) (163) (96)
Total operating cost including third party PoC 12,036 11,007 10,476 9,779 9,188 8,665 4,828 4,632 4,351
Less: Purchase cost of PoC (565) (773) (790) (565) (773) (790) (565) (773) (790)
Total operating cost excluding third party PoC 11,471 10,234 9,686 9,214 8,415 7,875 4,263 3,859 3,561
PGM production as reported per table above 4Eoz- 2Eoz 581,101 549,847 534,752 475,555 445,024 448,863 203,009 192,545 180,316
Less: Mimosa production (29,060) (30,946) (28,670) (29,060) (30,946) (28,670) â€" â€" â€"
PGM production excluding Mimosa 552,041 518,901 506,082 446,495 414,078 420,193 203,009 192,545 180,316
Less: PoC production (23,995) (25,633) (16,720) (23,995) (25,633) (16,720) (23,995) (25,633) (16,720)
PGM production excluding Mimosa and third party PoC 528,046 493,268 489,362 422,500 388,445 403,473 179,014 166,912 163,596
PGM production including Mimosa and excluding third party PoC 557,106 524,214 518,032 451,560 419,391 432,143 179,014 166,912 163,596
Tonnes milled/treated kt 9,711 9,469 9,625 9,394 9,182 9,383 2,578 2,475 2,441
Less: Mimosa tonnes (351) (354) (340) (351) (354) (340) â€" â€" â€"
PGM tonnes excluding Mimosa and third party PoC 9,359 9,115 9,284 9,043 8,828 9,043 2,578 2,475 2,441
Operating cost including third party PoC R/4Eoz-R/2Eoz 21,803 21,212 20,700 21,902 22,189 20,621 23,782 24,057 24,130
US$/4Eoz-
US$/2Eoz 1,173 1,137 1,214 1,178 1,189 1,209 1,279 1,289 1,415
R/t 1,286 1,208 1,128 1,081 1,041 958 1,873 1,872 1,782
US$/t 69 65 66 58 56 56 101 100 105
Operating cost excluding third party PoC R/4Eoz-R/2Eoz 21,723 20,747 19,793 21,808 21,663 19,518 23,814 23,120 21,767
US$/4Eoz-
US$/2Eoz 1,169 1,112 1,161 1,173 1,161 1,145 1,281 1,239 1,277
R/t 1,226 1,123 1,043 1,019 953 871 1,654 1,560 1,459
US$/t 66 60 61 55 51 51 89 84 86
Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters
US and SA PGM Total SA PGM operations Marikana
Rm Sep 2023 Jun 2023 Sep 2022 Sep 2023 Jun 2023 Sep 2022 Sep 2023 Jun 2023 Sep 2022
Total All-in-sustaining cost as reported per table above 12,715 11,365 11,122 8,943 8,191 8,464 4,506 4,250 4,277
Less: Purchase cost of PoC (565) (773) (790) (565) (773) (790) (565) (773) (790)
Add: By-product credit of PoC 106 124 77 106 124 77 106 124 77
Total All-in-sustaining cost excluding third party PoC 12,256 10,716 10,409 8,484 7,542 7,751 4,047 3,601 3,564
Plus: Corporate cost, growth and capital expenditure 535 486 642 334 281 208 270 228 207
Total All-in-cost excluding third party PoC 12,791 11,202 11,051 8,818 7,823 7,959 4,317 3,829 3,771
PGM production excluding Mimosa and third party PoC 4Eoz- 2Eoz 528,046 493,268 489,362 422,500 388,445 403,473 179,014 166,912 163,596
All-in-sustaining cost excluding third party PoC R/4Eoz-R/2Eoz 23,210 21,724 21,271 20,080 19,416 19,211 22,607 21,574 21,785
US$/4Eoz-
US$/2Eoz 1,249 1,164 1,248 1,080 1,041 1,127 1,216 1,156 1,278
All-in-cost excluding third party PoC R/4Eoz-R/2Eoz 24,223 22,710 22,582 20,871 20,139 19,726 24,115 22,940 23,051
US$/4Eoz-
US$/2Eoz 1,303 1,217 1,324 1,123 1,079 1,157 1,297 1,229 1,352
ALL-IN COSTS - QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
SA OPERATIONS
Total SA Driefontein Kloof Beatrix Cooke DRDGOLD Corporate
gold
Cost of sales, before amortisation and depreciation1 Sep 2023 6,436 1,747 2,162 1,101 336 1,090 â€"
Jun 2023 6,128 1,735 2,043 1,038 322 990 â€"
Sep 2022 6,342 1,562 1,926 1,624 256 974 â€"
Royalties Sep 2023 27 9 12 5 1 â€" â€"
Jun 2023 32 13 12 7 1 â€" (1)
Sep 2022 21 7 7 6 1 â€" â€"
Carbon tax Sep 2023 â€" â€" â€" â€" â€" â€" â€"
Jun 2023 â€" â€" â€" â€" â€" â€" â€"
Sep 2022 1 â€" â€" 1 â€" â€" â€"
Community costs Sep 2023 4 â€" 1 â€" â€" 3 â€"
Jun 2023 6 1 1 1 â€" 3 â€"
Sep 2022 24 8 7 6 â€" 3 â€"
Share-based payments2 Sep 2023 48 14 17 14 â€" 6 (3)
Jun 2023 24 7 7 (1) â€" 6 5
Sep 2022 28 10 9 5 â€" 4 â€"
Rehabilitation interest and amortisation3 Sep 2023 50 â€" 5 17 22 5 1
Jun 2023 44 â€" 6 19 22 (4) 1
Sep 2022 32 5 (3) 15 11 4 â€"
Leases Sep 2023 11 â€" 1 5 â€" 5 â€"
Jun 2023 11 â€" 1 5 â€" 5 â€"
Sep 2022 19 2 4 7 â€" 6 â€"
Ore reserve development Sep 2023 677 339 246 92 â€" â€" â€"
Jun 2023 745 411 249 85 â€" â€" â€"
Sep 2022 472 208 174 90 â€" â€" â€"
Sustaining capital expenditure Sep 2023 367 131 108 16 â€" 112 â€"
Jun 2023 362 110 109 27 â€" 115 1
Sep 2022 409 109 150 37 â€" 113 â€"
Less: By-product credit Sep 2023 (5) (2) (2) (1) â€" â€" â€"
Jun 2023 (6) (2) (1) (1) â€" (2) â€"
Sep 2022 (3) (1) (1) (1) â€" â€" â€"
Total All-in-sustaining costs4 Sep 2023 7,615 2,238 2,550 1,249 359 1,221 (2)
Jun 2023 7,346 2,275 2,427 1,180 345 1,113 6
Sep 2022 7,345 1,910 2,273 1,790 268 1,104 â€"
Plus: Corporate cost, growth and capital expenditure Sep 2023 535 â€" 42 â€" â€" 152 341
Jun 2023 797 â€" 36 â€" â€" 267 494
Sep 2022 505 â€" 105 â€" â€" 53 347
Total All-in-costs4 Sep 2023 8,150 2,238 2,592 1,249 359 1,373 339
Jun 2023 8,143 2,275 2,463 1,180 345 1,380 500
Sep 2022 7,850 1,910 2,378 1,790 268 1,157 347
Gold sold kg Sep 2023 6,178 1,538 2,136 930 307 1,267 â€"
Jun 2023 6,801 2,123 2,039 1,109 308 1,222 â€"
Sep 2022 6,070 1,572 1,488 1,257 311 1,442 â€"
oz Sep 2023 198,627 49,448 68,674 29,900 9,870 40,735 â€"
Jun 2023 218,657 68,256 65,555 35,655 9,902 39,288 â€"
Sep 2022 195,155 50,541 47,840 40,413 9,999 46,361 â€"
All-in-sustaining cost R/kg Sep 2023 1,232,600 1,455,137 1,193,820 1,343,011 1,169,381 963,694 â€"
Jun 2023 1,080,135 1,071,597 1,190,289 1,064,022 1,120,130 910,802 â€"
Sep 2022 1,210,049 1,215,013 1,527,554 1,424,025 861,736 765,603 â€"
US$/oz Sep 2023 2,062 2,435 1,997 2,247 1,957 1,612 â€"
Jun 2023 1,800 1,786 1,984 1,774 1,867 1,518 â€"
Sep 2022 2,207 2,216 2,787 2,598 1,572 1,397 â€"
All-in-cost R/kg Sep 2023 1,319,197 1,455,137 1,213,483 1,343,011 1,169,381 1,083,662 â€"
Jun 2023 1,197,324 1,071,597 1,207,945 1,064,022 1,120,130 1,129,296 â€"
Sep 2022 1,293,245 1,215,013 1,598,118 1,424,025 861,736 802,358 â€"
US$/oz Sep 2023 2,207 2,435 2,030 2,247 1,957 1,813 â€"
Jun 2023 1,996 1,786 2,013 1,774 1,867 1,882 â€"
Sep 2022 2,359 2,216 2,915 2,598 1,572 1,464 â€"
Average exchange rates for the quarters ended 30 September 2023, 30 June 2023 and 30 September 2022 was R18.59/US$, R18.66/US$ and R17.05/US$, respectively
Figures may not add as they are rounded independently
1 Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2 Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date
fair value
3 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost
per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period
ALL-IN-COSTS - QUARTERS (continued)
Australian operations
Figures are in rand millions unless otherwise stated
Century zinc retreatment operation1
Cost of sales, before amortisation and depreciation2 Sep 2023 713
Jun 2023 733
Royalties Sep 2023 24
Jun 2023 39
Community costs Sep 2023 22
Jun 2023 8
Inventory change Sep 2023 45
Jun 2023 36
Share-based payments Sep 2023 â€"
Jun 2023 â€"
Rehabilitation interest and amortisation3 Sep 2023 5
Jun 2023 2
Leases Sep 2023 30
Jun 2023 31
Sustaining capital expenditure Sep 2023 30
Jun 2023 35
Less: By-product credit Sep 2023 (51)
Jun 2023 (20)
Total All-in-sustaining costs4 Sep 2023 818
Jun 2023 864
Plus: Corporate cost, growth and capital expenditure
Sep 2023 59
Jun 2023 95
Total All-in-costs4 Sep 2023 877
Jun 2023 959
Zinc metal produced (payable) kt Sep 2023 25
Jun 2023 23
All-in-sustaining cost R/tZn Sep 2023 32,587
Jun 2023 37,562
US$/tZn Sep 2023 1,753
Jun 2023 2,013
All-in-cost R/tZn Sep 2023 34,937
Jun 2023 41,692
US$/tZn Sep 2023 1,879
Jun 2023 2,234
Average exchange rates for the quarters ended 30 September 2023 and 30 June 2023 was R18.59/US$ and R18.66/US$, respectively
Figures may not add as they are rounded independently
1 Century is a leading tailings management and rehabilitation company that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was
acquired by the Group on 22 February 2023
2 Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
3 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current zinc production
4 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per tonne and All-in cost per tonne are
calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total tonnes of zinc metal produced (payable) in the same period
UNIT OPERATING COST - QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
Total SA
US and SA US PGM PGM Rustenburg3 Marikana3 Kroondal3 Plat Mile Mimosa
PGM operations operations1,3
operations1 Under- Total Under- Surface Under- Surface Attribu- Surface Attribu-
ground2 ground Surface ground Surface table table
Cost of sales, before
amortisation and
depreciation Sep 2023 11,457 2,510 8,947 3,211 344 4,275 942 175 640
Jun 2023 11,384 2,032 9,352 3,141 315 4,875 865 156 678
Sep 2022 9,416 1,413 8,003 2,912 306 3,758 868 159 511
Inventory change Sep 2023 912 (253) 1,165 290 172 703 â€" â€" (4)
Jun 2023 74 (213) 287 342 25 (80) â€" â€" (65)
Sep 2022 1,462 398 1,064 285 90 689 â€" â€" (3)
Less: Chrome cost of sales Sep 2023 (333) â€" (333) (180) â€" (150) (3) â€" â€"
Jun 2023 (451) â€" (451) (285) â€" (163) (3) â€" â€"
Sep 2022 (402) â€" (402) (258) â€" (96) (48) â€" â€"
Less: Purchase cost of PoC Sep 2023 (565) â€" (565) â€" â€" (565) â€" â€" â€"
Jun 2023 (773) â€" (773) â€" â€" (773) â€" â€" â€"
Sep 2022 (790) â€" (790) â€" â€" (790) â€" â€" â€"
Total operating cost
excluding third party PoC Sep 2023 11,471 2,257 9,214 3,321 516 4,263 939 175 636
Jun 2023 10,234 1,819 8,415 3,198 340 3,859 862 156 613
Sep 2022 9,686 1,811 7,875 2,939 396 3,561 820 159 508
Tonnes milled/treated
excluding third party PoC4 kt Sep 2023 9,359 316 9,043 1,643 1,420 1,709 869 755 2,649 351
Jun 2023 9,115 287 8,828 1,572 1,390 1,557 918 727 2,665 354
Sep 2022 9,284 241 9,043 1,666 1,418 1,515 927 782 2,736 340
PGM production excluding
third party PoC4 4Eoz Sep 2023 528,046 105,546 422,500 157,977 24,045 179,014 47,600 13,864 29,060
Jun 2023 493,268 104,823 388,445 147,723 19,264 166,912 42,329 12,217 30,946
Sep 2022 489,362 85,889 403,473 154,797 24,641 163,596 48,120 12,319 28,670
Operating cost excluding
third party PoC5 R/t Sep 2023 1,226 7,140 1,019 2,021 363 1,654 1,244 66 1,812
Jun 2023 1,123 6,333 953 2,035 245 1,560 1,186 59 1,730
Sep 2022 1,043 7,504 871 1,764 279 1,459 1,049 58 1,493
US$/t Sep 2023 66 384 55 109 20 89 67 4 97
Jun 2023 60 339 51 109 13 84 64 3 93
Sep 2022 61 440 51 103 16 86 62 3 88
R/4Eoz - R/2Eoz Sep 2023 21,723 21,384 21,808 21,022 21,460 23,814 19,727 12,623 21,886
Jun 2023 20,747 17,353 21,663 21,649 17,650 23,120 20,364 12,769 19,809
Sep 2022 19,793 21,085 19,518 18,986 16,071 21,767 17,041 12,907 17,719
US$/4Eoz -
US$/2Eoz Sep 2023 1,169 1,150 1,173 1,131 1,154 1,281 1,061 679 1,177
Jun 2023 1,112 930 1,161 1,160 946 1,239 1,091 684 1,062
Sep 2022 1,161 1,237 1,145 1,114 943 1,277 999 757 1,039
Average exchange rates for the quarters ended 30 September 2023, 30 June 2023 and 30 September 2022 was R18.59/US$, R18.66/US$ and R17.05/US$, respectively
Figures may not add as they are rounded independently
1 US and SA PGM operations and Total SA PGM operations exclude the results of Mimosa, which is equity accounted
2 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’
underground production, the operation treats various recycling material which is excluded from the statistics shown above
3 Cost of sales, before amortisation and depreciation for Total SA PGM, Rustenburg, Marikana and Kroondal includes the Chrome cost of sales which is excluded for unit cost calculation purposes
as Chrome production is excluded from the 4Eoz production
4 For a reconciliation of the production excluding Mimosa and third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM
operations and Marikana - Quarters�
5 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per ounce is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory
in a period, by the PGM produced in the same period
UNIT OPERATING COST - QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA gold operations Driefontein Kloof Beatrix Cooke DRDGOLD
Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface Surface Surface
Cost of sales, before
amortisation and depreciation Sep 2023 6,436 4,796 1,640 1,737 10 1,972 190 1,087 14 336 1,090
Jun 2023 6,128 4,648 1,480 1,724 11 1,918 125 1,006 32 322 990
Sep 2022 6,342 4,871 1,471 1,518 44 1,751 175 1,602 22 256 974
Inventory change Sep 2023 26 (9) 35 10 â€" (47) 1 28 â€" 9 25
Jun 2023 (61) (78) 17 (75) â€" 13 2 (16) â€" 9 6
Sep 2022 257 238 19 115 â€" 61 14 62 â€" 1 4
Total operating cost Sep 2023 6,462 4,787 1,675 1,747 10 1,925 191 1,115 14 345 1,115
Jun 2023 6,067 4,570 1,497 1,649 11 1,931 127 990 32 331 996
Sep 2022 6,599 5,109 1,490 1,633 44 1,812 189 1,664 22 257 978
Tonnes milled/treated kt Sep 2023 8,245 966 7,279 251 13 365 481 350 33 1,121 5,632
Jun 2023 7,670 1,120 6,550 357 23 389 331 374 115 1,110 4,972
Sep 2022 10,237 1,117 9,120 290 123 336 620 490 18 1,202 7,157
Gold produced kg Sep 2023 6,148 4,267 1,881 1,452 43 1,882 234 933 7 313 1,284
Jun 2023 6,733 5,045 1,688 2,040 15 1,935 119 1,070 24 308 1,222
Sep 2022 6,366 4,354 2,012 1,640 50 1,393 190 1,321 â€" 319 1,453
oz Sep 2023 197,663 137,187 60,476 46,683 1,382 60,508 7,523 29,997 225 10,063 41,282
Jun 2023 216,471 162,200 54,270 65,588 482 62,212 3,826 34,401 772 9,902 39,288
Sep 2022 204,672 139,984 64,687 52,727 1,608 44,786 6,109 42,471 â€" 10,256 46,715
Operating cost1 R/t Sep 2023 784 4,953 230 6,948 783 5,277 397 3,184 429 308 198
Jun 2023 791 4,081 229 4,616 478 4,964 384 2,650 279 298 200
Sep 2022 645 4,573 163 5,623 359 5,388 305 3,393 1,222 214 137
US$/t Sep 2023 42 266 12 374 42 284 21 171 23 17 11
Jun 2023 42 219 12 247 26 266 21 142 15 16 11
Sep 2022 38 268 10 330 21 316 18 199 72 13 8
R/kg Sep 2023 1,051,074 1,121,865 890,484 1,203,168 232,558 1,022,848 816,239 1,195,070 2,000,000 1,102,236 868,380
Jun 2023 901,084 905,847 886,848 808,333 733,333 997,933 1,067,227 925,234 1,333,333 1,074,675 815,057
Sep 2022 1,036,601 1,173,404 740,557 995,732 880,000 1,300,790 994,737 1,259,652 â€" 805,643 673,090
US$/oz Sep 2023 1,759 1,877 1,490 2,013 389 1,711 1,366 2,000 3,346 1,844 1,453
Jun 2023 1,502 1,510 1,478 1,347 1,222 1,663 1,779 1,542 2,222 1,791 1,359
Sep 2022 1,891 2,141 1,351 1,816 1,605 2,373 1,815 2,298 â€" 1,470 1,228
Average exchange rates for the quarters ended 30 September 2023, 30 June 2023 and 30 September 2022 was R18.59/US$, R18.66/US$ and R17.05/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and
change in inventory in a period by the gold produced in the same period
ADJUSTED EBITDA RECONCILIATION - QUARTERS
Quarter ended Sep 2023 Quarter ended Jun 2023 Quarter ended Sep 2022
Southern Africa (SA)
Americas region region European (EU) region Australian (AUS) region Group Americas region SA region European region Australian region Group Americas region SA region European region Group
Century Century
US Under- Sandouville zinc US Under- Sandouville zinc US Under- Sandouville
Total US ground US Recy- nickel retreatment Corpo- Total US ground US Recy- nickel retreatment Corpo- Total US ground US Recy- nickel Corpo-
Figures in million - SA rand PGM PGM cling SA PGM SA gold Total EU1 refinery Total AUS2 operation rate Total PGM PGM cling SA PGM SA gold Total EU1 refinery Total AUS2 operation rate Total PGM PGM cling SA PGM SA gold Total EU1 refinery rate Total
(Loss)/profit before royalties
and tax (653) (799) 146 1,260 (181) (362) (350) (461) (404) (394) (791) (105) (276) 171 5,479 1,209 (352) (357) (450) (475) (261) 5,520 356 (83) 439 7,374 (802) (331) (309) (142) 6,455
Adjusted for:
Amortisation and
depreciation 958 957 1 780 572 51 49 223 223 â€" 2,584 846 845 1 714 619 49 47 545 545 â€" 2,773 580 579 1 625 481 55 55 â€" 1,741
Interest income (51) (51) â€" (93) (162) (32) â€" (2) (1) (1) (341) (54) (54) â€" (127) (152) (1) â€" (5) (4) (1) (340) (101) (32) (69) (83) (124) â€" â€" â€" (308)
Finance expense 269 269 â€" 152 205 23 2 25 25 73 747 270 270 â€" 171 284 16 2 98 98 95 934 248 248 â€" 163 177 6 6 78 672
Share-based payments 18 18 â€" 33 41 (17) (3) â€" â€" 4 79 16 16 â€" 4 15 5 5 â€" â€" 4 44 10 10 â€" 41 43 â€" â€" â€" 94
Loss/(gain) on financial
instruments â€" â€" â€" 240 (21) (4) (13) 240 240 â€" 455 (68) (68) â€" 227 (71) (45) (9) (570) (570) (13) (540) 160 160 â€" 125 4 (23) (1) â€" 266
Loss/(gain) on foreign
exchange differences 3 3 â€" 61 3 24 24 58 â€" 14 163 (9) (9) â€" (1,620) 72 (65) (65) (25) (1) (7) (1,654) 8 8 â€" (135) (518) 63 18 (39) (621)
Share of results of equity-
accounted investees after tax â€" â€" â€" 129 (88) â€" â€" â€" â€" 3 44 â€" â€" â€" 18 (89) â€" â€" â€" â€" 8 (63) â€" â€" â€" (55) (37) â€" â€" 3 (89)
Loss/(gain) on disposal of
property, plant and
equipment 1 1 â€" (20) (14) â€" â€" â€" â€" â€" (33) (1) (1) â€" (24) (23) â€" â€" â€" â€" â€" (48) 1 1 â€" (15) (18) â€" â€" â€" (32)
Impairments/(reversal of
impairments) â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" 1 â€" â€" 6 6 â€" 7 â€" â€" â€" (7) â€" â€" â€" â€" (7)
Restructuring cost â€" â€" â€" 3 2 â€" â€" â€" â€" â€" 5 â€" â€" â€" 15 (235) â€" â€" â€" â€" â€" (220) â€" â€" â€" 4 3 â€" â€" â€" 7
IFRS 16 lease payments (1) (1) â€" (13) (13) (6) (5) (30) (30) â€" (63) (1) (1) â€" (15) (21) (6) (5) (32) (32) â€" (75) (2) (2) â€" (14) (20) (16) (15) â€" (52)
Occupational healthcare
gain â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" â€" (8) â€" â€" â€" â€" â€" (8) â€" â€" â€" â€" â€" â€" â€" â€" â€"
Other non-recurring costs â€" â€" â€" â€" â€" â€" â€" â€" â€" 178 178 â€" â€" â€" â€" â€" â€" â€" â€" â€" 62 62 6 6 â€" 309 â€" â€" â€" 14 329
Adjusted EBITDA 544 397 147 2,532 344 (323) (296) 53 53 (123) 3,027 894 722 172 4,842 1,601 (399) (382) (433) (433) (113) 6,392 1,266 895 371 8,332 (811) (246) (246) (86) 8,455
1 Total European operations includes Sandouville nickel refinery, Keliber Oy and European corporate and reconciling items
2 Total Australian operations includes Century zinc retreatment operation and Australian corporate and reconciling items
DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude
shaft sinking metres, which are reported separately where appropriate.
US PGM operations Sep 2023 quarter Jun 2023 quarter Nine months ended Sep 2023
Stillwater East Stillwater East Stillwater East
Reef incl Blitz Boulder incl Blitz Boulder incl Blitz Boulder
Total US PGM Unit
Primary development (off reef) (m) 1,785 172 1,671 472 4,959 1,095
Secondary development (m) 3,185 1,402 2,659 1,319 8,286 4,144
SA PGM operations Sep 2023 quarter Jun 2023 quarter Nine months ended Sep 2023
Thembe- Siphume- Thembe- Siphume- Thembe- Siphume-
Reef Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele
Rustenburg Unit
Advanced (m) 809 1,933 3,057 705 793 1,846 2,762 582 2,208 5,104 8,109 1,808
Advanced on reef (m) 809 835 1,171 386 793 865 938 363 2,208 2,271 2,914 1,085
Height (cm) 213 251 285 268 224 295 286 273 221 277 287 270
Average value (g/t) 2.8 2.3 2.3 3.1 2.8 2.4 2.3 3.0 2.8 2.3 2.3 3.0
(cm.g/t) 594 579 644 825 624 696 664 818 610 650 655 808
SA PGM operations Sep 2023 quarter Jun 2023 quarter Nine months ended Sep 2023
Reef K3 Rowland Saffy E3 4B K4 K3 Rowland Saffy E3 4B K4 K3 Rowland Saffy E3 4B K4
Marikana Unit
Primary development (m) 9,897 4,999 3,782 1,257 594 3,589 8,174 4,353 3,283 1,225 790 3,189 24,731 13,215 9,998 3,122 2,333 9,385
Primary development - on reef (m) 7,835 2,795 2,036 791 418 1,131 6,032 2,456 1,716 756 469 981 18,670 7,578 5,415 1,925 1,549 2,989
Height (cm) 217 218 235 248 228 241 216 220 235 221 215 238 216 220 235 233 217 240
Average value (g/t) 2.8 2.6 2.5 2.6 3.0 2.4 2.9 2.3 2.5 2.7 2.9 2.5 2.8 2.5 2.5 2.6 2.9 2.5
(cm.g/t) 608 563 581 642 674 584 623 515 583 586 625 599 614 544 582 610 637 590
SA PGM operations Sep 2023 quarter Jun 2023 quarter Nine months ended Sep 2023
Reef Simunye1 Kopaneng Bamba- Kwezi K6 Simunye1 Kopaneng Bamba- Kwezi K6 Simunye1 Kopaneng Bamba- Kwezi K6
nani nani nani
Kroondal Unit
Advanced (m) â€" 1,161 1,138 260 440 â€" 1,161 1,245 332 537 675 2,863 3,397 865 1,414
Advanced on reef (m) â€" 942 778 234 404 â€" 1,048 900 299 515 604 2,452 2,425 762 1,342
Height (cm) â€" 240 232 230 227 â€" 236 247 243 228 230 237 243 235 230
Average value (g/t) â€" 2.1 1.8 2.0 1.8 â€" 2.2 1.9 2.2 2.0 2.2 2.1 1.9 2.1 2.0
(cm.g/t) â€" 500 419 455 401 â€" 523 462 535 466 516 502 450 484 457
1 Simunye development was done as part of the Kopaneng extraction strategy. Based on planning and measuring this portion of mining below Simunye will be allocated to Kopaneng with effect from April 2023 onwards
SA gold operations Sep 2023 quarter Jun 2023 quarter Nine months ended Sep 2023
Reef Carbon Main VCR Carbon Main VCR Carbon Main VCR
leader leader leader
Driefontein Unit
Advanced (m) 294 381 1,004 492 504 1,377 1,330 1,430 3,453
Advanced on reef (m) 88 84 156 56 14 126 211 136 476
Channel width (cm) 43 100 62 13 199 55 34 90 54
Average value (g/t) 19.9 5.6 52.9 62.3 7.2 44.5 25.2 6.2 40.7
(cm.g/t) 852 557 3,258 797 1,434 2,468 864 554 2,176
SA gold operations Sep 2023 quarter Jun 2023 quarter Nine months ended Sep 2023
Reef Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 1,082 644 â€" 630 1,064 697 46 885 3,147 1,875 91 2,224
Advanced on reef (m) 351 128 â€" 72 452 155 46 108 1,178 408 91 322
Channel width (cm) 177 77 â€" 85 165 49 93 104 164 69 97 101
Average value (g/t) 3.2 11.5 â€" 18.2 4.8 16.3 2.2 11.8 4.5 11.8 2.1 12.5
(cm.g/t) 568 887 â€" 1,541 795 800 206 1,226 735 816 201 1,263
SA gold operations Sep 2023 quarter Jun 2023 quarter Nine months ended Sep 2023
Reef Beatrix Kalkoen- Beatrix Kalkoen- Beatrix Kalkoen-
krans krans krans
Beatrix Unit
Advanced (m) 1,928 â€" 2,061 â€" 5,906 8
Advanced on reef (m) 663 â€" 612 â€" 1,842 â€"
Channel width (cm) 163 â€" 162 â€" 166 â€"
Average value (g/t) 8.1 â€" 6.1 â€" 7.2 â€"
(cm.g/t) 1,312 â€" 997 â€" 1,192 â€"
SA gold operations Sep 2023 quarter Jun 2023 quarter Nine months ended Sep 2023
Reef Kimberley Kimberley Kimberley
Burnstone Unit
Advanced (m) 821 630 2,023
Advanced on reef (m) 33 â€" 33
Channel width (cm) 23 â€" 23
Average value (g/t) 15.2 â€" 15.2
(cm.g/t) 350 â€" 350
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED JSE SPONSOR
(SIBANYE-STILLWATER) JP Morgan Equities South Africa Proprietary Limited
Incorporated in the Republic of South Africa Registration number 1995/011815/07
Registration number 2014/243852/06 1 Fricker Road
Share code: SSW and SBSW Illovo
Issuer code: SSW Johannesburg 2196
ISIN: ZAE000259701 South Africa
LISTINGS Private Bag X9936
JSE: SSW Sandton 2146
NYSE: SBSW South Africa
WEBSITE AUDITORS
Ernst & Young Inc. (EY)
www.sibanyestillwater.com 102 Rivonia Road
Sandton 2196
REGISTERED AND CORPORATE OFFICE South Africa
Constantia Office Park Private Bag X14
Bridgeview House, Building 11, Ground floor,
Cnr 14th Avenue & Hendrik Potgieter Road Sandton 2146
Weltevreden Park 1709 South Africa
South Africa Tel: +27 11 772 3000
Private Bag X5 AMERICAN DEPOSITARY RECEIPTS
Westonaria 1780 TRANSFER AGENT
South Africa
Tel: +27 11 278 9600 BNY Mellon Shareowner Correspondence (ADR)
Fax: +27 11 278 9863 Mailing address of agent:
Computershare
COMPANY SECRETARY PO Box 43078
Lerato Matlosa Providence, RI 02940-3078
Email: lerato.matlosa@sibanyestillwater.com
Overnight/certified/registered delivery:
DIRECTORS Computershare
150 Royall Street, Suite 101
Dr Vincent Maphai* (Chairman) Canton, MA 02021
Neal Froneman (CEO)
Charl Keyter (CFO) US toll free: + 1 888 269 2377
Dr Elaine Dorward-King* Tel: +1 201 680 6825
Harry Kenyon-Slaney* Email: shrrelations@cpushareownerservices.com
Jeremiah Vilakazi*
Keith Rayner* Tatyana Vesselovskaya
Nkosemntu Nika* Relationship Manager - BNY Mellon
Richard Menell*^ Depositary Receipts
Savannah Danson* Email: tatyana.vesselovskaya@bnymellon.com
Susan van der Merwe*
Timothy Cumming* TRANSFER SECRETARIES SOUTH AFRICA
Sindiswa Zilwa*
Computershare Investor Services Proprietary Limited
* Independent non-executive Rosebank Towers
^ Lead independent director 15 Biermann Avenue
Rosebank 2196
INVESTOR ENQUIRIES
James Wellsted PO Box 61051
Executive Vice President: Investor Relations and Corporate Affairs Marshalltown 2107
Mobile: +27 83 453 4014 South Africa
Email: james.wellsted@sibanyestillwater.com
or ir@sibanyestillwater.com Tel: +27 11 370 5000
Fax: +27 11 688 5248
DISCLAIMER
FORWARD LOOKING STATEMENTS
The information in this document may contain forward-looking statements within the meaning of the “safe harbour� provisions of the United States
Private Securities Litigation Reform Act of 1995 with respect to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the Group) financial condition,
results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services, plans and
objectives of management for future operations, markets for stock and other matters. These forward-looking statements, including, among others,
those relating to Sibanye-Stillwater’s future business prospects, revenues and income, climate change-related targets and metrics, the potential
benefits of past and future acquisitions (including statements regarding growth, cost savings, benefits from and access to international financing
and financial re-ratings), gold, PGM, nickel and lithium pricing expectations, levels of output, supply and demand, information relating to Sibanye-
Stillwater’s new or ongoing development projects, any proposed, anticipated or planned expansions into the battery metals or adjacent sectors
and estimations or expectations of enterprise value, adjusted EBITDA and net asset, are necessarily estimates reflecting the best judgment of the
senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in
light of various important factors, including those set forth in this document.
All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements
also often use words such as “will�, “would�, “expect�, “forecast�, “goal�, “vision�, “potential�, “may�, “could�, “believe�, “aim�, “anticipate�,
“target�, “estimate� and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to
future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers
are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or
projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies,
objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage;
economic, business, political and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of
management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the
ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or
refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its
Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost
savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the
ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and exploration
and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and
estimations or expectations of enterprise value (including the Rhyolite Ridge project); the ability of Sibanye-Stillwater to comply with requirements
that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold, PGMs, battery metals (e.g.,
nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements; the
occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa’s credit rating; the impact of
South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution and other
legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the outcome of legal challenges to the Group’s mining or
other land use rights; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment of capital or
credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental,
sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any
interpretation thereof which may be subject to dispute; increasing regulation of environmental and sustainability matters such as greenhouse gas
emissions and climate change; being subject to, and the outcome and consequence of, any potential or pending litigation or regulatory
proceedings, including in relation to any environmental, health or safety issues; failure to meet ethical standards, including actual or alleged
instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater’s business; the
concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one
entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on
Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating
in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost
increases; supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s
operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of
temporary stoppages or precautionary suspension of operations at its mines for safety or environmental incidents (including natural disasters) and
unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management and employees with sufficient technical and/or
production skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient
representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater’s information technology,
communications and systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at
informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the
spread of other contagious diseases, including global pandemics.
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg
Stock Exchange and the United States Securities and Exchange Commission, including the 2022 Integrated Report and the Annual Financial
Report for the fiscal year ended 31 December 2022 on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2023
(SEC File no. 333-234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to
update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed
or reported on by the Group’s external auditors.
Non-IFRS Measures
The information contained in this document may contain certain non-IFRS measures, including, among others, adjusted EBITDA, AISC, AIC, sustaining capital,
Nickel equivalent sustaining cost and average equivalent zinc concentrate price. These measures may not
be comparable to similarly-titled measures used by other companies and are not measures of Sibanye-Stillwater’s financial performance under
IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this document because it is unable to
provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have not been reviewed or
reported on by the Group’s external auditors.
Websites
References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is
not incorporated in, and does not form part of, this document.
Date: 02-11-2023 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
