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Sibanye-Stillwater update on the Keliber lithium project
Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
("Sibanye-Stillwater", "the Company" and/or "the Group")
Website: www.sibanyestillwater.com
Sibanye-Stillwater update on the Keliber lithium project
Johannesburg, 19 January 2026: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW)
is pleased to provide an update on the progress of its Keliber lithium
project in Finland and planned commencement of the next phase of development,
following the conclusion of a comprehensive, multidisciplinary assessment of
the project. The assessment primarily evaluated various start-up and project
optimisation scenarios to ensure the project can commence responsibly, given
prevailing market conditions.
The construction phase including cold commissioning of the fully integrated
project remains on track for completion in Q1 2026. The total capital
investment to complete the construction phase is estimated to be
approximately EUR 783 million.
Based on the outcomes of the multidisciplinary assessment, Sibanye-Stillwater
and its strategic partner in the Keliber lithium project, the Finnish
Minerals Group, have agreed that a staged start-up of the Keliber lithium
project is the optimal way forward, given current market conditions.
The staged commissioning of the various elements of the project (mine,
concentrator, and refinery) reduces project ramp up risk, by initially
ensuring operational readiness in the mining and concentrating stages, before
making a decision on the timing of the commissioning of the refinery. This
staged approach also maintains project financing flexibility by enabling
capital expenditures and refining ramp-up costs to be deferred, based on
lithium prices and other market factors and conditions.
Concurrently with the staged commissioning of the mine and concentrator,
several value engineering opportunities were identified from the
comprehensive assessment and will be progressed, focusing on unit cost
reduction and optimising processes.
The Finnish Minerals Group is making preparations to participate pro rata to
its equity stake in the project (20%) for additional financing required to
sustain the project through the ramp-up period.
The Keliber lithium project is Europe's (EU) most advanced integrated lithium
project, with planned battery-grade lithium hydroxide monohydrate (LiOH)
production of around 15,000 tonnes per annum for over 18 years1. As the EU's
most advanced integrated mine-to-market lithium project and one of the few
LiOH refineries outside China, the project is strategically significant and
has been classified as a Strategic project by the EU, aligned with the EU's
strategic initiative for critical minerals, the Critical Raw Materials Act
(CRMA).
Sibanye-Stillwater CEO Richard Stewart commented: "The staged ramp-up we have
agreed on with our strategic partner ensures that the Keliber lithium project
advances responsibly, derisking the commissioning phase to ensure an optimal
technical and commercial approach, balancing market realities with
stakeholder interests. We have invested significant capital through the price
cycle to complete the construction phase of the Keliber lithium project,
ensuring this strategic asset is ready to deliver local supply into the EU
battery value chain. Together, with our partners, we will continue to assess
key milestones as we advance the Keliber project during its pre-operational
phase and will continue to engage with potential strategic off-takers and EU
stakeholders to ensure the value of this strategic asset is fully realised
for the benefit of all stakeholders."
1. As per the Mineral Reserves and Mineral Resources declaration on 31 December 2024
Note: Sibanye-Stillwater will host its Group Strategy update on Thursday, 29
January 2026. The Strategy update will be held at 14h00 (CAT) / 12h00 (GMT) /
07h00 (EST) / 05h00 (MST) at the JSE in Sandton, Johannesburg and will also
be accessible via webcast and conference call. Please confirm your
attendance, whether in person or virtually, at
https://www.sibanyestillwater.com/features/2026/strategy-update/.
About Sibanye-Stillwater
Sibanye-Stillwater is a multinational mining and metals processing group with
a diverse portfolio of operations, projects and investments across five
continents. The Group is also one of the foremost global recyclers of a suite
of metals and has interests in leading mine tailings retreatment operations.
Sibanye-Stillwater is one of the world's largest primary producers of
platinum, palladium, and rhodium and is a top tier gold producer. It also
produces and refines iridium and ruthenium, nickel, chrome, copper and
cobalt. The Group has also diversified into battery metals mining and
processing and has increased its presence in the circular economy by growing
its recycling and tailings reprocessing exposure globally. For more
information, see www.sibanyestillwater.com.
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
LinkedIn: https://www.linkedin.com/company/sibanye-stillwater
Facebook: https://www.facebook.com/SibanyeStillwater
YouTube: https://www.youtube.com/@sibanyestillwater/videos
X: https://twitter.com/SIBSTILL
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
DISCLAIMER
FORWARD LOOKING STATEMENTS
This announcement contains forward-looking statements within the meaning of
the "safe harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995. All statements other than statements of
historical fact included in this presentation may be forward-looking
statements. Forward-looking statements may be identified by the use of words
such as "will", "would", "expect", "forecast", "potential", "may", "could",
"believe", "aim", "anticipate", "intend", "target", "estimate" and words of
similar meaning.
These forward-looking statements, including among others, those relating to
Sibanye Stillwater Limited's (Sibanye-Stillwater or the Group) future
financial position, business strategies and other strategic initiatives,
business prospects, industry forecasts, production and operational guidance,
climate and ESG-related targets and metrics, and plans and objectives for
future operations, project finance and the completion or successful
integration of acquisitions, are necessarily estimates reflecting the best
judgement of Sibanye-Stillwater's senior management. Readers are cautioned
not to place undue reliance on such statements. Forward-looking statements
involve a number of known and unknown risks, uncertainties and other factors,
many of which are difficult to predict and generally beyond the control of
Sibanye-Stillwater, that could cause its actual results and outcomes to be
materially different from historical results or from any future results
expressed or implied by such forward-looking statements. As a consequence,
these forward-looking statements should be considered in light of various
important factors, including those set forth in Sibanye-Stillwater's 2024
Integrated Report and annual report on Form 20-F filed with the Securities
and Exchange Commission (SEC) on 25 April 2025 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of this
presentation. Sibanye-Stillwater expressly disclaims any obligation or
undertaking to update or revise any forward-looking statement (except to the
extent legally required).
Websites
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media sites) are included as an aid to their location and such information is
not incorporated in, and does not form part of, this announcement.
Date: 19-01-2026 04:07:00
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