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Trading statement and production update for the year ended 31 December 2025
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
MARKET RELEASE
Trading statement and production update for the year ended 31 December 2025
Johannesburg, 18 February 2026: Sibanye-Stillwater (Tickers JSE: SSW and
NYSE: SBSW) is pleased to share its trading statement and production update
for the year ended 31 December 2025, reflecting a solid operating performance
and significantly improved financial results.
Trading statement for 2025
In terms of paragraph 6.26 of the Listing Requirements of the JSE Limited
(JSE), a company listed on the JSE is required to publish a trading statement
as soon as it is satisfied that a reasonable degree of certainty exists that
the financial results for the current period to be reported on, will differ
by at least 20% from the financials result for the previous corresponding
period.
Accordingly, stakeholders are advised that Sibanye-Stillwater expects to
report headline earnings per share (HEPS) of between 232 SA cents (13 US
cents) and 256 SA cents (14.3 US cents), representing an increase of more
than 360% (or more than 3.6 times higher) compared with HEPS of 64 SA cents
(3.5 US cents) for 2024. The Group expects to report a basic loss per share
(EPS loss) of between 174 SA cents (9.7 US cents) and 194 SA cents (10.9 US
cents) for 2025, representing an improvement of between 24.8% to 32.6%,
compared with an EPS loss of 258 SA cents (14.1 US cents) for 2024.
The significant increase in HEPS reflects an increase in revenue primarily
due to higher precious metals prices for 2025, which have continued to
increase into 2026. Revenue less cost of sales before amortisation and
depreciation for 2025 is expected to be more than 160% higher than for 2024.
The basic loss per share expected for 2025 is primarily due to the
recognition of impairments totalling R14,007 million (US$783 million) or 495
SA cents (28 US cents) for 2025, which are non-cash items and are excluded
from HEPS.
As required by IFRS Accounting Standards, the Group undertakes periodic
impairment tests using Group-approved life of mine plans and applying various
assumptions to determine the recoverable amounts of assets, including inter
alia weighted average commodity prices and exchange rates derived by
considering various bank and commodity broker consensus forecasts. Due to the
cyclical nature and volatility of commodity prices, bank and broker consensus
price forecasts are subject to frequent change, which may result in estimates
of value for the Group assets varying from period to period. Impairments are
non-cash items and are excluded from HEPS.
Impairments for the year ended 31 December 2025 are mainly related to:
• R7,804 million (US$436 million) for the Keliber lithium project for 2025,
of which R2,460 million (US$138 million) (1) was recognised for H2 2025
• R3,779 million (US$217 million) at Kloof (2) during H2 2025
• R4,230 million (US$230 million) at the US PGM operations (3) reported in
H1 2025
• These were partially offset by impairment reversals of R1,923 million
(US$111 million) (4) for the Burnstone project and Beatrix and Driefontein
operations for H2 2025
(1) The impairment of the Keliber lithium project during H2 2025 was due to a further
decrease in the long-term lithium hydroxide price forecast compared to that at H1 2025
and an extended start and build-up assumption following the assessment in H2 2025
(2) The Kloof impairment was due to a decrease in the life of mine, resulting from
logistical constraints, seismicity and safety concerns related to accessing higher-
grade areas
(3) The impairment of the US PGM operations was a consequence of the One Big Beautiful
Bill Act (OBBBA)
(4) The carrying values of Beatrix, Driefontein and Burnstone were reversed from
previously recognised impairment losses, resulting from higher gold price consensus
forecasts
The substantial increase in HEPS and reduced basic loss for 2025 compared to
2024 is primarily due to:
• substantially improved profitability from the SA gold operations
(including DRDGOLD), resulting from a 39% increase in the average rand
gold price received year-on-year
• significantly increased profitability from the SA PGM operations, due
to the 28% increase in the average 4E PGM price received year-on-year
and consistent production
• the financial turnaround at the US PGM operations, due to the
successful restructuring in Q4 2024 and an 18% increase in the average
2E PGM price received year-on-year, underpinned by benefits from S45X
credits
- S45X advanced manufacturing production credits were recognised at
both the US PGM mining and recycling operations, with cash payment
of retrospective credits of US$248 million (R4.4 billion) for 2023
and 2024 expected during 2026
• impairment reversals on the Burnstone project, Beatrix and Driefontein
operations (no impact on HEPS) as detailed above
The above-mentioned positive impacts were partially offset by the following:
• impairments recognised at the Keliber lithium project, US PGM
operations and Kloof (no impact on HEPS) as detailed above
• a transaction-related loss due to the Appian legal settlement payment
• increased loss on financial instruments mainly due to the Burnstone
debt increasing as a result of the higher forecast gold prices
• an increase in cash-settled share-based incentive payment expenses as a
result of the significant increase in Sibanye-Stillwater's share price
• an increase in royalties and mining and income taxes, due to increased
profitability from higher commodity prices
The conversion of rand amounts into US dollars is based on an average
exchange rate of R17.88/US$ for 2025 and R18.32/US$ for 2024. This is
provided as supplementary information only.
The financial information on which this Trading statement is based has not
been reviewed or reported on by Sibanye-Stillwater's external auditors.
Production update for the year ended 31 December 2025
The Group's operational performance for 2025 was pleasing. All Group
operations delivered production within or ahead of annual guidance:
• Production from the SA PGM operations of 1,797,928 4Eoz (including
attributable production from Mimosa and third-party purchase of
concentrate (PoC)) from the SA PGM operations was again within guidance
and consistent with the previous year, despite a decline in surface
production due to heavy rainfall during H1 2025 and temporary depletion
of current surface reserves at both the Rustenburg and Marikana
operations. The decline in lower-cost surface production negatively
affected unit operating costs. The sharp increase in PGM prices from
May 2025 resulted in a significant improvement in the financial
performance of the SA PGM operations compared with H1 2025.
• Production from the SA gold operations (excluding DRDGOLD) of 15,066 kg
(484,383oz) for 2025 was 11% lower year-on-year, but within revised
guidance of 15,000kg and 16,000kg (480-514 koz). Ongoing operational
challenges and safety-related production constraints at the Kloof
operation contributed to most of the decline. AISC increased relative
to 2024, primarily due to lower production, but the ongoing increase in
the gold price throughout 2025 enabled steadily improving profitability
from the SA gold operations during H2 2025.
• The restructuring undertaken at the US PGM operations during Q4 2024,
successfully delivered mined 2E PGM production of 284,069 2Eoz for
2025, which exceeded the upper end of annual guidance of 270,000 2Eoz
for 2025, and AISC below guidance for most of the year. Despite
reducing production by approximately 33%, the associated reduction in
operating cost successfully reduced losses (compared to those incurred
during 2024) and improved the financial sustainability of the US PGM
operations. The US PGM operations returned to profitability during Q4
2025 after PGM prices rallied in May 2025 and continued to rise through
H2 2025.
• The Century tailings retreatment operation produced 101 kilotonnes (kt)
of payable zinc metal for 2025 (82kt for 2024), a year-on-year increase
of 23%, beating production guidance of 88.3kt - 97.8kt.
Results webcast and conference call
Sibanye-Stillwater will release its results for the six months and year ended
31 December 2025 on Friday, 20 February 2026 and will host a live
presentation shared via a webcast (Webcast link) and conference call
(Registration link for conference call) at 08h00 (CAT) / 06h00 (GMT) / 01h00
(EST) / 23h00 (MT). The results will be made available an hour before the
presentation at 09h00 (CAT) / 07h00 (GMT) / 02h00 (EST) / 00h00 (MT) on the
Group's website at
www.sibanyestillwater.com/news-investors/investors/reports/quarterly/2025/.
* 4E: referring to four elements comprising platinum, palladium, rhodium and
gold 2E: referring to platinum and palladium
3E: referring to platinum, palladium and rhodium
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 increased its presence in the circular economy by growing its
recycling and tailings reprocessing exposure globally. For more information
refer to 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
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: 18-02-2026 01:36:00
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