Wrap Text
Operating Update for the Quarter ended 31 March 2021
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 31 MARCH 2021
Johannesburg, 6 May 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW & NYSE: SBSW) is pleased to provide
an operating update for the quarter ended 31 March 2021 (Q1 2021). Financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 31 MARCH 2021 (Q1 2021) COMPARED TO QUARTER ENDED 31 MARCH 2020 (Q1 2020)
- Record quarterly financial performance - 78% increase in adjusted EBITDA(3) to R19.8 billion (US$1.3 billion)
- Solid operational results from all segments - pre-COVID (Q1 2020) production levels exceeded
- 9% increase from the US PGM operations to 154,350 2E oz
- 6% increase from the SA PGM operations to 444,609 4E oz
- 5% increase from the SA gold operations to 249,392 oz (7,757kg)
- Precious metals fundamentals remain positive with prices well supported
- Robust Group financial position - well positioned for continued delivery of value
US dollar SA rand
Quarter ended Quarter ended
Mar 2020 Dec 2020 Mar 2021 KEY STATISTICS Mar 2021 Dec 2020 Mar 2020
UNITED STATES (US) OPERATIONS
PGM operations(1,2)
141,585 157,492 154,350 oz 2E PGM production(2) kg 4,801 4,899 4,404
221,798 240,037 195,474 oz PGM recycling(1) kg 6,080 7,466 6,899
2,053 2,033 2,128 US$/2Eoz Average basket price R/2Eoz 31,835 31,735 31,569
133.8 246.9 220.1 US$m Adjusted EBITDA(3) Rm 3,292.6 3,854.5 2,058.6
30 30 23 % Adjusted EBITDA margin(3) % 23 30 30
894 891 920 US$/2Eoz All-in sustaining cost(4) R/2Eoz 13,763 13,911 13,756
SOUTHERN AFRICA (SA) OPERATIONS
PGM operations(2)
418,072 490,964 444,609 oz 4E PGM production(2) kg 13,829 15,271 13,004
2,158 2,582 3,524 US$/4Eoz Average basket price R/4Eoz 52,722 40,310 33,192
523.0 687.8 1,021.4 US$m Adjusted EBITDA(3) Rm 15,280.3 10,737.3 8,043.1
51 62 66 % Adjusted EBITDA margin(3) % 66 62 51
1,089 1,160 1,322 US$/4Eoz All-in sustaining cost(4) R/4Eoz 19,771 18,102 16,745
Gold operations
238,076 290,000 249,392 oz Gold production kg 7,757 9,020 7,405
1,608 1,858 1,782 US$/oz Average gold price R/kg 857,126 932,341 795,323
73.2 183.8 92.0 US$m Adjusted EBITDA(3) Rm 1,375.8 2,869.2 1,125.8
19 34 21 % Adjusted EBITDA margin(3) % 21 34 19
1,500 1,382 1,606 US$/oz All-in sustaining cost(4) R/kg 772,572 693,574 741,858
GROUP
723.8 1,106.9 1,325.3 US$m Adjusted EBITDA(3) Rm 19,826.1 17,278.8 11,131.8
15.38 15.61 14.96 R/US$ Average exchange rate using daily closing rate
(1) The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In
addition to the US PGM operations' underground production, the operation treats recycling material which is excluded from the 2E PGM production,
average basket price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace
(2) 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)
(3) The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the revolving
credit 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". Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
(4) See "Salient features and cost benchmarks - Quarters" for the definition of All-in sustaining cost (AISC)
Stock data for the quarter ended 31 March 2021 JSE Limited - (SSW)
Number of shares in issue Price range per ordinary share (high/low) R55.21 to R74.67
- at 31 March 2021 2,954,975,358 Average daily volume 17,440,514
- weighted average 2,936,651,523 NYSE - (SBSW); one ADR represents four ordinary shares
Free Float 99% Price range per ADR (high/low) US$14.30 to US$20.04
Bloomberg/Reuters SSWSJ/SSWJ.J Average daily volume 2,977,873
OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2021 COMPARED TO QUARTER ENDED 31 MARCH 2020
The start to the year has been extremely positive, with the operational momentum from Q4 2020 (following normalisation of
the operations post COVID-19 disruptions), carrying through into 2021. Despite ongoing adherence to COVID-19 protocols -
with the South African (SA) operations in particular having to manage the health and safety challenges associated with the
second wave of COVID-19 infections which affected the country in January 2021 - the SA gold, SA PGM and US PGM
segments, all reported higher production year-on-year(#).
This positive operational performance underpinned a record quarterly financial performance, with Group adjusted EBITDA of
R19,826 million (US$1,325 million) for Q1 2021 78% higher than adjusted EBITDA for Q1 2020 of R11,132 million (US$724 million),
which was then a record quarter for the Group. The SA PGM operations in particular benefited from a strong operational
performance and sharply higher PGM prices, delivering a 90% increase in adjusted EBITDA to R15,280 million (US$1,021 million)
from R8,043 million (US$523 million) for Q1 2020.
Notably, adjusted EBITDA generated by the SA PGM operations for this quarter, is higher than the total acquisition costs of
these operations, emphasising the significant return on investment already delivered and the future windfalls stakeholders
can continue to expect. With the 4E PGM basket having increased further during Q2 2021, the outlook for the year is very
promising.
Precious metals prices remained strong during Q1 2021, with palladium and rhodium prices again reaching record levels,
supported by ongoing supply disruptions and strong physical demand. For the US PGM operations, the 2E PGM basket price
averaged US$2,128/2Eoz for Q1 2021, 4% higher than for Q1 2020, with the 4E PGM basket for the SA PGM operations 59% higher
year-on-year at R52,722/4Eoz (US$3,524/4Eoz) and the average rand gold price, 8% higher at R857,126/kg (US$1,782/oz).
PGM prices have risen further in Q2 2021 to date, with the gold price remaining firm. PGM markets remain tight with the
fundamental outlook for these metals positive. In the medium term, the roll out of COVID-19 vaccines across the globe
continues and stimulus measures drive global economic recovery. Longer term our PGMs and green metals are expected
to continue to play a critical role as global sentiment shifts towards a more environmentally conscious future.
As a consequence of our rapid growth in the PGM industry along with the significant outperformance of PGM prices relative
to most commodities in recent years, the PGM operations' contribution to the Group's financial performance is predominant.
We therefore continue to seek more balance in our portfolio by advancing our green metals strategy, with our first investment
into the Keliber lithium project in Finland in March 2021, and through our stated intent to grow our gold portfolio
internationally. Re-balancing our investment portfolio should ensure greater earnings consistency through the cycle and create
a larger, more stable investment proposition, which will be relevant to a broader and deeper pool of investors.
The Group achieved full financial deleveraging and resumed industry leading dividends during 2020. Given a stable
operational outlook and favourable precious metals fundamentals, the outlook for 2021 and beyond is expected to be
positive. The enlarged Group is now in a robust financial position and well positioned to continue delivering superior financial
returns through the implementation of our capital allocation strategy.
It has been pleasing to see the Group successfully deliver on its vision to create superior value for all stakeholders since its
inception in 2013. For shareholders specifically, exceptional value has been created both through the over 500% appreciation
in the share price (20 fold increase in market capitalisation from approximately R10 billion (US$1.2 billion) on listing, to
approximately R200 billion (US$15 billion) and also through the approximately R15 billion (US$1 billion) in dividends returned to
shareholders over the last eight years. The total dividend of just under R11 billion (US$729 million), declared for the 2020 year alone,
was greater than the Group's market capitalisation when it listed in 2013, illustrating the significant transformation the Group has
undergone in the last eight years and the tangible value that has been created.
At the same time, we have been able to invest significantly in the sustainability of our operations - in SA, recently announcing
investment of approximately R6.3 billion in projects at both our PGM and gold segments and in the US continuing to invest in
growth at Blitz (Stillwater East). These investments will secure employment and deliver significant economic value to all
stakeholders over the long term.
(#) The operational performance from the SA gold and PGM operations is seasonal due to the December holiday period, which affects
production in the first quarter of each calendar year, hence year-on-year comparisons are made
Note: Certain information presented in this quarterly update constitutes pro forma financial information as per the JSE Listing
Requirements. The responsibility for preparing and presenting the pro forma financial information, its completeness and accuracy
is that of the directors of Sibanye Stillwater. The information is presented for illustrative purposes only. Because of its nature,
the pro forma financial information may not fairly present the Company's financial position, changes in equity, and results of
operations or cash flows. The information has not been audited or reviewed or reported on by external auditors of the Company
SAFE PRODUCTION
The health and safety of our employees remains our key priority and we remain committed to continuous improvement in
health and safety at our operations.
The safe production performance from the US PGM operations for Q1 2021 improved significantly year-on-year, with a
total reportable injury frequency rate (TRIFR) per million hours worked, 34% better in Q1 2021 compared to Q1 2020.
The US PGM operations reported another successive, fatality free quarter.
The SA PGM operations achieved 2 million fatality free shifts on 2 March 2021 and had no fatal incidents during Q1 2021,
although regressions in other safety metrics are of concern and are being prioritised.
Regrettably, we lost three of our colleagues at the SA gold operations during the quarter.
On 8 January 2021, Mr Mhlangabezi Tulumani, a Team Leader at Kloof Thuthukani shaft, was fatally injured when he fell down
a development ore pass, whilst in the process of constructing a platform. Mr Tulumani was 45 years old, single and is survived
by 2 children. On 11 February 2021 Mr Thamsanqa Papinyana, a Team Leader at Thuthukani shaft, was involved in a gravity
related fall of ground, whilst conducting barring activities. Mr Papinyana was 51 years old and is survived by his wife and four
children. On 29 March 2021, Mr Albert Mkhabela a Rock Drill Operator, at Kloof Hlalanathi shaft was involved in a seismic
related fall of ground. Mr Mkhabela was 43 years old and is survived by his wife and three children. Our heartfelt condolences
are extended to the families, friends and colleagues of our three deceased colleagues. All incidents have been investigated
together with the relevant stakeholders and appropriate support has been provided to the families and children who will
benefit from the Matshediso trust.
The roll out of COVID-19 vaccines in Montana is proceeding, with a number of employees having already been inoculated.
Progress in South Africa has been slow, but is gaining momentum, and the classification of mining employees as essential
workers and their inclusion in the upcoming second phase (due to commence in May 2021) of the vaccine roll out programme,
is positive. We continue to offer our services and assistance with the vaccine roll out to the SA government, but to date
have not received approval to do so.
OPERATING REVIEW
US PGM operations
Mined 2E PGM production for Q1 2021 of 154,350 2Eoz was 9% higher than for Q1 2020. Mined production from the Stillwater
Mine (including Stillwater East (SWE)) was 92,271 2Eoz, 11% higher than for Q1 2020, with mined production from East Boulder
(EB) of 62,079 2Eoz, 7% higher than for Q1 2020. Tonnes milled for Q1 2021 totaled 389,068 tonnes, 12% higher than for Q1 2020.
Plant head grade of 13.5 g/t for Q1 2021 was 3% lower than for Q1 2020. Head grade challenges were largely attributed to
lower than expected heading availability.
All-in sustaining cost (AISC) of US$920/2Eoz for Q1 2021 was 3% higher than for the comparable period in 2020, primarily due
to higher sustaining capital expenditure of US$37 million for Q1 2021. This compares with US$23 million in sustaining capital
expediture for Q1 2020. Higher royalties, insurance and taxes also contributed US$47 per ounce to the year-on-year increase,
driven by higher US$ PGM prices (3E) and the previously noted increase in mine production.
Consistent with the revised SWE (Blitz) plan and to improve mining flexibility at the US PGM operations, total development
increased by 37% year-on-year to 8,037 metres. Total development for SWE of 2,153 metres was 79% higher than Q1 2020.
The average 2E PGM basket price of US$2,128/2Eoz for Q1 2021, was 4% higher than for the comparable period in 2020, which,
together with increased mine production from the US PGM operations resulted in adjusted EBITDA increasing by 65% to US$220
million. The recycling operation contributed US$24 million of the total. The combined EBITDA margin of 23% for Q1 2021 was
lower than for Q1 2020 as a result of the larger proportionate contribution of the recycling business to adjusted EBITDA.
Given the ongoing planned rebuild of electric furnace 1 (EF1), which is ahead of schedule, recycle feed rates were reduced
resulting in an inventory build-up of 553 tonnes during the quarter. Once EF1 and EF2 are running at capacity, following the
rebuild during May 2021, an accelerated feed of the recycled inventory is expected, yielding a concomitant reduction in this
readily available and liquid inventory. This is anticipated from June 2021 onwards and should see recycle inventory being
drawn down to a more normalised level of 200 - 300 tonnes. Recycle advances amounted to US$731 million at the end of
the quarter, generating a positive net-interest carry well above current balance sheet interest rates.
SA PGM operations
The SA PGM operations delivered another very solid operating performance, which together with a higher 4E PGM basket
price, resulted in another record financial result from the segment.
4E PGM production of 444,609oz for Q1 2021 was 6% higher than for the comparable period in 2020. AISC of R19,771/4Eoz
(US$1,322/4Eoz) was 18% higher than for Q1 2020, primarily due to significantly higher cost of purchasing concentrate (PoC)
from third parties. The processing of PoC contributed R350 million (US$23 million) at a margin of 22% to the Marikana adjusted
EBITDA. Adjusting for these higher PoC costs, AISC of the underlying operations are R17,738/4Eoz (US$1,186/4Eoz). Higher
royalty taxes added R1,151/4Eoz (US$77/4Eoz) to AISC compared with Q1 2020, due to the higher PGM prices.
The average 4E PGM basket price of R52,722/4Eoz (US$3,524/4Eoz) for Q1 2021 was 59% higher than for Q1 2020, primarily due
to due to a significant increase in the rhodium price (up 127% year-on-year) and the platinum price (up 28% year-on-year).
As a result of higher production and the significant increase in the 4E PGM basket price, adjusted EBITDA increased by 90% to
R15,280 million (US$1,021 million) from R8,043 million (US$523 million) for Q1 2020, which was a record at the time. The adjusted
EBITDA margin for Q1 2021 increased to 66% from 51% for the comparable period in 2020.
4E PGM production from the Rustenburg operation was 2% higher than for Q1 2020 at 156,956 4Eoz, with an increase in
production from surface sources, offsetting marginally lower underground production. AISC from the Rustenburg operations
increased by 4% to R19,002/4Eoz (US$1,270/4Eoz), year-on-year, despite the impact of higher royalties and taxes (due to the
significantly improved margins) and above inflation electricity price increases, with an improvement in plant recoveries an
offsetting factor.
The Kroondal operation continued to perform steadily, with 4E PGM production of 53,046 4Eoz for Q1 2021, 1% lower than
comparable period in 2020. Despite marginally lower production and inflation increases, AISC of R12,137/4Eoz (US$811/4Eoz),
was 4% lower than for the comparable period in 2020.
4E PGM production from the Marikana operation of 193,995 4Eoz for Q1 2021, was 13% higher than for the comparable period
in 2020. Production from underground was 7% higher and production from surface sources and third party processing 66%
higher. The increase in surface production is primarily due to an increase in processing of third party concentrate, with 4E
PGM production from PoC increasing by 140% year-on-year to 19,125 4Eoz for Q1 2021. AISC of R23,000/4Eoz (US$1,537/4Eoz)
reflect the additional cost of purchasing this concentrate from third parties at higher prevailing PGM prices. AISC from
Marikana excluding third party PoC costs were R18,755/4Eoz (US$1,254/4Eoz) for Q1 2021.
The Mimosa operation continued to perform steadily, with attributable 4E PGM production of 29,878 4Eoz, 4% higher than for
Q1 2020, and AISC of R13,401/4Eoz (US$896/4Eoz), 6% higher than the comparable period in 2020.
Chrome sales for Q1 2021 of approximately 370,000 tonnes were significantly lower than for Q1 2020 (approximately 507,0000
tonnes) due to a slow start up of operations and logistical issues in March which resulted in no chrome sales from the
Rustenburg operation. Chrome revenue was R347 million (US$23 million) for Q1 2021, 7% higher than the Q1 2020 chrome
revenue of R324 million (US$21 million), due to an increase in the chrome price from $128/tonne for Q1 2020 to $162/tonne
for Q1 2021.
SA gold operations
Production from the SA gold operations for Q1 2021 of 7,757kg (249,392oz) was 5% higher than for Q1 2020 and reflected the
return to normalised production levels in November 2020, following the COVID-19 disruptions that year. AISC of R772,572/kg
(US$1,606/oz) was 4% higher than for the comparable period in 2020.
Underpinned by this stable operational performance and combined with a 8% increase in the average gold price year on
year to R857,126/kg (US$1,782/oz), adjusted EBITDA from the SA Gold operations of R1,376 million (US$92 million) for Q1 2021,
was 22% higher than for the comparable period in 2020.
Underground production from the Driefontein operation increased by 18% to 2,220kg (71,375oz) year-on-year. The average
yield from underground production was 14% higher than the previous period due to higher face grades and an improvement
in mining quality, with the mine call factor improving by 7% on the previous comparable period in 2020. AISC of R731,851/kg
(US$1,522/oz) was 7% lower than for Q1 2020 primarily as a result of the increase in gold sold.
Production of 2,010kg (64,623oz) from the Kloof underground operations was similar to Q1 2020, with improved underground
throughput offsetting a lower underground yield. The underground operations were affected by safety stoppages and
seismicity during the period, which temporarily restricted access to some higher grade areas. Production from surface sources
of 487kg (15,657oz), was 25% higher year-on-year. Some surface sources from Kloof were toll treated at the Driefontein and
Ezulwini metallurgical plants. AISC of R844,744/kg (US$1,756/oz) was 4% higher than for Q1 2020, primarily due to increased
throughput of lower grade material.
Underground production from the Beatrix operation of 1,317kg (42,342oz), was 11% lower than for Q1 2020, primarily due to a
slower than anticipated start-up post the December break, safety stoppages and temporary damage to infrastructure at
Beatrix 4 shaft relating to a mud rush, which has since been repaired. Beatrix employs a higher proportion of foreign nationals
(primarily from Lesotho) than the other operations, with COVID-19 related restrictions at border posts, affecting the return to
work after the December break. Gold production from surface sources increased to 61kg (1,961oz) due to the higher gold
price, which reduced the pay limits for surface sources, making it viable to utilise existing milling capacity to process lower
grade surface material. AISC of R882,082/kg (US$1,834/oz) was 18% higher than for Q1 2020, primarily due to lower production.
Surface gold production from Cooke operations decreased by 6% to 280kg (9,002oz) mainly due to an expected decrease
in grades. Care and maintenance costs at Cooke operations was in line with Q1 2020 at R136 million (US$9 million).
DRDGOLD delivered another consistent operating performance, with production of 1,382kg (44,432oz) for Q1 2021, 3% higher
than for Q1 2020. AISC costs of R648,129/kg (US$1,348/oz) were 12% higher than for Q1 2020.
OPERATING GUIDANCE FOR 2021
The 2021 annual guidance provided to the market in February 2021 remains unchanged except for the SA PGM project capital for
the year. Four-year production and AISC guidance for the three segments were shared in the 2020 year-end presentation slides
on 18 February 2021, please refer to https://www.sibanyestillwater.com/news-investors/reports/quarterly/2020.
Mined 2E PGM production from the US PGM operations for 2021 is forecast to be between 660,000 2Eoz and 680,000 2Eoz,
with AISC of between US$840/2Eoz to US$860/2Eoz. Capital expenditure is forecast to be between US$300 million and US$320
million, approximately 60% of which is growth capital in nature.
4E PGM production from the SA PGM operations for 2021 is forecast to be between 1,750,000 4Eoz and 1,850,000 4Eoz with
AISC between R18,500/4Eoz and R19,500/4Eoz (US$1,230/4Eoz and US$1,295/4Eoz). Capital expenditure is forecast at R 3,800
million (US$253 million) with levels for 2021 elevated due to carry-over of approximately R800 million (US$53 million) of
capital from 2020 which was unspent due to the COVID-19 disruptions. In addition, R408 million (US$27 million) of project
capital expenditure is expected to be spend in terms of the K4 and Klipfontein projects for the year.
Gold production from the SA gold operations for 2021 (excluding DRDGOLD) is forecast at between 27,500kg (884,000oz) and
29,500kg (948,000oz) with AISC between R760,000/kg and R815,000/kg (US$1,576/oz and US$1,690/oz). Capital expenditure is forecast
at R4,025 million (US$268 million), including carry-over of approximately R400 million (US$27 million) from 2020 which was
unspent due to the COVID-19 disruptions. R425 million (US$28 million) of project capital expenditure has been provided for.
The dollar costs are based on an average exchange rate of R15.00/US$.
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations
US OPERATIONS SA OPERATIONS
Total SA
and US Total US
PGM PGM
operations Stillwater Total SA PGM(2) Rustenburg Marikana(2) Kroondal Plat Mile Mimosa
Under - Under- Under- Under-
Attributable ground(1) Total ground Surface ground Surface ground Surface Attributable Surface Attributable
Production
Tonnes milled/treated 000't Mar 2021 9,319 389 8,930 4,219 4,711 1,505 1,330 1,536 892 830 2,489 348
Dec 2020 10,061 389 9,672 4,748 4,924 1,686 1,361 1,796 927 912 2,636 354
Mar 2020 8,237 347 7,890 4,149 3,741 1,480 1,147 1,486 819 841 1,775 342
Plant head grade g/t Mar 2021 2.49 13.54 2.01 3.34 0.81 3.24 1.11 3.89 0.88 2.38 0.63 3.60
Dec 2020 2.52 13.75 2.06 3.37 0.80 3.45 1.02 3.69 0.87 2.50 0.67 3.62
Mar 2020 2.71 13.92 2.22 3.41 0.89 3.56 1.02 3.79 0.86 2.39 0.83 3.58
Plant recoveries % Mar 2021 80.29 90.07 77.22 85.26 47.66 88.79 37.42 85.34 43.71 83.52 21.29 74.18
Dec 2020 79.67 91.21 76.48 84.88 42.53 87.88 40.65 84.75 43.01 83.37 21.83 74.87
Mar 2020 77.98 90.12 74.38 83.47 35.98 84.62 29.86 84.82 45.30 82.72 19.58 73.10
Yield g/t Mar 2021 2.00 12.20 1.55 2.85 0.39 2.88 0.42 3.32 0.38 1.99 0.13 2.67
Dec 2020 2.00 12.54 1.58 2.86 0.34 3.03 0.41 3.13 0.37 2.08 0.15 2.71
Mar 2020 2.11 12.54 1.65 2.85 0.32 3.01 0.30 3.21 0.39 1.98 0.16 2.62
PGM production(3,8) 4Eoz - 2Eoz Mar 2021 598,959 154,350 444,609 385,935 58,674 139,194 17,762 163,817 30,178 53,046 10,734 29,878
Dec 2020 648,456 157,492 490,964 436,802 54,162 164,345 18,143 180,499 23,622 61,113 12,397 30,845
Mar 2020 559,657 141,585 418,072 379,345 38,727 143,335 11,233 153,775 18,222 53,458 9,272 28,777
PGM sold 4Eoz - 2Eoz Mar 2021 596,486 129,900 466,586 438,882 27,704 164,689 16,970 193,783 53,046 10,734 27,364
Dec 2020 607,460 166,430 441,030 413,733 27,297 120,858 14,900 189,095 61,113 12,397 42,667
Mar 2020 614,818 91,975 522,843 501,830 21,013 188,417 11,741 231,178 53,458 9,272 28,777
Price and costs(4)
Average PGM basket price(5) R/4Eoz - R/2Eoz Mar 2021 47,954 31,835 52,722 54,025 44,132 52,982 31,114 53,663 58,377 37,944 38,383
Dec 2020 37,783 31,735 40,310 41,053 35,037 41,049 29,822 39,741 44,648 33,000 33,237
Mar 2020 32,937 31,569 33,192 33,574 29,422 33,563 23,254 32,954 36,011 27,901 28,924
US$/4Eoz - US$/2Eoz Mar 2021 3,205 2,128 3,524 3,611 2,950 3,542 2,080 3,587 3,902 2,536 2,566
Dec 2020 2,420 2,033 2,582 2,630 2,244 2,630 1,910 2,546 2,860 2,114 2,129
Mar 2020 2,142 2,053 2,158 2,183 1,913 2,182 1,512 2,143 2,341 1,814 1,881
Operating cost(6) R/t Mar 2021 1,087 5,061 907 1,927 69 1,581 163 1,800 853 43 1,050
Dec 2020 979 5,076 808 1,615 88 1,540 235 1,366 857 44 1,129
Mar 2020 1,051 5,065 824 1,560 75 1,499 182 1,323 798 41 1,034
US$/t Mar 2021 73 338 61 129 5 106 11 120 57 3 70
Dec 2020 63 325 52 103 6 99 15 87 55 3 72
Mar 2020 68 329 54 101 5 97 12 86 52 3 67
R/4Eoz - R/2Eoz Mar 2021 17,137 12,755 18,768 20,948 5,534 17,093 12,211 22,533 13,351 10,043 12,233
Dec 2020 15,393 12,538 16,369 17,483 8,022 15,801 17,605 18,218 12,793 9,293 12,958
Mar 2020 15,028 12,414 15,979 16,941 7,269 15,474 18,588 17,731 12,561 7,841 12,288
US$/4Eoz - US$/2Eoz Mar 2021 1,146 853 1,255 1,400 370 1,143 816 1,506 892 671 818
Dec 2020 986 803 1,049 1,120 514 1,012 1,128 1,167 820 595 830
Mar 2020 977 807 1,039 1,101 473 1,006 1,209 1,153 817 510 799
All-in sustaining cost(7) R/4Eoz - R/2Eoz Mar 2021 18,142 13,763 19,771 19,002 23,000 12,137 10,369 13,401
Dec 2020 17,034 13,911 18,102 17,153 20,876 13,295 10,027 13,782
Mar 2020 15,948 13,756 16,745 18,255 17,128 12,619 8,251 12,701
US$/4Eoz - US$/2Eoz Mar 2021 1,213 920 1,322 1,270 1,537 811 693 896
Dec 2020 1,091 891 1,160 1,099 1,337 852 642 883
Mar 2020 1,037 894 1,089 1,187 1,114 820 536 826
All-in cost(7) R/4Eoz - R/2Eoz Mar 2021 19,162 17,523 19,772 19,002 23,002 12,137 10,369 13,401
Dec 2020 17,817 16,904 18,130 17,153 20,938 13,295 10,027 13,782
Mar 2020 17,193 18,322 16,782 18,255 17,140 12,619 9,566 12,701
US$/4Eoz - US$/2Eoz Mar 2021 1,281 1,171 1,322 1,270 1,538 811 693 896
Dec 2020 1,141 1,083 1,161 1,099 1,341 852 642 883
Mar 2020 1,118 1,191 1,091 1,187 1,114 820 622 826
Capital expenditure(4)
Ore reserve development Rm Mar 2021 656.5 305.5 351.0 146.1 204.9 - - -
Dec 2020 701.6 320.1 381.5 151.4 230.1 - - -
Mar 2020 608.0 264.9 343.1 144.1 199.0 - - -
Sustaining capital Mar 2021 499.2 250.2 249.0 111.8 95.6 35.3 6.0 113.9
Dec 2020 744.3 254.0 490.3 130.8 260.5 88.6 10.4 129.1
Mar 2020 311.9 86.7 225.2 97.6 86.4 40.4 0.6 76.9
Corporate and projects Mar 2021 580.4 580.4 - - - - - -
Dec 2020 471.3 471.3 - - - - - -
Mar 2020 658.6 646.4 12.2 - - - 12.2 -
Total capital expenditure Rm Mar 2021 1,736.1 1,136.1 600.0 257.9 300.5 35.3 6.0 113.9
Dec 2020 1,917.2 1,045.4 871.8 282.2 490.6 88.6 10.4 129.1
Mar 2020 1,578.5 998.0 580.5 241.7 285.4 40.4 12.8 76.9
US$m Mar 2021 116.0 75.9 40.1 17.2 20.1 2.4 0.4 7.6
Dec 2020 122.8 67.0 55.9 18.1 31.4 5.7 0.7 8.3
Mar 2020 102.6 64.9 37.7 15.7 18.6 2.6 0.8 5.0
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively
Figures may not add as they are rounded independently
(1) 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 and is detailed in the PGM recycling table below
(2) The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding
PoC refer to "Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters"
(3) Production per product - see prill split in the table below
(4) The Group 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
(5) The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
(6) 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
(7) 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 costs, see "All-in costs - Quarters"
(8) The Marikana PGM production includes the processing of 19,125 4Eoz, 12,439 4Eoz and 7,967 4Eoz third party concentrate purchases for the quarters
ended 31 March 2021, 31 December 2020 and 31 March 2020, respectively
Mining - PGM Prill split excluding recycling operations
GROUP SA OPERATIONS US OPERATIONS
Mar 2021 Dec 2020 Mar 2020 Mar 2021 Dec 2020 Mar 2020 Mar 2021 Dec 2020 Mar 2020
% % % % % % % % %
Platinum 299,695 50% 326,898 50% 281,209 50% 264,712 60% 291,473 59% 249,415 60% 34,983 23% 35,425 22% 31,794 22%
Palladium 251,570 42% 269,690 42% 234,337 42% 132,203 30% 147,623 30% 124,546 30% 119,367 77% 122,067 78% 109,791 78%
Rhodium 38,485 6% 41,765 6% 36,160 7% 38,485 8% 41,765 9% 36,160 8%
Gold 9,209 2% 10,103 2% 7,951 1% 9,209 2% 10,103 2% 7,951 2%
PGM production 4E/2E 598,959 100% 648,456 100% 559,657 100% 444,609 100% 490,964 100% 418,072 100% 154,350 100% 157,492 100% 141,585 100%
Ruthenium 60,996 65,454 58,908 60,996 65,454 58,908
Iridium 15,436 16,214 14,506 15,436 16,214 14,506
Total 6E/2E 675,391 730,124 633,071 521,041 572,632 491,486 154,350 157,492 141,585
Recycling operation
Unit Mar 2021 Dec 2020 Mar 2020
Average catalyst fed/day Tonne 23.8 30.5 28.0
Total processed Tonne 2,139 2,803 2,547
Tolled Tonne 14 83 262
Purchased Tonne 2,125 2,721 2,285
PGM fed 3Eoz 195,474 240,037 221,798
PGM sold 3Eoz 218,450 206,115 133,714
PGM tolled returned 3Eoz 9,203 12,370 31,062
SA gold operations
SA OPERATIONS
Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD
Under- Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface ground Surface Surface
Production
Tonnes milled/treated 000't Mar 2021 11,150 1,206 9,944 338 - 429 1,331 439 198 - 1,143 7,272
Dec 2020 11,170 1,265 9,905 373 - 478 1,411 414 234 - 1,187 7,073
Mar 2020 9,894 1,191 8,703 325 - 414 1,064 452 7 - 1,072 6,560
Yield g/t Mar 2021 0.70 4.60 0.22 6.57 - 4.69 0.37 3.00 0.31 - 0.24 0.19
Dec 2020 0.81 5.22 0.24 6.72 - 5.46 0.39 3.57 0.37 - 0.27 0.21
Mar 2020 0.75 4.51 0.23 5.77 - 4.85 0.37 3.29 0.29 - 0.28 0.21
Gold produced kg Mar 2021 7,757 5,547 2,210 2,220 - 2,010 487 1,317 61 - 280 1,382
Dec 2020 9,020 6,599 2,421 2,507 - 2,612 545 1,480 86 - 320 1,470
Mar 2020 7,405 5,369 2,036 1,875 - 2,007 391 1,487 2 - 297 1,346
oz Mar 2021 249,392 178,340 71,052 71,375 - 64,623 15,657 42,342 1,961 - 9,002 44,432
Dec 2020 290,000 212,163 77,837 80,602 - 83,978 17,522 47,583 2,765 - 10,288 47,262
Mar 2020 238,076 172,617 65,459 60,283 - 64,526 12,571 47,808 64 - 9,549 43,275
Gold sold kg Mar 2021 7,536 5,348 2,188 2,204 - 1,966 479 1,178 61 - 285 1,363
Dec 2020 8,933 6,586 2,347 2,551 - 2,536 505 1,499 93 - 265 1,484
Mar 2020 7,590 5,424 2,166 1,853 - 1,977 404 1,594 4 - 296 1,462
oz Mar 2021 242,287 171,942 70,345 70,860 - 63,208 15,400 37,874 1,961 - 9,163 43,821
Dec 2020 287,203 211,745 75,458 82,017 - 81,534 16,236 48,194 2,990 - 8,520 47,712
Mar 2020 244,024 174,385 69,639 59,575 - 63,562 12,989 51,248 129 - 9,517 47,004
Price and costs
Gold price received R/kg Mar 2021 857,126 855,399 858,364 853,592 870,526 858,107
Dec 2020 932,341 934,379 928,182 921,043 937,736 948,518
Mar 2020 795,323 768,484 770,727 781,977 757,432 786,662
US$/oz Mar 2021 1,782 1,778 1,785 1,775 1,810 1,784
Dec 2020 1,858 1,862 1,849 1,835 1,868 1,890
Mar 2020 1,608 1,554 1,559 1,581 1,532 1,591
Operating cost(1) R/t Mar 2021 459 3,220 124 3,765 - 3,716 196 2,315 116 - 145 108
Dec 2020 454 2,970 133 3,410 - 3,181 173 2,329 188 - 169 117
Mar 2020 475 3,031 125 3,694 - 3,489 199 2,130 329 - 157 108
US$/t Mar 2021 31 215 8 252 - 248 13 155 8 - 10 7
Dec 2020 29 190 9 218 - 204 11 149 12 - 11 7
Mar 2020 31 197 8 240 - 227 13 138 21 - 10 7
R/kg Mar 2021 659,688 700,090 558,281 573,288 - 793,134 535,524 771,830 375,410 - 593,929 567,149
Dec 2020 562,262 569,268 543,164 507,379 - 582,198 447,706 651,351 511,628 - 627,188 562,109
Mar 2020 634,490 672,378 534,578 640,267 - 719,631 541,432 647,478 1,150,000 - 568,350 524,220
US$/oz Mar 2021 1,372 1,456 1,161 1,192 - 1,649 1,113 1,605 781 - 1,235 1,179
Dec 2020 1,120 1,134 1,082 1,011 - 1,160 892 1,298 1,019 - 1,250 1,120
Mar 2020 1,283 1,360 1,081 1,295 - 1,455 1,095 1,309 2,326 - 1,149 1,060
All-in sustaining cost(2) R/kg Mar 2021 772,572 731,851 844,744 882,082 658,596 648,129
Dec 2020 693,574 665,778 727,425 782,538 693,208 617,183
Mar 2020 741,858 790,772 812,516 746,621 634,459 580,506
US$/oz Mar 2021 1,606 1,522 1,756 1,834 1,369 1,348
Dec 2020 1,382 1,327 1,449 1,559 1,381 1,230
Mar 2020 1,500 1,599 1,643 1,510 1,283 1,174
All-in cost(2) R/kg Mar 2021 784,554 731,851 865,440 882,082 658,596 648,129
Dec 2020 710,332 665,778 750,871 782,538 693,208 626,146
Mar 2020 757,892 790,772 825,787 746,746 634,459 582,627
US$/oz Mar 2021 1,631 1,522 1,799 1,834 1,369 1,348
Dec 2020 1,415 1,327 1,496 1,559 1,381 1,248
Mar 2020 1,533 1,599 1,670 1,510 1,283 1,178
Capital expenditure
Ore reserve
development Rm Mar 2021 603.1 271.6 208.6 122.9 - -
Dec 2020 571.6 233.5 233.2 104.9 - -
Mar 2020 529.3 204.4 216.3 108.6 - -
Sustaining capital Mar 2021 186.2 40.6 57.9 9.9 - 77.8
Dec 2020 349.0 52.9 189.8 37.9 - 68.4
Mar 2020 215.6 60.9 81.5 26.2 - 47.0
Corporate and projects(3) Mar 2021 60.6 - 50.6 - - -
Dec 2020 110.9 - 71.3 - - 13.3
Mar 2020 41.9 - 31.6 0.2 - 3.1
Total capital
expenditure Rm Mar 2021 849.9 312.2 317.1 132.8 - 77.8
Dec 2020 1,031.5 286.4 494.3 142.8 - 81.7
Mar 2020 787.0 265.3 329.5 135.1 - 50.1
US$m Mar 2021 56.8 20.9 21.2 8.9 - 5.2
Dec 2020 66.1 18.3 31.7 9.1 - 5.2
Mar 2020 51.2 17.2 21.4 8.8 - 3.3
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/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) is 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 costs, see "All-in costs - Quarters"
(3) Corporate project expenditure for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 was R10.0 million (US$0.7 million),
R26.3 million (US$1.7 million) and R.7.1 million (US$0.5 million), respectively, the majority of which related to the Burnstone project and
various IT projects
ALL-IN COSTS - QUARTERS
SA and US PGM operations
Figures are in millions unless otherwise stated
US
OPERATIONS SA OPERATIONS
Total US
and SA Total US Total SA
R' million PGM PGM(1) PGM(2) Rustenburg Marikana(2) Kroondal Plat Mile Mimosa Corporate
Cost of sales, before amortisation and depreciation(3) Mar 2021 9,133.4 1,618.0 7,515.4 2,797.4 3,845.4 764.8 107.8 371.8 (371.8)
Dec 2020 8,145.8 2,007.0 6,138.8 2,278.1 2,989.8 832.3 115.2 564.6 (641.2)
Mar 2020 8,475.3 1,035.8 7,439.5 2,932.5 4,118.7 711.2 72.7 353.6 (749.2)
Royalties Mar 2021 828.6 - 828.6 439.8 385.1 3.7 - 44.4 (44.4)
Dec 2020 794.0 - 794.0 275.5 515.7 2.8 - 55.5 (55.5)
Mar 2020 329.8 - 329.8 288.2 38.7 2.9 - 30.9 (30.9)
Carbon tax Mar 2021 0.7 - 0.7 0.1 0.5 0.1 - - -
Dec 2020 0.7 - 0.7 0.1 0.5 0.1 - - -
Mar 2020 0.2 - 0.2 0.1 - 0.1 - - -
Community costs Mar 2021 34.2 - 34.2 2.9 31.3 - - - -
Dec 2020 27.7 - 27.7 (4.7) 32.4 - - - -
Mar 2020 19.9 - 19.9 11.1 8.8 - - - -
Inventory change(4) Mar 2021 842.9 350.7 492.2 (91.5) 583.7 - - (6.3) 6.3
Dec 2020 1,635.9 (32.3) 1,668.2 782.5 809.1 - - (164.9) 241.5
Mar 2020 (304.2) 721.9 (1,026.1) (418.8) (1,003.0) - - - 395.7
Share-based payments(5) Mar 2021 27.5 15.6 11.9 4.6 5.6 1.7 - - -
Dec 2020 31.3 18.1 13.2 5.3 5.9 2.0 - - -
Mar 2020 15.2 15.2 - - - - - - -
Rehabilitation interest and amortisation(6) Mar 2021 69.5 7.8 61.7 0.8 42.7 18.2 - 0.8 (0.8)
Dec 2020 76.3 6.9 69.4 4.0 39.9 25.5 - 0.8 (0.8)
Mar 2020 61.0 6.2 54.8 (0.6) 36.5 18.9 - 1.4 (1.4)
Leases Mar 2021 14.3 0.4 13.9 3.6 8.1 2.2 - - -
Dec 2020 15.9 0.7 15.2 3.6 9.4 2.2 - - -
Mar 2020 17.7 1.6 16.1 3.6 9.3 3.2 - - -
Ore reserve development Mar 2021 656.5 305.5 351.0 146.1 204.9 - - - -
Dec 2020 701.6 320.1 381.5 151.4 230.1 - - - -
Mar 2020 608.0 264.9 343.1 144.1 199.0 - - - -
Sustaining capital expenditure Mar 2021 499.2 250.2 249.0 111.8 95.6 35.3 6.0 113.9 (113.6)
Dec 2020 744.3 254.0 490.3 130.8 260.5 88.6 10.4 129.1 (129.1)
Mar 2020 311.9 86.7 225.2 97.6 86.4 40.4 0.6 76.9 (76.7)
Less: By-product credit Mar 2021 (1,782.8) (423.9) (1,358.9) (433.2) (741.0) (182.2) (2.5) (124.2) 124.2
Dec 2020 (1,653.4) (383.6) (1,269.8) (496.4) (632.1) (141.0) (1.3) (160.0) 161.0
Mar 2020 (1,068.0) (184.6) (883.4) (236.1) (548.4) (102.1) 3.2 (97.3) 97.3
Total All-in-sustaining costs(7) Mar 2021 10,324.0 2,124.3 8,199.7 2,982.4 4,461.9 643.8 111.3 400.4 (400.1)
Dec 2020 10,520.1 2,190.9 8,329.2 3,130.2 4,261.2 812.5 124.3 425.1 (424.1)
Mar 2020 8,466.8 1,947.7 6,519.1 2,821.7 2,946.0 674.6 76.5 365.5 (365.2)
Plus: Corporate cost, growth and capital expenditure Mar 2021 580.8 580.4 0.4 - 0.4 - - - -
Dec 2020 484.0 471.3 12.7 - 12.7 - - - -
Mar 2020 660.7 646.4 14.3 - 2.1 - 12.2 - -
Total All-in-costs(7) Mar 2021 10,904.8 2,704.7 8,200.1 2,982.4 4,462.3 643.8 111.3 400.4 (400.1)
Dec 2020 11,004.1 2,662.2 8,341.9 3,130.2 4,273.9 812.5 124.3 425.1 (424.1)
Mar 2020 9,127.5 2,594.1 6,533.4 2,821.7 2,948.1 674.6 88.7 365.5 (365.2)
PGM production 4Eoz - 2Eoz Mar 2021 598,959 154,350 444,609 156,956 193,995 53,046 10,734 29,878 -
Dec 2020 648,456 157,492 490,964 182,488 204,121 61,113 12,397 30,845 -
Mar 2020 559,657 141,585 418,072 154,568 171,997 53,458 9,272 28,777 -
kg Mar 2021 18,630 4,801 13,829 4,882 6,034 1,650 334 929 -
Dec 2020 20,169 4,899 15,271 5,676 6,349 1,901 386 959 -
Mar 2020 17,407 4,404 13,004 4,808 5,350 1,663 288 895 -
All-in-sustaining cost R/4Eoz - R/2Eoz Mar 2021 18,142 13,763 19,771 19,002 23,000 12,137 10,369 13,401 -
Dec 2020 17,034 13,911 18,102 17,153 20,876 13,295 10,027 13,782 -
Mar 2020 15,948 13,756 16,745 18,255 17,128 12,619 8,251 12,701 -
US$/4Eoz -
US$/2Eoz Mar 2021 1,213 920 1,322 1,270 1,537 811 693 896 -
Dec 2020 1,091 891 1,160 1,099 1,337 852 642 883 -
Mar 2020 1,037 894 1,089 1,187 1,114 820 536 826 -
All-in-cost R/4Eoz - R/2Eoz Mar 2021 19,162 17,523 19,772 19,002 23,002 12,137 10,369 13,401 -
Dec 2020 17,817 16,904 18,130 17,153 20,938 13,295 10,027 13,782 -
Mar 2020 17,193 18,322 16,782 18,255 17,140 12,619 9,566 12,701 -
US$/4Eoz -
US$/2Eoz Mar 2021 1,281 1,171 1,322 1,270 1,538 811 693 896 -
Dec 2020 1,141 1,083 1,161 1,099 1,341 852 642 883 -
Mar 2020 1,118 1,191 1,091 1,187 1,114 820 622 826 -
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively
Figures may not add as they are rounded independently
(1) 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 processes various recycling material which is excluded from the 2E PGM production,
All-in sustaining cost and All-in cost statistics shown above
(2) The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding
PoC refer to "Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters"
(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. For the March 2020 and December 2020 quarter, Corporate includes the elimination of concentrate sales
by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
(4) Inventory adjustment in Corporate for March 2020 and December 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal
and Platinum Mile to Marikana and the associated unrealised profit
(5) 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
(6) 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
(7) 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 AISC and AIC excluding PoC for SA PGM and Marikana - Quarters
SA PGM Marikana
R' million Mar 2021 Dec 2020 Mar 2020 Mar 2021 Dec 2020 Mar 2020
Total All-in-sustaining cost as reported per table above 8,199.7 8,329.2 6,519.1 4,461.9 4,261.2 2,946.0
Less: Purchase cost of PoC (1,246.7) (475.8) (439.0) (1,246.7) (475.8) (439.0)
Add: By-product credit of PoC 64.4 15.1 20.4 64.4 15.1 20.4
Total All-in-sustaining cost excluding PoC 7,017.4 7,868.5 6,100.5 3,279.6 3,800.5 2,527.4
Plus: Corporate cost, growth and capital expenditure 0.4 12.7 14.3 0.4 12.7 2.1
Total All-in-cost excluding PoC 7,017.8 7,881.2 6,114.8 3,280.0 3,813.2 2,529.5
PGM production as reported per table above 4Eoz 444,609 490,964 418,072 193,995 204,121 171,997
Less: PoC production (19,125) (12,439) (7,967) (19,125) (12,439) (7,967)
Less: Mimosa production (29,878) (30,845) (28,777)
PGM production excluding PoC 395,606 447,680 381,328 174,870 191,682 164,030
All-in-sustaining cost excluding PoC R/4Eoz 17,738 17,576 15,998 18,755 19,827 15,408
US$/4Eoz 1,186 1,126 1,040 1,254 1,270 1,002
All-in-cost excluding PoC R/4Eoz 17,739 17,605 16,036 18,757 19,893 15,421
US$/4Eoz 1,186 1,128 1,043 1,254 1,274 1,003
SA gold operations
Figures are in millions unless otherwise stated
SA OPERATIONS
Total SA Driefontein Kloof Beatrix Cooke DRDGOLD Corporate
R' million gold
Cost of sales, before amortisation and depreciation(1) Mar 2021 4,892.3 1,245.2 1,767.7 917.4 169.9 792.1 -
Dec 2020 5,059.9 1,327.6 1,704.0 1,035.2 161.8 831.3 -
Mar 2020 4,734.3 1,175.8 1,605.3 1,023.2 170.6 759.4 -
Royalties Mar 2021 26.5 30.9 10.5 5.3 1.2 - (21.4)
Dec 2020 65.4 50.7 54.5 20.5 1.2 - (61.5)
Mar 2020 23.6 7.1 9.2 6.2 1.1 - -
Carbon tax Mar 2021 0.6 - - 0.5 - 0.1 -
Dec 2020 0.6 - 0.1 0.4 - 0.1 -
Mar 2020 0.5 - 0.1 0.4 - - -
Community costs Mar 2021 32.6 11.6 9.7 11.3 - - -
Dec 2020 66.4 19.3 22.3 21.3 - 3.5 -
Mar 2020 23.0 3.9 8.2 10.9 - - -
Share-based payments(2) Mar 2021 12.8 2.4 3.5 2.4 - 4.5 -
Dec 2020 14.4 3.2 3.8 2.9 - 4.5 -
Mar 2020 36.0 - - - - 36.0 -
Rehabilitation interest and amortisation(3) Mar 2021 52.5 10.7 4.4 17.1 13.8 5.4 1.1
Dec 2020 52.3 11.4 1.2 13.9 18.0 6.5 1.3
Mar 2020 53.8 12.7 10.0 14.9 12.1 2.9 1.2
Leases Mar 2021 20.3 2.1 4.2 7.1 3.1 3.8 -
Dec 2020 23.6 2.1 4.5 10.1 3.1 3.8 -
Mar 2020 19.8 2.0 4.9 3.6 4.3 5.0 -
Ore reserve development Mar 2021 603.1 271.6 208.6 122.9 - - -
Dec 2020 571.6 233.5 233.2 104.9 - - -
Mar 2020 529.3 204.4 216.3 108.6 - - -
Sustaining capital expenditure Mar 2021 186.2 40.6 57.9 9.9 - 77.8 -
Dec 2020 349.0 52.9 189.8 37.9 - 68.4 -
Mar 2020 215.6 60.9 81.5 26.2 - 47.0 -
Less: By-product credit Mar 2021 (4.8) (2.1) (1.1) (1.0) (0.3) (0.3) -
Dec 2020 (7.5) (2.3) (1.3) (1.3) (0.4) (2.2) -
Mar 2020 (5.2) (1.5) (0.9) (0.9) (0.3) (1.6) -
Total All-in-sustaining costs(4) Mar 2021 5,822.1 1,613.0 2,065.4 1,092.9 187.7 883.4 (20.3)
Dec 2020 6,195.7 1,698.4 2,212.1 1,245.8 183.7 915.9 (60.2)
Mar 2020 5,630.7 1,465.3 1,934.6 1,193.1 187.8 848.7 1.2
Plus: Corporate cost, growth and capital expenditure Mar 2021 90.3 - 50.6 - - - 39.7
Dec 2020 149.7 - 71.3 - - 13.3 65.1
Mar 2020 121.7 - 31.6 0.2 - 3.1 86.8
Total All-in-costs(4) Mar 2021 5,912.4 1,613.0 2,116.0 1,092.9 187.7 883.4 19.4
Dec 2020 6,345.4 1,698.4 2,283.4 1,245.8 183.7 929.2 4.9
Mar 2020 5,752.4 1,465.3 1,966.2 1,193.3 187.8 851.8 88.0
Gold sold kg Mar 2021 7,536 2,204 2,445 1,239 285 1,363 -
Dec 2020 8,933 2,551 3,041 1,592 265 1,484 -
Mar 2020 7,590 1,853 2,381 1,598 296 1,462 -
oz Mar 2021 242,287 70,860 78,608 39,835 9,163 43,821 -
Dec 2020 287,203 82,017 97,770 51,184 8,520 47,712 -
Mar 2020 244,024 59,575 76,551 51,377 9,517 47,004 -
All-in-sustaining cost R/kg Mar 2021 772,572 731,851 844,744 882,082 658,596 648,129 -
Dec 2020 693,574 665,778 727,425 782,538 693,208 617,183 -
Mar 2020 741,858 790,772 812,516 746,621 634,459 580,506 -
US$/oz Mar 2021 1,606 1,522 1,756 1,834 1,369 1,348 -
Dec 2020 1,382 1,327 1,449 1,559 1,381 1,230 -
Mar 2020 1,500 1,599 1,643 1,510 1,283 1,174 -
All-in-cost R/kg Mar 2021 784,554 731,851 865,440 882,082 658,596 648,129 -
Dec 2020 710,332 665,778 750,871 782,538 693,208 626,146 -
Mar 2020 757,892 790,772 825,787 746,746 634,459 582,627 -
US$/oz Mar 2021 1,631 1,522 1,799 1,834 1,369 1,348 -
Dec 2020 1,415 1,327 1,496 1,559 1,381 1,248 -
Mar 2020 1,533 1,599 1,670 1,510 1,283 1,178 -
Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/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 include 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
ADJUSTED EBITDA RECONCILIATION - QUARTERS
Quarter ended Mar 2021 Quarter ended Dec 2020 Quarter ended Mar 2020
Figures in million - SA rand US PGM SA PGM SA Gold Corporate Total US PGM SA PGM SA Gold Corporate Total US PGM SA PGM SA Gold Corporate Total
Profit/(loss) before royalties and tax 2,235.0 15,094.0 644.5 (198.1) 17,775.4 2,969.0 10,181.8 485.8 (304.7) 13,331.9 1,334.7 7,817.0 2,215.8 (181.3) 11,186.2
Adjusted for: - -
Amortisation and depreciation 582.7 552.3 679.6 - 1,814.6 699.8 650.0 798.0 - 2,147.8 497.8 555.2 764.8 - 1,817.8
Interest income (102.1) (44.4) (142.5) - (289.0) (100.3) (65.1) (168.9) - (334.3) (70.1) (53.9) (128.4) - (252.4)
Finance expense 234.7 129.3 157.6 78.5 600.1 234.6 164.7 187.1 83.3 669.7 263.5 177.0 291.1 79.5 811.1
Share-based payments 15.6 25.6 57.0 - 98.2 36.1 42.6 69.8 - 148.5 15.2 - 100.6 - 115.8
Loss/(gain) on financial instruments 306.7 68.6 (2.1) - 373.2 - 2,066.7 (308.1) - 1,758.6 (33.2) 51.1 (3,424.6) - (3,406.7)
Loss/(gain) on foreign exchange
differences (0.2) 51.5 55.4 - 106.7 11.7 (1,175.0) 408.5 - (754.8) (1.5) (618.4) 1,425.6 - 805.7
Share of results of equity-accounted
investees after tax - (588.2) (64.5) - (652.7) - (697.5) (51.2) - (748.7) - (324.8) (98.2) - (423.0)
Other non-cash cost/(income) - - - - - 30.2 (424.2) (18.0) - (412.0) - - - - -
Loss/(gain) on disposal of property, plant
and equipment 5.0 (5.5) (3.6) - (4.1) 0.8 (33.2) (3.4) - (35.8) - - (7.5) - (7.5)
Impairments/(reversal of impairments) 0.2 - - - 0.2 (0.1) (2.3) (119.7) - (122.1) 0.2 - - - 0.2
Restructuring cost 3.0 9.9 15.0 - 27.9 7.8 39.4 59.2 - 106.4 1.8 270.5 6.9 - 279.2
IFRS 16 lease payments (0.4) (13.8) (21.7) - (35.9) (0.6) (15.2) (25.1) - (40.9) (1.6) (16.8) (20.5) - (38.9)
Loss on settlement of US$ Convertible bond - - - - - - - 1,506.7 - 1,506.7 - - - - -
Loss on Bulk Tailings re-Treatment
transaction early settlement - - - - - - - - - - - 186.2 - - 186.2
Other non-recurring costs/(income) 12.4 1.0 1.1 (3.0) 11.5 (34.5) 4.6 48.5 39.2 57.8 51.8 - 0.2 6.1 58.1
Adjusted EBITDA 3,292.6 15,280.3 1,375.8 (122.6) 19,826.1 3,854.5 10,737.3 2,869.2 (182.2) 17,278.8 2,058.6 8,043.1 1,125.8 (95.7) 11,131.8
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 Mar 2021 quarter Dec 2020 quarter Mar 2020 quarter
Stillwater Stillwater Stillwater
West & East West & East West & East
Reef East Boulder East Boulder East Boulder
Stillwater Unit
Primary development
(off reef) (m) 1,784 476 1,678 363 1,355 748
Secondary
development (m) 4,375 1,402 3,971 1,497 2,849 929
SA PGM operations Mar 2021 quarter Dec 2020 quarter Mar 2020 quarter
Batho- Thembe- Khuse- Siphume- Batho- Thembe- Khuse- Siphume- Batho- Thembe- Khuse- Siphume-
Reef pele lani leka lele pele lani leka lele pele lani leka lele
Rustenburg Unit
Advanced (m) 306 1,500 2,465 698 434 1,655 3,169 893 291 1,137 2,487 838
Advanced on reef (m) 306 667 878 385 434 813 1,096 534 154 455 613 322
Height (cm) 219 287 286 269 223 280 283 266 204 290 284 192
Average value (g/t) 2.1 2.3 2.2 3.1 2.4 2.4 2.3 3.2 2.3 2.5 2.4 3.1
(cm.g/t) 466 665 644 831 535 680 649 842 470 715 668 586
SA PGM operations Mar 2021 quarter Dec 2020 quarter Mar 2020 quarter
Reef K3 Rowland Saffy E3 4B K3 Rowland Saffy E3 4B K3 Rowland Saffy E3 4B
Marikana Unit
Primary development (m) 6,459 5,332 3,982 896 1,147 9,468 6,312 5,163 1,145 1,597 7,415 4,618 4,559 989 1,483
Primary development
- on reef (m) 4,929 4,213 2,835 552 776 7,340 4,909 3,621 795 1,101 5,859 3,629 3,110 750 1,062
Height (cm) 215 221 218 216 221 216 219 219 219 222 217 217 219 221 216
Average value (g/t) 3.2 2.5 2.7 3.0 2.7 3.0 2.8 2.7 3.0 2.6 3.2 2.7 2.6 2.5 2.5
(cm.g/t) 692 548 586 641 597 643 603 589 662 583 692 595 569 561 534
SA PGM operations Mar 2021 quarter Dec 2020 quarter Mar 2020 quarter
Kopa- Simun- Bamba- Kopa- Simun- Bamba- Kopa- Simun- Bamba-
Reef neng ye nani Kwezi K6 neng ye nani Kwezi K6 neng ye nani Kwezi K6
Kroondal Unit
Advanced (m) 504 110 460 437 455 421 480 655 601 352 602 172 627 348 519
Advanced on reef (m) 450 - 260 332 455 373 - 578 382 337 165 111 595 125 387
Height (cm) 241 291 218 223 238 246 356 211 205 233 247 217 207 217 235
Average value (g/t) 2.2 - 1.4 2.4 2.3 2.0 - 2.3 2.1 2.6 2.3 2.7 3.0 3.0 2.3
(cm.g/t) 538 - 309 525 540 496 - 474 436 600 571 594 621 655 538
SA gold operations Mar 2021 quarter Dec 2020 quarter Mar 2020 quarter
Carbon Carbon Carbon
Reef leader Main VCR leader Main VCR leader Main VCR
Driefontein Unit
Advanced (m) 759 136 1,136 940 275 1,406 840 230 890
Advanced on reef (m) 80 43 366 262 127 273 147 92 78
Channel width (cm) 18 72 97 50 57 77 95 53 106
Average value (g/t) 18.4 9.9 43.2 19.8 10.0 45.8 10.3 11.2 10.6
(cm.g/t) 324 709 4,202 992 567 3,507 975 590 1,119
SA gold operations Mar 2021 quarter Dec 2020 quarter Mar 2020 quarter
Reef Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 1,197 430 1,241 1,389 546 1,429 1,184 476 67 1,450
Advanced on reef (m) 245 142 165 349 186 164 209 56 47 227
Channel width (cm) 167 61 106 152 96 102 109 116 178 95
Average value (g/t) 8.3 15.7 16.6 7.2 11.6 17.6 7.0 10.9 6.1 8.6
(cm.g/t) 1,393 959 1,761 1,097 1,112 1,785 763 1,271 1,089 814
SA gold operations Mar 2021 quarter Dec 2020 quarter Mar 2020 quarter
Kalkoen- Kalkoen- Beatrix Kalkoen-
Reef Beatrix krans Beatrix krans krans
Beatrix Unit
Advanced (m) 2,799 105 2,708 154 3,150 159
Advanced on reef (m) 597 35 914 94 1,040 70
Channel width (cm) 134 160 145 180 169 137
Average value (g/t) 7.4 5.9 9.8 7.5 9.9 17.2
(cm.g/t) 993 947 1,429 1,348 1,681 2,362
ADMINISTRATION AND CORPORATE INFORMATION
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
LISTINGS
JSE: SSW
NYSE: SBSW
WEBSITE
http://www.sibanyestillwater.com
REGISTERED AND CORPORATE OFFICE
Constantia Office Park
Bridgeview House, Building 11,Ground floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park 1709
South Africa
Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
COMPANY SECRETARY
Lerato Matlosa
Tel: +27 10 493 6921
Email: lerato.matlosa@sibanyestillwater.com
DIRECTORS
Dr Vincent Maphai* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Timothy Cumming*
Savannah Danson*
Dr Elaine Dorward-King*
Harry Kenyon-Slaney*
Richard Menell*^
Nkosemntu Nika*
Keith Rayner*
Susan van der Merwe*
Jeremiah Vilakazi*
Sindiswa Zilwa*#
* Independent non-executive
^ Lead independent director
# Appointed 1 January 2021
INVESTOR ENQUIRIES
James Wellsted
Senior Vice President: Investor Relations
Cell: +27 83 453 4014
Tel: +27 10 493 6923
Email: james.wellsted@sibanyestillwater.com or
ir@sibanyestillwater.com
JSE SPONSOR
JP Morgan Equities South Africa Proprietary Limited
Registration number 1995/011815/07
1 Fricker Road
Illovo
Johannesburg 2196
South Africa
Private Bag X9936
Sandton 2146
South Africa
AUDITORS
Ernst & Young Inc. (EY)
102 Rivonia Road
Sandton 2196
South Africa
Private Bag X14
Sandton 2146
South Africa
Tel: +27 11 772 3000
AMERICAN DEPOSITARY RECEIPTS TRANSFER AGENT
BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh
PA 15252-8516
US toll free: +1 888 269 2377
Tel: +1 201 680 6825
Email: shrrelations@bnymellon.com
Tatyana Vesselovskaya
Relationship Manager
BNY Mellon
Depositary Receipts
Direct line: +1 212 815 2867
Mobile: +1 203 609 5159
Fax: +1 212 571 3050
Email: tatyana.vesselovskaya@bnymellon.com
TRANSFER SECRETARIES
SOUTH AFRICA
Computershare Investor Services
Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248
FORWARD-LOOKING STATEMENTS
The information in this report may contain forward-looking statements within the meaning of the "safe harbour" provisions of
the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others,
those relating to Sibanye Stillwater Limited's ("Sibanye-Stillwater" or the "Group") financial positions, business strategies, plans
and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior
management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking
statements should be considered in light of various important factors, including those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-
looking statements also often use words such as "will", "forecast", "potential", "estimate", "expect", "plan", "anticipate" and
words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to
future events and circumstances and should be considered in light of various important factors, including those set forth in
this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially
from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater's
future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings,
financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in
South Africa, Zimbabwe, the United States and elsewhere; plans and objectives of management for future operations;
Sibanye-Stillwater's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-
Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or
refinancing; Sibanye-Stillwater's ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater's
estimation of its current mineral reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies
and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as
well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of
Sibanye-Stillwater's business strategy and exploration and development activities; 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 and PGMs; the occurrence of hazards associated with underground and surface mining; any further downgrade
of South Africa's credit rating; a challenge regarding the title to any of Sibanye-Stillwater's properties by claimants to land
under restitution and other legislation; Sibanye-Stillwater's ability to implement its strategy and any changes thereto; the
occurrence of labour disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes
in the imposition of regulatory costs and relevant government regulations, particularly environmental, tax, health and safety
regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation
thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory
proceedings or environmental, health or safety issues; 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 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 of mines for safety incidents and unplanned
maintenance; Sibanye-Stillwater's ability to hire and retain senior management or sufficient technically skilled employees, as
well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions;
failure of Sibanye-Stillwater's information technology and communications systems; the adequacy of Sibanye-Stillwater's
insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of
Sibanye-Stillwater's South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious
diseases, such as the coronavirus disease (COVID-19). Further details of potential risks and uncertainties affecting Sibanye-
Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities
and Exchange Commission, including the Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal
year ended 31 December 2020.
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any
obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). These
forward-looking statements have not been reviewed or reported on by the Group's external auditors.
Date: 06-05-2021 08:00:00
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