6-K
Sibanye Stillwater Ltd (SBSW)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Dated 10 May 2024
Commission File Number 333-234096
Sibanye Stillwater Limited
(Translation of registrant’s name into English)
Constantia Office Park
Cnr 14th Avenue and Hendrik Potgieter Road
Bridgeview House, Ground Floor
Weltevreden Park, 1709
South Africa
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| ☒ Form 20-F | ☐ Form 40-F |
|---|---|
| Exhibit No. | Description |
| --- | --- |
| 99.1 | Operating update for the quarter ended 31 March 2024 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Sibanye Stillwater Limited | |||
|---|---|---|---|
| Date: 10 May 2024 | By: | /s/ Charl Keyter | |
| Name: | Charl Keyter | ||
| Title: | Chief Financial Officer |
Document
Exhibit 99.1
Johannesburg, 10 May 2024: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an operating update for the quarter ended 31 March 2024 (Q1 2024). The Group's financial results are only provided on a six-monthly basis.
SALIENT FEATURES FOR QUARTER ENDED 31 MARCH 2024 COMPARED TO QUARTER ENDED 31 MARCH 2023 (Q1 2023)
•Improved trends in safety indicators maintained. Record Group SIFR achieved for Q1 2024
•Improved adjusted EBITDA from US PGM operations despite lower 2E basket price due to a 22% increase in 2E production and a 28% reduction in AISC
•3% increase in 4E PGM production from the SA PGM operations due to acquisition of additional 50% of Kroondal
•Sandouville nickel production increased by 42% and Nickel equivalent sustaining cost reduced by 36%
•The Keliber lithium project is on budget and progressing according to schedule
•Reldan acquisition successfully concluded with integration underway
KEY STATISTICS – GROUP
| US dollar | SA rand | |||||||
|---|---|---|---|---|---|---|---|---|
| Quarter ended | KEY STATISTICS | Quarter ended | ||||||
| Mar 2023 | Dec 2023 | Mar 2024 | GROUP | Mar 2024 | Dec 2023 | Mar 2023 | ||
| 437 | 181 | 113 | US$m | Adjusted EBITDA1,13 | Rm | 2,137 | 3,382 | 7,755 |
| 17.76 | 18.65 | 18.86 | R/US$ | Average exchange rate using daily closing rate | ||||
| TABLE OF CONTENTS | Page | STOCK DATA FOR THE QUARTER ENDED 31 MARCH 2024 | ||||||
| --- | --- | --- | --- | |||||
| Salient features and key statistics | 1 | Number of shares in issue | ||||||
| Overview of the operating results by the Chief executive officer | 3 | - at 31 March 2024 | 2,830,567,264 | |||||
| Salient features - operational tables - quarterly statistics | 8 | - weighted average | 2,830,567,264 | |||||
| All-in cost (reconciliation) - quarters | 13 | Free Float | 99 | |||||
| Adjusted EBITDA reconciliation - quarters | 19 | Bloomberg/Reuters | SSWSJ/SSWJ.J | |||||
| Development results | 20 | |||||||
| Administration and other corporate information | 22 | JSE Limited - (SSW) | ||||||
| Disclaimer and forward-looking statements | 23 | Price range per ordinary share (High/Low) | R18.22 to R24.80 | |||||
| Average daily volume | 14,630,382 | |||||||
| NYSE - (SBSW); one ADS represents four ordinary shares | ||||||||
| Price range per ADS (High/Low) | US3.93 to US5.31 | |||||||
| Average daily volume | 5,415,449 |
All values are in US Dollars.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 1
KEY STATISTICS BY REGION
| US dollar | SA rand | ||||||
|---|---|---|---|---|---|---|---|
| Quarter ended | KEY STATISTICS | Quarter ended | |||||
| Mar 2023 | Dec 2023 | Mar 2024 | AMERICAS REGION | Mar 2024 | Dec 2023 | Mar 2023 | |
| US PGM underground operations | |||||||
| 100,690 | 116,213 | 122,543 | oz | 2E PGM production2,3 | 3,812 | 3,615 | 3,132 |
| 1,426 | 1,048 | 971 | US$/2Eoz | Average basket price | 18,313 | 19,545 | 25,326 |
| 14 | (36) | 32 | US$m | Adjusted EBITDA1 | 609 | (663) | 254 |
| 1,861 | 2,054 | 1,335 | US$/2Eoz | All-in sustaining cost4 | 25,183 | 38,300 | 33,052 |
| US PGM recycling | |||||||
| 78,844 | 75,428 | 77,873 | oz | 3E PGM recycling2,3 | 2,422 | 2,346 | 2,452 |
| 2,972 | 1,664 | 1,289 | US$/3Eoz | Average basket price | 24,311 | 31,034 | 52,783 |
| 11 | 5 | 4 | US$m | Adjusted EBITDA1 | 71 | 89 | 199 |
| SOUTHERN AFRICA (SA) REGION | |||||||
| PGM operations | |||||||
| 379,791 | 422,185 | 389,313 | oz | 4E PGM production3,5,12 | 12,109 | 13,131 | 11,813 |
| 2,051 | 1,290 | 1,273 | US$/4Eoz | Average basket price | 24,004 | 24,052 | 36,433 |
| 391 | 177 | 77 | US$m | Adjusted EBITDA1 | 1,456 | 3,294 | 6,952 |
| 1,129 | 1,107 | 1,230 | US$/4Eoz | All-in sustaining cost4 | 23,207 | 20,654 | 20,043 |
| Gold operations | |||||||
| 200,267 | 196,184 | 164,515 | oz | Gold production | 5,117 | 6,102 | 6,229 |
| 1,864 | 1,982 | 2,069 | US$/oz | Average gold price | 1,254,539 | 1,188,566 | 1,064,302 |
| 44 | 43 | 35 | US$m | Adjusted EBITDA1 | 652 | 804 | 774 |
| 1,826 | 1,949 | 2,039 | US$/oz | All-in sustaining cost4 | 1,236,571 | 1,168,690 | 1,042,868 |
| OPEAN REGION | |||||||
| Sandouville nickel refinery | |||||||
| 1,609 | 1,280 | 2,279 | tNi | Nickel production6 | 2,279 | 1,280 | 1,609 |
| 28,258 | 20,266 | 19,084 | US$/tNi | Nickel equivalent average basket price7 | 359,933 | 377,958 | 501,856 |
| (14) | (22) | (10) | US$m | Adjusted EBITDA1 | (197) | (405) | (245) |
| 38,750 | 36,072 | 23,294 | US$/tNi | Nickel equivalent sustaining cost8 | 439,318 | 672,752 | 688,196 |
| AUSTRALIAN REGION | |||||||
| Century zinc retreatment operation9 | |||||||
| 1 | 26 | 16 | ktZn | Zinc metal produced (payable)10 | 16 | 26 | 1 |
| 2,043 | 1,815 | 2,192 | US$/tZn | Average equivalent zinc concentrate price11 | 41,346 | 33,852 | 36,287 |
| (4) | 9 | (14) | US$m | Adjusted EBITDA1 | (262) | 164 | (69) |
| 9,205 | 1,758 | 2,574 | US$/tZn | All-in sustaining cost4 | 48,547 | 32,783 | 163,477 |
All values are in Euros.
1The 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"
2The 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
3The 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)
4See “Salient features and cost benchmarks - Quarters” for the definition of All-in sustaining cost (AISC)
5The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM operations, Total SA PGM operations and Marikana - Quarters"
6The nickel production at the Sandouville refinery operations is principally nickel metal and nickel salts (liquid form), together referred to as nickel equivalent products
7The 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
8See "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
9The Century zinc tailings retreatment operation is a leading tailings management and rehabilitation operation in Queensland, Australia. The Century operation was acquired by the Group on 22 February 2023
10Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
11Average 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
12As previously announced, Sibanye Rustenburg Platinum Mines Limited had entered into a pool and share agreement to acquire Rustenburg Platinum Mines Limited 50% ownership. The acquisition became effective on 1 November 2023 after all conditions precedent had either been met or waived, therefore from 1 November 2023 the SA PGM operations includes 100% Kroondal
13The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024 and at the date of this report management is still in the process of assessing the inputs, assumptions and information that may impact the identification and fair value of the net assets acquired. As a result, the results of Reldan are not included in the Q1 2024 operating update
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 2
OVERVIEW OF THE OPERATING RESULTS BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER
The continued improvement in the Group safety performance year-on-year is pleasing, confirming that our safety strategy continues to gain traction and that we remain on track for further reduction of risk for all safety incidents. The 15% decline in the Group Serious Injury Frequency Rate (SIFR) year-on-year, marked the third consecutive annual improvement in the Group SIFR since Q1 2021 (4.00), with the SIFR for Q1 2024 of 2.19 the lowest achieved by the Group since its inception. The Group Lost Day Injury Frequency Rate (LDIFR) and Total Recordable Injury Frequency Rate (TRIFR) were also much improved, declining by 7.6% and 11.3% respectively year-on-year.
The operational restructuring and capital preservation steps taken during H2 2023 and Q1 2024 have resulted in notable improvements at the US PGM operations, with the benefits at the SA operations expected to manifest in a phased manner over an extended period. We are confident that the restructuring that has taken place to date, at the SA operations as well as the current regional restructuring, will secure a lower cost structure for the SA region, despite the phased closure cost and initial disruption which has impacted Q1 2024.
A significant improvement in the performance of the US PGM operations was evident soon after the restructuring (repositioned for lower production and cost) undertaken during Q4 2023, with adjusted EBITDA improving despite a lower 2E PGM basket price received for Q1 2024. Underground mined 2E production was 22% higher than for Q1 2023 and 5% higher than for Q4 2023, with AISC declining by 28% year-on-year to US$1,335/2Eoz (R25,183/2Eoz), within guidance for 2024. Ongoing efforts to address skills shortages and other operational constraints are anticipated to result in further gains during the course of the year.
Gold production from the SA gold operations for Q1 2024 was 18% lower than for Q1 2023 with AISC 19% higher, primarily due to cessation of production from Kloof 4 shaft during 2023 but with costs still being incurred during Q1 2024 due to the phased closure process.
At the SA PGM operations, lower production from the four loss making shafts which were the subject of S189 consultations, as well as lost production from Siphumelele shaft as a result of the head gear incident, was offset by the consolidation of an additional 50% of Kroondal production following the early closing of the acquisition of Anglo American Platinum's (AAP) 50% shareholding in November 2023. 4E PGM production for Q1 2024 increased by 3% with AISC 11% higher year-on-year, reflecting the effect of residual closure costs due to the phased closure of infrastructure following the restructuring and shaft closure.
The operating performance of the Sandouville refinery was also significantly better due to improved circuit availability and production stability following repairs to the cathode units in the electro winning circuit in mid-2023 and other improvements to the plant. Production was 42% higher than for Q1 2023, with Nickel equivalent sustaining cost 40% lower, primarily due to reduced feedstock purchase costs (lower nickel price), and lower reagent and overhead costs. The prefeasibility study regarding the possible repurposing of the Sandouville refinery to produce precursor cathode active material (pCAM) commenced in March 2024. Initial outcomes of the pre-feasibility study of the project, now called the GalliCam project are expected by the end of 2024.
The Century zinc reprocessing operation in Queensland Australia was disrupted by severe regional weather during Q1 2024. Production was consequently below forecast and AISC higher than forecast. The operations have recovered from the impact of the wet weather and with the recent increase in the zinc price and significantly lower annual benchmark treatment charges (US$165/tonne in 2024 vs US$274/tonne in 2023) for 2024, the outlook has improved.
The significant decline in PGM prices during the course of 2023, compounded by lower production and higher residual cost from the restructuring of the SA gold and PGM operations resulted in Group adjusted EBITDA declining significantly. Average 2E PGM and 4E PGM basket prices were respectively 32% and 34% lower year-on-year, resulting in Adjusted EBITDA declining by 72% to R2.1 billion (US$113 million) for Q1 2024.
The fundamental outlook for gold remains constructive with limited apparent downside for the gold price for the balance of 2024. Our view that the fundamental outlook for PGMs is positive is unchanged, with little evidence of a systemic change in the market fundamentals to justify the price collapse observed during 2023. We believe that the drivers of this decline in PGM prices are temporary, and caused by earlier supply chain disruptions due to COVID-19 and the more recent invasion of the Ukraine resulting in safety stocks being held in inventory. Destocking of inventory accumulated since 2020 seems to have abated and while total vehicle production is forecast to increase, Battery electric vehicle (BEV) penetration rates have slowed with a shift to hybrid vehicles. Primary supply is likely to continue to decline and secondary recycling supply remains depressed. These factors suggest a more supportive outlook for PGM prices, with a drop in interest rates the probable catalyst for a meaningful recovery in PGM prices.
The Group has sufficient liquidity and balance sheet flexibility with an improved financial performance expected as the benefits of restructuring flow through to the bottom line. The closure of the Reldan acquisition during Q1 2024 is also expected to contribute positively to earnings and cash flow.
We are cognisant of our decreasing 12 month trailing adjusted EBITDA due to lower PGM commodity prices, impacting negatively on our covenant ratios and therefore continue to focus on the balance sheet with a view to increasing liquidity through a number of non-debt instruments such as pre-pays and streams and proactively engaging our lenders on temporarily raising our lending covenants.
SAFE PRODUCTION
We are encouraged by improving safety trends that we continue to observe at our operations and, whilst we are still on a journey, we are satisfied that we have the right approach which has been benchmarked against global best practise and has been reviewed by an independent safety expert.
On our journey to zero harm, eliminating fatal incidents remains our immediate priority and we continue to operationalise and refine our Fatal elimination strategy, with a continued focus on eliminating high-energy risks and high-potential incidents (HPIs) at our operations. Our Fatal elimination strategy puts an emphasis on leading indicators and critical life saving behaviours, rather than lagging or historical measures. It also focuses on improved reporting and recording of HPIs including incidents where there was an injury with the potential for loss of life (IPLL), and incidents where there was no injury but there was the potential for loss of life (NIPLL), i.e., near misses. Encouraging, enhanced reporting of HPIs by operational teams provides a more comprehensive measure of high energy risks in our operations, promotes greater awareness of risk, and facilitates a proactive approach to risk mitigation.
We continue to encourage a bottom-up approach to safety, empowering our entire workforce to take responsibility for safety. We encourage crews and frontline supervisors to stop work immediately should conditions be unsafe and we are dedicated to embedding an operational safety culture that enables our teams to work to standards and to stop any unsafe work without hesitation. Since June 2023 we have observed pleasing evidence of stoppages by frontline supervisors and crews in the SA region surpassing stoppages by senior management/safety officers/third parties, with the delta continuing to increase.
Regrettably, a colleague at our SA PGM operations, Reginald Sekati, a utility vehicle operator at Bathopele, Rustenburg operation was fatally injured when his vehicle collided with a redundant water pipe. Our heartfelt condolences are extended to Reginald's family, friends, and colleagues. This incident is being thoroughly investigated together with the relevant stakeholders and support has been
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 3
provided to the family. The rest of the Group's operations had a fatal free first quarter, with the SA gold operations now fatal free for eight months.
We are encouraged by the continued reduction in Group safety indicators, with Group SIFR declining by 15% from 2.57 for Q1 2023 to 2.19 for Q1 2024 and with the SIFR of 1.89 recorded during March 2024 the lowest ever recorded by the Group. At the SA PGM operations, it was very pleasing to note the continual improvement in the SIFR which declined by 32% year-on-year to 1.55 for Q1 2024 underpinned by the Rustenburg operation where the SIFR improved by 57% to 1.13. The Group TRIFR and LDIFR also improved by 11% and 8% respectively year-on-year.
While the focus is on ongoing improvement in all aspects of safety, the primary focus during 2024 is to further implement and operationalise the Fatal elimination strategy, and to institutionalise the commitment and responsibility for safety among operational line management and all employees in order to mitigate high energy risks. We remain committed to the continuous improvement in health and safety at our operations and we continue to enhance our risk approach to keep fatality prevention as our main priority.
OPERATING REVIEW
US PGM operations
The operational performance from the US PGM operations for Q1 2024 was significantly better, reflecting improved operational stability and the benefits of cost reduction measures implemented during Q4 2023. Mined 2E PGM production of 122,543 2Eoz for Q1 2024 was 22% higher than for Q1 2023, which was impacted by the shaft incident at the Stillwater West mine, and 5% higher than for Q4 2023. Production from the Stillwater mine of 79,107 2Eoz for Q1 2024 was 29% higher than for the comparable period in 2023 with production from the East Boulder mine of 43,436 2Eoz, 11% higher than for Q1 2023, despite geological and geotechnical complexity constraining production from the western section of the mine, and ongoing shortages of critical skills. In addition, the replacement of fans combined with mill maintenance contributed to an increase in ore stockpiled during the quarter, which will be processed during Q2 2024.
A strategic decision to focus on secondary (on reef) development in order to improve mining flexibility and productivity by providing access to more production stopes, resulted in secondary development from the Stillwater mine increasing by 33% year-on-year however at East Boulder due to the before mentioned headwinds, secondary development was 2% lower.
Pleasingly, operating costs per tonne milled declined by 6% to US$405/tonne (R7,642/tonne). ORD expenditure declined by 42% to US$32 million (R601 million) primarily as a result of a significant drop in contractor development cost and contract maintenance costs with sustaining capital declining by 46% from US$21 million (R367 million) to US$11 million (R209 million) as a result of fleet and underground equipment expenditure declining by approximately US$5 million following completion of major surface infrastructure (concentrator and West Fork ventilation raise) with reduced hoist repairs and tailings storage facility (TSF) expenditure resulting in a further US$5 million reduction.
Consequently, AISC declined by 28% to US$1,335/2Eoz (R25,183/2Eoz) for Q1 2024 from US$1,861/2Eoz (R33,052/2Eoz) for Q1 2023 and US$2,054/2Eoz (R38,300/2Eoz) for Q4 2023, reflecting the benefits from the restructuring primarily due to reducing high cost contractor labour and deferral of non-essential capital expenditure.
Total capital expenditure for Q1 2024 decreased by 47% year-on-year to US$46 million (R867 million) reflecting the repositioning of the operations for the lower price environment. Project capital was 73% lower at US$3 million (R57 million) due to the suspension of project capital at Stillwater East.
Adjusted EBITDA of US$32 million (R609 million) for Q1 2024 includes a once off US$43 million (R812 million) insurance payment related to the flooding event during mid-2022. Excluding the insurance payment, the adjusted EBITDA loss of US$11 million (R203 million), was significantly improved on Q4 2023 despite a 7% decline in the average 2E basket price received for Q1 2024. Looking ahead, the focus will be on improving fleet maintenance and reducing elevated maintenance costs by working more closely with original equipment manufacturers. Skills retention and training also remain a priority.
US PGM recycling operations
The global autocatalyst recycling market remains strained with some evidence of a slight recovery in PGM recycling. The US PGM recycling operations fed an average of 10.7 tonnes per day (tpd) of spent autocatalyst material for Q1 2024, in line with Q1 2023. 3E PGM ounces fed of 77,873 3Eoz, were 1% lower than the 78,844 3Eoz fed for Q1 2023. At the end of Q1 2024, approximately 23 tonnes of recycle inventory was on hand, compared with 33 tonnes at the end of Q1 2023.
Recent indicators suggest that the autocatalyst recycling market may have bottomed in Q1 2024, with a stable performance in tonnes and ounces fed to furnaces compared to the previous quarter. Despite ongoing challenges, such as an increase in the average age of scrapped vehicles and fluctuations in the used car market, there are positive signs pointing to a potential uptick in recycling rates.
SA PGM operations
Year-on-year comparison of the SA PGM operating results is complicated by various factors, including the acquisition of AAP 50% share of the Kroondal PSA from 1 November 2023 which added 30,575 4Eoz to total production during the quarter and the impact of operational restructuring. Mandatory regulatory S189 consultations commenced on 24 October 2023 and concluded on 24 February 2024, impacting productivity due to moratoriums on hiring, movement of crews and a general decline in productivity associated with disruptions. After a slow start to the year, production improved over the quarter and into April 2024.
4E PGM production of 414,918 4Eoz from the SA PGM operations for Q1 2024 (including attributable production from Mimosa, third party purchase of concentrate (PoC) and the consolidation of an additional 50% of Kroondal) was 3% higher than for Q1 2023. PoC increased by 7% to 25,605 4Eoz. 4E PGM production (excluding PoC) of 389,313 oz, was 3% higher year-on-year.
AISC (excluding PoC) for Q1 2024 increased by 16% year-on-year to R23,207/4Eoz (US$1,230/4Eoz). The above inflation increase was primarily as a result of a once off adjustment to legacy leave liabilities at the Marikana operation (contributing R1,035/4Eoz or 4.5% to AISC for the quarter) as well as restructuring related costs, the benefit of which will be realised in coming quarters. The cost increases were to some extent offset by-product credits increasing by 30% year-on-year to R2.8 billion (US$149 million) and royalties declining by 75%. AISC (including PoC) increased by 11% year-on-year to R22,923/4Eoz (US$1,215/4Eoz).
Capital expenditure of R1.1 billion (US$60 million) for Q1 2024 was 3% lower than for Q1 2023 with ORD declining by 16% to R545 million (US$29 million) because of a decrease in primary (off-reef) development year-on-year. Sustaining capital of R430 million (US$23 million) was 23% higher primarily due to a 62% increase at the Rustenburg operation. Project capital of R154 million was 6% lower due to lower expenditure at the K4 project, in line with plan.
4E PGM production from the Rustenburg operation for Q1 2024 of 137,100 4Eoz was 7% lower year-on-year with underground production of 120,584 4Eoz, 7% lower and surface production of 16,516 4Eoz, 5% lower. The Bathopele mine was impacted by a S54 shutdown
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 4
following the fatal incident and the Siphumelele head gear bin failure that resulted in a loss of production of four weeks during March 2024. These shortfalls were partially offset at Khuseleka shaft where production increased year-on-year. AISC of R21,284/4Eoz (US$1,129/4Eoz) for Q1 2024 was 15% higher year-on-year primarily due to lower production, inflationary cost increases and sustaining capital which increased to R207 million (US$11 million), primarily driven by the initial Siphumelele shaft repair costs. ORD expenditure declined by 14% to R145 million (US$8 million). By-product credits increased by 60% to R1.4 billion (US$72 million), primarily due to an 85kt year-on-year increase in chrome produced.
4E PGM production of 174,892 oz from the Marikana operation (including PoC) for Q1 2024 was flat year-on-year with PoC ounces of 25,605 4Eoz, 7% higher. Production (excluding PoC) of 149,287 4Eoz was 2% lower year-on-year, with production from underground of 141,666 4Eoz, 3% lower and surface production of 7,621 4Eoz, 44% higher due to higher throughput and improved plant recoveries. The Marikana underground operations were impacted by the restructuring of the Rowland shaft and underperformance of the subsequently closed 4B shaft partially offset by K4 production which increased by 8,169 4Eoz to 10,589 4Eoz for Q1 2024. AISC (excluding PoC) increased by 15% to R26,606/4Eoz (US$1,411/4Eoz) as a result of the once off adjustment to legacy leave liabilities, which accounted for R2,492/4Eoz or 9.4% of AISC (excluding PoC) as well as annual inflation. AISC (including PoC) of R25,484/4Eoz (US$1,351/4Eoz), was 6% higher year-on-year, with PoC purchase costs declining by 28% year-on-year to R591 million (US$31 million) in line with the decline in PGM prices and the factors detailed previously. While the K4 project remains in build up phase, unit operating costs, ORD and sustaining capital will remain elevated on a unit cost measure, but are expected to reduce as K4 production builds up.
The Kroondal operation produced 61,150 4Eoz for Q1 2024, 48% higher year-on-year due to the consolidation of 100% of the operation as opposed to 50% for Q1 2023. On a comparable basis, Kroondal's production declined by 26% or 10,612 4Eoz. This was primarily due to the closure of the Simunye shaft and the Klipfontein opencast which is at the end of its life. Due to the decrease in production, AISC of R21,848/4Eoz (US$1,158/4Eoz) was 26% higher than Q1 2023.
4E PGM production from Platinum Mile for Q1 2024 of 11,794 4Eoz was 10% lower than for Q1 2023 as a result of 19% lower run of mine tonnes received due to lower production from Rustenburg underground operations as well as lower surface tailings feed. However, a positive trend of improved recoveries has continued with the Waterval West dam conversion to 100% mechanical from hydro-mining improving plant stability and resulting in a 13% increase in yield year-on-year. The chrome extraction plant which was commissioned at the end of 2023 is in build-up phase and produced 18kt of chrome in Q1 2024, with the plan to increase production to the nameplate 240kt per year during H2 2024. Despite the decrease in PGM output and cost pressures, AISC of R9,412/4Eoz (US$499/4Eoz) for Q1 2024 was 10% lower than for Q1 2023 due to by-product credits increasing by 233% to R70 million (US$4 million) because of the chrome production.
Attributable PGM production from Mimosa for Q1 2024 of 29,982 4Eoz was 14% higher than for Q1 2023 with tonnes milled increasing by 10% and recoveries by 7% as a result of the continued optimization of the reagent suite and cell settings. Despite high in country inflationary cost pressures, unit cost was maintained at US$93/tonne (R1,762/tonne). Sustaining capital expenditure was 32% lower to US$9 million (R170 million) due to the completion of the plant optimization study with the new tailings storage facility expected to be commissioned in May 2024. AISC decreased by 9% year-on-year to US$1,243/4Eoz (R23,447/4Eoz) for Q1 2024.
Q1 2024 chrome sales of 638kt were 28% higher than sales of 499kt for Q1 2023, due to improved production from operations, an improved ore transportation strategy with less disruptions and ongoing ramp-up of the chrome tailings project at Platinum Mile. Chrome revenue of R1,552 million (US$82 million) for Q1 2024 was 82% higher than for Q1 2023, due to increased sales volumes and a 2% increase in the received chrome price of US$288/t and a 6% depreciation in the rand:US$ exchange rate.
The K4 project
The K4 project focus is progressing from completion of shaft infrastructure to ramping up production. K4 produced 10,589 4Eoz for Q1 2024 compared with 2,421 4Eoz for Q1 2023. Project capital expenditure for Q1 2024 was R154 million.
SA gold operations
Gold production (excluding DRDGOLD) of 3,890kg (125,066oz) from the SA gold operations was 21% lower than for Q1 2023, primarily due to the closure of Kloof 4 shaft during H2 2023, a slower than planned production build-up after the December 2023 shut down compounded by seismicity related challenges at Driefontein 4 Shaft and a transitioning from Carbon Leader to VCR reef at Driefontein 1 Shaft. Production from the SA gold operations (including DRDGOLD) for Q1 2024 of 5,117kg (164,515oz) was 18% lower than for Q1 2023.
AISC (excluding DRDGOLD) of R1,333,818/kg (US$2,200/oz) was 20% higher than for Q1 2023, reflecting the impact of 24% less gold sold inflationary cost pressures and costs incurred at the Kloof 4 shaft as preparations for closure continued during Q1 2024. These costs are forecast to reduce in coming quarters as the shaft rehabilitation and closure is completed. AISC (including DRDGOLD) for Q1 2024 of R1,236,571/kg (US$2,039/oz) was 19% higher year-on-year.
Capital expenditure for Q1 2024 (excluding DRDGOLD) of R984 million (US$52 million) was 20% lower than for Q1 2023 with project capital decreasing by 48% to R213 million (US$11 million) as a result of terminating the Kloof 4 deepening project and less expenditure at the Burnstone project. Sustaining capital decreased by 35% to R106 million (US$6 million), while ORD expenditure increased by 2% to R665 million (US$35 million) as a result of increased ORD at Driefontein.
Production from the Driefontein operation declined by 18% to 1,563kg (50,252oz) as a result of a delayed commencement of production after the Christmas break at most shafts due to elevated temperatures requiring a longer cool down period and Driefontein 1 and 8 shafts experiencing elevated seismicity which delayed the mining of some high grade areas. With these issues mostly resolved, Driefontein production is expected to normalise during Q2 2024. AISC of R1,292,115/kg (US$2,131/oz) was 21% higher than for Q1 2023, primarily as a result of lower production. ORD increased by 14% to R398 million (US$21 million) as a result of a 4% increase in off-reef development to improve mining flexibility. Sustaining capital expenditure decreased by 19% to R65 million (US$3 million) due to a slower start-up of the D1 and D4 pillar projects.
Underground production of 961kg (30,897oz) from the Kloof operation for Q1 2024 was 42% or 683kg (21,959oz) lower year-on-year primarily due the closure of Kloof 4 shaft with Kloof 1 shaft and 8 shaft also impacted by seismic activity. Production from surface sources of 174kg (5,594oz), was 98% higher year-on-year due to a near doubling in yield from the current dumps being reprocessed. AISC of R1,580,279/kg (US$2,606/oz) for Q1 2024 was 30% higher than for Q1 2023 due to lower production and 43% less gold sold than for the comparable period in 2023. Costs are expected to reduce as the Kloof 4 shaft closure process is completed during Q2 2024. Project capital declined from R31 million (US$2 million) in Q1 2023 to zero in Q1 2024 as a result of the closure of Kloof 4 shaft and termination of the Kloof 4 shaft deepening project. For Q1 2024, ORD was 7% lower year-on-year due to the closure of Kloof 4 shaft, partially offset by an increase in off reef development at Kloof 8 shaft. Sustaining capital was 46% lower due to the closure of Kloof 4 shaft.
Underground production from the Beatrix operation for Q1 2024 of 900kg (28,936oz) was 6% lower than for Q1 2023 due to a management imposed safety stoppage in January. Production from surface sources declined from 48kg (1,543oz) in Q1 2023 to 4kg (129oz) for Q1 2024. In addition, the Beatrix processing plant experienced downtime during the quarter which resulted in a temporary stockpile containing 23kg (740oz) which was processed over the Easter period. AISC for Q1 2024 increased by 8% year-on-year to R1,112,112/kg (US$1,834/oz)
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 5
with ORD declining by 25% to R62 million (US$3 million). Sustaining capital declined from R14 million (US$1 million) to R3 million (US$3 million) due to projects completed early in 2023.
Surface gold production from the Cooke operation for Q1 2024 increased by 11% to 288kg (9,259oz) with AISC increasing by 38% to R1,356,209/kg (US$2,237/oz) compared to Q1 2023. This was primarily as a result of higher aggregate purchase costs of third party gold bearing material where the purchase price is linked to the gold price. Purchase of aggregate material increased from 120kg (3,858oz) for Q1 2023 to 208kg (6,687oz) for Q1 2024, but resulted in increased profitability.
DRDGOLD gold production of 1,227kg (39,449oz) for Q1 2024, was 8% lower than for Q1 2023 as a result of an 8% decrease in yield as higher grade remnant material at older ERGO and Far West Gold Recoveries (FWGR) sites were depleted and as a result of a reduction of higher grade third party sand material processed at ERGO. AISC for Q1 2024 increased by 17% to 906,404/kg (US$1,495/oz) due to gold sold declining by 8%, and above inflation costs, despite a 46% decrease in sustaining capital reflecting the tailing off of the investment in new infrastructure for major new reclamation sites at both the ERGO and FWGR operations. Project capital increased by 101% in Q1 2024 year-on-year to R322 million (US$17 million), primarily for the construction of the solar power plant project which is expected to be commissioned by the end of May 2024, with the battery storage system expected to be completed in October 2024.
Burnstone project
Capital investment in the Burnstone project has been deferred, with stoping and development activities ceasing apart from the main shaft decline development. All construction has been suspended except the completion of the surface conveyors, including the new waste conveyor, with planned completion at the end of May 2024, and the support of Settler No.1 and Clearwater Dam No.1 & 2, with planned completion at the end of June 2024. In Q1 2024 R210 million (US$11 million) was spent on the project. For 2024, planned project capital for Burnstone is unchanged at R390 million (US$22 million). The Burnstone project, following the deferral of capital expenditure as announced in February 2024, also requires restructuring to align with the reduction in planned capital activities. A S189 consultation process on the restructuring of the Burnstone operations is in progress.
European region
Sandouville nickel refinery
The operating performance from the Sandouville nickel refinery was significantly improved year-on-year, with nickel equivalent production for Q1 2024 of 2,279tNi, 42% higher than for Q1 2023. Nickel metal production increased by 64% to 1,935 tNi and nickel salts production of 344 tNi was 20% lower than for Q1 2023. As a result of a build-up in nickel salts inventory and anticipated lower demand from customers, nickel salts production was reduced to adapt to market requirements with a focus on maximising nickel metal output. Process plant stability and reliability was much improved following maintenance work on the cathode circuit during 2023, with the nickel recovery yield increasing further to 97.2% from 96.2% in Q1 2023.
Costs were well controlled with the nickel equivalent sustaining cost for Q1 2024 declining by 40% to US$23,294/tNi (R439,318/tNi), primarily due to lower cost of purchasing feedstock related to the 32% lower average LME nickel price (equivalent basket price of US$19,084/tNi, R359,933/tNi) which is a meaningful cost component. In addition, lower consumption and prices of energy and reagents were significant contributors to lower costs. Sales of nickel salts were 82% higher for Q1 2024 increasing to 417tNi and nickel metal sales increased by 78% to 1,989tNi, which was higher than production for Q1 2024, with a consequent reduction in inventory. Sustaining capital of US$3 million (R62 million), incurred to continuously improve plant reliability, was 33% higher for Q1 2024.
The pre-feasibility study to assess the potential of repurposing the Sandouville plant to produce pCAM was approved and commenced in March 2024 and is progressing as planned. Further announcements will be made as soon as various stages of the study are completed.
Keliber lithium project
Construction of the Keliber lithium refinery in Kokkola has progressed according to schedule. The main building steel frame is complete, and a topping out ceremony was held on 17 January 2024. The effluent treatment plant (ETP) received the building permit, and subsequently earthworks and concrete works have started. Supporting facilities are somewhat behind schedule but without any impact to the overall plant commissioning schedule.
The second phase of the Keliber lithium project, comprising the construction of the concentrator in Päiväneva and the development of the Syväjärvi open pit mine, commenced in late 2023.
A court ruling on three appeals made in relation to the Rapasaari-Päiväneva environmental permit (covering the concentrator and the Rapasaari mine) was received on 23 February 2024. The environmental permit is now legally valid as the court upheld the permit but at the same time referred certain permit conditions back to the permitting authority for further review. Management's view is that: (i) the construction of the concentrator can proceed, as the environmental permit remains valid; (ii) commencement of production from the concentrator is subject to the permitting authority’s review and the issuing of enforceable permit decisions; (iii) can commence operations as scheduled, and (iv) the Rapasaari mine schedule may be delayed by some 1-2 years, but Syväjärvi ore can be used for the first 3-4 years of operations.
Other developments
•Negotiations with a syndicate of financial institutions for debt financing of the remaining Keliber project capital are advancing
•Identified three sources of external third party spodumene supply to commission the Keliber lithium refinery and provide feed before processing of own ore. Samples from each source of supply were received for testing with final qualification to be confirmed in Q2 2024
Australian region
Century zinc tailings retreatment operation
Sibanye-Stillwater acquired control of New Century Resources Limited from 22 February 2023, therefore comparison with Q1 2024 is not relevant.
The Century zinc tailings retreatment operation (Century operation) produced 16kt of payable zinc metal at an AISC of US$2,574/tZn (R48,547/tZn) for Q1 2024. Production for Q1 2024, was impacted by wet weather conditions, when combined with the March shutdown (92 hrs duration) this resulted in 595 hrs of lost operational time, compared to 740 hrs downtime in Q1 2023. The rain related downtime allowed for the completion of substantial opportune maintenance works, and the reduction of work required in one of the two annual shutdowns, which was safely completed in March. This has set the operations up well for the comparatively drier months of April through October, where all efforts will be made to catch-up on payable zinc metal production. Sustaining capital expenditure for the quarter was also less than expected at US$1 million (R11 million). With the recent increase in the zinc price and significantly lower spot treatment charges, the outlook for the Century zinc tailings retreatment operation is positive for the remainder of the year.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 6
Mt Lyell copper project
The Mt Lyell feasibility study (AACE Class 3 Estimate) is progressing and is expected to be completed during H1 2024.
OPERATING GUIDANCE FOR 2024*
Operating guidance for the 2024 year for all operations remain unchanged and are set out below:
•The US PGM operations forecast production of between 440,000 2Eoz and 460,000 2Eoz, with AISC of between US$1,365/2Eoz (R23,888/2Eoz) to US$1,425/2Eoz (R24,938/2Eoz) excluding any possible S45X credit (45X Advanced Manufacturing Production Credit (S45X credit)). Capital expenditure is forecast to be between US$175 million and US$190 million (R3.1 billion and R3.3 billion), including approximately US$13 million (R228 million) project capital
•3E PGM production for the US PGM recycling operations is forecast to be between 300,000 and 350,000 3Eoz fed for 2024. Capital expenditure is forecast at US$700,000 (R12 million)
•4E PGM production from the SA PGM operations for 2024 is forecast to be between 1.8 million 4Eoz and 1.9 million 4Eoz including approximately 80,000 4Eoz of third party PoC, with AISC between R21,800/4Eoz and R22,500/4Eoz (US$1,245/4Eoz and US$1,285/4Eoz) - excluding cost of third party PoC. Capital expenditure is forecast at R6.0 billion (US$343 million)* for the year
•Gold production from the managed SA gold operations (excluding DRDGOLD) for 2024 is forecast at between 19,500kg (627koz) and 20,500kg (659koz). AISC is forecast to be between R1,100,000/kg and R1,200,000/kg (US$1,955/oz and US$2,133/oz). Capital expenditure is forecast at R3.9 billion (US$223 million), including R390 million (US$22 million) of project capital expenditure provided for the Burnstone project
•Production from the Sandouville nickel refinery is forecast at between 7.5 and 8.5 kilotonnes of nickel product, at a Nickel equivalent sustaining cost of between €21,000/tNi (R399k/tNi)* and €23,000/tNi (R437k/tNi)* and capital expenditure of €8 million (R152 million)*. Capital expenditure at the Keliber lithium project for 2024 is forecast to be about €361 million (R6.9 billion)*
•Production from the Century zinc tailings retreatment operation is forecast at between 87 and 100 kilotonnes of zinc metal (payable) at an AISC of between A$3,032 and A$3,434/tZn (US$2,032 and US$2,302/tZn or R35,560 and R40,285/tZn) and capital expenditure of A$17 million (US$11 million or R196 million). Project capital on the Mount Lyell copper/gold project for 2024 is forecast to be A$6.6 million (US$4 million or R77 million)
* The guidance has been translated where relevant at an average exchange rate of R17.50/US$, R19.00/€ and R11.73/A$
NEAL FRONEMAN CHIEF EXECUTIVE OFFICER
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 7
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS
US and SA PGM operations
| US and SA PGM opera-tions1 | US PGM operations | Total SA PGM operations1 | Rustenburg | Marikana1 | Kroondal3 | Plat Mile | Mimosa | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Under-<br><br>ground2 | Total | Under-<br>ground | Surface | Under-<br>ground | Surface | Under-<br>ground | Surface | Surface | Attribu-table | |||||||||||||||
| Production | ||||||||||||||||||||||||
| Tonnes milled/treated | kt | Mar 2024 | 8,855 | 324 | 8,531 | 4,110 | 4,421 | 1,272 | 1,349 | 1,424 | 1,015 | 1,056 | 2,057 | 358 | ||||||||||
| Dec 2023 | 9,301 | 289 | 9,012 | 4,259 | 4,753 | 1,446 | 1,418 | 1,552 | 1,028 | 900 | 2,307 | 361 | ||||||||||||
| Mar 2023 | 8,742 | 282 | 8,460 | 3,860 | 4,600 | 1,412 | 1,260 | 1,436 | 812 | 686 | 2,529 | 326 | ||||||||||||
| Plant head grade | g/t | Mar 2024 | 2.38 | 12.98 | 1.98 | 3.17 | 0.87 | 3.43 | 1.05 | 3.59 | 0.87 | 2.19 | 0.76 | 3.42 | ||||||||||
| Dec 2023 | 2.36 | 13.75 | 1.99 | 3.26 | 0.86 | 3.47 | 1.03 | 3.60 | 0.89 | 2.28 | 0.75 | 3.39 | ||||||||||||
| Mar 2023 | 2.29 | 12.26 | 1.96 | 3.28 | 0.85 | 3.34 | 1.05 | 3.64 | 0.88 | 2.27 | 0.74 | 3.53 | ||||||||||||
| Plant recoveries | % | Mar 2024 | 75.54 | 90.25 | 71.69 | 84.37 | 29.05 | 85.95 | 36.26 | 86.22 | 26.85 | 82.23 | 23.46 | 76.27 | ||||||||||
| Dec 2023 | 76.29 | 91.78 | 72.86 | 84.57 | 34.01 | 85.63 | 50.58 | 85.89 | 28.31 | 83.57 | 22.68 | 76.09 | ||||||||||||
| Mar 2023 | 74.64 | 90.67 | 71.24 | 84.52 | 28.43 | 85.81 | 40.83 | 87.08 | 22.98 | 82.28 | 21.77 | 71.33 | ||||||||||||
| Yield | g/t | Mar 2024 | 1.80 | 11.71 | 1.42 | 2.67 | 0.25 | 2.95 | 0.38 | 3.10 | 0.23 | 1.80 | 0.18 | 2.61 | ||||||||||
| Dec 2023 | 1.80 | 12.62 | 1.45 | 2.76 | 0.29 | 2.97 | 0.52 | 3.09 | 0.25 | 1.91 | 0.17 | 2.58 | ||||||||||||
| Mar 2023 | 1.71 | 11.12 | 1.40 | 2.77 | 0.24 | 2.87 | 0.43 | 3.17 | 0.20 | 1.87 | 0.16 | 2.52 | ||||||||||||
| PGM production4 | 4Eoz - 2Eoz | Mar 2024 | 511,856 | 122,543 | 389,313 | 353,382 | 35,931 | 120,584 | 16,516 | 141,666 | 7,621 | 61,150 | 11,794 | 29,982 | ||||||||||
| Dec 2023 | 538,398 | 116,213 | 422,185 | 377,498 | 44,687 | 138,182 | 23,742 | 154,274 | 8,327 | 55,136 | 12,618 | 29,906 | ||||||||||||
| Mar 2023 | 480,481 | 100,690 | 379,791 | 344,052 | 35,739 | 130,123 | 17,361 | 146,346 | 5,276 | 41,187 | 13,102 | 26,396 | ||||||||||||
| PGM sold5 | 4Eoz - 2Eoz | Mar 2024 | 640,537 | 129,321 | 511,216 | 146,958 | 24,563 | 238,129 | 61,150 | 11,794 | 28,622 | |||||||||||||
| Dec 2023 | 586,434 | 109,488 | 476,946 | 151,111 | 23,945 | 204,455 | 55,136 | 12,618 | 29,681 | |||||||||||||||
| Mar 2023 | 500,257 | 87,781 | 412,476 | 135,514 | 20,466 | 180,929 | 41,187 | 13,102 | 21,278 | |||||||||||||||
| Price and costs6 | ||||||||||||||||||||||||
| Average PGM basket price7 | R/4Eoz - R/2Eoz | Mar 2024 | 22,787 | 18,313 | 24,004 | 24,196 | 21,894 | 24,008 | 24,566 | 22,265 | 21,869 | |||||||||||||
| Dec 2023 | 23,171 | 19,545 | 24,052 | 24,350 | 22,506 | 23,976 | 24,570 | 22,629 | 22,311 | |||||||||||||||
| Mar 2023 | 34,357 | 25,326 | 36,433 | 36,952 | 27,855 | 36,988 | 38,142 | 29,968 | 30,406 | |||||||||||||||
| US$/4Eoz - US$/2Eoz | Mar 2024 | 1,208 | 971 | 1,273 | 1,283 | 1,161 | 1,273 | 1,303 | 1,181 | 1,160 | ||||||||||||||
| Dec 2023 | 1,242 | 1,048 | 1,290 | 1,306 | 1,207 | 1,286 | 1,317 | 1,213 | 1,196 | |||||||||||||||
| Mar 2023 | 1,935 | 1,426 | 2,051 | 2,081 | 1,568 | 2,083 | 2,148 | 1,687 | 1,712 | |||||||||||||||
| Operating cost8,10 | R/t | Mar 2024 | 1,396 | 7,642 | 1,149 | 2,456 | 253 | 1,752 | 1,415 | 76 | 1,762 | |||||||||||||
| Dec 2023 | 1,332 | 10,256 | 1,034 | 2,212 | 223 | 1,530 | 1,467 | 69 | 1,697 | |||||||||||||||
| Mar 2023 | 1,159 | 7,665 | 934 | 2,042 | 143 | 1,589 | 1,180 | 60 | 1,653 | |||||||||||||||
| US$/t | Mar 2024 | 74 | 405 | 61 | 130 | 13 | 93 | 75 | 4 | 93 | ||||||||||||||
| Dec 2023 | 71 | 550 | 55 | 119 | 12 | 82 | 79 | 4 | 91 | |||||||||||||||
| Mar 2023 | 65 | 432 | 53 | 115 | 8 | 89 | 66 | 3 | 93 | |||||||||||||||
| R/4Eoz - R/2Eoz | Mar 2024 | 24,616 | 20,189 | 26,126 | 25,916 | 20,647 | 28,609 | 24,448 | 13,227 | 21,013 | ||||||||||||||
| Dec 2023 | 23,424 | 25,539 | 22,798 | 23,158 | 13,310 | 24,280 | 23,941 | 12,601 | 20,464 | |||||||||||||||
| Mar 2023 | 21,476 | 21,432 | 21,489 | 22,156 | 10,368 | 23,552 | 19,642 | 11,525 | 20,420 | |||||||||||||||
| US$/4Eoz - US$/2Eoz | Mar 2024 | 1,305 | 1,070 | 1,385 | 1,374 | 1,095 | 1,517 | 1,296 | 701 | 1,114 | ||||||||||||||
| Dec 2023 | 1,256 | 1,369 | 1,222 | 1,242 | 714 | 1,302 | 1,284 | 676 | 1,097 | |||||||||||||||
| Mar 2023 | 1,209 | 1,207 | 1,210 | 1,248 | 584 | 1,326 | 1,106 | 649 | 1,150 | |||||||||||||||
| All-in sustaining cost9,10 | R/4Eoz - R/2Eoz | Mar 2024 | 23,710 | 25,183 | 23,207 | 21,284 | 26,606 | 21,848 | 9,412 | 23,447 | ||||||||||||||
| Dec 2023 | 24,687 | 38,300 | 20,654 | 17,403 | 23,764 | 22,562 | 13,869 | 25,212 | ||||||||||||||||
| Mar 2023 | 22,927 | 33,052 | 20,043 | 18,558 | 23,057 | 17,311 | 10,456 | 24,360 | ||||||||||||||||
| US$/4Eoz - US$/2Eoz | Mar 2024 | 1,257 | 1,335 | 1,230 | 1,129 | 1,411 | 1,158 | 499 | 1,243 | |||||||||||||||
| Dec 2023 | 1,324 | 2,054 | 1,107 | 933 | 1,274 | 1,210 | 744 | 1,352 | ||||||||||||||||
| Mar 2023 | 1,291 | 1,861 | 1,129 | 1,045 | 1,298 | 975 | 589 | 1,372 | ||||||||||||||||
| All-in cost9,10 | R/4Eoz - R/2Eoz | Mar 2024 | 24,152 | 25,648 | 23,641 | 21,284 | 27,651 | 21,848 | 9,412 | 23,447 | ||||||||||||||
| Dec 2023 | 25,542 | 39,763 | 21,329 | 17,403 | 25,234 | 22,599 | 15,771 | 25,212 | ||||||||||||||||
| Mar 2023 | 23,725 | 35,018 | 20,507 | 18,558 | 24,132 | 17,336 | 10,456 | 24,360 | ||||||||||||||||
| US$/4Eoz - US$/2Eoz | Mar 2024 | 1,281 | 1,360 | 1,254 | 1,129 | 1,466 | 1,158 | 499 | 1,243 | |||||||||||||||
| Dec 2023 | 1,370 | 2,132 | 1,144 | 933 | 1,353 | 1,212 | 846 | 1,352 | ||||||||||||||||
| Mar 2023 | 1,336 | 1,972 | 1,155 | 1,045 | 1,359 | 976 | 589 | 1,372 | ||||||||||||||||
| Capital expenditure6 | ||||||||||||||||||||||||
| Ore reserve development | Rm | Mar 2024 | 1,146 | 601 | 545 | 145 | 400 | — | — | — | ||||||||||||||
| Dec 2023 | 1,398 | 813 | 585 | 163 | 422 | — | — | — | ||||||||||||||||
| Mar 2023 | 1,622 | 976 | 646 | 168 | 478 | — | — | — | ||||||||||||||||
| Sustaining capital | Rm | Mar 2024 | 639 | 209 | 430 | 207 | 151 | 68 | 4 | 170 | ||||||||||||||
| Dec 2023 | 1,579 | 792 | 787 | 217 | 424 | 115 | 31 | 281 | ||||||||||||||||
| Mar 2023 | 718 | 367 | 351 | 128 | 168 | 48 | 7 | 237 | ||||||||||||||||
| Corporate and projects | Rm | Mar 2024 | 211 | 57 | 154 | — | 154 | — | — | — | ||||||||||||||
| Dec 2023 | 432 | 170 | 262 | — | 236 | 2 | 24 | — | ||||||||||||||||
| Mar 2023 | 362 | 198 | 164 | — | 163 | 1 | — | — | ||||||||||||||||
| Total capital expenditure | Rm | Mar 2024 | 1,996 | 867 | 1,129 | 352 | 705 | 68 | 4 | 170 | ||||||||||||||
| Dec 2023 | 3,409 | 1,775 | 1,634 | 380 | 1,082 | 117 | 55 | 281 | ||||||||||||||||
| Mar 2023 | 2,702 | 1,541 | 1,161 | 296 | 809 | 49 | 7 | 237 | ||||||||||||||||
| US$m | Mar 2024 | 106 | 46 | 60 | 19 | 37 | 4 | — | 9 | |||||||||||||||
| Dec 2023 | 183 | 95 | 88 | 20 | 58 | 6 | 3 | 15 | ||||||||||||||||
| Mar 2023 | 152 | 87 | 65 | 17 | 46 | 3 | — | 13 |
Average exchange rate for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1The US and SA PGM operations, Total SA PGM operations 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 - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Quarters”
2The 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
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 8
3Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
4Production per product – see prill split in the table below
5PGM sold includes the third party PoC ounces sold
6The 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
7The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
8Operating 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, refer to "Unit operating cost - Quarters" US and SA PGM operations
9All-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”
10Operating 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 2024 | Dec 2023 | Mar 2023 | Mar 2024 | Dec 2023 | Mar 2023 | Mar 2024 | Dec 2023 | Mar 2023 | |||||||||||||||||||
| % | % | % | % | % | % | % | % | % | |||||||||||||||||||
| Platinum | 273,226 | 51 | % | 291,742 | 52 | % | 264,685 | 52 | % | 245,406 | 59 | % | 265,507 | 60 | % | 240,903 | 60 | % | 27,820 | 23 | % | 26,235 | 23 | % | 23,782 | 24 | % |
| Palladium | 219,709 | 41 | % | 222,145 | 40 | % | 196,583 | 39 | % | 124,986 | 30 | % | 132,167 | 30 | % | 119,675 | 30 | % | 94,723 | 77 | % | 89,978 | 77 | % | 76,908 | 76 | % |
| Rhodium | 37,265 | 7 | % | 39,598 | 7 | % | 35,649 | 7 | % | 37,265 | 9 | % | 39,598 | 9 | % | 35,649 | 9 | % | |||||||||
| Gold | 7,261 | 1 | % | 7,780 | 1 | % | 7,472 | 1 | % | 7,261 | 2 | % | 7,780 | 2 | % | 7,472 | 2 | % | |||||||||
| PGM production 4E/2E | 537,461 | 100 | % | 561,265 | 100 | % | 504,389 | 100 | % | 414,918 | 100 | % | 445,052 | 100 | % | 403,699 | 100 | % | 122,543 | 100 | % | 116,213 | 100 | % | 100,690 | 100 | % |
| Ruthenium | 59,415 | 63,423 | 56,498 | 59,415 | 63,423 | 56,498 | |||||||||||||||||||||
| Iridium | 15,123 | 15,959 | 14,323 | 15,123 | 15,959 | 14,323 | |||||||||||||||||||||
| Total 6E/2E | 611,999 | 640,647 | 575,210 | 489,456 | 524,434 | 474,520 | 122,543 | 116,213 | 100,690 |
Figures may not add as they are rounded independently
| US PGM Recycling | ||||
|---|---|---|---|---|
| Unit | Mar 2024 | Dec 2023 | Mar 2023 | |
| Average catalyst fed/day | Tonne | 10.7 | 11.0 | 10.7 |
| Total processed | Tonne | 988 | 999 | 965 |
| Tolled | Tonne | — | — | — |
| Purchased | Tonne | 988 | 999 | 965 |
| PGM fed | 3Eoz | 77,873 | 75,428 | 78,844 |
| PGM sold | 3Eoz | 77,245 | 77,996 | 79,405 |
| PGM tolled returned | 3Eoz | — | 317 | 2,532 |
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 9
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
SA gold operations
| Total SA gold operations | Driefontein | Kloof | Beatrix | Cooke | DRDGOLD | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Under-<br>ground | Surface | Under-<br>ground | Surface | Under-<br>ground | Surface | Under-<br>ground | Surface | Surface | Surface | |||
| Production | |||||||||||||
| Tonnes milled/treated | kt | Mar 2024 | 7,541 | 882 | 6,659 | 276 | 21 | 284 | 347 | 322 | 30 | 932 | 5,330 |
| Dec 2023 | 7,945 | 904 | 7,041 | 275 | 21 | 284 | 419 | 344 | 3 | 1,066 | 5,533 | ||
| Mar 2023 | 8,081 | 1,066 | 7,015 | 353 | 201 | 361 | 335 | 351 | 216 | 992 | 5,271 | ||
| Yield | g/t | Mar 2024 | 0.68 | 3.87 | 0.26 | 5.62 | 0.57 | 3.39 | 0.50 | 2.79 | 0.13 | 0.31 | 0.23 |
| Dec 2023 | 0.77 | 4.77 | 0.25 | 6.50 | 0.78 | 4.66 | 0.50 | 3.47 | 0.77 | 0.29 | 0.23 | ||
| Mar 2023 | 0.77 | 4.17 | 0.25 | 5.23 | 0.29 | 4.55 | 0.26 | 2.72 | 0.22 | 0.26 | 0.25 | ||
| Gold produced | kg | Mar 2024 | 5,117 | 3,412 | 1,705 | 1,551 | 12 | 961 | 174 | 900 | 4 | 288 | 1,227 |
| Dec 2023 | 6,102 | 4,307 | 1,795 | 1,789 | 16 | 1,322 | 209 | 1,196 | 2 | 305 | 1,263 | ||
| Mar 2023 | 6,229 | 4,445 | 1,784 | 1,844 | 59 | 1,644 | 88 | 957 | 48 | 260 | 1,329 | ||
| oz | Mar 2024 | 164,515 | 109,698 | 54,817 | 49,866 | 386 | 30,897 | 5,594 | 28,936 | 129 | 9,259 | 39,449 | |
| Dec 2023 | 196,184 | 138,473 | 57,711 | 57,518 | 514 | 42,503 | 6,720 | 38,452 | 64 | 9,806 | 40,606 | ||
| Mar 2023 | 200,267 | 142,910 | 57,357 | 59,286 | 1,897 | 52,856 | 2,829 | 30,768 | 1,543 | 8,359 | 42,728 | ||
| Gold sold | kg | Mar 2024 | 5,343 | 3,605 | 1,738 | 1,648 | 26 | 962 | 184 | 995 | 4 | 306 | 1,218 |
| Dec 2023 | 5,685 | 3,892 | 1,793 | 1,632 | 2 | 1,286 | 224 | 974 | 2 | 297 | 1,268 | ||
| Mar 2023 | 6,765 | 4,830 | 1,935 | 1,824 | 105 | 1,877 | 146 | 1,129 | 48 | 307 | 1,329 | ||
| oz | Mar 2024 | 171,781 | 115,903 | 55,878 | 52,984 | 836 | 30,929 | 5,916 | 31,990 | 129 | 9,838 | 39,160 | |
| Dec 2023 | 182,777 | 125,131 | 57,646 | 52,470 | 64 | 41,346 | 7,202 | 31,315 | 64 | 9,549 | 40,767 | ||
| Mar 2023 | 217,500 | 155,288 | 62,212 | 58,643 | 3,376 | 60,347 | 4,694 | 36,298 | 1,543 | 9,870 | 42,728 | ||
| Price and costs | |||||||||||||
| Gold price received | R/kg | Mar 2024 | 1,254,539 | 1,252,688 | 1,253,927 | 1,252,252 | 1,251,634 | 1,260,263 | |||||
| Dec 2023 | 1,188,566 | 1,188,494 | 1,185,430 | 1,189,549 | 1,188,552 | 1,191,640 | |||||||
| Mar 2023 | 1,064,302 | 1,070,503 | 1,068,710 | 1,066,270 | 1,061,889 | 1,047,404 | |||||||
| US$/oz | Mar 2024 | 2,069 | 2,066 | 2,068 | 2,065 | 2,064 | 2,078 | ||||||
| Dec 2023 | 1,982 | 1,982 | 1,977 | 1,984 | 1,982 | 1,987 | |||||||
| Mar 2023 | 1,864 | 1,875 | 1,872 | 1,867 | 1,860 | 1,834 | |||||||
| Operating cost1,3 | R/t | Mar 2024 | 745 | 4,569 | 238 | 5,884 | 334 | 5,017 | 406 | 3,046 | 302 | 401 | 198 |
| Dec 2023 | 747 | 4,832 | 223 | 5,888 | 243 | 6,117 | 349 | 2,927 | 387 | 324 | 193 | ||
| Mar 2023 | 689 | 3,923 | 198 | 4,247 | 362 | 4,951 | 301 | 2,541 | 232 | 243 | 175 | ||
| US$/t | Mar 2024 | 39 | 242 | 13 | 312 | 18 | 266 | 22 | 162 | 16 | 21 | 11 | |
| Dec 2023 | 40 | 259 | 12 | 316 | 13 | 328 | 19 | 157 | 21 | 17 | 10 | ||
| Mar 2023 | 39 | 221 | 11 | 239 | 20 | 279 | 17 | 143 | 13 | 14 | 10 | ||
| R/kg | Mar 2024 | 1,097,714 | 1,180,832 | 931,378 | 1,047,066 | 583,333 | 1,481,790 | 810,345 | 1,090,000 | 2,250,000 | 1,298,611 | 861,451 | |
| Dec 2023 | 972,304 | 1,013,699 | 872,981 | 906,093 | 312,500 | 1,313,918 | 698,565 | 842,809 | 500,000 | 1,131,148 | 847,189 | ||
| Mar 2023 | 894,205 | 940,382 | 779,148 | 812,364 | 1,237,288 | 1,088,200 | 1,147,727 | 933,124 | 1,041,667 | 926,923 | 696,012 | ||
| US$/oz | Mar 2024 | 1,810 | 1,947 | 1,536 | 1,727 | 962 | 2,444 | 1,336 | 1,798 | 3,711 | 2,142 | 1,421 | |
| Dec 2023 | 1,622 | 1,691 | 1,456 | 1,511 | 521 | 2,191 | 1,165 | 1,406 | 834 | 1,886 | 1,413 | ||
| Mar 2023 | 1,566 | 1,647 | 1,365 | 1,423 | 2,167 | 1,906 | 2,010 | 1,634 | 1,824 | 1,623 | 1,219 | ||
| All-in sustaining cost2,3 | R/kg | Mar 2024 | 1,236,571 | 1,292,115 | 1,580,279 | 1,112,112 | 1,356,209 | 906,404 | |||||
| Dec 2023 | 1,168,690 | 1,228,886 | 1,423,179 | 993,852 | 1,188,552 | 913,249 | |||||||
| Mar 2023 | 1,042,868 | 1,065,837 | 1,213,050 | 1,033,135 | 983,713 | 772,009 | |||||||
| US$/oz | Mar 2024 | 2,039 | 2,131 | 2,606 | 1,834 | 2,237 | 1,495 | ||||||
| Dec 2023 | 1,949 | 2,049 | 2,374 | 1,657 | 1,982 | 1,523 | |||||||
| Mar 2023 | 1,826 | 1,867 | 2,124 | 1,809 | 1,723 | 1,352 | |||||||
| All-in cost2,3 | R/kg | Mar 2024 | 1,337,451 | 1,292,115 | 1,580,279 | 1,112,112 | 1,356,209 | 1,170,772 | |||||
| Dec 2023 | 1,295,339 | 1,228,886 | 1,428,477 | 993,852 | 1,188,552 | 1,151,420 | |||||||
| Mar 2023 | 1,127,421 | 1,065,837 | 1,228,374 | 1,033,135 | 983,713 | 892,400 | |||||||
| US$/oz | Mar 2024 | 2,206 | 2,131 | 2,606 | 1,834 | 2,237 | 1,931 | ||||||
| Dec 2023 | 2,160 | 2,049 | 2,382 | 1,657 | 1,982 | 1,920 | |||||||
| Mar 2023 | 1,974 | 1,867 | 2,151 | 1,809 | 1,723 | 1,563 | |||||||
| Capital expenditure | |||||||||||||
| Ore reserve development | Rm | Mar 2024 | 665 | 398 | 205 | 62 | — | — | |||||
| Dec 2023 | 622 | 362 | 196 | 64 | — | — | |||||||
| Mar 2023 | 653 | 349 | 221 | 83 | — | — | |||||||
| Sustaining capital | Rm | Mar 2024 | 168 | 65 | 38 | 3 | — | 62 | |||||
| Dec 2023 | 449 | 169 | 134 | 57 | — | 89 | |||||||
| Mar 2023 | 279 | 80 | 70 | 14 | — | 115 | |||||||
| Corporate and projects4 | Rm | Mar 2024 | 535 | — | — | — | — | 322 | |||||
| Dec 2023 | 691 | — | 8 | — | — | 302 | |||||||
| Mar 2023 | 570 | — | 31 | — | — | 160 | |||||||
| Total capital expenditure | Rm | Mar 2024 | 1,368 | 463 | 243 | 65 | — | 384 | |||||
| Dec 2023 | 1,762 | 531 | 338 | 121 | — | 391 | |||||||
| Mar 2023 | 1,502 | 429 | 322 | 97 | — | 275 | |||||||
| US$m | Mar 2024 | 73 | 25 | 13 | 3 | — | 20 | ||||||
| Dec 2023 | 94 | 28 | 18 | 6 | — | 21 | |||||||
| Mar 2023 | 85 | 24 | 18 | 5 | — | 15 |
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1Operating 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. For a reconciliation, refer to "Unit operating cost - Quarters" SA gold operations
2All-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 – Quarters”
3Operating 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
4Corporate project expenditure for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R213 million (US$11 million), R381 million (US$20 million) and R379 million (US$21 million), respectively, the majority of which related to the Burnstone project
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 10
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
European operations
| Sandouville nickel refinery | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Metals split | |||||||||
| Mar 2024 | Dec 2023 | Mar 2023 | |||||||
| Volumes produced (tonnes) | % | % | % | ||||||
| Nickel salts1 | 344 | 15 | % | 196 | 15 | % | 429 | 27 | % |
| Nickel metal | 1,935 | 85 | % | 1,084 | 85 | % | 1,180 | 73 | % |
| Total Nickel production tNi | 2,279 | 100 | % | 1,280 | 100 | % | 1,609 | 100 | % |
| Nickel cakes2 | 106 | 59 | 61 | ||||||
| Cobalt chloride (CoCl2)3 | 45 | 18 | 33 | ||||||
| Ferric chloride (FeCl3)3 | 358 | 161 | 296 | ||||||
| Volumes sales (tonnes) | |||||||||
| Nickel salts1 | 417 | 17 | % | 254 | 17 | % | 229 | 17 | % |
| Nickel metal | 1,989 | 83 | % | 1,225 | 83 | % | 1,118 | 83 | % |
| Total Nickel sold tNi | 2,406 | 100 | % | 1,479 | 100 | % | 1,347 | 100 | % |
| Nickel cakes2 | — | — | 19 | ||||||
| Cobalt chloride (CoCl2)3 | 24 | 25 | 16 | ||||||
| Ferric chloride (FeCl3)3 | 358 | 161 | 296 | ||||||
| Nickel equivalent basket price | Unit | Mar 2024 | Dec 2023 | Mar 2023 | |||||
| --- | --- | --- | --- | --- | |||||
| Nickel equivalent average basket price4 | R/tNi | 359,933 | 377,958 | 501,856 | |||||
| US$/tNi | 19,084 | 20,266 | 28,258 | ||||||
| Nickel equivalent sustaining cost | Rm | Mar 2024 | Dec 2023 | Mar 2023 | |||||
| --- | --- | --- | --- | --- | --- | --- | --- | ||
| Cost of sales, before amortisation and depreciation | 1,036 | 900 | 922 | ||||||
| Share-based payments | (1) | 16 | — | ||||||
| Rehabilitation interest and amortisation | 1 | 4 | 1 | ||||||
| Leases | 5 | 5 | 5 | ||||||
| Sustaining capital expenditure | 62 | 70 | 44 | ||||||
| Less: By-product credit | (46) | — | (45) | ||||||
| Nickel equivalent sustaining cost | 1,057 | 995 | 927 | ||||||
| Nickel Products sold | tNi | 2,406 | 1,479 | 1,347 | |||||
| Nickel equivalent sustaining cost5 | R/tNi | 439,318 | 672,752 | 688,196 | |||||
| US$/tNi | 23,294 | 36,072 | 38,750 | ||||||
| Nickel recovery yield6 | % | 97.24 | % | 93.53 | % | 96.15 | % |
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
2Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
3Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
4The 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
5The 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
6Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 11
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
Australian operations
| Century zinc retreatment operation1 | |||
|---|---|---|---|
| Production | |||
| Ore mined and processed | kt | Mar 2024 | 1,373 |
| Dec 2023 | 2,063 | ||
| Mar 2023 | 112 | ||
| Processing feed grade | % | Mar 2024 | 2.97 |
| Dec 2023 | 3.07 | ||
| Mar 2023 | 2.97 | ||
| Plant recoveries | % | Mar 2024 | 48.57 |
| Dec 2023 | 50.56 | ||
| Mar 2023 | 45.95 | ||
| Concentrate produced2 | kt | Mar 2024 | 42 |
| Dec 2023 | 71 | ||
| Mar 2023 | 3 | ||
| Concentrate zinc grade3 | % | Mar 2024 | 47.01 |
| Dec 2023 | 45.16 | ||
| Mar 2023 | 44.78 | ||
| Metal produced (zinc in concentrate)4 | kt | Mar 2024 | 20 |
| Dec 2023 | 32 | ||
| Mar 2023 | 2 | ||
| Zinc metal produced (payable)5 | kt | Mar 2024 | 16 |
| Dec 2023 | 26 | ||
| Mar 2023 | 1 | ||
| Zinc sold6 | kt | Mar 2024 | 18 |
| Dec 2023 | 33 | ||
| Mar 2023 | 5 | ||
| Zinc sold (payable)7 | kt | Mar 2024 | 15 |
| Dec 2023 | 27 | ||
| Mar 2023 | 4 | ||
| Price and costs | |||
| Average equivalent zinc concentrate price8 | R/tZn | Mar 2024 | 41,346 |
| Dec 2023 | 33,852 | ||
| Mar 2023 | 36,287 | ||
| US$/tZn | Mar 2024 | 2,192 | |
| Dec 2023 | 1,815 | ||
| Mar 2023 | 2,043 | ||
| All-in sustaining cost9,10 | R/tZn | Mar 2024 | 48,547 |
| Dec 2023 | 32,783 | ||
| Mar 2023 | 163,477 | ||
| US$/tZn | Mar 2024 | 2,574 | |
| Dec 2023 | 1,758 | ||
| Mar 2023 | 9,205 | ||
| All-in cost9,10 | R/tZn | Mar 2024 | 48,547 |
| Dec 2023 | 33,390 | ||
| Mar 2023 | 208,134 | ||
| US$/tZn | Mar 2024 | 2,574 | |
| Dec 2023 | 1,790 | ||
| Mar 2023 | 11,719 |
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1Century 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
2Concentrate produced is the dry concentrate which has been processed that contains zinc, silver and waste material
3Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
4Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced
5Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
6Zinc sold is the zinc metal contained in the concentrate sold
7Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions
8Average 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
9All-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”
10All-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
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 12
ALL-IN COSTS – QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
| US and SA PGM opera-tions1 | US PGM operations2 | Total SA PGM opera-tions1 | Rustenburg | Marikana1 | Kroondal3 | Plat Mile | Mimosa | Corporate | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of sales, before amortisation and depreciation4 | Mar 2024 | 14,973 | 2,752 | 12,221 | 4,595 | 6,005 | 1,444 | 177 | 629 | (629) | |
| Dec 2023 | 12,624 | 3,005 | 9,619 | 4,256 | 3,873 | 1,331 | 159 | 614 | (614) | ||
| Mar 2023 | 10,914 | 2,133 | 8,781 | 3,880 | 3,938 | 812 | 151 | 478 | (478) | ||
| Royalties | Mar 2024 | 58 | — | 58 | 23 | 30 | 5 | — | 31 | (31) | |
| Dec 2023 | 242 | — | 242 | 89 | 150 | 3 | — | 29 | (29) | ||
| Mar 2023 | 228 | — | 228 | 29 | 196 | 3 | — | 32 | (32) | ||
| Carbon tax | Mar 2024 | — | — | — | — | — | — | — | — | — | |
| Dec 2023 | — | — | — | — | — | — | — | — | — | ||
| Mar 2023 | — | — | — | — | — | — | — | — | — | ||
| Community costs | Mar 2024 | 39 | — | 39 | 10 | 19 | 10 | — | — | — | |
| Dec 2023 | 34 | — | 34 | 16 | 15 | 2 | — | — | — | ||
| Mar 2023 | 23 | — | 23 | — | 23 | — | — | — | — | ||
| Inventory change | Mar 2024 | (1,992) | (278) | (1,714) | (713) | (1,055) | 54 | — | 1 | (1) | |
| Dec 2023 | 556 | (37) | 593 | (153) | 752 | (6) | — | (2) | 2 | ||
| Mar 2023 | (83) | 25 | (108) | (623) | 515 | — | — | 61 | (61) | ||
| Share-based payments5 | Mar 2024 | 1 | (1) | 2 | (1) | 3 | (2) | — | — | — | |
| Dec 2023 | 46 | 47 | (1) | — | 7 | (8) | — | — | — | ||
| Mar 2023 | 10 | 6 | 4 | 1 | 2 | 1 | — | — | — | ||
| Rehabilitation interest and amortisation6 | Mar 2024 | 43 | 12 | 31 | (1) | 11 | 21 | — | 1 | (1) | |
| Dec 2023 | 60 | 21 | 39 | 8 | 10 | 21 | — | 1 | (1) | ||
| Mar 2023 | 51 | 20 | 31 | (3) | 16 | 18 | — | 1 | (1) | ||
| Leases | Mar 2024 | 19 | 1 | 18 | 5 | 11 | 2 | — | — | — | |
| Dec 2023 | 23 | 5 | 18 | 6 | 10 | 2 | — | — | — | ||
| Mar 2023 | 15 | 1 | 14 | 4 | 9 | 1 | — | — | — | ||
| Ore reserve development | Mar 2024 | 1,146 | 601 | 545 | 145 | 400 | — | — | — | — | |
| Dec 2023 | 1,398 | 813 | 585 | 163 | 422 | — | — | — | — | ||
| Mar 2023 | 1,622 | 976 | 646 | 168 | 478 | — | — | — | — | ||
| Sustaining capital expenditure | Mar 2024 | 639 | 209 | 430 | 207 | 151 | 68 | 4 | 170 | (170) | |
| Dec 2023 | 1,579 | 792 | 787 | 217 | 424 | 115 | 31 | 281 | (281) | ||
| Mar 2023 | 718 | 367 | 351 | 128 | 168 | 48 | 7 | 237 | (237) | ||
| Less: By-product credit | Mar 2024 | (3,016) | (210) | (2,806) | (1,352) | (1,118) | (266) | (70) | (129) | 129 | |
| Dec 2023 | (3,522) | (195) | (3,327) | (1,784) | (1,312) | (216) | (15) | (169) | 169 | ||
| Mar 2023 | (2,365) | (200) | (2,165) | (847) | (1,127) | (170) | (21) | (166) | 166 | ||
| Total All-in-sustaining costs7 | Mar 2024 | 11,910 | 3,086 | 8,824 | 2,918 | 4,457 | 1,336 | 111 | 703 | (703) | |
| Dec 2023 | 13,040 | 4,451 | 8,589 | 2,818 | 4,351 | 1,244 | 175 | 754 | (754) | ||
| Mar 2023 | 11,133 | 3,328 | 7,805 | 2,737 | 4,218 | 713 | 137 | 643 | (643) | ||
| Plus: Corporate cost, growth and capital expenditure | Mar 2024 | 213 | 57 | 156 | — | 156 | — | — | — | — | |
| Dec 2023 | 435 | 170 | 265 | — | 239 | 2 | 24 | — | — | ||
| Mar 2023 | 362 | 198 | 164 | — | 163 | 1 | — | — | — | ||
| Total All-in-costs7 | Mar 2024 | 12,123 | 3,143 | 8,980 | 2,918 | 4,613 | 1,336 | 111 | 703 | (703) | |
| Dec 2023 | 13,475 | 4,621 | 8,854 | 2,818 | 4,590 | 1,246 | 199 | 754 | (754) | ||
| Mar 2023 | 11,495 | 3,526 | 7,969 | 2,737 | 4,381 | 714 | 137 | 643 | (643) | ||
| PGM production | 4Eoz - 2Eoz | Mar 2024 | 537,461 | 122,543 | 414,918 | 137,100 | 174,892 | 61,150 | 11,794 | 29,982 | — |
| Dec 2023 | 561,265 | 116,213 | 445,052 | 161,924 | 185,468 | 55,136 | 12,618 | 29,906 | — | ||
| Mar 2023 | 504,389 | 100,690 | 403,699 | 147,484 | 175,530 | 41,187 | 13,102 | 26,396 | — | ||
| kg | Mar 2024 | 16,717 | 3,812 | 12,905 | 4,264 | 5,440 | 1,902 | 367 | 933 | — | |
| Dec 2023 | 17,457 | 3,615 | 13,843 | 5,036 | 5,769 | 1,715 | 392 | 930 | — | ||
| Mar 2023 | 15,688 | 3,132 | 12,556 | 4,587 | 5,460 | 1,281 | 408 | 821 | — | ||
| All-in-sustaining cost | R/4Eoz - R/2Eoz | Mar 2024 | 23,469 | 25,183 | 22,923 | 21,284 | 25,484 | 21,848 | 9,412 | 23,447 | — |
| Dec 2023 | 24,541 | 38,300 | 20,689 | 17,403 | 23,460 | 22,562 | 13,869 | 25,212 | — | ||
| Mar 2023 | 23,291 | 33,052 | 20,686 | 18,558 | 24,030 | 17,311 | 10,456 | 24,360 | — | ||
| US$/4Eoz - US$/2Eoz | Mar 2024 | 1,244 | 1,335 | 1,215 | 1,129 | 1,351 | 1,158 | 499 | 1,243 | — | |
| Dec 2023 | 1,316 | 2,054 | 1,109 | 933 | 1,258 | 1,210 | 744 | 1,352 | — | ||
| Mar 2023 | 1,311 | 1,861 | 1,165 | 1,045 | 1,353 | 975 | 589 | 1,372 | — | ||
| All-in-cost | R/4Eoz - R/2Eoz | Mar 2024 | 23,889 | 25,648 | 23,329 | 21,284 | 26,376 | 21,848 | 9,412 | 23,447 | — |
| Dec 2023 | 25,360 | 39,763 | 21,327 | 17,403 | 24,748 | 22,599 | 15,771 | 25,212 | — | ||
| Mar 2023 | 24,048 | 35,018 | 21,121 | 18,558 | 24,959 | 17,336 | 10,456 | 24,360 | — | ||
| US$/4Eoz - US$/2Eoz | Mar 2024 | 1,267 | 1,360 | 1,237 | 1,129 | 1,399 | 1,158 | 499 | 1,243 | — | |
| Dec 2023 | 1,360 | 2,132 | 1,144 | 933 | 1,327 | 1,212 | 846 | 1,352 | — | ||
| Mar 2023 | 1,354 | 1,972 | 1,189 | 1,045 | 1,405 | 976 | 589 | 1,372 | — |
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1The 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 - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Quarters”
2The 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
3Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
4Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
5Share-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
6Rehabilitation 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
7All-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
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 13
| 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 operations | Total SA PGM operations | Marikana | ||||||||
| Rm | Mar 2024 | Dec 2023 | Mar 2023 | Mar 2024 | Dec 2023 | Mar 2023 | Mar 2024 | Dec 2023 | Mar 2023 | |
| Cost of sales, before amortisation and depreciation as reported per table above | 14,973 | 12,624 | 10,914 | 12,221 | 9,619 | 8,781 | 6,005 | 3,873 | 3,938 | |
| Inventory change as reported per table above | (1,992) | 556 | (83) | (1,714) | 593 | (108) | (1,055) | 752 | 515 | |
| Less: Chrome cost of sales | (528) | (675) | (257) | (528) | (675) | (257) | (88) | (83) | (60) | |
| Total operating cost including third party PoC | 12,453 | 12,505 | 10,574 | 9,979 | 9,537 | 8,416 | 4,862 | 4,542 | 4,393 | |
| Less: Purchase cost of PoC | (591) | (594) | (822) | (591) | (594) | (822) | (591) | (594) | (822) | |
| Total operating cost excluding third party PoC | 11,862 | 11,911 | 9,752 | 9,388 | 8,943 | 7,594 | 4,271 | 3,948 | 3,571 | |
| PGM production as reported per table above | 4Eoz- 2Eoz | 537,461 | 561,265 | 504,389 | 414,918 | 445,052 | 403,699 | 174,892 | 185,468 | 175,530 |
| Less: Mimosa production | (29,982) | (29,906) | (26,396) | (29,982) | (29,906) | (26,396) | — | — | — | |
| PGM production excluding Mimosa | 507,479 | 531,359 | 477,993 | 384,936 | 415,146 | 377,303 | 174,892 | 185,468 | 175,530 | |
| Less: PoC production | (25,605) | (22,867) | (23,908) | (25,605) | (22,867) | (23,908) | (25,605) | (22,867) | (23,908) | |
| PGM production excluding Mimosa and third party PoC | 481,874 | 508,492 | 454,085 | 359,331 | 392,279 | 353,395 | 149,287 | 162,601 | 151,622 | |
| PGM production including Mimosa and excluding third party PoC | 511,856 | 538,398 | 480,481 | 389,313 | 422,185 | 379,791 | 149,287 | 162,601 | 151,622 | |
| Tonnes milled/treated | kt | 8,855 | 9,301 | 8,742 | 8,531 | 9,012 | 8,460 | 2,438 | 2,580 | 2,248 |
| Less: Mimosa tonnes | (358) | (361) | (326) | (358) | (361) | (326) | — | — | — | |
| PGM tonnes excluding Mimosa and third party PoC | 8,497 | 8,940 | 8,416 | 8,174 | 8,651 | 8,134 | 2,438 | 2,580 | 2,248 | |
| Operating cost including third party PoC | R/4Eoz-R/2Eoz | 24,539 | 23,534 | 22,122 | 25,924 | 22,973 | 22,306 | 27,800 | 24,489 | 25,027 |
| US$/4Eoz-US$/2Eoz | 1,301 | 1,262 | 1,246 | 1,375 | 1,232 | 1,256 | 1,474 | 1,313 | 1,409 | |
| R/t | 1,466 | 1,399 | 1,256 | 1,221 | 1,102 | 1,035 | 1,994 | 1,761 | 1,955 | |
| US$/t | 78 | 75 | 71 | 65 | 59 | 58 | 106 | 94 | 110 | |
| Operating cost excluding third party PoC | R/4Eoz-R/2Eoz | 24,616 | 23,424 | 21,476 | 26,126 | 22,798 | 21,489 | 28,609 | 24,280 | 23,552 |
| US$/4Eoz-US$/2Eoz | 1,305 | 1,256 | 1,209 | 1,385 | 1,222 | 1,210 | 1,517 | 1,302 | 1,326 | |
| R/t | 1,396 | 1,332 | 1,159 | 1,149 | 1,034 | 934 | 1,752 | 1,530 | 1,589 | |
| US$/t | 74 | 71 | 65 | 61 | 55 | 53 | 93 | 82 | 89 | |
| Reconciliation of AISC and AIC excluding PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US and SA PGM operations | Total SA PGM operations | Marikana | ||||||||
| Rm | Mar 2024 | Dec 2023 | Mar 2023 | Mar 2024 | Dec 2023 | Mar 2023 | Mar 2024 | Dec 2023 | Mar 2023 | |
| Total All-in-sustaining cost as reported per table above | 11,910 | 13,040 | 11,133 | 8,824 | 8,589 | 7,805 | 4,457 | 4,351 | 4,218 | |
| Less: Purchase cost of PoC | (591) | (594) | (822) | (591) | (594) | (822) | (591) | (594) | (822) | |
| Add: By-product credit of PoC | 106 | 107 | 100 | 106 | 107 | 100 | 106 | 107 | 100 | |
| Total All-in-sustaining cost excluding PoC | 11,425 | 12,553 | 10,411 | 8,339 | 8,102 | 7,083 | 3,972 | 3,864 | 3,496 | |
| Plus: Corporate cost, growth and capital expenditure | 213 | 435 | 362 | 156 | 265 | 164 | 156 | 239 | 163 | |
| Total All-in-cost excluding PoC | 11,638 | 12,988 | 10,773 | 8,495 | 8,367 | 7,247 | 4,128 | 4,103 | 3,659 | |
| PGM production excluding PoC | 4Eoz- 2Eoz | 481,874 | 508,492 | 454,085 | 359,331 | 392,279 | 353,395 | 149,287 | 162,601 | 151,622 |
| All-in-sustaining cost excluding PoC | R/4Eoz-R/2Eoz | 23,710 | 24,687 | 22,927 | 23,207 | 20,654 | 20,043 | 26,606 | 23,764 | 23,057 |
| US$/4Eoz-US$/2Eoz | 1,257 | 1,324 | 1,291 | 1,230 | 1,107 | 1,129 | 1,411 | 1,274 | 1,298 | |
| All-in-cost excluding PoC | R/4Eoz-R/2Eoz | 24,152 | 25,542 | 23,725 | 23,641 | 21,329 | 20,507 | 27,651 | 25,234 | 24,132 |
| US$/4Eoz-US$/2Eoz | 1,281 | 1,370 | 1,336 | 1,254 | 1,144 | 1,155 | 1,466 | 1,353 | 1,359 |
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 14
ALL-IN COSTS – QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
| Total SA gold operations | Driefontein | Kloof | Beatrix | Cooke | DRDGOLD | Corporate | |||
|---|---|---|---|---|---|---|---|---|---|
| Cost of sales, before amortisation and depreciation1 | Mar 2024 | 5,684 | 1,691 | 1,556 | 1,011 | 388 | 1,038 | — | |
| Dec 2023 | 5,506 | 1,472 | 1,808 | 833 | 331 | 1,062 | — | ||
| Mar 2023 | 6,011 | 1,613 | 2,136 | 1,087 | 277 | 898 | — | ||
| Royalties | Mar 2024 | 25 | 10 | 7 | 6 | 1 | — | 1 | |
| Dec 2023 | 26 | 10 | 9 | 6 | 1 | — | — | ||
| Mar 2023 | 29 | 10 | 11 | 6 | 2 | — | — | ||
| Carbon tax | Mar 2024 | — | — | — | — | — | — | — | |
| Dec 2023 | — | — | — | — | — | — | — | ||
| Mar 2023 | — | — | — | — | — | — | — | ||
| Community costs | Mar 2024 | 3 | — | — | — | — | 3 | — | |
| Dec 2023 | (11) | (2) | (2) | (8) | — | 1 | — | ||
| Mar 2023 | 5 | — | 1 | — | — | 4 | — | ||
| Share-based payments2 | Mar 2024 | 4 | (1) | (2) | (1) | — | 8 | — | |
| Dec 2023 | 1 | 1 | (7) | (5) | — | 7 | 5 | ||
| Mar 2023 | 10 | 2 | 1 | 1 | — | 6 | — | ||
| Rehabilitation interest and amortisation3 | Mar 2024 | 59 | 1 | 6 | 30 | 26 | (6) | 2 | |
| Dec 2023 | 35 | (2) | 3 | 19 | 21 | (7) | 1 | ||
| Mar 2023 | 56 | 2 | 8 | 20 | 23 | 2 | 1 | ||
| Leases | Mar 2024 | 7 | — | 2 | 1 | — | 4 | — | |
| Dec 2023 | 20 | — | 9 | 5 | — | 6 | — | ||
| Mar 2023 | 18 | 1 | 6 | 6 | — | 5 | — | ||
| Ore reserve development | Mar 2024 | 665 | 398 | 205 | 62 | — | — | — | |
| Dec 2023 | 622 | 362 | 196 | 64 | — | — | — | ||
| Mar 2023 | 653 | 349 | 221 | 83 | — | — | — | ||
| Sustaining capital expenditure | Mar 2024 | 168 | 65 | 38 | 3 | — | 62 | — | |
| Dec 2023 | 449 | 169 | 134 | 57 | — | 89 | — | ||
| Mar 2023 | 279 | 80 | 70 | 14 | — | 115 | — | ||
| Less: By-product credit | Mar 2024 | (8) | (1) | (1) | (1) | — | (5) | — | |
| Dec 2023 | (4) | (2) | (1) | (1) | — | — | — | ||
| Mar 2023 | (6) | (1) | — | (1) | — | (4) | — | ||
| Total All-in-sustaining costs4 | Mar 2024 | 6,607 | 2,163 | 1,811 | 1,111 | 415 | 1,104 | 3 | |
| Dec 2023 | 6,644 | 2,008 | 2,149 | 970 | 353 | 1,158 | 6 | ||
| Mar 2023 | 7,055 | 2,056 | 2,454 | 1,216 | 302 | 1,026 | 1 | ||
| Plus: Corporate cost, growth and capital expenditure | Mar 2024 | 539 | — | — | — | — | 322 | 217 | |
| Dec 2023 | 720 | — | 8 | — | — | 302 | 410 | ||
| Mar 2023 | 572 | — | 31 | — | — | 160 | 381 | ||
| Total All-in-costs4 | Mar 2024 | 7,146 | 2,163 | 1,811 | 1,111 | 415 | 1,426 | 220 | |
| Dec 2023 | 7,364 | 2,008 | 2,157 | 970 | 353 | 1,460 | 416 | ||
| Mar 2023 | 7,627 | 2,056 | 2,485 | 1,216 | 302 | 1,186 | 382 | ||
| Gold sold | kg | Mar 2024 | 5,343 | 1,674 | 1,146 | 999 | 306 | 1,218 | — |
| Dec 2023 | 5,685 | 1,634 | 1,510 | 976 | 297 | 1,268 | — | ||
| Mar 2023 | 6,765 | 1,929 | 2,023 | 1,177 | 307 | 1,329 | — | ||
| oz | Mar 2024 | 171,781 | 53,820 | 36,845 | 32,119 | 9,838 | 39,160 | — | |
| Dec 2023 | 182,777 | 52,534 | 48,548 | 31,379 | 9,549 | 40,767 | — | ||
| Mar 2023 | 217,500 | 62,019 | 65,041 | 37,841 | 9,870 | 42,728 | — | ||
| All-in-sustaining cost | R/kg | Mar 2024 | 1,236,571 | 1,292,115 | 1,580,279 | 1,112,112 | 1,356,209 | 906,404 | — |
| Dec 2023 | 1,168,690 | 1,228,886 | 1,423,179 | 993,852 | 1,188,552 | 913,249 | — | ||
| Mar 2023 | 1,042,868 | 1,065,837 | 1,213,050 | 1,033,135 | 983,713 | 772,009 | — | ||
| All-in-sustaining cost | US$/oz | Mar 2024 | 2,039 | 2,131 | 2,606 | 1,834 | 2,237 | 1,495 | — |
| Dec 2023 | 1,949 | 2,049 | 2,374 | 1,657 | 1,982 | 1,523 | — | ||
| Mar 2023 | 1,826 | 1,867 | 2,124 | 1,809 | 1,723 | 1,352 | — | ||
| All-in-cost | R/kg | Mar 2024 | 1,337,451 | 1,292,115 | 1,580,279 | 1,112,112 | 1,356,209 | 1,170,772 | — |
| Dec 2023 | 1,295,339 | 1,228,886 | 1,428,477 | 993,852 | 1,188,552 | 1,151,420 | — | ||
| Mar 2023 | 1,127,421 | 1,065,837 | 1,228,374 | 1,033,135 | 983,713 | 892,400 | — | ||
| All-in-cost | US$/oz | Mar 2024 | 2,206 | 2,131 | 2,606 | 1,834 | 2,237 | 1,931 | — |
| Dec 2023 | 2,160 | 2,049 | 2,382 | 1,657 | 1,982 | 1,920 | — | ||
| Mar 2023 | 1,974 | 1,867 | 2,151 | 1,809 | 1,723 | 1,563 | — |
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/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
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 15
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 | Mar 2024 | 734 | |
| Dec 2023 | 691 | ||
| Mar 2023 | 119 | ||
| Royalties | Mar 2024 | 25 | |
| Dec 2023 | 55 | ||
| Mar 2023 | 13 | ||
| Community costs | Mar 2024 | 13 | |
| Dec 2023 | 15 | ||
| Mar 2023 | 2 | ||
| Inventory change | Mar 2024 | 8 | |
| Dec 2023 | 79 | ||
| Mar 2023 | 56 | ||
| Share-based payments | Mar 2024 | — | |
| Dec 2023 | — | ||
| Mar 2023 | — | ||
| Rehabilitation interest and amortisation3 | Mar 2024 | 5 | |
| Dec 2023 | 5 | ||
| Mar 2023 | 1 | ||
| Leases | Mar 2024 | 27 | |
| Dec 2023 | 27 | ||
| Mar 2023 | 11 | ||
| Sustaining capital expenditure | Mar 2024 | 11 | |
| Dec 2023 | 42 | ||
| Mar 2023 | 7 | ||
| Less: By-product credit | Mar 2024 | (26) | |
| Dec 2023 | (50) | ||
| Mar 2023 | (4) | ||
| Total All-in-sustaining costs4 | Mar 2024 | 797 | |
| Dec 2023 | 864 | ||
| Mar 2023 | 205 | ||
| Plus: Corporate cost, growth and capital expenditure | Mar 2024 | — | |
| Dec 2023 | 16 | ||
| Mar 2023 | 56 | ||
| Total All-in-costs4 | Mar 2024 | 797 | |
| Dec 2023 | 880 | ||
| Mar 2023 | 261 | ||
| Zinc metal produced (payable) | kt | Mar 2024 | 16 |
| Dec 2023 | 26 | ||
| Mar 2023 | 1 | ||
| All-in-sustaining cost | R/tZn | Mar 2024 | 48,547 |
| Dec 2023 | 32,783 | ||
| Mar 2023 | 163,477 | ||
| US$/tZn | Mar 2024 | 2,574 | |
| Dec 2023 | 1,758 | ||
| Mar 2023 | 9,205 | ||
| All-in-cost | R/tZn | Mar 2024 | 48,547 |
| Dec 2023 | 33,390 | ||
| Mar 2023 | 208,134 | ||
| US$/tZn | Mar 2024 | 2,574 | |
| Dec 2023 | 1,790 | ||
| Mar 2023 | 11,719 |
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1Century 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
2Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
3Rehabilitation 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
4All-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
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 16
UNIT OPERATING COST – QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
| US and SA PGM operations1,3 | US PGM operations | Total SA PGM operations3 | Rustenburg3 | Marikana3 | Kroondal3,4 | Plat Mile3 | Mimosa | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Under-<br><br>ground2 | Total | Under-<br>ground | Surface | Under-<br>ground | Surface | Surface | Attribu-table | |||||||||||||
| Cost of sales, before amortisation and depreciation | Mar 2024 | 14,973 | 2,752 | 12,221 | 4,288 | 307 | 6,005 | 1,444 | 177 | 629 | ||||||||||
| Dec 2023 | 12,624 | 3,005 | 9,619 | 3,942 | 314 | 3,873 | 1,331 | 159 | 614 | |||||||||||
| Mar 2023 | 10,914 | 2,133 | 8,781 | 3,615 | 265 | 3,938 | 812 | 151 | 478 | |||||||||||
| Inventory change | Mar 2024 | (1,992) | (278) | (1,714) | (747) | 34 | (1,055) | 54 | — | 1 | ||||||||||
| Dec 2023 | 556 | (37) | 593 | (155) | 2 | 752 | (6) | — | (2) | |||||||||||
| Mar 2023 | (83) | 25 | (108) | (538) | (85) | 515 | — | — | 61 | |||||||||||
| Less: Chrome cost of sales | Mar 2024 | (528) | — | (528) | (416) | — | (88) | (3) | (21) | — | ||||||||||
| Dec 2023 | (675) | — | (675) | (587) | — | (83) | (5) | — | — | |||||||||||
| Mar 2023 | (257) | — | (257) | (194) | — | (60) | (3) | — | — | |||||||||||
| Less: Purchase cost of PoC | Mar 2024 | (591) | — | (591) | — | — | (591) | — | — | — | ||||||||||
| Dec 2023 | (594) | — | (594) | — | — | (594) | — | — | — | |||||||||||
| Mar 2023 | (822) | — | (822) | — | — | (822) | — | — | — | |||||||||||
| Total operating cost excluding third party PoC | Mar 2024 | 11,862 | 2,474 | 9,388 | 3,125 | 341 | 4,271 | 1,495 | 156 | 630 | ||||||||||
| Dec 2023 | 11,911 | 2,968 | 8,943 | 3,200 | 316 | 3,948 | 1,320 | 159 | 612 | |||||||||||
| Mar 2023 | 9,752 | 2,158 | 7,594 | 2,883 | 180 | 3,571 | 809 | 151 | 539 | |||||||||||
| Tonnes milled/treated excluding Mimosa and third party PoC5 | kt | Mar 2024 | 8,497 | 324 | 8,174 | 1,272 | 1,349 | 1,424 | 1,015 | 1,056 | 2,057 | 358 | ||||||||
| Dec 2023 | 8,940 | 289 | 8,651 | 1,446 | 1,418 | 1,552 | 1,028 | 900 | 2,307 | 361 | ||||||||||
| Mar 2023 | 8,416 | 282 | 8,134 | 1,412 | 1,260 | 1,436 | 812 | 686 | 2,529 | 326 | ||||||||||
| PGM production excluding Mimosa and third party PoC5 | 4Eoz | Mar 2024 | 481,874 | 122,543 | 359,331 | 120,584 | 16,516 | 149,287 | 61,150 | 11,794 | 29,982 | |||||||||
| Dec 2023 | 508,492 | 116,213 | 392,279 | 138,182 | 23,742 | 162,601 | 55,136 | 12,618 | 29,906 | |||||||||||
| Mar 2023 | 454,085 | 100,690 | 353,395 | 130,123 | 17,361 | 151,622 | 41,187 | 13,102 | 26,396 | |||||||||||
| Operating cost6 | R/t | Mar 2024 | 1,396 | 7,642 | 1,149 | 2,456 | 253 | 1,752 | 1,415 | 76 | 1,762 | |||||||||
| Dec 2023 | 1,332 | 10,256 | 1,034 | 2,212 | 223 | 1,530 | 1,467 | 69 | 1,697 | |||||||||||
| Mar 2023 | 1,159 | 7,665 | 934 | 2,042 | 143 | 1,589 | 1,180 | 60 | 1,653 | |||||||||||
| US$/t | Mar 2024 | 74 | 405 | 61 | 130 | 13 | 93 | 75 | 4 | 93 | ||||||||||
| Dec 2023 | 71 | 550 | 55 | 119 | 12 | 82 | 79 | 4 | 91 | |||||||||||
| Mar 2023 | 65 | 432 | 53 | 115 | 8 | 89 | 66 | 3 | 93 | |||||||||||
| R/4Eoz - R/2Eoz | Mar 2024 | 24,616 | 20,189 | 26,126 | 25,916 | 20,647 | 28,609 | 24,448 | 13,227 | 21,013 | ||||||||||
| Dec 2023 | 23,424 | 25,539 | 22,798 | 23,158 | 13,310 | 24,280 | 23,941 | 12,601 | 20,464 | |||||||||||
| Mar 2023 | 21,476 | 21,432 | 21,489 | 22,156 | 10,368 | 23,552 | 19,642 | 11,525 | 20,420 | |||||||||||
| US$/4Eoz - US$/2Eoz | Mar 2024 | 1,305 | 1,070 | 1,385 | 1,374 | 1,095 | 1,517 | 1,296 | 701 | 1,114 | ||||||||||
| Dec 2023 | 1,256 | 1,369 | 1,222 | 1,242 | 714 | 1,302 | 1,284 | 676 | 1,097 | |||||||||||
| Mar 2023 | 1,209 | 1,207 | 1,210 | 1,248 | 584 | 1,326 | 1,106 | 649 | 1,150 |
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/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 US and SA PGM operations Total SA PGM operations, Rustenburg, Marikana, Kroondal and Platinum Mile includes the Chrome cost of sales which is excluded for unit cost calculation purposes as Chrome production is excluded from the 4Eoz production
4 Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
5 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”
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 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
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 17
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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total | Under-<br>ground | Surface | Under-<br>ground | Surface | Under-<br>ground | Surface | Under-<br>ground | Surface | Surface | Surface | |||
| Cost of sales, before amortisation and depreciation | Mar 2024 | 5,684 | 4,101 | 1,583 | 1,684 | 7 | 1,415 | 141 | 1,002 | 9 | 388 | 1,038 | |
| Dec 2023 | 5,506 | 3,968 | 1,538 | 1,467 | 5 | 1,669 | 139 | 832 | 1 | 331 | 1,062 | ||
| Mar 2023 | 6,011 | 4,570 | 1,441 | 1,540 | 73 | 1,993 | 143 | 1,037 | 50 | 277 | 898 | ||
| Inventory change | Mar 2024 | (67) | (72) | 5 | (60) | — | 9 | — | (21) | — | (14) | 19 | |
| Dec 2023 | 427 | 398 | 29 | 154 | — | 68 | 7 | 176 | — | 14 | 8 | ||
| Mar 2023 | (441) | (390) | (51) | (42) | — | (204) | (42) | (144) | — | (36) | 27 | ||
| Total operating cost | Mar 2024 | 5,617 | 4,029 | 1,588 | 1,624 | 7 | 1,424 | 141 | 981 | 9 | 374 | 1,057 | |
| Dec 2023 | 5,933 | 4,366 | 1,567 | 1,621 | 5 | 1,737 | 146 | 1,008 | 1 | 345 | 1,070 | ||
| Mar 2023 | 5,570 | 4,180 | 1,390 | 1,498 | 73 | 1,789 | 101 | 893 | 50 | 241 | 925 | ||
| Tonnes milled/treated | kt | Mar 2024 | 7,541 | 882 | 6,659 | 276 | 21 | 284 | 347 | 322 | 30 | 932 | 5,330 |
| Dec 2023 | 7,945 | 904 | 7,041 | 275 | 21 | 284 | 419 | 344 | 3 | 1,066 | 5,533 | ||
| Mar 2023 | 8,081 | 1,066 | 7,015 | 353 | 201 | 361 | 335 | 351 | 216 | 992 | 5,271 | ||
| Gold produced | kg | Mar 2024 | 5,117 | 3,412 | 1,705 | 1,551 | 12 | 961 | 174 | 900 | 4 | 288 | 1,227 |
| Dec 2023 | 6,102 | 4,307 | 1,795 | 1,789 | 16 | 1,322 | 209 | 1,196 | 2 | 305 | 1,263 | ||
| Mar 2023 | 6,229 | 4,445 | 1,784 | 1,844 | 59 | 1,644 | 88 | 957 | 48 | 260 | 1,329 | ||
| oz | Mar 2024 | 164,515 | 109,698 | 54,817 | 49,866 | 386 | 30,897 | 5,594 | 28,936 | 129 | 9,259 | 39,449 | |
| Dec 2023 | 196,184 | 138,473 | 57,711 | 57,518 | 514 | 42,503 | 6,720 | 38,452 | 64 | 9,806 | 40,606 | ||
| Mar 2023 | 200,267 | 142,910 | 57,357 | 59,286 | 1,897 | 52,856 | 2,829 | 30,768 | 1,543 | 8,359 | 42,728 | ||
| Operating cost1 | R/t | Mar 2024 | 745 | 4,569 | 238 | 5,884 | 334 | 5,017 | 406 | 3,046 | 302 | 401 | 198 |
| Dec 2023 | 747 | 4,832 | 223 | 5,888 | 243 | 6,117 | 349 | 2,927 | 387 | 324 | 193 | ||
| Mar 2023 | 689 | 3,923 | 198 | 4,247 | 362 | 4,951 | 301 | 2,541 | 232 | 243 | 175 | ||
| US$/t | Mar 2024 | 39 | 242 | 13 | 312 | 18 | 266 | 22 | 162 | 16 | 21 | 11 | |
| Dec 2023 | 40 | 259 | 12 | 316 | 13 | 328 | 19 | 157 | 21 | 17 | 10 | ||
| Mar 2023 | 39 | 221 | 11 | 239 | 20 | 279 | 17 | 143 | 13 | 14 | 10 | ||
| R/kg | Mar 2024 | 1,097,714 | 1,180,832 | 931,378 | 1,047,066 | 583,333 | 1,481,790 | 810,345 | 1,090,000 | 2,250,000 | 1,298,611 | 861,451 | |
| Dec 2023 | 972,304 | 1,013,699 | 872,981 | 906,093 | 312,500 | 1,313,918 | 698,565 | 842,809 | 500,000 | 1,131,148 | 847,189 | ||
| Mar 2023 | 894,205 | 940,382 | 779,148 | 812,364 | 1,237,288 | 1,088,200 | 1,147,727 | 933,124 | 1,041,667 | 926,923 | 696,012 | ||
| US$/oz | Mar 2024 | 1,810 | 1,947 | 1,536 | 1,727 | 962 | 2,444 | 1,336 | 1,798 | 3,711 | 2,142 | 1,421 | |
| Dec 2023 | 1,622 | 1,691 | 1,456 | 1,511 | 521 | 2,191 | 1,165 | 1,406 | 834 | 1,886 | 1,413 | ||
| Mar 2023 | 1,566 | 1,647 | 1,365 | 1,423 | 2,167 | 1,906 | 2,010 | 1,634 | 1,824 | 1,623 | 1,219 |
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/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
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 18
ADJUSTED EBITDA RECONCILIATION – QUARTERS
| Quarter ended Mar 2024 | Quarter ended Dec 2023 | Quarter ended Mar 2023 | |||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Americas region | Southern Africa (SA) region | European region | Australian region | Group | Americas region | Southern Africa (SA) region | European region | Australian region | Group | Americas region | Southern Africa (SA) region | European region | Australian region | Group | |||||||||||||||||||
| Figures in million - SA rand | Group | Total US PGM operations | Underground | Recycling | Total<br>SA PGM | Total<br>SA gold | Total EU operations1 | Sandouville nickel refinery | Total AUS operations | Century zinc retreatment operation | Corporate | Group | Total US PGM | Under-<br>ground | Recycling | Total<br>SA PGM | Total SA gold | Total EU operations1 | Sandouville nickel refinery | Total AUS<br>operations | Century zinc retreatment operation | Group<br>corporate | Group | Total US PGM | US Under- ground PGM | US Recy- cling | SA PGM | SA gold | Total EU operations1 | Sandouville nickel refinery | Total AUS operations | Century zinc retreatment operation | Corporate |
| (Loss)/profit before royalties, carbon tax and tax | (634) | (185) | (255) | 70 | 566 | (262) | (149) | (84) | (313) | (259) | (291) | (49,186) | (42,912) | (43,000) | 88 | 4,275 | (2,617) | (4,246) | (3,904) | (3,634) | (3,655) | (52) | 5,616 | (439) | (637) | 198 | 6,289 | 362 | (341) | (289) | (89) | (41) | (166) |
| Adjusted for: | |||||||||||||||||||||||||||||||||
| Amortisation and depreciation | 1,969 | 541 | 540 | 1 | 811 | 583 | 7 | 5 | 27 | 27 | — | 2,697 | 879 | 878 | 1 | 826 | 667 | 58 | 56 | 267 | 267 | — | 1,958 | 707 | 706 | 1 | 655 | 524 | 48 | 47 | 24 | 24 | — |
| Interest income | (381) | (129) | (129) | — | (102) | (138) | (11) | — | (1) | — | — | (310) | (49) | (49) | — | (106) | (133) | (20) | — | — | — | (2) | (380) | (59) | (59) | — | (152) | (164) | (2) | — | (3) | (1) | — |
| Finance expense | 1,093 | 446 | 446 | — | 142 | 325 | 54 | 25 | 42 | 38 | 84 | 868 | 334 | 334 | — | 153 | 252 | 25 | 6 | 39 | 13 | 65 | 750 | 261 | 261 | — | 230 | 156 | 3 | 3 | 22 | 22 | 78 |
| Share-based payments | 19 | 2 | 2 | — | 6 | 11 | — | — | — | — | — | (9) | 9 | 9 | — | (17) | (8) | 6 | 6 | — | — | 1 | (1) | (4) | (4) | — | (2) | 5 | — | — | — | — | — |
| Loss/(gain) on financial instruments | 85 | — | — | — | (6) | 135 | (2) | (4) | (42) | (42) | — | (319) | 2,136 | 2,136 | — | (2,698) | 118 | 252 | (21) | (126) | (127) | (1) | 169 | (4) | (4) | — | 273 | (7) | (35) | — | (58) | (58) | — |
| (Gain)/loss on foreign exchange movements | (59) | 2 | 2 | — | (130) | 45 | 8 | 8 | — | 1 | 16 | (286) | — | — | — | (161) | (44) | (13) | (13) | (38) | 9 | (30) | (147) | (6) | (6) | — | (174) | (57) | 69 | (1) | 44 | (4) | (23) |
| Share of results of equity-accounted investees after tax | (13) | — | — | — | 66 | (82) | — | — | — | — | 3 | 1,393 | — | — | — | 1,456 | (66) | — | — | — | — | 3 | (200) | — | — | — | (132) | (72) | — | — | — | — | 4 |
| Change in estimate of environmental rehabilitation obligation, and right of recovery liability and asset | — | — | — | — | — | — | — | — | — | — | — | (45) | — | — | — | (45) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| (Gain)/loss on disposal of property, plant and equipment | (14) | 2 | 2 | — | (4) | (12) | — | — | — | — | — | 2 | 45 | 45 | — | (13) | (30) | — | — | — | — | — | (26) | — | — | — | (21) | (5) | — | — | — | — | — |
| Impairments | 122 | — | — | — | 122 | — | — | — | — | — | — | 47,445 | 38,919 | 38,919 | — | 505 | 2,731 | 1,607 | 1,607 | 3,683 | 3,683 | — | 2 | — | — | — | — | 2 | — | — | — | — | — |
| Gain on acquisition | — | — | — | — | — | — | — | — | — | — | — | (898) | — | — | — | (898) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Occupational healthcare gain | — | — | — | — | — | — | — | — | — | — | — | (357) | — | — | — | — | (357) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Restructuring costs | 60 | 2 | 2 | — | 4 | 54 | — | — | — | — | — | 684 | 41 | 41 | — | 333 | 310 | — | — | — | — | — | 46 | — | — | — | — | 46 | — | — | — | — | — |
| Onerous contract provision | (142) | — | — | — | — | — | (142) | (142) | — | — | — | 1,865 | — | — | — | — | — | 1,865 | 1,865 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gain on remeasurement of previous interest in Kroondal | — | — | — | — | — | — | — | — | — | — | — | (298) | — | — | — | (298) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Lease payments | (61) | (1) | (1) | — | (19) | (8) | (6) | (5) | (27) | (27) | — | (77) | (5) | (5) | — | (18) | (19) | (7) | (7) | (28) | (26) | — | (48) | (1) | (1) | — | (14) | (16) | (6) | (5) | (11) | (11) | — |
| Other non-recurring costs | 93 | — | — | — | — | 1 | — | — | 21 | — | 71 | 213 | 29 | 29 | — | — | — | — | — | — | — | 184 | 16 | (2) | (2) | — | — | — | — | — | 2 | — | 16 |
| Adjusted EBITDA | 2,137 | 680 | 609 | 71 | 1,456 | 652 | (241) | (197) | (293) | (262) | (117) | 3,382 | (574) | (663) | 89 | 3,294 | 804 | (473) | (405) | 163 | 164 | 168 | 7,755 | 453 | 254 | 199 | 6,952 | 774 | (264) | (245) | (69) | (69) | (91) |
1.1 Total EU operations includes Sandouville nickel refinery, Keliber OY and European corporate and reconciling items
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 19
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 2024 quarter | Dec 2023 quarter | Mar 2023 quarter | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reef | Stillwater incl Blitz | East Boulder | Stillwater incl Blitz | East Boulder | Stillwater incl Blitz | East Boulder | |||||||||||||||||||||||||||||||
| Stillwater | Unit | ||||||||||||||||||||||||||||||||||||
| Primary development (off reef) | (m) | 840 | 174 | 1,262 | 85 | 1,503 | 451 | ||||||||||||||||||||||||||||||
| Secondary development | (m) | 3,257 | 1,365 | 3,296 | 1,161 | 2,443 | 1,424 | SA PGM operations | Mar 2024 quarter | Dec 2023 quarter | Mar 2023 quarter | ||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Reef | Bathopele | Thembe-lani | Khuseleka | Siphume-lele | Bathopele | Thembe-lani | Khuseleka | Siphume-lele | Bathopele | Thembe-lani | Khuseleka | Siphume-lele | |||||||||||||||||||||||||
| Rustenburg | Unit | ||||||||||||||||||||||||||||||||||||
| Advanced | (m) | 437 | 1,214 | 2,227 | 351 | 705 | 1,685 | 2,818 | 661 | 606 | 1,325 | 2,290 | 521 | ||||||||||||||||||||||||
| Advanced on reef | (m) | 437 | 528 | 829 | 238 | 705 | 651 | 1,099 | 450 | 606 | 572 | 805 | 337 | ||||||||||||||||||||||||
| Height | (cm) | 212 | 296 | 288 | 173 | 218 | 303 | 285 | 258 | 229 | 294 | 289 | 272 | ||||||||||||||||||||||||
| Average value | (g/t) | 3.0 | 2.3 | 2.3 | 3.0 | 2.9 | 2.3 | 2.2 | 3.0 | 2.7 | 2.4 | 2.3 | 2.9 | ||||||||||||||||||||||||
| (cm.g/t) | 631 | 690 | 648 | 517 | 639 | 705 | 637 | 776 | 615 | 696 | 655 | 787 | |||||||||||||||||||||||||
| SA PGM operations | Mar 2024 quarter | Dec 2023 quarter | Mar 2023 quarter | ||||||||||||||||||||||||||||||||||
| Reef | K3 | Rowland | Saffy | E3 | 4B | K4 | K3 | Rowland | Saffy | E3 | 4B | K4 | K3 | Rowland | Saffy | E3 | 4B | K4 | |||||||||||||||||||
| Marikana | Unit | ||||||||||||||||||||||||||||||||||||
| Primary development | (m) | 7,970 | 2,634 | 2,270 | 1,051 | 237 | 2,358 | 9,268 | 3,590 | 3,192 | 1,124 | 499 | 2,797 | 6,661 | 3,864 | 2,933 | 640 | 949 | 2,607 | ||||||||||||||||||
| Primary development - on reef | (m) | 6,391 | 1,387 | 1,010 | 762 | 153 | 548 | 7,627 | 1,941 | 1,801 | 756 | 392 | 729 | 4,803 | 2,327 | 1,663 | 378 | 662 | 877 | ||||||||||||||||||
| Height | (cm) | 216 | 218 | 237 | 258 | 226 | 239 | 217 | 220 | 234 | 255 | 226 | 240 | 216 | 220 | 236 | 225 | 212 | 240 | ||||||||||||||||||
| Average value | (g/t) | 2.9 | 2.6 | 2.4 | 2.6 | 2.5 | 2.6 | 2.8 | 2.6 | 2.4 | 2.3 | 3.0 | 2.4 | 2.8 | 2.5 | 2.5 | 2.6 | 2.9 | 2.5 | ||||||||||||||||||
| (cm.g/t) | 626 | 566 | 556 | 657 | 568 | 623 | 611 | 577 | 558 | 577 | 671 | 575 | 611 | 548 | 583 | 593 | 621 | 589 | |||||||||||||||||||
| SA PGM operations | Mar 2024 quarter | Dec 2023 quarter | Mar 2023 quarter | ||||||||||||||||||||||||||||||||||
| Reef | Simunye1 | Kopaneng | Bamba-nani | Kwezi | K6 | Simunye1 | Kopaneng | Bamba-nani | Kwezi | K6 | Simunye1 | Kopaneng | Bamba-nani | Kwezi | K6 | ||||||||||||||||||||||
| Kroondal | Unit | ||||||||||||||||||||||||||||||||||||
| Advanced | (m) | — | 645 | 926 | 209 | 441 | — | 813 | 973 | 269 | 473 | 675 | 541 | 1,014 | 273 | 438 | |||||||||||||||||||||
| Advanced on reef | (m) | — | 585 | 599 | 199 | 387 | — | 717 | 556 | 200 | 417 | 604 | 462 | 747 | 230 | 423 | |||||||||||||||||||||
| Height | (cm) | — | 239 | 221 | 233 | 237 | — | 234 | 216 | 237 | 236 | 230 | 235 | 250 | 229 | 235 | |||||||||||||||||||||
| Average value | (g/t) | — | 2.4 | 1.4 | 2.1 | 1.6 | — | 2.0 | 1.5 | 1.8 | 2.1 | 2.2 | 2.0 | 1.9 | 2.0 | 2.2 | |||||||||||||||||||||
| (cm.g/t) | — | 565 | 302 | 493 | 369 | — | 474 | 320 | 419 | 495 | 516 | 470 | 468 | 450 | 509 |
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
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 20
DEVELOPMENT RESULTS (continued)
| SA gold operations | Mar 2024 quarter | Dec 2023 quarter | Mar 2023 quarter | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reef | Carbon<br>leader | Main | VCR | Carbon<br>leader | Main | VCR | Carbon<br>leader | Main | VCR | ||||||||||||||||||||||
| Driefontein | Unit | ||||||||||||||||||||||||||||||
| Advanced | (m) | 464 | 496 | 1,283 | 425 | 565 | 1,445 | 544 | 545 | 1,072 | |||||||||||||||||||||
| Advanced on reef | (m) | 136 | 28 | 71 | 107 | 150 | 170 | 67 | 38 | 195 | |||||||||||||||||||||
| Channel width | (cm) | 21 | 45 | 98 | 17 | 103 | 68 | 41 | 27 | 46 | |||||||||||||||||||||
| Average value | (g/t) | 63.3 | 14.2 | 30.4 | 60.8 | 4.2 | 64.1 | 22.8 | 8.3 | 24.5 | |||||||||||||||||||||
| (cm.g/t) | 1,356 | 633 | 2,986 | 1,047 | 429 | 4,354 | 937 | 224 | 1,123 | SA gold operations | Mar 2024 quarter | Dec 2023 quarter | Mar 2023 quarter | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||
| Reef | Kloof | Main | Libanon | VCR | Kloof | Main | Libanon | VCR | Kloof | Main | Libanon | VCR | |||||||||||||||||||
| Kloof | Unit | ||||||||||||||||||||||||||||||
| Advanced | (m) | 1,174 | 489 | — | 153 | 1,278 | 521 | — | 178 | 1,002 | 534 | 46 | 709 | ||||||||||||||||||
| Advanced on reef | (m) | 242 | 158 | — | 20 | 316 | 109 | — | 12 | 375 | 125 | 46 | 142 | ||||||||||||||||||
| Channel width | (cm) | 182 | 58 | — | 188 | 158 | 57 | — | 150 | 152 | 85 | 101 | 107 | ||||||||||||||||||
| Average value | (g/t) | 9.1 | 7.9 | — | 9.1 | 3.3 | 18.5 | — | 24.5 | 5.4 | 9.0 | 1.9 | 10.8 | ||||||||||||||||||
| (cm.g/t) | 1,647 | 460 | — | 1,717 | 524 | 1,055 | — | 3,682 | 819 | 764 | 196 | 1,151 | SA gold operations | Mar 2024 quarter | Dec 2023 quarter | Mar 2023 quarter | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||||||||
| Reef | Beatrix | Kalkoen-krans | Beatrix | Kalkoen-krans | Beatrix | Kalkoen-krans | |||||||||||||||||||||||||
| Beatrix | Unit | ||||||||||||||||||||||||||||||
| Advanced | (m) | 1,334 | — | 1,584 | — | 1,917 | 8 | ||||||||||||||||||||||||
| Advanced on reef | (m) | 663 | — | 638 | — | 566 | — | ||||||||||||||||||||||||
| Channel width | (cm) | 144 | — | 132 | — | 172 | — | ||||||||||||||||||||||||
| Average value | (g/t) | 6.7 | — | 4.7 | — | 7.3 | — | ||||||||||||||||||||||||
| (cm.g/t) | 961 | — | 619 | — | 1,262 | — | SA gold operations | Mar 2024 quarter | Dec 2023 quarter | Mar 2023 quarter | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||||||||
| Reef | Kimberley | Kimberley | Kimberley | ||||||||||||||||||||||||||||
| Burnstone | Unit | ||||||||||||||||||||||||||||||
| Advanced | (m) | 840 | 1,277 | 571 | |||||||||||||||||||||||||||
| Advanced on reef | (m) | 53 | 89 | — | |||||||||||||||||||||||||||
| Channel width | (cm) | 54 | 36 | — | |||||||||||||||||||||||||||
| Average value | (g/t) | 7.9 | 12.1 | — | |||||||||||||||||||||||||||
| (cm.g/t) | 425 | 440 | — |
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 21
ADMINISTRATION AND CORPORATE INFORMATION
| SIBANYE STILLWATER LIMITED<br><br>(SIBANYE-STILLWATER)<br><br>Incorporated in the Republic of South Africa<br><br>Registration number 2014/243852/06<br><br>Share code: SSW and SBSW<br><br>Issuer code: SSW<br><br>ISIN: ZAE000259701<br><br>LISTINGS<br><br>JSE: SSW<br><br>NYSE: SBSW<br><br>WEBSITE<br><br>www.sibanyestillwater.com<br><br>REGISTERED AND CORPORATE OFFICE<br><br>Constantia Office Park<br><br>Bridgeview House, Building 11, Ground floor<br><br>Cnr 14th Avenue & Hendrik Potgieter Road<br><br>Weltevreden Park 1709<br><br>South Africa<br><br>Private Bag X5<br><br>Westonaria 1780<br><br>South Africa<br><br>Tel: +27 11 278 9600<br><br>Fax: +27 11 278 9863<br><br>COMPANY SECRETARY<br><br>Lerato Matlosa<br><br>Email: [email protected]<br><br>DIRECTORS<br><br>Dr Vincent Maphai* (Chairman)<br><br>Neal Froneman (CEO)<br><br>Charl Keyter (CFO)<br><br>Dr Elaine Dorward-King*<br><br>Harry Kenyon-Slaney*^<br><br>Jeremiah Vilakazi*<br><br>Keith Rayner*<br><br>Nkosemntu Nika*<br><br>Peter Hancock***<br><br>Philippe Boisseau**<br><br>Richard Menell*#<br><br>Sindiswa Zilwa*<br><br>Susan van der Merwe*<br><br>Timothy Cumming*<br><br>* Independent non-executive<br><br>^ Appointed as lead independent director 1 January 2024<br><br># Resigned as lead independent director 1 January 2024<br><br>** Appointed as independent non-executive director 8 April 2024<br><br>*** Appointed as independent non-executive director 6 May 2024<br><br>INVESTOR ENQUIRIES<br><br>James Wellsted<br><br>Executive Vice President: Investor Relations and Corporate Affairs<br><br>Mobile: +27 83 453 4014<br><br>Email: [email protected]<br><br>or [email protected] | JSE SPONSOR<br><br>JP Morgan Equities South Africa Proprietary Limited<br><br>Registration number 1995/011815/07<br><br>1 Fricker Road, Illovo<br><br>Johannesburg 2196<br><br>South Africa<br><br>Private Bag X9936<br><br>Sandton 2146<br><br>South Africa<br><br>AUDITORS<br><br>Ernst & Young Inc. (EY)<br><br>102 Rivonia Road<br><br>Sandton 2196<br><br>South Africa<br><br>Private Bag X14<br><br>Sandton 2146<br><br>South Africa<br><br>Tel: +27 11 772 3000<br><br>AMERICAN DEPOSITARY RECEIPTS<br><br>TRANSFER AGENT<br><br>BNY Mellon Shareowner Correspondence (ADSs)<br><br>Mailing address of agent:<br><br>Computershare<br><br>PO Box 43078<br><br>Providence, RI 02940-3078<br><br>Overnight/certified/registered delivery:<br><br>Computershare<br><br>150 Royall Street, Suite 101<br><br>Canton, MA 02021<br><br>US toll free: + 1 888 269 2377<br><br>Tel: +1 201 680 6825<br><br>Email: [email protected]<br><br>Tatyana Vesselovskaya<br><br>Relationship Manager - BNY Mellon<br><br>Depositary Receipts<br><br>Email: [email protected]<br><br>TRANSFER SECRETARIES SOUTH AFRICA<br><br>Computershare Investor Services Proprietary Limited<br><br>Rosebank Towers<br><br>15 Biermann Avenue<br><br>Rosebank 2196<br><br>PO Box 61051<br><br>Marshalltown 2107<br><br>South Africa<br><br>Tel: +27 11 370 5000<br><br>Fax: +27 11 688 5248 |
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Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 22
DISCLAIMER
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”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States, 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 outcome of any disputes or litigation; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental, sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; failure to meet ethical standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater’s business; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management and employees with sufficient technical and/or production skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater’s information technology, communications and systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19).
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the 2023 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2023 on Form 20-F filed with the United States Securities and Exchange Commission on 26 April 2024 (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-IFRS1 measures
The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted EBITDA margin, adjusted free cash flow, AISC, AIC, Nickel equivalent sustaining cost and normalised earnings. 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 Accounting Standards. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this report because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have not been reviewed or reported on by the Group’s external auditors.
1 IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)
Websites
References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, this report.
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