Sibanye Stillwater – Operating update ended 30 September 2024

Johannesburg: Sibanye Stillwater provides an operating update for the quarter ended 30 September 2024.

Salient features compared to quarter ended 30 September 2023

• US PGM operations expected to benefit from amended Section 45X of the IRA by estimated US$140m for 2023 & US$100m for 2024
• SA gold operations generated 292% increase in adjusted EBITDA to R1.35bn (US$75m) from 24% higher rand gold price
• SA PGM operations 4E production increased 5% with costs stable generating positive adjusted EBITDA of R1.6bn (US$88m)
• Century operation zinc production 9% higher and cost well managed resulting in 966% increase in adjusted EBITDA to US$31m (R565m)
• Secured US$500 million green financing loan for the Keliber lithium project
• Adjusted (adj) EBITDA of R3.3bn (US$184m) 9% higher year-on-year
• Year-on-year improvement in Group safety trends
• Healthy balance sheet position maintained

OPERATING GUIDANCE FOR 2024

Guidance for the operations for 2024 other than the Century retreatment operation is unchanged. The US PGM operations are however undergoing significant restructuring (refer to H1 2024 results announcement on 12 September 2024) with Stillwater west mine being placed on care and maintenance during Q4 2024 which may impact production and costs during Q4 2024, and as a result, final results for 2024 may differ from current guidance.

• 2E mined production from the US PGM operations is forecast to be between 440,000 2Eoz and 460,000 2Eoz, with AISC 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)) for 2024. 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 3Eoz 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 unchanged and forecast to be between 1.8 million 4Eoz and 1.9 million 4Eoz including approximately 80,000 4Eoz of third party PoC, with AISC at our managed operations 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 at our managed operations 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 still expected to be between 16,500kg (530koz) and 17,500kg (563koz). AISC is forecast to be between R1,250,000/kg and R1,350,000/kg (US$2,222/oz and US$2,399/oz). Capital expenditure at its managed operations 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 for 2024 is forecast at between 7.5 kilotonnes and 8.5 kilotonnes of nickel product, at a nickel equivalent sustaining cost of between R399k/tNi and R437k/tNi and capital expenditure of R152 million
• Capital expenditure at the Keliber lithium project for 2024 is expected to be R5.7 billion
• Guidance for the Century retreatment operation for 2024 has been revised to reflect the production and cost impact of the October 2024 regional bushfire in Queensland. Production from the Century zinc tailings retreatment operations for 2024 is now forecast to be between 79kt and 88kt of zinc metal (payable) and capital expenditure of A$17 million (US$11 million or R196 million). Project capital on the Mt Lyell copper/gold project for 2024 is forecast to be A$6.6 million (US$4 million or R77 million)