Sibanye Stillwater: Guidance for 2025 unchanged apart from SA gold operations

Operating guidance for the 2025 year is unchanged apart from the SA gold operations (lower production and higher AISC, no change to capital), and the increased capital forecast for the Keliber lithium project:

• PGM production from the US PGM operations for 2025, is forecast to be between 255,000 2Eoz and 270,000 2Eoz, with AISC between US$1,420/2Eoz to US$1,460/2Eoz excluding possible S45X credit and AISC of between US$1,320/2Eoz to US$1,360/2Eoz including possible S45X credit. Capital expenditure is forecast to be between US$100 million and US$110 million (R1.8 billion)
• 3E PGM production for the US PGM recycling operations is forecast to be between 300,000 3Eoz and 350,000 3Eoz fed for 2025. Capital expenditure is forecast at US$1.5 million (R27 million)
• The Reldan recycling operation is forecast to produce: 120,000 to 130,000 oz gold, 2 to 2.3Moz silver, 35,000 to 40,000 3E PGM and 3 to 3.2Mlbs copper. Capital expenditure is forecast at US$2.8 million (R51 million)
• PGM production from the SA PGM operations for 2025 is forecast to be between 1.75 million 4Eoz and 1.85 million 4Eoz, including Mimosa attributable production and third party PoC, with forecast AISC (excluding Mimosa and cost of third party PoC) forecast between R23,500/4Eoz and R24,500/4Eoz (US$1,288/4Eoz and US$1,343/4Eoz). Capital expenditure (excluding Mimosa) is forecast at R6.5 billion (US$356 million) that include project capital of R1.42 billion (US$78 million)
• Gold production from the managed SA gold operations (excluding DRDGOLD) for 2025 has been revised lower to between 16,000kg (514koz) and 17,000kg (546koz). The revised AISC is forecast to be between R1,360,000/kg and R1,480,000/kg (US$2,319/oz and US$2,524/oz). Capital expenditure is unchanged and forecast at R3.5 billion (US$192 million)
• The production ramp-down at the Sandouville nickel refinery is forecast to be completed in H1 2025. The final matte will be processed during Q1 2025 and the ramp-down is expected to be completed by the end of H1 2025. Capital expenditure of EUR10 million (R198 million) is forecast for the GalliCam project costs
• Capital expenditure at the Keliber lithium project for 2025 has been increased from approximately EUR215 million (R4.3 billion) to EUR300 million (R5.9 billion) due to additional regulatory requirements and changes to scope of the project
• Production from the Century zinc tailings retreatment operation is forecast at between 88.3 and 97.8 kilotonnes of payable zinc metal at an AISC of between A$3,400 and A$3,700/tZn (US$2,175 and US$2,367/tZn or R39,678 and R43,179/tZn) and capital expenditure of A$8 million (US$5.7 million or R93 million). Project capital on the Mount Lyell copper/gold project for 2025 is forecast to be A$6 million (US$4.3 million or R70 million).