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Operating Update for the Quarter Ended 31 March 2020

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Johannesburg, 12 May 2020 : Sibanye Stillwater Limited (“Sibanye-Stillwater”, “the Company” and/or “the Group”) (JSE: SSW & NYSE: SBSW - https://www.commodity-tv.com/play/sibanye-stillwater-company-teaser-2019/ ) is pleased to provide an operating update for the quarter ended 31 March 2020. Financial results are only provided on a six-monthly basis.

SALIENT FEATURES FOR THE QUARTER ENDED 31 MARCH 2020

  • Record breaking safety performance by SA gold operations
  • Record quarterly adjusted EBITDA3 of R11,132 million (US$724 million)
  • Leverage reduced by 40% with Net debt:adjusted EBITDA reducing to 0.75x
  • Another solid performance from SA PGM operations – successful integration of Marikana operation continues
  • US PGM operations back at planned production rates and have maintained output during COVID-19 pandemic
  • Steady performance from SA gold operations
  • SA operations ramping up as planned following partial easing of COVID-19 restrictions in April 2020
         

US dollar

     

SA rand

Quarter ended

 

 

 

 

 

Quarter ended

Mar 2019

Dec 2019

Mar 2020

 

KEY STATISTICS

 

Mar 2020

Dec 2019

Mar 2019

 

 

 

 

UNITED STATES (US) OPERATIONS

 

 

 

 

  

 

 

PGM operations1

 

 

  

130 899

161 849

141 585

oz

2E PGMproduction2

kg

4 404

5 034

4 071

201 289

229 540

221 798

oz

PGM recycling1

kg

6 899

7 140

6 261

1 305

1 609

2 053

US$/2Eoz

Average basket price

R/2Eoz

31 569

23 684

18 283

104.6

171.4

133.8

US$m

Adjusted EBITDA3

Rm

2 058.6

2 522.5

1 465.9

27

28

30

%

Adjusted EBITDA margin3

%

30

28

27

833

798

894

US$/2Eoz

All-in sustaining cost4

R/2Eoz

13 756

11 747

11 671

 

 

 

 

SOUTHERN AFRICA (SA) OPERATIONS

 

 

 

 

    

PGM operations5

    

263 508

461 719

418 072

oz

4E PGMproduction2

kg

13 004

14 361

8 196

1 221

1 600

2 158

US$/4Eoz

Average basket price

R/4Eoz

33 192

23 558

17 104

62.8

259.7

523.0

US$m

Adjusted EBITDA3

Rm

8 043.1

3 822.7

880.0

51

39

51

%

Adjusted EBITDA margin3

%

51

39

51

845

1 040

1 089

US$/4Eoz

All-in sustaining cost4

R/4Eoz

16 745

15 309

11 841

    

Gold operations

    

143 278

300 578

238 076

oz

Gold production

kg

7 405

9 349

4 456

1 306

1 415

1 608

US$/oz

Average gold price

R/kg

795 323

669 797

588 040

(115.0)

76.4

73.2

US$m

Adjusted EBITDA3

Rm

1 125.8

1 125.1

(1 611.4)

(63)

17

19

%

Adjusted EBITDA margin3

%

19

17

(63)

2 030

1 314

1 500

US$/oz

All-in sustaining cost4

R/kg

741 858

621 943

914 590

  

 

 

GROUP

 

 

 

 

57.7

502.8

723.8

US$m

Adjusted EBITDA3,6

Rm

11 131.8

7 401.4

808.0

14.01

14.72

15.38

R/US$

Average exchange rate

 

 

 

 

1 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand. In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace

2 Platinum Group Metals (PGM) production in the SA operations (including attributable production from Mimosa) is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au). The US operations primarily produce palladium and platinum, referred to as 2E (2PGM)

3 The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the 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. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue

4 See “salient features and cost benchmarks for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 for the definition of All-in sustaining cost

5 The SA PGM operations’ results for the quarter ended 31 March 2019 excluded the Marikana operations

6 The Group adjusted EBITDA includes the impact of the streaming transaction which is only recognised at the Corporate level

    

Stock data for the quarter ended 31 March 2020

JSE Limited - (SSW)

Number of shares in issue

 

Price range per ordinary share

R22.57 to R35.35

- at 31 March 2020

2 675 009 860

Average daily volume

26 712 953

- weighted average

2 671 855 475

NYSE - (SBSW); one ADR represents four ordinary shares

Free Float

81%

Price range per ADR

US$4.72 to US$10.10

Bloomberg/Reuters

SSW SJ/SSWJ.J

Average daily volume

5 724 117

OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2020 COMPARED TO QUARTER ENDED 31 MARCH 2019

The Group had a strong start to the year, with the operating and financial performance for Q1 2020, materially better than for the comparable period in 2019.

The US PGM operations reported an 8% increase in mined 2E PGM production relative to Q1 2019, reflecting the return to planned production rates at the East Boulder and Stillwater mines, despite the difficult ground conditions which continued to impact the Blitz project into Q1 2020.

The solid performance from the SA PGM operations continued, with 4E PGM production increasing by 59% year-on-year, driven by the successful integration of the Marikana operation following the acquisition of Lonmin Plc in June 2019.

Gold production from the SA gold operations also increased by 66% as production normalised compared with Q1 2019, which was impacted by the five-month AMCU strike.

Precious metals prices remained buoyant during Q1 2020, with palladium and rhodium prices reaching record levels, before falling in late March 2020 as rising concerns about the economic impact of the COVID-19 pandemic led to a general collapse in most global markets, including precious metals. For the US PGM operations, the 2E PGM basket price averaged US$2,053/2Eoz for Q1 2020, 57% higher than for Q1 2019. Further depreciation of the rand provided an additional revenue boost for the SA operations, with the average 4E PGM basket price of R33,192/4Eoz for Q1 2020, 94% higher year-on-year and the average rand gold price received 35% higher at R795,323kg.

Group adjusted EBITDA for Q1 2020 was materially higher than Q1 2019, increasing by R10,324 million (US$666 million) to R11,132 million (US$724 million), which alongside a reduction in net debt, resulted in net debt:adjusted EBITDA (ND:adjusted EBITDA) decreasing to 0.75x at quarter end, from 1.25x at the end of December 2019.

The Group is in a solid financial position, with leverage now comfortably below our 1x target and sufficient liquidity, despite the temporary suspension of production at our SA operations in April 2020 in accordance with South African COVID-19 lockdown regulations.

Given reduced dollar net debt, available liquidity, including DRDGOLD increased to R18,315 million (US$1,026 million) at 31 March 2020, consisting of R16,357 million (US$916 million) cash on hand, R214 million (US$12 million) committed undrawn facilities and R1,744 million (US$98 million) of available uncommitted overnight facilities. Available rand RCF facilities were drawn down ahead of the COVID-19 lockdown in South Africa as a precautionary measure. The US PGM operations continued to operate during Q2 2020 to date, and following amendments to the SA COVID-19 lockdown restrictions, the SA operations are rebuilding to an initial 50% capacity. The Group has optimised working capital and increased liquidity and balance sheet flexibility to ensure an appropriately robust financial position. The primary priority remains to lower the Group’s net debt position further.

Following the market collapse in late March 2020 after an initial liquidity sell off, precious metals prices recovered quickly. Basket prices remain elevated compared to the same time in 2019 with further depreciation of the rand continuing to benefit revenues for the SA operations. The 2E PGM basket price has averaged approximately US$1,820/2Eoz for Q2 2020 to date, with the rand 4E PGM basket price averaging approximately R33,950/4Eoz and the rand gold price averaging just over R1,000,000/kg to date, which if sustained, will be positive for earnings and cash flow as the operational build up continues.

The future impact of COVID-19 remains uncertain and as such guidance will be provided once we have greater certainty about the operating outlook. For more information about our actions, announcements and response to COVID-19, please refer to https://www.sibanyestillwater.com/news-investors/happenings/responding-to-covid-19/ .

SAFE PRODUCTION

The intense focus on safe production at our operations and the implementation of medium- and long-term safety initiatives, which are underpinned by the Zero Harm Strategic Framework, continues.

The SA gold operations achieved an unprecedented 11.5 million fatality free shifts on 6 May 2020, with over 620 days without any fatalities. An overall improvement of 13% in terms of the Total Injury frequency rate (TIFR) compared with Q1 2019, is also encouraging.

The US PGM operations’ safety performance also continued to improve with the Total Reportable Injury Frequency Rate (TRIFR) for Q1 2020, 25% lower than for the comparable period in 2019.

Regrettably, the SA PGM operations experienced four fatalities during the quarter, compared with two fatalities for the same period in 2019. On 7 February 2020, Mr. Khulile Nashwa, a Winch Operator at the Rowland mine, Marikana operation, was travelling in the haulage when a loco derailed and struck him. He was 49 years old and is survived by his wife and seven dependents. On 17 January 2020, Mr. Joao Abilio Silindane, a Rock Drill Operator at Bambanani mine, Kroondal operation, was fatally injured in a gravity-induced fall of ground incident. He was 56 years of age and is survived by his wife and two dependents. On 20 March 2020, Mr. Emanoel Kaphe, a Rock Drill Operator at Thembelani mine, Rustenburg operation, was fatally injured in a gravity-induced fall of ground incident. He was 48 years of age and is survived by his wife and two dependents. The fourth incident occurred on 24 March 2020, Mr. Rossofino Manhavele, a Conveyor belt operator at Siphumelele mine, Rustenburg operation, was found unresponsive lying in a prone position at the bottom of the stairway next to the reef conveyor belt tail pulley on surface. Mr Manhavele succumbed to his injuries on 30 March 2020 whilst still in Millpark hospital. He was 46 years of age and is survived by his wife and three dependents. The Board and management of Sibanye-Stillwater extend their sincere condolences to the family and friends of these employees.

A principal focus at the operations continues to be on identifying and, rectifying safety hazards and verifying that adequate close out has been achieved. In addition, ongoing monitoring of outlying working places in terms of risk score and/or compliance, remains a key area of focus. The Critical Control Management journey stemming from detailed risk analysis process that we embarked on in H2 2019 is also maintaining steady progress and is being addressed within the various discipline focus areas, as well as the overall organisational health and safety strategy.

The safe start-up and subsequent production build-up, following the national lockdown in South Africa as a result of the COVID-19 pandemic, will be a critical focus during the second quarter.

OPERATING REVIEW

US PGM operations

Mined 2E PGM production for Q1 2020 of 141,585 2Eoz was 8% higher than for Q1 2019. Production from the Stillwater Mine (including Blitz) was 83,445 oz for Q1 2020, 3% higher than Q1 2019, while East Boulder (EB) delivered 58,140 oz, 17% higher than Q1 2019. Tonnes milled for Q1 2020 totalled 347,528 tonnes, 8% higher than the comparable quarter in 2019. PGM sales in March 2020 were affected by a delay in refined metal released, resulting in sales for Q1 2020 of 91,975 2Eoz. This refined production was subsequently released and sold during April 2020.

All-in sustaining cost (AISC) of US$894/ 2Eoz for Q1 2020, was 7% higher than for the comparable period in 2019, largely due to lower production from Blitz and higher royalties and taxes as a result of an inflated realized PGM basket price (contributing US$37/ 2Eoz to the variance).

The recycling operation fed an average of 28 tonnes of catalyst per day in Q1 2020, 9% higher than Q1 2019. High recycling feed rates continued to increase with increased recycling receipts, as tonnes of catalyst received were 33 tonnes per day for Q1 2020, 60% higher than Q1 2019. Given significant receipts towards the end of the quarter and ahead of COVID-19 related restrictions, recycle inventory approximated 815 tonnes. This has reduced to more normalised levels (200 – 300 tonnes).

Adjusted EBITDA of US$134 million (R2,059 million) at an improved adjusted EBITDA margin of 30% compares favourably to adjusted EBITDA of US$104.6 million (R1,466 million) for Q1 2019, despite sales being lower than production for Q1 2020.

The threat of COVID-19 was managed in a proactive manner through the roll out of response plans and actions, as well as the suspension of non-essential growth capital at Blitz. Despite these measures, a meaningful increase in mined 2E PGM production from the US PGM operations is still forecast for 2020. Given the previously mentioned suspension of non-essential activities at Blitz, capital expenditure is expected to reduce to between US$200 million and US$220 million for the year, approximately US$60 million less than previously guided. Approximately 60% of this anticipated spend is growth capital in nature, including expenditure on the Fill the Mill (FTM) project.

SA PGM operations

The SA PGM operations continued to perform strongly, with 4E PGM production of 418,072 4Eoz for Q1 2020, 59% higher than the comparable period in 2019. Higher AISC of R16,745/4Eoz (US$1,089/4Eoz) year-on-year, reflect the change to toll processing at Rustenburg, higher royalties and the inclusion of production from the Marikana operation with a higher average AISC, which was absent in Q1 2019. 4E PGM sold of 522,843 4Eoz was 25% higher than 4E PGM production for Q1 2020, due to the sale of additional ounces ahead of the COVID-19 lockdown.

4E PGM production from Rustenburg was 10% lower than Q1 2019 at 154,568 oz, due to a section 54 stoppage arising from the Thembelani fatal accident and COVID-19 related production losses due to the operations being placed on care and maintenance on 27 March 2020. Higher AISC of R18,255/4Eoz (US$1,187/4Eoz) was mainly as a result of lower production and higher royalties. The significant increase (99%) in the average 4E PGM basket price from R16,582/4Eoz (US$1,184/4Eoz) to R32,958/4Eoz (US$2,143/4Eoz), resulted in royalties increasing significantly, by R1,848/4Eoz (US$120/4Eoz) compared with Q1 2019.

4E PGM production from Kroondal of 53,458 4Eoz was 8% lower year-on-year, mainly due to the COVID-19 lockdown during the last week of March 2020 impacting 4,649 4Eoz. AISC of R12,619/4Eoz (US$820/4Eoz), was 16% higher than the comparable period in 2019 primarily due to lower production and higher royalties.

The integration of the Marikana operation has proceeded smoothly. The Marikana operation produced 171,997 4Eoz and processed 8,068 4Eoz under existing purchase of concentrate arrangements in Q1 2020. The COVID-19 lockdown resulted in approximately 14,650 4Eoz lost production for the quarter. AISC of R17,128/4Eoz (US$1,114/4Eoz) was 2% lower than for Q4 2019, demonstrating the cost benefits of synergies already realised.

Chrome revenue for Q1 2020 of R324 million was higher than the Q1 2019 chrome revenue of R304 million, despite the average chrome price declining by 23% from US$167/tonne in Q1 2019 to US$128/tonne in Q1 2020, due to the inclusion of the Marikana chrome tonnes.

Mimosa continued to perform steadily, reporting attributable 4E PGM production of 28,777 4Eoz with AISC of US$826/4Eoz.

The inclusion of revenue from the Rustenburg operation (deferred in Q1 2019 due to the change from purchase of concentrate to toll treatment arrangement) and the Marikana operation (acquired in June 2019), together with the 94% higher average 4E PGM basket price resulted in adjusted EBITDA increasing significantly to R8,043 million (US$523 million) from R880 million (US$63 million) in Q1 2019. This was also notably higher than the R3,823 million (US$260 million) adjusted EBITDA from Q4 2019, with the adjusted EBITDA margin increasing from 39% for Q4 2019 to 51% for Q1 2020. Despite the pullback in PGM prices, as a result of ongoing depreciation of the rand, the average basket price for Q2 2020 to date, has remained above R30,000/4Eoz.

The SA PGM operations have begun a phased build-up of production in line with the amended regulations in terms of the COVID-19 disaster management act. The initial phase involved the resumption of surface production and limited underground mining to supplement surface material, with the subsequent build up to 50% likely to be achieved during May 2020. Following a review of non-essential capital expenditure, forecast capital expenditure for the year has been reduced by approximately R900 million to R2,200 million. Approximately 60% of the capital reduction is related to ore reserve development which was deferred while the operations were on care and maintenance and 40% on project and other capital.

Anglo Platinum Force Majeure

On 6 March 2020, Anglo American Platinum (Anglo Platinum) announced the temporary shutdown of its converter plants and issued shut down notices pursuant to a Force Majeure event.

On 5 May 2020, Anglo American Platinum announced that it had completed the repair of its converter plant Phase B unit and that it expected to be fully operational from 12 May 2020, following which, force majeure to suppliers of concentrate will be lifted.

As a result of the completion of repairs to the Anglo Platinum converter plant, from 12 May 2020, Sibanye-Stillwater will resume delivery of concentrate from the Rustenburg, Kroondal and Platinum Mile operations to Anglo Platinum for processing as per the original agreements. The payment terms related to purchase of concentrate agreements and delivery terms of metals relating to tolling agreements, shall resume as per normal for all concentrates delivered from 12 May 2020. In addition, Sibanye-Stillwater has agreed a delivery schedule with Anglo Platinum relating to tolled metals that should have been processed and delivered during the shutdown period. Delivery of these outstanding metal credits that were locked up as a result of the Anglo converter plant failure, are expected to commence during May 2020 with the majority of outstanding metal credits expected to be delivered by the end of July 2020.

SA gold operations

Gold production of 7,405kg (238,076oz) for Q1 2020 was 66% higher than for the comparative period in 2019, which was severely impacted by the five-month AMCU strike that ended in April 2019. AISC of R741,858/kg (US$1,500/oz) was also significantly improved compared with AISC of R914,590/kg (US$2,030/oz) for Q1 2019. Gold production (excluding DRDGOLD), increased by 82% year-on-year, from 3,326kg (106,948oz) to 6,059kg (194,801oz). Production was impacted by the seasonal factors (the return to work and production build up after the December holidays) and operational disruptions caused by ESKOM power outages and the COVID related lockdown which impacted production for the last week of March 2020. The Kloof operation was also affected by a fire at Kloof 3 shaft, as well as seismicity that affected the Driefontein operation and limited access to higher grade production areas.

The return to more normalised production levels after the five months strike in H1 2019, coupled with the 35% increase in the average gold price to R795,323/kg (US$1,608/oz) resulted in a R2,737 million (US$188 million) turnaround in adjusted EBITDA, from a loss of R1,611 million (US$115 million) for Q1 2019 to R1,126 million (US$73 million) for Q1 2020 at an adjusted EBITDA margin of 19%. The rand gold price for Q2 2020 to date has averaged approximately R1,000,000/kg (US$1,680/oz), 26% higher than the average price for Q1 2020. This has positive implications for earnings and cash flow from the SA gold operations as production continues to ramp up in accordance with the amended COVID-19 regulations issued in terms of the Disaster Management Act.

As with the SA PGM operations, the build up to 50% is likely to be achieved during May. Capital expenditure for 2020 has been revised downwards by R840 million to R2,500 million, with approximately 71% of the capital reduction related to ore reserve development which was deferred while the operations were on care and maintenance, 10% on growth projects (Burnstone) and 19% on other capital projects.

Neal Froneman

Chief Executive Officer

 

 

 

SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTERS ENDED 31 MARCH 2020, 31 DECEMBER 2019 AND 31 MARCH 2019

US and SA PGM operations

               
 

 

US OPERATIONS

SA OPERATIONS

 

 

 

Total SA and US PGM operations

Total US PGM
Stillwater

Total SA PGM

Rustenburg

Marikana

Kroondal

Plat Mile

Mimosa

Attributable

 

Under - ground1

Total

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Attributable

Surface

Attributable

Production

              

Tonnes milled/treated

000't

Mar 2020

8 237

347

7 890

4 149

3 741

1 480

1 147

1 486

819

841

1 775

342

  

Dec 2019

9 000

391

8 609

4 776

3 833

1 696

1 127

1 711

849

1 011

1 857

358

  

Mar 2019

6 047

322

5 725

2 883

2 842

1 667

1 022

-

-

877

1 820

339

Plant head grade

g/t

Mar 2020

2.71

13.92

2.22

3.41

0.89

3.56

1.02

3.79

0.86

2.39

0.83

3.58

  

Dec 2019

2.76

14.05

2.25

3.36

0.87

3.59

1.03

3.62

0.94

2.44

0.75

3.57

  

Mar 2019

2.67

13.76

2.05

3.19

0.89

3.49

1.21

-

-

2.48

0.72

3.56

Plant recoveries

%

Mar 2020

77.98

90.12

74.38

83.47

35.98

84.62

29.86

84.82

45.30

82.72

19.58

73.10

  

Dec 2019

77.98

91.64

74.11

83.09

31.14

83.63

29.40

84.08

41.31

82.75

10.38

75.74

  

Mar 2019

75.93

91.80

69.82

82.83

22.64

84.32

34.24

-

-

82.89

11.65

75.53

Yield

g/t

Mar 2020

2.11

12.54

1.65

2.85

0.32

3.01

0.30

3.21

0.39

1.98

0.16

2.62

  

Dec 2019

2.16

12.88

1.67

2.79

0.27

3.00

0.30

3.04

0.39

2.02

0.08

2.70

  

Mar 2019

2.03

12.64

1.43

2.64

0.20

2.95

0.41

-

-

2.05

0.08

2.69

PGM production2

4Eoz - 2Eoz

Mar 2020

559 657

141 585

418 072

379 345

38 727

143 335

11 233

153 775

18 222

53 458

9 272

28 777

  

Dec 2019

623 568

161 849

461 719

428 160

33 559

163 717

10 973

167 692

17 939

65 627

4 647

31 124

  

Mar 2019

394 407

130 899

263 508

245 041

18 467

157 924

13 589

-

-

57 823

4 878

29 294

PGM sold

4Eoz - 2Eoz

Mar 2020

614 818

91 975

522 843

501 830

21 013

188 417

11 741

231 178

53 458

9 272

28 777

  

Dec 2019

562 487

166 218

396 269

378 356

17 913

155 359

13 266

126 246

65 627

4 647

31 124

  

Mar 2019

219 449

127 454

91 995

87 117

4 878

-

-

-

57 823

4 878

29 294

Price and costs3

              

Average PGM basket price4

R/4Eoz - R/2Eoz

Mar 2020

32 937

31 569

33 192

33 574

29 422

33 563

23 254

32 954

36 011

27 901

28 924

  

Dec 2019

23 598

23 684

23 558

23 799

22 720

23 725

18 382

23 262

25 005

20 379

21 950

  

Mar 2019

17 281

18 283

17 104

16 874

14 943

16 761

14 498

-

17 182

16 182

16 453

 

US$/4Eoz - US$/2Eoz

Mar 2020

2 142

2 053

2 158

2 183

1 913

2 182

1 512

2 143

2 341

1 814

1 881

  

Dec 2019

1 603

1 609

1 600

1 617

1 543

1 612

1 249

1 580

1 699

1 384

1 491

  

Mar 2019

1 234

1 305

1 221

1 204

1 067

1 196

1 035

-

1 226

1 155

1 174

Operating cost5

R/t

Mar 2020

1 051

5 065

824

1 560

75

1 499

182

1 323

798

41

1 034

  

Dec 2019

963

4 363

802

1 439

68

1 366

185

1 283

749

28

929

  

Mar 2019

740

4 080

541

1 004

126

1 139

305

-

748

26

978

 

US$/t

Mar 2020

68

329

54

101

5

97

12

86

52

3

67

  

Dec 2019

65

296

55

98

5

93

13

87

51

2

63

  

Mar 2019

53

291

39

72

9

81

22

-

53

2

70

 

R/4Eoz - R/2Eoz

Mar 2020

15 028

12 414

15 979

16 941

7 269

15 474

18 588

17 731

12 561

7 841

12 288

  

Dec 2019

14 054

10 541

15 375

16 017

7 780

14 151

18 974

17 699

11 538

11 384

10 690

  

Mar 2019

11 575

10 038

12 434

11 835

19 441

12 018

22 932

-

11 335

9 717

11 320

 

US$/4Eoz - US$/2Eoz

Mar 2020

977

807

1 039

1 101

473

1 006

1 209

1 153

817

510

799

  

Dec 2019

955

716

1 044

1 088

529

961

1 289

1 202

784

773

726

  

Mar 2019

826

716

888

845

1 388

858

1 637

-

809

694

808

All-in sustaining cost6

R/4Eoz - R/2Eoz

Mar 2020

15 948

13 756

16 745

 

 

18 255

17 128

12 619

8 251

12 701

  

Dec 2019

14 336

11 747

15 309

  

14 499

17 409

11 713

12 610

11 538

  

Mar 2019

11 780

11 671

11 841

  

12 211

-

10 916

9 779

11 857

 

US$/4Eoz - US$/2Eoz

Mar 2020

1 037

894

1 089

 

 

1 187

1 114

820

536

826

  

Dec 2019

974

798

1 040

  

985

1 183

796

857

784

  

Mar 2019

841

833

845

  

872

-

779

698

846

All-in cost6

R/4Eoz - R/2Eoz

Mar 2020

17 193

18 322

16 782

 

 

18 255

17 140

12 619

9 566

12 701

  

Dec 2019

15 321

15 228

15 355

  

14 509

17 457

11 713

14 633

11 538

  

Mar 2019

12 901

14 781

11 851

  

12 211

-

10 916

10 250

11 857

 

US$/4Eoz - US$/2Eoz

Mar 2020

1 118

1 191

1 091

 

 

1 187

1 114

820

622

826

  

Dec 2019

1 041

1 035

1 043

  

986

1 186

796

994

784

  

Mar 2019

921

1 054

846

  

872

-

779

732

846

Capital expenditure3

              

Ore reserve development

Rm

Mar 2020

608.0

264.9

343.1

 

 

144.1

199.0

-

-

-

  

Dec 2019

551.1

215.0

336.1

  

113.9

222.2

-

-

-

  

Mar 2019

432.9

312.3

120.6

  

120.6

-

-

-

-

Sustaining capital

 

Mar 2020

311.9

86.7

225.2

 

 

97.6

86.4

40.4

0.6

76.9

  

Dec 2019

613.4

139.5

473.9

  

96.3

295.1

79.3

2.9

104.7

  

Mar 2019

85.0

29.0

56.0

  

27.3

-

25.2

3.5

72.5

Corporate and projects

 

Mar 2020

658.6

646.4

12.2

 

 

-

-

-

12.2

-

  

Dec 2019

573.7

563.4

10.3

  

1.8

(0.9)

-

9.4

-

  

Mar 2019

409.4

407.1

2.3

  

-

-

-

2.3

-

Total capital expenditure

Rm

Mar 2020

1 578.5

998.0

580.5

 

 

241.7

285.4

40.4

12.8

76.9

  

Dec 2019

1 738.2

917.9

820.3

  

212.0

516.4

79.3

12.3

104.7

  

Mar 2019

927.3

748.3

178.9

  

147.9

-

25.2

5.8

72.5

 

US$m

Mar 2020

102.6

64.9

37.7

 

 

15.7

18.6

2.6

0.8

5.0

  

Dec 2019

118.1

62.4

55.7

  

14.4

35.1

5.4

0.8

7.1

  

Mar 2019

66.2

53.4

12.8

  

10.6

-

1.8

0.4

5.2

Average exchange rates for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 were R15.38/US$, R14.72/US$ and R14.01/US$, respectively

Figures may not add as they are rounded independently

1 The US PGM operations’ underground production is converted to metric tonnes and performance is translated into SA rand. In addition to the US PGM operations’ underground production, the operation treats various recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below

2 Production per product – see prill split in the table below

3 The Group and total SA PGM operations’ unit cost benchmarks and capital exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales

4 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment

5 Operating cost is the average cost of production and 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

6 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 production in the same period

 

Mining – Prill split excluding recycling operations

                   

 

GROUP

SA OPERATIONS

US OPERATIONS

 

Mar 2020

Dec 2019

Mar 2019

Mar 2020

Dec 2019

Mar 2019

Mar 2020

Dec 2019

Mar 2019

  

%

 

%

 

%

 

%

 

%

 

%

 

%

 

%

 

%

Platinum

281 209

50%

309 659

50%

182 573

46%

249 415

60%

273 444

59%

153 109

58%

31 794

22%

36 215

22%

29 464

23%

Palladium

234 337

42%

264 790

42%

183 665

47%

124 546

30%

139 156

30%

82 231

31%

109 791

78%

125 634

78%

101 435

77%

Rhodium

36 160

7%

40 659

7%

22 533

6%

36 160

8%

40 659

9%

22 533

9%

 

 

    

Gold

7 951

1%

8 460

1%

5 634

1%

7 951

2%

8 460

2%

5 634

2%

 

 

    

PGM production 4E/2E

559 657

100%

623 568

100%

394 407

100%

418 072

100%

461 719

100%

263 508

100%

141 585

100%

161 849

100%

130 899

100%

Ruthenium

58 908

 

65 202

 

35 604

 

58 908

 

65 202

 

35 604

 

 

 

    

Iridium

14 506

 

16 405

 

8 169

 

14 506

 

16 405

 

8 169

 

 

 

    

Total 6E/2E

633 071

 

705 175

 

438 180

 

491 486

 

543 326

 

307 281

 

141 585

 

161 849

 

130 899

 

Recycling operation

     

 

Unit

Mar 2020

Dec 2019

Mar 2019

Average catalyst fed/day

Tonne

28.0

29.8

25.6

Total processed

Tonne

2 547

2 742

2 303

Tolled

Tonne

262

409

581

Purchased

Tonne

2 285

2 333

1 722

PGM fed

3Eoz

221 798

229 540

201 289

PGM sold

3Eoz

133 714

215 588

183 795

PGM tolled returned

3Eoz

31 062

29 136

15 761

 

SA gold operations

               

 

 

 

SA OPERATIONS

 

 

 

 

Total SA gold

Driefontein

Kloof

Beatrix

Cooke

DRDGOLD

 

Total

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Surface

Production

              

Tonnes milled/treated

000't

Mar 2020

9 894

1 191

8 703

325

-

414

1 064

452

7

-

1 072

6 560

  

Dec 2019

10 748

1 393

9 355

356

-

500

1 330

528

66

9

1 131

6 828

  

Mar 2019

9 329

411

8 918

30

8

190

1 627

174

456

17

1 153

5 674

Yield

g/t

Mar 2020

0.75

4.51

0.23

5.77

-

4.85

0.37

3.29

0.29

-

0.28

0.21

  

Dec 2019

0.87

5.01

0.25

6.71

-

5.19

0.35

3.78

0.38

0.44

0.30

0.23

  

Mar 2019

0.48

5.29

0.26

3.01

0.38

7.95

0.37

3.26

0.50

0.35

0.28

0.20

Gold produced

kg

Mar 2020

7 405

5 369

2 036

1 875

-

2 007

391

1 487

2

-

297

1 346

  

Dec 2019

9 349

6 984

2 365

2 390

-

2 593

460

1 997

25

4

336

1 544

  

Mar 2019

4 456

2 174

2 282

90

3

1 510

600

567

227

6

323

1 130

 

oz

Mar 2020

238 076

172 617

65 459

60 283

-

64 526

12 571

47 808

64

-

9 549

43 275

  

Dec 2019

300 578

224 541

76 037

76 840

-

83 367

14 789

64 205

804

129

10 803

49 641

  

Mar 2019

143 278

69 896

73 382

2 905

96

48 558

19 278

18 240

7 295

193

10 383

36 330

Gold sold

kg

Mar 2020

7 590

5 424

2 166

1 853

-

1 977

404

1 594

4

-

296

1 462

  

Dec 2019

10 158

7 728

2 430

2 730

-

2 810

505

2 182

29

6

382

1 514

  

Mar 2019

4 373

2 130

2 243

88

3

1 482

585

554

195

6

341

1 119

 

oz

Mar 2020

244 024

174 385

69 639

59 575

-

63 562

12 989

51 248

129

-

9 517

47 004

  

Dec 2019

326 586

248 460

78 126

87 771

-

90 343

16 236

70 153

932

193

12 282

48 676

  

Mar 2019

140 593

68 480

72 113

2 829

96

47 647

18 808

17 811

6 269

193

10 963

35 977

Price and costs

              

Gold price received

R/kg

Mar 2020

795 323

 

 

768 484

770 727

781 977

757 432

786 662

  

Dec 2019

669 797

  

657 985

657 044

652 103

690 206

698 943

  

Mar 2019

588 040

  

582 418

571 505

572 630

593 372

588 114

 

US$/oz

Mar 2020

1 608

 

 

1 554

1 559

1 581

1 532

1 591

  

Dec 2019

1 415

  

1 390

1 388

1 378

1 458

1 477

  

Mar 2019

1 306

  

1 293

1 269

1 271

1 317

1 306

Operating cost1

R/t

Mar 2020

475

3 031

125

3 694

-

3 489

199

2 130

329

-

157

108

  

Dec 2019

447

2 630

122

3 322

-

3 050

193

1 805

98

233

150

104

  

Mar 2019

421

6 883

123

27 157

1 138

6 649

176

4 301

154

159

121

104

 

US$/t

Mar 2020

31

197

8

240

-

227

13

138

21

-

10

7

  

Dec 2019

30

179

8

226

-

207

13

123

7

16

10

7

  

Mar 2019

30

491

9

1 938

81

475

13

307

11

11

9

7

 

R/kg

Mar 2020

634 490

672 378

534 578

640 267

-

719 631

541 432

647 478

1 150 000

-

568 350

524 220

  

Dec 2019

513 809

524 470

482 326

494 895

-

588 160

559 130

477 216

260 000

525 000

504 762

458 549

  

Mar 2019

881 009

1 301 321

480 665

9 016 257

3 033 333

836 440

477 476

1 319 155

309 835

450 000

431 949

523 009

 

US$/oz

Mar 2020

1 283

1 360

1 081

1 295

-

1 455

1 095

1 309

2 326

-

1 149

1 060

  

Dec 2019

1 086

1 108

1 019

1 046

-

1 243

1 181

1 008

549

1 109

1 067

969

  

Mar 2019

1 956

2 889

1 067

20 017

6 734

1 857

1 060

2 929

688

999

959

1 161

All-in sustaining cost2

R/kg

Mar 2020

741 858

 

 

790 772

812 516

746 621

634 459

580 506

  

Dec 2019

621 943

  

639 121

710 950

563 908

547 423

499 075

  

Mar 2019

914 590

  

9 242 857

761 877

1 104 806

444 669

546 023

 

US$/oz

Mar 2020

1 500

 

 

1 599

1 643

1 510

1 283

1 174

  

Dec 2019

1 314

  

1 350

1 502

1 192

1 157

1 055

  

Mar 2019

2 030

  

20 520

1 691

2 453

987

1 212

All-in cost2

R/kg

Mar 2020

757 892

 

 

790 772

825 787

746 746

634 459

582 627

  

Dec 2019

636 100

  

639 121

723 801

564 315

547 423

498 877

  

Mar 2019

935 925

  

9 242 857

762 119

1 105 340

444 669

556 390

 

US$/oz

Mar 2020

1 533

 

 

1 599

1 670

1 510

1 283

1 178

  

Dec 2019

1 344

  

1 350

1 529

1 192

1 157

1 054

  

Mar 2019

2 078

  

20 520

1 692

2 454

987

1 235

Capital expenditure

              

Ore reserve development

Rm

Mar 2020

529.3

 

 

204.4

216.3

108.6

-

-

  

Dec 2019

502.4

  

214.7

190.5

97.2

-

-

  

Mar 2019

28.8

  

1.4

25.3

2.1

-

-

Sustaining capital

 

Mar 2020

215.6

 

 

60.9

81.5

26.2

-

47.0

  

Dec 2019

294.1

  

79.2

154.7

33.0

-

27.2

  

Mar 2019

34.5

  

6.5

14.4

10.6

-

3.0

Corporate and projects3

 

Mar 2020

41.9

 

 

-

31.6

0.2

-

3.1

  

Dec 2019

63.8

  

-

42.6

0.9

-

(0.3)

  

Mar 2019

13.9

  

-

0.5

0.4

-

11.6

Total capital expenditure

Rm

Mar 2020

787.0

 

 

265.3

329.5

135.1

-

50.1

  

Dec 2019

860.2

  

293.9

387.8

131.1

-

26.9

  

Mar 2019

77.4

  

7.9

40.2

13.1

-

14.6

 

US$m

Mar 2020

51.2

 

 

17.2

21.4

8.8

-

3.3

  

Dec 2019

58.4

  

20.0

26.3

8.9

-

1.8

  

Mar 2019

5.5

  

0.6

2.9

0.9

-

1.0

Average exchange rates for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 were R15.38/US$, R14.72/US$ and R14.01/US$, respectively

Figures may not add as they are rounded independently

1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold produced in the same period

2 All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) is calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period

3 Corporate project expenditure for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 was R7.0 million (US$0.5 million), R20.5 million (US$1.4 million) and R1.3 million (US$0.1 million), respectively. The majority of this expenditure was on the Burnstone project

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 2020 quarter

Dec 2019 quarter

Mar 2019 quarter

 

Reef

    

Stillwater incl Blitz

East Boulder

    

Stillwater incl Blitz

East Boulder

    

Stillwater incl Blitz

East Boulder

Stillwater

Unit

                  

Primary development (off reef)

(m)

    

1 355

748

    

1 615

1 019

    

2 267

843

Secondary development

(m)

    

2 849

929

    

2 085

532

    

2 773

916

                    

SA PGM operations

Mar 2020 quarter

Dec 2019 quarter

Mar 2019 quarter

 

Reef

  

Batho-pele

Thembe-lani

Khuse-leka

Siphume-lele

  

Batho-pele

Thembe-lani

Khuse-leka

Siphume-lele

  

Batho-pele

Thembe-lani

Khuse-leka

Siphume-lele

Rustenburg

Unit

                  

Advanced

(m)

  

291

1 137

2 487

838

  

347

1 150

3 189

946

  

245

1 401

2 355

849

Advanced on reef

(m)

  

154

455

613

322

  

347

494

1 203

452

  

245

433

751

455

Height

(cm)

  

204

290

284

192

  

216

282

289

285

  

221

281

288

289

Average value

(g/t)

  

2.3

2.5

2.4

3.1

  

2.6

2.4

2.3

3.1

  

1.3

2.4

2.4

3.0

 

(cm.g/t)

  

470

715

668

586

  

566

671

655

873

  

293

676

704

879

SA PGM operations

Mar 2020 quarter

Dec 2019 quarter

Mar 2019 quarter

 

Reef

K3

Rowland

Saffy

E3

4B

Hossy, E1 & W1

K3

Rowland

Saffy

E3

4B

Hossy, E1 & W1

K3

Rowland

Saffy

E3

4B

Hossy, E1 & W1

Marikana

Unit

                  

Primary development

(m)

7 415

4 618

4 559

989

1 483

 

9 405

6 668

4 309

1 005

1 562

       

Primary development - on reef

(m)

5 859

3 629

3 110

750

1 062

 

6 874

5 372

2 865

592

1 003

       

Height

(cm)

217

217

219

221

216

 

217

217

199

235

221

       

Average value

(g/t)

3.2

2.7

2.6

2.5

2.5

 

2.8

2.7

2.6

2.7

2.5

       
 

(cm.g/t)

692

595

569

561

534

 

607

586

507

631

544

       

SA PGM operations

Mar 2020 quarter

Dec 2019 quarter

Mar 2019 quarter

 

Reef

 

Kopa-neng

Simun-ye

Bamba-nani

Kwezi

K6

 

Kopa-neng

Simun-ye

Bamba-nani

Kwezi

K6

 

Kopa-neng

Simun-ye

Bamba-nani

Kwezi

K6

Kroondal

Unit

                  

Advanced

(m)

 

602

172

627

348

519

 

685

316

685

792

497

 

556

386

520

734

577

Advanced on reef

(m)

 

165

111

595

125

387

 

435

267

616

520

422

 

556

368

484

554

577

Height

(cm)

 

247

217

207

217

235

 

240

220

209

219

233

 

238

219

209

241

240

Average value

(g/t)

 

2.3

2.7

3.0

3.0

2.3

 

1.6

2.2

2.6

1.8

1.6

 

2.0

2.7

2.7

2.0

2.5

 

(cm.g/t)

 

571

594

621

655

538

 

383

474

547

384

379

 

469

594

563

479

587

                    

SA gold operations

Mar 2020 quarter

Dec 2019 quarter

Mar 2019 quarter

 

Reef

  

Black Reef

Carbon
leader

Main

VCR

  

Black Reef

Carbon
leader

Main

VCR

  

Black Reef

Carbon
leader

Main

VCR

Driefontein

Unit

                  

Advanced

(m)

   

840

230

890

   

1 165

256

890

    

7

64

Advanced on reef

(m)

   

147

92

78

   

278

113

91

    

7

 

Channel width

(cm)

   

95

53

106

   

62

45

36

    

87

 

Average value

(g/t)

   

10.3

11.2

10.6

   

13.7

11.9

54.0

    

7.9

 
 

(cm.g/t)

   

975

590

1 119

   

846

538

1 946

    

684

 
                    

SA gold operations

Mar 2020 quarter

Dec 2019 quarter

Mar 2019 quarter

 

Reef

 

Cobble

Kloof

Main

Libanon

VCR

 

Cobble

Kloof

Main

Libanon

VCR

 

Cobble

Kloof

Main

Libanon

VCR

Kloof

Unit

                  

Advanced

(m)

  

1 184

476

67

1 450

  

1 215

621

81

1 478

  

575

266

 

236

Advanced on reef

(m)

  

209

56

47

227

  

283

62

75

216

  

330

104

 

84

Channel width

(cm)

  

109

116

178

95

  

150

59

173

126

  

151

113

 

85

Average value

(g/t)

  

7.0

10.9

6.1

8.6

  

8.0

16.0

4.6

2.8

  

8.7

12.7

 

18.7

 

(cm.g/t)

  

763

1 271

1 089

814

  

1 205

942

799

348

  

1,314

1,435

 

1,591

                    

SA gold operations

Mar 2020 quarter

Dec 2019 quarter

Mar 2019 quarter

 

Reef

    

Beatrix

Kalkoenkrans

    

Beatrix

Kalkoenkrans

    

Beatrix

Kalkoenkrans

Beatrix

Unit

                  

Advanced

(m)

    

3 150

159

    

3 734

264

    

536

 

Advanced on reef

(m)

    

1 040

70

    

1 082

105

    

421

 

Channel width

(cm)

    

169

137

    

174

86

    

127

 

Average value

(g/t)

    

9.9

17.2

    

9.3

15.4

    

10.3

 
 

(cm.g/t)

    

1 681

2 362

    

1 619

1 325

    

1,314

 

 

ADMINISTRATION AND CORPORATE INFORMATION

 

   

SIBANYE STILLWATER LIMITED

(“Sibanye-Stillwater”, “the Company” and/or “the Group”)

Incorporated in the Republic of South Africa

Registration number 2014/243852/06

Share codes: SSW and SBSW

Issuer code: SSW

ISIN: ZAE000259701

LISTINGS

JSE: SSW

NYSE: SBSW

WEBSITE

www.sibanyestillwater.com

 

REGISTERED OFFICE

Constantia Office Park

Bridgeview House, Building 11, Ground Floor

Cnr 14th Avenue & Hendrik Potgieter Road

Weltevreden Park 1709

South Africa

Private Bag X5

Westonaria 1780

South Africa

Tel: +27 11 278 9600

Fax: +27 11 278 9863

INVESTOR ENQUIRIES

James Wellsted

Senior Vice President: Investor Relations

Cell: +27 83 453 4014

Tel: +27 10 493 6923

Email:

[email protected] or [email protected]

CORPORATE SECRETARY

Lerato Matlosa

Tel: +27 10 493 6921

Email: [email protected]

DIRECTORS

Dr. Vincent Maphai1 (Chairman)

Neal Froneman (CEO)

Charl Keyter (CFO)

Dr. Elaine Dorward-King1

Harry Kenyon-Slaney1

Jerry Vilakazi1

Keith Rayner1

Nkosemntu Nika1

Richard Menell1,2

Savannah Danson1

Susan van der Merwe1

Timothy Cumming1

1 Independent non-executive

2 Lead Independent director

 

JSE SPONSOR

JP Morgan Equities South Africa Proprietary Limited

Registration number 1995/011815/07

1 Fricker Road

Illovo

Johannesburg 2196

South Africa

Private Bag X9936

Sandton 2196

South Africa

AUDITORS

Ernst & Young Inc. (EY)

102 Rivonia Road

Sandton

2146

South Africa

Tel: +27 11 772 3000

In Europe:

Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

AMERICAN DEPOSITORY

RECEIPTS TRANSFER AGENT

BNY Mellon Shareowner Services

PO Box 358516

Pittsburgh

PA15252-8516

US toll-free: +1 888 269 2377

Tel: +1 201 680 6825

Email:

[email protected]

Tatyana Vesselovskaya

Relationship Manager

BNY Mellon

Depositary Receipts

Direct Line: +1 212 815 2867

Mobile: +1 203 609 5159

Fax: +1 212 571 3050

Email:

[email protected]

TRANSFER SECRETARIES

SOUTH AFRICA

Computershare Investor Services Proprietary Limited

Rosebank Towers

15 Biermann Avenue

Rosebank 2196

PO Box 61051

Marshalltown 2107

South Africa

Tel: +27 11 370 5000

Fax: +27 11 688 5248

FORWARD-LOOKING STATEMENT

The information in this document 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.

All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements also often use words such as “will”, “forecast”, “potential”, “estimate”, “expect”, “plan”, “anticipate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, our future business prospects; financial positions; debt position and our ability to reduce debt leverage; business, political and social conditions in the United States, South Africa, Zimbabwe and elsewhere; plans and objectives of management for future operations; our ability to obtain the benefits of any streaming arrangements or pipeline financing; our ability to service our bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of their current mineral reserves and resources; the ability to achieve anticipated efficiencies and other cost savings in connection with past, ongoing and future acquisitions, as well as at existing operations; our ability to achieve steady state production at the Blitz project; the success of Sibanye-Stillwater’s business strategy; exploration and development activities; the ability of Sibanye-Stillwater to comply with requirements that they operate in a sustainable manner; changes in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial action; the availability, terms and deployment of capital or credit; changes in relevant government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretations thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; the ability to hire and retain senior management or sufficient technically skilled employees, as well as their ability to achieve sufficient representation of historically disadvantaged South Africans in management positions; failure of information technology and communications systems; the adequacy of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as coronavirus (“COVID-19”). Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report 2019 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2019.

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).

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SRC Mining & Special Situations ZertifikatSRC Mining & Special Situations Zertifikat

Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

You can change your mind at any time by clicking on the Unsubscribe link, which you can find in the footer of every email you receive from us, or by contacting us at [email protected] We will treat your information with care and respect. For more information about our privacy practices, visit our website. By clicking below, you agree that we may process your information in accordance with these Terms.

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