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Salient Features - Quarter ended 31 March 2021 (Q1 2021) compared to quarter ended 31 March 2020 (Q1 2020)

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Johannesburg, 6 May 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW & NYSE: SBSW - https://www.commodity-tv.com/ondemand/companies/profil/sibanye-stillwater-ltd/) is pleased to provide an operating update for the quarter ended 31 March 2021 (Q1 2021). Financial results are only provided on a six-monthly basis.

SALIENT FEATURES - QUARTER ENDED 31 MARCH 2021 (Q1 2021) COMPARED TO QUARTER ENDED 31 MARCH 2020 (Q1 2020)

  • Record quarterly financial performance - 78% increase in adjusted EBITDA3 to R19.8 billion (US$1.3 billion)
  • Solid operational results from all segments – pre-COVID (Q1 2020) production levels exceeded
    • 9% increase from the US PGM operations to 154,350 2E oz
    • 6% increase from the SA PGM operations to 444,609 4E oz
    • 5% increase from the SA gold operations to 249,392 oz (7,757kg)
  • Precious metals fundamentals remain positive with prices well supported
  • Robust Group financial position - well positioned for continued delivery of value
         

US dollar

     

SA rand

Quarter ended

     

Quarter ended

Mar 2020

Dec 2020

Mar 2021

 

KEY STATISTICS

 

Mar 2021

Dec 2020

Mar 2020

    

UNITED STATES (US) OPERATIONS

    
    

PGM operations1,2

    

 141,585

 157,492

 154,350

oz

2E PGM production2

kg

 4,801

 4,899

 4,404

 221,798

 240,037

 195,474

oz

PGM recycling1

kg

 6,080

 7,466

 6,899

 2,053

 2,033

 2,128

US$/2Eoz

Average basket price

R/2Eoz

 31,835

 31,735

 31,569

 133.8

 246.9

 220.1

US$m

Adjusted EBITDA3

Rm

 3,292.6

 3,854.5

 2,058.6

 30

 30

 23

%

Adjusted EBITDA margin3

%

 23

 30

 30

 894

 891

 920

US$/2Eoz

All-in sustaining cost4

R/2Eoz

 13,763

 13,911

 13,756

    

SOUTHERN AFRICA (SA) OPERATIONS

    
    

PGM operations2

    

 418,072

 490,964

 444,609

oz

4E PGM production2

kg

 13,829

 15,271

 13,004

 2,158

 2,582

 3,524

US$/4Eoz

Average basket price

R/4Eoz

 52,722

 40,310

 33,192

 523.0

 687.8

 1,021.4

US$m

Adjusted EBITDA3

Rm

 15,280.3

 10,737.3

 8,043.1

 51

 62

 66

%

Adjusted EBITDA margin3

%

 66

 62

 51

 1,089

 1,160

 1,322

US$/4Eoz

All-in sustaining cost4

R/4Eoz

 19,771

 18,102

 16,745

    

Gold operations

    

 238,076

 290,000

 249,392

oz

Gold production

kg

 7,757

 9,020

 7,405

 1,608

 1,858

 1,782

US$/oz

Average gold price

R/kg

 857,126

 932,341

 795,323

 73.2

 183.8

 92.0

US$m

Adjusted EBITDA3

Rm

 1,375.8

 2,869.2

 1,125.8

 19

 34

 21

%

Adjusted EBITDA margin3

%

 21

 34

 19

 1,500

 1,382

 1,606

US$/oz

All-in sustaining cost4

R/kg

 772,572

 693,574

 741,858

    

GROUP

    

 723.8

1,106.9

 1,325.3

US$m

Adjusted EBITDA3

Rm

 19,826.1

 17,278.8

 11,131.8

 15.38

 15.61

 14.96

R/US$

Average exchange rate using daily closing rate

    
  • The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace
  • 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)
  • The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the revolving credit facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity. For a reconciliation of profit(loss) before royalties and tax to adjusted EBITDA see “Adjusted EBITDA reconciliation – Quarters”. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
  • See “Salient features and cost benchmarks – Quarters” for the definition of All-in sustaining cost (AISC)
    

Stock data for the quarter ended 31 March 2021

JSE Limited - (SSW)

Number of shares in issue

 

Price range per ordinary share (high/low)

R55.21 to R74.67

- at 31 March 2021

 2,954,975,358

Average daily volume

17,440,514

- weighted average

 2,936,651,523

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

Free Float

99%

Price range per ADR (high/low)

 US$14.30 to US$20.04

Bloomberg/Reuters

SSWSJ/SSWJ.J

Average daily volume

2,977,873

OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2021 COMPARED TO QUARTER ENDED 31 MARCH 2020

The start to the year has been extremely positive, with the operational momentum from Q4 2020 (following normalisation of the operations post COVID-19 disruptions), carrying through into 2021. Despite ongoing adherence to COVID-19 protocols - with the South African (SA) operations in particular having to manage the health and safety challenges associated with the second wave of COVID-19 infections which affected the country in January 2021 - the SA gold, SA PGM and US PGM segments, all reported higher production year-on-year#.

This positive operational performance underpinned a record quarterly financial performance, with Group adjusted EBITDA of R19,826 million (US$1,325 million) for Q1 2021 78% higher than adjusted EBITDA for Q1 2020 of R11,132 million (US$724 million), which was then a record quarter for the Group. The SA PGM operations in particular benefited from a strong operational performance and sharply higher PGM prices, delivering a 90% increase in adjusted EBITDA to R15,280 million (US$1,021 million) from R8,043 million (US$523 million) for Q1 2020.

Notably, adjusted EBITDA generated by the SA PGM operations for this quarter, is higher than the total acquisition costs of these operations, emphasising the significant return on investment already delivered and the future windfalls stakeholders can continue to expect. With the 4E PGM basket having increased further during Q2 2021, the outlook for the year is very promising.

Precious metals prices remained strong during Q1 2021, with palladium and rhodium prices again reaching record levels, supported by ongoing supply disruptions and strong physical demand. For the US PGM operations, the 2E PGM basket price averaged US$2,128/2Eoz for Q1 2021, 4% higher than for Q1 2020, with the 4E PGM basket for the SA PGM operations 59% higher year-on-year at R52,722/4Eoz (US$3,524/4Eoz) and the average rand gold price, 8% higher at R857,126/kg (US$1,782/oz).

PGM prices have risen further in Q2 2021 to date, with the gold price remaining firm. PGM markets remain tight with the fundamental outlook for these metals positive. In the medium term, the roll out of COVID-19 vaccines across the globe continues and stimulus measures drive global economic recovery. Longer term our PGMs and green metals are expected to continue to play a critical role as global sentiment shifts towards a more environmentally conscious future.

As a consequence of our rapid growth in the PGM industry along with the significant outperformance of PGM prices relative to most commodities in recent years, the PGM operations’ contribution to the Group’s financial performance is predominant. We therefore continue to seek more balance in our portfolio by advancing our green metals strategy, with our first investment into the Keliber lithium project in Finland in March 2021, and through our stated intent to grow our gold portfolio internationally. Re-balancing our investment portfolio should ensure greater earnings consistency through the cycle and create a larger, more stable investment proposition, which will be relevant to a broader and deeper pool of investors.

The Group achieved full financial deleveraging and resumed industry leading dividends during 2020. Given a stable operational outlook and favourable precious metals fundamentals, the outlook for 2021 and beyond is expected to be positive. The enlarged Group is now in a robust financial position and well positioned to continue delivering superior financial returns through the implementation of our capital allocation strategy.

It has been pleasing to see the Group successfully deliver on its vision to create superior value for all stakeholders since its inception in 2013. For shareholders specifically, exceptional value has been created both through the over 500% appreciation in the share price (20 fold increase in market capitalisation from approximately R10 billion (US$1.2 billion) on listing, to approximately R200 billion (US$15 billion) and also through the approximately R15 billion (US$1 billion) in dividends returned to shareholders over the last eight years. The total dividend of just under R11 billion (US$729 million), declared for the 2020 year alone, was greater than the Group’s market capitalisation when it listed in 2013, illustrating the significant transformation the Group has undergone in the last eight years and the tangible value that has been created.

At the same time, we have been able to invest significantly in the sustainability of our operations – in SA, recently announcing investment of approximately R6.3 billion in projects at both our PGM and gold segments and in the US continuing to invest in growth at Blitz (Stillwater East). These investments will secure employment and deliver significant economic value to all stakeholders over the long term.

# The operational performance from the SA gold and PGM operations is seasonal due to the December holiday period, which affects production in the first quarter of each calendar year, hence year-on-year comparisons are made

Note: Certain information presented in this quarterly update constitutes pro forma financial information as per the JSE Listing Requirements. The responsibility for preparing and presenting the pro forma financial information, its completeness and accuracy is that of the directors of Sibanye Stillwater. The information is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present the Company’s financial position, changes in equity, and results of operations or cash flows. The information has not been audited or reviewed or reported on by external auditors of the Company

SAFE PRODUCTION

The health and safety of our employees remains our key priority and we remain committed to continuous improvement in health and safety at our operations.

The safe production performance from the US PGM operations for Q1 2021 improved significantly year-on-year, with a total reportable injury frequency rate (TRIFR) per million hours worked, 34% better in Q1 2021 compared to Q1 2020. The US PGM operations reported another successive, fatality free quarter.

The SA PGM operations achieved 2 million fatality free shifts on 2 March 2021 and had no fatal incidents during Q1 2021, although regressions in other safety metrics are of concern and are being prioritised.

Regrettably, we lost three of our colleagues at the SA gold operations during the quarter.

On 8 January 2021, Mr Mhlangabezi Tulumani, a Team Leader at Kloof Thuthukani shaft, was fatally injured when he fell down a development ore pass, whilst in the process of constructing a platform. Mr Tulumani was 45 years old, single and is survived by 2 children. On 11 February 2021 Mr Thamsanqa Papinyana, a Team Leader at Thuthukani shaft, was involved in a gravity related fall of ground, whilst conducting barring activities. Mr Papinyana was 51 years old and is survived by his wife and four children. On 29 March 2021, Mr Albert Mkhabela a Rock Drill Operator, at Kloof Hlalanathi shaft was involved in a seismic related fall of ground. Mr Mkhabela was 43 years old and is survived by his wife and three children. Our heartfelt condolences are extended to the families, friends and colleagues of our three deceased colleagues. All incidents have been investigated together with the relevant stakeholders and appropriate support has been provided to the families and children who will benefit from the Matshediso trust.

The roll out of COVID-19 vaccines in Montana is proceeding, with a number of employees having already been inoculated. Progress in South Africa has been slow, but is gaining momentum, and the classification of mining employees as essential workers and their inclusion in the upcoming second phase (due to commence in May 2021) of the vaccine roll out programme, is positive. We continue to offer our services and assistance with the vaccine roll out to the SA government, but to date have not received approval to do so.

OPERATING REVIEW

US PGM operations

Mined 2E PGM production for Q1 2021 of 154,350 2Eoz was 9% higher than for Q1 2020. Mined production from the Stillwater Mine (including Stillwater East (SWE)) was 92,271 2Eoz, 11% higher than for Q1 2020, with mined production from East Boulder (EB) of 62,079 2Eoz, 7% higher than for Q1 2020. Tonnes milled for Q1 2021 totaled 389,068 tonnes, 12% higher than for Q1 2020. Plant head grade of 13.5 g/t for Q1 2021 was 3% lower than for Q1 2020. Head grade challenges were largely attributed to lower than expected heading availability.

All-in sustaining cost (AISC) of US$920/2Eoz for Q1 2021 was 3% higher than for the comparable period in 2020, primarily due to higher sustaining capital expenditure of US$37 million for Q1 2021. This compares with US$23 million in sustaining capital expediture for Q1 2020. Higher royalties, insurance and taxes also contributed US$47 per ounce to the year-on-year increase, driven by higher US$ PGM prices (3E) and the previously noted increase in mine production.

Consistent with the revised SWE (Blitz) plan and to improve mining flexibility at the US PGM operations, total development increased by 37% year-on-year to 8,037 metres. Total development for SWE of 2,153 metres was 79% higher than Q1 2020.

The average 2E PGM basket price of US$2,128/2Eoz for Q1 2021, was 4% higher than for the comparable period in 2020, which, together with increased mine production from the US PGM operations resulted in adjusted EBITDA increasing by 65% to US$220 million. The recycling operation contributed US$24 million of the total. The combined EBITDA margin of 23% for Q1 2021 was lower than for Q1 2020 as a result of the larger proportionate contribution of the recycling business to adjusted EBITDA.

Given the ongoing planned rebuild of electric furnace 1 (EF1), which is ahead of schedule, recycle feed rates were reduced resulting in an inventory build-up of 553 tonnes during the quarter. Once EF1 and EF2 are running at capacity, following the rebuild during May 2021, an accelerated feed of the recycled inventory is expected, yielding a concomitant reduction in this readily available and liquid inventory. This is anticipated from June 2021 onwards and should see recycle inventory being drawn down to a more normalised level of 200 – 300 tonnes. Recycle advances amounted to US$731 million at the end of the quarter, generating a positive net-interest carry well above current balance sheet interest rates.

SA PGM operations

The SA PGM operations delivered another very solid operating performance, which together with a higher 4E PGM basket price, resulted in another record financial result from the segment.

4E PGM production of 444,609oz for Q1 2021 was 6% higher than for the comparable period in 2020. AISC of R19,771/4Eoz (US$1,322/4Eoz) was 18% higher than for Q1 2020, primarily due to significantly higher cost of purchasing concentrate (PoC) from third parties. The processing of PoC contributed R350 million (US$23 million) at a margin of 22% to the Marikana adjusted EBITDA. Adjusting for these higher PoC costs, AISC of the underlying operations are R17,738/4Eoz (US$1,186/4Eoz). Higher royalty taxes added R1,151/4Eoz (US$77/4Eoz) to AISC compared with Q1 2020, due to the higher PGM prices. 

The average 4E PGM basket price of R52,722/4Eoz (US$3,524/4Eoz) for Q1 2021 was 59% higher than for Q1 2020, primarily due to due to a significant increase in the rhodium price (up 127% year-on-year) and the platinum price (up 28% year-on-year).

As a result of higher production and the significant increase in the 4E PGM basket price, adjusted EBITDA increased by 90% to R15,280 million (US$1,021 million) from R8,043 million (US$523 million) for Q1 2020, which was a record at the time. The adjusted EBITDA margin for Q1 2021 increased to 66% from 51% for the comparable period in 2020.

4E PGM production from the Rustenburg operation was 2% higher than for Q1 2020 at 156,956 4Eoz, with an increase in production from surface sources, offsetting marginally lower underground production. AISC from the Rustenburg operations increased by 4% to R19,002/4Eoz (US$1,270/4Eoz), year-on-year, despite the impact of higher royalties and taxes (due to the significantly improved margins) and above inflation electricity price increases, with an improvement in plant recoveries an offsetting factor.

The Kroondal operation continued to perform steadily, with 4E PGM production of 53,046 4Eoz for Q1 2021, 1% lower than comparable period in 2020. Despite marginally lower production and inflation increases, AISC of R12,137/4Eoz (US$811/4Eoz), was 4% lower than for the comparable period in 2020.

4E PGM production from the Marikana operation of 193,995 4Eoz for Q1 2021, was 13% higher than for the comparable period in 2020. Production from underground was 7% higher and production from surface sources and third party processing 66% higher. The increase in surface production is primarily due to an increase in processing of third party concentrate, with 4E PGM production from PoC increasing by 140% year-on-year to 19,125 4Eoz for Q1 2021. AISC of R23,000/4Eoz (US$1,537/4Eoz) reflect the additional cost of purchasing this concentrate from third parties at higher prevailing PGM prices. AISC from Marikana excluding third party PoC costs were R18,755/4Eoz (US$1,254/4Eoz) for Q1 2021.

The Mimosa operation continued to perform steadily, with attributable 4E PGM production of 29,878 4Eoz, 4% higher than for Q1 2020, and AISC of R13,401/4Eoz (US$896/4Eoz) 6% higher than the comparable period in 2020.

Chrome sales for Q1 2021 of approximately 370,000 tonnes were significantly lower than for Q1 2020 (approximately 507,0000 tonnes) due to a slow start up of operations and logistical issues in March which resulted in no chrome sales from the Rustenburg operation. Chrome revenue was R347 million (US$23 million) for Q1 2021, 7% higher than the Q1 2020 chrome revenue of R324 million (US$21 million), due to an increase in the chrome price from $128/tonne for Q1 2020 to $162/tonne for Q1 2021.

SA gold operations

Production from the SA gold operations for Q1 2021 of 7,757kg (249,392oz) was 5% higher than for Q1 2020 and reflected the return to normalised production levels in November 2020, following the COVID-19 disruptions that year. AISC of R772,572/kg (US$1,606/oz) was 4% higher than for the comparable period in 2020.

Underpinned by this stable operational performance and combined with a 8% increase in the average gold price year on year to R857,126/kg (US$1,782/oz), adjusted EBITDA from the SA Gold operations of R1,376 million (US$92 million) for Q1 2021, was 22% higher than for the comparable period in 2020.

Underground production from the Driefontein operation increased by 18% to 2,220kg (71,375oz) year-on-year. The average yield from underground production was 14% higher than the previous period due to higher face grades and an improvement in mining quality, with the mine call factor improving by 7% on the previous comparable period in 2020. AISC of R731,851/kg (US$1,522/oz) was 7% lower than for Q1 2020 primarily as a result of the increase in gold sold.

Production of 2,010kg (64,623oz) from the Kloof underground operations was similar to Q1 2020, with improved underground throughput offsetting a lower underground yield. The underground operations were affected by safety stoppages and seismicity during the period, which temporarily restricted access to some higher grade areas. Production from surface sources of 487kg (15,657oz), was 25% higher year-on-year. Some surface sources from Kloof were toll treated at the Driefontein and Ezulwini metallurgical plants. AISC of R844,744/kg (US$1,756/oz) was 4% higher than for Q1 2020, primarily due to increased throughput of lower grade material.

Underground production from the Beatrix operation of 1,317kg (42,342oz), was 11% lower than for Q1 2020, primarily due to a slower than anticipated start-up post the December break, safety stoppages and temporary damage to infrastructure at Beatrix 4 shaft relating to a mud rush, which has since been repaired. Beatrix employs a higher proportion of foreign nationals (primarily from Lesotho) than the other operations, with COVID-19 related restrictions at border posts, affecting the return to work after the December break. Gold production from surface sources increased to 61kg (1,961oz) due to the higher gold price, which reduced the pay limits for surface sources, making it viable to utilise existing milling capacity to process lower grade surface material. AISC of R882,082/kg (US$1,834/oz) was 18% higher than for Q1 2020, primarily due to lower production.

Surface gold production from Cooke operations decreased by 6% to 280kg (9,002oz) mainly due to an expected decrease in grades. Care and maintenance costs at Cooke operations was in line with Q1 2020 at R136 million (US$9 million).

DRDGOLD delivered another consistent operating performance, with production of 1,382kg (44,432oz) for Q1 2021, 3% higher than for Q1 2020. AISC costs of R648,129/kg (US$1,348/oz) were 12% higher than for Q1 2020.

OPERATING GUIDANCE FOR 2021

The 2021 annual guidance provided to the market in February 2021 remains unchanged except for the SA PGM project capital for the year. Four-year production and AISC guidance for the three segments were shared in the 2020 year-end presentation slides on 18 February 2021, please refer to www.sibanyestillwater.com/news-investors/reports/quarterly/2020/. 

Mined 2E PGM production from the US PGM operations for 2021 is forecast to be between 660,000 2Eoz and 680,000 2Eoz, with AISC of between US$840/2Eoz to US$860/2Eoz. Capital expenditure is forecast to be between US$300 million and US$320 million, approximately 60% of which is growth capital in nature.

4E PGM production from the SA PGM operations for 2021 is forecast to be between 1,750,000 4Eoz and 1,850,000 4Eoz with AISC between R18,500/4Eoz and R19,500/4Eoz (US$1,230/4Eoz and US$1,295/4Eoz). Capital expenditure is forecast at R 3,800 million (US$253 million) with levels for 2021 elevated due to carry-over of approximately R800 million (US$53 million) of capital from 2020 which was unspent due to the COVID-19 disruptions. In addition, R408 million (US$27 million) of project capital expenditure is expected to be spend in terms of the K4 and Klipfontein projects for the year.

Gold production from the SA gold operations for 2021 (excluding DRDGOLD) is forecast at between 27,500kg (884,000oz) and 29,500kg (948,000oz) with AISC between R760,000/kg and R815,000/kg (US$1,576/oz and US$1,690/oz). Capital expenditure is forecast at R4,025 million (US$268 million), including carry-over of approximately R400 million (US$27 million) from 2020 which was unspent due to the COVID-19 disruptions. R425 million (US$28 million) of project capital expenditure has been provided for.

The dollar costs are based on an average exchange rate of R15.00/US$.

Neal Froneman

Chief Executive Officer

SALIENT FEATURES AND COST BENCHMARKS - QUARTERS

US and SA PGM operations

               
  

US OPERATIONS

SA OPERATIONS

   

Total SA and US PGM operations

Total US PGM
Stillwater

Total SA PGM2

Rustenburg

Marikana2

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 2021

 9,319

 389

 8,930

 4,219

 4,711

 1,505

 1,330

 1,536

 892

 830

 2,489

 348

  

Dec 2020

 10,061

 389

 9,672

 4,748

 4,924

 1,686

 1,361

 1,796

 927

 912

 2,636

 354

  

Mar 2020

 8,237

 347

 7,890

 4,149

 3,741

 1,480

 1,147

 1,486

 819

 841

 1,775

 342

Plant head grade

g/t

Mar 2021

 2.49

 13.54

 2.01

 3.34

 0.81

 3.24

 1.11

 3.89

 0.88

 2.38

 0.63

 3.60

  

Dec 2020

 2.52

 13.75

 2.06

 3.37

 0.80

 3.45

 1.02

 3.69

 0.87

 2.50

 0.67

 3.62

  

Mar 2020

 2.71

 13.92

 2.22

 3.41

 0.89

 3.56

 1.02

 3.79

 0.86

 2.39

 0.83

 3.58

Plant recoveries

%

Mar 2021

 80.29

 90.07

 77.22

 85.26

 47.66

 88.79

 37.42

 85.34

 43.71

 83.52

 21.29

 74.18

  

Dec 2020

 79.67

 91.21

 76.48

 84.88

 42.53

 87.88

 40.65

 84.75

 43.01

 83.37

 21.83

 74.87

  

Mar 2020

 77.98

 90.12

 74.38

 83.47

 35.98

 84.62

 29.86

 84.82

 45.30

 82.72

 19.58

 73.10

Yield

g/t

Mar 2021

 2.00

 12.20

 1.55

 2.85

 0.39

 2.88

 0.42

 3.32

 0.38

 1.99

 0.13

 2.67

  

Dec 2020

 2.00

 12.54

 1.58

 2.86

 0.34

 3.03

 0.41

 3.13

 0.37

 2.08

 0.15

 2.71

  

Mar 2020

 2.11

 12.54

 1.65

 2.85

 0.32

 3.01

 0.30

 3.21

 0.39

 1.98

 0.16

 2.62

PGM production3,8

4Eoz - 2Eoz

Mar 2021

 598,959

 154,350

 444,609

 385,935

 58,674

 139,194

 17,762

 163,817

 30,178

 53,046

 10,734

 29,878

  

Dec 2020

 648,456

 157,492

 490,964

 436,802

 54,162

 164,345

 18,143

 180,499

 23,622

 61,113

 12,397

 30,845

  

Mar 2020

 559,657

 141,585

 418,072

 379,345

 38,727

 143,335

 11,233

 153,775

 18,222

 53,458

 9,272

 28,777

PGM sold

4Eoz - 2Eoz

Mar 2021

 596,486

 129,900

 466,586

 438,882

 27,704

 164,689

 16,970

193,783

 53,046

 10,734

 27,364

  

Dec 2020

 607,460

 166,430

 441,030

 413,733

 27,297

 120,858

 14,900

189,095

 61,113

 12,397

 42,667

  

Mar 2020

 614,818

 91,975

 522,843

 501,830

 21,013

 188,417

 11,741

231,178

 53,458

 9,272

 28,777

Price and costs4

              

Average PGM basket price5

R/4Eoz - R/2Eoz

Mar 2021

 47,954

 31,835

 52,722

 54,025

 44,132

 52,982

 31,114

53,663

 58,377

 37,944

 38,383

  

Dec 2020

 37,783

 31,735

 40,310

 41,053

 35,037

 41,049

 29,822

39,741

 44,648

 33,000

 33,237

  

Mar 2020

 32,937

 31,569

 33,192

 33,574

 29,422

 33,563

 23,254

32,954

 36,011

 27,901

 28,924

 

US$/4Eoz - US$/2Eoz

Mar 2021

 3,205

 2,128

 3,524

 3,611

 2,950

 3,542

 2,080

3,587

 3,902

 2,536

 2,566

  

Dec 2020

 2,420

 2,033

 2,582

 2,630

 2,244

 2,630

 1,910

2,546

 2,860

 2,114

 2,129

  

Mar 2020

 2,142

 2,053

 2,158

 2,183

 1,913

 2,182

 1,512

2,143

 2,341

 1,814

 1,881

Operating cost6

R/t

Mar 2021

 1,087

 5,061

 907

 1,927

 69

 1,581

 163

1,800

 853

 43

 1,050

  

Dec 2020

 979

 5,076

 808

 1,615

 88

 1,540

 235

1,366

 857

 44

 1,129

  

Mar 2020

 1,051

 5,065

 824

 1,560

 75

 1,499

 182

1,323

 798

 41

 1,034

 

US$/t

Mar 2021

 73

 338

 61

 129

 5

 106

 11

120

 57

 3

 70

  

Dec 2020

 63

 325

 52

 103

 6

 99

 15

87

 55

 3

 72

  

Mar 2020

 68

 329

 54

 101

 5

 97

 12

86

 52

 3

 67

 

R/4Eoz - R/2Eoz

Mar 2021

 17,137

 12,755

 18,768

 20,948

 5,534

 17,093

 12,211

22,533

 13,351

 10,043

 12,233

  

Dec 2020

 15,393

 12,538

 16,369

 17,483

 8,022

 15,801

 17,605

18,218

 12,793

 9,293

 12,958

  

Mar 2020

 15,028

 12,414

 15,979

 16,941

 7,269

 15,474

 18,588

17,731

 12,561

 7,841

 12,288

 

US$/4Eoz - US$/2Eoz

Mar 2021

 1,146

 853

 1,255

 1,400

 370

 1,143

 816

1,506

 892

 671

 818

  

Dec 2020

 986

 803

 1,049

 1,120

 514

 1,012

 1,128

1,167

 820

 595

 830

  

Mar 2020

 977

 807

 1,039

 1,101

 473

 1,006

 1,209

1,153

 817

 510

 799

All-in sustaining cost7

R/4Eoz - R/2Eoz

Mar 2021

 18,142

 13,763

 19,771

  

19,002

23,000

 12,137

 10,369

 13,401

  

Dec 2020

 17,034

 13,911

 18,102

  

17,153

20,876

 13,295

 10,027

 13,782

  

Mar 2020

 15,948

 13,756

 16,745

  

18,255

17,128

 12,619

 8,251

 12,701

 

US$/4Eoz - US$/2Eoz

Mar 2021

 1,213

 920

 1,322

  

1,270

1,537

 811

 693

 896

  

Dec 2020

 1,091

 891

 1,160

  

1,099

1,337

 852

 642

 883

  

Mar 2020

 1,037

 894

 1,089

  

1,187

1,114

 820

 536

 826

All-in cost7

R/4Eoz - R/2Eoz

Mar 2021

 19,162

 17,523

 19,772

  

19,002

23,002

 12,137

 10,369

 13,401

  

Dec 2020

 17,817

 16,904

 18,130

  

17,153

20,938

 13,295

 10,027

 13,782

  

Mar 2020

 17,193

 18,322

 16,782

  

18,255

17,140

 12,619

 9,566

 12,701

 

US$/4Eoz - US$/2Eoz

Mar 2021

 1,281

 1,171

 1,322

  

1,270

1,538

 811

 693

 896

  

Dec 2020

 1,141

 1,083

 1,161

  

1,099

1,341

 852

 642

 883

  

Mar 2020

 1,118

 1,191

 1,091

  

1,187

1,114

 820

 622

 826

Capital expenditure4

              

Ore reserve development

Rm

Mar 2021

 656.5

 305.5

 351.0

  

146.1

204.9

 -

 -

 -

  

Dec 2020

 701.6

 320.1

 381.5

  

151.4

230.1

 -

 -

 -

  

Mar 2020

 608.0

 264.9

 343.1

  

144.1

199.0

 -

 -

 -

Sustaining capital

 

Mar 2021

 499.2

 250.2

 249.0

  

111.8

95.6

 35.3

 6.0

 113.9

  

Dec 2020

 744.3

 254.0

 490.3

  

130.8

260.5

 88.6

 10.4

 129.1

  

Mar 2020

 311.9

 86.7

 225.2

  

97.6

86.4

 40.4

 0.6

 76.9

Corporate and projects

 

Mar 2021

 580.4

 580.4

 -

  

 -

 -

 -

 -

 -

  

Dec 2020

 471.3

 471.3

 -

  

 -

 -

 -

 -

 -

  

Mar 2020

 658.6

 646.4

 12.2

  

 -

 -

 -

 12.2

 -

Total capital expenditure

Rm

Mar 2021

 1,736.1

 1,136.1

 600.0

  

257.9

300.5

 35.3

 6.0

 113.9

  

Dec 2020

 1,917.2

 1,045.4

 871.8

  

282.2

490.6

 88.6

 10.4

 129.1

  

Mar 2020

 1,578.5

 998.0

 580.5

  

241.7

285.4

 40.4

 12.8

 76.9

 

US$m

Mar 2021

 116.0

 75.9

 40.1

  

17.2

20.1

 2.4

 0.4

 7.6

  

Dec 2020

 122.8

 67.0

 55.9

  

18.1

31.4

 5.7

 0.7

 8.3

  

Mar 2020

 102.6

 64.9

 37.7

  

15.7

18.6

 2.6

 0.8

 5.0

Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively

Figures may not add as they are rounded independently

  • The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation treats various recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
  • The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding PoC refer to “Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana – Quarters”
  • Production per product – see prill split in the table below
  • The Group and total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
  • The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
  • Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period, by the PGM produced in the same period
  • All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see “All-in costs – Quarters”
  • The Marikana PGM production includes the processing of 19,125 4Eoz, 12,439 4Eoz and 7,967 4Eoz third party concentrate purchases for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020, respectively

Mining – PGM Prill split excluding recycling operations

                   
 

GROUP

SA OPERATIONS

US OPERATIONS

 

Mar 2021

Dec 2020

Mar 2020

Mar 2021

Dec 2020

Mar 2020

Mar 2021

Dec 2020

Mar 2020

  

%

 

%

 

%

 

%

 

%

 

%

 

%

 

%

 

%

Platinum

 299,695

50%

 326,898

50%

 281,209

50%

 264,712

60%

 291,473

59%

249,415

60%

 34,983

23%

 35,425

22%

 31,794

22%

Palladium

 251,570

42%

 269,690

42%

 234,337

42%

 132,203

30%

 147,623

30%

124,546

30%

 119,367

77%

 122,067

78%

 109,791

78%

Rhodium

 38,485

6%

 41,765

6%

 36,160

7%

 38,485

8%

 41,765

9%

36,160

8%

      

Gold

 9,209

2%

 10,103

2%

 7,951

1%

 9,209

2%

 10,103

2%

7,951

2%

      

PGM production 4E/2E

 598,959

100%

 648,456

100%

 559,657

100%

 444,609

100%

 490,964

100%

418,072

100%

 154,350

100%

 157,492

100%

 141,585

100%

Ruthenium

 60,996

 

 65,454

 

 58,908

 

 60,996

 

 65,454

 

58,908

       

Iridium

 15,436

 

 16,214

 

 14,506

 

 15,436

 

 16,214

 

14,506

       

Total 6E/2E

 675,391

 

 730,124

 

 633,071

 

 521,041

 

 572,632

 

491,486

 

 154,350

 

 157,492

 

 141,585

 

Recycling operation

     
 

Unit

Mar 2021

Dec 2020

Mar 2020

Average catalyst fed/day

Tonne

 23.8

 30.5

 28.0

Total processed

Tonne

 2,139

 2,803

 2,547

Tolled

Tonne

 14

 83

 262

Purchased

Tonne

 2,125

 2,721

 2,285

PGM fed

3Eoz

 195,474

 240,037

 221,798

PGM sold

3Eoz

 218,450

 206,115

 133,714

PGM tolled returned

3Eoz

 9,203

 12,370

 31,062


SA gold operations

               
   

SA OPERATIONS

 
   

Total SA gold

Driefontein

Kloof

Beatrix

Cooke

DRDGOLD

 

Total

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Under-
ground

Surface

Surface

Production

              

Tonnes milled/treated

000't

Mar 2021

 11,150

 1,206

 9,944

 338

 -

 429

 1,331

 439

 198

 -

 1,143

 7,272

  

Dec 2020

 11,170

 1,265

 9,905

 373

 -

 478

 1,411

 414

 234

 -

 1,187

 7,073

  

Mar 2020

 9,894

 1,191

 8,703

 325

 -

 414

 1,064

 452

 7

 -

 1,072

 6,560

Yield

g/t

Mar 2021

 0.70

 4.60

 0.22

 6.57

 -

 4.69

 0.37

 3.00

 0.31

 -

 0.24

 0.19

  

Dec 2020

 0.81

 5.22

 0.24

 6.72

 -

 5.46

 0.39

 3.57

 0.37

 -

 0.27

 0.21

  

Mar 2020

 0.75

 4.51

 0.23

 5.77

 -

 4.85

 0.37

 3.29

 0.29

 -

 0.28

 0.21

Gold produced

kg

Mar 2021

 7,757

 5,547

 2,210

 2,220

 -

 2,010

 487

 1,317

 61

 -

 280

 1,382

  

Dec 2020

 9,020

 6,599

 2,421

 2,507

 -

 2,612

 545

 1,480

 86

 -

 320

 1,470

  

Mar 2020

 7,405

 5,369

 2,036

 1,875

 -

 2,007

 391

 1,487

 2

 -

 297

 1,346

 

oz

Mar 2021

 249,392

 178,340

 71,052

 71,375

 -

 64,623

 15,657

 42,342

 1,961

 -

 9,002

 44,432

  

Dec 2020

 290,000

 212,163

 77,837

 80,602

 -

 83,978

 17,522

 47,583

 2,765

 -

 10,288

 47,262

  

Mar 2020

 238,076

 172,617

 65,459

 60,283

 -

 64,526

 12,571

 47,808

 64

 -

 9,549

 43,275

Gold sold

kg

Mar 2021

 7,536

 5,348

 2,188

 2,204

 -

 1,966

 479

 1,178

 61

 -

 285

 1,363

  

Dec 2020

 8,933

 6,586

 2,347

 2,551

 -

 2,536

 505

 1,499

 93

 -

 265

 1,484

  

Mar 2020

 7,590

 5,424

 2,166

 1,853

 -

 1,977

 404

 1,594

 4

 -

 296

 1,462

 

oz

Mar 2021

 242,287

 171,942

 70,345

 70,860

 -

 63,208

 15,400

 37,874

 1,961

 -

 9,163

 43,821

  

Dec 2020

 287,203

 211,745

 75,458

 82,017

 -

 81,534

 16,236

 48,194

 2,990

 -

 8,520

 47,712

  

Mar 2020

 244,024

 174,385

 69,639

 59,575

 -

 63,562

 12,989

 51,248

 129

 -

 9,517

 47,004

Price and costs

              

Gold price received

R/kg

Mar 2021

 857,126

  

855,399

858,364

853,592

870,526

 858,107

  

Dec 2020

 932,341

  

934,379

928,182

921,043

937,736

 948,518

  

Mar 2020

 795,323

  

768,484

770,727

781,977

757,432

 786,662

 

US$/oz

Mar 2021

 1,782

  

1,778

1,785

1,775

1,810

 1,784

  

Dec 2020

 1,858

  

1,862

1,849

1,835

1,868

 1,890

  

Mar 2020

 1,608

  

1,554

1,559

1,581

1,532

 1,591

Operating cost1

R/t

Mar 2021

 459

 3,220

 124

 3,765

 -

 3,716

 196

 2,315

 116

 -

 145

 108

  

Dec 2020

 454

 2,970

 133

 3,410

 -

 3,181

 173

 2,329

 188

 -

 169

 117

  

Mar 2020

 475

 3,031

 125

 3,694

 -

 3,489

 199

 2,130

 329

 -

 157

 108

 

US$/t

Mar 2021

 31

 215

 8

 252

 -

 248

 13

 155

 8

 -

 10

 7

  

Dec 2020

 29

 190

 9

 218

 -

 204

 11

 149

 12

 -

 11

 7

  

Mar 2020

 31

 197

 8

 240

 -

 227

 13

 138

 21

 -

 10

 7

 

R/kg

Mar 2021

 659,688

 700,090

 558,281

 573,288

 -

 793,134

 535,524

 771,830

 375,410

 -

 593,929

567,149

  

Dec 2020

 562,262

 569,268

 543,164

 507,379

 -

 582,198

 447,706

 651,351

 511,628

 -

 627,188

 562,109

  

Mar 2020

 634,490

 672,378

 534,578

 640,267

 -

 719,631

 541,432

 647,478

 1,150,000

 -

 568,350

 524,220

 

US$/oz

Mar 2021

 1,372

 1,456

 1,161

 1,192

 -

 1,649

 1,113

 1,605

 781

 -

 1,235

 1,179

  

Dec 2020

 1,120

 1,134

 1,082

 1,011

 -

 1,160

 892

 1,298

 1,019

 -

 1,250

 1,120

  

Mar 2020

 1,283

 1,360

 1,081

 1,295

 -

 1,455

 1,095

 1,309

 2,326

 -

 1,149

 1,060

All-in sustaining cost2

R/kg

Mar 2021

 772,572

  

731,851

844,744

882,082

658,596

 648,129

  

Dec 2020

 693,574

  

665,778

727,425

782,538

693,208

 617,183

  

Mar 2020

 741,858

  

790,772

812,516

746,621

634,459

 580,506

 

US$/oz

Mar 2021

 1,606

  

1,522

1,756

1,834

1,369

 1,348

  

Dec 2020

 1,382

  

1,327

1,449

1,559

1,381

 1,230

  

Mar 2020

 1,500

  

1,599

1,643

1,510

1,283

 1,174

All-in cost2

R/kg

Mar 2021

 784,554

  

731,851

865,440

882,082

658,596

 648,129

  

Dec 2020

 710,332

  

665,778

750,871

782,538

693,208

 626,146

  

Mar 2020

 757,892

  

790,772

825,787

746,746

634,459

 582,627

 

US$/oz

Mar 2021

 1,631

  

1,522

1,799

1,834

1,369

 1,348

  

Dec 2020

 1,415

  

1,327

1,496

1,559

1,381

 1,248

  

Mar 2020

 1,533

  

1,599

1,670

1,510

1,283

 1,178

Capital expenditure

              

Ore reserve development

Rm

Mar 2021

 603.1

  

271.6

208.6

122.9

 -

 -

  

Dec 2020

 571.6

  

233.5

233.2

104.9

 -

 -

  

Mar 2020

 529.3

  

204.4

216.3

108.6

 -

 -

Sustaining capital

 

Mar 2021

 186.2

  

40.6

57.9

9.9

 -

 77.8

  

Dec 2020

 349.0

  

52.9

189.8

37.9

 -

 68.4

  

Mar 2020

 215.6

  

60.9

81.5

26.2

 -

 47.0

Corporate and projects3

 

Mar 2021

 60.6

  

-

50.6

-

 -

 -

  

Dec 2020

 110.9

  

-

71.3

-

 -

 13.3

  

Mar 2020

 41.9

  

-

31.6

0.2

 -

 3.1

Total capital expenditure

Rm

Mar 2021

 849.9

  

312.2

317.1

132.8

 -

 77.8

  

Dec 2020

 1,031.5

  

286.4

494.3

142.8

 -

 81.7

  

Mar 2020

 787.0

  

265.3

329.5

135.1

 -

 50.1

 

US$m

Mar 2021

 56.8

  

20.9

21.2

8.9

 -

 5.2

  

Dec 2020

 66.1

  

18.3

31.7

9.1

 -

 5.2

  

Mar 2020

 51.2

  

17.2

21.4

8.8

 -

 3.3

Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively

Figures may not add as they are rounded independently

  • 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
  • All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) is calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see “All-in costs – Quarters”
  • Corporate project expenditure for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020was R10.0 million (US$0.7 million), R26.3 million (US$1.7 million) and R.7.1 million (US$0.5 million), respectively, the majority of which related to the Burnstone project and various IT projects

ALL-IN COSTS - QUARTERS

SA and US PGM operations

Figures are in millions unless otherwise stated

            
    

US OPERATIONS

SA OPERATIONS

 

R' million

 

Total US and SA PGM

Total US PGM1

Total SA PGM2

Rustenburg

Marikana2

Kroondal

Plat Mile

Mimosa

Corporate

Cost of sales, before amortisation and depreciation3

 

Mar 2021

 9,133.4

 1,618.0

 7,515.4

 2,797.4

 3,845.4

 764.8

 107.8

 371.8

 (371.8)

  

Dec 2020

 8,145.8

 2,007.0

 6,138.8

 2,278.1

 2,989.8

 832.3

 115.2

 564.6

 (641.2)

  

Mar 2020

 8,475.3

 1,035.8

 7,439.5

 2,932.5

 4,118.7

 711.2

 72.7

 353.6

 (749.2)

Royalties

 

Mar 2021

 828.6

 -

 828.6

 439.8

 385.1

 3.7

 -

 44.4

 (44.4)

  

Dec 2020

 794.0

 -

 794.0

 275.5

 515.7

 2.8

 -

 55.5

 (55.5)

  

Mar 2020

 329.8

 -

 329.8

 288.2

 38.7

 2.9

 -

 30.9

 (30.9)

Carbon tax

 

Mar 2021

 0.7

 -

 0.7

 0.1

 0.5

 0.1

 -

 -

 -

  

Dec 2020

 0.7

 -

 0.7

 0.1

 0.5

 0.1

 -

 -

 -

  

Mar 2020

 0.2

 -

 0.2

 0.1

 -

 0.1

 -

 -

 -

Community costs

 

Mar 2021

 34.2

 -

 34.2

 2.9

 31.3

 -

 -

 -

 -

  

Dec 2020

 27.7

 -

 27.7

 (4.7)

 32.4

 -

 -

 -

 -

  

Mar 2020

 19.9

 -

 19.9

 11.1

 8.8

 -

 -

 -

 -

Inventory change4

 

Mar 2021

 842.9

 350.7

 492.2

 (91.5)

 583.7

 -

 -

 (6.3)

 6.3

  

Dec 2020

 1,635.9

 (32.3)

 1,668.2

 782.5

 809.1

 -

 -

 (164.9)

 241.5

  

Mar 2020

 (304.2)

 721.9

 (1,026.1)

 (418.8)

 (1,003.0)

 -

 -

 -

 395.7

Share-based payments5

 

Mar 2021

 27.5

 15.6

 11.9

 4.6

 5.6

 1.7

 -

 -

 -

  

Dec 2020

 31.3

 18.1

 13.2

 5.3

 5.9

 2.0

 -

 -

 -

  

Mar 2020

 15.2

 15.2

 -

 -

 -

 -

 -

 -

 -

Rehabilitation interest and amortisation6

 

Mar 2021

 69.5

 7.8

 61.7

 0.8

 42.7

 18.2

 -

 0.8

 (0.8)

  

Dec 2020

 76.3

 6.9

 69.4

 4.0

 39.9

 25.5

 -

 0.8

 (0.8)

  

Mar 2020

 61.0

 6.2

 54.8

 (0.6)

 36.5

 18.9

 -

 1.4

 (1.4)

Leases

 

Mar 2021

 14.3

 0.4

 13.9

 3.6

 8.1

 2.2

 -

 -

 -

  

Dec 2020

 15.9

 0.7

 15.2

 3.6

 9.4

 2.2

 -

 -

 -

  

Mar 2020

 17.7

 1.6

 16.1

 3.6

 9.3

 3.2

 -

 -

 -

Ore reserve development

 

Mar 2021

 656.5

 305.5

 351.0

 146.1

 204.9

 -

 -

 -

 -

  

Dec 2020

 701.6

 320.1

 381.5

 151.4

 230.1

 -

 -

 -

 -

  

Mar 2020

 608.0

 264.9

 343.1

 144.1

 199.0

 -

 -

 -

 -

Sustaining capital expenditure

 

Mar 2021

 499.2

 250.2

 249.0

 111.8

 95.6

 35.3

 6.0

 113.9

 (113.6)

  

Dec 2020

 744.3

 254.0

 490.3

 130.8

 260.5

 88.6

 10.4

 129.1

 (129.1)

  

Mar 2020

 311.9

 86.7

 225.2

 97.6

 86.4

 40.4

 0.6

 76.9

 (76.7)

Less: By-product credit

 

Mar 2021

 (1,782.8)

 (423.9)

 (1,358.9)

 (433.2)

 (741.0)

 (182.2)

 (2.5)

 (124.2)

 124.2

  

Dec 2020

 (1,653.4)

 (383.6)

 (1,269.8)

 (496.4)

 (632.1)

 (141.0)

 (1.3)

 (160.0)

 161.0

  

Mar 2020

 (1,068.0)

 (184.6)

 (883.4)

 (236.1)

 (548.4)

 (102.1)

 3.2

 (97.3)

 97.3

Total All-in-sustaining costs7

 

Mar 2021

 10,324.0

 2,124.3

 8,199.7

 2,982.4

 4,461.9

 643.8

 111.3

 400.4

 (400.1)

  

Dec 2020

 10,520.1

 2,190.9

 8,329.2

 3,130.2

 4,261.2

 812.5

 124.3

 425.1

 (424.1)

  

Mar 2020

 8,466.8

 1,947.7

 6,519.1

 2,821.7

 2,946.0

 674.6

 76.5

 365.5

 (365.2)

Plus: Corporate cost, growth and capital expenditure

 

Mar 2021

 580.8

 580.4

 0.4

 -

 0.4

 -

 -

 -

 -

  

Dec 2020

 484.0

 471.3

 12.7

 -

 12.7

 -

 -

 -

 -

  

Mar 2020

 660.7

 646.4

 14.3

 -

 2.1

 -

 12.2

 -

 -

Total All-in-costs7

 

Mar 2021

 10,904.8

 2,704.7

 8,200.1

 2,982.4

 4,462.3

 643.8

 111.3

 400.4

 (400.1)

  

Dec 2020

 11,004.1

 2,662.2

 8,341.9

 3,130.2

 4,273.9

 812.5

 124.3

 425.1

 (424.1)

  

Mar 2020

 9,127.5

 2,594.1

 6,533.4

 2,821.7

 2,948.1

 674.6

 88.7

 365.5

 (365.2)

PGM production

4Eoz - 2Eoz

Mar 2021

 598,959

 154,350

 444,609

 156,956

 193,995

 53,046

 10,734

 29,878

 -

  

Dec 2020

 648,456

 157,492

 490,964

 182,488

 204,121

 61,113

 12,397

 30,845

 -

  

Mar 2020

 559,657

 141,585

 418,072

 154,568

 171,997

 53,458

 9,272

 28,777

 -

 

kg

Mar 2021

 18,630

 4,801

 13,829

 4,882

 6,034

 1,650

 334

 929

 -

  

Dec 2020

 20,169

 4,899

 15,271

 5,676

 6,349

 1,901

 386

 959

 -

  

Mar 2020

 17,407

 4,404

 13,004

 4,808

 5,350

 1,663

 288

 895

 -

All-in-sustaining cost

R/4Eoz - R/2Eoz

Mar 2021

 18,142

 13,763

 19,771

 19,002

 23,000

 12,137

 10,369

 13,401

 -

  

Dec 2020

 17,034

 13,911

 18,102

 17,153

 20,876

 13,295

 10,027

 13,782

 -

  

Mar 2020

 15,948

 13,756

 16,745

 18,255

 17,128

 12,619

 8,251

 12,701

 -

 

US$/4Eoz - US$/2Eoz

Mar 2021

 1,213

 920

 1,322

 1,270

 1,537

 811

 693

 896

 -

  

Dec 2020

 1,091

 891

 1,160

 1,099

 1,337

 852

 642

 883

 -

  

Mar 2020

 1,037

 894

 1,089

 1,187

 1,114

 820

 536

 826

 -

All-in-cost

R/4Eoz - R/2Eoz

Mar 2021

 19,162

 17,523

 19,772

 19,002

 23,002

 12,137

 10,369

 13,401

 -

  

Dec 2020

 17,817

 16,904

 18,130

 17,153

 20,938

 13,295

 10,027

 13,782

 -

  

Mar 2020

 17,193

 18,322

 16,782

 18,255

 17,140

 12,619

 9,566

 12,701

 -

 

US$/4Eoz - US$/2Eoz

Mar 2021

 1,281

 1,171

 1,322

 1,270

 1,538

 811

 693

 896

 -

  

Dec 2020

 1,141

 1,083

 1,161

 1,099

 1,341

 852

 642

 883

 -

  

Mar 2020

 1,118

 1,191

 1,091

 1,187

 1,114

 820

 622

 826

 -

Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively

Figures may not add as they are rounded independently

  • The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown above
  • The Marikana AISC and AIC includes the purchase of concentrate (PoC) cost from third parties. For a reconciliation of the AISC and AIC excluding PoC refer to “Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana – Quarters”
  • Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs. For the March 2020 and December 2020 quarter, Corporate includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
  • Inventory adjustment in Corporate for March 2020 and December 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
  • 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
  • Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
  • All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period
        

Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters

       
  

SA PGM

Marikana

 

R' million

Mar 2021

Dec 2020

Mar 2020

Mar 2021

Dec 2020

Mar 2020

Total All-in-sustaining cost as reported per table above

 

 8,199.7

 8,329.2

 6,519.1

 4,461.9

 4,261.2

 2,946.0

Less: Purchase cost of PoC

 

 (1,246.7)

 (475.8)

 (439.0)

 (1,246.7)

 (475.8)

 (439.0)

Add: By-product credit of PoC

 

 64.4

15.1

20.4

 64.4

15.1

20.4

Total All-in-sustaining cost excluding PoC

 

 7,017.4

 7,868.5

 6,100.5

 3,279.6

 3,800.5

 2,527.4

Plus: Corporate cost, growth and capital expenditure

 

 0.4

 12.7

 14.3

 0.4

 12.7

 2.1

Total All-in-cost excluding PoC

 

 7,017.8

 7,881.2

 6,114.8

 3,280.0

 3,813.2

 2,529.5

        

PGM production as reported per table above

4Eoz

 444,609

 490,964

 418,072

 193,995

 204,121

 171,997

Less: PoC production

 

 (19,125)

 (12,439)

 (7,967)

 (19,125)

 (12,439)

 (7,967)

Less: Mimosa production

 

 (29,878)

 (30,845)

 (28,777)

   

PGM production excluding PoC

 

 395,606

 447,680

 381,328

 174,870

 191,682

 164,030

        

All-in-sustaining cost excluding PoC

R/4Eoz

 17,738

 17,576

 15,998

 18,755

 19,827

 15,408

 

US$/4Eoz

 1,186

 1,126

 1,040

 1,254

 1,270

 1,002

        

All-in-cost excluding PoC

R/4Eoz

 17,739

 17,605

 16,036

 18,757

 19,893

 15,421

 

US$/4Eoz

 1,186

 1,128

 1,043

 1,254

 1,274

 1,003

SA gold operations

Figures are in millions unless otherwise stated

          
   

SA OPERATIONS

 

R' million

 

Total SA gold

Driefontein

Kloof

Beatrix

Cooke

DRDGOLD

Corporate

Cost of sales, before amortisation and depreciation1

 

Mar 2021

 4,892.3

 1,245.2

 1,767.7

 917.4

 169.9

 792.1

 -

  

Dec 2020

 5,059.9

 1,327.6

 1,704.0

 1,035.2

 161.8

 831.3

 -

  

Mar 2020

 4,734.3

 1,175.8

 1,605.3

 1,023.2

 170.6

 759.4

 -

Royalties

 

Mar 2021

 26.5

 30.9

 10.5

 5.3

 1.2

 -

 (21.4)

  

Dec 2020

 65.4

 50.7

 54.5

 20.5

 1.2

 -

 (61.5)

  

Mar 2020

 23.6

 7.1

 9.2

 6.2

 1.1

 -

 -

Carbon tax

 

Mar 2021

 0.6

 -

 -

 0.5

 -

 0.1

 -

  

Dec 2020

 0.6

 -

 0.1

 0.4

 -

 0.1

 -

  

Mar 2020

 0.5

 -

 0.1

 0.4

 -

 -

 -

Community costs

 

Mar 2021

 32.6

11.6

9.7

11.3

 -

 -

 -

  

Dec 2020

 66.4

 19.3

 22.3

 21.3

 -

 3.5

 -

  

Mar 2020

 23.0

 3.9

 8.2

 10.9

 -

 -

 -

Share-based payments2

 

Mar 2021

 12.8

 2.4

 3.5

 2.4

 -

 4.5

 -

  

Dec 2020

 14.4

 3.2

 3.8

 2.9

 -

 4.5

 -

  

Mar 2020

 36.0

 -

 -

 -

 -

 36.0

 -

Rehabilitation interest and amortisation3

 

Mar 2021

 52.5

 10.7

 4.4

 17.1

 13.8

 5.4

 1.1

  

Dec 2020

 52.3

 11.4

 1.2

 13.9

 18.0

 6.5

 1.3

  

Mar 2020

 53.8

 12.7

 10.0

 14.9

 12.1

 2.9

 1.2

Leases

 

Mar 2021

 20.3

 2.1

 4.2

 7.1

 3.1

 3.8

 -

  

Dec 2020

 23.6

 2.1

 4.5

 10.1

 3.1

 3.8

 -

  

Mar 2020

 19.8

 2.0

 4.9

 3.6

 4.3

 5.0

 -

Ore reserve development

 

Mar 2021

 603.1

271.6

208.6

122.9

 -

 -

 -

  

Dec 2020

 571.6

 233.5

 233.2

 104.9

 -

 -

 -

  

Mar 2020

 529.3

 204.4

 216.3

 108.6

 -

 -

 -

Sustaining capital expenditure

 

Mar 2021

 186.2

 40.6

 57.9

 9.9

 -

 77.8

 -

  

Dec 2020

 349.0

 52.9

 189.8

 37.9

 -

 68.4

 -

  

Mar 2020

 215.6

 60.9

 81.5

 26.2

 -

 47.0

 -

Less: By-product credit

 

Mar 2021

 (4.8)

 (2.1)

 (1.1)

 (1.0)

 (0.3)

 (0.3)

 -

  

Dec 2020

 (7.5)

 (2.3)

 (1.3)

 (1.3)

 (0.4)

 (2.2)

 -

  

Mar 2020

 (5.2)

 (1.5)

 (0.9)

 (0.9)

 (0.3)

 (1.6)

 -

Total All-in-sustaining costs4

 

Mar 2021

 5,822.1

 1,613.0

 2,065.4

 1,092.9

 187.7

 883.4

 (20.3)

  

Dec 2020

 6,195.7

 1,698.4

 2,212.1

 1,245.8

 183.7

 915.9

 (60.2)

  

Mar 2020

 5,630.7

 1,465.3

 1,934.6

 1,193.1

 187.8

 848.7

 1.2

Plus: Corporate cost, growth and capital expenditure

 

Mar 2021

 90.3

 -

 50.6

 -

 -

 -

 39.7

  

Dec 2020

 149.7

 -

 71.3

 -

 -

 13.3

 65.1

  

Mar 2020

 121.7

 -

 31.6

 0.2

 -

 3.1

 86.8

Total All-in-costs4

 

Mar 2021

 5,912.4

 1,613.0

 2,116.0

 1,092.9

 187.7

 883.4

 19.4

  

Dec 2020

 6,345.4

 1,698.4

 2,283.4

 1,245.8

 183.7

 929.2

 4.9

  

Mar 2020

 5,752.4

 1,465.3

 1,966.2

 1,193.3

 187.8

 851.8

 88.0

Gold sold

kg

Mar 2021

 7,536

 2,204

 2,445

 1,239

 285

 1,363

 -

  

Dec 2020

 8,933

 2,551

 3,041

 1,592

 265

 1,484

 -

  

Mar 2020

 7,590

 1,853

 2,381

 1,598

 296

 1,462

 -

 

oz

Mar 2021

 242,287

 70,860

 78,608

 39,835

 9,163

 43,821

 -

  

Dec 2020

 287,203

 82,017

 97,770

 51,184

 8,520

 47,712

 -

  

Mar 2020

 244,024

 59,575

 76,551

 51,377

 9,517

 47,004

 -

All-in-sustaining cost

R/kg

Mar 2021

 772,572

 731,851

 844,744

 882,082

 658,596

 648,129

 -

  

Dec 2020

 693,574

 665,778

 727,425

 782,538

 693,208

 617,183

 -

  

Mar 2020

 741,858

 790,772

 812,516

 746,621

 634,459

 580,506

 -

 

US$/oz

Mar 2021

 1,606

 1,522

 1,756

 1,834

 1,369

 1,348

 -

  

Dec 2020

 1,382

 1,327

 1,449

 1,559

 1,381

 1,230

 -

  

Mar 2020

 1,500

 1,599

 1,643

 1,510

 1,283

 1,174

 -

All-in-cost

R/kg

Mar 2021

 784,554

 731,851

 865,440

 882,082

 658,596

 648,129

 -

  

Dec 2020

 710,332

 665,778

 750,871

 782,538

 693,208

 626,146

 -

  

Mar 2020

 757,892

 790,772

 825,787

 746,746

 634,459

 582,627

 -

 

US$/oz

Mar 2021

 1,631

 1,522

 1,799

 1,834

 1,369

 1,348

 -

  

Dec 2020

 1,415

 1,327

 1,496

 1,559

 1,381

 1,248

 -

  

Mar 2020

 1,533

 1,599

 1,670

 1,510

 1,283

 1,178

 -

Average exchange rates for the quarters ended 31 March 2021, 31 December 2020 and 31 March 2020 R14.96/US$, R15.61/US$ and R15.38/US$, respectively

Figures may not add as they are rounded independently

  • 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
  • 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
  • Rehabilitation include the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
  • All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period

ADJUSTED EBITDA RECONCILIATION - QUARTERS

                
 

Quarter ended Mar 2021

Quarter ended Dec 2020

Quarter ended Mar 2020

Figures in million - SA rand

US PGM

SA PGM

SA Gold

Corporate

Total

US PGM

SA PGM

SA Gold

Corporate

Total

US PGM

SA PGM

SA Gold

Corporate

Total

Profit/(loss) before royalties and tax

 2,235.0

 15,094.0

 644.5

 (198.1)

 17,775.4

 2,969.0

 10,181.8

 485.8

 (304.7)

 13,331.9

 1,334.7

 7,817.0

 2,215.8

 (181.3)

 11,186.2

Adjusted for:

    

 -

    

 -

     

Amortisation and depreciation

 582.7

 552.3

 679.6

 -

 1,814.6

 699.8

 650.0

 798.0

 -

 2,147.8

 497.8

 555.2

 764.8

 -

 1,817.8

Interest income

 (102.1)

 (44.4)

 (142.5)

 -

 (289.0)

 (100.3)

 (65.1)

 (168.9)

 -

 (334.3)

 (70.1)

 (53.9)

 (128.4)

 -

 (252.4)

Finance expense

 234.7

 129.3

 157.6

 78.5

 600.1

 234.6

 164.7

 187.1

 83.3

 669.7

 263.5

 177.0

 291.1

 79.5

 811.1

Share-based payments

 15.6

 25.6

 57.0

 -

 98.2

 36.1

 42.6

 69.8

 -

 148.5

 15.2

 -

 100.6

 -

 115.8

Loss/(gain) on financial instruments

 306.7

 68.6

 (2.1)

 -

 373.2

 -

 2,066.7

 (308.1)

 -

 1,758.6

 (33.2)

 51.1

 (3,424.6)

 -

 (3,406.7)

Loss/(gain) on foreign exchange differences

 (0.2)

 51.5

 55.4

 -

 106.7

 11.7

 (1,175.0)

 408.5

 -

 (754.8)

 (1.5)

 (618.4)

 1,425.6

 -

 805.7

Share of results of equity-accounted investees after tax

 -

 (588.2)

 (64.5)

 -

 (652.7)

 -

 (697.5)

 (51.2)

 -

 (748.7)

 -

 (324.8)

 (98.2)

 -

 (423.0)

Other non-cash cost/(income)

 -

 -

 -

 -

 -

 30.2

 (424.2)

 (18.0)

 -

 (412.0)

 -

 -

 -

 -

 -

Loss/(gain) on disposal of property, plant and equipment

 5.0

 (5.5)

 (3.6)

 -

 (4.1)

 0.8

 (33.2)

 (3.4)

 -

 (35.8)

 -

 -

 (7.5)

 -

 (7.5)

Impairments/(reversal of impairments)

 0.2

 -

 -

 -

 0.2

 (0.1)

 (2.3)

 (119.7)

 -

 (122.1)

 0.2

 -

 -

 -

 0.2

Restructuring cost

 3.0

 9.9

 15.0

 -

 27.9

 7.8

 39.4

 59.2

 -

 106.4

 1.8

 270.5

 6.9

 -

 279.2

IFRS 16 lease payments

 (0.4)

 (13.8)

 (21.7)

 -

 (35.9)

 (0.6)

 (15.2)

 (25.1)

 -

 (40.9)

 (1.6)

 (16.8)

 (20.5)

 -

 (38.9)

Loss on settlement of US$ Convertible bond

 -

 -

 -

 -

 -

 -

 -

 1,506.7

 -

 1,506.7

 -

 -

 -

 -

 -

Loss on Bulk Tailings re-Treatment transaction early settlement

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 -

 186.2

 -

 -

 186.2

Other non-recurring costs/(income)

 12.4

 1.0

 1.1

 (3.0)

 11.5

 (34.5)

 4.6

 48.5

 39.2

 57.8

 51.8

 -

 0.2

 6.1

 58.1

Adjusted EBITDA

 3,292.6

 15,280.3

 1,375.8

 (122.6)

 19,826.1

 3,854.5

 10,737.3

 2,869.2

 (182.2)

 17,278.8

 2,058.6

 8,043.1

 1,125.8

 (95.7)

 11,131.8

DEVELOPMENT RESULTS

Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres, which are reported separately where appropriate.

                 

US PGM operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

     

Stillwater West & East

East Boulder

   

Stillwater West & East

East Boulder

   

Stillwater West & East

East Boulder

Stillwater

Unit

               

Primary development (off reef)

(m)

   

 1,784

 476

   

 1,678

 363

   

 1,355

 748

Secondary development

(m)

   

 4,375

 1,402

   

 3,971

 1,497

   

 2,849

 929

                 

SA PGM operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

   

Batho- 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)

 

 306

 1,500

 2,465

 698

 

 434

 1,655

 3,169

 893

 

 291

 1,137

 2,487

 838

Advanced on reef

(m)

 

 306

 667

 878

 385

 

 434

 813

 1,096

 534

 

 154

 455

 613

 322

Height

(cm)

 

 219

 287

 286

 269

 

 223

 280

 283

 266

 

 204

 290

 284

 192

Average value

(g/t)

 

 2.1

 2.3

 2.2

 3.1

 

 2.4

 2.4

 2.3

 3.2

 

 2.3

 2.5

 2.4

 3.1

 

(cm.g/t)

 

 466

 665

 644

 831

 

 535

 680

 649

 842

 

 470

 715

 668

 586

SA PGM operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

  

K3

Rowland

Saffy

E3

4B

K3

Rowland

Saffy

E3

4B

K3

Rowland

Saffy

E3

4B

Marikana

Unit

               

Primary development

(m)

 6,459

 5,332

 3,982

 896

 1,147

 9,468

 6,312

 5,163

 1,145

 1,597

 7,415

 4,618

 4,559

 989

 1,483

Primary development - on reef

(m)

 4,929

 4,213

 2,835

 552

 776

 7,340

 4,909

 3,621

 795

 1,101

 5,859

 3,629

 3,110

 750

 1,062

Height

(cm)

 215

 221

 218

 216

 221

 216

 219

 219

 219

 222

 217

 217

 219

 221

 216

Average value

(g/t)

 3.2

 2.5

 2.7

 3.0

 2.7

 3.0

 2.8

 2.7

 3.0

 2.6

 3.2

 2.7

 2.6

 2.5

 2.5

 

(cm.g/t)

 692

 548

 586

 641

 597

 643

 603

 589

 662

 583

692

 595

 569

 561

 534

SA PGM operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

  

Kopa- 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)

 504

 110

 460

 437

 455

 421

 480

 655

 601

 352

 602

 172

 627

 348

 519

Advanced on reef

(m)

 450

 -

 260

 332

 455

 373

 -

 578

 382

 337

 165

 111

 595

 125

 387

Height

(cm)

 241

 291

 218

 223

 238

 246

 356

 211

 205

 233

 247

 217

 207

 217

 235

Average value

(g/t)

 2.2

 -

 1.4

 2.4

 2.3

 2.0

 -

 2.3

 2.1

 2.6

 2.3

 2.7

 3.0

 3.0

 2.3

 

(cm.g/t)

 538

 -

 309

 525

 540

 496

 -

 474

 436

 600

 571

 594

 621

 655

 538

                 

SA gold operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

    

Carbon
leader

Main

VCR

  

Carbon
leader

Main

VCR

  

Carbon
leader

Main

VCR

Driefontein

Unit

               

Advanced

(m)

  

 759

 136

 1,136

  

 940

 275

 1,406

  

 840

 230

 890

Advanced on reef

(m)

  

 80

 43

 366

  

 262

 127

 273

  

 147

 92

 78

Channel width

(cm)

  

 18

 72

 97

  

 50

 57

 77

  

 95

 53

 106

Average value

(g/t)

  

 18.4

 9.9

 43.2

  

 19.8

 10.0

 45.8

  

 10.3

 11.2

 10.6

 

(cm.g/t)

  

 324

 709

 4,202

  

 992

 567

 3,507

  

 975

 590

 1,119

                 

SA gold operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

   

Kloof

Main

Libanon

VCR

 

Kloof

Main

Libanon

VCR

 

Kloof

Main

Libanon

VCR

Kloof

Unit

               

Advanced

(m)

 

 1,197

 430

 

 1,241

 

 1,389

 546

 

 1,429

 

 1,184

 476

 67

 1,450

Advanced on reef

(m)

 

 245

 142

 

 165

 

 349

 186

 

 164

 

 209

 56

 47

 227

Channel width

(cm)

 

 167

 61

 

 106

 

 152

 96

 

 102

 

 109

 116

 178

 95

Average value

(g/t)

 

 8.3

 15.7

 

 16.6

 

 7.2

 11.6

 

 17.6

 

 7.0

 10.9

 6.1

 8.6

 

(cm.g/t)

 

 1,393

 959

 

 1,761

 

 1,097

 1,112

 

 1,785

 

 763

 1,271

 1,089

 814

                 

SA gold operations

Mar 2021 quarter

Dec 2020 quarter

Mar 2020 quarter

     

Beatrix

Kalkoen-krans

   

Beatrix

Kalkoen-krans

   

Beatrix

Kalkoen-krans

Beatrix

Unit

               

Advanced

(m)

   

 2,799

 105

   

 2,708

 154

   

 3,150

 159

Advanced on reef

(m)

   

 597

 35

   

 914

 94

   

 1,040

 70

Channel width

(cm)

   

 134

 160

   

 145

 180

   

 169

 137

Average value

(g/t)

   

 7.4

 5.9

   

 9.8

 7.5

   

 9.9

 17.2

 

(cm.g/t)

   

 993

 947

   

 1,429

 1,348

   

 1,681

 2,362

ADMINISTRATION AND CORPORATE INFORMATION

 

1 (Chairman)

1

1

1

1

1

1

1

1

Independent non-executive

 

SIBANYE STILLWATER LIMITED

(SIBANYE-STILLWATER)

Incorporated in the Republic of

South Africa

Registration number 2014/243852/06

Share code: SSW and SBSW

Issuer code: SSW

ISIN: ZAE000259701

LISTINGS

JSE: SSW

NYSE: SBSW

WEBSITE

www.sibanyestillwater.com

REGISTERED AND

CORPORATE OFFICE

Constantia Office Park

Bridgeview House, Building 11,Ground floor

Cnr 14th Avenue & Hendrik Potgieter Road

Weltevreden Park 1709

South Africa

Private Bag X5

Westonaria 1780

South Africa

Tel: +27 11 278 9600

Fax: +27 11 278 9863

COMPANY SECRETARY

Lerato Matlosa

Tel: +27 10 493 6921

Email: [email protected]

DIRECTORS

Dr Vincent Maphai* (Chairman)

Neal Froneman (CEO)

Charl Keyter (CFO)

Timothy Cumming*

Savannah Danson*

Dr Elaine Dorward-King*

Harry Kenyon-Slaney*

Richard Menell*^

Nkosemntu Nika*

Keith Rayner*

Susan van der Merwe*

Jeremiah Vilakazi*

Sindiswa Zilwa*#

* Independent non-executive

^ Lead independent director

# Appointed 1 January 2021

INVESTOR ENQUIRIES

James Wellsted

Senior Vice President: Investor Relations

Cell: +27 83 453 4014

Tel: +27 10 493 6923

Email: [email protected] or

[email protected]

JSE SPONSOR

JP Morgan Equities South Africa

Proprietary Limited

Registration number 1995/011815/07

1 Fricker Road

Illovo

Johannesburg 2196

South Africa

Private Bag X9936

Sandton 2146

South Africa

AUDITORS

Ernst & Young Inc. (EY)

102 Rivonia Road

Sandton 2196

South Africa

Private Bag X14

Sandton 2146

South Africa

Tel: +27 11 772 3000

AMERICAN DEPOSITARY RECEIPTS

TRANSFER AGENT

BNY Mellon Shareowner Services

PO Box 358516

Pittsburgh

PA 15252-8516

US toll free: +1 888 269 2377

Tel: +1 201 680 6825

Email: [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

In Europe: Swiss Resource Capital AG

Jochen Staiger

[email protected]

www.resource-capital.ch

FORWARD-LOOKING STATEMENTS

The information in this report may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited’s (“Sibanye-Stillwater” or the “Group”) financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report.

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

The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its current mineral reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and exploration and development activities; the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold and PGMs; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa’s credit rating; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the occurrence of labour disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of regulatory costs and relevant government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental, health or safety issues; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater’s information technology and communications systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2020.

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group’s external auditors.

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