Wrap Text
Operating Update - Quarter ended 31 March 2026
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
OPERATING UPDATE
QUARTER ENDED 31 MARCH 2026
Johannesburg, 6 May 2026: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an
operating update for the quarter ended 31 March 2026 (Q1 2026). The Group's financial results are only provided on a six-monthly basis.
SALIENT FEATURES FOR Q1 2026 COMPARED TO Q1 2025 (YEAR-ON-YEAR)
- Continued improvement in safety performance, with no fatalities during Q1 2026 and improvements in all safety statistics
- Solid operational performance, coupled with increasing commodity prices, supports delivery of our strategic objective of increasing operating
margins
- Group adjusted EBITDA1 of R19.4 billion (US$1.2 billion), a 371% increase
- SA PGM operations delivered a 2% increase in production and with focused cost control maintained AISC at R24,629/4Eoz (US$1,507/4Eoz)
- Adjusted EBITDA1 of R12.4 billion (US$762 million) for Q1 2026, 393% higher, benefiting from 87% higher 4E PGM prices
- Production from the SA gold operations (including DRDGOLD) was stable, while AISC increased 15% primarily due to higher operating cost
and higher royalty taxes linked to the elevated gold price
- Adjusted EBITDA1 of R4.7 billion (US$288 million) was 160% higher, driven by a 49% higher gold price
- At the US PGM operations, AISC increased 14% to US$1,291/2Eoz (R21,101/2Eoz) reflecting 5% lower production and higher sustaining capital
year-on-year associated with the mechanisation project
- Adjusted EBITDA1 of US$48 million (R777 million) was 611% higher, due to 88% higher 2E PGM price and Section 45X credits
- Consolidated recycling operations contributed adjusted EBITDA1 of US$98 million (R1.6 billion) primarily from sales of 1,343,043oz precious
metals (PGMs 8%, gold 3% and silver 89%) at higher prices
- Century zinc retreatment operation delivered adjusted EBITDA1 of US$29 million (R467 million), a significant year-on-year increase despite
declining production
- Construction at the Keliber lithium project was completed on schedule, with staged production ramp-up underway
- Syvajarvi mine ore stockpile of 42 kilotonnes (kt) since first blast on 11 February 2026
KEY STATISTICS - GROUP
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Mar 2025 Dec 2025 Mar 2026 GROUP Mar 2025 Dec 2025 Mar 2026
222 751 1,186 US$m Adjusted EBITDA1,10 Rm 19,372 12,855 4,109
18.48 17.11 16.34 R/US$ Average exchange rate using daily closing rate
STOCK DATA FOR THE QUARTER ENDED 31 MARCH 2026
Number of shares in issue
- at 31 March 2026 2,830,567,264
- weighted average 2,830,567,264
Free Float 99%
Bloomberg/Reuters SSWSJ/SSWJ.J
JSE Limited - (SSW)
Price range per ordinary share (High/Low) R46.24 to R82.23
Closing price on 31 March 2026 R51.04
Average daily volume 16,352,560
NYSE - (SBSW); one ADS represents four ordinary shares
Price range per ADS (High/Low) US$11.14 to US$21.12
Closing price on 31 March 2026 US$12.32
Average daily volume 7,727,732
KEY OPERATIONAL STATISTICS
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Mar 2025 Dec 2025 Mar 2026 SOUTHERN AFRICA (SA) OPERATIONS Mar 2025 Dec 2025 Mar 2026
PGM operations
376,123 426,663 383,241 oz 4E PGM production2,3 kg 11,920 13,271 11,699
1,362 2,206 2,874 US$/4Eoz Average basket price R/4Eoz 46,955 37,740 25,165
137 406 762 US$m Adjusted EBITDA10 Rm 12,449 6,943 2,527
1,331 1,560 1,507 US$/4Eoz All-in sustaining cost4,10 R/4Eoz 24,629 26,685 24,599
Gold operations
141,110 156,220 139,406 oz Gold production kg 4,336 4,859 4,389
2,832 4,066 4,764 US$/oz Average gold price R/kg 2,502,794 2,236,439 1,682,730
98 232 288 US$m Adjusted EBITDA10 Rm 4,705 3,965 1,811
2,392 2,765 3,114 US$/oz All-in sustaining cost4,10 R/kg 1,636,071 1,521,216 1,421,028
INTERNATIONAL OPERATIONS
US PGM operations
71,991 69,774 68,386 oz 2E PGM production2,5 kg 2,127 2,170 2,239
968 1,543 1,819 US$/2Eoz Average basket price R/2Eoz 29,717 26,401 17,889
(9) 64 48 US$m Adjusted EBITDA10 Rm 777 1,090 (172)
1,137 1,234 1,291 US$/2Eoz All-in sustaining cost4,6,10 R/2Eoz 21,101 21,111 21,003
Recycling operations7
11 52 98 US$m Adjusted EBITDA10 Rm 1,598 896 197
Keliber lithium project
(3) (3) (13) US$m Adjusted EBITDA10 Rm (209) (54) (56)
Century zinc retreatment operation
25 25 20 ktZn Payable zinc production8 ktZn 20 25 25
2,807 2,900 2,628 US$/tZn Average equivalent zinc concentrate price9 R/tZn 42,942 49,626 51,883
10 26 29 US$m Adjusted EBITDA10 Rm 467 439 178
1,738 2,179 2,189 US$/tZn All-in sustaining cost4,10 R/tZn 35,766 37,286 32,127
1 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. For a reconciliation of profit/(loss) before royalties and tax to adjusted
EBITDA, see "Adjusted EBITDA reconciliation - Quarters"
2 The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) and measured at the concentrator,
and the US underground operations is principally platinum and palladium, referred to as 2E (2PGM)
3 The SA PGM production excludes the production associated with the PoC from third parties. For a reconciliation of the production and third party PoC, refer to the "Reconciliation of
operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters"
4 See "Salient features and cost benchmarks - Quarters" for the definition of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes the production and costs
associated with the purchase of concentrate (PoC) from third parties
5 The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand)
6 The US PGM operations' All-in sustaining cost for the quarter ended 31 March 2025 was adjusted to include the Section 45X (S45X) Advance Manufacturing Production Credits.
During the quarter ended 30 June 2025 the US PGM operations recognised R196 million (US$11 million) which related to mining costs for the quarter ended 31 March 2025
7 Recycling includes Reldan Pennsylvania (PA) site, Metallix North Carolina (NC) site and Montana recycling site. The acquisition of NC site was concluded on 4 September 2025.
The quarter ended 31 December 2025 includes the results of the NC site results since acquisition
8 Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
9 Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by
the payable zinc sales
10 Adjusted EBITDA and AISC are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of
financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the Non-IFRS metrics presented by Sibanye-Stillwater
STATEMENT BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER
The global macroeconomic and sociopolitical environment during 2026 has been marked by ongoing political upheaval and disruptive
market shifts. Against an uncertain backdrop, commodity price volatility has been elevated, with price moves increasingly frequent and
accentuated.
PGM prices rose in the second half of 2025 as liquidity tightened, driven by strong Chinese platinum jewellery demand (amid high gold
prices), increased investment inflows, and restocking under macro uncertainty. Tariff risks and geopolitical disruptions further tightened
regional supply, amplifying gains and lifting lease rates. Supply remains constrained due to underinvestment in new primary production,
geopolitical risks, and weak recycling markets. Near-term volatility will depend on trade policy, Middle East tensions, and growing
concerns around global economic growth, but medium-term fundamentals are supported by robust autocatalyst demand, limited supply
growth, and longer-term upside from green hydrogen and new applications.
Lithium prices have also been shaped by policy and China-driven supply-demand shifts. A late-2025 rally was driven by supply curbs on
higher-cost producers and restocking, with further support in early 2026 from Zimbabwe's export ban, alongside strong Battery Electric
Vehicle (BEV) and Battery Energy Storage Systems (BESS) demand linked to AI-driven power needs and falling costs. The outlook remains
positive, with robust demand growth, emerging structural deficits later in the decade, and geopolitical push for regional supply chains
supporting sustained higher prices.
Our refreshed strategy, presented in January 2026, is centred on simplification, performance excellence, organic growth and disciplined
capital allocation. In the near term, this means improving organisational efficiency and operational performance to drive operating
margins supporting a capital allocation framework focused on shareholder returns, debt reduction and investment in organic, value-
accretive growth opportunities.
In this context, it is pleasing that Group operating results for the first quarter of 2026 (Q1 2026) reflect improved operational stability and
consistency across all Group operations. Underpinned by effective cost management in most operations, this solid performance provides
the foundation to drive enhanced operating margins, and deliver shared value for all stakeholders, as we continue to execute our
refreshed strategy.
Safe production underpins operational excellence. A fatality-free quarter in Q1 2026, together with continued reductions in serious injuries
and high-potential incidents, demonstrates sustained progress in reducing risk across our operations. While we acknowledge there is
further work required to sustainably meet our objectives, these results reinforce our conviction that fatality-free operations are achievable
and strengthen our resolve to eliminate serious harm from our workplaces.
Consistent operational delivery and disciplined cost management during Q1 2026 amplified exposure to improved metal prices,
delivering a significant improvement in financial performance. Group adjusted EBITDA increased by 371% year-on-year to R19.4 billion
(US$1.2 billion) for Q1 2026. Notably, all of the core Group operations contributed positively to this result (SA PGM 64%, SA gold 24%, US
PGM 4%, Recycling 8% and Century 2%), reflecting an improved earnings base that enhances resilience to short term price volatility.
The SA PGM operations delivered an improved performance for Q1 2026. 4E PGM production (excluding third party purchase of
concentrate (PoC)) increased by 2% year-on-year and AISC of R24,629/4Eoz (US$1,507/4Eoz) was unchanged from Q1 2025. Unit AISC is
expected to marginally increase in line with annual guidance of R26,500 - 27,500/4Eoz (US$1,453 - US$1,508/4Eoz) during the year due to a
planned increase in ore reserve development and sustaining capital. The stable operational performance and commendable cost
control during Q1 2026, combined with an 87% year-on-year increase in the average 4E PGM basket price, materially expanded
operating margins, driving a 393% increase in adjusted EBITDA to R12.4 billion (US$762 million) for Q1 2026.
The SA gold operations, (including DRDGOLD) delivered a stable performance for Q1 2026 with production consistent year-on-year. A
160% increase in adjusted EBITDA from the SA gold operations to R4.7 billion (US$288 million) for Q1 2026, was driven by a 49% higher
average gold price (gold production is currently unhedged) and offset a 15% increase in AISC year-on-year. Our strategic focus at our
gold operations will be to maintain operational stability with an increased focus on reducing and managing costs at the underground
gold operations as the SA gold exposure transitions towards higher-margin, shallow gold production in the coming years.
Strategic focus at the US PGM operations is on a structural reduction in AISC, targeting AISC of approximately US$1,000/2Eoz by the end
2028 to ensure through-cycle commodity sustainability and resilience. The step change in AISC will be driven by increasing productivity
through the progressive implementation of increased mechanisation and increased mining volumes. This is expected to drive a 45%
increase in steady-state production to ~410k 2Eoz from the East Boulder and Stillwater East mines by H2 2028. Initial increases in sustaining
capital investments to facilitate the mechanisation transition are expected to increase unit costs during 2026 and 2027. (See here for
www.sibanyestillwater.com/features/2026/capital-markets-day-2026 for more detail in capital markets day presentation).
The US PGM operations' AISC thus increased to US$1,291/2Eoz (R21,101/2Eoz), 14% higher year-on-year, reflecting 5% lower production and
higher sustaining capital than for Q1 2025 (deferred capital in line with restructuring plan). Despite this, the 88% higher 2E PGM price, and
ongoing Section 45X benefits, resulted in the US PGM operations generating adjusted EBITDA1 of US$48 million (R777 million).
The Recycling operations (comprising the three sites of Montana, North Carolina and Pennsylvania) delivered a substantial 817% increase
in EBITDA year-on-year of US$98 million (R1.6 billion) from sales of 1,343,043oz precious metals (PGMs 8%, gold 3% and silver 89%). This was
driven by a 138% increase in precious metals recycled, the full incorporation of the North Carolina site from September 2025 and the
realisation of initial operational synergies of the integrated sites, together with higher commodity prices.
Payable zinc production from the Century zinc retreatment operations for Q1 2026 of 20kt was 19% lower year-on-year, due to heavier
wet weather and a planned maintenance shutdown during Q1 2026. Lower production volumes negatively impacted the AISC for Q1
2026 of US$2,189/tZn (R35,766/tZn) which was 26% higher year-on-year. Lower treatment charges and increased sales contributed to
adjusted EBITDA1 of US$29 million (R467 million) for the quarter.
Keliber is a fully integrated mine-to-market development project, comprising a mine, concentrator and lithium hydroxide refinery. As one
of the few integrated projects outside China, it is strategically positioned to supply lithium hydroxide into the European battery ecosystem.
The concentrator construction was successfully completed in January 2026 while the refinery completed construction in the first week of
April 2026. The phased start up of the project commenced with mining operations at the Syvajarvi mine in February 2026. At the end of Q1
2026, 42.1kt of ore was stockpiled for use to commission the concentrator that is planned to commence in Q3 2026.
In addition to the Keliber lithium project, progress continues on the Group's key organic growth priorities. In the SA PGM operations,
continued investment in the value accretive and high return brownfields projects is progressing, including the Siphumelele/Bambanani
brownfields project and the Thembelani project. The ramp up at the K4 project at Marikana is progressing according to plan, with K4
producing 26,620 4Eoz in Q1 2026, 21% higher year-on-year.
Operational consistency, focused cost control and materially higher earnings in Q1 2026 have strengthened the Group's financial
position. Enhanced profitability and cash flow will support the Group's capital allocation strategic objectives providing a solid platform for
continued execution of the simplification and performance excellence strategy, creating the conditions for sustainable long-term value
creation for all stakeholders.
On 20 April 2026, the Group shared more information about its International and Recycling operations at its capital markets day
presentation which is available on the Group website. Operations covered during this update included the US PGM
operations, the Keliber lithium project, the Recycling operations and the Century retreatment operations. The Group also plans to update
the market on its South African operations (SA gold and SA PGM operations) on 23 June 2026 and an SA PGM mine visit (24 June 2026).
SAFE PRODUCTION
The safety and health of our workforce is our foremost priority and safe production is core to the Group achieving its strategic
performance excellence goals. Safe production is the essential foundation to achieve Performance excellence.
We are pleased to report that the Group operated without any fatalities during Q1 2026. Achieving these milestones, confirm that our zero
fatality commitment is achievable and that the ongoing positive trends in leading and lagging safety indicators, confirm sustained
progress in risk reduction at our operations and strengthen our resolve towards eliminating fatalities in the workplace.
Notably, the Group's serious injury frequency rate (SIFR) improved by 9% year-on-year (Q1 2026 vs Q1 2025), decreasing from 2.13 to 1.94.
In addition, a 24% reduction in high-potential incidents (HPIs) was recorded for Q1 2026 when compared with Q1 2025. The Total
Recordable Injury Frequency Rate (TRIFR) improved for the SA gold operations and International and Recycling operations. The Group
fatal injury frequency Rate (FIFR), measured per million hours worked, improved from 0.051 in Q1 2025 to zero in Q1 2026 as no fatal
incidents occurred during the first quarter of 2026.
The safety culture programme at the South African (SA) operations, initiated in 2025, continues to make strong progress. The programme
targets both leadership and supervisory levels to drive sustainable behaviour change. The programme focuses on leadership mindset
coaching and systems thinking to strengthen overall operational performance and supports the goal of eliminating fatalities. It is being
fully aligned with Sibanye-Stillwater leadership development initiatives and our iCARES values.
Critical control management and compliance remains a core risk-reduction priority, supported by a mature verification and auditing
process, with an ongoing emphasis on consistent, sustained execution of all critical controls.
OPERATIONAL REVIEW
Southern Africa (SA) operations
SA PGM operations
The SA PGM operations continue to deliver stable production, supported by ongoing capital investment in value accretive organic
growth projects. These projects will extend the operating lives of these high value assets, substantially increasing future production relative
to the current life of mine (LOM) profile and unlocking value for all stakeholders.
PGM production (excluding third party purchase of concentrate (PoC)) for Q1 2026 increased by 2% year-on-year to 383,241 4Eoz. Third
party PoC of 19,724 4Eoz for Q1 2026 was 11% higher year-on-year. For more information regarding production and cost including and
excluding PoC, please refer to page 11 in the booklet.
Production from underground mining increased by 3% to 359,802 4Eoz, with an 11% production increase from the Marikana operations for
Q1 2026, offsetting a 2% decline in production from the Rustenburg operation. Higher production from the Marikana operation was
primarily driven by production from the K4 shaft of 26,620 4Eoz, which was 21% (4,616 4Eoz) higher than for Q1 2025. Planned maintenance
and replacement of the girth gear at the Rustenburg UG2 concentrator resulted in an increase in stockpiled ore (containing ~25,000
4Eoz), which is expected to be processed during Q2 2026. Surface production declined by 14% year-on-year due to depletion of surface
reserves at the Rustenburg operation and the planned transition to a new feed source at the Marikana operation.
Costs were well contained, with AISC (excluding PoC) of R24,629/4Eoz (US$1,507/4Eoz) flat year-on-year, supported by a 33% (R747 million
(US$62 million) increase in by-product credits, driven by higher average prices for most by-product metals, but offset by a R694 million
(US$43 million) increase in royalty tax.
AISC is expected to increase in coming quarters, in line with annual guidance of between R26,500 - 27,500/4Eoz (US$1,453 -
US$1,508/4Eoz), due to higher planned ore reserve development capital (ORD) and sustaining capital for the remainder of the year in line
with the full year guidance of R6.2 billion (excluding project capital of R1.8 billion). With stable production, costs well controlled and 87%
increase in the average 4E PGM basket price year-on-year to R46,955/4Eoz (US$2,874/4Eoz), the SA PGM operations adjusted EBITDA for
Q1 2026 increased by 393% year-on-year to R12.4 billion (US$762 million).
Total chrome production from the SA PGM operations was 456kt for Q1 2026, 20% lower year-on-year, due to lower surface volumes
processed and the slower start-up of the Rustenburg UG2 concentrator which impacted chrome production from the Rustenburg and
Platinum Mile operations. The chrome margin for Q1 2026 increased by 6% to R566 million (US$35 million) year-on-year, despite 19% lower
chrome sales volumes of 408kt and primarily due to a 27% rise in the average chrome price to US$293/tonne.
Please refer to page 7 and 10 in the booklet for further operational results statistics.
SA gold operations
The SA gold operations, (including DRDGOLD) delivered a stable performance for Q1 2026 and generated positive adjusted EBITDA for Q1
2026, of R4.7 billion (US$288 million), a 160% year-on-year increase. The improved operational stability will facilitate ongoing
implementation of performance excellence initiatives to further improve stability and cost certainty.
Gold production from the SA gold operations (including DRDGOLD) of 4,336kg (139,406oz) for Q1 2026 was flat year-on-year, with a 12%
increase in production from DRDGOLD offsetting 5% lower production of 3,117kg (100,214oz) from the managed SA gold operations for Q1
2026. The rebasing of the Kloof operation in the second half of 2025, following the decision to reduce exposure to seismically active areas
and cease production at the 7 shaft (Manyano), improved operational stability at the Kloof operation and restored it to profitability.
AISC for the managed SA gold operations (excluding DRDGOLD) increased by 19% year-on-year to R1,831,570/kg (US$3,486/oz), primarily
due to annual inflationary input cost increases and royalty tax which increased by R190 million (US$12 million). In addition, the Driefontein
operation incurred increased pumping costs due to higher volumes of fissure water ingress.
Gold production from DRDGOLD for Q1 2026 increased by 12% to 1,219kg (39,192oz) with AISC of R1,069,264/kg (US$2,035/oz) marginally
lower year-on-year, due to a 4% increase in gold sold for Q1 2026. Project capital of R728 million (US$45 million) for Q1 2026 was 88% higher
in line with the planned construction of the Far West Gold Recoveries (FWGR) tailings storage facility associated pump station and
pipeline infrastructure.
Capital expenditure for Q1 2026 (excluding DRDGOLD) of R618 million (US$38 million) was 20% lower than for Q1 2025 due to sustaining
capital (R19 million or US$1 million) and ORD (R143 million or US$9 million) for the Kloof operation being expensed rather than capitalised
following the revised LOM plan and impairment during December 2025.
Please see page 8 and 12 in the booklet for further operational results statistics.
International operations
US PGM operations
Mined 2E PGM production from the US PGM operations for Q1 2026 of 68,386 2Eoz, was 5% lower year-on-year, primarily due to mining
quality factors at the East Boulder mine. These are being addressed and are expected to progressively improve mining quality and
normalise production by the end of H1 2026.
AISC (including Section 45X credits) for Q1 2026 of US$1,291/2Eoz (R21,101/2Eoz) was 14% higher year-on-year, but below the lower-end of
guidance for 2026 of between US$1,360 - 1,420/2Eoz. Cost drivers included higher capital expenditure and consumable expenditure
related to planned electrification upgrades, lower production and higher royalties and production taxes. A Section 45X credit of US$11
million or US$163/2Eoz (R183 million or R2,669/2Eoz) was recognised for Q1 2026 (Q1 2025: US$147/2Eoz, R2,725/2Eoz).
As detailed during the International and Recycling operations Capital markets day, it is expected that AISC unit cost for 2026 will increase
at the US PGM operations due to increased cost and capital expenditure, in preparation for the phased implementation of the
optimisation of these operations.
2E PGMs sold of 63,536 2Eoz were 10% higher year-on-year but lower than produced due to inventory build of approximately 8,000 2Eoz in
the metallurgical complex, which is expected to be released in Q2 2026.
ORD capital expenditure increased by 16% to US$20 million (R327 million) as planned for 2026, while sustaining capital expenditure of US$5
million (R84 million) (Q1 2025: US$2 million, R46 million) was invested in ore flow control systems related to the vertical development at
Stillwater East, transportation fleet for East Boulder and the new Stillwater mine bridge. The receipt of a mechanised development bolter
at East Boulder during the quarter, and increased ORD capital indicate the start of the planned transition to full mechanisation as
highlighted in the recent market update.
Adjusted EBITDA increased by US$57 million (R949 million) year-on-year to US$48 million (R777 million) for Q1 2026, driven by the 88%
increase in the average 2E PGM basket price year-on-year to US$1,819/2Eoz (R29,717/2Eoz) for Q1 2026. Excluding the US$11 million (R183
million) Section 45X credit recognised for Q1 2026, adjusted EBITDA of US$36 million (R594 million) compares to the adjusted EBITDA loss of
US$9 million (R172 million) for Q1 2025.
The US PGM operations have a clear, sustainable and deliverable productivity-led plan, centred on complete in stope mechanisation,
which enables higher productivity, thereby reducing unit costs and improving through-cycle resilience. The plan targets a structurally
lower AISC of ~US$1,000/2Eoz (2026 real) from the end of 2028, supported by an estimated ~45% increase in steady-state production to
~410k 2Eoz as the mechanisation programme is phased through to completion by H2 2028. This pathway strengthens operating leverage
and competitiveness, while preserving longer-term optionality and value from the world-class, long-life US PGM asset base.
Please refer to page 7 and 10 in the booklet for further operational results statistics.
Recycling operations
The Recycling operations, comprising the Pennsylvania (PA) (formerly Reldan), North Carolina (NC) (formerly Metallix) and Montana
(formerly named the US PGM recycling) sites, have been consolidated to leverage the distinct strengths of each operation, eliminating
duplication and optimising how material flows across our recycling network.
During Q1 2026, the Recycling operations generated US$98 million (R1.6 billion) adjusted EBITDA, compared to US$11 million (R197 million)
in Q1 2025, contributing 8% of the Groups adjusted EBITDA. The significant year-on-year increase is due to higher precious metals prices
supported by a 138% increase in metals recycled and sold, a US$14 million (R237 million) Section 45X credit for the quarter, as well as the
addition of the NC site from September 2025 (therefore not included in Q1 2025).
Total precious metals (gold, PGMs and silver) recycled and sold increased 138% from 564,221oz in Q1 2025 to 1,343,043oz in Q1 2026, due
to a 103% increase in precious metals recycled and sold from the PA site, the addition of 247,023oz from the NC site and a 20% increase in
3E PGM sold from the Montana site during Q1 2026 of 68,794 3Eoz compared to 57,171 3Eoz in Q1 2025. The site processed an average of
8 tonnes per day (tpd) of spent autocatalyst material for Q1 2026, a 14% decrease from 9.3 tpd for Q1 2025. 3E PGM ounces fed of 58,239
3Eoz, declined by 22% from 74,717 3Eoz for Q1 2025, driven by lower feed volumes and loadings. On a per metal basis, the following were
recycled and sold from the three sites during Q1 2026:
Total oz/lbs sold excluding mixed scrap Q1 2026 Q1 2025 Variance
Gold oz 44,013 28,023 57 %
5E PGMs1 oz 107,597 71,791 50 %
Silver oz 1,191,433 464,407 157 %
Total precious metals oz 1,343,043 564,221 138 %
Copper lbs 722,663 747,577 (3) %
1 5E PGMs: Platinum, palladium, rhodium, iridium and ruthenium
Post-consumer, high-grade suppliers have largely liquidated inventory holdings in response to historically elevated prices, with volumes
now beginning to normalise toward historical levels. While some production delays persist, efforts are underway to better align operations
and optimise throughput across NC and PA sites.
European operations
Keliber lithium project
Mining operations at the Syvajarvi mine commenced in February, with 42.1kt of ore extracted and stockpiled by the end of Q1 2026.
Project capital expenditure (including capitalised interest and other capitalised expenditure outside the project's initial forecast scope)
for Q1 2026 was EUR23 million (R439 million). At the end of March 2026, total project capital expenditure for the construction phase
amounted to EUR707 million (R13.5 billion) (excluding capitalised interest and exploration) and in line with the revised capital forecast of EUR783
million (R15.0 billion) in 2024 real terms.
The lithium market remained positive throughout the first quarter of 2026, and market conditions continue to be monitored closely. Staged
commissioning of the mine, concentrator and refinery reduces ramp-up risk by prioritising operational readiness in the mining and
concentrating stages before determining the appropriate timing for refinery commissioning. This approach also preserves financing
flexibility by enabling the deferral of capital expenditure and refinery ramp-up costs, depending on lithium market developments and
broader market conditions.
The figures have been translated where relevant at an average exchange rate of R19.13/EUR
Sandouville nickel refinery and the GalliCam project
Sandouville operated in care-and-maintenance throughout Q1 2026, with site activities focused on asset integrity and regulatory
compliance.
Australian operations
Century zinc retreatment operation
Production from the Century zinc retreatment operations was impacted by above-average rainfall, which reduced capacity and
flexibility on the tailings dam as the remaining operating life decreases. The impacts on production were partially offset by the wet
weather resilience measures implemented over recent years. Q1 2026 also saw a four-day maintenance shutdown, completed on
schedule, on budget and without a safety incident; however, the downtime further reduced production levels.
Consequently, payable zinc production for Q1 2026 was 20kt, a 19% decrease compared with 25kt in Q1 2025, which did not include a
maintenance shutdown. AISC for Q1 2026 of US$2,189/tZn (R35,766/tZn) was 26% higher year-on-year, primarily due to lower production.
Payable zinc metal sales for Q1 2026 of 23kt were 3kt higher than production and 131% higher than Q1 2025 sales of 10kt, due to the
timing of shipments. Higher payable zinc metal sales, combined with high zinc prices and lower treatment charges for Q1 2026, resulted in
significantly improved adjusted EBITDA for Q1 2026 of US$29 million (R467 million) compared with US$10 million (R178 million) for Q1 2025.
Total capital expenditure for Q1 2026 of US$1 million (R13 million) primarily sustaining capital, continues to be focused on maintaining asset
integrity, enhancing operational resilience and ensuring the reliability of critical infrastructure as the operation approaches end-of-mine-
life.
A phosphate feasibility study (AACE Class 2 Estimate) is expected to be completed in H1 2026. While phosphate does not align directly
with the Group's refreshed strategy, the Group remains committed to responsibly realising value from the Century and Karumba assets for
all stakeholders involved.
Mt Lyell copper project
The Mt Lyell copper project achieved a major milestone with the completion of the feasibility study (AACE Class 2 Estimate) in late 2025.
This was followed by an internal assurance review in Q1 2026. The next phase involves progressing towards a final investment decision,
which will be assessed in accordance with the Group's capital allocation framework and is subject to final board approval.
In Q1 2026, US$3.5 million (R58.5 million) in exploration expenditure was approved. Preparatory activities are currently underway, with
exploration works scheduled to commence in Q2 2026.
Amounts are translated at the average rate R11.40/A$ and R16.34/US$ for 2026
OPERATING GUIDANCE FOR 2026
Operating guidance for the 2026 year is unchanged at the date of this Q1 2026 report.
2026 Annual guidance Production All-in sustaining cost Total capital
SA SA PGM operations 1.65 - 1.75Moz3,4 R26,500 - 27,500/4Eoz R8bn (US$439m)2
operations (4E PGMs) (US$1,453 - 1,508/4Eoz)2 (incl. R1.79bn (US$98m) for project capital)
SA gold operations 13,700 - 14,700kg R1,620k - 1,730k/kg R2.8bn (US$154m)2
(excl. DRDGOLD) (440 - 473koz) (US$2,762 - 2,950/oz)2
International US PGM operations 280 - 300koz US$1,520 - 1,580/2Eoz1 US$125m - US$135m (incl. US$6m growth)
operations (2E mined) Including Section 45X: (R2.3bn - R2.5bn incl. R109m growth)2
US$1,360 - 1,420/2Eoz
Recycling operations Total 400 - 420koz n/a US$12.2m (R223m)2
(Montana, PA and NC) gold equivalent ounces5
(PGM autocats, industrial and
e-waste precious metals
bearing waste)
Keliber lithium project 15k - 20k n/a EUR180m - EUR190m6 (R3.7bn - R3.9bn)2
tonnes of spodumene (incl. EUR90m (R1.8bn) for project capital)
concentrate
Century zinc operations 86.3k - 98.3k A$3,400 - 3,800/t A$5m - A$5.5m
tonnes (payable) (R42,160 - 47,120/t)2 (US$3.4m - US$3.7m, R62m - R68.2m)2
(US$2,311 - 2,583/t)2
Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events
As at 20 February 2026
1 US PGM AISC are impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$1,180/oz; By product credit assumptions
of Rh US$4,800/oz and gold US$2,500/oz
2 Estimates are converted at an exchange rate of R18.24/US$, R20.43/EUR and R12.40/A$
3 SA PGM operations production guidance includes third party PoC and 50% attributable production from Mimosa
4 SA PGM operations AISC excludes the purchase cost of third party PoC and Mimosa costs and capital (equity accounted)
5 Gold equivalent ounce production calculated using the following metal pricing: Au US$2,506/oz, Ag US$38/oz, Pt US$1,150/oz, Pd US$1,050, Ir US$4,000/oz, Rh US$4,800/oz,
Ru US$500/oz and Cu US$4.4/lb
6 2026 guided capital includes construction phase start-up capital, sustaining cost and capitalised cost. The current production profile includes the Syvajarvi and
Rapasaari open pit mining areas
RICHARD STEWART
CHIEF EXECUTIVE OFFICER
The information disclosed is only a summary of the operating update and additional information is contained in the booklet outlining the full operating update for
the quarter ended 31 March 2026 (booklet), which is available for viewing on the Company's website at https://www.sibanyestillwater.com/news-investors/reports/quarterly/.
Any investment decisions by investors and/or shareholders should be based on a Booklet.
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED AUDITORS
(SIBANYE-STILLWATER) BDO SOUTH AFRICA INC.
Incorporated in the Republic of South Africa
Registration number 2014/243852/06 Wanderers Office Park
Share code: SSW and SBSW 52 Corlett Drive
Issuer code: SSW Illovo, 2196
ISIN: ZAE000259701 South Africa
LISTINGS Private Bag X60500
JSE: SSW Houghton 2041
NYSE: SBSW Tel: +27 011 488 1700
WEBSITE AMERICAN DEPOSITARY RECEIPTS
www.sibanyestillwater.com
TRANSFER AGENT
REGISTERED AND CORPORATE OFFICE
BNY Mellon Shareowner Correspondence (ADSs)
Constantia Office Park Mailing address of agent:
Computershare
Bridgeview House, Building 11, Ground floor PO Box 43078
Cnr 14th Avenue & Hendrik Potgieter Road Providence, RI 02940-3078
Weltevreden Park 1709
South Africa Overnight/certified/registered delivery:
Computershare
Private Bag X5 150 Royal Street, Suite 101
Westonaria 1780 Canton, MA 02021
South Africa
US toll free: + 1 888 269 2377
Tel: +27 11 278 9600 Tel: +1 201 680 6825
Fax: +27 11 278 9863 Email: shrrelations@cpushareownerservices.com
COMPANY SECRETARY Tatyana Vesselovskaya
Lerato Matlosa
Email: lerato.matlosa@sibanyestillwater.com Relationship Manager - BNY Mellon
Depositary Receipts
DIRECTORS Email: tatyana.vesselovskaya@bnymellon.com
Dr Vincent Maphai* (Chairman)
Dr Richard Stewart (CEO) TRANSFER SECRETARIES SOUTH AFRICA
Charl Keyter (CFO)
Dr Elaine Dorward-King* Computershare Investor Services Proprietary Limited
Harry Kenyon-Slaney* ^
Prof Jeremiah Vilakazi# Rosebank Towers
Dr Lindiwe Mthimunye* 15 Biermann Avenue
Keith Rayner# Rosebank 2196
Dr Peter Hancock*
Philippe Boisseau* PO Box 61051
Richard Menell# Marshalltown 2107
Sindiswa Zilwa* South Africa
Terence Nombembe*
Timothy Cumming# Tel: +27 11 370 5000
Fax: +27 11 688 5248
* Independent non-executive
# Non-executive
^ Lead independent director
INVESTOR ENQUIRIES
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Mobile: +27 83 453 4014
Email: james.wellsted@sibanyestillwater.com
or ir@sibanyestillwater.com
JSE SPONSOR
J.P. 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
Non-IFRS measures
Sibanye-Stillwater presents certain non-IFRS figures to provide readers with additional financial information that
is regularly reviewed by management to assess the operational performance of the Group and is the
responsibility of the Group's Board of Directors. These non-IFRS measures should not be considered as
alternatives to IFRS Accounting Standards measures, including cost of sales, net operating profit, profit before
taxation, cash from operating activities or any other measure of financial performance presented in
accordance with IFRS Accounting Standards, and may not be comparable to similarly titled measures of other
companies.
The non-IFRS financial measures discussed in this document are listed below:
Non-IFRS measure Definition Purpose why these non-IFRS measures are Reconciled
reported on page of the booklet
Adjusted EBITDA Adjusted earnings before interest, tax, Used in the calculation of the debt covenant 18
depreciation and amortisation, and is reported ratio: net debt/(cash) to adjusted EBITDA
based on the formula included in Sibanye-
Stillwater's facility agreements for compliance
with the debt covenant formula and involves
eliminating the effects of various one-time,
irregular, and non-recurring items from the
standard EBITDA calculation
All-in sustaining costs Cost of sales before amortisation and Developed by the World Gold council for the 12,13,14,15
(AISC) depreciation plus additional costs which purpose of the gold mining industry, AISC
include community costs, inventory change provides metrics and aims to reflect the full
(PGM operations only), share-based payments, cost to sustain the production and sale of our
royalties, carbon tax, rehabilitation, leases, ore commodities, and reporting this metric allows
reserve development (ORD), sustaining capital for a meaningful comparisons across our
expenditure and deducting the by-product operations and different mining companies
credit
All-in costs (AIC) AISC plus additional costs relating to corporate Developed by the World Gold council for the 12,13,14,15
and major capital expenditure associated with purpose of the gold mining industry, AIC
growth provides metrics and aims to reflect the full
cost to sustain the production and sale of our
commodities, after including growth capital,
and reporting this metric allows for a
meaningful comparisons across our operations
and different mining companies
AISC/AIC per unit AISC/AIC divided by the total PGM produced/ Developed by the World Gold council for the 12,13,14,15
gold sold/payable zinc production purpose of the gold mining industry, AISC/AIC
per unit provides a metric that aims to reflect
the full cost to sustain the production and sale,
after including growth capital (AIC), of an
ounce/kilogram/tonne of commodity and
reporting this metric allows for a meaningful
comparisons across our operations and
different mining companies
Operating costs The average cost of production, and operating Report a measure that aims to reflect the 16,17
cost per tonne is calculated by dividing the operating cost to produce our commodities,
cost of sales, before amortisation and and reporting this metric allows for a
depreciation and change in inventory in a meaningful comparisons across our operations
period by the tonnes milled/treated in the and different mining companies
same period, and operating cost per ounce
(and kilograms) is calculated by dividing the
cost of sales, before amortisation and
depreciation and change in inventory in a
period by the gold kilograms produced or PGM
2E and 4E ounces produced in the same period
DISCLAIMER
Forward-looking statements
The information in this report may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's (Sibanye-Stillwater or the Group)
financial positions, business strategies, business prospects, industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, plans
and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-
Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As
a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such
as "will", "would", "expect", "forecast", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar meaning. By their nature,
forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important
factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections contained in
the forward-looking statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected
costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South
Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater's ability to obtain the
benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in
obtaining additional financing or refinancing; Sibanye-Stillwater's ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater's
estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in
connection with, and the ability to successfully integrate, past, ongoing and future acquisitions (including Metallix), as well as at existing operations; the ability of
Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater's business strategy and exploration and development activities,
including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value; 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, silver, PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply
requirements; the occurrence of hazards associated with underground and surface mining; any 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 outcome of legal challenges to the Group's mining or other land use rights; the occurrence of labour disputes, disruptions and industrial actions;
the availability, terms and deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations,
particularly environmental, sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including
any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings, including
in relation to any environmental, health or safety issues; failure to meet ethical standards, including actual or alleged instances of fraud, bribery or corruption; the effect
of climate change or other extreme weather events on Sibanye-Stillwater's business; the concentration of all final refining activity and a large portion of Sibanye-
Stillwater's PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over
financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-
Stillwater's financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions,
constraints and cost increases; supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater's
operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or
precautionary suspension of operations at its mines for safety or environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater's
ability to hire and retain senior management and employees with sufficient technical and/or production skills across its global operations necessary to meet its labour
recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions, or
maintain required board gender diversity; failure of Sibanye-Stillwater's information technology, communications and systems, evolving cyber threats to Sibanye-
Stillwater's operations and the impact of cybersecurity incidents or breaches; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or natural
or man-made disaster in surrounding mining communities, including informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations;
and the impact of contagious diseases, including global pandemics.
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 2025 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2025
on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2026 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any
forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group's external
auditors.
Non-IFRS1 measures
The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, notional free cash flow, AISC, AIC, and
normalised earnings. These measures may not be comparable to similarly-titled measures used by other companies and are not measures of Sibanye-Stillwater's
financial performance under IFRS Accounting Standards. These measures should not be considered in isolation or as a substitute for measures of performance prepared
in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this report
because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information measures presented have not been
reviewed or reported on by the Group's external auditors.
1 IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)
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and does not form part of, this report.
Date: 06-05-2026 08:00:00
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