Wrap Text
Operating update - Quarter ended 31 March 2022
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
OPERATING UPDATE
QUARTER ENDED 31 MARCH 2022
Johannesburg, 5 May 2022: 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 2022 (Q1 2022). The Group's financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 31 MARCH 2022 COMPARED TO QUARTER ENDED 31 MARCH 2021 (Q1 2021)
- Solid Group financial performance with Group adjusted EBITDA of R13.7 billion (US$898 million)
- Consistent operating performance across all PGM segments
- US PGM recycling operations deliver solid performance
- Lockout at SA gold operations continues
- Keliber definitive feasibility study (DFS) completed
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Mar 2021 Dec 2021 Mar 2022 UNITED STATES (US) OPERATIONS Mar 2022 Dec 2021 Mar 2021
PGM operations(1,2)
154,350 127,774 122,389 oz 2E PGM production(2) kg 3,807 3,974 4,801
2,128 1,729 2,058 US$/2Eoz Average basket price R/2Eoz 31,323 26,661 31,835
920 1,120 1,244 US$/2Eoz All-in sustaining cost(4) R/2Eoz 18,940 17,265 13,763
PGM recycling(1,2)
195,474 172,511 190,871 oz 3E PGM recycling(2) kg 5,937 5,366 6,080
2,909 3,459 3,061 US$/3Eoz Average basket price R/3Eoz 46,588 53,338 43,519
SOUTHERN AFRICA (SA) OPERATIONS
PGM operations(2)
425,484 441,900 410,848 oz 4E PGM production(2,5) kg 12,779 13,745 13,234
3,524 2,470 2,961 US$/4Eoz Average basket price R/4Eoz 45,061 38,094 52,722
1,186 1,182 1,175 US$/4Eoz All-in sustaining cost(4) R/4Eoz 17,886 18,230 17,738
Gold operations
249,392 260,325 137,091 oz Gold production kg 4,264 8,097 7,757
1,782 1,784 1,873 US$/oz Average gold price R/kg 916,351 884,643 857,126
1,606 1,682 2,420 US$/oz All-in sustaining cost(4) R/kg 1,183,944 833,848 772,572
GROUP
1,325 855 898 US$m Adjusted EBITDA(3,6) Rm 13,664 13,180 19,826
14.96 15.42 15.22 R/US$ Average exchange rate using daily closing rate
(1) 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
(2) 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) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)
(3) The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt
covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be
considered in addition to and not as a substitute for other measures of financial performance and liquidity. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see
"Adjusted EBITDA reconciliation - Quarters"
(4) See "Salient features and cost benchmarks - Quarters" for the definition of All-in sustaining cost (AISC)
(5) The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to
the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
(6) Group Adjusted EBITDA includes Sibanye-Stillwater Sandouville Refinery (Sandouville Refinery) for the two months since acquisition (4 February 2022)
Stock data for the quarter ended 31 March 2022 JSE Limited - (SSW)
Number of shares in issue Price range per ordinary share (High/Low) R49.12 to R75.40
- at 31 March 2022 2,829,789,481 Average daily volume 14,998,316
- weighted average 2,813,863,510 NYSE - (SBSW); one ADR represents four ordinary shares
Free Float 99% Price range per ADR (High/Low) US$12.52 to US$20.32
Bloomberg/Reuters SSWSJ/SSWJ.J Average daily volume 4,938,199
OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2022 COMPARED TO QUARTER ENDED 31 MARCH 2021
The strategic benefits of the Group's growth and diversification are evident in the solid financial performance delivered for Q1 2022. The
operating environment during 2022 has been characterised by socio-political and economic uncertainty, however the Group remains
well positioned to navigate through these challenges, both in the internal and the external environment.
Restrictions relating to COVID-19 have reduced significantly in most of the world with the chip shortage affecting global auto production
during H2 2021 alleviating during the quarter. The continued pursuit of a zero COVID strategy in China and the conflict in Ukraine,
combined with the economic sanctions imposed on Russia have however heightened economic uncertainty, resulting in significant
commodity price volatility. In South Africa the socio-economic and labour environment remains challenging, with the lockout of the
Association of Mineworkers and Construction Union (AMCU) and the National Union of Mineworkers (NUM) at our SA gold operations,
following extended wage negotiations, currently entering the third month. We continue to engage with organised labour in order to
secure a fair and sustainable agreement, but will not be coerced into above inflation wage demands which may impact on the
sustainability of our operations and negatively impact other stakeholders.
Notwithstanding the prevailing global geopolitical uncertainties, precious metal prices have remained robust, albeit with significant
volatility, and, underpinned by a strong operating performance from our SA PGM operations, Group adjusted EBITDA of R13.7 billion
(US$898 million) for Q1 2022 was strong, albeit 31% lower than for Q1 2021 (which at the time was a record quarterly financial result). On an
annualised basis, Q1 2022 adjusted EBITDA equates to approximately R55 billion (US$3.6 billion). This is well above adjusted EBITDA for 2020
of R49.4 billion (US$3 billion) and R15 billion (US$1 billion) for 2019. Other than the record adjusted EBITDA of R68.6 billion (US$4.6 billion)
for 2021, the Q1 2022 annualised adjusted EBITDA is the highest since the inception of the Group, signaling a significant and sustainable
transformation in the financial position and outlook of the Group.
Our value creation journey and solid financial position, was recently confirmed by a meaningful upgrade in the Group's credit rating by
Moody's Investors Service at the end of April 2022 from Ba3 to Ba2 with a positive outlook.
Another highlight for the quarter, was Sibanye-Stillwater's re-inclusion in the Bloomberg Gender-Equality Index (GEI) at the end of January 2022,
an affirmation of progress in our inclusivity journey. Subsequent to the inclusion in the GEI, our senior leadership was further diversified
and strengthened with two out of three executive-level promotions awarded to women from historically disadvantages backgrounds
during the period.
SAFE PRODUCTION
Following the implementation of additional targeted safety initiatives, including our "Rules of Life" campaign during H2 2021 and decisive
actions taken during Q4 2021 to address the occurrence of fatal incidents, including suspending operations across the Group and halting
production at high incident shafts, we have seen a pleasing improvement in the Group safety performance.
The consistent improvements in all safety injury indicators observed during H2 2021, were maintained during Q1 2022, with the overall
Group Total Recordable Injury Frequency Rate (TRIFR) reducing from 7.84 (per million hours) for Q1 2021 to 5.71 for Q1 2022, a notable 27%
improvement year-on-year.
Similar trends were observed in other safety indicators including a 23% improvement in the Serious Injury Frequency Rate (SIFR), and a 30%
improvement in the Lost Day Injury Frequency Rate (LDIFR) for Q1 2022 compared with Q1 2021.
While the focus on continued improvement in all aspects of safety will be maintained, the primary focus during 2022, will be on the
continued implementation of the "Fatal elimination strategy", which was developed in conjunction with independent experts during Q4
2021. The focus of the strategy is to operationalise and institutionalise the commitment and responsibility for safety among line
management of operations and to mitigate high energy risks.
The tragic occurrence of three fatalities during Q1 2022 (compared with three fatalities experienced during Q1 2021), has again
underscored the importance of implementing this campaign which is well advanced in its roll out throughout the Group. On 19 January 2022,
Mr Thabile Cele (age 36), a locomotive operator at Driefontein Pitseng shaft, was fatally injured in a tramming accident, and on
14 February 2022, Mr Mhahapile Mphaphuli (age 52), a train driver assistant at the Rustenburg Central Service Railway Operations was fatally
injured in a surface railway accident. Regrettably, after an extended period in hospital after a scraper related incident on 21 October 2021
at Beatrix South shaft, on 27 February 2022, Mr Makatisi Madie (age 47) a winch operator succumbed to injuries he incurred during the incident.
As a result of these unfortunate events, the fatal injury frequency rate (FIFR) increased from 0.079 in Q1 2021 to 0.084 in Q1 2022.
The Board and Management of Sibanye-Stillwater extend their sincere condolences to the family, friends and colleagues of our three
departed colleagues. We remain committed to the continuous improvement in health and safety at our operations and we have
enhanced our risk approach to make fatality prevention our main priority.
OPERATING REVIEW
US PGM operations
2E PGM production from the US PGM operations was in line with Q4 2021 (due to the operational stoppages in June 2021 and subsequent
operating restrictions, it is more meaningful to compare the US PGM operations with Q4 2021 rather than Q1 2021) with production
stabilising. The US PGM operations remained constrained by the Mine Safety and Health Administration (MSHA) section 103(k) order
imposed after the fatal incident which occurred in June 2021, which was only lifted on 1 March 2022 (after 265 days). Despite the lifting of
the MSHA order, production from the Stillwater West mine will remain restricted due to the current self-imposed rail operating procedures
which will remain in place until collision avoidance systems have been implemented at the operations, at which point these procedures
will be reviewed in consultation with MSHA.
The operational review to optimise operating output to ensure an appropriate sustainable return on capital from the US PGM operations is
currently being undertaken considering: operating, inflation, supply chain and human resources constraints currently being experienced
(e.g. increased reliance on contract labour due to a skills shortage in Montana), as well as the medium and longer term outlook for the
palladium market. The review is expected to be completed by mid-year. Since the acquisition of Stillwater, the world-class high-grade
orebody has repaid its acquisition cost and further prudent allocation of capital is expected to continue to deliver superior returns over
more than three decades of operating life.
Mined 2E PGM production from the US PGM operations of 122,389 2Eoz for Q1 2022 was negatively impacted by the constraints
mentioned above. In addition, certain blocks at the East Boulder mine encountered poor ground conditions which are having a short
term impact on both grade and productivity at this operation.
AISC of US$1,244/2Eoz (R18,940/2Eoz) for Q1 2022 was 11% higher than for Q4 2021 (US$1,120/2Eoz, R17,265/2Eoz), primarily due to lower
grades and the operational challenges at the East Boulder mine and higher ore reserve development expenditure (ORD). ORD increased
by 36% to US$42 million (R637 million) due to an increase in primary development quarter on quarter and a change in the accounting
classification of growth capital expenditure (see below*) resulted in sustaining capital increasing by 14% quarter on quarter to
US$11 million (R166 million). AISC was also impacted by higher royalties, insurance and taxes which combined accounted for US$177/2Eoz in
Q1 2022 compared to US$153/2Eoz for Q4 2021, a 16% increase.
Total capital expenditure for Q1 2022 declined by 8% to US$74 million (R1.1 billion) quarter on quarter with project capital declining by
47% to US$21 million (R319 million) due to the change in accounting classification of ORD.
*The change in the classification of Stillwater East development from growth capital to sustaining capital (ORD) during the quarter,
resulted in an increase in ORD expenditure (and corresponding decrease in Project capital) which contributed to the increase in AISC.
Part of the operational review involves reassessing the rate of development at Stillwater East in the light of significant development costs
arising from premiums on contractor costs. As a result, the completion of the 56 level holing to the Benbow decline later this year will be
the only remaining Stillwater East expansion project in the short term.
US PGM recycling operations
The global autocatalyst recycling market remains constrained due to ongoing logistics, transport (port congestion and truck shortage)
and fuel cost challenges, which affected receipt rates for our US PGM recycling operation during Q1 2022. Despite these constraints, the
US PGM recycling operation delivered a solid operational and financial performance. The US PGM recycling operations fed an average
of 23.7 tonnes per day (tpd) of spent autocatalyst material for Q1 2022, consistent with the 23.8 tpd fed for Q1 2021. During Q1 2022,
recycling operations fed 190,871 3Eoz, marginally less than the 195,474 3Eoz fed in Q1 2021.
PGM recycling ounces sold declined by 32% to 147,571 3Eoz with the average basket price received for Q1 2022 of US$3,061/3Eoz, 5%
higher than for Q1 2021. The marginal pipeline build during the quarter, largely due to the timing of customer receipts, is expected to be
released during Q2 2022.
SA PGM operations
The SA PGM operations continued to perform strongly, producing 421,540 4Eoz in Q1 2022 (including third party purchase of concentrate
(PoC)), 5% lower than for Q1 2021. Underground production of 370,272 4Eoz was 5% lower year-on-year but partly offset by 15% higher
surface production of 40,576 4Eoz.
4E PGM production from the SA PGM operations (excluding PoC) of 410,848 4Eoz, was 3% lower year-on-year, primarily due to a slower
than planned return to work at the Marikana and Rustenburg operations after the Christmas break.
Cost management excellence, despite inflationary pressures was again evident from the 6% reduction in AISC compared to Q1 2021
(including third party PoC purchases) to R18,600/4Eoz (US$1,222/4Eoz), primarily due to reduced third party PoC material purchases. AISC
(excluding PoC) for Q1 2022 was only 1% higher year-on-year at R17,886/4Eoz (US$1,175/4Eoz), despite marginally lower production. This
consistently good cost management from the SA PGM operations was maintained despite the impact of inflationary pressures affecting
the mining industry globally, partially offset by higher credits received from the by- products sold as result of increased metal prices
and is in stark contrast to the double-digit cost increases reported by PGM industry peers during the past 12 months.
The Marikana operation continued to deliver consistently good operating results. Production of 169,102 4Eoz (excluding PoC) was 3%
lower year-on-year with production from surface sources down 2% to 6,562 4Eoz and underground production 3% lower at 162,540 4Eoz,
due to a slower than expected ramp-up in January 2022. Costs for Q1 2022 were again well managed with AISC (excluding PoC)
R17,806/4Eoz (US$1,170/4Eoz) 5% lower year-on-year. PGM production of 179,794 4Eoz in Q1 2022 (including PoC) was 7% lower than Q1
2021 primarily due to 44% lower third party PoC production of 10,692 4Eoz due to the wind down of two third party PoC contracts during
Q4 2021. AISC (including PoC) of R19,372/4Eoz (US$1,273/4Eoz) was 17% lower year-on-year due to a significant reduction in PoC purchase
costs due to the lower levels of PoC material purchased.
4E PGM production from the Rustenburg operation for Q1 2022 of 149,041 4Eoz was 5% lower year-on-year. Underground production of
130,171 4Eoz declined by 6% also due to the slower than expected start-up in January 2022, temporary operational challenges at
Siphumelele and Khuseleka conventional shafts and at the Bathopele mechanised mine which is currently mining through the Hex River
fault. This was partly offset by 6% higher surface production of 18,870 4Eoz. AISC for the Rustenburg operation increased by only 5%
year-on-year to R20,041/4Eoz (US$1,317/4Eoz) driven by lower underground production and inflationary cost pressures, partly offset by
lower royalties and the impact on inventory movement caused by the 4E basket mix included in the period end inventory valuation.
PGM production of 49,518 4Eoz from the Kroondal operation, was 7% lower than for Q1 2021 due to adverse ground conditions at both
Kroondal East and West which led to lower yields, particularly in March 2022 and is expected, as planned to continue for the remainder of
the year. AISC of R14,863/4Eoz (US$977/4Eoz), was 22% higher than for Q1 2021 as a result of lower production and additional
underground support required for the adverse ground conditions. The open pit Klipfontein project is now fully ramped up and produced
around 3,000 4Eoz (metal in concentrate) in March 2022 on a 100% basis. The final project capital expenditure of R10 million (<US$1 million)
was incurred during Q1 2022 for fencing and establishment of the boxcut. This high-return rapid-payback project achieved throughput of
approximately 54,000 tonnes milled (on a 100% basis) in March 2022.
Attributable PGM production from Mimosa for Q1 2022 of 28,043 4Eoz was 6% lower than for Q1 2021. The focus on optimising the reagent
suite and cell settings across the flotation circuit continues. Mimosa has maintained steady costs, with AISC increasing by only 2% to
US$918/4Eoz (R13,979/4Eoz).
PGM production from Platinum Mile in Q1 2022 of 15,144 4Eoz was 41% higher compared to Q1 2021 due to additional surface tonnes
added to the flotation output from the Rustenburg concentrator - resulting in a temporary boost to the yield. The increase in output,
resulted in 28% lower AISC to R7,462/4Eoz (US$490/4Eoz), by far the lowest in the Group.
Q1 2022 Chrome sales of 640k tonnes were 73% higher compared to 370k tonnes sold for Q1 2021. Chrome revenue of R662 million for
Q1 2022 was 91% higher than Q1 2021, mainly due to increased production and higher chrome prices received. The chrome price received
increased by 21% for Q1 2022 relative to Q1 2021 to US$196/tonne.
Capital expenditure for Q1 2022 of R974 million (US$64 million) was 62% higher compared with R600 million (US$40 million) for Q1 2021. This
is primarily due to R204 million (US$13 million) project investment at the Marikana K4 project. Sustaining capital was 55% higher year on
year at R386 million (US$25 million) and ORD was 9% higher at R384 million (US$25 million) but both were lower than planned as a result of
the slower than expected start to the year.
The K4 PGM project
The K4 shaft project was approved in February 2021, with expenditure commencing in June 2021. The overall project status (at 14.3%
completion) is currently slightly ahead of schedule. The early works portion of the schedule, however, remains behind the target at 88.2%
compared to 100% planned. Despite this, capital development and overstoping commenced during March 2022, with a focus on critical
ends on 26, 27 and 28 levels. Underground construction and equipping are continuing on the remaining levels. Although development is
behind target for Q1 2022 it is expected to have recovered by the end of Q3 2022.
Critical work around the Main shaft continues, and includes refurbishment of the settlers, completion of the fire suppression system on
36 level and construction of refuge bays on the lower levels. It is anticipated that the shaft will be ready for hoisting ore and waste
within Q2 2022. Surface works continue as per plan, with the change houses at an advanced stage of completion.
Capital expenditure for Q1 2022 amounted to R204 million (US$13 million), while capital expenditure for the 2022 year is expected to be
about R925 million (US$62 million).
SA gold operations
The managed SA gold operations were impacted by various operational disruptions during Q1 2022. Production from the Beatrix
underground operations only commenced in February 2022, following the suspension of all operating activities from 3 December 2021 to
address safety concerns. Moreover, during the reinforcement of the tailings storage facility (TSF) at the Beatrix operation, processing
operations at Beatrix were suspended from 28 December 2021 with no ore processed or gold sold during Q1 2022 aside from minor
amounts from the processing pipeline. Subsequent to the notification of strike action and lockout of members of AMCU and the NUM,
following extended wage negotiations which began in June 2021, operating activities across the SA gold operations ceased from
9 March 2022. As such, operating results from the SA gold operations for Q1 2022 are not comparable to previous periods.
During the lockout period management is actively managing costs at the SA gold operations. In addition to reduced wage payments to
striking AMCU and NUM members due to the observance of the "no work no pay" principle, power costs have been significantly reduced,
with electricity consumption more than halving from normal levels.
SA gold strike update
After 10 months of wage negotiations, two of the representative unions, AMCU and the NUM, gave notice of a strike at the SA gold
operations beginning on 9 March 2022. Subsequent to a lockout by the Company of all four unions forming the coalition, two of the
unions, UASA and Solidarity, unconditionally accepted our offer. As the employer, we have continued to avail ourselves for engagement
and have made numerous amendments to our offer. Unfortunately AMCU and the NUM have remained rigid in their demands and
rejected all our offers to date. Our final settlement offer is fair, takes into account inflationary living costs and is in the interests
of all stakeholders, and we will not be coerced into an agreement which may compromise the sustainability of the SA gold operations and
negatively impact other stakeholders.
Update on Beatrix Tailings Storage facility (TSF)
As announced on 20 January 2022, processing operations at Beatrix were temporarily suspended from 28 December 2021 whilst
precautionary reinforcement and buttressing work was undertaken on a limited portion of the Beatrix TSF. During the rehabilitation,
processing of ore at Beatrix was also suspended resulting in no ore being milled or gold sales for the quarter. The project is forecast for
completion by the end of May 2022. Should the AMCU and NUM strike be resolved before the completion of the project, ore will be
stockpiled and processed over the remainder of 2022.
DRDGOLD
DRDGOLD being independent and unaffected by the SA gold strike, increased its gold produced in Q1 2022 by 1% to 1,391kg (44,722oz)
compared to Q1 2021 due to a 10% increase in the yield to 0.21g/t, offset by 8% less tonnes milled in Q1 2022. The decrease in the amount
of tonnes milled for the quarter was a result of multiple factors including: temporary equipment failure (crane, thickener and mill), load
shedding and power grid failures (planning for alternative energy sources are underway) and downtime due to higher than seasonal
rainstorms when employees were unable to operate on surface.
AISC in Q1 2022 increased by 10% to R712,418/kg (US$1,456/oz) due to a 25% increase in R/tonne milled cost as a result of lower
throughput and higher consumption of cyanide (the latter due to lower densities in slurry due to excessive rain), as well as a 3% increase in
sustaining capital. DRDGOLD also incurred R23 million (US$2 million) on project capital expenditure for Q1 2022 (no project capital
expenditure in Q1 2021) due to the upgrade of tailings storage facilities, increase in plant throughput capacity and ongoing
development of two new recovery sites - this investment will continue in the short and medium term.
SA gold Burnstone project
The Burnstone project continued to progress, achieving 23% completion prior to the lockout, with only essential work subsequently being
performed. Capital expenditure of R300 million (US$20 million) had been incurred by the end of Q1 2022 (project-to-date). Expenditure by
year-end is forecasted at R1,779 million (US$119 million) against a cumulative plan of R1,881 million (US$125 million), which is likely to be
adjusted downwards should the strike and lockout continue. The final assessment of the plant, to determine earliest start-up, is expected
to be completed in June 2022.
Progress on our Green metals strategy
During Q1 2022 the acquisition of the Sandouville nickel refinery in Le Havre, France was concluded. Integration of the Sandouville plant
has commenced and further detail will be provided in our H1 2022 results.
Positive progress has also been made at the Keliber project. The Definitive Feasibility Study (DFS) confirms the robust technical and
financial case for the project.
The updated DFS was finalised in January 2022 and issued by Keliber on 25 March 2022, confirmed a solid financial and technical
feasibility for Keliber's lithium project. First production of battery-grade lithium hydroxide monohydrate is planned for 2024, with full
production in 2026. For the full announcement from Keliber, refer to https://www.keliber.fi/en/news. A summary of the DFS outcomes (all
figures are in real terms) are as follows:
Key figures (100% basis)* Unit DFS Value 2022
Financial
Total project capital expenditure EUR million 475
Post-tax NPV (8% discount rate) EUR million 1,228
Post-tax Internal Rate of Return (IRR) % 31
Payback period (from the start of production) Years 3.5
Annual average EBITDA (FY2030) EUR million 253
Other
Life of mine Years 16
Total Ore reserves million tonnes 12.3
Annual production battery-grade lithium hydroxide monohydrate (own ore) tonnes/year 15,000
Cash cost (per LiOH tonne from own ore in 2030) EUR/tonne 4,198
*In the updated DFS, Keliber has used a price estimate for the battery-grade lithium hydroxide prepared by Roskill - Wood Mackenzie. The
average LiOH price used in Keliber's financial model is US$24,936/tonne, significantly below the current price of around US$70,000/tonne.
The forecasted demand for lithium hydroxide remains robust, which is reflected in the price outlook of lithium hydroxide.
On 27 April 2022, Keliber was granted the Building permit for its Lithium Chemical plant by the city of Kokkola. The lithium chemical plant
will be built in the Kokkola Industrial Park (KIP) in Finland. At the chemical plant, Keliber's spodumene concentrate is converted to
battery-grade lithium hydroxide monohydrate, used in electric vehicles batteries, among other things.
OPERATING GUIDANCE FOR 2022*
4E PGM production from the SA PGM operations for 2022 remains unchanged at between 1,750,000 4Eoz and 1,850,000 4Eoz with AISC
between R18,500/4Eoz and R19,200/4Eoz (US$1,233/4Eoz and US$1,280/4Eoz). Capital expenditure is forecast at R4,800 million (US$317 million)
including R950 million (US$63 million) of project capital expenditure on the K4 project.
Forecast mined 2E PGM production from the US PGM operations for 2022 currently remains unchanged at between 550,000 2Eoz and
580,000 2Eoz, with AISC of between US$980/2Eoz to US$1,030/2Eoz. Capital expenditure is forecast to be between US$290 million and
US$310 million (including US$70 million of project capital). As mentioned, management is currently undertaking an optimisation planning
process to ensure an appropriate ongoing return on capital invested is achieved in the current and medium-term environment. The results
of this study are expected by mid year 2022 and will inform future guidance.
The US Recycling operations are forecast to feed between 750,000 and 800,000 3Eoz. Capital expenditure is forecast at approximately
US$3 million.
Annual guidance for the SA gold operations is suspended due to the ongoing lockout. Guidance will be revised and updated on the
lifting of the lockout.
*The dollar costs of the SA operations quoted as part of the guidance, are based on an average exchange rate of R15.00/US$.
NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations
US OPERATIONS SA OPERATIONS
Total US
and SA
PGM(1) Total US PGM Total SA PGM(1) Rustenburg Marikana(1) Kroondal Plat Mile Mimosa
Under- Under- Under- Under-
Attributable ground(2) Total ground Surface ground Surface ground Surface Attributable Surface Attributable
Production
Tonnes milled/treated 000't Mar 2022 9,291 328 8,963 4,131 4,832 1,420 1,422 1,538 928 833 2,482 340
Dec 2021 9,614 326 9,288 4,219 5,069 1,442 1,478 1,610 999 811 2,592 356
Mar 2021 9,319 389 8,930 4,219 4,711 1,505 1,330 1,536 892 830 2,489 348
Plant head grade g/t Mar 2022 2.38 12.74 2.00 3.29 0.89 3.29 1.11 3.78 0.85 2.28 0.77 3.57
Dec 2021 2.42 13.46 2.03 3.45 0.85 3.52 1.00 3.90 0.87 2.39 0.75 3.57
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
Plant recoveries(3) % Mar 2022 75.15 90.08 71.42 84.74 29.35 86.66 37.18 86.96 25.87 81.09 24.65 71.86
Dec 2021 76.20 89.26 72.86 85.44 30.35 87.41 36.98 86.93 27.01 83.37 27.08 72.85
Mar 2021 77.72 90.07 73.73 86.15 28.68 88.79 37.42 87.55 26.51 83.52 21.29 74.18
Yield(3) g/t Mar 2022 1.79 11.48 1.43 2.79 0.26 2.85 0.41 3.29 0.22 1.85 0.19 2.57
Dec 2021 1.84 12.01 1.48 2.95 0.26 3.08 0.37 3.39 0.23 1.99 0.20 2.60
Mar 2021 1.94 12.20 1.48 2.88 0.23 2.88 0.42 3.41 0.23 1.99 0.13 2.67
PGM production(3,4) 4Eoz - 2Eoz Mar 2022 533,237 122,389 410,848 370,272 40,576 130,171 18,870 162,540 6,562 49,518 15,144 28,043
Dec 2021 569,674 127,774 441,900 399,853 42,047 142,642 17,572 175,492 7,547 51,952 16,928 29,767
Mar 2021 579,834 154,350 425,484 390,298 35,187 139,194 17,762 168,180 6,691 53,046 10,734 29,878
PGM sold(5) 4Eoz - 2Eoz Mar 2022 563,328 111,153 452,175 155,095 17,167 187,611 49,518 15,144 27,640
Dec 2021 644,419 144,925 499,494 167,506 15,592 222,295 51,952 16,928 25,221
Mar 2021 596,486 129,900 466,586 164,689 16,970 193,783 53,046 10,734 27,364
Price and costs(6)
Average PGM basket price(7) R/4Eoz - R/2Eoz Mar 2022 42,210 31,323 45,061 46,559 29,993 45,007 48,327 36,793 34,514
Dec 2021 35,418 26,661 38,094 38,904 26,850 38,071 41,043 31,693 30,074
Mar 2021 47,954 31,835 52,722 52,982 31,114 53,663 58,377 37,944 38,383
US$/2Eoz - US$/4Eoz Mar 2022 2,773 2,058 2,961 3,059 1,971 2,957 3,175 2,417 2,268
Dec 2021 2,297 1,729 2,470 2,523 1,741 2,469 2,662 2,055 1,950
Mar 2021 3,205 2,128 3,524 3,542 2,080 3,587 3,902 2,536 2,566
Operating cost(8) R/t Mar 2022 977 5,704 797 1,820 155 1,277 945 53 1,203
Dec 2021 993 5,755 819 1,879 164 1,305 980 63 1,180
Mar 2021 948 5,061 762 1,581 163 1,287 853 43 1,050
US$/t Mar 2022 64 375 52 120 10 84 62 3 79
Dec 2021 64 373 53 122 11 85 64 4 77
Mar 2021 63 338 51 106 11 86 57 3 70
R/4Eoz - R/2Eoz Mar 2022 17,306 15,287 17,952 19,858 11,659 18,616 15,893 8,716 14,585
Dec 2021 17,020 14,682 17,744 18,992 13,829 18,597 15,303 9,570 14,110
Mar 2021 15,465 12,755 16,521 17,093 12,211 17,865 13,351 10,043 12,233
US$/2Eoz - US$/4Eoz Mar 2022 1,137 1,004 1,179 1,305 766 1,223 1,044 573 958
Dec 2021 1,104 952 1,151 1,232 897 1,206 992 621 915
Mar 2021 1,034 853 1,104 1,143 816 1,194 892 671 818
All-in sustaining cost(9) R/4Eoz - R/2Eoz Mar 2022 18,142 18,940 17,886 20,041 17,806 14,863 7,462 13,979
Dec 2021 18,001 17,265 18,230 20,148 18,379 15,437 6,971 16,394
Mar 2021 16,621 13,763 17,738 19,002 18,755 12,137 10,369 13,401
US$/2Eoz - US$/4Eoz Mar 2022 1,192 1,244 1,175 1,317 1,170 977 490 918
Dec 2021 1,167 1,120 1,182 1,307 1,192 1,001 452 1063
Mar 2021 1,111 920 1,186 1,270 1,254 811 693 896
All-in cost(9) R/4Eoz - R/2Eoz Mar 2022 19,177 21,546 18,419 20,041 19,012 14,863 7,462 13,979
Dec 2021 19,400 22,047 18,579 20,148 19,165 15,437 6,971 16,394
Mar 2021 17,678 17,523 17,739 19,002 18,757 12,137 10,369 13,401
US$/2Eoz - US$/4Eoz Mar 2022 1,260 1,416 1,210 1,317 1,249 977 490 918
Dec 2021 1,258 1,430 1,205 1,307 1,243 1,001 452 1,063
Mar 2021 1,182 1,171 1,186 1,270 1,254 811 693 896
Capital expenditure(6)
Ore reserve development Rm Mar 2022 1,021 637 384 142 242 - - -
Dec 2021 864 476 388 148 240 - - -
Mar 2021 657 306 351 146 205 - - -
Sustaining capital Rm Mar 2022 552 166 386 156 183 46 1 113
Dec 2021 1,050 147 903 271 519 107 6 181
Mar 2021 499 250 249 112 96 35 6 114
Corporate and projects Rm Mar 2022 523 319 204 - 204 - - -
Dec 2021 751 611 140 - 140 - - -
Mar 2021 580 580 - - - - - -
Total capital expenditure Rm Mar 2022 2,096 1,122 974 298 629 46 1 113
Dec 2021 2,665 1,234 1,431 419 899 107 6 181
Mar 2021 1,736 1,136 600 258 301 35 6 114
US$m Mar 2022 138 74 64 20 41 3 - 7
Dec 2021 173 80 93 27 58 7 - 12
Mar 2021 116 76 40 17 20 2 - 8
Average exchange rate for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R15.22/US$, R15.42/US$ and R14.96/US$, respectively
Figures may not add as they are rounded independently
(1) The Total US and SA PGM, Total SA PGM and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the
Operating cost, AISC and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
and "Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
(2) 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
(3) The Eastern Tailings Treatment Plant (ETTP) processing facility ounce production resulting from the processing of material from the Marikana underground operation was previously reported under
the surface operation. These produced ounces are now appropriately included in the Marikana underground production resulting in a revision of March 2021 reported plant recoveries and yield
for the Marikana underground and surface operations
(4) Production per product - see prill split in the table below
(5) PGM sold includes the third party PoC ounces sold
(6) 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
(7) The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
(8) 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
(9) 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"
Mining - PGM Prill split including third party PoC, excluding recycling operations
GROUP SA OPERATIONS US OPERATIONS
Mar 2022 Dec 2021 Mar 2021 Mar 2022 Dec 2021 Mar 2021 Mar 2022 Dec 2021 Mar 2021
% % % % % % % % %
Platinum 278,259 51% 297,498 51% 299,695 50% 250,401 59% 268,519 59% 264,712 60% 27,858 23% 28,979 23% 34,983 23%
Palladium 220,820 41% 234,266 40% 251,570 42% 126,289 30% 135,471 30% 132,203 30% 94,531 77% 98,795 77% 119,367 77%
Rhodium 36,738 7% 39,815 7% 38,485 6% 36,738 9% 39,815 9% 38,485 8%
Gold 8,112 1% 10,097 2% 9,209 2% 8,112 2% 10,097 2% 9,209 2%
PGM production 4E/2E 543,929 100% 581,676 100% 598,959 100% 421,540 100% 453,902 100% 444,609 100% 122,389 100% 127,774 100% 154,350 100%
Ruthenium 58,777 72,993 60,996 58,777 72,993 60,996
Iridium 14,566 16,561 15,436 14,566 16,561 15,436
Total 6E/2E 617,272 671,230 675,391 494,883 543,456 521,041 122,389 127,774 154,350
Figures may not add as they are rounded independently
Recycling at US operations
Unit Mar 2022 Dec 2021 Mar 2021
Average catalyst fed/day Tonne 23.7 23.0 23.8
Total processed Tonne 2,132 2,114 2,139
Tolled Tonne - - 14
Purchased Tonne 2,132 2,114 2,125
PGM fed 3Eoz 190,871 172,511 195,474
PGM sold 3Eoz 147,571 176,433 218,450
PGM tolled returned 3Eoz - 1,951 9,203
SA gold operations
SA OPERATIONS
Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD
Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface Surface Surface
Production
Tonnes milled/treated 000't Mar 2022 8,748 492 8,256 236 200 256 623 - - 774 6,659
Dec 2021 10,641 1,125 9,516 328 358 451 831 346 204 1,078 7,045
Mar 2021 11,150 1,206 9,944 338 - 429 1,331 439 198 1,143 7,272
Yield g/t Mar 2022 0.49 4.95 0.22 5.95 0.40 3.89 0.30 - - 0.21 0.21
Dec 2021 0.76 5.17 0.24 6.51 0.47 4.95 0.36 4.20 0.45 0.26 0.20
Mar 2021 0.70 4.60 0.22 6.57 - 4.69 0.37 3.00 0.31 0.24 0.19
Gold produced kg Mar 2022 4,264 2,437 1,827 1,404 79 996 189 37 9 159 1,391
Dec 2021 8,097 5,818 2,279 2,134 170 2,232 297 1,452 91 284 1,437
Mar 2021 7,757 5,547 2,210 2,220 - 2,010 487 1,317 61 280 1,382
oz Mar 2022 137,091 78,351 58,739 45,140 2,540 32,022 6,076 1,190 289 5,112 44,722
Dec 2021 260,325 187,053 73,272 68,610 5,466 71,760 9,549 46,683 2,926 9,131 46,201
Mar 2021 249,392 178,340 71,052 71,375 - 64,623 15,657 42,343 1,961 9,002 44,432
Gold sold kg Mar 2022 4,746 2,829 1,917 1,494 100 1,185 224 150 9 207 1,377
Dec 2021 8,426 6,148 2,278 2,330 176 2,289 282 1,529 91 266 1,463
Mar 2021 7,536 5,348 2,188 2,204 - 1,966 479 1,178 61 285 1,363
oz Mar 2022 152,587 90,954 61,633 48,033 3,215 38,099 7,202 4,823 289 6,655 44,272
Dec 2021 270,902 197,663 73,239 74,911 5,659 73,593 9,067 49,158 2,926 8,552 47,037
Mar 2021 242,287 171,942 70,345 70,860 - 63,208 15,400 37,874 1,961 9,163 43,821
Price and costs
Gold price received R/kg Mar 2022 916,351 916,562 915,543 924,528 913,043 916,485
Dec 2021 884,643 885,874 883,703 883,333 879,699 886,535
Mar 2021 857,126 855,399 858,364 853,592 870,526 858,107
US$/oz Mar 2022 1,873 1,873 1,871 1,889 1,866 1,873
Dec 2021 1,784 1,787 1,783 1,782 1,774 1,788
Mar 2021 1,782 1,778 1,785 1,775 1,810 1,784
Operating cost(1) R/t Mar 2022 511 6,486 155 5,301 295 5,637 254 - - 183 135
Dec 2021 519 3,695 143 4,223 274 3,787 148 3,075 230 191 126
Mar 2021 459 3,220 124 3,765 - 3,716 196 2,315 116 145 108
US$/t Mar 2022 34 426 10 348 19 370 17 - - 12 9
Dec 2021 34 240 9 274 18 246 10 199 15 12 8
Mar 2021 31 215 8 252 - 248 13 155 8 10 7
R/kg Mar 2022 1,048,077 1,309,397 699,507 891,026 746,835 1,448,795 835,979 13,432,432 2,111,111 893,082 647,017
Dec 2021 681,857 714,507 598,508 649,016 576,471 765,233 414,141 732,782 516,484 725,352 619,346
Mar 2021 659,688 700,090 558,281 573,288 - 793,134 535,524 771,830 375,410 593,929 567,149
US$/oz Mar 2022 2,142 2,676 1,430 1,821 1,526 2,961 1,708 27,450 4,314 1,825 1,322
Dec 2021 1,375 1,441 1,207 1,309 1,163 1,544 835 1,478 1,042 1,463 1,249
Mar 2021 1,372 1,456 1,161 1,192 - 1,649 1,113 1,605 781 1,235 1,179
All-in sustaining cost(2) R/kg Mar 2022 1,183,944 1,080,928 1,462,030 4,188,679 908,213 712,418
Dec 2021 833,848 822,426 908,207 869,753 819,549 684,211
Mar 2021 772,572 731,851 844,744 882,082 658,596 648,129
US$/oz Mar 2022 2,420 2,209 2,988 8,560 1,856 1,456
Dec 2021 1,682 1,659 1,832 1,754 1,653 1,380
Mar 2021 1,606 1,522 1,756 1,834 1,369 1,348
All-in cost(2) R/kg Mar 2022 1,224,821 1,080,928 1,486,870 4,213,836 908,213 729,121
Dec 2021 865,061 822,426 933,100 872,840 819,549 700,615
Mar 2021 784,554 731,851 865,440 882,082 658,596 648,129
US$/oz Mar 2022 2,503 2,209 3,039 8,611 1,856 1,490
Dec 2021 1,745 1,659 1,882 1,761 1,653 1,413
Mar 2021 1,631 1,522 1,799 1,834 1,369 1,348
Capital expenditure
Ore reserve development Rm Mar 2022 468 252 185 31 - -
Dec 2021 622 290 220 112 - -
Mar 2021 603 272 209 123 - -
Sustaining capital Rm Mar 2022 270 61 94 35 - 80
Dec 2021 480 119 223 68 - 70
Mar 2021 186 41 58 10 - 78
Corporate and projects(3) Rm Mar 2022 183 - 35 4 - 23
Dec 2021 243 - 64 5 - 24
Mar 2021 61 - 51 - - -
Total capital expenditure Rm Mar 2022 921 313 314 70 - 103
Dec 2021 1,345 409 507 185 - 94
Mar 2021 850 312 317 133 - 78
Total capital expenditure US$m Mar 2022 61 21 21 5 - 7
Dec 2021 87 27 33 12 - 6
Mar 2021 57 21 21 9 - 5
Average exchange rates for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R15.22/US$, R15.42/US$ and R14.96/US$, respectively
Figures may not add as they are rounded independently
(1) Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and
change in inventory in a period by the gold produced in the same period
(2) All-in cost 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. For a reconciliation of cost of
sales before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
(3) Corporate project expenditure for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R121 million (US$8 million), R150 million (US$10 million) and R10 million
(US$1 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
Total US
and SA Total US Total SA
R' million PGM(1) PGM(2) PGM(1) Rustenburg Marikana(1) Kroondal Plat Mile Mimosa Corporate
Cost of sales, before amortisation and
depreciation(3) Mar 2022 10,927 1,797 9,130 3,451 4,709 838 132 430 (430)
Dec 2021 10,986 2,396 8,590 3,306 4,251 871 162 394 (394)
Mar 2021 9,133 1,618 7,515 2,797 3,845 765 108 372 (372)
Royalties Mar 2022 638 - 638 365 269 4 - 31 (31)
Dec 2021 401 - 401 242 156 3 - 23 (23)
Mar 2021 829 - 829 440 385 4 - 44 (44)
Carbon tax Mar 2022 - - - (1) 1 - - - -
Dec 2021 1 - 1 - 1 - - - -
Mar 2021 1 - 1 - 1 - - - -
Community costs Mar 2022 40 - 40 - 40 - - - -
Dec 2021 (5) - (5) 3 (8) - - - -
Mar 2021 34 - 34 3 31 - - - -
Inventory change Mar 2022 (1,297) 74 (1,371) (476) (895) - - (21) 21
Dec 2021 (884) (520) (364) (138) (226) - - 26 (26)
Mar 2021 843 351 492 (92) 584 - - (6) 6
Share-based payments(4) Mar 2022 35 14 21 8 10 3 - - -
Dec 2021 47 19 28 11 13 3 - - -
Mar 2021 28 16 12 5 6 2 - - -
Rehabilitation interest and amortisation(5) Mar 2022 55 13 42 2 19 21 - 1 (1)
Dec 2021 79 8 71 1 42 28 - 1 (1)
Mar 2021 70 8 62 1 43 18 - 1 (1)
Leases Mar 2022 16 2 14 3 9 2 - - -
Dec 2021 14 - 14 3 9 2 - - -
Mar 2021 14 - 14 4 8 2 - - -
Ore reserve development Mar 2022 1,021 637 384 142 242 - - - -
Dec 2021 864 476 388 148 240 - - - -
Mar 2021 657 306 351 146 205 - - - -
Sustaining capital expenditure Mar 2022 552 166 386 156 183 46 1 113 (113)
Dec 2021 1,050 147 903 271 519 107 6 181 (181)
Mar 2021 499 250 249 112 96 35 6 114 (114)
Less: By-product credit Mar 2022 (2,350) (385) (1,965) (663) (1,104) (178) (20) (162) 162
Dec 2021 (2,351) (320) (2,031) (619) (1,150) (212) (50) (137) 137
Mar 2021 (1,783) (424) (1,359) (433) (741) (182) (3) (124) 124
Total All-in-sustaining costs(6) Mar 2022 9,637 2,318 7,319 2,987 3,483 736 113 392 (392)
Dec 2021 10,202 2,206 7,996 3,228 3,847 802 118 488 (488)
Mar 2021 10,324 2,124 8,200 2,982 4,462 644 111 400 (400)
Plus: Corporate cost, growth and capital
expenditure Mar 2022 523 319 204 - 204 - - - -
Dec 2021 755 611 144 - 144 - - - -
Mar 2021 581 581 - - - - - - -
Total All-in-costs(6) Mar 2022 10,160 2,637 7,523 2,987 3,687 736 113 392 (392)
Dec 2021 10,957 2,817 8,140 3,228 3,991 802 118 488 (488)
Mar 2021 10,905 2,705 8,200 2,982 4,462 644 111 400 (400)
PGM production 4Eoz - 2Eoz Mar 2022 543,929 122,389 421,540 149,041 179,794 49,518 15,144 28,043 -
Dec 2021 581,676 127,774 453,902 160,214 195,041 51,952 16,928 29,767 -
Mar 2021 598,959 154,350 444,609 156,956 193,995 53,046 10,734 29,878 -
kg Mar 2022 16,918 3,807 13,111 4,636 5,592 1,540 471 872 -
Dec 2021 18,092 3,974 14,118 4,983 6,066 1,616 527 926 -
Mar 2021 18,630 4,801 13,829 4,882 6,034 1,650 334 929 -
All-in-sustaining cost R/4Eoz - R/2Eoz Mar 2022 18,680 18,940 18,600 20,041 19,372 14,863 7,462 13,979 -
Dec 2021 18,485 17,265 18,852 20,148 19,724 15,437 6,971 16,394 -
Mar 2021 18,142 13,763 19,771 19,002 23,000 12,137 10,369 13,401 -
US$/4Eoz - US$/2Eoz Mar 2022 1,227 1,244 1,222 1,317 1,273 977 490 918 -
Dec 2021 1,199 1,120 1,223 1,307 1,279 1,001 452 1,063 -
Mar 2021 1,213 920 1,322 1,270 1,537 811 693 896 -
All-in-cost R/4Eoz - R/2Eoz Mar 2022 19,694 21,546 19,118 20,041 20,507 14,863 7,462 13,979 -
Dec 2021 19,853 22,047 19,192 20,148 20,462 15,437 6,971 16,394 -
Mar 2021 19,162 17,523 19,772 19,002 23,002 12,137 10,369 13,401 -
US$/4Eoz - US$/2Eoz Mar 2022 1,294 1,416 1,256 1,317 1,347 977 490 918 -
Dec 2021 1,287 1,430 1,245 1,307 1,327 1,001 452 1,063 -
Mar 2021 1,281 1,171 1,322 1,270 1,538 811 693 896 -
Average exchange rates for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R15.22/US$, R15.42/US$ and R14.96/US$, respectively
Figures may not add as they are rounded independently
(1) The Total US and SA PGM, Total SA PGM and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the
Operating cost, AISC and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
and "Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
(2) The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into SA 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
(3) 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
(4) 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
(5) 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
(6) 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 operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters
Total US and SA PGM Total SA PGM Marikana
R' million Mar 2022 Dec 2021 Mar 2021 Mar 2022 Dec 2021 Mar 2021 Mar 2022 Dec 2021 Mar 2021
Cost of sales, before amortisation and depreciation as reported per table
above 10,927 10,986 9,133 9,130 8,590 7,515 4,709 4,251 3,845
Inventory change as reported per table above (1,297) (884) 843 (1,371) (364) 492 (895) (226) 584
Less: Chrome cost of sales (353) (384) (224) (353) (384) (224) (132) (92) (58)
Total operating cost including third party PoC 9,277 9,718 9,752 7,406 7,842 7,783 3,682 3,933 4,371
Less: Purchase cost of PoC (534) (529) (1,247) (534) (529) (1,247) (534) (529) (1,247)
Total operating cost excluding third party PoC 8,743 9,189 8,505 6,872 7,313 6,536 3,148 3,404 3,124
PGM production as reported per table above 4Eoz- 2Eoz 543,929 581,676 598,959 421,540 453,902 444,609 179,794 195,041 193,995
Less: Mimosa production (28,043) (29,767) (29,878) (28,043) (29,767) (29,878) - - -
PGM production excluding Mimosa 515,886 551,909 569,081 393,497 424,135 414,731 179,794 195,041 193,995
Less: PoC production (10,692) (12,002) (19,125) (10,692) (12,002) (19,125) (10,692) (12,002) (19,125)
PGM production excluding Mimosa and third party PoC 505,194 539,907 549,956 382,805 412,133 395,606 169,102 183,039 174,870
PGM production including Mimosa and excluding third party PoC 533,237 569,674 579,834 410,848 441,900 425,484 169,102 183,039 174,870
Tonnes milled/treated 000't 9,291 9,614 9,319 8,963 9,288 8,930 2,466 2,609 2,428
Less: Mimosa tonnes (340) (356) (348) (340) (356) (348) - - -
PGM tonnes excluding Mimosa and third party PoC 8,951 9,258 8,971 8,623 8,932 8,582 2,466 2,609 2,428
R/4Eoz-
Operating cost including third party PoC R/2Eoz 17,983 17,608 17,137 18,821 18,489 18,768 20,479 20,165 22,532
US$/4Eoz-
US$/2Eoz 1,182 1,142 1,146 1,237 1,199 1,255 1,346 1,308 1,506
R/t 1,036 1,050 1,087 859 878 907 1,493 1,507 1,800
US$/t 68 68 73 56 57 61 98 98 120
R/4Eoz-
Operating cost excluding third party PoC R/2Eoz 17,306 17,020 15,465 17,952 17,744 16,521 18,616 18,597 17,865
US$/4Eoz-
US$/2Eoz 1,137 1,104 1,034 1,179 1,151 1,104 1,223 1,206 1,194
R/t 977 993 948 797 819 762 1,277 1,305 1,287
US$/t 64 64 63 52 53 51 84 85 86
Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters
Total US and SA PGM Total SA PGM Marikana
R' million Mar 2022 Dec 2021 Mar 2021 Mar 2022 Dec 2021 Mar 2021 Mar 2022 Dec 2021 Mar 2021
Total All-in-sustaining cost as reported per table above 9,637 10,202 10,324 7,319 7,996 8,200 3,483 3,847 4,462
Less: Purchase cost of PoC (534) (529) (1,247) (534) (529) (1,247) (534) (529) (1,247)
Add: By-product credit of PoC 62 46 64 62 46 64 62 46 64
Total All-in-sustaining cost excluding PoC 9,165 9,719 9,141 6,847 7,513 7,017 3,011 3,364 3,280
Plus: Corporate cost, growth and capital expenditure 523 755 581 204 144 - 204 144 -
Total All-in-cost excluding PoC 9,688 10,474 9,722 7,051 7,657 7,018 3,215 3,508 3,280
PGM production excluding PoC 4Eoz- 2Eoz 505,194 539,907 549,956 382,805 412,133 395,606 169,102 183,039 174,870
R/4Eoz-
All-in-sustaining cost excluding PoC R/2Eoz 18,142 18,001 16,621 17,886 18,230 17,738 17,806 18,379 18,755
US$/4Eoz-
US$/2Eoz 1,192 1,167 1,111 1,175 1,182 1,186 1,170 1,192 1,254
R/4Eoz-
All-in-cost excluding PoC R/2Eoz 19,177 19,400 17,678 18,419 18,579 17,739 19,012 19,165 18,757
US$/4Eoz-
US$/2Eoz 1,260 1,258 1,182 1,210 1,205 1,186 1,249 1,243 1,254
SA gold operations
Figures are in millions unless otherwise stated
SA OPERATIONS
Total SA
R' million gold Driefontein Kloof Beatrix Cooke DRDGOLD Corporate
Cost of sales, before amortisation and depreciation(1) Mar 2022 4,775 1,378 1,757 581 172 887 -
Dec 2021 5,760 1,605 1,860 1,189 192 914 -
Mar 2021 4,892 1,245 1,768 917 170 792 -
Royalties Mar 2022 15 7 6 1 1 - -
Dec 2021 49 30 11 7 1 - -
Mar 2021 27 31 11 5 1 - (21)
Carbon tax Mar 2022 (12) - - (12) - - -
Dec 2021 - - - - - - -
Mar 2021 1 - - 1 - - -
Community costs Mar 2022 34 13 10 9 - 2 -
Dec 2021 31 11 9 8 - 3 -
Mar 2021 33 12 10 11 - - -
Share-based payments(2) Mar 2022 19 4 6 4 - 5 -
Dec 2021 26 6 9 6 - 5 -
Mar 2021 13 2 4 2 - 5 -
Rehabilitation interest and amortisation(3) Mar 2022 36 8 (1) 10 13 5 1
Dec 2021 43 - 1 13 22 5 2
Mar 2021 53 11 4 17 14 5 1
Leases Mar 2022 19 1 4 7 2 5 -
Dec 2021 20 2 3 7 3 5 -
Mar 2021 20 2 4 7 3 4 -
Ore reserve development Mar 2022 468 252 185 31 - - -
Dec 2021 622 290 220 112 - - -
Mar 2021 603 272 209 123 - - -
Sustaining capital expenditure Mar 2022 270 61 94 35 - 80 -
Dec 2021 480 119 223 68 - 70 -
Mar 2021 186 41 58 10 - 78 -
Less: By-product credit Mar 2022 (5) (1) (1) - - (3) -
Dec 2021 (5) (2) (1) (1) - (1) -
Mar 2021 (5) (2) (1) (1) - - -
Total All-in-sustaining costs(4) Mar 2022 5,619 1,723 2,060 666 188 981 1
Dec 2021 7,026 2,061 2,335 1,409 218 1,001 2
Mar 2021 5,822 1,613 2,065 1,093 188 883 (20)
Plus: Corporate cost, growth and capital expenditure Mar 2022 194 - 35 4 - 23 132
Dec 2021 263 - 64 5 - 24 170
Mar 2021 90 - 51 - - - 40
Total All-in-costs(4) Mar 2022 5,813 1,723 2,095 670 188 1,004 133
Dec 2021 7,289 2,061 2,399 1,414 218 1,025 172
Mar 2021 5,912 1,613 2,116 1,093 188 883 19
Gold sold kg Mar 2022 4,746 1,594 1,409 159 207 1,377 -
Dec 2021 8,426 2,506 2,571 1,620 266 1,463 -
Mar 2021 7,536 2,204 2,445 1,239 285 1,363 -
oz Mar 2022 152,587 51,248 45,300 5,112 6,655 44,272 -
Dec 2021 270,902 80,570 82,660 52,084 8,552 47,037 -
Mar 2021 242,287 70,860 78,608 39,835 9,163 43,821 -
All-in-sustaining cost R/kg Mar 2022 1,183,944 1,080,928 1,462,030 4,188,679 908,213 712,418 -
Dec 2021 833,848 822,426 908,207 869,753 819,549 684,211 -
Mar 2021 772,572 731,851 844,744 882,082 658,596 648,129 -
US$/oz Mar 2022 2,420 2,209 2,988 8,560 1,856 1,456 -
Dec 2021 1,682 1,659 1,832 1,754 1,653 1,380 -
Mar 2021 1,606 1,522 1,756 1,834 1,369 1,348 -
All-in-cost R/kg Mar 2022 1,224,821 1,080,928 1,486,870 4,213,836 908,213 729,121 -
Dec 2021 865,061 822,426 933,100 872,840 819,549 700,615 -
Mar 2021 784,554 731,851 865,440 882,082 658,596 648,129 -
US$/oz Mar 2022 2,503 2,209 3,039 8,611 1,856 1,490 -
Dec 2021 1,745 1,659 1,882 1,761 1,653 1,413 -
Mar 2021 1,631 1,522 1,799 1,834 1,369 1,348 -
Average exchange rates for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R15.22/US$, R15.42/US$ and R14.96/US$, respectively
Figures may not add as they are rounded independently
(1) 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
(2) 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
(3) 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 gold production
(4) 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 Quarter ended Quarter ended
Mar 2022(1) Dec 2021 Mar 2021
Figures in million - SA rand Total Total Total
Profit before royalties and tax 10,468 227 17,775
Adjusted for:
Amortisation and depreciation 1,643 2,301 1,815
Interest income (238) (277) (288)
Finance expense 722 721 600
Share-based payments 153 41 98
Loss on financial instruments 333 6,040 374
Loss/(gain) on foreign exchange differences 978 (917) 106
Share of results of equity-accounted investees after tax (350) (228) (652)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable - (162) -
Gain on disposal of property, plant and equipment (62) (27) (5)
Impairments - 5,148 -
Early redemption premium on the 2025 Notes - 196 -
Restructuring cost 9 59 28
IFRS 16 lease payments (37) (37) (36)
Occupational healthcare expense - 10 -
Loss due to dilution of interest in joint operation - 2 -
Other non-recurring costs 45 83 11
Adjusted EBITDA 13,664 13,180 19,826
(1) Adjusted EBITDA includes Sibanye-Stillwater Sandouville Refinery for the two months since acquisition (4 February 2022)
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 2022 quarter Dec 2021 quarter Mar 2021 quarter
Stillwater East Stillwater East Stillwater East
Reef incl Blitz Boulder incl Blitz Boulder incl Blitz Boulder
Stillwater Unit
Primary development (off reef) (m) 1,852 667 1,576 476 1,784 476
Secondary development (m) 2,899 1,086 3,169 980 4,375 1,402
SA PGM operations Mar 2022 quarter Dec 2021 quarter Mar 2021 quarter
Thembe- Siphume- Thembe- Siphume- Thembe- Siphume-
Reef Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele
Rustenburg Unit
Advanced (m) 343 1,393 2,220 559 426 1,817 2,417 699 306 1,500 2,465 698
Advanced on reef (m) 343 604 892 317 426 848 1,026 322 306 667 878 385
Height (cm) 212 293 281 274 223 305 282 287 219 287 286 269
Average value (g/t) 2.8 2.4 2.1 2.9 2.9 3.2 2.3 3.1 2.1 2.3 2.2 3.1
(cm.g/t) 601 691 600 806 634 960 645 899 466 665 644 831
SA PGM operations Mar 2022 quarter Dec 2021 quarter Mar 2021 quarter
Reef K3 Rowland Saffy E3 4B K4 K3 Rowland Saffy E3 4B K4 K3 Rowland Saffy E3 4B K4
Marikana Unit
Primary development (m) 6,678 4,641 3,122 649 789 29 7,419 5,632 3,607 957 969 - 6,459 5,332 3,982 896 1,147 -
Primary development - on reef (m) 5,138 3,366 2,049 381 565 2 5,590 4,346 2,234 581 698 - 4,929 4,213 2,835 552 776 -
Height (cm) 217 220 224 215 222 230 216 221 218 218 217 - 215 221 218 216 221 -
Average value (g/t) 2.8 2.6 2.5 2.8 2.8 3.0 2.9 2.6 2.8 2.8 2.8 - 3.2 2.5 2.7 3.0 2.7 -
(cm.g/t) 607 572 553 603 620 700 628 563 606 603 612 - 692 548 586 641 597 -
SA PGM operations Mar 2022 quarter Dec 2021 quarter Mar 2021 quarter
Bamba- Bamba- Bamba-
Reef Kopaneng Simunye(1) nani Kwezi K6 Kopaneng Simunye(1) nani Kwezi K6 Kopaneng Simunye(1) nani Kwezi K6
Kroondal Unit
Advanced (m) 478 533 553 210 488 570 496 369 504 110 460 437 455
Advanced on reef (m) 261 390 210 82 377 385 146 196 450 - 260 332 455
Height (cm) 229 214 213 261 236 219 220 243 241 291 218 223 238
Average value (g/t) 1.2 1.9 1.1 0.7 1.8 1.7 0.8 1.2 2.2 - 1.4 2.4 2.3
(cm.g/t) 270 415 224 173 417 379 178 294 538 - 309 525 540
(1) The Simunye ore reserve was completely developed in the March 2021 quarter and is continuing with normal stoping activities until anticipated shaft closure
SA gold operations Mar 2022 quarter Dec 2021 quarter Mar 2021 quarter
Carbon Carbon Carbon
Reef leader Main VCR leader Main VCR leader Main VCR
Driefontein Unit
Advanced (m) 676 293 958 953 296 909 759 136 1,136
Advanced on reef (m) 118 90 258 117 50 267 80 43 366
Channel width (cm) 22 59 72 21 77 76 18 72 97
Average value (g/t) 36.3 11.0 47.3 34.9 17.2 49.1 18.4 9.9 43.2
(cm.g/t) 818 644 3,422 736 1,332 3,735 324 709 4,202
SA gold operations Mar 2022 quarter Dec 2021 quarter Mar 2021 quarter
Reef Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 998 375 20 839 1,461 522 - 1,135 1,197 430 - 1,241
Advanced on reef (m) 266 102 20 122 334 188 - 157 245 142 - 165
Channel width (cm) 143 99 110 99 141 128 - 146 167 61 - 106
Average value (g/t) 13.0 10.8 2.5 13.4 8.5 9.4 - 6.4 8.3 15.7 - 16.6
(cm.g/t) 1,861 1,061 279 1,321 1,192 1,201 - 931 1,393 959 - 1,761
SA gold operations Mar 2022 quarter Dec 2021 quarter Mar 2021 quarter
Reef Kalkoen- Kalkoen- Kalkoen-
Beatrix krans Beatrix krans Beatrix krans
Beatrix Unit
Advanced (m) 787 53 2,792 67 2,799 105
Advanced on reef (m) 231 - 777 36 597 35
Channel width (cm) 132 - 153 53 134 160
Average value (g/t) 8.7 - 9.0 16.2 7.4 5.9
(cm.g/t) 1,141 - 1,371 861 993 947
SA gold operations Mar 2022 quarter Dec 2021 quarter Mar 2021 quarter
Reef Kimberley Kimberley Kimberley
Burnstone Unit
Advanced (m) 38 - -
Advanced on reef (m) - - -
Channel width (cm) - - -
Average value (g/t) - - -
(cm.g/t) - - -
ADMINISTRATION AND CORPORATE INFORMATION
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
Email: lerato.matlosa@sibanyestillwater.com
DIRECTORS
Dr Vincent Maphai* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Dr Elaine Dorward-King*
Harry Kenyon-Slaney*
Jeremiah Vilakazi*
Keith Rayner*
Nkosemntu Nika*
Richard Menell*^
Savannah Danson*
Susan van der Merwe*
Timothy Cumming*
Sindiswa Zilwa*
* Independent 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
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: shrrelations@bnymellon.com
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: tatyana.vesselovskaya@bnymellon.com
TRANSFER SECRETARIES SOUTH AFRICA
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248
FORWARD-LOOKING STATEMENTS
The information in this document may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's ("Sibanye-Stillwater" or the
"Group") financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of
the senior management and directors of Sibanye-Stillwater 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 document.
All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements also often use words
such as "will", "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 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, 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, 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 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
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 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 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, communications and
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 2021 Integrated Report and the annual report on Form 20-F for the fiscal year
ended 31 December 2021.
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.
Date: 05-05-2022 08:00:00
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