Wrap Text
OPERATING UPDATE QUARTER ENDED 30 SEPTEMBER 2026
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 30 SEPTEMBER 2026
Johannesburg, 5 November 2026: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE and A2X: SSW; and NYSE: SBSW) is
pleased to provide an operating update for the quarter ended 30 September 2026. Comparisons include year-on-year (Q3 2026 on Q3
2025), year-to-date (YTD) from 1 January 2026 to 30 September 2026, and Q3 2026 compared with the previous Q2 2026 quarter (quarter-
on-quarter or Q3-on-Q2) where appropriate. Group financial results are only provided on a six-monthly basis.
SALIENT FEATURES – QUARTER ENDED 30 SEPTEMBER 2026 (Q3 2026)
- Quarter-on-Quarter improvement in operating performance across the SA PGM and SA gold operations, steady output at the Century
zinc retreatment operation, while the US PGM operations were negatively impacted by industrial action
- The Group remains on track to meet annual operating guidance with the exception of the US PGM operations following the strike
- Group adjusted EBITDA increased 9% year-on-year to R10.8 billion (US$662 million), supported by higher commodity prices
- Continued improvements across key safety metrics quarter-on-quarter and year-to-date
- Finalisation of the US PGM labour agreement and introduction of team-based incentives represent a significant milestone in the
transition to a more productive and sustainable mechanised operating model at the US PGM operations
KEY STATISTICS – GROUP
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Sep 2025 Jun 2026 Sep 2026 GROUP Sep 2026 Jun 2026 Sep 2025
560 755 662 US$m Adjusted EBITDA1 Rm 10,773 12,471 9,872
17.64 16.48 16.28 R/US$ Average exchange rate using daily closing rate
Stock data for the Quarter ended 30 September 2026
Number of shares in issue1
- at 30 September 2026 2,830,567,264
- weighted average 2,830,567,264
Free Float 100%
Bloomberg/Reuters SSWSJ/SSWJ.J
JSE Limited - (SSW)
Price range per ordinary share (High/Low) R32.69 to R53.51
Average daily volume 16,073,920
NYSE - (SBSW); one ADR represents four ordinary shares
Price range per ADR (High/Low) US$7.67 to US$12.58
Average daily volume 5,315,599
1 Sibanye-Stillwater's ordinary shares have been listed on the A2X exchange (A2X) in South Africa, with effect from 6 October 2026.
Sibanye-Stillwater's primary listing on the JSE Limited, secondary listing of American depositary shares on the New York Stock Exchange,
and its issued share capital remain unaffected by the secondary listing on A2X.
KEY STATISTICS BY REGION
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Sep 2025 Jun 2026 Sep 2026 Sep 2026 Jun 2026 Sep 2025
SOUTHERN AFRICA (SA) OPERATIONS
PGM operations
493,863 406,406 439,802 oz 4E PGM production2,3 kg 13,679 12,641 15,361
1,839 2,486 2,288 US$/4Eoz Average basket price R/4Eoz 37,250 40,967 32,438
281 408 354 US$m Adjusted EBITDA1 Rm 5,767 6,758 4,961
1,278 1,685 1,634 US$/4Eoz All-in sustaining cost1,4 R/4Eoz 26,598 27,767 22,537
Gold operations
175,929 154,259 155,449 oz Gold produced kg 4,835 4,798 5,472
3,402 4,440 4,219 US$/oz Average gold price R/kg 2,208,545 2,352,512 1,929,491
212 261 210 US$m Adjusted EBITDA1 Rm 3,419 4,290 3,731
2,442 3,097 3,189 US$/oz All-in sustaining cost1,4 R/kg 1,668,973 1,640,802 1,385,189
INTERNATIONAL OPERATIONS
US PGM underground operations
73,171 69,544 59,417 oz 2E PGM production2,5 kg 1,848 2,163 2,276
1,184 1,524 1,411 US$/2Eoz Average basket price R/2Eoz 22,971 25,116 20,886
33 18 36 US$m Adjusted EBITDA1,6 Rm 580 309 579
1,165 1,401 1,617 US$/2Eoz All-in sustaining cost1,4,6 R/2Eoz 26,322 23,093 20,555
Recycling operations7
26 66 40 US$m Adjusted EBITDA1 Rm 652 1,085 475
Keliber lithium project
(3) (2) (9) US$m Adjusted EBITDA1 Rm (153) (41) (58)
Century zinc retreatment operation
24 25 25 ktZn Payable zinc production8 ktZn 25 25 24
2,696 4,177 4,059 US$/tZn Average equivalent zinc concentrate price9 R/tZn 66,085 68,842 47,562
28 26 57 US$m Adjusted EBITDA1 Rm 925 433 486
2,015 2,143 2,520 US$/tZn All-in sustaining cost1,4 R/tZn 41,022 35,323 35,539
1 The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements
for compliance with the debt covenant. The Group also reports All-in sustaining costs (AISC) for comparison to similar industry metrics used in the mining
industry. See "Non-IFRS measures" for more information on these metrics presented by Sibanye-Stillwater. Adjusted EBITDA may not be comparable to similarly
titled measures of other companies. Adjusted EBITDA and AISC are not measures of performance under IFRS Accounting Standards and should be considered in
addition to and not as a substitute for any other measure of financial performance and liquidity. The adjusted EBITDA amount in US$m for the quarter ended
30 June 2026 is calculated using the adjusted EBITDA amount in US$m for half-year ended 30 June 2026 less the adjusted EBITDA amount in US$m for the quarter
ended 31 March 2026. 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 purchase of concentrate (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 - Quarter" for the calculation of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes the
production and costs associated with third party PoC
5 The US PGM operations' underground production is converted to metric tonnes and kilograms, and financial performance is translated to SA rand (Rand)
6 The Section 45X Advance Manufacturing Production Credits relating to US PGM underground operations for the quarters ended 30 September 2026, 30 June 2026
and 30 September 2025 were R186 million (US$11 million), R228 million(US$14 million) and R181 million (US$10 million) respectively
7 Recycling operations includes Reldan Pennsylvania (PA), Metallix North Carolina (NC) and Montana recycling sites. The acquisition of the NC site was concluded
on 4 September 2025 and financial results were included from the quarter ended 31 December 2025.
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
STATEMENT BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER
The Group continued to make progress on its strategic priorities during Q3 2026, delivering encouraging safety improvements, consistent
operating results and a significantly stronger financial position. Supported by higher commodity prices and stable operational
performance from the SA PGM, SA gold, Recycling and Century zinc retreatment operations, adjusted EBITDA increased by 9% year-on-
year to R10.8 billion (US$662 million). The Group remains on track to achieve annual operating guidance for 2026, with the exception of
the US PGM operations, where production and cost guidance has been revised to reflect the impact of the approximate five-week strike.
At the Keliber lithium project, mining and hot commissioning of the concentrator continued during the quarter, resulting in the increased
build-up of the ore stockpile of 330kt while ongoing improvements were achieved in concentrator throughput and spodumene
specification.
Q3 2026 saw continued improvements in the Group's injury-frequency metrics, including year-on-year reductions in both serious and total
reportable injuries. Key milestones included one year fatality-free at Driefontein. The Group serious injury frequency rate (SIFR) per million
hours worked improved year-on-year to 1.82 from 2.31 for Q3 2025, while sustained near-miss incident reporting strengthened risk
awareness, operational transparency and confidence in the incident reporting process. The quarter was however marred by the tragic
loss of two colleagues at our Beatrix operations. Mr Lwandile Kohliso, was found deceased underground on 21 September 2026 and Mr
Chinonge Kalie a protection services officer was fatally injured in a shooting involving illegal miners on 23 July 2026. The Board and
management extend our sincere condolences to the families and friends of Mr Kohliso and Mr Kalie.
Disciplined investment in organic growth projects requires focused execution. Production at the Marikana K4 shaft continues to ramp-up
successfully, and the Siphumelele and Thembelani extension projects are progressing on schedule. The Mt Lyell and Burnstone projects
have advanced to the execution stage, with the necessary planning, mobilisation and preparatory work now underway to support
successful project delivery.
Further details are provided in the safe production and operational review sections of this Q3 2026 operating update.
Following the approximately five-week strike at the Stillwater operations and Columbus processing facilities, the four month long US PGM
negotiations concluded in early October 2026. I would like to thank the Stillwater East, Columbus metallurgical and East Boulder
employees and affiliated United Steelworkers Union (USW) members for their constructive engagement throughout the negotiations.
Despite the impact on the performance for Q3 2026, the conclusion of the multi-year collective bargaining agreements supports the long-
term sustainability and competitiveness of the US PGM operations, in the interests of all stakeholders. In South Africa at our Rustenburg
operations, the Kwezi Section 189 consultation process, associated with the potential closure of the Kwezi shaft, commenced on 8
September 2026, and I wish to acknowledge the constructive engagement and professionalism demonstrated by all parties throughout
the process to date. We are assessing available options to mine the Kwezi Shallows project as the consultation process continues. The
Sandouville consultation process with employee representatives, relating to the future of the Sandouville refinery was initiated in
September 2026 and is ongoing.
The macroeconomic outlook remains volatile, with weaker global growth expectations, persistent inflation and higher interest rates
continuing to weigh on economic activity and consumer spending, including vehicle demand. Precious metals markets remained mixed
during Q3 2026, with gold spot prices strengthening towards quarter-end on continued geopolitical uncertainty and investment demand,
while platinum and rhodium spot prices rallied despite softer automotive demand expectations. PGM market development remains
important, and we continue to progress strategic market development initiatives with our partners. Kleantha Pillay, EVP: Sales and
Marketing, who has played a pivotal role in the development of the Group's sales and marketing function, will leave the Group on 31
January 2027. Kleantha will be succeeded by Henk de Hoop, who has been appointed as Global Head of Sales and Marketing with
effect from 1 November 2026. Further, Emma Chapman declined the appointment as Head of Investor Relations. The search for a suitably
qualified candidate is ongoing.
Significant volatility in precious metals prices has been seen during October 2026. Lithium prices remained under pressure as global lithium
supply forecasts were upgraded, outpacing demand growth and resulting in a larger than expected market surplus for 2026. Despite
navigating geopolitical complexity and macroeconomic volatility we remain resolute in our purpose to create a better future for people
and planet and we achieve this through a simple philosophy – produce the metals the world needs, invest in our people, strengthen the
communities in which we operate and create and deliver sustainable value for all stakeholders.
As we enter the final quarter of 2026 and finalise our life-of-mine plans for 2027, we remain focused on creating long-term stakeholder
value through portfolio and operational simplification, safe and sustainable production, operational excellence, disciplined capital
allocation, and the delivery of our value-accretive life extension projects.
SAFE PRODUCTION
The safety and health of our workforce remains our highest priority. Safe production is the cornerstone of performance excellence and is
fundamental to delivering the Group's strategic objectives.
The Group recorded a 10% improvement in the SIFR, with the rate declining from 2.29 for the nine months ended 30 September 2025 to
2.05 for the nine months ended 30 September 2026. The total recordable injury frequency rate (TRIFR) improved by 9%, decreasing from
3.96 to 3.61. The fatal injury frequency rate (FIFR) improved from 0.041 in 2025 to 0.025. High-potential incidents declined by 30%
compared to the nine months ended 30 September 2025.
Despite these positive trends, Q3 2026 was marked by the tragic loss of Mr Lwandile Kohliso, a team member at Beatrix, who was found
deceased underground on 21 September 2026. The cause of death has not yet been determined and a thorough investigation by
management and the relevant authorities is continuing. On 23 July 2026, Mr Chinonge Kalie, a contractor within the protection services
team, was fatally injured in a shooting involving illegal miners at Beatrix. The Board and management of Sibanye-Stillwater extend their
sincere condolences to the families and friends of our late colleagues during this difficult time.
To support our goal of zero fatalities, the Group is intensifying implementation of its Fatal Elimination Strategy, with a focus on leadership
accountability, critical risk management and operational discipline. The safety culture uplift programme, launched in 2025 and in support
of the Fatal Elimination Strategy, has evolved into an integrated safety and performance acceleration programme. The programme is
being rolled out across the South African operations, supported by additional leadership engagement and executive sponsorship, with
the objective of delivering sustainable improvements in safety and overall operational performance.
OPERATIONAL REVIEW
Southern Africa (SA) operations
SA PGM operations
Reflecting the seasonally stronger third quarter, the SA PGM operations delivered their best quarterly production performance of 2026 and
are expected to deliver in line with full-year guidance. Year-on-year production performance (including third party purchase of
concentrate (PoC)) decreased by 10% to 458,202 4Eoz, mainly due to planned lower surface production and expected lower production
from Rustenburg (specifically the Kroondal operations).
Adjusted EBITDA increased by 16% year-on-year to R5.8 billion (US$354 million) in Q3 2026, driven by stable 4E PGM sales volumes and a
15% increase in the average 4E PGM basket price to R37,250/4Eoz (US$2,288/4Eoz).
Production from underground mining (excluding Mimosa) decreased by 10% (41,484 4Eoz) year-on-year, primarily due to lower production
from the Kroondal mechanised operation, in line with its life-of-mine profile as ore reserves are progressively depleted, particularly at the
Kwezi operation, and the closure of the Klipfontein opencast operations. Production from the Marikana operation was supported by the
build-up at the K4 shaft, which contributed 30,453 4Eoz in Q3 2026, an increase of 8% quarter-on-quarter.
Surface production (excluding PoC) declined by 36% year-on-year due to the depletion of surface reserves primarily due to the transition
to a new feed source at Marikana, the depletion of surface reserves at Rustenburg and lower feed availability at Platinum Mile as
previously reported.
Third party PoC increased by 7% (1,211 4Eoz) year-on-year to 18,400 4Eoz, mainly due to higher tonnages received from third parties.
All-in sustaining cost (AISC) excluding PoC, for the managed operations increased by 5% in absolute terms. Costs increased due to higher
sustaining and ore reserve development capital expenditure, inflationary pressure on input costs, higher consumables expenditure driven
by increased fuel, lubricant and steel costs, and higher royalty taxes associated with the stronger PGM basket price. Year-on-year, unit
AISC was also negatively impacted by 11% lower production.
Total capital expenditure for Q3 2026 increased by 33% year-on-year to R1.9 billion (US$119 million). Ore reserve development capital
expenditure increased by 4% to R672 million (US$41 million), while sustaining capital expenditure increased by 46% to R961 million (US$59
million), driven mainly by the Thembelani extension project and the refurbishment work at the precious metals refinery (PMR). Project
capital expenditure increased by 97% to R303 million (US$19 million) as the Marikana K4 project advanced towards steady-state
production and development commenced at the Siphumelele UG2 project.
Total chrome production from the SA PGM operations was 545kt for Q3 2026, 19% lower year-on-year due to the cessation of the
Marikana bulk tailings treatment (BTT) chrome plant in Q4 2025. Chrome sales volumes increased by 14% to 585kt, mainly due to the
release of stock.
Please refer to page 7, 11, 12 and 15 in the booklet for further operational results statistics.
SA gold operations
Supported by a strong gold price environment, the SA gold operations continued to advance their transition to a shallower, higher-
margin, longer-life portfolio. Year-on-year, the 17% increase in surface production to 1,712kg (55,042oz) and a 14% higher gold price
received of R2,208,545/kg (US$4,219/oz) partially offset the impact of a 22% decline in underground production, resulting in an 8% lower
adjusted EBITDA of R3.4 billion (US$210 million) for Q3 2026.
Underground production declined year-on-year by 17% at Beatrix, 21% at Driefontein and 31% at Kloof. Reduced operational flexibility at
Beatrix as mining advanced to deeper levels of the mine, coupled with challenging ground conditions in high-grade areas, impacted
productivity and average mining grade. Production at Driefontein was adversely affected by flooding at the Khomanani 8 Shaft in
August, which resulted in a six-week suspension of mining activities and constrained operational flexibility. Lower production at Kloof was
consistent with its planned rebased life-of-mine profile.
AISC (excluding DRDGOLD) increased by 7% in absolute terms mainly due to inflationary increases in input costs, higher royalties,
additional pumping costs incurred at Driefontein and additional working crews at Beatrix. Unit AISC (excluding DRDGOLD) increased by
23% year-on-year to R1,868,560/kg (US$3,570/oz) in Q3 2026, primarily due to lower gold sales driven by the 18% decline in production. The
SA gold operations unit AISC including DRDGOLD is 11% lower at R1,668,973/kg (US$3,189/oz) (when compared to unit AISC excluding
DRDGOLD) reflecting the growing surface contribution as the SA gold portfolio transitions towards a shallower, lower risk and lower cost
production profile.
Capital expenditure for Q3 2026 (excluding DRDGOLD) decreased by 23% year-on-year to R792 million (US$49 million), largely reflecting
the cessation of capitalisation at Kloof. This was partially offset by increased capital expenditure at Driefontein and Beatrix to develop
mining areas and enable safe, sustainable production and processing operations.
The Burnstone Restart Project has transitioned positively into the execution phase, with project governance structures being established
and key personnel appointments underway to support successful delivery.
DRDGOLD production increased by 10% year-on-year to 1,307kg (42,021oz) in Q3 2026, driven by a 15% improvement in yield to 0.21g/t,
despite a 5% decrease in tonnes treated. Operating unit costs increased by 3% to R1,040,551/kg (US$1,988/oz) as higher labour, diesel,
reagent costs and electricity tariffs were partially offset by increased production.
Project capital expenditure at DRDGOLD declined by 29% year-on-year to R556 million (US$34 million) from R782 million (US$44 million), as
several of DRDGOLD's Vision 2028 projects advanced towards completion and moved beyond their peak capital investment phase.
Please refer to page 9, 13 and 16 in the booklet for further operational results statistics.
International and recycling operations
US PGM operations
Operating metrics in Q3 2026 were significantly impacted by the USW strike, which commenced on 3 September 2026 affecting the
Stillwater mine and the metallurgical complex. The strike ended following the ratification of a new collective bargaining agreement, with
employees returning to work on 9 October 2026.
The new agreement covers a broad range of terms, including wage increases of 4.5% in the first year, the greater of 3.5% or US consumer
price index (CPI) in the second year, and the greater of 3.0% or CPI in third year. Key however, is the introduction of team-based
incentives and work practices aligned with the transition to fully mechanised mining. This represents an important milestone in the
transformation of the US PGM operations that will contribute to ensuring the operations sustainability and competitiveness.
The US PGM operations have a clear, sustainable and executable productivity-led plan, targeting a structurally lower AISC of
~US$1,000/2Eoz by the end of 2028. This is underpinned by productivity improvements that support an estimated 45% increase in steady-
state production to approximately 410k 2Eoz from East Boulder and Stillwater East as the mechanisation programme is completed by H2
2028.
Production decreased by 19% to 59,417 2Eoz. Production sold declined by 7% to 72,514 2Eoz, as built-up concentrate inventories were
processed during the strike. As a result, the strike's full impact on sales volumes will only become evident in Q4 2026, when inventory levels
are expected to normalise.
Adjusted EBITDA increased by 9% year-on-year to US$36 million (R580 million), primarily driven by a 19% increase in the 2E PGM basket
price to US$1,411/2E oz (R22,971/2Eoz), compared with US$1,184/2E (R20,886/2Eoz) oz in Q3 2025.
AISC increased by 39% year-on-year to US$1,617/2Eoz (R26,322/2Eoz), reflecting lower production and higher capital expenditure.
Excluding Section 45X credits, AISC increased to US$1,809/2Eoz (R29,445/2Eoz) from US$1,306/2Eoz (R23,034/2Eoz) in Q3 2025.
Total capital expenditure increased to US$38 million (R617 million) (Q3 2025: US$22 million, R396 million). Sustaining capital expenditure rose
to US$16 million (R268 million) from US$3 million (R57 million) in Q3 2025, in line with the mechanisation strategy and primarily driven by
investments in mobile and underground equipment, including bolters, transport equipment, surface fleet and supporting infrastructure.
Labour attrition increased significantly across all operations during the wage negotiation period, leaving staffing levels approximately 25%
below the planned 2027 mechanised workforce. Q4 2026 will focus on rebuilding work teams, restoring operational momentum and
supporting the ramp-up to planned production levels.
The impact of the strike, together with the time required to rebuild operational performance in Q4 2026, has resulted in revised production
guidance of 245k - 255k 2Eoz and cost guidance of AISC of US$1,700 - US$1,760/2Eoz, including Section 45X: US$1,510 - US$1,570/2Eoz
(previous 2026 annual guidance of 280k - 300k 2Eoz and AISC of US$1,520 - US$1,580/2Eoz, including Section 45X: US$1,360 -
US$1,420/2Eoz).
Please refer to page 7, 11 and 15 for further operational results statistics.
Recycling operations
Adjusted EBITDA from the Recycling operations increased by 54% year-on-year to US$40 million (R652 million), driven by higher precious
metal prices, the successful integration of North Carolina (NC) and higher production at Pennsylvania (PA). The Recycling operations
adjusted EBITDA excluding Section 45X credits from the Montana site increased by 41% year-on-year to US$25 million (R406 million).
1.2 million ounces of precious metals were sold during the quarter, comprising 89% silver, 8% 3E PGMs and 3% gold. Continued feed
optimisation and integration across the PA, NC and Montana facilities enhanced asset utilisation and supported improved commercial
performance.
Keliber lithium project
Hot commissioning of the Keliber concentrator began in April 2026 and continued throughout Q3 2026, with efforts focused on achieving
target lithium grades within product specifications. Q4 2026 will focus on completing the hot commissioning and testing the concentrator
at design capacity, with encouraging progress having been made since the end of Q3 2026.
Keliber project capital expenditure for Q3 2026 was EUR16 million, or R0.3 billion, (year to date EUR75 million or R1.4 billion) including
capitalised interest and expenditure outside the project's initial forecast scope. Cumulative construction-phase capital expenditure at
30 September 2026 was EUR726 million (R13.8 billion), excluding capitalised interest and exploration. The project remains within the approved
capital forecast of EUR783 million (R14.9 billion) in 2024 real terms.
In response to lithium market volatility, the staged commissioning approach prioritises stable mining and concentrator performance
before the refinery start-up, reducing integrated ramp-up risk and preserving capital flexibility.
* The figures have been translated where relevant at an average exchange rate of R19.01/EUR
Sandouville nickel refinery
Sandouville remains on care and maintenance, with site activities focused on asset integrity and regulatory compliance.
During September 2026, a consultation process regarding the future of the Sandouville refinery was initiated with employee
representatives in accordance with applicable French labour law requirements. The Company continues to work with the French
government to find the best possible solution that is in the interest of all stakeholders. No final decisions have been taken and the ongoing
consultation process will inform the assessment of available options.
Century zinc retreatment operation
Payable zinc production increased by 2% year-on-year to 25kt in Q3 2026, from 24kt in Q3 2025. The increase primarily reflects the lower
comparative production base following the planned shutdown in Q3 2025. The next planned shutdown is scheduled for Q4 2026.
AISC increased by 25% year-on-year to US$2,520/tZn (15% to R41,022/tZn), primarily driven by inflationary cost pressures, including higher
fuel and reagent cost (primarily copper sulphate).
Payable zinc sales increased by 72% to 29kt, compared with 17kt in Q3 2025, largely due to shipment timing.
Adjusted EBITDA more than doubled to US$57 million (R925 million) from US$28 million (R486 million) in Q3 2025. The improvement was
driven by higher payable zinc sales volumes, a 51% increase in equivalent zinc concentrate prices and lower treatment charges.
Sustaining capital expenditure increased to US$2 million (R28 million), compared with US$1 million (R11 million) in Q3 2025. The increase
primarily reflects rehabilitation equipment rebuilds and additional hydro-mining cannon equipment to support the optimisation of dam-
floor mining. Capital expenditure remains focused on maintaining the reliability of critical infrastructure as the operation approaches the
end of its mine life.
Options to realise value from the existing Century and Karumba infrastructure and to evaluate potential life-extension opportunities
beyond the current zinc retreatment operations continue to be assessed.
Please refer to page 10 and 14 in the booklet for further operational results statistics.
Mt Lyell copper project
Following the Board's approval of the restart investment in Q3 2026, pre-execution planning and preparatory activities have commenced.
Front-end engineering and design, project team recruitment, initial accommodation works and the progression of key regulatory and
operational approvals are underway.
OPERATING GUIDANCE FOR 2026-
Annual operating guidance is updated for the US PGM operations to reflect the impact of the strike and operational normalisation in Q4
2026. The annual 2026 operating guidance for all remaining operations is unchanged as in the table below.
2026 Annual guidance Production All-in sustaining cost Total capital
SA PGM operations 1.65 - 1.75Moz3,4 R26,500 - 27,500/4Eoz R8bn (US$439m)2
(4E PGMs) (US$1,453 - 1,508/4Eoz)2 (incl. R1.79bn (US$98m) for
project capital)
SA SA gold operations 13,700 - 14,700kg R1,750k - 1,840k/kg R3bn (US$164m)2 (incl. R98m
operations (excl. DRDGOLD) (440 - 473koz) (US$2,984 - 3,138/oz)2 (US$5m) for Burnstone
project capital)
SA gold operations 19,100 - 19,750kg R1,565k - R1,685k/kg R6.6bn (US$364m)2
(incl. DRDGOLD)7 (614 - 635koz) (US$2,670 - 2,870/oz)2 (incl. R3.1bn (US$172m) for
DRDGOLD project capital)
US PGM operations 245 - 255koz US$1,700 – 1,760/2Eoz US$125m - US$135m (incl.
(2E mined) Including Section 45X: US$6m growth)
US$1,510 – 1,570/2Eoz (R2.3bn - R2.5bn incl. R109m
growth)2
Recycling operations Total 400 - 420koz n/a US$12.2m (R223m)2
(Columbus, PA and NC) gold equivalent ounces5
(PGM autocats, industrial
and e-waste precious metals
bearing waste)
International Keliber lithium project 15k - 20k n/a EUR180m - EUR190m6 (R3.7bn –
operations tonnes of spodumene R3.9bn)2
concentrate (incl. EUR90m (R1.8bn) for
project capital)
Century zinc operations 86.3k - 98.3k A$3,400 – 3,800/t (R42,160 – A$5m - A$5.5m
tonnes (payable) 47,120/t)2 (US$2,311 - 2,583/ (US$3.4m – US$3.7m, R62m -
t)2 R68.2m)2
Mt Lyell n/a n/a A$11m
(US$7.5m, R136m)2,8
Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events
- As at 5 November 2026
1 US PGM AISC is impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$1,500/oz;
By product credit assumptions of Rh US$9,000/oz and gold US$4,400/oz
2 Estimates are converted at an exchange rate of R18.24/US$, 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
7 DRDGOLD included at 100%
8 An accrual of A$14.7 million (US$10 million, R182 million) was recognised during Q3 2026 as deferred acquisition consideration arising from the
positive investment decision relating to Mt Lyell as announced in September 2026. This is only payable on first production, expected early 2029
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 30 September 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.
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:
Pro-forma financial information
Certain financial information, including non-IFRS measures, presented in this operating update constitutes pro forma financial information.
The responsibility for preparing and presenting the pro forma financial information for the completeness and accuracy of the pro forma
financial information is that of the directors of Sibanye-Stillwater. This pro forma financial information is presented for illustrative purposes
only. Because of its nature, the pro forma financial information may not fairly present Sibanye-Stillwater's financial position, changes in
equity, and results of operations or cash flows. This pro forma financial information has not been audited or reviewed or otherwise
reported on by Sibanye-Stillwater's external auditor.
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED JSE SPONSOR
(SIBANYE-STILLWATER) JP Morgan Equities South Africa Proprietary Limited
Incorporated in the Republic of South Africa Registration number 1995/011815/07
Registration number 2014/243852/06
Share code: SSW and SBSW 1 Fricker Road, Illovo
Issuer code: SSW Johannesburg 2196
ISIN: ZAE000259701 South Africa
Private Bag X9936
LISTINGS Sandton 2146
JSE: SSW South Africa
A2X: SSW
NYSE: SBSW AUDITORS
BDO SOUTH AFRICA INC.
WEBSITE
www.sibanyestillwater.com Wanderers Office Park
52 Corlett Drive
REGISTERED AND CORPORATE OFFICE Illovo 2196
Constantia Office Park South Africa
Bridgeview House, Building 11, Ground floor Private Bag X60500
Cnr 14th Avenue & Hendrik Potgieter Road Houghton 2041
Weltevreden Park 1709 South Africa
South Africa Tel: +27 11 488 1700
Private Bag X5 AMERICAN DEPOSITARY RECEIPTS
Westonaria 1780 TRANSFER AGENT
South Africa
Tel: +27 11 278 9600 BNY Mellon Shareowner Correspondence (ADSs)
Fax: +27 11 278 9863 Mailing address of agent:
BNY Shareowner Services
COMPANY SECRETARY PO Box 43006
Lerato Matlosa Providence, RI 02940
Email: lerato.matlosa@sibanyestillwater.com United States of America
US toll free: + 1 888 269 2377
DIRECTORS Tel: +1 201 680 6825
Dr Vincent Maphai* (Chairman) Email: shrrelations@cpushareownerservices.com
Dr Richard Stewart (CEO)
Charl Keyter (CFO) BNY Depositary Receipts Client Service Management
Dr Elaine Dorward-King* Tel: +1 212 815 4836
Harry Kenyon-Slaney*^ Email: drclientserviceny@bny.com
Prof Jeremiah Vilakazi#
Dr Lindiwe Mthimunye* TRANSFER SECRETARIES SOUTH AFRICA
Keith Rayner#
Dr Peter Hancock* Computershare Investor Services Proprietary Limited
Philippe Boisseau* Rosebank Towers
Richard Menell# 15 Biermann Avenue
Sindiswa Zilwa* Rosebank 2196
Terence Nombembe* PO Box 61051
Marshalltown 2107
* Independent non-executive South Africa
# Non-executive Tel: +27 11 370 5000
^ Lead independent director Fax: +27 11 688 5248
INVESTOR ENQUIRIES
Please send any investor enquiries to:
ir@sibanyestillwater.com
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, EURpe 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 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 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, AISC, AIC and operating cost. 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 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)
Websites
References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in,
and does not form part of, this report.
Date: 05/11/2026 10:34:00
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