Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      1
Exhibit 99.1
sibanye-stillwater_quarter.jpg
JOHANNESBURG, 21 February 2025: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to report
operating and financial results for the six months ended 31 December 2024, and condensed consolidated financial statements for the year ended
31 December 2024.
SALIENT FEATURES FOR THE SIX MONTHS AND YEAR ENDED 31 DECEMBER 2024
•Safety continues to improve with Group SIFR and TRIFR at lowest recorded levels since 2013
•Revenue for H2 2024 of R56.9 billion (US$3.2 million) 7% higher than for H2 2023
•Restructuring and closure of loss making operations improve profitability. Capital building initiatives secure Group Balance sheet
•Net debt : adjusted EBITDA1 of  1.79x at 31 Dec 2024 reduces to pro forma 1.08x, post proceeds of stream financing arrangement
•Group adjusted EBITDA of R6.4 billion (US$360 million) stable for the third sequential 6-month period
•SA gold – leverage to higher gold price drove a 216% increase in adjusted EBITDA¹ to R3.6 billion (US$206 million) for H2 2024
•SA PGM – operating cost increase of 6% to R23,608/4Eoz (US$1,317/4Eoz) in line with inflation. AISC4 increased by 10% due to higher capex for H2
2024
•US PGM – consistent production and 27% reduction in AISC to US$1,367/2Eoz for 2024, delivered according to Q4 2024 restructuring plan
– restructured further at end 2024 due to persistently low prices
•S45x benefits for 2025 could enhance profitability of US PGM and US PGM recycling operations by combined US$60 million (R1.1 billion)
•US recycling operations (US PGM and Reldan) contribute US$32 million (R594 million) to Group adjusted EBITDA for 2024
•Australian region - Century operation adjusted EBITDA contribution of US$34 million (R641 million) for the year
•Transaction with Glencore Merafe Venture adds significant value to SA PGM chrome production
KEY STATISTICS – GROUP
US dollar
SA rand
Year ended
Six months ended
Six months ended
Year ended
Dec
2023
Dec 2024
Dec
2023
Jun 2024
Dec
2024
KEY STATISTICS
Dec
2024
Jun 2024
Dec
2023
Dec
2024
Dec
2023
GROUP
(2,051)
(398)
(2,458)
(390)
(8)
US$m
Basic earnings
Rm
38
(7,335)
(45,195)
(7,297)
(37,772)
97
99
(227)
15
85
US$m
Headline earnings
Rm
1,543
274
(4,107)
1,817
1,784
1,116
715
340
355
360
US$m
Adjusted EBITDA1,14
Rm
6,440
6,648
6,409
13,088
20,556
(2,032)
(311)
(2,459)
(372)
61
US$m
(Loss)/profit for the period
Rm
1,291
(7,001)
(45,216)
(5,710)
(37,430)
18.42
18.32
18.62
18.72
17.92
R/US$
Average exchange rate using
daily closing rate
TABLE OF CONTENTS
Page
Stock data for the six months ended 31 December 2024
Number of shares in issue
- at 31 December 2024
2,830,567,264
- weighted average
2,830,567,264
Free Float
99%
Bloomberg/Reuters
SSWSJ/SSWJ.J
JSE Limited - (SSW)
Price range per ordinary share (High/Low)
R14.10  to R23.09
Average daily volume
13,558,425
NYSE - (SBSW); one ADR represents four ordinary shares
Price range per ADR (High/Low)
US$3.18  to US$5.22
Average daily volume
5,923,675
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      2
KEY STATISTICS BY REGION
US dollar
SA rand
Year ended
Six months ended
Six months ended
Year ended
Dec 2023
Dec 2024
Dec 2023
Jun 2024
Dec 2024
KEY STATISTICS
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Dec 2023
AMERICAS REGION
US PGM underground operations
427,272
425,842
221,759
238,139
187,703
oz
2E PGM production2,3
kg
5,838
7,407
6,897
13,245
13,290
1,243
988
1,124
977
1,001
US$/2Eoz
Average basket price
R/2Eoz
17,942
18,289
20,928
18,097
22,890
35
(9)
(18)
27
(36)
US$m
Adjusted EBITDA14
Rm
(599)
488
(266)
(111)
710
1,872
1,367
1,992
1,343
1,390
US$/2Eoz
All-in sustaining cost4,14
R/2Eoz
24,912
25,149
37,090
25,042
34,465
US PGM recycling
310,314
316,470
147,862
154,938
161,532
oz
3E PGM recycling2,3
kg
5,024
4,819
4,599
9,843
9,652
2,334
1,266
1,939
1,252
1,279
US$/3Eoz
Average basket price
R/3Eoz
22,922
23,437
36,105
23,189
42,981
33
17
13
8
9
US$m
Adjusted EBITDA14
Rm
179
147
236
326
607
US Reldan operations5
—
15
—
0.32
15
US$m
Adjusted EBITDA15
Rm
262
6
—
268
—
SOUTHERN AFRICA (SA) REGION
PGM operations
1,672,927
1,738,946
873,745
828,460
910,486
oz
4E PGM production3,6,7
kg
28,319
25,768
27,177
54,087
52,034
1,574
1,322
1,304
1,309
1,333
US$/4Eoz
Average basket price
R/4Eoz
23,892
24,499
24,276
24,213
28,979
958
407
309
255
152
US$m
Adjusted EBITDA14
Rm
2,633
4,766
5,826
7,399
17,620
1,089
1,198
1,094
1,150
1,245
US$/4Eoz
All-in sustaining cost4,14
R/4Eoz
22,317
21,533
20,363
21,948
20,054
Gold operations
810,584
704,583
393,847
344,109
360,474
oz
Gold produced
kg
11,212
10,703
12,250
21,915
25,212
1,936
2,378
1,955
2,205
2,560
US$/oz
Average gold price
R/kg
1,474,973
1,327,000
1,170,362
1,400,468
1,146,093
193
323
63
117
206
US$m
Adjusted EBITDA14
Rm
3,631
2,201
1,148
5,832
3,523
1,904
2,126
2,008
2,078
2,175
US$/oz
All-in sustaining cost4,14
R/kg
1,253,083
1,250,647
1,202,225
1,251,810
1,127,138
EUROPEAN REGION
Sandouville nickel refinery
7,125
7,705
3,632
4,270
3,435
tNi
Nickel production8
tNi
3,435
4,270
3,632
7,705
7,125
23,955
19,701
21,075
20,309
18,681
US$/tNi
Nickel equivalent average
basket price9
R/tNi
334,755
380,190
392,420
360,855
441,138
(72)
(41)
(37)
(15)
(26)
US$m
Adjusted EBITDA14
Rm
(443)
(280)
(701)
(723)
(1,328)
35,474
24,548
33,492
23,684
25,616
US$/tNi
Nickel equivalent sustaining
cost10,14
R/tNi
459,031
443,366
623,615
449,644
653,246
AUSTRALIAN  REGION
Century zinc retreatment operation11
76
82
51
42
40
ktZn
Zinc metal produced
(payable)12
ktZn
40
42
51
82
76
1,728
2,678
1,766
2,366
2,898
US$/tZn
Average equivalent zinc
concentrate price13
R/tZn
51,931
44,297
32,878
49,046
31,815
(15)
34
13
(19)
53
US$m
Adjusted EBITDA14
Rm
992
(351)
217
641
(285)
1,975
2,317
1,759
2,228
2,413
US$/tZn
All-in sustaining cost4,14
R/tZn
43,244
41,710
32,746
42,446
36,361
1The 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 Accounting Standards
and should be considered in addition to and not as a substitute for any other measure of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and tax to
adjusted EBITDA, see note 11.1 of the condensed consolidated financial statements
2The 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
3The 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)
4See “Salient features and cost benchmarks” sections for the definition of All-in sustaining cost (AISC).  The SA PGM All-in sustaining cost excludes the production and costs associated with the
purchase of concentrate (PoC) from third parties
5The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024. All salient features for the US Reldan operations are shown separately from the US PGM
underground operations and the US PGM recycling
6The 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 US and SA PGM operations, Total SA PGM operations and Marikana" sections
7As previously announced, Sibanye Rustenburg Platinum Mines Limited had entered into a pool and share agreement to acquire Rustenburg Platinum Mines Limited 50% ownership of Kroondal.
The acquisition became effective on 1 November 2023 after all conditions precedent had either been met or waived, therefore from 1 November 2023 the SA PGM operations includes 100%
Kroondal
8The  nickel production at the Sandouville refinery operations is principally nickel metal and nickel salts, together referred to as nickel equivalent products
9The nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold
10See "Salient features and cost benchmarks" sections Sandouville nickel refinery for a reconciliation of cost of sales before amortisation and depreciation to nickel equivalent sustaining cost
11The Century zinc tailings retreatment operation is a leading tailings management and rehabilitation operation in Queensland, Australia. The Century operation was acquired by the Group on 22
February 2023
12Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
13Average 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
metal sold
14Adjusted EBITDA, All-in sustaining cost (AISC) and nickel equivalent sustaining cost are not measures of performance under IFRS Accounting Standards and should not be considered in isolation
or as substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards.  See "Non-IFRS measures" on pages 101 and 102 for more information on the
Non-IFRS metrics presented by Sibanye-Stillwater
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      3
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER
Our strategic diversification and proactive actions in response to many of the forces currently driving global change have ensured that
the Group is well positioned to sustain a longer period of low prices, and to benefit from opportunities which may emerge. The economic
context may remain challenging for some time and, accordingly, our focus remains on the strategic essentials: optimizing operations for
profitability and sustainability and protecting the Group balance sheet in order to secure our financial health.
The operational restructurings undertaken over the last 18 months has secured greater operational stability and has, on balance,
improved the profitability of the Group, with the SA PGM operations profitable for 2024, the SA gold operations benefiting from the
increasing gold price, and the Century operations in Australia and recycling operations in the US region all contributing positively to the
Group. The restructuring of the US PGM operations in Q4 2024 and ongoing restructuring at Sandouville, are expected to reduce losses
from those operations for 2025, further underpinning Group firmer earnings outlook.
SAFETY
The continued improvement in most of the Group's safety statistics and risk reduction is pleasing. The Group Serious Injury Frequency Rate
(SIFR) and Total Recordable Injury Frequency Rate (TRIFR) declined by 15% and 17% respectively year on year, with SIFR of 2.21 (incidents
per million hours) and TRIFR of 4.36, the lowest recorded levels since 2013. SIFR and TRIFR have declined over the past three years by
compound annual decline rates of 16% and 15% respectively, demonstrating a sustained safety improvement trend over consecutive
years. While we have also observed a consistent decline in high potential incidents (HPIs) reported since H2 2022, with the FIFR reducing
by 34% from the three-year trailing average FIFR, the loss of eight colleagues during 2024 (11 for H1 2023) is tragic and unacceptable. Our
commitment to preventing fatal incidents through our Fatal elimination strategy, remains our utmost priority for 2025. On behalf of
management and the Board of Sibanye-Stillwater, we wish to express our deep regret and extend our sincere condolences to the families
and friends of our late colleagues.
The safety performance of the Group is covered in more detail on page 7 of this report.
STRATEGIC DELIVERY – APPROPRIATE AND RELEVANT
Proactive restructuring and strategic positioning
The strategic importance of the Group's diversified portfolio of metals, was again reinforced by the significant increase in the financial
contribution of the SA gold operations to the Group. These mature mines, buoyed by the tailwind of a strong gold price, delivered
materially better financial results for 2024, during a challenging period for most of our other metals, which are more aligned with industrial
economic cycles.
Due to a largely improved operating performance for H2 2024 and a 26% increase in the average rand gold price compared with H2
2023, adjusted EBITDA from the SA gold operations increased by R2.5 billion to R3.6 billion for H2 2024, which was R1.0 billion or 38% higher
than adjusted EBITDA from the SA PGM operations for H2 2024, and accounted for 56% of Group adjusted EBITDA for the period.
This was the first 6-month period since 2017 that adjusted EBITDA from the SA gold operations has exceeded the contribution from the SA
PGM operations and marks a notable turnaround from previous years when the SA PGM and US PGM operations comprised 80%-90% of
Group earnings and sustained the Group during a period when the SA gold operations experienced significant operational disruptions.
The significant increase in the profit from the SA gold operations and restructuring of the Group operations have, on balance, stabilised
Group profitability. Group adjusted EBITDA of R6.4 billion (US$360 million) for H2 2024 was in line with adjusted EBITDA of R6.4 billion (US$340
million) for H2 2023, marking the third consecutive 6-month period of consistent Group adjusted EBITDA. 
The rand gold price increased steadily throughout 2024, and at the current spot price of about R1,715,000/kg (17 February 2025), all of the
SA gold operations are profitable (a pro forma AISC margin of 27% at H2 2024 average AISC of R1,253,083/kg). The SA gold operations are
highly leveraged, and should the gold price remain elevated as we expect, profits from the SA gold operations for 2025 could increase
materially.
Our strategic investment in circular economy assets is also proving valuable, with the US PGM and Reldan recycling operations offering
stable margins through cycles and contributing combined adjusted EBITDA of US$32 million (R594 million) to the Group for 2024. Our
surface reprocessing assets also contributed to Group profitability, with adjusted EBITDA from the Century reprocessing operations in the
AUS region, adding R641 million (US$34 million) for 2024 with adjusted EBITDA from DRDGOLD for 2024 of R2.5 billion (U$S139 million).
The impact of lower PGM prices and cost inflation on margins from the SA PGM operations was moderated by the restructuring and
closure of loss-making operations during H1 2024. Production from the SA PGM operations was 4% higher year-on-year, however,
additional production from the acquisition of Anglo American Platinum's 50% share in Kroondal, was offset by  lower production from the
Rustenburg operation (following the collapse of the bin and conveyor at the Siphumelele shaft) and the Kroondal operation (following
illegal industrial action), and the restructuring and closure of high-cost and end-of-life operations at the Marikana and Kroondal
operations in H1 2024. Operating cost was well managed, increasing by 6% to R23,608/4Eoz (US$1,317) for H2 2024, in line with inflation,
with AISC increasing by 10% to R22,317/4Eoz (US$1,245/4Eoz) due to increased capital at the Rustenburg and Kroondal operations on
extension and chrome projects.
At lower operating margins however, the SA PGM operations, are highly leveraged and due to a marginally lower average 4E basket
price of R23,892/4Eoz (US$1,333/4Eoz) and a 10% increase in AISC, adjusted EBITDA for H2 2024 decreased by 55% to R2.6 billion (US$152
million) compared to H2 2023. The change from a PoC to Toll processing arrangement by the Kroondal operation, also resulted in
production from 1 September 2024 (four months) not being sold due to the build-up of inventory in the processing pipeline. A more stable
production performance for 2025, is expected to moderate cost increases and preserve margins from the SA PGM operations, with the
newly signed Glencore Merafe Venture chrome agreements potentially adding value in future.
The 2E PGM basket price for the US PGM operations has been substantially lower than AISC for the US PGM operations since 2021, despite
the successful restructuring of the US PGM operations undertaken during Q4 2023. Mined 2E PGM production of 425,842 2Eoz for 2024 was
consistent with 2023 and AISC reduced by 27% to US$1,367/2Eoz (R25,042/2Eoz). The 21% decline in the average 2E PGM basket price from
US$1,243/2Eoz for 2023 to US$988/2Eoz for 2024 however, necessitated further restructuring to address ongoing losses.
This  next phase of restructuring announced in September 2024 and concluded during Q4 2024, is expected to reduce operating cost
from the US PGM operations for 2025 by approximately US$140 million and capex by US$50 million (reduced in line with lower planned
production rate)  compared with 2024. The Stillwater West mine has been placed on care and maintenance, with production focusing on
lower volume, higher margin production from the East Boulder and Stillwater East mines. The consequent decrease of approximately
200,000 2Eoz production from the US PGM operations (from 2024 guidance levels) to between 255,000 2Eoz and 270,000 2Eoz for 2025,
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      4
while reducing absolute losses, is however, expected to result in AISC for 2025 of between US$1,420/2Eoz to US$1,460/2Eoz remaining well
above US$1,000/2Eoz, which is the level required for sustainable operations. The emphasis will now be on continuous cost optimisation and
modernisation of the mining practices, technology and infrastructure in order to reduce AISC enabling potential restoration of production
levels.
The financial position of the US PGM and US Recycling operations could be significantly enhanced by potential payments equivalent to
10% of operating costs arising from Section 45X of the Inflation Reduction Act (IRA). The final Section 45X rules of the IRA, published in Q4
2024 by the US Department of the Treasury, were amended to include extraction and processing costs in addition to refining costs as
qualifying for a 10% Advance Manufacturing Production credit. The change in the US administration in January 2025, has introduced
some uncertainty regarding the Section 45X regulations, Ongoing resource nationalism and an imperative to secure local supply chains
for many jurisdictions, provides a compelling case for continued support for local supply of critical minerals for the US.
The potential Section 45X tax credit benefit for the US PGM operations for 2025, is estimated to be US$30 million (R547 million) for 2025
(equivalent to a US$110/2Eoz reduction in AISC) with the US PGM recycling operations potentially qualifying for an additional estimated
credit of US$30 million (R547 million) for 2025, which combined (US$60 million) would significantly improve profitability from the US PGM
operations. Furthermore, the rules are retrospective with combined credits relating to the 2023 and 2024 financial years estimated at
approximately US$120 million (R2.2 billion) and US$90 million (R1.6 billion).
The US PGM and recycling operations refine platinum, palladium, and rhodium through an unrelated third party. In terms of the final
Section 45X rules issued in October 2024, agreement providing that Sibanye-Stillwater is the sole party that is entitled to claim the credit
must be reached with the third party refiner, with both parties required to sign a certification statement reflecting this agreement before
credits are issued.
The GalliCam project has been selected for a €144m grant from the EU Innovation Fund, 60% of which would be receivable after a final
investment decision is made, and has also been identified as eligible for a possible C3IV tax credit for green industry innovation, providing
further confirmation that our strategic investments in critical metals in chosen ecosystems (informed by multipolarity) could deliver
competitive advantages as we anticipated.
Group adjusted free cash flow improved by R1.5 billion (US$66 million) to an outflow of R5.9 billion (US$332 million) for H2 2024 from an
outflow of R7.5 billion (US$398 million) for H1 2024, reflecting the emerging benefits of operational restructuring during H2 2023 and H1 2024
(see table below). This was despite a R2.0 billion (US$117 million) increase in free cash outflow from the EU region, primarily due to an
increase in capital expenditure at the Keliber lithium project. The adjusted free cash outflow from the EU region for 2024 of R7.7 billion
(US$420 million) was R4.0 billion (US$217million) higher than for 2023, due to capital expenditure for the Keliber lithium project increasing
from 2.5 billion (US$134 million) for 2023 to R6.2 billion (US$336 million) for 2024.
The following table shows the adjusted free cash flow per operating segment:
Figures in million - SA rand
Six months ended
Year ended
H2 2024
H1 2024
H2 2023
FY 2024
FY 2023
US PGM operations
(902)
(1,324)
(1,357)
(2,226)
(2,727)
US Reldan operations
(275)
13
—
(262)
—
SA PGM operations
257
849
(263)
1,106
3,383
SA gold operations
(106)
(2,406)
(3,614)
(2,512)
(4,866)
European operations
(4,864)
(2,840)
(1,232)
(7,704)
(3,733)
Australian operation
546
(1,158)
(1,033)
(612)
(1,698)
Group corporate
(574)
(587)
(592)
(1,161)
(986)
Adjusted free cash flow1
(5,918)
(7,453)
(8,091)
(13,371)
(10,627)
Group capital expenditure guidance for 2025 of R17 billion (US$971 million) is 25% lower than Group capital expenditure for 2024 of R22.5
billion (US$1.2 million) and for 2023 of R22.1 billion (US$1.2 billion) following the restructuring of the US PGM operations and SA gold
operations (including the suspension of capital expenditure at the Burnstone project during 2024), reflecting the Group focus on strategic
essentials. The restructuring of the US PGM operations during Q4 2024, is expected to further improve Group adjusted free cash flow for
2025 with the completion of the Keliber lithium project significantly reducing forecast Group capital expenditure for 2026 and further
enhancing Group free cash flow.
Balance sheet reinforcement
The initiatives to reinforce the balance sheet announced in February 2024, were largely complete by year-end. During Q4 2024, a US$50
million (R905 million) chrome prepay was concluded on 1 December 2024, with only the US$500 million stream financing undertaken with
Franco Nevada, which was announced on 19 December 2024, pending completion of outstanding conditions precedent. 
The financial reinforcement of the Group balance sheet during the 12 month period included accessing various sources of market capital
not commonly utilised in the SA Mining industry. These instruments were carefully considered and implemented to maintain balance sheet
integrity, enhance liquidity and manage risks through the cycle, but were also structured to be flexible and retain upside exposure to
metal prices. 
The gold pre-pay agreement for instance, which was concluded in August 2024 for delivery of 1,497 kilograms (48,129oz) of gold in equal
monthly tranches from October 2024 to November 2026 secured the Group R1.8bn (US$100 million) in non-debt financing, which is the
minimum value at the floor price of R1,350,000/kg. The cap price of R1,736,000/kg, provides up to 28% upside exposure to higher rand
gold prices, with the effect that deliveries to date have fully benefited from the increase in the rand gold price.
The Franco Nevada stream will realise a further US$500m (R9.4bn) of non-debt capital, primarily by streaming gold (a relatively minor
component of the basket of metals produced from our SA PGM operations), and less than 2% of platinum production over a finite period
(294,000 oz of platinum delivered over approximately 25 years).  The stream transaction crystallised significant future value from the SA
PGM operations, while ensuring that our SA PGM operations retain full exposure to palladium and rhodium prices and platinum prices for 
98% of ounces produced.
As detailed below, the R9.4 billion of value crystallised through the stream further enhances the significant return on investment the SA
PGM operations have delivered since 2016 (the stream is equivalent to 44% of the total acquisition cost of the SA PGM operations). 
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      5
Stream financing: US$500m (R9bn) future value realised while retaining upside exposure
Unit
Acquisition
price1
Cumulative adj.
EBITDA to date5
Cumulative
Capex to date5
Adj. EBITDA
minus Capex
Return on
investment
Payback* on
investment
Aquarius2
Rbn
4.3
34.4
7.1
27.3
23
6.3 x
Apr-16
US$bn
0.3
2.1
0.4
1.6
1.3
Rustenburg3
Rbn
12.8
64.7
9
55.7
42.9
4.4 x
Nov-16
US$bn
0.9
4,1
0.6
3.5
2.5
Lonmin
(Marikana)4
Rbn
4.3
70.2
15.6
54.7
50.4
12.7 x
Jun-19
US$bn
0.3
4.4
0.9
3.5
3.2
Total
Rbn
21.4
169.3
31.6
137.6
116.2
6.4 x
(Excl. stream)
US$bn
1.5
10.5
1.9
8.6
7.1
Stream
Rbn
9.4
Dec-24
US$bn
0.5
Total value
Rbn
125.6
6.9 x
(Incl. stream)
US$bn
7.6
Pre-tax numbers using total Adjusted EBITDA minus total capital divided by the acquisition price
1.Exchange rate applied to acquisition prices: Aquarius at US$/R14.87 on 12 April 2016, Rustenburg at US$/R13.60 on 1 Nov 2016 and Lonmin at US$/R14.83 on 10 June 2019
2.Combination of Kroondal, Mimosa and Platinum Mile
3.Total acquisition price after 6 year
4.Estimated purchase price (not accounting value) of the Lonmin transaction based on Lonmin share capital figure of 290,394,531 shares in fixed ratio of 1:1 resulting in 290,394,531 new
Sibanye-Stillwater shares. Considerations estimate based on spot Sibanye-Stillwater closing share price on the JSE of R14.83 per share on 7 June 2019
5.From the acquisition date to 31 December 2024
•The total acquisition cost of the SA PGM assets acquired between 2016 and 2019 was R21.4 billion. 
•Since 2016 the combined value generated by these assets (measured as combined adjusted EBITDA less total capex) is
approximately R139 billion.
•After deducting the total acquisition cost of R21.4 billion, the net return on investment from these acquisitions is R117 billion, or a
material 6.5x payback on investment over a 7-year period.
•Through the stream, we have crystallised a further R9.4 billion (equivalent to 44% of the total acquisition cost of the SA PGM
operations) and increased the return on investment to R126 billion, or 7x, without losing significant exposure to our primary PGMs. 
In total, the transactions concluded over the past year have added approximately R36 billion (US$1.9 billion) of additional headroom for
the Group balance sheet and significantly enhanced Group financial liquidity, flexibility and optionality. Group Net debt to adjusted
EBITDA ratio of 1.79x at the end of December 2024 remained well below the covenant level of 3.5x and, after adjusting for the R9 billion
stream proceeds, pro forma net debt to adjusted EBITDA reduces to 1.08x, which is well below the net debt to adjusted EBITDA ratio of
1.43x at the end of H1 2024 and close to mid cycle comfort levels of 1x.
The Group's liquidity headroom of R45.7 billion (US$2.4 billion (consisting of R16 billion (US$853 million) cash and R29.7 billion (US$1.6 billion)
undrawn facilities), easily covers the R13bn (US$0.7bn) November 2026 bond maturity and is sufficient to sustain the Group for an
extended period. Liquidity headroom to be extended further through the US$500m Stream financing.
Considering the current uncertain macro-economic environment we plan to retain the prudent approach outlined in the 2023 results
presentation in February 2024, to proactively mitigate increases in net debt until positive cashflow from operations is restored.
STRATEGIC REVIEW
The Group focus on strategic essentials has not precluded the progression of several value accretive initiatives.
Chrome value opportunity
On 19 February 2025 a strategic enhancement to the historical Marikana chrome contract (Marikana Contract) and a new Chrome
Management Agreement (CMA) were signed with the Glencore Merafe Venture (GM Venture).  The majority of the Chrome Recovery
Plants (CRPs) at Sibanye-Stillwater’s SA PGM operations will be operated by the GM Venture once the CMA is effective, which intends to
leverage its processing expertise to optimise chrome production yields and reduce operational costs across all relevant CRPs.
The enhanced Marikana Contract is expected to accelerate completion of delivery of contracted chrome volumes agreed between 
Lonmin and the GM Venture in 2011, by approximately 20 years, through increasing feed and improving recoveries from the Marikana
CRPs. Upon expiry of the Marikana Contract, the Marikana CRPs will become  subject to the terms of the CMA, increasing Sibanye-
Stillwater's share of free cash flow from chrome production from the Marikana CRPs. Together, these agreements are expected to allow
greater exposure to chrome prices and incentivise future chrome production growth, realising significant value for Sibanye-Stillwater and
enhancing value creation opportunities for the Marikana operation.
The improved economics of Sibanye-Stillwater's chrome production are expected to enhance the inherent value and commercial
viability of development and extension projects at the SA PGM operations, which are currently being assessed
Uranium strategy
On 9 December 2024, the Group announced that it had agreed to sell its Beatrix 4 shaft, Beatrix operations in the Free State (which
includes the Beisa uranium project) (the Transaction), to Neo Energy Metals Plc. (Neo Energy1) for a total Transaction consideration of
R500 million, comprising R250 million in cash and R250 million in newly issued shares in Neo Energy (which on signing equated to Sibanye-
Stillwater owning a shareholding of approximately 40% in Neo Energy).
The Transaction advances the Group uranium strategy by presenting Neo Energy with an opportunity to develop the Beisa uranium
project to be developed by Neo Energy, while allowing Sibanye-Stillwater to maintain exposure to future uranium production without sole
reliance on Group capital funding.
The Group is also assessing various alternatives to release value from its significant surface uranium resources at Cooke. Further details will
be announced as appropriate. 
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      6
1.Neo Energy is a uranium exploration and development company listed on the main board of the London Stock Exchange (LSE) and dual-listed in South Africa on the A2X market.
Rhyolite Ridge
Sibanye-Stillwater announced in September 2021 that it had reached an agreement with ioneer to establish a joint venture company with
respect to Rhyolite Ridge. The completion of the joint venture is subject to various conditions precedent under the joint venture
agreement, which has been subject to various amendments since September 2021. These conditions include a final investment decision
from the board of directors of Sibanye-Stillwater affirming its commitment to proceed with Rhyolite Ridge.
In October 2024, Sibanye-Stillwater received updated project and technical information from ioneer in the form of a technical report
summary and other updated technical reports. Management, with the assistance of external specialists, has reviewed and conducted
due diligence on that information. The Board is currently assessing the relevant information to inform an investment decision. 
OPERATING GUIDANCE FOR 2025*
PGM production from the US PGM operations for 2025, is forecast to be between 255,000 2Eoz and 270,000 2Eoz, with AISC  between
US$1,420/2Eoz to US$1,460/2Eoz excluding any possible S45X credit and AISC of between US$1,320/2Eoz to US$1,360/2Eoz including
possible S45X credits. Capital expenditure is forecast to be between US$100 million and US$110 million (R1.8 billion – R2.0 billion).
3E PGM production for the US PGM recycling operations is forecast to be between 300,000 3Eoz and 350,000 3Eoz fed for 2025. Capital
expenditure is forecast at US$1.5 million (R27 million).
US Reldan recycling operations are forecast to produce: 120,000 to 130,000 oz gold, 2 to 2.3Moz silver, 35,000 to 40,000 3E PGM and 3 to
3.2Mlbs copper. Capital expenditure is forecast at US$2.8 million (R51 million).
PGM production from the SA PGM operations for 2025 is forecast to be between 1.75 million 4Eoz and 1.85 million 4Eoz, including Mimosa
attributable production and third party PoC, with AISC at the managed SA PGM operations between R23,500/4Eoz and R24,500/4Eoz
(US$1,288/4Eoz and US$1,343/4Eoz) - excluding cost of third party PoC. Capital expenditure for managed SA PGM operations is forecast at
R6.5 billion (US$356 million) for the year of which R1.42 billion (US$78 million) is project capital.
Gold production from the managed SA gold operations (excluding DRDGOLD) for 2025 is forecast at between 17,000kg (547koz) and
18,000kg (579koz). AISC is forecast to be between R1,285,000/kg and R1,350,000/kg (US$2,265/oz and US$2,380/oz). Capital expenditure is
forecast at R3.5 billion (US$192 million).
Production from the Sandouville nickel refinery will cease as announced on 21 August 2024. The final matte will be processed during Q1
2025 and the ramp down is expected to be completed by the end of H1 2025. Capital expenditure of €10 million (R198 million) is forecast
for the GalliCam project costs.
Capital expenditure at the Keliber lithium project for 2025 is currently forecast to be approximately €215 million (R4.3 billion), however
additional regulatory requirements and changes to scope of the project necessitate a review of project capital requirements, which is
underway. Capital expenditure guidance will be updated once the review has concluded.
Production from the Century zinc tailings retreatment operation is forecast at between 88.3 and 97.8 kilotonnes of payable zinc metal at
an AISC of between A$3,400 and A$3,700/tZn (US$2,175 and US$2,367/tZn or R39,678 and R43,179/tZn) and capital expenditure of A$8
million (US$5.7 million or R93 million). Project capital on the Mount Lyell copper/gold project for 2024 is forecast to be A$6 million (US$4.3
million or R70 million).
* The guidance has been translated where relevant at an average exchange rate of R18.24/US$, R19.80/€ and R11.67/A$
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      7
SIBANYE-STILLWATER GROUP SAFETY AND OPERATING REVIEW
SAFETY
The health and safety of our employees is our first priority and we remain committed to ensuring a safe work environment at all of our
operations. Leading safety indicators confirm we are continuing to reduce risk at our operations, however we continue to experience
unacceptable risk tolerance and non-compliance in certain areas, leading to fatal incidents. Investigations into these incidents revealed
that proper application of our critical controls, behaviours, and management routines, would have prevented these fatalities occurring.
The key future focus is on line management's role in implementing these routines, ensuring accountability for employee behaviours,
equipping leaders to address unintentional human errors and reinforcing safe work practices.
Although the number of fatalities reduced year on year from 11 in 2023 to eight in 2024, one life lost is one too many. We mourn the tragic
loss of all eight employees over the year. The eight fatalities comprised three fatalities for H1 2024, followed by five fatalities for H2 2024
(two occurring during Q4 2024). Mr. Khaliphile Mdiya, a locomotive operator at K3, Marikana operation passed away from injuries he
sustained in a rail bound equipment incident on 27 November 2024. Also at Marikana, on 21 December 2024 at Saffy Shaft, Mr. Goodman
Ndyondyo was fatally injured in a fall of ground incident. In addition to the above mentioned incidents, Mr. Zukile Langa, who worked as
a winch operator at Saffy Shaft passed away on 18 November 2024, following complications associated with an injury sustained in a fall of
ground incident on 15 August 2024.
The Board and management of Sibanye-Stillwater extend their sincere condolences to the families, friends and co-workers of our
deceased colleagues. All incidents have been or are currently being investigated along with relevant stakeholders and support has been
provided to the families of the deceased.
Pleasingly, the key Group-level incident statistics have continued to trend lower year-on-year, a key indicator of risk reduction, and trends
over the last five years have been positive. This resulted in the fatal injury frequency rate (FIFR) improving from 0.066 in 2023 to 0.051 in
2024. The Group serious injury frequency rate (SIFR) improved by 15% year-on-year to 2.21 (per million hours worked), the lowest rate ever
recorded by the Group. Moreover, serious injuries for the SA region in 2024 also reduced to the lowest levels on record. Year-on-year, the
Group lost time injury frequency rate (LTIFR) improved by 16% from 4.57 to 3.86 and the Group total recordable injury frequency rate
(TRIFR) improved by 17% from 5.24 to 4.36.
We encourage a bottom-up approach to safety, empowering our workforce to take ownership of their own and their teams' safety. Self-
stoppages of work in unsafe environments and near-miss incident reporting continues to be strongly encouraged and the trend is
improving with self stoppages from operational crews now above 80% of total reported stoppages, reflecting the embedded safety
culture we are striving for. The key focus for 2025 is on ensuring effective management routines and embedding a clear understanding of
critical controls at the operator level.
We are also encouraged by the number of near miss incidents being reported by employees, which signifies an increase in risk awareness,
transparency and employee engagement in our operations. The 37% decline in the HPI frequency rate from 2.18 per million hours worked
for H2 2023 to 1.38 per million hours worked for H2 2024, suggests a reduction in the overall levels of risk at our operations.
Notwithstanding the progress being made, we are aware that our journey to ensuring zero harm for all employees will be challenging and
require constant vigilance and a stricter adherence to protocols by employees, which requires a shift in risk behaviours. 
The safety performance from the US region (including the Reldan operation), regressed, with the TRIFR increasing by 9% from 10.66 in 2023
to 11.61 in 2024. Leadership at the US PGM operations have increased engagement with crews to create further awareness and inculcate
the Group safety strategy amid high labour turnover and the recent operational restructuring. To refocus the workforce on safe and
efficient work and ensure a culture reset, ‘stand down’ and breakout sessions were conducted during Q4 2024.
The SA region witnessed a marked improvement in performance, compared to 2023. The serious injury frequency rate (SIFR), improved by
16% from 2.52 in 2023 to 2.12 in 2024, well below the benchmark of 2.43. The lost day injury frequency rate (LDIFR) and total recordable
injury frequency rate (TRIFR) improved by 18% and 19%, when compared to the previous year, to 3.69 and 4.12 respectively. This is the
lowest recorded SIFR, LDIFR and TRIFR performance for the region.
The European region (EU region) had 16 recordable injuries for 2024 compared with five for 2023, resulting in a 55% regression in the TRIFR
to 9.53. The regression was associated with increased construction activity on the Keliber lithium project and the focus has intensified on
contractor training and compliance with Group safety protocols. 
The Australian region (AUS region) had five recordable injuries for 2024, the same number as the 2023 calendar year. The 2024 TRIFR of 7.25
shows a 13% deterioration compared to the shortened 2023 reporting period (March 2023 to Dec 2023) of 6.43.  The region has
commenced the roll out of the Group minimum standards, with nearly all employees having completed training, and committed to
adhering to the critical controls and associated behaviours.
OPERATING REVIEW
Americas (US) region
US PGM operations
The restructuring undertaken at the US PGM operations during Q4 2024 (repositioning for lower PGM prices, by deferring production
growth and maintaining lower levels of production to reduce costs and capital requirements), successfully delivered stable mined 2E PGM
production of 425,842 2Eoz for 2024 compared with 2023, with AISC reducing by 27% to US$1,367/2Eoz (R25,042/2Eoz).
Total operating costs for 2024 declined by 3% to US$483 million (R8.8 billion), with unit operating cost of US$1,134/2Eoz (R20,775/2Eoz), 3%
lower year-on-year. AISC benefited from reduced ore reserve development (ORD) and sustaining capital expenditure, as per the
reduced production plan, with ORD of US$105 million (R1.9 billion), 50% lower year-on-year and sustaining capital expenditure decreasing
by 72% to US$33 million (R611 million). Project capital expenditure declined by 62% to US$16 million (R291 million) for 2024 with expenditure
limited to the East Boulder Stage 5 /6 tailings and waste storage facilities.
2E PGM sold for 2024 was 35,820 2Eoz more than produced and increased by 9% compared with 2023 to 461,662 2Eoz. The average 2E
PGM basket price for 2024 however, declined by 21% to US$988/2Eoz (R18,097/2Eoz), resulting in adjusted EBITDA decreasing from a US$35
million to a loss of  US$9 million (R111 million), necessitating further restructuring during Q4 2024.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      8
The Inflation Reduction Act (“IRA”) of 2022 added a new tax code, Section 45X, which allows among other for an advanced
manufacturing production tax credit for manufacturing of critical minerals within the US. Under the final rules issued in October 2024, the
company is eligible to claim a 10% production tax credit on costs associated with the production of primary (mined) and secondary
(recycled) applicable critical minerals. Under the initial draft regulation our interpretation was that we were not eligible for a significant
credit, but the revised regulations include extraction and initial processing cost, as well as the costs of purchasing recycle material so long
as that material does not yet meet the final purity metrics. The final eligibility step requires certification from the company's contract
refiner, which is in process.
The US PGM operations anticipate claiming approximately US$61 million (R 1.1 billion) credit to the underground operations relating to
2023 and approximately US$58 million (R1.1 billion) for 2024 resulting in 2023 AISC being 7% lower at US$1,754/2Eoz (R32,297/2Eoz) and 2024
AISC 11% lower at US$1,231/2Eoz (R22,547/2Eoz). These credits are expected to be received in 2026 or 2027 when the tax returns will be
assessed. The estimated Section 45X credit for 2025 is approximately US$30 million (R547 million), equivalent to a US$110/2Eoz reduction in
AISC for 2025. (Refer to page 48 for S45x impact calculation)
PGM recycling operation
The global autocatalyst recycling market remains depressed, with no visible signs of recovery. Persistent macroeconomic challenges,
including high interest rates, inflationary pressures, and elevated prices of used and new vehicles, continue to dampen consumer
demand for new vehicles. As a result, older light-duty vehicles remain in service for longer, extending scrappage periods and impacting
the availability of spent autocatalysts for recycling.
These factors continued to impact spent autocatalyst receipt and feed rates during 2024. The average spent autocatalyst fed for 2024
increased by 1% to 10.6 tonnes per day, a marginal improvement from 10.5 tonnes per day for 2023, but still well below average feed
rates of around 24 tonnes fed at the peak in 2021. Total PGM ounces fed for 2024 of 316,470 3Eoz were 2% higher year-on-year.
The average 3E PGM basket price decreased by 46% year-on-year to US$1,266/3Eoz (R23,189/3Eoz), primarily due to the decline in the
rhodium price with adjusted EBITDA declining by 48% to US$17 million (R326 million).
It is anticipated that the US PGM recycling operations will also qualify for a S45X credit of approximately 10% of operating costs. Once we
have the contract certificate from our contractor refiner we expect to be able to claim approximately US$59 million (R1.1 billion) for 2023
and approximately US$32 million (R586 million) for 2024, with approximately US$30 million for 2025 (R547 million), improving the profitability
of the recycling operations.
Reldan recycling
Reldan has been successfully integrated into the Sibanye-Stillwater framework, aligning leadership, culture, and strategic focus to drive
performance. We have entrenched a values-driven approach with our focus on operational excellence, financial discipline, and
strategic growth beyond traditional areas.
Since its acquisition in March 2024, Reldan has delivered solid financial and operational results, particularly benefiting from higher gold
volumes and prices compared to 2023, processing over 20 million pounds of mixed scrap and industrial waste. By increasing volumes  of
higher margin industrial waste and reducing volumes of lower margin electronic waste, the operating margin increased by 1% for 2024.
Reldan sold 107,680 oz gold, 1.7Moz silver, 15,292 oz platinum, 19,835 oz palladium and 2.6Mlbs of copper, contributing adjusted EBITDA of
US$15 million (R268 million) for 2024 since acquisition to the Group.
In H2 2024 Reldan sold 65,812 oz gold, 804,429 oz silver, 8,149 oz platinum, 12,335 oz palladium and 1.5Mlbs of copper. Adjusted EBITDA for
H2 2024 was US$15 million (R262 million).
Southern Africa (SA) region
SA PGM operations
The SA PGM operations delivered another consistent operational performance with PGM production of 1,835,410 4Eoz (including
attributable production from Mimosa and third-party purchase of concentrate (PoC)) 4% higher than for 2023 and within annual
guidance of 1.8 to 1.9 million 4Eoz for 2024. PGM production excluding third party PoC for 2024 of 1,738,946 4Eoz was 4% higher than for
2023. Third party PoC of 96,464 4Eoz for 2024 was in line with 2023, but 20% higher than guided for 2024 (80,000 4Eoz).
The increase in production from the SA PGM operations year-on-year reflects the acquisition of Anglo American Platinum’s 50% share in
the Kroondal pool-and-share agreement (the Kroondal Transaction) which added 140,278 4Eoz or 8% to 2024 production (excluding PoC), 
and offset lower production from the Rustenburg operation due to the Siphumelele shaft ore collector bin and conveyor system incident,
the impact of illegal industrial action at the Kroondal operation and restructuring of high cost shafts at Rustenburg and Marikana and
closure of the high cost and end of life 4B shaft at Marikana.
AISC (excluding third party PoC) for 2024 of R21,948/4Eoz (US$1,198/4Eoz) increased by 9% compared with 2023 but was at the lower
range of annual guidance of R21,800 to R22,500 (US$1245 to US$1,285/4Eoz). The increase in AISC was primarily driven by lower production
and higher costs from the Rustenburg operation. By-product credits of R11.2 billion (US$612 million) increased from R10.5 billion (US$568
million) for 2023, reducing AISC for 2024 by R6,938/4Eoz (US$379/4Eoz) compared with R6,720/4Eoz (US$365/4Eoz) for 2023, with chrome
credits comprising 52% of total by-product credits for 2024 (increasing from 47% for 2023). Royalties which in 2024 were 74% lower than the
prior year also more than offset a 25% increase in sustaining capital. AISC (including PoC) increased by 8% to R21,848/4Eoz
(US$1,193/4Eoz) due to the additional benefit of a decline in PoC purchase costs. Kroondal fulfilled its obligations of delivering 1.35 million
4Eoz to conclude the Kroondal Transaction on 2 August 2024 and the PoC contract with Anglo American Platinum converted to a toll
agreement on 1 September 2024, resulting in the build-up of metal inventory in process for the remainder of Q4 2024.
Chrome sales increased by 8% to 2,655kt for 2024, primarily due to higher chrome production from the Platinum Mile chrome recovery
plant, which was commissioned in Q4 2023. Chrome revenue of R6.1 billion (US$331 million) for 2024 was 18% higher year-on-year, due to
increased chrome tonnage sold. Chrome revenue comprised 12% of SA PGM revenue for 2024, higher than the 9% in 2023, confirming the
value of our chrome strategy. 
Capital expenditure at SA PGM's for 2024 increased by 4% year-on-year to R5.8 billion (US$319 million). ORD was 3% lower at R2.5 billion
(US$135 million), but sustaining capital increased by 25% to R2.6 billion (US$140 million) due to consolidation of 100% of Kroondal sustaining
capex (limited ORD at mechanised operations) and 40% higher sustaining capital at Rustenburg. Project spend declined by 22% to R807
million (US$44 million), primarily due to expenditure of R680 million (US$37 million) at Marikana (R652 million (US$36 million) relating to K4
and R29 million (US$2 million) related to project study work), 24% lower year-on-year, and lower expenditure at Platinum mile following the
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      9
commissioning of the chrome plant in December 2023. Project capital at Rustenburg of R101 million (US$6 million) for 2024 was spent on
the Reflux Classifier plant upgrade and preparation for the Siphumelele mechanised UG2 project.
The average 4E PGM basket price declined by 16% to R24,213/4Eoz (US$1,322/4Eoz) for 2024 and 8% higher AISC primarily due to higher
costs at Rustenburg and Kroondal resulted in adjusted EBITDA decreasing by 58% year-on-year to R7.4 billion (US$407 million).
PGM production from the Rustenburg operation for 2024 decreased by 7% to 610,404 4Eoz with underground production 6% (35,714 4Eoz)
lower and surface production 15% (12,299 4Eoz) lower. Production was impacted by the Siphumelele shaft bin failure which halted
production for 8 weeks, before ramping up strongly from 1 May 2024 and complex ground conditions associated with the Hex River fault
slowing the build up in production from the Bathopele mine, where mining is declining in line with the life of mine plan. Surface production
was impacted by lower rainfall resulting in the curtailment of the surface operations in order to conserve water. These factors resulted in
AISC increasing by 17% to R21,307/4Eoz (US$1,163/4Eoz).
The acquisition of Anglo American Platinum's 50% share in the Kroondal PSA (effective 1 November 2023), added 140,278 4Eoz (20,900
4Eoz for two months for 2023) to attributable PGM production of 280,556 4Eoz from the Kroondal operation for 2024. Comparable
production on a 100% basis was 15% or 50,148 4Eoz lower than for 2023, primarily due  to the closure of Simunye at the end of 2023, which
produced 17,480 4Eoz for 2023, and 13,789 4Eoz less production from the closure of the end of life Klipfontein opencast mine. Unprotected
labour unrest which commenced on 3 June 2024 and ended on 17 June, affected production from the K6, Kwezi and Kopaneng shafts.
From 1 September 2024, the historical PoC agreement with Anglo American Platinum for processing of PGM concentrate from the
Kroondal operations changed to a toll agreement, on the same terms as the existing Rustenburg toll agreement. As a result, AISC for
Kroondal increased in Q4 2024 due to increased tolling costs compared to the POC agreement where processing costs are not reflected
in operating costs but in reduced revenue. With the move from PoC to toll, Kroondal will have higher operating costs but will also derive
full exposure to the metal price and higher margins when sales are realised. In 2024 AISC at Kroondal increased by 12% to R21,757/4Eoz
(US$1,188/4Eoz) primarily as a result of absorbing 100% of the costs of the Kroondal operation and 15% lower production on a pro-rata
basis. Based on the terms of the tolling agreement, delivery of concentrate to Anglo American Platinum from 1 September 2024 to year
end would not convert into sales, resulting in a build up of metal inventory in process of 88,949 4Eoz with a book value of R2.0 billion
(US$108 million) at 31 December 2024.
4E PGM production from the Marikana operation for 2024 (excluding PoC) increased by 3% to 679,245 4Eoz, despite the restructuring of
the Rowland shaft and closure of the 4B shaft during Q1 2024 where production was 23% (23,077 4Eoz) and 82% (36,244 4Eoz) lower
respectively year-on-year. Underground production benefited from the continued ramp up of production at 4 shaft, increasing by 2% to
644,490 4Eoz and surface production 23% higher at 34,755 4Eoz, due to greater throughput and higher plant head grade, particularly from
the bulk tailings treatment (BTT) facility, where higher grades at the base of the ETD1 tailings storage facility, which will reach the end of its
life in March 2025, are being mined. The Marikana surface operations converted from hydro mining to a hydro/mechanical hybrid
method in 2023 which has led to lower feed densities, better recoveries and improved plant stability facilitating higher throughput. PGM
production for 2024 including PoC of 96,464 4Eoz increased by 3% to 775,709 4Eoz. The restructuring of higher cost production and
increase in production resulted in AISC (excluding PoC) of R23,430/4Eoz (US$1,279/4Eoz) increasing by 3%, well below inflation. As
production from the K4 shaft project is expected to build up to steady state production of 250,000 4Eoz in 2030, and ORD normalises from
currently elevated levels, K4 shaft unit costs will decrease significantly, reducing average costs for the Marikana operations, improving its
position on the industry cost curve relative to PGM industry peers.
Attributable production from Mimosa increased by 5% year-on-year to 122,639 4Eoz due to 6% higher tons milled and higher recoveries
following the commissioning of the plant optimization project in 2023. AISC declined by 13% to US$1,152/4Eoz (R21,103/4Eoz) due to the
increase in production and 48% decrease in sustaining capital to US$30 million (R548 million) following the commissioning of the new TSF in
April 2024.
PGM production from Platinum Mile  of 46,102 4Eoz for 2024, was 11% lower than for 2023 due to lower production from the Rustenburg
underground operations as well as lower surface mined tailings feed, due to a fire in September which temporarily impacted electricity
supply. The new chrome extraction plant which was commissioned at the end of 2023, produced 86kt of chrome for 2024 and is expected
to produce at nameplate capacity of 120ktpa in 2025. AISC decreased by 16%  to R9,674/4Eoz (US$528/4Eoz) primarily due to chrome by-
product credits of R426 million (US$23 million).
SA gold operations
The strategic importance of the Group's diversified portfolio of metals, is again evidenced by the significant increase in the financial
contribution of the SA gold operations to the Group. Despite significant restructuring, these mature mines buoyed by the tailwind of a
strong gold price in a challenging period for most other metals, which are more aligned with industrial economic cycles, delivered
materially better financial results for 2024. Adjusted EBITDA from the SA gold operations increased by 66% year-on-year, from R3.5 billion
(US$193 million) for 2023 to R5.8 billion (US$323 million) for 2024 (R3 billion loss in 2021). The 66% increase in adjusted EBITDA from our SA gold
operations has provided a critical underpin for the Group, comprising 45% of Group adjusted EBITDA for 2024, from 17% the year before.
This was achieved during a period of significant change and disruption due to necessary restructuring undertaken by the Group since
2022 and operational disruptions highlighted in the H1 2024 results.
Gold production from the SA gold operations (including DRDGOLD) for 2024, decreased by 13% to 21,915kg (704,583oz). Production
(excluding DRDGOLD) decreased by 16% (3,218kg) to 16,896kg (543,219oz), but was within revised  guidance of 16,500 to 17,500 kg (530
to 563 koz) given in mid-2024 following the significant disruptions at the Kloof operation which constituted 72% of the production
difference with the back-break incident at Beatrix 3 shaft comprising a further 15%. 
AISC for the SA gold operations (excluding DRDGOLD) for 2024 increased by 13% to R1,342,548/kg (US$2,280/oz), due to a 15% decrease
in gold sold year-on-year of 17,218kg (553,571oz). A 5% increase in ORD expenditure to R2.8 billion (US$155 million) due to strategic
development of secondary reefs to sustain production at Kloof and Driefontein was offset by a 33% reduction in sustaining capital
expenditure to R691 million (US$38 million). AISC for the SA gold operations (including DRDGOLD) for 2024 similarly increased by 11%  to
R1,251,810/kg (US$2,126/oz).
Total capital expenditure from the SA gold operations (excluding DRDGOLD) decreased by 28% to R3.9 billion (US$212 million) primarily 
due to the closure of Kloof 4 shaft.  Project capital decreased by 79% to R354 million (US$19 million) due to the closure of the Kloof 4 shaft
and the Burnstone project being placed on care-and-maintenance. Capital expenditure from DRDGOLD increased by 157% to R3.4
billion (US$184 million) primarily due to a 255% increase in project capital expenditure, from R882 million (US$48 million) for 2023 to R3.1
billion (US$171 million) for 2024. This increase was primarily on Phase 2 of the Far west gold recoveries operations, including R642 million
(US$35 million) on the construction of a regional tailings storage facility (RTSF) and the completion and commissioning of the full phase of
the solar plant (60MW) and the battery energy storage system (BESS 160MW) which was completed in November 2024.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      10
The average rand gold price received for 2024 increased by 22% to R1,400,468/kg (US$2,378/oz), resulting in adjusted EBITDA from the SA
gold operations (including DRDGOLD) increasing by 66% to R5.8 billion (US$323 million). The outlook remains positive, with the spot gold
price averaging over R1.6 million/kg year-to-date. Post the restructuring, with high cost shafts closed, the outlook for the SA gold
operations for 2025 is positive.
Production from the Driefontein operation for 2024 decreased by 3% to 7,015kg (225,537oz), with negligible production from surface
mining due to depleted surface sources. Production from the Driefontein 5 shaft which was impacted by an underground fire in H2 2023
recovered strongly, producing 50% (849kg) more gold year-on-year, which offset lower production from other shafts at Driefontein. AISC in
2024 increased by 6% year-on-year, in line with inflation to R1,263,657/kg (US$2,146/oz) with gold sold 1% lower year-on-year and ORD
increasing by 14% to R1,663 million (US$91 million) due to catching up development at Driefontein 5, after the fire in H2 2023. Sustaining
capital decreased by 22% to R380 million (US$21 million) following reduced expenditure on Driefontein 1 and 4 pillar projects.
Production from the Kloof operation for 2024 decreased by 34% or 2,541kg (81,695oz) to 4,892kg (157,281oz) due to the closure of Kloof 4
shaft (which accounted for 850kg or 33% of the difference), and seismicity which restricted access to high grade panels at Kloof 1 shaft.
Production from Kloof 7 shaft, following an incident where a conveyance caught on a damaged shaft guide on 1 July 2024 resulting in
suspension of mining for two months, was 50% lower (487kg). Underground operating costs at Kloof declined by 23% or R1.7 billion (US$89
million) for 2024 as a result of cost saving initiatives and the closure of Kloof 4 shaft, with AISC increasing by 24% to R1,535,137/kg (US$2,607/
oz) as a result of the decline in production and 36% lower gold sold.
Production from the Beatrix operation in 2024 improved steadily during H2 2024 as crews affected by the back break incident which
impacted H1 2024, resumed production. Underground production decreased by 10% to 3,751kg (120,597oz) year-on-year. Underground
production for H2 2024 was 5% lower than production for the same period in prior year, increasing 18% compared to H1 2024. AISC
increased by 11% in 2024 to R1,225,407/kg (US$2,081/oz), primarily due to lower production, with ORD decreasing by 25% to R242 million
(US$13 million) due to a decrease in off-reef development, in line with life-of-mine profiles.
Gold production from the Cooke operation in 2024 increased by 3% year-on-year to 1,224kg (39,353oz) with steady yields and slightly
higher tonnes milled. AISC increased by 24% to R1,388,661/kg (US$2,358/oz) due to higher aggregate purchase costs of third party gold
bearing material, where the purchase price is linked to the gold price.
Production from DRDGOLD declined by 2% for 2024 to 5,019kg (161,365oz) with throughput 12% higher but yield 12% lower, associated
with depletion of higher grade reclamation sites at Ergo and the transition to new higher volume, lower grade sites. AISC of R946,624/kg
(US$1,607/oz) was 7% higher year-on-year. Sustaining capital was 44% lower at R240 million (US$13 million) reflecting the tailing off of 
investment in new infrastructure for the development of major reclamation sites at both the ERGO and FWGR operations.  Project capital 
increased by 255% for 2024 to R3.1 billion (US$171 million), mainly on the solar power plant and integrated battery energy storage system
which was practically commissioned in November 2024, the construction of a regional tailings storage facility (RTSF) with associated pump
station and pipeline infrastructure at Phase II of FWGR to allow it to double capacity by 2028, and project capital to expand capacity at
Driefontein 2 Plant to 1.2Mtpm.
Adjusted EBITDA from DRDGOLD for 2024 of R2.5 billion (US$139 million) increased by 46% compared with 2023, reflecting the leverage to
the rand gold price.
DRDGOLD declared an interim dividend of 30 cps (US$0.17) for H1 2025, an additional R130 million (US$7 million)* contribution to Group
cash.
* Translated using closing exchange exchange rate of R18.53/US$ on 19 Feb 2025
European region
Sandouville nickel refinery
The Sandouville nickel refinery financial and operational performance improved in 2024 compared to the previous year as a result of
reduced costs and better plant stability and reliability.   
Total nickel production from the Sandouville nickel refinery of 7.7kt tonnes for 2024 was 8% higher year-on-year and within guidance of
7.5kt to 8.5kt, due to improved plant stability and less maintenance downtime. In H2 2024, total nickel production was 5% lower year-on-
year with production constrained due to a lack of organic solvent used for mainline purification to remove cobalt (as a consequence of
the July cyber attack and force majeure from a supplier). Total nickel production for 2024 included 1.2kt of nickel salts, 18% lower year-on-
year and 6.5kt of nickel metal, 15% higher than the prior year. This was due to low demand for nickel carbonate (one of the three nickel
salts) which led to production stoppages to reduce working capital. Total nickel products sold in 2024 increased by 13% to 7.7kt, in line
with production, with the sales of nickel salts 31% higher, with an increase in demand over the same period allowing Sandouville to
destock excess inventory.
Costs were well controlled with nickel equivalent AISC for 2024 of US$24,548/tNi (R449,644/tNi), 31% lower year-on-year and at the mid-
point of  guidance of US$22,900-25,070/tNi (€21,000-23,000/tNi). This was driven by lower feedstock prices linked to the price of nickel,
lower variable costs (reagents, energy including electricity and gas) and 30% lower sustaining capital to US$9 million as a result of lower
replacement costs due to the closure of current production lines in H1 2025. Total working capital declined by 57% in 2024 to US$12 million,
with an increase in demand for product from September after the announcement that the Sandouville refinery would cease production
of current nickel products in H1 2025. This allowed Sandouville to destock some inventory at increased premiums. The 2024 adjusted
EBITDA loss for Sandouville was US$41 million (R723 million), better than the US$72 million (R1.3 billion) adjusted EBITDA loss incurred for 2023.
Although nickel prices deteriorated year-on-year, this improvement was primarily driven by better cost management.
The last nickel matte delivery was received in early January 2025 and remaining inventory is scheduled to be processed by the end of Q1
2025. Thereafter the refinery is expected to be ramped down by end of H1 2025.
The pre-feasibility study (PFS) to assess the potential conversion of the Sandouville plant to produce pCAM continued in H2 2024. Further
announcements will be made as soon as final stages of the study are completed before the end of 2025. The planned completion of the
PFS was changed from the original Q1 2025 to Q4 2025 due to changes in the project scope.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      11
Keliber lithium project
Construction activities at the Keliber lithium refinery in Kokkola, Finland have continued with good progress. The main equipment
installations are being finalised and pre-commissioning activities will start in Q1 2025. The lithium refinery is expected to be completed in
Q3 2025, with cold commissioning commencing thereafter.
The construction works on the second phase of the Keliber lithium project comprising the concentrator in Päiväneva, Kaustinen and the
development of the Syväjärvi open pit mine commenced in late 2023 and both are on schedule. Mining of Syväjärvi ore will commence
in Q3 2025 and hot commissioning of the Keliber concentrator will start in Q1 2026 followed by hot commissioning of the lithium refinery in
Q2 2026. For commercial reasons, it was decided not to purchase third party spodumene concentrate and to postpone the ramp-up of
the lithium refinery until a sufficient stockpile of own concentrate is available.
The Keliber lithium project has received all key permits, but some permit conditions are still subject to a further review by the permitting
authority:
•Rapasaari-Päiväneva environmental permit (EP) is legally valid since April 2024 following Vaasa administrative court ruling which also
included sending certain permit conditions back to the permitting authority for further review
•For the Päiväneva concentrator, the application concerning the permit conditions subject to further review was submitted in May 2024.
Permit decision is expected in Q2 2025. The EP allows the construction of the concentrator. The commencement of production at the
concentrator is, however, subject to the permitting authority’s review and the issuing of an enforceable permit decision.
•For the Rapasaari mine, the application concerning the permit conditions subject to further review will be submitted in Q1 2025
•Syväjärvi mine is planned to supply all feedstock to the concentrator for the first 5 years in an updated production schedule to mitigate
the risk of a potential Rapasaari permit delay
Key developments in H2 2024
•All construction sites (i.e. the Keliber lithium refinery in Kokkola, the Keliber concentrator in Päiväneva, Kaustinen and the Syväjärvi mine)
proceeding. The lithium refinery is nearing construction completion and key technology installations are underway at the concentrator
•On-going permitting work together with the relevant authorities and other stakeholders progressed according to plans
•Recruitment and resourcing for the operational phase is on track. Headcount of 157 including 8 consultants at the end of Q4 2024 (Q4
2024 70 employees)
•Green loan package of €500 million announced on 23 August 2024. The loan facility comprises a bank financed €250 million Export
Credit Agency (ECA) guaranteed tranche, a €150 million tranche provided by the European Investment Bank (EIB) and a €100 million
syndicated commercial bank tranche
•Exploration drilling progressed well for H2 2024 with a total of 43 holes and 7,788 meters drilled at the key existing and new promising
exploration target areas with continued good results
•Reserves increased by 36.6%, with most of the increase from the Syväjärvi and Rapasaari orebodies, supporting increased production
from these mines
•Project capital expenditure for H2 2024 was €179 million (R3.5 billion), and €311 million (R6.2 billion) for 2024 in line with the earlier
guidance of €300m. Project expenditure to date is €439 million (R9.4 billion) and the project capital guidance for 2025 is currently €215
million (R4.2 billion). Additional regulatory requirements and changes to scope of the project necessitate a review of project capital
requirements, which is underway. Capital expenditure guidance will be updated in due course.
*  Amounts are translated at the translated at the average rate of R19.82/€ for FY2024 and project expenditure to date, R19.40/€ for H2 2024 and a spot rate at 31st January 2025 of R19.28/€ for
project capital expenditure estimated for the project
Australian region
Century zinc tailings retreatment operation
Sibanye-Stillwater acquired control of New Century Resources Limited from 22 February 2023, so comparison on an annual basis is not
meaningful.
In Q1 2024 the Century operations were impacted by poor weather conditions due to another heavy wet season, but not as severe as
rains seen in 2023. Q2 and Q3 saw a return to normal operations, and associated strong production results. However in Q4 2024 the
Century operations were impacted by a regional bushfire which impacted operations for around two months due to damaged
infrastructure. 2024 was the first full calendar year of operations under Sibanye-Stillwater ownership, with the integration and transition of
New Century Resources into Sibanye-Stillwater Australia completed smoothly during the year. A return to normalised levels of production is
expected in 2025, as the operations have fully recovered from the impact of the 2024 bushfire, and have wet weather mitigations in
place. 
The Century zinc tailings retreatment operation (Century operation) produced 82 kilotonnes (kt) of payable zinc metal for 2024 (76kt for
the 10 months in 2023) at AISC of US$2,317/tZn (R42,446/tZn) below guidance of 87kt to 100kt at the beginning of 2024, due to severe
disruptions caused by external factors. As stated, production for Q1 2024 was impacted by heavy wet season conditions which caused
numerous interruptions to production. After a strong production recovery during Q2 and Q3 2024 with good operational consistency,
production was again heavily impacted in Q4 2024 by a regional bushfire which engulfed the mine on the 9 October 2024, damaging
23km of poly piping, vital for operating activities. After replacing all the damaged infrastructure, normalised levels of production were only
achieved in early December 2024.
AISC of US$2,317/tZn for 2024 were 17% higher than 2023 levels as a result of 66% higher royalties and sustaining capital which was 64%
higher at US$10 million (R186 million) (of which US$3.5 million related to the bushfire recovery costs) offset by by-product credits which
increased by 75% to US$12 million (R218 million) as a result of the higher prices of silver and increased sales. Payable zinc sold increased by
6% year-on-year to 82kt in 2024. Given the tailwind of better zinc prices and record low treatment charges, the Century operation
adjusted EBITDA for the year was US$34 million (R641 million), a US$49 million (R926 million) improvement on 2023.
The Century operations are assessing opportunities to leverage existing infrastructure to unlock value from large regional phosphate
deposits post the conclusion of the zinc tailings retreatment, with a feasibility study started and due for completion in 2025.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      12
Mt Lyell copper project
The Mt Lyell feasibility study (AACE Class 3 Estimate) was completed in H1 2024. Positive project economics indicated an immediate
transition to the next stage of required study (AACE Class 2 Estimate), scheduled for completion in H2 2025.
* Amounts are translated at the translated at the average rate of R12.17/A$ and R18.62/US$ for H2 2023 [should we ass full years rates?]
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      13
FINANCIAL REVIEW OF THE SIBANYE-STILLWATER GROUP
For the six months ended 31 December 2024 (H2 2024) compared with the six months ended 31 December 2023 (H2 2023)
The reporting currency for the Group is SA rand (rand) and the functional currency of both the US PGM and US Reldan operations is US dollar (US$).
The results of the US PGM operations are translated to rand at the average exchange rate for the six months, which for H2 2024 was R/US$17.92 or
4% stronger than for H2 2023 (R/US$18.62). The functional currency of the European region, comprising of the Sandouville nickel refinery and the
Keliber lithium project, is the euro(€) and the results of Sandouville refinery were translated to rand at the average exchange rate for the six
months, which for H2 2024 was R/€19.40 or 4% stronger than for H2 2023 (R/€20.20). Keliber is a project in the development phase and project
development expenses are capitalised to property, plant and equipment in accordance with the Group’s accounting policies . The functional
currency of the Century zinc retreatment operation and the Mt Lyell copper mine project is the Australian dollar (A$) and the results of the Century
zinc retreatment operation were translated to rand at the average exchange rate, which for H2 2024 was R11.85/A$ or 3% stronger than for H2
2023 (R/A$12.17). Mt Lyell, a previously operated underground copper mine was placed on care and maintenance in 2014 and the pre-feasibility
study, which considered the re-establishment of this operation was completed, with an AACE class 2 feasibility study scheduled to be completed
in 2025.
Group financial performance
Group revenue for H2 2024 increased by 7% to R56,925 million (US$3,172 million) mainly due to higher prices received at the SA gold operations
and the inclusion of sales volumes from the US Reldan operations, partially offset by continued lower average US dollar PGM basket prices
received at the SA PGM operations, US PGM operations (underground and recycled) and the lower nickel equivalent basket price received by
the European region (Sandouville nickel refinery) together with lower sales volumes at the SA PGM, gold operations and at the US PGM
underground operations. Group cost of sales, before amortisation and depreciation increased by 8% to R48,337 million (US$2,695 million) mainly
due to the inclusion of costs from the US Reldan operations, partially offset by lower sales volumes at the US PGM underground, SA PGM and SA
gold operations and Sandouville nickel refinery. In addition, the SA gold and SA PGM operations experienced above inflation cost increases in
energy and on imported materials.
Group profit/(loss) for H2 2024 increased by 103% or R46,507 million (US$2,520 million) to a profit of R1,291 million (US$61 million). The Group adjusted
EBITDA for H2 2024 increased marginally by R31 million (US$20 million) to R6,440 million (US$360 million) as higher revenue was mainly offset by
correspondingly higher  Group cost of sales, before amortisation and depreciation. The 4% stronger rand relative to the US dollar also contributed
to lower revenue received in addition to the lower US dollar average basket price received at both the SA and US PGM operations. Group
amortisation and depreciation decreased by 11% to R4,676 million (US$260 million) mainly due to lower capital expenditure and previous
impairments recognised at the US PGM underground operations which were also impacted by the 4% stronger rand.
The revenue, cost of sales, before amortisation and depreciation, net other cash costs, adjusted EBITDA and amortisation and depreciation are set
out in the tables below:
Figures in million - SA rand
Revenue
Cost of sales, before
amortisation and
depreciation
Profit/(loss) for the period
Adjusted EBITDA
Amortisation and
depreciation
H2 2024
H2 2023
%
Change
H2 2024
H2 2023
%
Change
H2 2024
H2 2023
%
Change
H2 2024
H2 2023
%
Change
H2 2024
H2 2023
%
Change
SA PGM operations
24,608
25,243
(3)
(21,340)
(18,566)
15
2,399
4,119
(42)
2,633
5,826
(55)
(1,947)
(1,606)
21
Total Americas region
12,261
10,903
12
(12,187)
(10,904)
12
(3,658)
(36,771)
(90)
(158)
(30)
427
(1,004)
(1,837)
(45)
US PGM underground operations
4,357
5,277
(17)
(4,727)
(5,514)
(14)
—
—
—
(599)
(266)
125
(901)
(1,835)
(51)
US PGM Recycling
3,864
5,626
(31)
(3,685)
(5,390)
(32)
—
—
—
179
236
(24)
(3)
(2)
50
Reldan operations
4,040
—
100
(3,775)
—
100
(20)
—
100
262
100
(100)
—
100
Managed SA gold operations
12,463
10,908
14
(9,290)
(9,791)
(5)
1,157
(3,914)
(130)
2,173
345
530
(1,426)
(1,129)
26
DRDGOLD
3,802
2,974
28
(2,324)
(2,152)
8
988
615
61
1,458
803
82
(214)
(110)
95
European region
1,099
1,347
(18)
(1,470)
(2,000)
(27)
232
(4,612)
(105)
(513)
(796)
(36)
(22)
(109)
(80)
Australian region
2,679
1,745
54
(1,726)
(1,405)
23
626
(4,175)
(115)
931
216
331
(61)
(490)
(88)
Group corporate1
13
(4)
425
—
—
—
(453)
(478)
(5)
(84)
45
287
(2)
—
100
Total Group
56,925
53,116
7
(48,337)
(44,818)
8
1,291
(45,216)
(103)
6,440
6,409
—
(4,676)
(5,281)
(11)
Figures in million - US dollars2
Revenue
Cost of sales, before
amortisation and
depreciation
Profit/(loss) for the period
Adjusted EBITDA
Amortisation and
depreciation
H2 2024
H2 2023
%
Change
H2 2024
H2 2023
%
Change
H2 2024
H2 2023
%
Change
H2 2024
H2 2023
%
Change
H2 2024
H2 2023
%
Change
SA PGM operations
1,375
1,352
2
(1,189)
(997)
19
136
215
(37)
152
309
(51)
(110)
(86)
28
Total US PGM operations
679
584
16
(679)
(587)
16
(211)
(1,995)
(89)
(12)
(5)
140
(55)
(99)
(44)
US PGM underground operations
241
283
(15)
(265)
(299)
(11)
—
—
—
(36)
(18)
100
(50)
(99)
(49)
US PGM Recycling
215
301
(29)
(206)
(288)
(28)
—
—
—
9
13
(31)
—
—
—
Reldan operations
223
—
100
(208)
—
100
(1)
—
100
15
—
100
(5)
—
100
Managed SA gold operations
697
585
19
(517)
(524)
(1)
66
(209)
(132)
125
19
558
(79)
(61)
30
DRDGOLD
212
160
33
(130)
(115)
13
56
34
65
81
44
84
(12)
(6)
100
European region
62
72
(14)
(83)
(107)
(22)
12
(251)
(105)
(30)
(42)
(29)
(1)
(6)
(83)
Australian region
147
94
100
(97)
(75)
100
31
(225)
100
50
13
100
(3)
(26)
100
Group corporate1
—
(1)
100
—
—
—
(28)
(28)
—
(6)
2
400
—
—
—
Total Group
3,172
2,846
11
(2,695)
(2,405)
12
61
(2,459)
(102)
360
340
6
(260)
(284)
(8)
1 The effect of the streaming transaction has been included under Group Corporate. Please refer to note 21 of the condensed consolidated financial statements
2 Convenience translations have been applied to convert the rand Income Statement amounts into US dollars using a foreign exchange rate of R17.92 for H2 2024 and 18.62 for H2 2023
Revenue
Revenue from the SA PGM operations decreased by 3% to R24,608 million (US$1,375 million) due to a 2% lower average rand 4E basket price of
R23,892/4Eoz (US$1,333/4Eoz), a 5% or 45,916 4Eoz decrease in PGMs sold and a 1% decrease in the sale of third-party purchase of concentrate
(PoC) ounces. The decrease in 4Eoz sold was mainly due to lower volumes at the Kroondal operations which changed it sales agreement from a
PoC to a Toll agreement with effect from 1 September 2024.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      14
At the US PGM underground operations revenue decreased by 15% to US$241 million (R4,357 million), mainly due to a 11% decrease in the
average 2E basket price to US$1,001 and a 6% decrease in ounces sold, which correlated with the lower production achieved. The rand average
2E basket price decreased by 14% to R17,942/2Eoz, which combined with the lower sales volumes, resulted in a 17% decrease in rand revenue to
R4,357 million. Revenue from the US PGM recycling operation decreased by 29% from US$301 million (R5,626 million) to US$215 million (R3,864
million) due to a 34% lower average realised basket price of US$1,279/3Eoz, partially offset by an 8% decrease in recycled ounces sold. The 4%
stronger rand translated into a 31% decrease in recycling revenue to R3,864 million.
For the six months ended 31 December 2024 the Reldan operations sold silver (804,429 Toz), gold (65,812 Toz), platinum (8,149 Toz), palladium
(12,335 Toz), copper (1,524,099 Lbs) and mixed scrap (2,645,909 Lbs), generating revenue of US$223 million (R4,040 million). 
Revenue from the managed SA gold operations increased by 14% to R12,463 million (US$697 million) mainly due to a 22% higher rand gold price of
R1,423,000/kg (US$2,470/oz), partially offset by lower volumes. Revenue from DRDGOLD increased by 28% to R3,802 million (US$212 million) due to a
26% higher rand gold price received of R1,481,106/kg (US$2,571/oz) and 1% higher sales volumes.
At the European region, revenue from the Sandouville nickel refinery decreased by 18% to R1,099 million (US$62 million), mainly due to a 15% lower
nickel equivalent basket price of R334,755/tNi (US$18,681/tNi) and a 4% decrease in total nickel sold.
At the Australian region, revenue from the Century zinc retreatment operation increased by 54% to R2,679 million (US$147 million), mainly due to a
58% higher average equivalent zinc concentrate price of R51,931/zinc tonne (ztn) (US$2,898/ztn) and a 2% increase in zinc metal (payable) in
concentrate sold.
Cost of sales, before amortisation and depreciation
Cost of sales, before amortisation and depreciation at the SA PGM operations increased by 15% to R21,340 million (US$1,189 million) mainly due to
higher production costs due to 41% higher production post the acquisition of Anglo American Platinum Limited's (AAPL)50% share of the Kroondal
Pool and Share Agreement (PSA), above inflation cost increases on electricity and higher costs on imported spares and compressed air.
Underground 4E PGM mined production increased by 7% to 773,941 4Eoz and surface production volumes excluding third-party PoC were16% 
lower at 75,574 4Eoz. Third-party PoC at the Marikana smelting and refining operations decreased by 1% to 46,318 4Eoz. PoC material is purchased
at a higher cost, than own mined ore, due to the direct correlation to the basket price of PGM’s.
Cost of sales, before amortisation and depreciation at the US PGM underground operations decreased by 11% to US$265 million (R4,727 million)
due to a 6% decrease in sales volumes to 220,456 2Eoz and lower costs mainly due to lower production volumes. Production volumes decreased
by 15% to 187,703 2Eoz, negatively impacted by the restructuring which was completed during November 2024 which placed Stillwater West mine
on care and maintenance and reduced activities at East Boulder mine. Cost of sales, before amortisation and depreciation at the US PGM
recycling operation decreased, in line with revenue, by 28% from US$288 million (R5,390 million) to US$206 million (R3,685 million) due to the
sustained softer market conditions which have not recovered since 2024 and which continued to affect receipt rates of spent autocatalysts at the
recycle operations.
For the six months ended 31 December 2024 cost of sales, before amortisation and depreciation of the Reldan operations was US$208 million
(R3,775 million).
Cost of sales, before amortisation and depreciation at the managed SA gold operations decreased by 5% to R9,290 million (US$517 million) due to
11% or 1,055kg lower production and above average inflationary increases in electricity, support and consumables costs which were partially
offset by cost saving initiatives at Beatrix and Driefontein which reduced contractor and consumable costs and lower costs due to the closure of
Kloof 4 shaft in H2 2023. Cost of sales, before amortisation and depreciation from DRDGOLD increased by 8% to R2,324 million (US$130 million) due
to cost increases in electricity due to a delay in the solar project completion and increased security costs in response to the risk.
Cost of sales, before amortisation and depreciation at the Sandouville nickel refinery in the European region increased by 27% to R1,470 million
(US$83 million) mainly due to a combination of a decrease in variable costs correlated with lower production volumes, a decline in chemical
prices and lower maintenance and labour costs. Production was 5% lower at the Sandouville nickel refinery mainly due to a shortage of solvent
with a supplier affected by a force majeure event and technical issues with the new bagging machine which has since been resolved.
Cost of sales, before amortisation and depreciation at the Century zinc retreatment operation in the Australian region increased by 23% to R1,726
million (US$97 million) mainly due to the bushfire in October that stopped production until mid November 2024. This resulted in a drawdown of
inventory contributing to higher cost of sales,  in order to achieve the 2% higher sales volumes.
Profit for the period
Profit for H2 2024 increased by 103% from a loss of R45,216 million (US$2,459 million) to a net profit of R1,291 million (US$61 million) mainly due to a
reduction in the impairments raised, a combination of higher revenue and higher cost of sales as discussed above. H2 2024 impairments raised of
R1,549 million (US$94 million) related to specific asset impairments of R221 million (US$13 million) at the Sandouville nickel refinery and impairments
of R1,325 million (US$80 million) at the US PGM operations relating to the carrying value of the US PGM operations. The profit was also due to a
higher period on period decreased on the net loss of financial instruments of R4,073 million (US$224 million), higher other income of R329 million
(US$20 million) and lower other costs of R1,143 million (US$58 million) which are discussed in the sections below.
Adjusted EBITDA
Adjusted EBITDA includes other cash costs, care and maintenance costs; lease payments; strike costs and corporate social investment costs (see
note 11.1 of the condensed consolidated financial statements for a reconciliation of profit before royalties, carbon tax and tax to adjusted
EBITDA). Care and maintenance costs for H2 2024 were R505 million (US$28 million) at Cooke (H2 2023: R445 million or US$24 million), R4 million (US$0
million) at Beatrix (H2 2023: R36 million or US$2 million), R97 million (US$5 million) at Kloof (H2 2023: R46 million or US$2 million) , R178 million (US$10
million) at Burnstone (H2 2023: R0 million or US$0 million), R35 million (US$2million) at Marikana (H2 2023: R59 million or US$3 million), R5 million (US$0
million) at Rustenburg (H2 2023: R2 million or US$0 million) and R5 million (US$0 million) at Kroondal (H2 2023: R6 million or US$0 million). Lease
payments of R109 million (US$6 million) (H2 2023: R140 million or US$8 million) are included in line with the debt covenant formula and corporate
social investment costs were R244 million (US$14 million) (H2 2023: R86 million or US$5 million).
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      15
The Profit/(loss) and Adjusted EBITDA are shown in the graphs below:
chart-14237a229dba413199d.gif
The Profit/(loss) in the graph above includes the impairments recognised during the H2 2024 period, which are discussed under the Non-recurring
items section further below.
chart-78ff6eae40dd49a4ab9.gif
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      16
The below table illustrates the reconciliation of profit before royalties, carbon tax and tax to adjusted EBITDA:
Six months ended 31 December 2024
Figures in million – SA rand
Group
Total US
PGM
Under-
ground
Recycling
Reldan
operations
Total
SA PGM
Total SA
gold1
DRD-
GOLD
Total EU
operations
Sandouville
nickel
refinery
Total AUS
operations
Century
zinc
retreatment
operation
Group
corporate
Profit/(loss) before royalties,
carbon tax and tax
1,915
(3,615)
(3,791)
176
(17)
2,767
2,202
1,333
232
(477)
776
944
(430)
Adjusted for:
Amortisation and depreciation
4,676
904
901
3
100
1,947
1,640
214
22
17
61
61
2
Interest income
(588)
(86)
(86)
—
(7)
(223)
(237)
(124)
(31)
(1)
(1)
(1)
(3)
Finance expense
2,279
876
876
—
19
331
683
38
95
29
117
110
158
Share-based payments
114
12
12
—
—
45
39
14
5
2
2
2
11
(Gain)/loss on financial
instruments
(3,937)
—
—
—
(20)
(2,580)
(740)
(9)
(788)
13
190
190
1
Loss/(gain) on foreign exchange
movements
202
(2)
(2)
—
(2)
68
57
—
62
82
(14)
(12)
33
Share of results of equity-
accounted investees after tax
(76)
—
—
—
2
52
(135)
—
—
—
—
—
5
Change in estimate of
environmental rehabilitation
obligation, and right of recovery
liability and asset
209
—
—
—
—
206
244
—
23
23
(264)
(260)
—
(Gain)/loss on disposal of
property, plant and equipment
(20)
37
37
—
—
(22)
(35)
—
—
—
—
—
—
Impairments
1,549
1,325
1,325
—
—
1
(107)
—
221
221
109
2
—
Occupational healthcare gain
(77)
—
—
—
—
—
(77)
—
—
—
—
—
—
Restructuring costs
250
124
124
—
—
47
79
—
—
—
—
—
—
Transaction and project costs
505
26
26
—
187
1
(1)
—
152
152
—
—
140
Lease payments
(108)
(2)
(2)
—
—
(25)
(17)
(8)
(13)
(11)
(51)
(50)
—
Onerous contract provision
(493)
—
—
—
—
—
—
—
(493)
(493)
—
—
—
Provision for community costs
post closure
—
—
—
—
—
—
—
—
—
—
—
—
—
Cyber security costs
67
7
7
—
—
18
36
—
—
—
6
6
—
Compensation for losses incurred
(26)
(26)
(26)
—
—
—
—
—
—
—
—
—
—
Gain on increase in equity-
accounted investment
(1)
—
—
—
—
—
—
—
—
—
—
—
(1)
Adjusted EBITDA
6,440
(420)
(599)
179
262
2,633
3,631
1,458
(513)
(443)
931
992
(84)
Six months ended 31 December 2023
Figures in million – SA rand
Group
Total US
PGM
Under-
ground
Recycling
Total
SA PGM
Total SA
gold1
DRD-
GOLD
Total EU
operations
Sandouvill
e nickel
refinery
Total AUS
operations
Century
zinc
retreatment
operation
Group
corporate
(Loss)/profit before royalties,
carbon tax and tax
(49,977)
(43,565)
(43,799)
234
5,535
(2,798)
808
(4,608)
(4,254)
(4,095)
(4,059)
(446)
Adjusted for:
Amortisation and depreciation
5,281
1,837
1,835
2
1,606
1,239
110
109
105
490
490
—
Interest income
(651)
(100)
(100)
—
(199)
(295)
(146)
(52)
—
(2)
(1)
(3)
Finance expense
1,615
603
603
—
305
457
35
48
8
64
38
138
Share-based payments
70
27
27
—
16
33
13
(11)
3
—
—
5
Loss/(gain) on financial
instruments
136
2,136
2,136
—
(2,458)
97
(8)
248
(34)
114
113
(1)
(Gain)/loss on foreign exchange
movements
(123)
3
3
—
(100)
(41)
2
11
11
20
9
(16)
Share of results of equity-
accounted investees after tax
1,437
—
—
—
1,585
(154)
—
—
—
—
—
6
Change in estimate of
environmental rehabilitation
obligation, and right of recovery
liability and asset
(45)
—
—
—
(45)
—
—
—
—
—
—
—
(Gain)/loss on disposal of
property, plant and equipment
(31)
46
46
—
(33)
(44)
—
—
—
—
—
—
Impairments
47,445
38,919
38,919
—
505
2,731
—
1,607
1,607
3,683
3,683
—
Gain on acquisition
(898)
—
—
—
(898)
—
—
—
—
—
—
—
Occupational healthcare gain
(357)
—
—
—
—
(357)
—
—
—
—
—
—
Restructuring costs
689
41
41
—
336
312
—
—
—
—
—
—
Transaction costs
394
29
29
—
—
—
—
—
—
—
—
365
Onerous contract provision
1,865
—
—
—
—
—
—
1,865
1,865
—
—
—
Gain on increase in equity-
accounted investment
(3)
—
—
—
—
—
—
—
—
—
—
(3)
Gain on remeasurement of
previous interest in Kroondal
(298)
—
—
—
(298)
—
—
—
—
—
—
—
Lease payments
(140)
(6)
(6)
—
(31)
(32)
(11)
(13)
(12)
(58)
(56)
—
Adjusted EBITDA
6,409
(30)
(266)
236
5,826
1,148
803
(796)
(701)
216
217
45
1  Managed SA gold excludes DRDGOLD
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      17
Six months ended 31 December 2024
Figures in million – US dollar
Group
Total US
PGM
Under-
ground
Recycling
Reldan
operations
Total
SA PGM
Total SA
gold1
DRD-
GOLD
Total EU
operations
Sandouville
nickel
refinery
Total AUS
operations
Century
zinc
retreatment
operation
Group
corporate
Profit/(loss) before royalties,
carbon tax and tax
97
(210)
(219)
9
—
158
125
75
12
(28)
39
49
(27)
Adjusted for:
Amortisation and depreciation
260
50
50
—
5
110
91
12
1
1
3
3
—
Interest income
(33)
(5)
(5)
—
—
(13)
(13)
(7)
(2)
—
—
—
—
Finance expense
128
49
49
—
1
18
39
2
5
2
7
6
9
Share-based payments
7
1
1
—
—
2
3
—
—
—
—
—
1
(Gain)/loss on financial
instruments
(217)
(2)
(2)
—
(1)
(141)
(41)
—
(43)
1
11
11
—
Loss/(gain) on foreign exchange
movements
11
—
—
—
—
3
3
—
4
5
(1)
(1)
2
Share of results of equity-
accounted investees after tax
(5)
—
—
—
—
2
(8)
—
—
—
—
—
1
Change in estimate of
environmental rehabilitation
obligation, and right of recovery
liability and asset
12
—
—
—
—
12
13
—
1
1
(14)
(14)
—
(Gain)/loss on disposal of
property, plant and equipment
(1)
2
2
—
—
(1)
(2)
—
—
—
—
—
—
Impairments
94
81
81
—
—
1
(6)
—
12
12
6
—
—
Occupational healthcare gain
(4)
—
—
—
—
—
(4)
—
—
—
—
—
—
Restructuring costs
14
7
7
—
—
2
5
—
—
—
—
—
—
Transaction and project costs
28
1
1
—
10
—
—
—
9
9
—
—
8
Lease payments
(4)
—
—
—
—
(2)
(1)
(1)
—
—
(1)
(1)
—
Onerous contract provision
(29)
—
—
—
—
—
—
—
(29)
(29)
—
—
—
Provision for community costs
post closure
—
—
—
—
—
—
—
—
—
—
—
—
—
Cyber security costs
3
—
—
—
—
1
2
—
—
—
—
—
—
Compensation for losses incurred
(1)
(1)
(1)
—
—
—
—
—
—
—
—
—
—
Gain on increase in equity-
accounted investment
—
—
—
—
—
—
—
—
—
—
—
—
—
Adjusted EBITDA
360
(27)
(36)
9
15
152
206
81
(30)
(26)
50
53
(6)
Six months ended 31 December 2023
Figures in million – US dollar
Group
Total US
PGM
Under-
ground
Recycling
Total
SA PGM
Total SA
gold1
DRD-
GOLD
Total
EU
operations
Sandouville
nickel
refinery
Total AUS
operations
Century
zinc
retreatment
operation
Group
corporate
(Loss)/profit before royalties,
carbon tax and tax
(2,720)
(2,365)
(2,378)
13
291
(148)
45
(251)
(232)
(221)
(219)
(26)
Adjusted for:
Amortisation and depreciation
284
99
99
—
86
67
6
6
6
26
26
—
Interest income
(35)
(6)
(6)
—
(11)
(15)
(8)
(3)
—
—
—
—
Finance expense
87
33
33
—
18
23
2
3
1
3
2
7
Share-based payments
4
1
1
—
4
—
—
(1)
—
—
—
—
Loss/(gain) on financial
instruments
7
116
116
—
(134)
4
(1)
14
(2)
6
6
1
(Gain)/loss on foreign exchange
movements
(5)
—
—
—
(4)
(2)
—
1
1
1
—
(1)
Share of results of equity-
accounted investees after tax
78
—
—
—
86
(8)
—
—
—
—
—
—
Change in estimate of
environmental rehabilitation
obligation, and right of recovery
liability and asset
(2)
—
—
—
(2)
—
—
—
—
—
—
—
(Gain)/loss on disposal of
property, plant and equipment
(2)
2
2
—
(1)
(3)
—
—
—
—
—
—
Impairments
2,576
2,113
2,113
—
27
149
—
87
87
200
200
—
Gain on acquisition
(49)
—
—
—
(49)
—
—
—
—
—
—
—
Occupational healthcare gain
(20)
—
—
—
—
(20)
—
—
—
—
—
—
Restructuring costs
38
2
2
—
18
18
—
—
—
—
—
—
Transaction costs
22
1
1
—
—
—
—
—
—
—
—
21
Onerous contract provision
101
—
—
—
—
—
—
101
101
—
—
—
Gain on increase in equity-
accounted investment
—
—
—
—
—
—
—
—
—
—
—
—
Gain on remeasurement of
previous interest in Kroondal
(17)
—
—
—
(17)
—
—
—
—
—
—
—
Lease payments
(7)
(1)
(1)
—
(3)
(2)
—
1
1
(2)
(2)
—
Adjusted EBITDA
340
(5)
(18)
13
309
63
44
(42)
(37)
13
13
2
1  Managed SA gold excludes DRDGOLD
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      18
Six months ended 30 June 2024
Figures in million – SA rand
Group1
Total US
PGM
Under-
ground
Recycling
Reldan
operations
Total
SA PGM
Total SA
gold2
DRD-
GOLD
Total EU
operations
Sandouville
nickel
refinery
Total AUS
operations
Century
zinc
retreatment
operation
Group
corporate
(Loss)/profit before royalties,
carbon tax and tax
(5,584)
(6,859)
(7,004)
145
37
2,410
752
1,072
(232)
(54)
(955)
(867)
(737)
Adjusted for:
Amortisation and depreciation
4,134
1,030
1,028
2
71
1,700
1,260
98
16
12
57
56
—
Interest income
(749)
(219)
(219)
—
(1)
(245)
(261)
(106)
(22)
—
(1)
—
—
Finance expense
2,292
885
885
—
11
280
654
40
109
41
185
178
168
Share-based payments
137
23
23
—
—
54
40
13
8
5
3
3
9
(Gain)/loss on financial
instruments
(1,496)
(1,733)
(1,733)
—
(116)
239
(47)
(10)
16
(20)
79
79
66
Loss/(gain) on foreign exchange
movements
13
7
7
—
—
(15)
(36)
(11)
35
28
2
2
20
Share of results of equity-
accounted investees after tax
(136)
—
—
—
5
45
(192)
—
—
—
—
—
6
Change in estimate of
environmental rehabilitation
obligation, and right of recovery
liability and asset
238
—
—
—
—
—
—
—
—
—
238
238
—
(Gain)/loss on disposal of
property, plant and equipment
(35)
3
3
—
—
(11)
(27)
(1)
—
—
—
—
—
Impairments
7,624
7,499
7,499
—
—
123
—
—
—
—
2
2
—
Occupational healthcare gain
1
—
—
—
—
—
1
—
—
—
—
—
—
Restructuring costs
300
2
2
—
—
224
74
—
—
—
—
—
—
Transaction and project costs
346
—
—
—
—
(1)
1
—
41
41
21
—
284
Lease payments
(136)
(3)
(3)
—
(1)
(37)
(18)
(11)
(12)
(9)
(65)
(66)
—
Onerous contract provision
(324)
—
—
—
—
—
—
—
(324)
(324)
—
—
—
Provision for community costs
post closure
24
—
—
—
—
—
—
—
—
—
24
24
—
Cyber security costs
—
—
—
—
—
—
—
—
—
—
—
—
—
Gain on increase in equity-
accounted investment
(1)
—
—
—
—
—
—
—
—
—
—
—
(1)
Adjusted EBITDA
6,648
635
488
147
6
4,766
2,201
1,084
(365)
(280)
(410)
(351)
(185)
1  The SA rand amounts can be translated to US dollar at an average exchange rate of R18.72/US$ which amounts to a profit before royalties, carbon tax and tax of US$297 million (R5,584 million)
and adjusted EBITDA of US$355 million (R6,648 million)
2  Managed SA gold excludes DRDGOLD
Amortisation and depreciation
Amortisation and depreciation at the SA PGM operations increased by 21% to R1,947 million (US$110 million) due to 4% higher production volumes
and additional depreciation post the acquisition of AAPL's 50% share of the Kroondal PSA. Amortisation and depreciation at the US PGM
operations decreased by 49% to US$50 million (R904 million) due to the impairments raised during H2 2023 and 15% lower production volumes. For
the six months ended 31 December 2024 amortisation and depreciation at the Reldan operations was US$5 million (R100 million). Amortisation and
depreciation at the managed SA gold operations increased by 26% to R1,426 million (US$79 million) mainly due to the higher on reef development
capitalised since H2 2023 and the accelerated depreciation for Kloof 2, partially offset by impairments raised during H2 2023 resulting from the
closure of the Kloof K4 shaft and an 11% decrease in production. Amortisation and depreciation of DRDGOLD increased by 95% to R214 million
(US$12 million) due to the startup of the new reclamation sites at Ergo and FWGR during H1 2024 and the Solar plant. Amortisation and
depreciation at the European region decreased by 80% to R22 million (US$1 million) mainly due to impairments recognised at the Sandouville
nickel refinery during H2 2023 and 5% lower production at the Sandouville nickel refinery. Amortisation and depreciation at the Australian operation
decreased by 88% to R61 million (US$3 million) mainly due to the impairments recognised at the Century zinc retreatment operation during H2 2023
and 22% lower production due to the bushfire that occurred during October 2024.
Interest Income
Interest income decreased by R63 million (US$2 million) to R588 million (US$33 million) mainly due to decreases in interest received on lower
average cash balances (R122 million or US$6 million) and on right of recovery assets (R10 million or US$0 million), partially offset by increases in
interest received on rehabilitation funds (R15 million or US$1 million) and interest received on rehabilitation guarantees (R11 million or US$1 million), 
interest on right of recovery assets (R10 million or US$0 million) and a decrease in interest on other financial assets (R43 million or US$2 million).
Finance expense
Finance expense increased by R664 million (US$41 million) to R2,279 million (US$128 million) mainly due to a R358 million (US$21 million) increase in
interest on borrowings and R151 million (US$9 million) increase in the unwinding of amortised cost on borrowings due to increased debt, R67 million
(US$4 million) increase in unwinding of the environmental rehabilitation obligation and a R54 million (US$4 million) increase in the unwinding of the
finance costs on the deferred revenue transactions and R75 million (US$5 million) increase in other interest. This is partially offset by decreases of R7
million (US$0 million) increase in unwinding of interest on lease liabilities, R16 million (US$1 million) in interest on the occupational healthcare
obligation and a R18 million (US$1 million) decrease in the unwinding of the Marikana dividend obligation. See note 3 of the condensed
consolidated financial statements for a breakdown of finance expenses.
Gain on financial instruments
The net gain on financial instruments of R3,937 million (US$217 million) for H2 2024 compared with the loss of R136 million (US$7 million) for H2 2023,
represents a period-on-period decreased net loss of R4,073 million (US$224 million). The net gain for H2 2024 is mainly attributable to the fair value
gains on the revised cash flows of the Burnstone debt of R1,053 million (US$57 million), fair value gains on revised cash flows of the Keliber dividend
obligation of R811 million (US$44 million), fair value gains on the Rustenburg and Marikana operations BEE cash-settled share-based payment
obligations and the Marikana dividend obligation of R1,238 million (US$67 million) and R993 million (US$54 million), respectively and fair value gains 
on the contingent consideration relating to the Kroondal acquisition of R270 million (US$15 million) and fair value gains on other financial
instruments of R126 million (US$8 million). This is partially offset by fair value losses on hedge contracts for zinc of R154 million (US$9 million) and gold
of R392 million (US$21 million) and on other investments of R8 million (US$0 million). See note 4 of the condensed consolidated financial statements
for a breakdown of the gain on financial instruments.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      19
Other costs
Other costs for H2 2024 decreased by 28% from R4,114 million (US$222 million) to R2,971 million (US$164 million), mainly due to a decrease in the
provision of R1,665 million (US$90 million) on the onerous supply contract at the Sandouville nickel refinery which was terminated, towards the end
of 2024, lower exploration and costs incurred on employee and community trusts of R63 million (US$3 million) and R265 million (US$14 million)
respectively. This was partially offset by higher  care and maintenance costs of R236 million (US$14 million), corporate and social investment costs
of R159 million (US$8 million), an increase in the change in estimate of environmental rehabilitation obligation of R248 million (US$14 million), higher
service entity and non-mining costs of R214 million (US$11 million) and R17 million (US$1 million), respectively. See note 5.1 of the condensed
consolidated financial statements for a breakdown of other costs.
Other income
Other income was 39% or R329 million (US$20 million) higher at R1,175 million (US$66 million) mainly due to the onerous supply contract provision
utilisation/change in estimate at the Sandouville nickel refinery of R693 million (US$39 million), insurance proceeds received of R63 million (US$5
million) related to the flood event which occurred during June 2022 at the US PGM operations of R26 million (US$1 million) and R37 million (US$2
million) related to the bushfire at the Century zinc retreatment operation. This was partially offset by the gain on remeasurement of the of previous
interest in Kroondal recognised in H2 2023 of R298 million (US$16 million) and lower service entity and sundry income of R97 million (US$5 million)
and R25 million (US$1 million) respectively. See note 5.2 of the condensed consolidated financial statements for a breakdown of other income.
Mining and income tax
The mining and income tax expense increased by 106% to an expense of R321 million (US$19 million) which is attributable to the Group’s increased
profitability for H2 2024 and the deferred tax assets derecognised in H2 2024 relating to Sandouville and certain of the other SA operations. The
current tax expense increased by 15% to R907 million (US$50 million) and the deferred tax credit decreased in H2 2024 by 90% to R586 million
(US$31 million). The effective tax rate of the Group increased from 10% to 20% in H2 2024 mainly due to to a lower balance of deferred tax assets
not recognised during H2 2024 and a larger positive impact on the deferred tax expense during H2 2024 of changes in the estimated deferred tax
rates.
The Group’s effective tax rate for H2 2024 is 7% lower than the South African statutory company tax rate of 27%. The lower effective tax rate is
mainly attributable to the impact of the following: a change in the estimated deferred tax rate of 36% or R577 million (US$32 million), US state tax
adjustment of 6% or R99 million (US$6 million), rate adjustment to the South African gold mining tax formula of 4% or R60 million (US$3 million) and
non-taxable gain on fair value of financial instruments of 80% or R1,296 million (US$72 million). This was partially offset by increases due to non-
deductible finance expense of 15% or R238 million (US$13 million), increase due to unrecognised deferred tax assets unrecognised or
derecognised of 53% or R858 million (US$48 million), tax adjustment in respect of prior periods of 6% or R100 million (US$6 million) and net other non-
taxable income and non-deductible expenditure of 46% or R743 million (US$41 million).
Non-recurring items
Impairments
In addition to the impairment loss recognised for the six months ended 30 June 2024 of R7,624 million (US$407 million), the Group recognised
impairment losses of R1,549 million (US$94 million) for the six months ended 31 December 2024, due to:
•The carrying value of the US PGM operations (Stillwater CGU) was impaired by R1,292 million (US$78 million) at 31 December 2024. The
impairment is due to the resulting recoverable amount determined from the updated life of mining plan which incorporates the restructure of
the US PGM operations announced after 30 June 2024, and includes suspending the operations at the Stillwater West Mine for a period of time
and reducing mining at East Boulder Mine. Many of the actions relating to the restructure were implemented towards the end of the financial
year. There was also a further decrease in the expected long-term palladium and platinum prices which resulted in a decrease in the expected
future net cash flows from the Stillwater CGU, which contributed to the reduced value in use at 31 December 2024.
•Specific asset impairment loss of R221 million (US$13 million) related to the carrying value of the Sandouville assets, due to the planned ramp
down in H1 2025. Future activity at the site depends on the outcome of the GalliCam pre-feasibility study.
•An impairment loss of R2 million (US$0 million) was recognised at Century on its evaluation and exploration assets.
•An impairment loss of R34 million (US$2 million) at the US PGM operation related to specific assets, held for sale.
Restructuring costs
Restructuring costs of R250 million (US$14 million) for H2 2024 consist of voluntary severance packages and retrenchment costs as part of the
Section 189 restructuring processes of R42 million (US$2 million) at the SA gold operations (Gold Corporate (R6 million or US$0 million), Beatrix (R10
million or US$1 million), Burnstone (R9 million or US$1 million), Cooke (R2 million or US$0 million), Driefontein (R14 million or US$1 million) and Kloof (R1
million or US$0 million)), R45 million (US$3 million) at SA PGM operations (Marikana (R17 million or US$1 million), SRPM (R25 million or US$1 million) and
Kroondal (R3 million or US$0 million)), R39 million (US$2 million) at SA Integrated Services (Academy (R15 million or US$1 million), Health (R10 million or
US$1 million), Protection Services (R10 million or US$1 million) and Shared Services (R3 million or US$0 million)) and severance costs at the US PGM
operations of R124 million (US$7 million).
Transaction costs
Transaction and project costs of R505 million (US$28 million) for H2 2024 include project related legal and advisory fees and the project cost of the
GalliCam pre-feasibility study (R152 million or US$8 million). Legal and advisory fees on merger and acquisition activities relating to Reldan (R27
million or US$2 million), Appian (R111 million or US$6 million), Sandouville (R1 million or US$0 million), ioneer (R3 million or US$0 million) and general
legal and advisory costs (R211 million or US$12 million).
Borrowings and net debt
Gross debt, increased by 12% from R37,316 million (US$2,025 million) at 30 June 2024 to R41,687 million (US$2,222 million) at 31 December 2024. The
increase in outstanding debt was mainly due to drawdowns on both the Keliber and R6.5bn ZAR RCF facilities of R5,724 million (US$305 million) and
R3,000 million (US$160 million), respectively, a net increase of R611 million (US$33 million) on US dollar denominated debt due to a weaker rand
since 30 June 2024, partially offset by a repayment on the R6.5bn ZAR RCF of R4,000 million (US$217 million), a net decrease in other borrowings of
R236 million (US$23 million) and a decrease of R1,053 million (US$56 million) in the Burnstone debt due to a gain on revised estimated and
allocated cash flows. Net debt, excluding the Burnstone Debt which has no recourse to Sibanye-Stillwater, was R23,424 million (US$1,249 million) at
31 December 2024. The Group’s cash balance (excluding cash of Burnstone) increased by 3% to R16,002 million (US$853 million) since 30 June
2024, and includes US$331 million (R6,208 million) held by the US PGM operations. See note 11 of the condensed consolidated financial statements
for a roll forward of the gross debt for the year ended 31 December 2024.
The Group’s total equity decreased to R48,289 million (US$2,573 million) at 31 December 2024 due to negative total comprehensive income of
(R5,172 million or US$302 million) for the year and dividends paid of (R173 million or US$9 million). These decreases were partially offset by the
recognition of the derivative financial instrument which was transferred to equity on 26 June 2024 (R2,009 million or US$107 million) after a special
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      20
shareholders meeting decided to authorise the settlement of the convertible bond in shares, at the option of the convertible bondholders, and
equity settled share based payment reserve of R18 million (US$0 million).
The graph below illustrates the Group's Gross debt/Cash/Total equity for H2 2024, H1 2024 and H2 2023:
chart-b553258a68c94a369db.gif
Liquidity and capital resources
Cash flow analysis
The following table shows a reconciliation from net cash from operating activities to adjusted free cash flow:
Figures in million - SA rand
Six months ended
Year ended
H2 2024
H1 2024
H2 2023
FY 2024
FY 2023
Net cash from operating activities
6,416
3,697
2,152
10,113
7,095
Adjusted for:
Dividends paid
87
86
1,779
173
5,318
Net interest paid
730
489
171
1,219
306
Deferred revenue advance received
(2,729)
(578)
(636)
(3,307)
(935)
Less:
Additions to property, plant and equipment
(10,422)
(11,147)
(11,557)
(21,569)
(22,411)
Adjusted free cash flow
(5,918)
(7,453)
(8,091)
(13,371)
(10,627)
Adjusted free cash flow, reconciled above, is not a measure of performance under IFRS Accounting Standards. As a result, it should not be considered in isolation or as alternatives to any other
measure of financial performance presented in accordance with IFRS Accounting Standards
Cash and cash equivalents at 31 December 2024 increased to R16,049 million (US$855 million) from R15,560 million (US$844 million) at 30 June 2024
(H2 2023: cash at 31 December 2023 increased to R25,560 million or US$1,376 million from R22,159 million or US$1,176 million at 30 June 2023), after
net cash from operating activities of R6,416 million (US$355 million) (H2 2023: R2,152 million or US$113 million), net cash used in investing activities of
R10,323 million (US$577 million) (H2 2023: R11,659 million or US$627 million) and net cash from in financing activities of R4,320 million (US$237 million)
(H2 2023: R12,999 million or US$705 million).
Sibanye-Stillwater defines adjusted free cash flow as net cash from operating activities, before dividends paid, net interest paid and deferred
revenue advance received, less additions to property, plant and equipment.
Net cash from operating activities
The following table shows net cash from operating activities:
Figures in million - SA rand
Six months ended
Year ended
H2 2024
H1 2024
H2 2023
FY 2024
FY 2023
US PGM operations
(205)
120
114
(85)
1,674
US Reldan operations
(187)
57
—
(130)
—
SA PGM operations2
(33,819)
3,002
2,855
(30,817)
7,931
SA gold operations2
(4,914)
1,869
(369)
(3,045)
3,500
European operations
(1,728)
(123)
(12)
(1,851)
(1,361)
Australian operation
538
(660)
(453)
(122)
(813)
Group corporate2
46,731
(568)
17
46,163
(3,836)
Net cash from operating activities1
6,416
3,697
2,152
10,113
7,095
1    Net cash from operating activities excludes intercompany working capital movements between operations which eliminate at a Group level
2    A dividend for the year of R38,309 million and R9,050 million from the SA PGM operations and the SA gold operations, respectively, amounting to a total of R47,359 million, was paid to Sibanye
Stillwater Limited and is included in group corporate which eliminates at a group level
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      21
The following table shows the adjusted free cash flow per operating segment:
Figures in million - SA rand
Six months ended
Year ended
H2 2024
H1 2024
H2 2023
FY 2024
FY 2023
US PGM operations
(902)
(1,324)
(1,357)
(2,226)
(2,727)
US Reldan operations
(275)
13
—
(262)
—
SA PGM operations
257
849
(263)
1,106
3,383
SA gold operations
(106)
(2,406)
(3,614)
(2,512)
(4,866)
European operations
(4,864)
(2,840)
(1,232)
(7,704)
(3,733)
Australian operation
546
(1,158)
(1,033)
(612)
(1,698)
Group corporate
(574)
(587)
(592)
(1,161)
(986)
Adjusted free cash flow1,2
(5,918)
(7,453)
(8,091)
(13,371)
(10,627)
1Excluded from the adjusted free cash flow of the SA gold segment is the Group treasury and shared services function, together referred to as gold corporate. The SA PGM operations, through
the intercompany working capital accounts which eliminate on consolidation, received R14,769 million (US$824 million) during H2 2024 (H1 2024: contributed R1,184 million or US$63 million,
received H2 2023: R6,367 million or US$342 million and FY 2023: R5,018 million or US$268 million) to the working capital increase (inflow) included in the SA gold operations
2Adjusted free cash flow, reconciled above, is not a measure of performance under IFRS Accounting Standards. As a result, it should not be considered in isolation or as alternatives to any other
measure of financial performance presented in accordance with IFRS Accounting Standards
The US PGM operations reduced the negative adjusted free cash flow to US$51 million (R902 million), compared to a negative adjusted free cash
flow for H1 2024. Net cash outflow from operating activities amounted to US$11 million (R205 million) and includes a net decrease (inflow) of US$44
million (R781 million) in working capital, which was mainly attributable to the decrease in recycle inventory, a net increase (outflow) in the
intercompany working capital accounts of US$0 million (R7 million) and taxes paid of US$4 million (R66 million). The adjusted free cash flow includes
additions to property, plant and equipment of US$65 million (R1,157 million).
The US Reldan operations generated negative adjusted free cash flow of US$15 million (275 million). Net cash outflow from operating activities
amounted to US$10 million (R187 million) and includes a net decrease (inflow) of US$143 million (R2,557 million) in working capital, a net decrease
(inflow) in the intercompany working capital accounts of US$11 million (R191 million) and taxes paid of US$4 million (R79 million). The adjusted free
cash flow includes additions to property, plant and equipment of US$0 million (R7 million).
Adjusted free cash flow from the SA PGM operations was R257 million (US$15 million). Net cash outflow from operating activities amounted to
R33,819 million (US$1,887 million) and includes a net decrease (inflow) of R1,743 million (US$97 million) in working capital, dividends paid of R38,309
million (US$2,138 million) paid to Sibanye Stillwater Limited which eliminate at group level, payments of R1,017 million (US$57 million) towards royalty
and income taxes and a net decrease (inflow) of R15,953 million (US$890 million) in the intercompany working capital accounts. The adjusted free
cash flow includes additions to property, plant and equipment of R3,099 million (US$173 million).
The SA gold operations generated negative adjusted free cash flow of R106 million (US$8 million). Net cash outflow from operating activities
amounted to R4,914 million (US$274 million) after a net increase (outflow) of R138 million (US$8 million) in working capital, dividends paid of R9,050
million (US$505 million) paid to Sibanye Stillwater Limited which eliminate at group level, payments of R140 million (US$8 million) towards royalty and
income taxes, dividends paid of R87 million (US$4 million) and an increase (outflow) in the intercompany working capital accounts payable of
R16,457 million (US$918 million). The adjusted free cash flow includes additions to property, plant and equipment of R2,836 million (US$158 million).
The European operations, which comprise the Sandouville nickel refinery and the Keliber lithium project, generated negative adjusted free cash
flow of R4,864 million (US$269 million). Net cash outflow from operating activities amounted to R1,728 million (US$96 million) after a net increase
(outflow) of R266 million (US$15 million) in working capital and after a net increase (outflow) of R8 million (US$0 million) in the intercompany working
capital accounts. The adjusted free cash flow includes additions to property, plant and equipment of R3,174 million (US$177 million) of which
R3,107 million (US$173 million) relates to capital expenditure on the Keliber project.
The Australian operation generated adjusted free cash flow of R546 million (US$29 million). Net cash inflow from operating activities amounted to
R538 million (US$30 million) after a net decrease (inflow) of R104 million (US$6 million) in working capital, payments of R302 million (US$17 million)
towards royalties and after a net decrease (inflow) of R128 million (US$7 million) in the intercompany working capital accounts. The adjusted free
cash flow includes additions to property, plant and equipment of R150 million (US$9 million).
Group corporate’s negative adjusted free cash flow was R574 million (US$32 million). Net cash inflow from operating activities amounted to
R46,729 million (US$2,606 million) and mainly comprised dividends received by Sibanye Stillwater Limited of R47,359 million (US$2,643 million) which
eliminates at a group level, after a net decrease (inflow) of R13 million (US$1 million) in working capital, payments of R7 million (US$0 million)
towards royalty and income taxes and after a net decrease (inflow) of R200 million (US$10 million) in the intercompany working capital accounts.
DIVIDENDS
The Group’s dividend policy is to return between 25% to 35% of normalised earnings1 to shareholders and after due consideration of future
requirements the dividend may be increased beyond these levels. The Board, consistently considers normalised earnings in determining what
value will be distributed to shareholders. The Board believes normalised earnings provides useful information to investors regarding the extent to
which results of operations may affect shareholder returns. Normalised earnings is defined as earnings attributable to the owners of Sibanye-
Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments and related compensation, gain/loss
on disposal of property, plant and equipment, occupational healthcare expenses, restructuring costs, transactions costs, share-based payment
expenses on B-BBEE transactions, gains on acquisitions, net other business development costs, share of results of equity-accounted investees,  all
after tax and the impact of non-controlling interest, and changes in the estimated deferred tax rate.
In line with Sibanye-Stillwater’s dividend policy and its Capital Allocation Framework, the Board of Directors resolved not to declare a final dividend
for the year ended 31 December 2024 (2023: 0 SA cents per share) and with no interim dividend declared during 2024 (2023: 53 SA cents per
share), there was no total dividend for the year ended 31 December 2024 (2023: 53 SA cents per share).
1 Normalised earnings is not a measure of performance under IFRS Accounting Standards. As a result, it should not be considered in isolation or as
alternatives to any other measure of financial performance presented in accordance with IFRS Accounting Standards. See note 9 of the condensed
consolidated financial statements for the definition and reconciliation of normalised earnings
MINERAL RESOURCES AND MINERAL RESERVES
On 19 February 2025, Sibanye-Stillwater reported an update of its Mineral Resources and Mineral Reserves as at 31 December 2024, the salient
points of which are summarised below.
•Stable 4E PGM Mineral Resources of 144.7Moz and Mineral Reserves of 28.1Moz (-0.2%) at our SA PGM operations, which are positioned
for profitability at current spot 4E PGM basket prices
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      22
–A highlight is the inclusion of the Siphumelele mechanised UG2 project Mineral  Reserves (0.8Moz), demonstrating the value being
unlocked through the acquisition of Anglo American Platinum's 50% interest in the Kroondal operations
•2E PGM Mineral Resources of 55.9Moz (-2.3%) and Mineral Reserves of 19.0Moz (-27.8%) at our US PGM operations
–Sustained low 2E PGM spot prices during the year has necessitated an operational restructuring as well as a strategic shift in
extraction strategy at the US PGM operations. In combination with a lower 2E LoM basket price assumption, this has impacted the
operation’s Mineral Resources and Reserves
•Gold Mineral Resources of 36.9Moz (-0.7%) and Mineral Reserves of 10.0Moz (-8.0%) at our SA gold operations and projects (including
DRDGOLD)
–The reduction in Reserves is largely driven by depletion and geological changes at Driefontein
•A 36.6% increase in attributable lithium Mineral Reserves to 248kt of lithium carbonate equivalent (LCE)
–Informed by an updated Mineral Reserve estimate at the Keliber lithium project in Finland
–The new open pit LoM is now 18 years, with first lithium hydroxide production due in early 2026
•Zinc Mineral Resources of 1,252Mlb (unchanged) and Mineral Reserves of 1,218Mlb (-29.4%)
–Informed by the depletion of the tailings Mineral Reserve at the Century operation
•Copper Mineral Resources of 17,604Mlb (+116%)
–At the Mt Lyell copper project in Tasmania, Australia, an update to the Mineral Resource estimate has added 335Mlb of
contained copper
–At the Altar project in Argentina, an update to the Mineral Resource estimate added 9,106Mlb of attributable copper Mineral
Resources
•Uranium (U3O8) Mineral Resources of 59Mlb, unchanged year-on-year
–This excludes the pending completion of the Beisa (27Mlb) sales transaction with Neo Energy Metals Ltd (Neo), expected to close
in early 2026, in exchange for R250m in cash and R250m in shares (40%) in Neo
Sibanye-Stillwater is preparing, and will file with the United States Securities and Exchange Commission (SEC), updated technical report summaries
as required by Subpart 1300 of Regulation S-K with its 2023 annual report on Form 20-F.
CHANGE IN BOARD OF DIRECTORS
Changes to the Board of Sibanye Stillwater Limited during the six-month period ended 31 December 2024 include Mr Terence Mncedisi
Nombembe being appointed as an Independent Non-Executive Director of the Group with effect from 11 September 2024. Furthermore
Mr Terence Mncedisi Nombembe was appointed as an additional member of the Audit, Investment, Risk and the Social, Ethics and
Sustainability Committees. 
In addition, Mr Neal Froneman will retire as Chief Executive Officer (CEO) and executive director of the Group, effective 30 September
2025. Richard Stewart, currently Chief Regional Officer: Southern Africa region (CRO SA region), will succeed Neal as CEO and executive
director, and will be appointed as CEO designate and executive director with effect from 1 March 2025, while continuing his CRO: SA
region responsibilities.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      23
SALIENT FEATURES AND COST BENCHMARKS – SIX MONTHS
US and SA PGM operations
US and SA
PGM
operations1
US PGM
operations
Total SA PGM operations1
Rustenburg
Marikana1
Kroondal3
Plat Mile
Mimosa
Under-
ground2
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Attribu-
table
Production
Tonnes milled/treated
kt
Dec 2024
18,545
510
18,035
9,244
8,790
2,866
2,630
3,207
1,984
2,438
4,176
734
Jun 2024
18,426
618
17,807
8,703
9,104
2,710
2,740
2,931
2,051
2,327
4,313
735
Dec 2023
19,012
606
18,406
8,716
9,690
3,089
2,837
3,261
1,897
1,655
4,956
712
Plant head grade
g/t
Dec 2024
2.45
12.65
2.16
3.30
0.96
3.54
1.05
3.87
1.11
2.23
0.83
3.39
Jun 2024
2.38
13.20
2.00
3.17
0.89
3.43
1.07
3.64
0.91
2.19
0.76
3.38
Dec 2023
2.34
12.62
2.01
3.29
0.85
3.46
1.02
3.60
0.92
2.31
0.73
3.37
Plant recoveries
%
Dec 2024
75.23
90.42
72.70
85.13
27.86
86.23
38.19
87.17
26.46
82.89
20.58
76.25
Jun 2024
75.65
90.75
72.35
84.68
29.71
86.01
40.53
86.49
26.69
82.82
21.98
77.19
Dec 2023
76.48
90.95
73.62
85.00
34.03
86.17
51.36
86.32
28.23
83.61
22.77
76.47
Yield
g/t
Dec 2024
1.84
11.44
1.57
2.81
0.27
3.05
0.40
3.37
0.29
1.85
0.17
2.58
Jun 2024
1.80
11.98
1.45
2.68
0.26
2.95
0.43
3.15
0.24
1.81
0.17
2.61
Dec 2023
1.79
11.48
1.48
2.80
0.29
2.98
0.52
3.11
0.26
1.93
0.17
2.58
PGM production4
4Eoz - 2Eoz
Dec 2024
1,098,189
187,703
910,486
834,912
75,574
281,232
33,906
347,821
18,735
144,888
22,933
60,971
Jun 2024
1,066,599
238,139
828,460
751,064
77,396
257,059
38,207
296,669
16,020
135,668
23,169
61,668
Dec 2023
1,095,504
221,759
873,745
783,633
90,112
296,159
47,787
325,772
15,843
102,736
26,482
58,966
PGM sold5
4Eoz - 2Eoz
Dec 2024
1,078,811
220,456
858,355
272,213
41,846
408,858
53,156
22,933
59,349
Jun 2024
1,190,108
241,206
948,902
258,771
41,178
431,970
135,668
23,169
58,146
Dec 2023
1,136,130
234,370
901,760
292,433
39,005
384,266
102,736
26,482
56,838
Price and costs6
Average PGM basket price7
R/4Eoz - R/2Eoz
Dec 2024
22,592
17,942
23,892
24,000
22,386
23,965
24,427
22,238
22,162
Jun 2024
23,193
18,289
24,499
24,726
22,609
24,447
25,260
22,690
22,283
Dec 2023
23,561
20,928
24,276
24,523
22,780
24,242
24,759
22,848
22,819
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,261
1,001
1,333
1,339
1,249
1,337
1,363
1,241
1,237
Jun 2024
1,239
977
1,309
1,321
1,208
1,306
1,349
1,212
1,190
Dec 2023
1,265
1,124
1,304
1,317
1,223
1,302
1,330
1,227
1,226
Operating cost8
R/t
Dec 2024
1,356
8,018
1,159
2,470
254
1,634
1,429
82
1,675
Jun 2024
1,322
7,690
1,091
2,326
243
1,644
1,353
74
1,715
Dec 2023
1,278
8,631
1,026
2,111
294
1,592
1,366
67
1,754
US$/t
Dec 2024
76
447
65
138
14
91
80
5
93
Jun 2024
71
411
58
124
13
88
72
4
92
Dec 2023
69
464
55
113
16
86
73
4
94
R/4Eoz - R/2Eoz
Dec 2024
23,280
21,795
23,608
25,171
19,731
23,137
24,053
14,869
20,157
Jun 2024
23,268
19,967
24,293
24,527
17,431
26,195
23,196
13,768
20,448
Dec 2023
22,562
23,566
22,288
22,019
17,432
24,039
21,998
12,612
21,165
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,299
1,216
1,317
1,405
1,101
1,291
1,342
830
1,125
Jun 2024
1,243
1,067
1,298
1,310
931
1,399
1,239
735
1,092
Dec 2023
1,212
1,266
1,197
1,183
936
1,291
1,181
677
1,137
Adjusted EBITDA Margin8
%
Dec 2024
(14)
11
Jun 2024
10
18
Dec 2023
(5)
23
All-in sustaining cost8,9
R/4Eoz - R/2Eoz
Dec 2024
22,787
24,912
22,317
22,793
22,673
22,590
8,198
20,616
Jun 2024
22,390
25,149
21,533
19,721
24,308
20,845
11,049
21,551
Dec 2023
23,941
37,090
20,363
18,093
23,169
20,704
12,235
25,218
US$/4Eoz -
US$/2Eoz
Dec 2024
1,272
1,390
1,245
1,272
1,265
1,261
457
1,150
Jun 2024
1,196
1,343
1,150
1,053
1,299
1,114
590
1,151
Dec 2023
1,286
1,992
1,094
972
1,244
1,112
657
1,354
All-in cost8,9
R/4Eoz - R/2Eoz
Dec 2024
23,304
25,791
22,754
22,863
23,598
22,590
8,285
20,616
Jun 2024
22,999
25,779
22,135
19,989
25,485
20,845
11,697
21,551
Dec 2023
24,877
38,758
21,099
18,093
24,659
20,723
15,595
25,218
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,300
1,439
1,270
1,276
1,317
1,261
462
1,150
Jun 2024
1,229
1,377
1,182
1,068
1,361
1,114
625
1,151
Dec 2023
1,336
2,082
1,133
972
1,324
1,113
838
1,354
Capital expenditure6
Total capital expenditure
Rm
Dec 2024
4,374
1,078
3,296
961
1,980
314
33
256
Jun 2024
4,293
1,744
2,549
742
1,591
190
26
292
Dec 2023
6,704
3,627
3,077
683
2,102
177
115
547
US$m
Dec 2024
244
60
184
54
110
18
2
14
Jun 2024
229
93
136
40
85
10
1
16
Dec 2023
360
195
165
37
113
10
6
29
Average exchange rate for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R17.92/US$, R18.72/US$ and R18.62/US$, respectively
Figures may not add as they are rounded independently
1The US and SA PGM operations, Total SA PGM operations 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 US and SA PGM operations, Total SA PGM
operations and Marikana - Six Months” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Six Months”
2The 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 recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below. The US Reldan operations salient features
are separately disclosed below
3Kroondal operations for the six months ended December 2023 includes production and costs for two months (November and December 2023) at 100%
4Production per product – see prill split in the table below
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      24
5PGM sold includes the third party PoC ounces sold
6The US and SA PGM operations 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
7The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to purchase  of concentrate adjustment
8Operating cost, Adjusted EBITDA margin, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as
substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-
Stillwater
9All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Six Months”
Mining - PGM Prill split including third party PoC, excluding US recycling and Reldan operations
US AND SA PGM OPERATIONS
TOTAL SA PGM OPERATIONS
US PGM OPERATIONS
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Jun 2024
Dec 2023
%
%
%
%
%
%
%
%
%
Platinum
611,529
53%
575,189
52%
598,701
52%
569,006
59%
520,949
59%
548,270
60%
42,523
23%
54,240
23%
50,431
23%
Palladium
430,336
38%
447,394
40%
445,400
39%
285,156
30%
263,495
30%
274,072
30%
145,180
77%
183,899
77%
171,328
77%
Rhodium
86,373
8%
79,263
7%
82,449
7%
86,373
9%
79,263
9%
82,449
9%
Gold
16,269
1%
14,899
1%
15,816
1%
16,269
2%
14,899
2%
15,816
2%
PGM production 4E/2E
1,144,507
100%
1,116,745
100%
1,142,366
100%
956,804
100%
878,606
100%
920,607
100%
187,703
100%
238,139
100%
221,759
100%
Ruthenium
138,646
126,862
131,223
138,646
126,862
131,223
Iridium
31,918
32,068
32,795
31,918
32,068
32,795
Total 6E/2E
1,315,071
1,275,675
1,306,384
1,127,368
1,037,536
1,084,625
187,703
238,139
221,759
Figures may not add as they are rounded independently
US PGM Recycling
Unit
Dec 2024
Jun 2024
Dec 2023
Average catalyst fed/day
Tonne
10.5
10.7
10.2
Total processed
Tonne
1,921
1,959
1,872
Tolled
Tonne
—
—
—
Purchased
Tonne
1,921
1,959
1,872
PGM fed
3Eoz
161,532
154,938
147,862
PGM sold
3Eoz
167,498
157,990
155,675
PGM tolled returned
3Eoz
—
—
2,408
US RELDAN OPERATIONS1
Unit
Dec 2024
Jun 2024
Volume sold:
Gold
oz
65,812
41,868
Silver
oz
804,429
855,870
Platinum
oz
8,149
7,143
Palladium
oz
12,335
7,500
Other (Rhodium, Ruthenium, Iridium)
oz
26
37
Copper
Lbs
1,524,099
1,066,236
Mixed scrap
Lbs
2,645,909
2,044,892
1 The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024. The six months ended 30 June 2024 include the results since acquisition
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      25
SALIENT FEATURES AND COST BENCHMARKS – SIX MONTHS (continued)
SA gold operations
SA OPERATIONS
Total SA gold
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Surface
Surface
Production
Tonnes milled/treated
kt
Dec 2024
17,725
1,859
15,866
578
4
587
574
694
19
2,353
12,916
Jun 2024
15,796
1,735
14,062
574
46
560
784
601
57
2,072
11,103
Dec 2023
16,190
1,870
14,320
527
33
649
899
695
35
2,187
11,165
Yield
g/t
Dec 2024
0.63
4.23
0.21
5.99
0.50
4.05
0.33
2.92
0.21
0.25
0.20
Jun 2024
0.68
4.13
0.25
6.10
1.04
3.47
0.49
2.87
0.18
0.31
0.22
Dec 2023
0.76
4.58
0.26
6.15
1.77
4.94
0.49
3.07
0.26
0.28
0.23
Gold produced
kg
Dec 2024
11,212
7,874
3,338
3,466
2
2,378
189
2,030
4
579
2,564
Jun 2024
10,703
7,164
3,539
3,499
48
1,944
381
1,721
10
645
2,455
Dec 2023
12,250
8,574
3,676
3,241
59
3,204
443
2,129
9
618
2,547
oz
Dec 2024
360,474
253,155
107,319
111,434
64
76,454
6,076
65,266
129
18,615
82,434
Jun 2024
344,109
230,328
113,781
112,495
1,543
62,501
12,249
55,331
322
20,737
78,930
Dec 2023
393,847
275,660
118,186
104,201
1,897
103,011
14,243
68,449
289
19,869
81,888
Gold sold
kg
Dec 2024
11,028
7,691
3,337
3,401
3
2,356
197
1,934
4
566
2,567
Jun 2024
11,211
7,646
3,565
3,709
63
2,012
387
1,925
10
651
2,454
Dec 2023
11,863
8,241
3,622
3,127
45
3,217
429
1,897
9
604
2,535
oz
Dec 2024
354,558
247,271
107,287
109,345
96
75,747
6,334
62,180
129
18,197
82,531
Jun 2024
360,442
245,825
114,617
119,247
2,025
64,687
12,442
61,890
322
20,930
78,898
Dec 2023
381,404
264,954
116,450
100,535
1,447
103,429
13,793
60,990
289
19,419
81,502
Price and costs
Gold price received
R/kg
Dec 2024
1,474,973
1,420,388
1,405,797
1,436,017
1,471,731
1,481,106
Jun 2024
1,327,000
1,329,003
1,325,552
1,315,762
1,327,189
1,330,888
Dec 2023
1,170,362
1,171,501
1,166,484
1,171,563
1,172,185
1,173,176
US$/oz
Dec 2024
2,560
2,465
2,440
2,492
2,554
2,571
Jun 2024
2,205
2,208
2,202
2,186
2,205
2,211
Dec 2023
1,955
1,957
1,949
1,957
1,958
1,960
Operating cost1,4
R/t
Dec 2024
665
4,546
211
5,992
—
4,794
413
3,132
361
332
179
Jun 2024
731
4,738
237
5,832
326
5,160
387
3,298
316
400
195
Dec 2023
765
4,894
226
6,394
450
5,643
375
3,057
397
316
196
US$/t
Dec 2024
37
254
12
334
—
268
23
175
20
19
10
Jun 2024
39
253
13
312
17
276
21
176
17
21
10
Dec 2023
41
263
12
343
24
303
20
164
21
17
11
R/kg
Dec 2024
1,051,909
1,073,533
1,000,899
999,711
—
1,183,347
1,253,968
1,070,936
1,750,000
1,350,604
902,886
Jun 2024
1,078,670
1,147,125
940,096
956,559
312,500
1,486,626
795,276
1,151,075
1,800,000
1,283,721
881,059
Dec 2023
1,011,673
1,067,413
881,665
1,039,185
254,237
1,142,634
760,722
997,182
1,555,556
1,118,123
857,479
US$/oz
Dec 2024
1,826
1,863
1,737
1,735
—
2,054
2,176
1,859
3,037
2,344
1,567
Jun 2024
1,792
1,906
1,562
1,589
519
2,470
1,321
1,913
2,991
2,133
1,464
Dec 2023
1,690
1,783
1,473
1,736
425
1,909
1,271
1,666
2,598
1,868
1,432
Adjusted EBITDA margin1
%
Dec 2024
22
Jun 2024
15
Dec 2023
8
All-in sustaining cost1,2
R/kg
Dec 2024
1,253,083
1,306,110
1,464,552
1,235,810
1,416,961
958,707
Jun 2024
1,250,647
1,226,140
1,610,671
1,213,437
1,364,055
933,985
Dec 2023
1,202,225
1,339,533
1,288,535
1,162,644
1,183,775
938,856
US$/oz
Dec 2024
2,175
2,267
2,542
2,145
2,459
1,664
Jun 2024
2,078
2,037
2,676
2,016
2,266
1,552
Dec 2023
2,008
2,238
2,152
1,942
1,977
1,568
All-in cost1,2
R/kg
Dec 2024
1,334,784
1,306,110
1,464,552
1,235,810
1,416,961
1,268,796
Jun 2024
1,487,022
1,226,140
1,610,671
1,213,437
1,364,055
1,885,493
Dec 2023
1,308,017
1,339,533
1,302,249
1,162,644
1,183,775
1,117,949
US$/oz
Dec 2024
2,317
2,267
2,542
2,145
2,459
2,202
Jun 2024
2,471
2,037
2,676
2,016
2,266
3,133
Dec 2023
2,185
2,238
2,175
1,942
1,977
1,867
Capital expenditure
Total capital expenditure3
Rm
Dec 2024
2,813
1,046
628
157
—
913
Jun 2024
4,439
997
551
149
—
2,458
Dec 2023
3,336
1,001
733
228
—
655
US$m
Dec 2024
157
58
35
9
—
51
Jun 2024
237
53
29
8
—
131
Dec 2023
179
54
39
12
—
35
Average exchange rate for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R17.92/US$, R18.72/US$ and R18.62/US$, respectively
Figures may not add as they are rounded independently
1Operating cost, Adjusted EBITDA margin, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as
substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-
Stillwater
2All-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. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see “All-in costs – Six Months”
3Corporate project expenditure, for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R69 million (US$4 million), R284 million (US$15 million), and R719 million
(US$39 million), respectively, the majority of which related to the Burnstone project
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      26
SALIENT FEATURES AND COST BENCHMARKS – SIX MONTHS (continued)
European operations
Sandouville nickel refinery
Metals split
Dec 2024
Jun 2024
Dec 2023
Volumes produced (tonnes)
%
%
%
Nickel salts1
557
16%
599
14%
623
17%
Nickel metal
2,878
84%
3,671
86%
3,009
83%
Total Nickel production tNi
3,435
100%
4,270
100%
3,632
100%
Nickel cakes2
81
202
162
Cobalt chloride (CoCl2)3
39
62
64
Ferric chloride (FeCl3)3
390
679
570
Volumes sales (tonnes)
Nickel salts1
693
21%
797
18%
541
16%
Nickel metal
2,590
79%
3,635
82%
2,889
84%
Total Nickel sold tNi
3,283
100%
4,432
100%
3,430
100%
Nickel cakes2
58
19
—
Cobalt chloride (CoCl2)3
29
63
66
Ferric chloride (FeCl3)3
390
679
570
Nickel equivalent basket price
Unit
Dec 2024
Jun 2024
Dec 2023
Revenue from sale of products
Rm
1,099
1,685
1,346
Nickel products sold
tNi
3,283
4,432
3,430
Nickel equivalent average basket price4
R/tNi
334,755
380,190
392,420
Nickel equivalent average basket price
US$/tNi
18,681
20,309
21,075
Nickel equivalent sustaining cost
Rm
Dec 2024
Jun 2024
Dec 2023
Cost of sales, before amortisation and depreciation
1,470
1,914
2,000
Share-based payments
11
20
9
Rehabilitation interest and amortisation
2
2
7
Leases
10
10
10
Sustaining capital expenditure
67
107
152
Less: By-product credit
(53)
(88)
(39)
Nickel equivalent sustaining cost5
1,507
1,965
2,139
Nickel products sold
tNi
3,283
4,432
3,430
Nickel equivalent sustaining cost5
R/tNi
459,031
443,366
623,615
Nickel equivalent sustaining cost
US$/tNi
25,616
23,684
33,492
Nickel recovery yield6
%
94.43%
97.90%
96.18%
Average exchange rate for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R17.92/US$, R18.72/US$ and R18.62/US$, respectively
Figures may not add as they are rounded independently
1Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
2Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
3Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
4The Nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sol
5The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are intended to provide
additional information only, do not have any standardised meaning prescribed by IFRS Accounting Standards and should not be considered in isolation or as alternatives to cost of sales, profit
before tax, profit for the year, cash from operating activities or any other measure of financial performance prepared in accordance with IFRS Accounting Standards. Nickel equivalent
sustaining cost and Nickel equivalent sustaining costs per tonne as presented in this document may not be comparable to other similarly titled measures of performance of other companies.
Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and accounting frameworks such as in US GAAP.
Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies. See "Non-IFRS measures" for more
information on the metrics presented by Sibanye-Stillwater
6Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
   
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      27
SALIENT FEATURES AND COST BENCHMARKS – SIX MONTHS (continued)
Australian operations
Century zinc retreatment operation
Production
Ore mined and processed
kt
Dec 2024
3,311
Jun 2024
3,496
Dec 2023
4,036
Processing feed grade
%
Dec 2024
2.99
Jun 2024
2.94
Dec 2023
3.12
Plant recoveries
%
Dec 2024
49.27
Jun 2024
49.53
Dec 2023
49.65
Concentrate produced1
kt
Dec 2024
108
Jun 2024
110
Dec 2023
138
Concentrate zinc grade2
%
Dec 2024
45.20
Jun 2024
46.34
Dec 2023
45.23
Metal produced (zinc in concentrate)3
kt
Dec 2024
49
Jun 2024
51
Dec 2023
63
Zinc metal produced (payable)4
kt
Dec 2024
40
Jun 2024
42
Dec 2023
51
Zinc sold5
kt
Dec 2024
62
Jun 2024
38
Dec 2023
61
Zinc sold (payable)6
kt
Dec 2024
51
Jun 2024
31
Dec 2023
50
Price and costs
Average equivalent zinc concentrate price7
R/tZn
Dec 2024
51,931
Jun 2024
44,297
Dec 2023
32,878
US$/tZn
Dec 2024
2,898
Jun 2024
2,366
Dec 2023
1,766
All-in sustaining cost8,9
R/tZn
Dec 2024
43,244
Jun 2024
41,710
Dec 2023
32,746
US$/tZn
Dec 2024
2,413
Jun 2024
2,228
Dec 2023
1,759
All-in cost8,9
R/tZn
Dec 2024
43,418
Jun 2024
41,876
Dec 2023
34,203
US$/tZn
Dec 2024
2,423
Jun 2024
2,237
Dec 2023
1,837
Average exchange rate for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R17.92/US$, R18.72/US$ and R18.62/US$, respectively
Figures may not add as they are rounded independently
1Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product
2Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
3Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced
4Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
5Zinc sold is the zinc metal contained in the concentrate sold
6Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions
7Average 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
metal sold
8All-in sustaining costs and all-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of financial
performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater
9All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Six months”
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      28
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Condensed consolidated income statement
Figures are in millions unless otherwise stated
US dollar
SA rand
Year ended
Six months ended
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Revised1 -
Unaudited
Unaudited
Unaudited
Audited
Dec 2023
Dec 2024
Dec 2023
Jun 2024
Dec 2024
Notes
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Dec 2023
6,172
6,121
2,846
2,949
3,172
Revenue
2
56,925
55,204
53,116
112,129
113,684
(5,417)
(5,743)
(2,689)
(2,788)
(2,955)
Cost of sales
(53,013)
(52,195)
(50,099)
(105,208)
(99,768)
(4,873)
(5,262)
(2,405)
(2,567)
(2,695)
Cost of sales, before amortisation and
depreciation
(48,337)
(48,061)
(44,818)
(96,398)
(89,756)
(544)
(481)
(284)
(221)
(260)
Amortisation and depreciation
(4,676)
(4,134)
(5,281)
(8,810)
(10,012)
755
378
157
161
217
3,912
3,009
3,017
6,921
13,916
74
73
35
40
33
Interest income
588
749
651
1,337
1,369
(179)
(250)
(87)
(122)
(128)
Finance expense
3
(2,279)
(2,292)
(1,615)
(4,571)
(3,299)
(6)
(14)
(4)
(7)
(7)
Share-based payment expenses
(114)
(137)
(70)
(251)
(113)
13
297
(7)
80
217
Gain/(loss) on financial instruments
4
3,937
1,496
(136)
5,433
235
107
(12)
5
(1)
(11)
(Loss)/gain on foreign exchange differences
(202)
(13)
123
(215)
1,973
(64)
12
(78)
7
5
Share of results of equity-accounted investees
after tax
76
136
(1,437)
212
(1,174)
(318)
(258)
(222)
(94)
(164)
Other costs
5.1
(2,971)
(1,751)
(4,114)
(4,722)
(5,858)
67
144
46
78
66
Other income
5.2
1,175
1,455
846
2,630
1,232
6
3
2
2
1
Gain on disposal of property, plant and
equipment
20
35
31
55
105
(2,576)
(501)
(2,576)
(407)
(94)
Impairments
6
(1,549)
(7,624)
(47,445)
(9,173)
(47,454)
49
—
49
—
—
Gain on acquisition
—
—
898
—
898
20
4
20
—
4
Occupational healthcare obligation gain
77
(1)
357
76
365
(28)
(30)
(38)
(16)
(14)
Restructuring costs
(250)
(300)
(689)
(550)
(515)
(26)
(46)
(22)
(18)
(28)
Transaction and project costs
(505)
(346)
(394)
(851)
(474)
(2,106)
(200)
(2,720)
(297)
97
Profit/(loss) before royalties, carbon tax and tax
1,915
(5,584)
(49,977)
(3,669)
(38,794)
(57)
(30)
(24)
(13)
(17)
Royalties
(302)
(241)
(458)
(543)
(1,050)
—
—
—
—
—
Carbon tax
(1)
(1)
(1)
(2)
(2)
(2,163)
(230)
(2,744)
(310)
80
Profit/(loss) before tax
1,612
(5,826)
(50,436)
(4,214)
(39,846)
131
(81)
285
(62)
(19)
Mining and income tax
7
(321)
(1,175)
5,220
(1,496)
2,416
(173)
(77)
(42)
(27)
(50)
- Current tax
(907)
(511)
(788)
(1,418)
(3,178)
304
(4)
327
(35)
31
- Deferred tax
586
(664)
6,008
(78)
5,594
(2,032)
(311)
(2,459)
(372)
61
Profit/(loss) for the period 
1,291
(7,001)
(45,216)
(5,710)
(37,430)
Profit/(loss) for the period attributable to:
(2,051)
(398)
(2,458)
(390)
(8)
- Owners of Sibanye-Stillwater
38
(7,335)
(45,195)
(7,297)
(37,772)
19
87
(1)
18
69
- Non-controlling interests (NCI)
1,253
334
(21)
1,587
342
Earnings per ordinary share (cents)
(72)
(14)
(86)
(14)
—
Basic earnings per share
8.1
1
(259)
(1,597)
(258)
(1,334)
(72)
(14)
(86)
(14)
—
Diluted earnings per share
8.2
1
(259)
(1,597)
(258)
(1,334)
2,830,528
2,830,567
2,830,567
2,830,567
2,830,567
Weighted average number of shares ('000)
8.1
2,830,567
2,830,567
2,830,567
2,830,567
2,830,528
2,830,567
2,830,567
2,830,567
2,830,567
2,830,567
Diluted weighted average number of shares
('000)
8.2
2,830,567
2,830,567
2,830,567
2,830,567
2,830,567
18.42
18.32
18.62
18.72
17.92
Average R/US$ rate
1The purchase price allocation (PPA) relating to the Reldan acquisition was prepared on a provisional basis in accordance with IFRS 3 Business Combinations (IFRS 3) for the six months ended 30
June 2024. During the 12-month measurement period commencing on the acquisition date, management provisionally revised the initial PPA due to new information obtained by 31 December
2024 (see note 10.1 for more information)
The condensed consolidated financial statements for the year and six months ended 31 December 2024 was prepared by Sibanye-Stillwater's Group
financial reporting team headed by Henning Opperman (CA (SA)). This process was supervised by the Group's Chief Financial Officer, Charl Keyter and
approved by the Sibanye-Stillwater board of directors.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      29
Condensed consolidated statement of other comprehensive income (OCI)
Figures are in millions unless otherwise stated
US dollar
SA rand
Year ended
Six months ended
Six months ended
Year ended
Restated
Unaudited
Restated -
Unaudited
Restated -
Unaudited
Unaudited
Unaudited
Restated -
Unaudited
Restated -
Unaudited
Unaudited
Restated
Dec 2023
Dec 2024
Dec 2023
Jun 2024
Dec 2024
Note
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Dec 2023
(2,032)
(311)
(2,459)
(372)
61
Profit/(loss) for the period
1,291
(7,001)
(45,216)
(5,710)
(37,430)
(263)
9
21
24
(15)
Other comprehensive income, net of tax
1.2
396
142
(1,570)
538
2,985
—
—
—
—
—
Foreign currency translation adjustments1
1.2
266
(11)
(999)
255
3,569
(32)
15
(31)
8
7
Fair value adjustment on other investments2
130
153
(569)
283
(582)
—
—
—
—
—
Re-measurement of defined benefit plan2
—
—
(2)
—
(2)
(231)
(6)
52
16
(22)
Currency translation adjustments3
—
—
—
—
—
(2,295)
(302)
(2,438)
(348)
46
Total comprehensive income
1,687
(6,859)
(46,786)
(5,172)
(34,445)
Total comprehensive income attributable to:
(2,317)
(389)
(2,437)
(366)
(23)
- Owners of Sibanye-Stillwater
434
(7,203)
(46,764)
(6,769)
(34,847)
22
87
(1)
18
69
- Non-controlling interests
1,253
344
(22)
1,597
402
18.42
18.32
18.62
18.72
17.92
Average R/US$ rate
1  These gains and losses will be reclassified to profit or loss upon disposal of the underlying operations
2  These gains and losses will never be reclassified to profit or loss
3  These gains and losses relate to the convenience translation of the SA rand amounts to US dollar and will never be reclassified to profit or loss
Condensed consolidated statement of financial position
Figures are in millions unless otherwise stated
US dollar
SA rand
Unaudited
Unaudited
Unaudited
Unaudited
Revised -
Unaudited1
Audited
Dec 2023
Jun 2024
Dec 2024
Notes
Dec 2024
Jun 2024
Dec 2023
4,368
4,532
4,775
Non-current assets
89,583
83,516
81,119
3,303
3,333
3,566
Property, plant and equipment
66,906
61,429
61,338
30
24
8
Right-of-use assets
156
435
560
27
114
110
Goodwill and other intangibles
2,058
2,106
502
385
397
390
Equity-accounted investments
7,323
7,317
7,148
171
183
187
Other investments
3,507
3,370
3,179
319
338
357
Environmental rehabilitation obligation funds
6,691
6,221
5,927
28
36
26
Other receivables
491
661
523
105
107
131
Deferred tax assets
2,451
1,977
1,942
3,328
2,795
2,580
Current assets
48,409
51,529
61,822
1,420
1,403
1,362
Inventories
25,549
25,866
26,363
479
485
305
Trade and other receivables
5,722
8,947
8,900
1
3
8
Other receivables
156
50
26
52
60
46
Tax receivable
863
1,106
973
—
—
4
Assets held for sale
16
70
—
—
1,376
844
855
Cash and cash equivalents
16,049
15,560
25,560
7,696
7,327
7,355
Total assets
137,992
135,045
142,941
2,777
2,531
2,573
Total equity
48,289
46,674
51,607
2,957
3,456
3,672
Non-current liabilities
68,848
63,672
54,927
1,343
1,769
2,193
Borrowings and derivative financial instrument
11
41,135
32,600
24,946
21
16
11
Lease liabilities
203
287
384
673
690
636
Environmental rehabilitation obligation and other provisions
12
11,922
12,713
12,505
22
22
18
Occupational healthcare obligation
334
398
400
146
158
90
Cash-settled share-based payment obligations
13
1,686
2,921
2,718
183
192
97
Other payables
14
1,815
3,538
3,407
341
343
372
Deferred revenue
15
6,983
6,315
6,327
3
1
1
Tax and royalties payable
13
12
64
225
265
254
Deferred tax liabilities
4,757
4,888
4,176
1,962
1,340
1,110
Current Liabilities
20,855
24,699
36,407
834
256
29
Borrowings and derivative financial instrument
11
552
4,716
15,482
45
39
17
Environmental rehabilitation obligation and other provisions
12
327
724
832
11
10
9
Lease liabilities
175
177
198
—
—
—
Occupational healthcare obligation
2
9
—
23
8
6
Cash-settled share-based payment obligations
13
121
151
432
887
836
832
Trade and other payables
15,604
15,399
16,464
109
143
87
Other payables
14
1,634
2,636
2,015
16
21
88
Deferred revenue
15
1,660
394
305
—
—
24
Liabilities associated with assets held for sale
16
451
—
—
37
27
18
Tax and royalties payable
329
493
679
7,696
7,327
7,355
Total equity and liabilities
137,992
135,045
142,941
18.57
18.43
18.76
Closing R/US$ rate
1The purchase price allocation (PPA) relating to the Reldan acquisition was prepared on a provisional basis in accordance with IFRS 3 for the six months ended 30 June 2024. During the 12-month
measurement period commencing on the acquisition date, management provisionally revised the initial PPA due to new information obtained by 31 December 2024 (see note 10.1 for more
information)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      30
Condensed consolidated statement of changes in equity
Figures are in millions unless otherwise stated
US dollar
SA rand
Stated
capital
Re-
organisation
reserve
Other
reserves
Accum-
ulated
profit/
(loss)
Non-
controlling
interests
Total
equity
Notes
Total
equity
Non-
controlling
interests
Accum-
ulated
profit/
(loss)
Other
reserves
Re-
organisation
reserve
Stated
capital
1,361
2,599
202
993
187
5,342
Balance at 31 December 2022
(Audited)
91,004
2,903
33,781
9,672
23,001
21,647
—
—
(266)
(2,051)
22
(2,295)
Total comprehensive income for the
period (restated)
1.2
(34,445)
402
(37,774)
2,927
—
—
—
—
—
(2,051)
19
(2,032)
(Loss)/profit for the period
(37,430)
342
(37,772)
—
—
—
—
—
(266)
—
3
(263)
Other comprehensive income, net of
tax (restated)
1.2
2,985
60
(2)
2,927
—
—
—
—
—
(269)
(20)
(289)
Dividends paid
(5,318)
(365)
(4,953)
—
—
—
—
—
1
—
1
2
Equity-settled share-based payments
48
24
—
24
—
—
—
—
—
—
50
50
New Century Resources Limited
(Century) business combination
919
919
—
—
—
—
—
—
(4)
25
38
59
Transaction with Keliber Oy (Keliber)
shareholders
1,097
700
463
(66)
—
—
—
—
—
—
(43)
(43)
Keliber dividend obligation
(792)
(792)
—
—
—
—
—
—
—
1
(50)
(49)
Transactions with Century
shareholders
(906)
(914)
13
(5)
—
—
1,361
2,599
(67)
(1,301)
185
2,777
Balance at 31 December 2023
(Audited)
51,607
2,877
(8,470)
12,552
23,001
21,647
—
—
8
(398)
88
(302)
Total comprehensive income for the
period
(5,172)
1,597
(7,297)
528
—
—
—
—
—
(398)
87
(311)
(Loss)/profit for the period
(5,710)
1,587
(7,297)
—
—
—
—
—
8
—
1
9
Other comprehensive income, net of
tax
538
10
—
528
—
—
—
—
—
—
(9)
(9)
Dividends paid
(173)
(173)
—
—
—
—
—
—
—
—
—
—
Equity-settled share-based payments
18
9
—
9
—
—
—
—
—
107
—
107
Recognition of derivative financial
instrument in equity1
2,009
—
2,009
—
—
—
—
—
3
(3)
—
—
Transfer between reserves
—
—
(59)
59
—
—
1,361
2,599
(56)
(1,595)
264
2,573
Balance at 31 December 2024
(Unaudited)
48,289
4,310
(13,817)
13,148
23,001
21,647
1  The derivative financial instrument transferred to equity upon derecognition (see note 11) amounted to R2,009 million on 26 June 2024, which was the last day that cash conversion could have
been requested
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      31
Condensed consolidated statement of cash flows
Figures are in millions unless otherwise stated
US dollar
SA rand
Year ended
Six months ended
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Revised -
Unaudited1
Unaudited
Unaudited
Audited
Dec 2023
Dec 2024
Dec 2023
Jun 2024
Dec 2024
Notes
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Dec 2023
Cash flows from operating activities
1,017
241
231
184
57
Cash generated by operations
971
3,443
4,409
4,414
18,726
51
181
35
31
150
Deferred revenue advance received
15
2,729
578
636
3,307
935
(35)
(41)
(4)
(33)
(8)
Cash-settled share-based payments paid
(125)
(626)
(70)
(751)
(637)
(10)
(2)
—
(2)
—
Payment of Marikana dividend obligation
—
(38)
—
(38)
(191)
(203)
(2)
2
(2)
—
Additional deferred/contingent payments
relating to acquisition of a business
—
(44)
—
(44)
(3,733)
95
374
42
111
263
Change in working capital
4,766
2,087
787
6,853
1,750
915
751
306
289
462
8,341
5,400
5,762
13,741
16,850
54
48
24
29
19
Interest received
339
543
460
882
998
(71)
(115)
(34)
(55)
(60)
Interest paid
(1,069)
(1,032)
(631)
(2,101)
(1,304)
(50)
(43)
(30)
(27)
(16)
Royalties paid
(282)
(502)
(565)
(784)
(922)
(174)
(79)
(58)
(33)
(46)
Tax paid
(826)
(626)
(1,095)
(1,452)
(3,209)
(289)
(9)
(95)
(5)
(4)
Dividends paid
(87)
(86)
(1,779)
(173)
(5,318)
385
553
113
198
355
Net cash from operating activities
6,416
3,697
2,152
10,113
7,095
Cash flow from investing activities
(1,217)
(1,177)
(621)
(595)
(582)
Additions to property, plant and equipment
(10,422)
(11,147)
(11,557)
(21,569)
(22,411)
9
7
4
2
5
Proceeds on disposal of property, plant and
equipment
90
39
84
129
168
26
(147)
14
(147)
—
Acquisition of subsidiaries, net of cash acquired
10
—
(2,690)
247
(2,690)
471
24
22
6
5
17
Dividends received
312
90
115
402
449
(36)
(25)
(35)
(8)
(17)
Additions to other investments
(315)
(150)
(636)
(465)
(658)
11
25
11
7
18
Disposals of other investments
327
130
202
457
202
—
(1)
—
(1)
—
Loans advanced to investee
(2)
(24)
—
(26)
—
(21)
(2)
1
—
(2)
Acquisition of equity-accounted investment
(35)
—
—
(35)
(396)
(10)
(15)
(7)
(3)
(12)
Contributions to environmental rehabilitation
funds
(208)
(65)
(128)
(273)
(185)
—
(16)
—
(11)
(5)
Payment of deferred/contingent payment
(93)
(199)
—
(292)
—
17
1
—
—
1
Proceeds from environmental rehabilitation
funds
23
1
14
24
322
(1,197)
(1,328)
(627)
(751)
(577)
Net cash used in investing activities
(10,323)
(14,015)
(11,659)
(24,338)
(22,038)
Cash flow from financing activities
783
452
728
69
383
Loans raised
11
6,983
1,295
13,431
8,278
14,431
(72)
(182)
(17)
(41)
(141)
Loans repaid
11
(2,571)
(764)
(315)
(3,335)
(1,323)
(12)
(11)
(6)
(6)
(5)
Lease payments
(92)
(116)
(117)
(208)
(219)
(55)
—
—
—
—
Acquisition of NCI
—
—
—
—
(1,009)
60
—
—
—
—
Proceeds from NCI on rights issue
—
—
—
—
1,096
704
259
705
22
237
Net cash from financing activities
4,320
415
12,999
4,735
12,976
(108)
(516)
191
(531)
15
Net increase/(decrease) in cash and cash
equivalents
413
(9,903)
3,492
(9,490)
(1,967)
(47)
(5)
9
(1)
(4)
Effect of exchange rate fluctuations on cash
held
76
(97)
(91)
(21)
1,451
1,531
1,376
1,176
1,376
844
Cash and cash equivalents at beginning of the
period
15,560
25,560
22,159
25,560
26,076
1,376
855
1,376
844
855
Cash and cash equivalents at end of the period
16,049
15,560
25,560
16,049
25,560
18.42
18.32
18.62
18.72
17.92
Average R/US$ rate
18.57
18.76
18.57
18.43
18.76
Closing R/US$ rate
1The purchase price allocation (PPA) relating to the Reldan acquisition was prepared on a provisional basis in accordance with IFRS 3 for the six months ended 30 June 2024. During the 12-month
measurement period commencing on the acquisition date, management provisionally revised the initial PPA due to new information obtained by 31 December 2024 (see note 10.1 for more
information)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      32
Notes to the condensed consolidated financial statements
1.        Basis of accounting and preparation
The condensed consolidated financial statements are prepared in accordance with the JSE Listings Requirements for condensed consolidated
financial statements and the requirements of the Companies Act of South Africa. The JSE Listings Requirements require condensed financial
statements to be prepared in accordance with framework concepts, and the measurement and recognition requirements of IFRS Accounting
Standards as issued by the International Accounting Standards Board (IASB), and the South African Institute of Chartered Accountants Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards
Council and to also, as a minimum, contain information required by IAS 34 Interim Financial Reporting. The accounting policies applied in the
preparation of these condensed consolidated financial statements are in terms of IFRS Accounting Standards and are consistent with those
applied in the previous consolidated annual financial statements, included in the 31 December 2023 annual financial report.
The condensed consolidated income statement, and statements of other comprehensive income and cash flows for the six months ended
31 December 2023 were not reviewed by the Company’s external auditor and were prepared by subtracting the condensed consolidated
financial statements for the six months ended 30 June 2023 from the audited comprehensive consolidated financial statements for the year ended
31 December 2023. The condensed consolidated income statement, and statements of other comprehensive income and cash flows for the six
months ended 31 December 2024 have not been reviewed by the Company’s external auditor and were prepared by subtracting the condensed
consolidated financial statements for the six months ended 30 June 2024 from the condensed consolidated financial statements for the year
ended 31 December 2024.
The translation of the primary statements into US dollar is based on the average exchange rate for the period for the condensed consolidated
income statement, statements of other comprehensive income and cash flows, and the period-end closing exchange rate for the statement of
financial position. Exchange differences on translation are accounted for in the condensed consolidated statement of other comprehensive
income. This information is provided as supplementary information only and has not been reviewed by the Company's external auditor.
1.1      Standards, interpretations and amendments to published standards effective on 1 January 2024 and those issued but not yet
effective
The amendments to published standards effective on 1 January 2024 and adopted by the Sibanye Stillwater Limited (Sibanye-Stillwater) group (the
Group) did not have a material effect on the Group’s condensed consolidated financial statements for the year ended 31 December 2024.
Standards, interpretations and amendments to published standards not yet effective on 1 January 2024 are not expected to have a material
effect on the Group, except for the presentation and disclosure impact of IFRS 18 Presentation and Disclosure in Financial Statements which is
currently being assessed.
1.2    Restatement of other comprehensive income, net of tax
The Group restated its OCI for the six and twelve month periods ended 31 December 2023 and the six months ended 30 June 2024 as presented in
the condensed consolidated statement of other comprehensive income and condensed consolidated statement of changes in equity, to include
the amount of the foreign currency translation reserve (FCTR) reclassified to profit or loss. The reclassified FCTR amount related to the deregistration
of dormant subsidiaries in the Group, which was accounted for as reclassifications of the related FCTR balances from OCI to profit or loss in
accordance with the Group's policy. Management identified that they presented and disclosed the reclassification of FCTR as a separate line item
in the condensed consolidated statement of changes in equity, rather than to include the reclassification of the FCTR balances in the applicable
line item disclosed in the condensed consolidated statement of other comprehensive income in accordance with paragraph 93 of IAS 1
Presentation of Financial Statements, which requires reclassification adjustments to be presented and disclosed with the related component of
OCI in the period that the adjustment is reclassified to profit or loss.
The impact of previous presentation and disclosure in this condensed consolidated financial statements resulted in the OCI and total
comprehensive income, net of tax disclosed in the condensed consolidated statement of other comprehensive income to be understated by R26
million (six months ended 30 June 2024) and overstated by R173 million and R1,663 million for the six months and year ended 31 December 2023,
respectively. This does not have an impact on the opening or closing balances of reserves disclosed in the condensed consolidated statement of
changes in equity, the condensed consolidated statement of financial position, the condensed consolidated income statement and the
condensed consolidated statement of cash flows.
The impact of the restatement on the condensed consolidated financial statements is illustrated in the table below:
Six months ended
Six months ended
Year ended
30 June 2024
31 December 2023
31 December 2023
Figures in million
As
previously
presented
Adjustment1
Adjustment2
As restated
As
previously
presented
Adjustment
As restated
As
previously
presented
Adjustment
As restated
SA rand
Condensed consolidated statement of other
comprehensive income
Other comprehensive income, net of tax
119
(3)
26
142
(1,397)
(173)
(1,570)
4,648
(1,663)
2,985
Foreign currency translation adjustments
(34)
(3)
26
(11)
(826)
(173)
(999)
5,232
(1,663)
3,569
Currency translation adjustments3
—
—
—
—
—
—
—
—
—
—
Total comprehensive income
(7,019)
134
26
(6,859)
(46,613)
(173)
(46,786)
(32,782)
(1,663)
(34,445)
Attributable to:
Owners of Sibanye-Stillwater
(7,363)
134
26
(7,203)
(46,591)
(173)
(46,764)
(33,184)
(1,663)
(34,847)
Non-controlling interests
344
—
—
344
(22)
—
(22)
402
—
402
US dollar4
Condensed consolidated statement of other
comprehensive income
Other comprehensive income, net of tax
23
—
1
24
29
(8)
21
(173)
(90)
(263)
Foreign currency translation adjustments
—
—
—
—
—
—
—
—
—
—
Currency translation adjustments3
15
—
1
16
60
(8)
52
(141)
(90)
(231)
Total comprehensive income
(356)
7
1
(348)
(2,430)
(8)
(2,438)
(2,205)
(90)
(2,295)
Attributable to:
—
Owners of Sibanye-Stillwater
(374)
7
1
(366)
(2,429)
(8)
(2,437)
(2,227)
(90)
(2,317)
Non-controlling interests
18
—
—
18
(1)
—
(1)
22
—
22
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      33
Six months ended
Six months ended
Year ended
30 June 2024
31 December 2023
31 December 2023
Figures in million
As
previously
presented
Adjustment1
Adjustment2
As restated
As
previously
presented
Adjustment
As restated
As
previously
presented
Adjustment
As restated
SA rand
Condensed consolidated statement of
changes in equity
Other reserves5
Balance at the beginning of the period
12,552
—
—
12,552
14,115
—
14,115
9,672
—
9,672
Total comprehensive income for the period
109
(3)
26
132
(1,394)
(173)
(1,567)
4,590
(1,663)
2,927
Other comprehensive income, net of tax
109
(3)
26
132
(1,394)
(173)
(1,567)
4,590
(1,663)
2,927
Foreign exchange movement recycled
through profit or loss
26
—
(26)
—
(173)
173
—
(1,663)
1,663
—
Balance at the end of the period6
12,748
(3)
—
12,745
12,552
—
12,552
12,552
—
12,552
US dollar2
Condensed consolidated statement of
changes in equity
Other reserves5
Balance at the beginning of the period
(67)
—
—
(67)
(88)
—
(88)
202
—
202
Total comprehensive income for the period
22
—
1
23
29
(8)
21
(176)
(90)
(266)
Other comprehensive income, net of tax
22
—
1
23
29
(8)
21
(176)
(90)
(266)
Foreign exchange movement recycled
through profit or loss
1
(1)
—
(8)
8
—
(90)
90
—
Balance at the end of the period6
(41)
—
—
(41)
(67)
—
(67)
(67)
—
(67)
1  Adjustment relates to the revision of the Reldan at acquisition accounting due to new information received during the period (see note 10)
2  Adjustment relates to the FCTR reclassified to profit or loss
3  These gains and losses relate to the convenience translation of SA rand amounts to US dollar
4  The US dollar amounts are provided as supplementary information and has not been reviewed by the external auditors
5  The restatement only impacts the other reserves which includes the foreign currency translation reserve in the condensed consolidated statement of changes in equity. It has no impact on NCI
6  The restatement has no impact on the condensed consolidated statement of financial position, condensed consolidated income statement and condensed consolidated statement of cash
flows, as well as no impact on earnings per share or headline earnings per share
2.        Revenue
The Group’s sources of revenue are:
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Primary mining:
Gold mining activities
12,463
11,614
10,908
24,077
23,327
PGM mining activities1
28,588
31,094
30,393
59,682
66,275
Nickel refining activities
1,099
1,685
1,347
2,784
3,024
Secondary mining:
Zinc retreatment operation2
2,781
1,439
1,742
4,220
2,580
Gold tailings retreatment3
3,802
3,266
2,974
7,068
5,816
Recycling:
US PGM recycling activities
3,864
3,710
5,626
7,574
13,318
Industrial and electronic waste recycling activities4
4,040
2,266
—
6,306
—
Other:
Stream1
345
236
321
581
509
Total revenue from contracts with customers
56,982
55,310
53,311
112,292
114,849
Adjustments relating to sales of SA PGM concentrate provisional pricing5
45
29
(198)
74
(836)
Adjustments relating to zinc operation provisional pricing5
(102)
(135)
3
(237)
(329)
Total revenue
56,925
55,204
53,116
112,129
113,684
1The difference between revenue from PGM mining activities above and total revenue from PGM mining activities on the segment report relates to the separate disclosure of revenue from the
gold and palladium streaming arrangement with Wheaton Precious Metals International (Wheaton International) (Wheaton Stream) in the above. Revenue relating to the Wheaton Stream is
incorporated in the Group corporate segment as described in the segment report (see note 21)
2The difference between revenue from zinc retreatment operations above and total revenue from zinc retreatment operations on the segment report relates to the separate disclosure of
revenue related to adjustments on the provisional pricing on zinc sales
3Gold tailings retreatment (previously included in "Gold mining activities") relates to DRDGOLD which is included in the SA gold segment
4Includes revenue from the Reldan Group of Companies (Reldan) since date of acquisition (see note 10.1)
5These adjustments relate to provisional pricing arrangements resulting in subsequent changes to the amount of revenue recognised
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      34
Revenue per geographical region of the relevant operations:
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Southern Africa (SA)
40,873
41,529
39,125
82,402
84,736
United States (US)
12,274
10,686
10,899
22,960
23,673
Europe (EU)
1,099
1,685
1,347
2,784
3,024
Australia (AUS)
2,679
1,304
1,745
3,983
2,251
Total revenue
56,925
55,204
53,116
112,129
113,684
Percentage of revenue per segment based on the geographical location of customers purchasing from the Group:
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
SA Gold
chart-5c70eb0372d04fc7b9c.gif
chart-54eb4468f2c84c2eb67.gif
chart-8f03ccaf656b44eb910.gif
chart-4c7c9e3ffc9f4f13b46.gif
chart-df1f06a29439487fb68.gif
SA and US PGM
chart-a7eb1fb26dfa4d178b8.gif
chart-437868a9a3ee400da5b.gif
chart-37b9eb3b032b4b7881e.gif
chart-a24c719e1047471a810.gif
chart-1c3121721c6b4f63bc3.gif
Nickel refining
(Europe)
chart-65fc99b6662145a1921.gif
chart-5b11d1f8ead24cba821.gif
chart-16e4af3152b043898ab.gif
chart-c604c1f99a4e43e386e.gif
chart-968b620ed54243ddaea.gif
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      35
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Zinc retreatment
(Australia)
chart-5fce45486c2f45029e7.gif
chart-f84889c9aa8b47dda5d.gif
chart-7b11a23b184c467e844.gif
chart-9f87b4ed448e47c996d.gif
chart-6aea6c260c234b5299b.gif
Industrial and
electronic waste
recycling (US)
chart-9b00769fc4ed4c369dc.gif
chart-8a68100398784d4c935.gif
chart-7c19e34442ca4b7ebfe.gif
Revenue generated per product:
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Gold
20,018
17,120
14,450
37,138
30,257
PGMs
28,818
30,729
31,770
59,547
71,090
Platinum
9,775
10,798
10,171
20,573
19,775
Palladium
9,550
10,369
11,975
19,919
25,271
Rhodium
7,306
7,441
7,528
14,747
21,991
Iridium
1,406
1,418
1,530
2,824
2,883
Ruthenium
781
703
566
1,484
1,170
Chrome
2,923
3,146
2,947
6,069
5,165
Nickel
1,536
2,090
1,902
3,626
4,334
Zinc
2,534
1,231
1,643
3,765
2,126
Silver
599
409
112
1,008
152
Other1
497
479
292
976
560
Total revenue
56,925
55,204
53,116
112,129
113,684
1  Other primarily includes revenue from cobalt and copper sales
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      36
3.        Finance expense
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Notes
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Interest charge on:
Borrowings — interest
11
(975)
(971)
(617)
(1,946)
(1,192)
- US$1 billion revolving credit facility (RCF)
(123)
(62)
(27)
(185)
(73)
- US$600 million RCF
—
—
—
—
(20)
- R6.5 billion RCF
(97)
—
—
(97)
—
- R5.5 billion RCF
(93)
(226)
(75)
(319)
(125)
- 2026 and 2029 Notes
(456)
(472)
(473)
(928)
(932)
- US$ Convertible Bond
(191)
(198)
(36)
(389)
(36)
- Other borrowings
(15)
(13)
(6)
(28)
(6)
Borrowings — unwinding of amortised cost
11
(355)
(333)
(204)
(688)
(359)
- 2026 and 2029 Notes
(56)
(42)
(41)
(98)
(80)
- Burnstone Debt
(142)
(142)
(136)
(284)
(252)
- US$ Convertible Bond
(149)
(149)
(27)
(298)
(27)
- Other borrowings
(8)
—
—
(8)
—
Lease liabilities
(15)
(19)
(22)
(34)
(43)
Environmental rehabilitation obligation
(453)
(513)
(386)
(966)
(758)
Occupational healthcare obligation
(19)
(19)
(35)
(38)
(70)
Rustenburg deferred payment
—
—
—
—
(85)
Marikana dividend obligation
(96)
(92)
(114)
(188)
(236)
Deferred revenue
15
(208)
(163)
(154)
(371)
(327)
Other
(158)
(182)
(83)
(340)
(229)
Total finance expense
(2,279)
(2,292)
(1,615)
(4,571)
(3,299)
4.        Gain/(loss) on financial instruments
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Revised -
Unaudited
Unaudited
Unaudited
Audited
Notes
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Fair value gain/(loss) on palladium hedge contract
—
—
—
—
72
Fair value (loss)/gain on gold hedge contracts1
(392)
(56)
(184)
(448)
(140)
Fair value (loss)/gain on zinc hedge contracts2
(154)
(80)
(132)
(234)
491
Fair value gain/(loss) on derivative financial instrument
11
—
1,733
(2,136)
1,733
(2,136)
Fair value gain/(loss) on share-based payment obligations3
1,238
(424)
2,075
814
1,589
Gain on the revised cash flow of the Burnstone Debt4
11
1,053
—
32
1,053
32
Gain on the revised cash flow of the Marikana dividend obligation5
993
53
537
1,046
548
Fair value gain/(loss) on contingent consideration (related to the Kroondal acquisition)
270
126
(137)
396
(137)
Gain/(loss) on the revised cash flow of the Keliber dividend obligation6
811
—
(287)
811
(287)
Fair value (loss)/gain on other investments
(8)
(16)
14
(24)
116
Other
126
160
82
286
87
Total gain/(loss) on financial instruments
3,937
1,496
(136)
5,433
235
1  On 3 May 2023, Sibanye Gold Proprietary Limited (SGL) concluded a gold hedge agreement which commenced on 4 May 2023. The agreement is structured at monthly average prices,
comprising the delivery of 154,320 ounces of gold over 12 months (12,860 ounces per month) with a zero cost collar which establishes a floor and cap of R34,214 and R46,050 per ounce,
respectively. On 17 November 2023, Sibanye Gold Proprietary Limited concluded two additional gold hedge agreements which commenced on 17 November 2023. These agreements are
structured at monthly average prices, comprising the delivery of 120,000 and 240,000 ounces of gold over 12 months, respectively. The agreements have a zero cost collar which establishes a
floor of R34,214 per ounce for both agreements and cap of R43,545 and R43,800 per ounce, respectively. On 4 November 2024, SGL concluded a gold hedge agreement, which commenced
on 2 December 2024. The agreement is structured at monthly average prices, comprising the delivery of 182,000 ounces of gold over 12 months (14,000 ounces per month) with a zero cost collar
which establishes a floor and cap of R45,000 and R58,500 per ounce, respectively. On 9 December 2024, SGL concluded an additional gold hedge agreement, which commenced on 2
January 2025. The agreement is structured at monthly average prices, comprising the delivery of 168,000 ounces of gold over 12 months (14,000 ounces per month) with a zero cost collar which
establishes a floor and cap of R45,000 and R54,400 per ounce, respectively. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial
instruments in profit or loss
2  Century concluded a hedge agreement on 15 June 2021 for 90,000 tonnes of payable zinc over three years which commenced July 2021 to June 2024 in equal monthly deliveries (2,500 tonnes
per month) at a fixed monthly price of A$3,717/t net of all fees and costs. In November 2021, Century concluded an additional hedge agreement for 90,000 tonnes of payable zinc for two years
(3,750 tonnes per month) which commenced January 2022 to December 2023 at a fixed price of A$3,938/t net of all fees and costs. During June 2024, Century concluded two additional zinc
hedge agreements, which both commenced on 1 July 2024. The first agreement is structured at monthly average prices, comprising the delivery of 5,940 tonnes of zinc over 18 months (330
tonnes per month) with a zero cost collar which establishes a floor and cap of A$4,300 and A$4,830 per tonne, respectively. The second zinc hedge agreement is structured at monthly average
prices, comprising the delivery of 30,060 tonnes of zinc over 18 months (1,670 tonnes per month) with a zero cost collar which establishes a floor and cap of A$4,100 and A$4,340 per tonne,
respectively. During  November 2024, Century concluded two additional zinc hedge agreements, which both commenced in January 2025. The first agreement comprises the delivery of 6,000
tonnes of zinc in January 2025 with a zero cost collar which establishes a floor and cap of A$4,150 and A$4,500 per tonne, respectively. The second zinc hedge agreement is structured at
monthly average prices, comprising the delivery of  12,000 tonnes of zinc over 12 months (1,000 tonnes per month) with a zero cost collar which establishes a floor and cap of A$4,200 and
A$4,780 per tonne, respectively. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss
3  The fair value gain relates to the cash-settled share-based payment obligations in respect of the Rustenburg operation B-BBEE transaction and the Marikana B-BBEE transaction (see note 13)
4  The fair value gain is primarily due to a change in the estimated future cash flows in the life of mine allocated between SGL and the financial institutions in terms of the shareholder loan
agreement and term loan agreement
5  The fair value gain is due to a decrease in the long term 4E PGM basket price and a decrease in the net future cash flows over the life of mine
6  The fair value gain is due to a decrease in the long term lithium hydroxide price and a decrease in the net future cash flows over the life of mine
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      37
5.        Other costs and other income
5.1      Other costs
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Note
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Care and maintenance
(830)
(779)
(594)
(1,609)
(1,378)
Corporate and social investment costs
(245)
(160)
(86)
(405)
(149)
Cost incurred on employee and community trusts
(204)
—
(469)
(204)
(469)
Exploration costs
(11)
(25)
(74)
(36)
(183)
Non-mining royalties
(47)
(26)
(30)
(73)
(84)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable
and payable
(248)
(238)
—
(486)
—
Service entity costs
(306)
(160)
(92)
(466)
(366)
Onerous contract provision
12
(200)
—
(1,865)
(200)
(1,865)
Other
(880)
(363)
(904)
(1,243)
(1,364)
Total other costs
(2,971)
(1,751)
(4,114)
(4,722)
(5,858)
5.2      Other income
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Note
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable
and payable
40
—
45
40
45
Service entity income
143
164
240
307
497
Sundry income
235
154
260
389
387
Onerous contract provision utilisation/change in estimate
12
693
324
—
1,017
—
Insurance proceeds1
63
812
—
875
—
Gain on remeasurement of previous interest in Kroondal
—
—
298
—
298
Gain/increase in equity-accounted investment
1
1
3
2
5
Total other income
1,175
1,455
846
2,630
1,232
1  Relates mainly to the business interruption insurance claim lodged by the US PGM operations resulting from the flood event which occurred during June 2022
6.        Impairments
The Group performed its annual impairment testing for goodwill and, cash-generating units (CGUs) where impairment indicators were present, at
31 December 2024. The table below is a breakdown of the impairments recognised for each period ended.
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Impairment of mining assets and goodwill
(1,549)
(7,624)
(47,004)
(9,173)
(47,013)
Impairment of investment in equity-accounted investee
—
—
(423)
—
(423)
Impairment of loan to equity-accounted investee
—
—
(18)
—
(18)
Total impairments
(1,549)
(7,624)
(47,445)
(9,173)
(47,454)
The carrying value of the US PGM operations (Stillwater CGU) was impaired by R1,292 million at 31 December 2024, in addition to the R7,499 million
recognised at 30 June 2024. The impairment is due to the resulting recoverable amount determined from the updated life-of-mine plan which
incorporates the restructure of the US PGM operations announced after 30 June 2024, and includes suspending the operations at the Stillwater
West Mine for a period of time and reducing mining at East Boulder Mine. Many of the actions relating to the restructure were implemented
towards the end of the financial year. There was also a further decrease in the expected long-term palladium and platinum prices which resulted
in a decrease in the expected future net cash flows from the Stillwater CGU, and contributed to the reduced value in use at 31 December 2024.
The impairment recognised at 30 June 2024 was due to the decrease in medium to long-term forecast palladium and platinum prices which also
resulted in a decrease in the expected future net cash flows from the Stillwater CGU. Specific asset impairment for the year and six months ended
31 December 2024 relates to the Sandouville nickel refinery which was impaired by R221 million resulting from the settlement agreement
concluded during the six months ended 31 December 2024, in terms of which the last nickel matte was delivered early January 2025 and the
remaining inventory is scheduled to be processed by the end of March 2025. The Sandouville nickel refining operation will wind-down during H1
2025. The outcome of the pre-feasibility study to assess the potential conversion of the Sandouville plant to produce pCAM is expected by the end
of 2025.
A further R34 million specific asset impairment was recognised at Stillwater related to assets classified as held for sale and written down to fair
value. Specific asset impairments recognised for the six months ended 30 June 2024 related to shaft 4B at Marikana which was impaired by R112
million due to closure and the Klipfontein open cast assets by R11 million due to the mining area not being economically viable.
The impairment of mining assets recognised during 2024 relates to the following classes of assets:
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Dec 2024
June 2024
Dec 2024
Stillwater
Other
Total
Stillwater
Other
Total
Stillwater
Other
Total
Mine development, infrastructure and other
(1,326)
(163)
(1,489)
(7,499)
(125)
(7,624)
(8,825)
(288)
(9,113)
Right-of-use assets
—
(60)
(60)
—
—
—
—
(60)
(60)
Total impairments
(1,326)
(223)
(1,549)
(7,499)
(125)
(7,624)
(8,825)
(348)
(9,173)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      38
The assumptions applied in the value in use impairment calculation for the Stillwater CGU are set out below:
Unaudited
Unaudited
June 2024
Dec 2024
Weighted average PGM (2E) basket price1
US$/2Eoz
1,206
1,120
Inflation rate2
%
2.5
2.1
Nominal discount rate3
%
11.5
13.0
Life-of-mine4
years
45.5
35
Recoverable amount
R' million
15,224
13,682
1 The weighted average commodity prices and exchange rate were derived by considering various bank and commodity broker consensus forecasts
2 The inflation rate is based on the expected forecast inflation rate for the geographic region which most affects the CGU's cash flows
3  The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs
4  Periods longer than five years are used for determining the recoverable amount and is considered appropriate based on the nature of the operations since a formally approved life-of-mine plan
is used to determine cash flows over the life of each mine based on the available reserves
Group impairment assumptions
The annual life-of-mine plan, used in the annual impairment assessments, incorporates the following:
•Proved and probable ore reserves of the CGUs
•Revenue based on the consensus forecast commodity prices and operating costs
•Sustaining capital expenditure estimates over the life-of-mine plan
•Development capital expenditure, where applicable
The Group's estimates and assumptions used for the 31 December 2024 impairment calculations include:
Gold operations
PGM operations
Europe
(Sandouville
nickel
refinery)1
Australia*
Reldan
Unaudited
Audited
Unaudited
Audited
Audited
Audited
Unaudited
Dec 2024
Dec 2023
Dec 2024
Dec 2023
Dec 2023
Dec 2023
Dec 2024
Average gold price2
R/kg
1,324,530
1,072,364
Average PGM (4E) basket price2
R/4Eoz
26,963
29,124
Average PGM (2E) basket price2
US$/2Eoz
1,120
1,281
Average nickel price2
US$/lbs
8.9
Average cobalt price2
US$/lbs
15.8
Average zinc price2
A$/t
3,873
Average gold price2
US$/oz
2,329
Average silver price2
US$/oz
29
Nominal discount rate — South Africa3, 4
%
14.3 - 15.7
13.7 - 15.8
21.3 - 21.5
22.5 - 22.7
Nominal discount rate — United States4
%
13.0
12.0
15.3
Nominal discount rate — Europe4
%
7.4
Nominal discount rate — Australia4
%
9.3
Inflation rate — South Africa5
%
5.0
6.0
5.0
6.0
Inflation rate — United States5
%
2.1
2.5
2.1
Inflation rate — Europe5
%
1.6
Inflation rate — Australia5
%
2.9
Life-of-mine6
years
4 - 10
4 - 11
13 - 45
14 - 47
23
4
N/A
*No impairment assessment performed at 31 December 2024 as carrying values reduced to nil due to change in the rehabilitation provision
1 The Keliber impairment assessment at 31 December 2024 applied an average lithium hydroxide price of US$18,640/t (2023: US$22,933/t), nominal discount rate of 9.9% (2023: 10.1%), inflation rate
of 2% (2023: 2%) and a life-of-mine of 23 years (2023: 24 years)
2 The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts. The average gold price used in the impairment assessment of
the Burnstone project was R1,189,493/kg (2023: R1,012,625/kg) and weighted average PGM (4E) basket price used for the Mimosa equity-accounted joint venture was R25,433/4Eoz (2023:
R26,632/4Eoz)
3  Nominal discount rate for the Burnstone project is 17.5% (2023: 18.9%) and for the equity-accounted joint venture Mimosa, 22.7% (2023: 31.2%)
4  The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs
5 The inflation rate is based on the expected forecast inflation rate in the geographical region which most affects the CGU's cash flows
6  Periods longer than five years are used for determining the recoverable amount and is considered appropriate based on the nature of the operations since a formally approved life-of-mine plan
is used to determine cash flows over the life of each mine based on the available reserves
Results of impairment assessments for the Group's CGUs and goodwill allocated to CGUs
No impairment was recognised at 31 December 2024 for the Group's CGUs, other than Stillwater and Sandouville, or any CGUs with allocated
goodwill. However, holding all other assumptions constant, the table below illustrates possible changes in certain key assumptions used in the
Group's impairment assessments that could result in impairment. There was low to minimal headroom in the recoverable amounts for the CGUs
listed below.
CGU
Key assumption
Value of key assumption
Change to key assumption resulting in impairment
Marikana
Average 4E PGM basket price
R26,380/4Eoz
4.3%
Keliber
Average lithium hydroxide price
US$18,640/t
0.1%
Mimosa
Average 4E PGM basket price
R25,433/4Eoz
0.1%
In addition, a significant portion of the recoverable amount of the Stillwater CGU is based on the income expected from Section 45X Advanced
Manufacturing Production Tax Credit for critical minerals in the US. Negative legislative changes could have a significant impact on the
recoverable amount of the Stillwater CGU. A 1% change in the value of the credit has a 12% impact on the recoverable amount of this CGU.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      39
7.        Mining and income tax
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Revised -
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Tax on profit before tax at maximum South African statutory company tax rate (27%)
(435)
1,573
13,617
1,138
10,758
South African gold mining tax formula rate adjustment
60
(19)
47
41
236
US statutory tax rate adjustment
(9)
(31)
(2,154)
(40)
(2,176)
US state tax adjustment
99
266
1,081
365
1,121
Non-deductible amortisation and depreciation
—
—
(1)
—
(2)
Non-taxable dividend received
—
—
1
—
1
Non-deductible finance expense
(238)
(82)
(95)
(320)
(180)
Non-deductible share-based payments
(4)
(3)
(4)
(7)
(7)
Non-taxable gain/(non-deductible loss) on fair value of financial instruments
1,296
(100)
39
1,196
(101)
(Non-deductible loss)/non-taxable gain on foreign exchange differences
(2)
(8)
52
(10)
463
Non-taxable share of results of equity-accounted investees
21
38
(388)
59
(317)
Non-taxable gain on acquisition
—
—
243
—
243
Non-deductible impairments
—
—
(2,392)
—
(2,392)
Non-deductible transaction costs
15
(77)
(114)
(62)
(158)
Tax adjustment in respect of prior periods
(100)
19
12
(81)
10
Net other non-taxable income and non-deductible expenditure
(743)
533
30
(210)
(272)
Change in estimated deferred tax rate
577
(213)
(1,467)
364
(726)
Deferred tax assets unrecognised or derecognised1
(858)
(3,071)
(3,287)
(3,929)
(4,085)
Mining and income tax
(321)
(1,175)
5,220
(1,496)
2,416
Effective tax rate
20%
(20%)
10%
(36%)
6%
1 The amount for the year ended 31 December 2024 relates mainly to unrecognised deferred tax assets at the Stillwater and Cooke amounting to R3,847 million. The amount for the year ended 31
December 2023 relates mainly to unrecognised deferred tax assets at Sandouville nickel refinery, Century, Burnstone, Cooke and SGL amounting to R3,775 million
International tax reform - Pillar Two Model Rules exposure
The Organisation for Economic Co-operation and Development (OECD) published the Pillar Two model rules designed to address the tax
challenges arising from the digitalisation of the global economy. It is unclear if the Pillar Two model rules will create additional temporary
differences, whether it will result in the remeasurement of deferred taxes and which tax rate should be used to measure deferred taxes. The Group
applied the temporary exception issued as part of the amendments to IAS 12 Income Taxes to not recognise or disclose information about
deferred tax assets and liabilities related to the proposed Pillar Two model rules.
Pillar Two legislation is enacted or substantively enacted in certain jurisdictions where the Group operates, namely, South Africa, Australia,
Barbados, France, Finland, Canada, the United Kingdom and Zimbabwe and was effective in these jurisdictions for the Group’s financial year
beginning 1 January 2024 for purposes of the Income Inclusion Rule (IIR) and Qualified Domestic Minimum Top-up Tax (QDMTT). The Group
performed an assessment of the potential exposure arising from Pillar Two legislation for jurisdictions where Pillar Two requirements are effective for
the year ended 31 December 2024. Based on the assessment performed by the Group and application of the available transitional safe harbours,
there is no impact on mining and income tax for jurisdictions where Pillar Two legislation is effective.
In the remaining jurisdictions where the Group operates, Pillar Two legislation is not yet effective for the year ended 31 December 2024. In Gibraltar
(where the Group owns an insurance cell investment), legislation was prepared and enacted, however, the legislation will only be effective for the
Group’s 2025 financial year. The Group performed an assessment of the potential exposure to Pillar Two income taxes based on the most recent
financial information for 2024. Based on the assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Group operates
are above 15%, being the minimum proposed tax rate, or the jurisdiction will meet one of the transitional safe harbours and management is not
currently aware of any circumstances under which this might change. Therefore, the Group does not expect a potential significant exposure to
Pillar Two top-up taxes for the remaining jurisdictions where the Group operates, based on the latest information for the year ended 31 December
2024.
8.        Earnings per share
8.1      Basic earnings per share
Six months ended
Year ended
Unaudited
Revised -
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Ordinary shares in issue (’000)
2,830,567
2,830,567
2,830,567
2,830,567
2,830,567
Adjustment for weighting of ordinary shares in issue (’000)
—
—
—
—
(39)
Adjusted weighted average number of shares (’000)
2,830,567
2,830,567
2,830,567
2,830,567
2,830,528
Profit/(loss) attributable to owners of Sibanye-Stillwater (SA rand million)
38
(7,335)
(45,195)
(7,297)
(37,772)
Basic earnings per share (EPS) (cents)
1
(259)
(1,597)
(258)
(1,334)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      40
8.2      Diluted earnings per share
Potential ordinary shares arising from the equity-settled share-based payment scheme resulted in a dilution for the 12 month period ended 31
December 2023. The assumed conversion of the US$ Convertible Bond could potentially dilute basic earnings per share in future, however the
bonds were anti-dilutive for the six months ended 30 June 2024, six months ended 31 December 2023 and the six months and year ended 31
December 2024.
Six months ended
Year ended
Unaudited
Revised -
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Weighted average number of shares
Adjusted weighted average number of shares (’000)
2,830,567
2,830,567
2,830,567
2,830,567
2,830,528
Potential ordinary shares - equity-settled share plan (’000)
—
—
—
—
39
Diluted weighted average number of shares (’000)
2,830,567
2,830,567
2,830,567
2,830,567
2,830,567
Diluted earnings per share (DEPS) (cents)
1
(259)
(1,597)
(258)
(1,334)
8.3      Headline earnings per share
Figures in million - SA rand unless otherwise stated
Six months ended
Year ended
Unaudited
Revised -
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Profit/(loss) attributable to owners of Sibanye-Stillwater
38
(7,335)
(45,195)
(7,297)
(37,772)
Gain on disposal of property, plant and equipment
(20)
(35)
(31)
(55)
(105)
Impairments
1,549
7,624
47,445
9,173
47,454
Impairment recognised by equity-accounted investee, net of tax
—
19
1,384
19
1,384
Gain on acquisition
—
—
(898)
—
(898)
Gain on remeasurement of previous interest in Kroondal
—
—
(298)
—
(298)
Foreign exchange movement recycled through profit or loss
29
26
(173)
55
(1,663)
Compensation for losses incurred
(26)
—
—
(26)
—
Taxation effect of remeasurement items
(27)
(25)
(6,341)
(52)
(6,322)
Re-measurement items, attributable to non-controlling interest
—
—
—
—
4
Headline earnings
1,543
274
(4,107)
1,817
1,784
Adjusted weighted average number of shares (’000)
2,830,567
2,830,567
2,830,567
2,830,567
2,830,528
Headline EPS (cents)
55
10
(145)
64
63
8.4      Diluted headline earnings per share
Figures in million - SA rand unless otherwise stated
Six months ended
Year ended
Unaudited
Revised -
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Headline earnings
1,543
274
(4,107)
1,817
1,784
Diluted weighted average number of shares (’000)
2,830,567
2,830,567
2,830,567
2,830,567
2,830,567
Diluted headline EPS (cents)
55
10
(145)
64
63
9.        Dividends
Dividend policy
The Group’s dividend policy is to return between 25% to 35% of normalised earnings to shareholders and after due consideration of future
requirements the dividend may be increased beyond these levels. The Board, consistently considers normalised earnings in determining what
value will be distributed to shareholders. The Board believes normalised earnings provides useful information to investors regarding the extent to
which results of operations may affect shareholder returns. Normalised earnings is defined as earnings attributable to the owners of Sibanye-
Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments and related compensation, gain/loss
on disposal of property, plant and equipment, occupational healthcare expenses, restructuring costs, transactions costs, share-based payment
expenses on B-BBEE transactions, gains on acquisitions, net other business development costs, share of results of equity-accounted investees,  all
after tax and the impact of non-controlling interest, and changes in the estimated deferred tax rate.
In line with Sibanye-Stillwater’s dividend policy and its Capital Allocation Framework, the Board of Directors resolved not to declare a final dividend
for the year ended 31 December 2024.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      41
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Revised -
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Profit/(loss) attributable to the owners of Sibanye-Stillwater
38
(7,335)
(45,195)
(7,297)
(37,772)
Adjusted for:
(Gain)/loss on financial instruments
(3,937)
(1,496)
136
(5,433)
(235)
Loss/(gain) on foreign exchange differences
202
13
(123)
215
(1,973)
Gain on disposal of property, plant and equipment
(20)
(35)
(31)
(55)
(105)
Impairments
1,549
7,624
47,445
9,173
47,454
Restructuring costs
250
300
689
550
515
Transaction and project costs
505
346
394
851
474
Occupational healthcare obligation gain
(77)
1
(357)
(76)
(365)
Gain/increase in equity-accounted investment
(1)
(1)
(3)
(2)
(5)
Gain on acquisition
—
—
(898)
—
(898)
Gain on remeasurement of previous interest in Kroondal
—
—
(298)
—
(298)
Provision for community costs post closure
—
24
—
24
—
Cyber security costs
67
—
—
67
—
Change in estimated deferred tax rate
(577)
213
1,467
(364)
726
Share of results of equity-accounted investees after tax
(76)
(136)
1,437
(212)
1,174
Compensation for losses incurred
(26)
—
—
(26)
—
Tax effect of the items adjusted above
32
300
(6,913)
332
(6,664)
Non-controlling interest effect of the items listed above
819
(26)
(284)
793
(276)
Normalised earnings1
(1,252)
(208)
(2,534)
(1,460)
1,752
1  Normalised earnings, as defined and reconciled above, is not a measure of performance under IFRS Accounting Standards. As a result, it should not be considered in isolation or as alternatives
to any other measure of financial performance presented in accordance with IFRS Accounting Standards
10.      Acquisitions
10.1    Reldan business combination (revised)
Sibanye-Stillwater successfully concluded the acquisition of the Reldan Group of Companies (Reldan) on 15 March 2024 by acquiring 100% of the
shares and voting interest. Reldan is a recycling group which reprocesses various waste streams to recycle precious metals and is based in
Pennsylvania, USA. In addition to Reldan's US operations, it has also established a presence in Mexico and India where it has forged strategic joint
ventures with local partners. The acquisition complements the Group's US PGM recycling business in Montana and enhances its exposure to the
circular economy.
Reldan's financial results were consolidated from the effective date. For the nine and a half months ended 31 December 2024, Reldan contributed
revenue of R6,306 million (US$344 million) and a net profit of R47 million (US$2 million) to the Group's results. Reldan's pro forma revenue and net
profit would have been R7,353 million (US$423 million) and R24 million (US$1 million), respectively, had the acquisition been effective from 1
January 2024. Total revenue and total net loss of the Group for the year ended 31 December 2024 would have been R113,176 million and R5,733
million had the acquisition been effective from 1 January 2024. In determining these amounts, management assumed that the fair value
adjustments that arose on the date of acquisition would be the same if the acquisition occurred on 1 January 2024. The functional currency of
Reldan is the US dollar.
The purchase price allocation (PPA) for the six months ended 30 June 2024 was prepared on a provisional basis in accordance with IFRS 3. During
the 12 month measurement period commencing on the acquisition date, management provisionally revised the initial PPA due to new information
obtained in accordance with IFRS 3.
Consideration
The fair value of the consideration is as follows:
Figures in million - SA rand
Unaudited
Dec 2024
Consideration paid1
2,943
Fair value of NCI put liability2
109
Total consideration
3,052
1  Includes transaction-related cost of US$1 million (R23 million) paid by Reldan on behalf of the previous owners. Cash consideration amounted to US$155.9 million (R2,920 million)
2  Relates to an NCI put option in respect of an intermediate Reldan holding company which holds an interest in the Indian joint venture operations, and may require the Group to purchase shares
from the non-controlling shareholders of Reldan if exercised by the NCI. The put option can be exercised by the NCI between three and five years at market price
Reldan acquisition related costs
The Group incurred total acquisition related costs of R111 million for the year ended 31 December 2024 (six months ended 31 December 2024: R27
million), six months ended 30 June 2024: R84 million, six months ended 31 December 2023: R74 million) on advisory and legal fees. These costs are
recognised as transaction costs in profit or loss during the period in which incurred.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      42
Identified assets acquired and liabilities assumed
The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date:
Figures in million - SA rand
Unaudited
Note
Dec 2024
Property, plant and equipment2
542
Intangible assets2
1,397
Right-of-use assets1
3
Equity-accounted investments2
269
Inventories2
1,503
Trade and other receivables1
163
Cash and cash equivalents1,3,4
230
Lease liabilities1
(3)
Other payables1,3
(956)
Borrowings2
11
(84)
Deferred revenue1
(120)
Trade and other payables1,3
(175)
Fair value of identifiable net assets acquired2
2,769
1  Carrying value approximates fair value, except as detailed in footnote 2 below
2  Fair value of assets and liabilities for which the carrying value does not approximate fair value, excluding those not within the IFRS 3 measurement scope, were determined as follows:
•The fair value of property, plant and equipment was determined based on market prices for similar items and where relevant, the fair value was determined using the depreciated
replacement cost method
•The fair value of intangible assets was determined based on the relief-from-royalty method which considers the discounted estimated royalty payments that are avoided as a result of
ownership as well as an income approach (multi-period excess earnings method) which considers the present value of future net cash flows to value the vendor relationships
•The fair value of equity-accounted investments was determined based on an income approach which considers the discounted expected future cash flows of the investment
•The fair value of inventories was based on an assessment of net realisable value
•The fair value of borrowings was determined based on a market-related discount rate
3  Cash and cash equivalents , Other payables and Trade and other payables, previously amounting to R71 million, R733 million and R104 million at 30 June 2024, respectively, were revised based
on new information obtained in accordance with IFRS 3
4  The transaction results in net cash paid of R2,690 million based on cash and cash equivalents acquired of R230 million and cash consideration paid of R2,920 million
Goodwill
Goodwill arising from the business combination is as follows:
Figures in million - SA rand
Unaudited
Dec 2024
Consideration
3,052
Fair value of identifiable net assets acquired
(2,769)
Goodwill1,2,3
283
1  The goodwill is attributable to the human capital and the premium paid for the synergies and benefits expected to be derived from enhancing the Group's recycling business across the US,
Mexico and India
2  US tax legislation requires the purchase consideration to be allocated in order to determine future tax deduction. An amount of R1,092 million (US$58 million) is estimated to be deductible for tax
purposes in the future
3  Goodwill, previously amounting to R148 million at 30 June 2024, was revised based on new information obtained in accordance with IFRS 3. The net adjustments based on the new information
obtained resulted in additional goodwill
11.      Borrowings and derivative financial instrument
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Borrowings
41,687
37,316
36,618
41,687
36,618
Derivative financial instrument1
—
—
3,810
—
3,810
Balance at the end of the period
41,687
37,316
40,428
41,687
40,428
Current portion of borrowings and derivative financial instrument
(552)
(4,716)
(15,482)
(552)
(15,482)
Non-current portion of borrowings and derivative financial instrument
41,135
32,600
24,946
41,135
24,946
1  On 28 May 2024, approval was obtained from shareholders for the US$ Convertible Bond to be convertible in future  into ordinary shares of Sibanye-Stillwater at the option of the holders. The
share conversion start date was 28 June 2024, with the last day that cash conversion could be requested being 26 June 2024. The derivative financial instrument was transferred to equity on 26
June 2024 as a result of the removal of the cash conversion option (see condensed consolidated statement of changes in equity). The fair value gain on the derivative financial instrument for the
six months ended 30 June 2024 amounted to R1,733 million (six months ended 31 December 2023: loss of R2,136 million) (see note 4)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      43
Borrowings
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Notes
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Balance at beginning of the period
37,316
36,618
25,312
36,618
22,728
Borrowings acquired on acquisition of subsidiaries
10
—
84
3
84
6
Loans raised
6,983
1,295
11,758
8,278
12,758
US$ Convertible bond
—
—
7,455
—
7,455
R6.5 billion RCF
1,000
—
—
1,000
—
R5.5 billion RCF
—
—
4,000
—
5,000
Keliber facility
5,618
—
—
5,618
—
Other borrowings
365
1,295
303
1,660
303
Loans repaid
(2,571)
(764)
(315)
(3,335)
(1,323)
R6.5 billion RCF
(2,000)
—
—
(2,000)
—
R5.5 billion RCF
—
—
—
—
(1,000)
Other borrowings
(571)
(764)
(315)
(1,335)
(323)
Unwinding of loans recognised at amortised cost
3
355
333
204
688
359
Accrued interest
3
975
971
617
1,946
1,192
Accrued interest paid
(993)
(954)
(577)
(1,947)
(1,175)
2026 and 2029 Notes
(466)
(466)
(468)
(932)
(951)
R6.5 billion, R5.5 billion, US$1 billion and US$600 million RCFs
(313)
(288)
(103)
(601)
(218)
US$ Convertible bond
(189)
(196)
—
(385)
—
Other borrowings
(25)
(4)
(6)
(29)
(6)
Gain on the revised cash flow of the Burnstone Debt
4
(1,053)
—
(32)
(1,053)
(32)
Borrowing costs capitalised
64
—
—
64
—
Loss/(gain) on foreign exchange differences and foreign currency translation
611
(267)
(352)
344
2,105
Balance at end of the period
41,687
37,316
36,618
41,687
36,618
Borrowings and facilities consist of:
Figures in million - SA rand
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
US$1 billion RCF1
—
—
—
R6.5 billion RCF2,3
3,000
—
—
R5.5 billion RCF2
—
4,000
4,000
US$ Convertible Bond
7,921
7,627
7,538
2026 and 2029 Notes
22,354
21,916
22,042
Burnstone Debt3
2,260
3,109
2,991
Keliber facility4
5,724
—
—
Other borrowings5
428
664
47
Borrowings
41,687
37,316
36,618
Current portion of borrowings
(552)
(4,716)
(11,672)
Non-current borrowings
41,135
32,600
24,946
1   The facility is undrawn at 31 December 2024 and at the date of this report
2   On 16 August 2024 a new R6 billion RCF, including an option for Sibanye-Stillwater to increase the RCF by a further R1 billion later during the term through inclusion of additional lenders, was
executed and refinanced the R5.5 billion RCF. The new facility has substantially similar terms to the R5.5 billion RCF, and has a maturity tenor of three years, including an option to extend the
facility tenor through two further one-year extensions, subject to the approval of the lenders. The facility is linked to the JIBAR with the interest rate margin based on a sliding scale between 2.2%
and 2.8% dependent on Sibanye-Stillwater's net debt to adjusted EBITDA ratio. During H2 2024, the Group executed an increase of R500 million on the new facility
3   The R6.5 billion RCF is affected by the IBOR reform amendments to IFRS Accounting Standards, which came into effect on 1 January 2021. The R6.5 billion RCF is linked to the JIBAR for the
foreseeable future and will transition to a new interest rate prior to the date on which the JIBAR will no longer be available for use. At 31 December 2024, there is no significant impact on the
Group as a result of IBOR reform in respect of the R6.5 billion RCF and the Group will assess any potential impact when the facility is transitioned to a new rate in the future. The Burnstone debt
was transitioned from US LIBOR to a term Secured Overnight Financing Rate (SOFR) during March 2024, which is consistent with the Group's US$1 billion RCF. Management performed an
assessment and concluded that the transition to the term SOFR did not materially impact the Group's results
4  The Group executed a EUR500 million green loan financing facility for the Keliber project (Keliber facility), through its subsidiary Keliber Technology Oy on 22 August 2024. The facility secures
funding for the capital expenditure required for the construction and development of the Group's lithium mining, processing and refining facilities in Finland. The Keliber facility is a distinctive
credit facility, comprising a bank financed EUR250 million Export Credit Agency guaranteed tranche, a EUR150 million tranche provided by the European Investment Bank and a EUR100 million
syndicated commercial bank tranche with seven international commercial banks participating. The Keliber facility repayment profile is tied to the Keliber project's projected cash flows, with
ultimate maturities of seven to eight years and is linked to the Euro Interbank Offered Rate (EURIBOR) with a competitive margin. Borrowing costs amounting to R64 million was capitalised for the
year and six months ended 31 December 2024
5  Other borrowings consist mainly of overnight facilities, working capital and overdraft borrowings facilities at Keliber, Sandouville, Century and Reldan
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      44
11.1    Capital management
Debt maturity
The following are contractually due, undiscounted cash flows resulting from maturities of borrowings, including interest payments:
Figures in million - SA rand
Total
Within one
year
Between
one and two
years
Between
two and
three years
Between
three and
five years
After five
years
31 December 2024
- Capital
R6.5 billion RCF
3,000
—
—
3,000
—
—
2026 and 2029 Notes
22,512
—
12,663
—
9,849
—
US$ Convertible Bond1
9,380
—
—
—
9,380
—
  Burnstone Debt
146
—
—
—
—
146
Keliber facility
5,858
—
—
422
2,314
3,122
  Other borrowings
442
335
12
13
28
54
- Interest
17,407
1,930
1,880
1,317
1,680
10,600
1   The Convertible Bond and associated derivative financial instrument was considered repayable within twelve months and classified as current at 31 December 2023, prior to obtaining
shareholder approval on 28 May 2024 to convert into shares in future at the option of the bondholders. Subsequent to the shareholder approval obtained, the US$ Convertible Bond is
convertible into new and/or existing Sibanye-Stillwater ordinary shares and classified as non-current as maturity is not within twelve months
Net debt to adjusted EBITDA
Figures in million - SA rand
Rolling 12 months
Unaudited
Revised -
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Adjusted borrowings1
39,426
34,207
37,437
Adjusted cash and cash equivalents2
16,002
15,519
25,519
Net debt3
23,424
18,688
11,918
Adjusted EBITDA4
13,088
13,057
20,556
Net debt to adjusted EBITDA (ratio)5
1.79
1.43
0.58
1  Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument until it was
derecognised on 26 June 2024
2  Cash and cash equivalents exclude cash of Burnstone
3  Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and, therefore, exclude the
Burnstone Debt and include the derivative financial instrument until it was derecognised on 26 June 2024. Net cash excludes cash of Burnstone
4  The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) calculation is based on the definitions included in the facility agreements for compliance with the debt
covenant formula, except for the impact of new accounting standards and acquisitions, project finance subsidiaries (Burnstone) and acquisitions, where the facility agreements allow the results
from the acquired operations to be annualised. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA as defined and reconciled below, is
not a measure of performance under IFRS Accounting Standards and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity
5  Net debt to adjusted EBITDA ratio is a pro forma performance measure and is defined as net debt as of the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the
same reporting date. Net debt to adjusted EBITDA is not a measure of performance under IFRS Accounting Standards. As a result, it should not be considered in isolation or as alternatives to any
other measure of financial performance presented in accordance with IFRS Accounting Standards
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      45
Reconciliation of profit before royalties, carbon tax and tax to adjusted EBITDA
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Revised -
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Profit/(loss) before royalties, carbon tax and tax
1,915
(5,584)
(49,977)
(3,669)
(38,794)
Adjusted for:
Amortisation and depreciation
4,676
4,134
5,281
8,810
10,012
Interest income
(588)
(749)
(651)
(1,337)
(1,369)
Finance expense
2,279
2,292
1,615
4,571
3,299
Share-based payments
114
137
70
251
113
(Gain)/loss on financial instruments
(3,937)
(1,496)
136
(5,433)
(235)
Loss/(gain) on foreign exchange differences
202
13
(123)
215
(1,973)
Share of results of equity-accounted investees after tax
(76)
(136)
1,437
(212)
1,174
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable
and payable
209
238
(45)
447
(45)
Gain on disposal of property, plant and equipment
(20)
(35)
(31)
(55)
(105)
Impairments
1,549
7,624
47,445
9,173
47,454
Gain on remeasurement of previous interest in Kroondal
—
—
(298)
—
(298)
Onerous contract provision
(493)
(324)
1,865
(817)
1,865
Gain on acquisition
—
—
(898)
—
(898)
Restructuring costs
250
300
689
550
515
Transaction and project costs
505
346
394
851
474
Lease payments
(108)
(136)
(140)
(244)
(263)
Occupational healthcare obligation (gain)/expense
(77)
1
(357)
(76)
(365)
Compensation for losses incurred
(26)
—
—
(26)
—
Provision for community costs post closure
—
24
—
24
—
Cyber security costs
67
—
—
67
—
Gain/increase in equity-accounted investment
(1)
(1)
(3)
(2)
(5)
Adjusted EBITDA
6,440
6,648
6,409
13,088
20,556
12.        Environmental rehabilitation obligation and other provisions
The following table summarises the environmental rehabilitation obligation and other provisions of the Group:
Figures in million - SA rand
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Environmental rehabilitation obligation1
11,805
11,808
11,355
Other provisions2
444
1,629
1,982
Balance at the end of the period
12,249
13,437
13,337
Current portion of environmental rehabilitation obligation and other provisions3
(327)
(724)
(832)
Non-current portion of environmental rehabilitation obligation and other provisions
11,922
12,713
12,505
1  Environmental rehabilitation obligation amounting to R451 million at 31 December 2024 was classified as liabilities associated with assets held for sale (see note 16)
2  Includes an onerous supply contract provision relating to the raw material used in the Sandouville nickel refinery's production amounting to R121 million at 31 December 2024 (30 June 2024:
R1,512 million, 31 December 2023: R1,865 million). The provision decreased due to the realisation of onerous contract losses provided for (see note 5.2). Included in the movement for the year
and six months ended 31 December 2024 is a cash payment made towards settlement of the onerous supply contract, amounting to R665 million. At 31 December 2024, the balance also
includes additional provisions raised for onerous contracts in respect of the Sandouville nickel refinery's production process, amounting to R205 million (see note 5.1) 
3  The current portion relates to the onerous contract provision at each period end
13.      Cash-settled share-based payment obligations
The following table summarises the share-based payment obligations of the Group:
Figures in million - SA rand
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Cash-settled share-based payment — Rustenburg operation B-BBEE transaction1
1,286
2,297
2,466
Cash-settled share-based payment — Marikana B-BBEE transaction2
241
459
415
Cash-settled share-based payment — Employee incentive scheme
280
316
269
Balance at the end of the period
1,807
3,072
3,150
Current portion of cash-settled share-based payment obligations
(121)
(151)
(432)
Non-current portion of cash-settled share-based payment obligations
1,686
2,921
2,718
1  Included in the movement is a fair value gain of R649 million recognised for the year ended 31 December 2024 (2023: gain of R346 million) (gain of R1,011 million and loss of R362 million for the six
months ended 31 December 2024 and six months ended 30 June 2024, respectively), and payments made of R530 million for the year ended 31 December 2024, paid during the six months
ended 30 June 2024 (R300 million for the year ended 31 December 2023). The fair value gain is recognised in total gain/loss on financial instruments (see note 4)
2  The movement is mainly due to a fair value gain of R165 million recognised for the year ended 31 December 2024 (2023: gain of R1,243 million) (gain of R227 million and loss of R62 million
recognised for the six months ended 31 December 2024 and 30 June 2024, respectively), and payments made of R9 million for the year ended 31 December 2024, during the six months ended
30 June 2024 (R74 million for the year ended 31 December 2023). The fair value gain is recognised in total gain/loss on financial instruments (see note 4)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      46
14.      Other payables
Figures in million - SA rand
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Contingent consideration (related to the Kroondal acquisition)1
—
1,245
1,570
Deferred consideration (related to Pandora acquisition)
—
—
44
Marikana dividend obligation2
730
1,627
1,626
Keliber dividend obligation2
388
1,159
1,147
Metals borrowings liability3
855
932
—
NCI put liability
109
107
—
Gold and zinc hedge derivative liability
494
252
173
Other non-current payables
873
852
862
Other payables
3,449
6,174
5,422
Current portion of other payables
(1,634)
(2,636)
(2,015)
Non-current other payables
1,815
3,538
3,407
1  Included in the movement is a non-cash settlement amounting to R883 million in respect of an agreement to offset payments with sales proceeds
2  At 31 December 2024, the fair values (level 3) of the Marikana dividend obligation and the Keliber dividend obligation amounted to R559 million (30 June 2024: R1,335 million, 31 December 2023:
R1,257 million) and R532 million (30 June 2024: R1,541 million, 31 December 2023: R1,434 million), respectively. The fair values were calculated by applying a market-related discount rate to
expected future cash flows available for dividends
3  This liability was recognised as part of the Group's acquisition of Reldan (see note 10.1) and relates to precious metals that are borrowed and repaid under a consignment arrangement with a
financial institution. The precious metals traded are gold, silver, platinum and palladium, and transactions with the lender are recorded at the daily market prices on the day the metals are
traded. Settlement of transactions is usually within two to three business days after the trade date. The liability is measured at fair value according to the market borrowing position, with fair value
movements recognised in profit or loss
15.      Deferred revenue
Figures in million - SA rand
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Wheaton stream
6,164
6,316
6,327
Gold prepay1
1,626
—
—
Chrome prepay2
733
—
—
Century deferred proceeds
—
303
305
Reldan deferred proceeds
120
90
—
Total deferred revenue at the end of the period
8,643
6,709
6,632
Current portion of deferred revenue
(1,660)
(394)
(305)
Non-current portion of deferred revenue
6,983
6,315
6,327
1  On 21 August 2024, Sibanye-Stillwater, through its subsidiary Sibanye Gold Proprietary Limited, concluded a gold prepayment arrangement whereby the Group received a cash prepayment of
R1,793 million in exchange for delivery of 1,497 kilograms of gold in equal monthly tranches (1,851 ounces per month) from October 2024 to November 2026. The revenue from the prepayment
will be recognised in equal parts on delivery of the gold. The gold price delivered under the prepayment is hedged with a cap price of R1,736,000 per kilogram and a floor price of R1,350,000
per kilogram. Sibanye-Stillwater receives, and recognises, the difference between the floor price and the spot price (subject to a maximum of the cap price) on delivery of the gold. Deferred
revenue amounting to R234 million was recognised as revenue for the year and six months ended 31 December 2024
2  On 1 December 2024, Sibanye-Stillwater, through its subsidiary Sibanye Rustenburg Platinum Mines Proprietary Limited, commenced a chrome prepayment arrangement whereby the Group
received a cash prepayment of US$50 million (R905 million) for delivery of chrome concentrate. The delivery will be made monthly of minimum 40,000 tonnes (up to a maximum of 70,000 tonnes)
of chrome concentrate until the prepaid amount (including interest) is settled in full. The prepayment is amortised over an estimated period of six months in accordance with the chrome price
per tonne stipulated in the agreement. Deferred revenue amounting to R172 million was recognised as revenue for the year and six months ended 31 December 2024
16.      Assets and associated liabilities classified as held for sale
During the six months ended 31 December 2024, the Group agreed to sell the Beatrix 4 shaft which forms part of the Beatrix gold operations and
includes the Beisa uranium project, to Neo Energy Metals Plc. (Neo Energy). The transaction will allow the Beisa project to be developed by Neo
Energy, while Sibanye-Stillwater will retain exposure to future uranium production. The Beatrix 4 shaft was placed on care and maintenance by
Sibanye-Stillwater in 2023 primarily due to declining gold reserves and a depressed uranium price, which has subsequently recovered. The
transaction includes total consideration of R500 million, comprising R250 million cash and R250 million in newly issued shares in Neo Energy
(equalling approximately 40% shareholding in Neo Energy at the time of signing the sale agreement). The transaction was subject to certain
outstanding conditions precedent at the reporting date, however the assets and liabilities associated with the transaction were classified as held
for sale in accordance with the requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Neo Energy will assume
responsibility for all Beatrix 4 shaft rehabilitation and environmental liabilities, which amounts to a carrying value of R451 million at 31 December
2024. Property, plant and equipment of R30 million relating to the Beatrix 4 shaft disposal, which is measured at the lower of its carrying value and
fair value less cost to sell, is included in assets held for sale at 31 December 2024. At 31 December 2024, other assets classified as assets held for
sale amount to R40 million.
17.      Fair value of financial assets and financial liabilities, and risk management
17.1    Measurement of fair value
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:
•Level 1: unadjusted quoted prices in active markets for identical assets or liabilities
•Level 2: inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived
from prices)
•Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      47
The following table sets out the Group’s significant financial instruments measured at fair value by level within the fair value hierarchy:
Figures in million - SA rand
Unaudited
Restated
Restated
Dec 2024
June 2024
Dec 2023
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Financial assets measured at fair value
Environmental rehabilitation obligation funds1
—
3,750
—
—
3,390
—
—
3,212
—
Trade receivables — PGM concentrate sales2
—
965
—
—
3,267
—
—
3,407
—
Trade receivables — Zinc provisional price sales2
—
356
—
—
229
—
—
108
—
Other investments3
1,517
504
1,151
1,369
502
1,162
1,241
411
1,233
Financial liabilities measured at fair value
Gold hedge contracts4
—
282
—
—
195
—
—
140
—
Zinc hedge contracts4
—
208
—
—
57
—
—
33
—
Contingent consideration5
—
—
—
—
—
1,245
—
—
1,570
Derivative financial instrument6
—
—
—
—
—
—
—
3,810
—
Metals borrowings liability7
855
—
—
932
—
—
—
—
—
1  Environmental rehabilitation obligation funds presented in the condensed consolidated statement of financial position, comprise a fixed income portfolio of bonds, rehabilitation policies,
investment in a cell captive as well as fixed and notice deposits. The environmental rehabilitation obligation funds, not measured at amortised cost, are stated at fair value based on the nature
of the fund’s investments. For investments measured at fair value classified as level 2, the fair value is determined through valuation techniques that include inputs other than quoted prices in
level 1 that are observable for the asset, either directly or indirectly. The valuation techniques applied make reference to the net asset value of the underlying assets in the relevant policy or cell
captive, adjusted for any entity-specific risk. These underlying assets comprise predominantly money-market and similar highly liquid investments for which the carrying values approximate fair
value 
    Based on the observability of the inputs used in valuing the investments relating to the Group's environmental rehabilitation obligation funds, management identified that classification as level 2 
is more appropriate, since investments held do not have unadjusted quoted prices. Of these investments, R2,505 million at 30 June 2024 and R2,365 million at 31 December 2023 previously
classified as level 1 are now classified as level 2. In addition, the table above previously included investments categorised as level 1 of R2,831 million at 30 June 2024 and R2,715 million at 31
December 2023, which are measured at amortised cost and have carrying values approximating fair values. These investments have now been excluded since fair value hierarchy disclosure is
not required for  investments measured at amortised cost
2 The fair value for trade receivables measured at fair value through profit or loss are determined based on ruling market prices, volatilities and interest rates
3  The fair values of listed investments are based on the quoted prices available from the relevant stock exchanges. The carrying amounts of other short-term investment products with short maturity
dates approximate fair value. The fair values of non-listed investments are determined through valuation techniques that include inputs that are not based on observable market data. These
inputs include price/book ratios as well as marketability and minority shareholding discounts which are impacted by the size of the shareholding. The level 3 balance consists primarily of an
investment in Verkor, which is valued based on an income valuation approach, which indicates the value of Verkor based on its expected future cash flows. The difference between other
investments in the statement of financial position and the table above, relates to investments measured at amortised cost, with carrying amounts that approximate fair values
    Based on the observability of the inputs used in valuing other investments, management identified that classification as level 2 is more appropriate for certain investments amounting to R502
million at 30 June 2024 and R411 million at 31 December 2023, since some investments held do not have unadjusted quoted prices, although reference is made to observable inputs in the
valuations. These investments were previously classified as level 1
4  The fair value of the gold hedge is determined using a Monte Carlo simulation model based on market forward prices, volatilities and interest rates. The fair value of the zinc hedge is determined
by using a Monte Carlo simulation model based on historical zinc market spot and forward prices, volatilities and interest rates and the relevant foreign exchange forward curve data
5  The fair value of the contingent consideration relating to the Kroondal acquisition was derived from discounted cash flow models. These models used several key assumptions, including estimates
of future production volumes, PGM basket prices, operating costs, capital expenditure and a market related discount rate
6  The fair value of derivative financial instruments was estimated based on ruling market prices, volatilities, interest rates and option pricing methodologies based on observable quoted inputs
7  The fair value of the metals borrowing liability at the reporting date was calculated based on the spot prices of the relevant metals owed to the financial institution 
The table below summarises the movement in financial assets and financial liabilities classified as level 3 in the table above:
Figures in million - SA rand
Six months ended
Year ended
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Dec 2024
June 2024
Dec 2023
Dec 2024
Dec 2023
Financial assets measured at fair value
Balance at the beginning of the period
1,162
1,233
960
1,233
855
Fair value movement recognised in profit or loss
(11)
(102)
5
(113)
108
Fair value movement recognised in other comprehensive income
—
31
(38)
31
(59)
Additions
—
—
308
—
323
Foreign currency translation
—
—
(2)
—
6
Balance at the end of the period
1,151
1,162
1,233
1,151
1,233
Financial liabilities measured at fair value
Balance at the beginning of the period
1,245
1,570
—
1,570
—
Initial recognition
—
—
1,433
—
1,433
Fair value movement recognised in profit or loss
(270)
(126)
137
(396)
137
Payments made
(975)
(199)
—
(1,174)
—
Balance at the end of the period
—
1,245
1,570
—
1,570
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      48
Fair value of financial instruments
The table below shows the fair value and carrying amount of financial instruments where the carrying amount does not approximate fair value:
Figures in million - SA rand
Fair Value
Carrying value
Level 1
Level 2
Level 3
31 December 2024 (Unaudited)
2026 and 2029 Notes1
22,354
20,327
—
—
Burnstone Debt2
2,260
—
—
2,235
US$ Convertible Bond3
7,921
8,734
—
—
Total
32,535
29,061
—
2,235
30 June 2024 (Unaudited)
2026 and 2029 Notes1
21,916
19,283
—
—
Burnstone Debt2
3,109
—
—
2,901
US$ Convertible Bond3
7,627
9,847
—
—
Total
32,652
29,130
—
2,901
31 December 2023 (Audited)
2026 and 2029 Notes1
22,042
18,494
—
—
Burnstone Debt2
2,991
—
—
2,509
US$ Convertible Bond3
7,538
—
7,471
—
Total
32,571
18,494
7,471
2,509
1  The fair value is based on the quoted market prices of the notes
2  The fair value of the Burnstone Debt has been derived from discounted cash flow models. These models use several key assumptions, including estimates of future sales volumes, gold prices,
operating costs, capital expenditure and discount rate. The Burnstone long-term gold price at 31 December 2024 was R1,189,493/kg (30 June 2024 and 31 December 2023 was R1,012,625/kg)
and the discount rate applied was 9.55% (30 June 2024: 10.01% and 31 December 2023: 10.74%). The fair value estimate is sensitive to changes in the key assumptions, for example, increases in
the market related discount rate would decrease the fair value if all other inputs remain unchanged. The extent of the fair value changes would depend on how inputs change in relation to
each other
3  The fair value at 31 December 2024 represents the quoted price of the US$ Convertible Bond. The fair value of the amortised cost component amounts to R8,231 million (level 2) at 31 December
2024 (30 June 2024: R7,818 million) and is calculated by deducting the fair value of the share conversion option from the quoted price. Following the transfer of the derivative component to
equity (see note 11), it is no longer remeasured to fair value through profit or loss. The fair value at 31 December 2023 represents the fair value of the amortised cost component, which was
calculated based on the quoted price of the instrument after separating the fair value of the derivative component
17.2    Risk management activities
Liquidity risk: working capital and going concern assessment
For the year ended 31 December 2024, the Group realised a loss of R5,710 million (31 December 2023: R37,430 million). As at 31 December 2024
the Group’s current assets exceeded its current liabilities by R27,554 million (31 December 2023: R25,415 million) and the Group’s total assets
exceeded its total liabilities by R48,289 million (31 December 2023: R51,607 million). During the year ended 31 December 2024 the Group
generated net cash from operating activities of R10,113 million (31 December 2023: R7,095 million).
The Group has committed undrawn debt facilities of R26,743 million at 31 December 2024 (31 December 2023: R20,755 million) and cash balances
of R16,049 million (31 December 2023: R25,560 million). The Group concluded the financing of the Keliber project on 20 August 2024 and the
refinancing of its R5.5 billion RCF on 16 August 2024. The R5.5 billion RCF was upsized to a R6 billion facility with a R1 billion accordion of which R0.5
billion was executed in December 2024. This R6.5 billion RCF matures in August 2027 with two optional one-year extensions. During August 2024 and
December 2024 respectively, the Group entered into two prepay transactions where the Group received a R1.8 billion prepayment from a
financial institution in exchange for delivering gold in equal monthly deliveries and the Group received R905 million (US$50 million) in exchange for
delivering chrome concentrate (see note 15). The Group’s leverage ratio (net debt to adjusted EBITDA) as at 31 December 2024 was 1.79:1 (31
December 2023 was 0.58:1) and its interest coverage ratio (adjusted EBITDA to net finance charges/(income)) was 11:1 (31 December 2023 was
66:1). Both considerably better than the uplifted maximum permitted leverage ratio of at most 3.5:1 and minimum required interest coverage ratio
of 3.0:1, calculated on a quarterly basis, required under the US$1 billion RCF, the R6.5 billion RCF and the Keliber Facility. The maximum permitted
leverage ratio up to 30 June 2025 is 3.5:1, up to 31 December 2025 3.0:1 and thereafter 2.5:1. The maximum required interest coverage ratio up to
30 June 2025 is 3.0:1, up to 31 December 2025 3.5:1 and 4.0:1 thereafter. At the date of approving these condensed consolidated financial
statements for issue, the US$1 billion RCF is undrawn and R3 billion of the R6.5 billion RCF were undrawn. The Group is also at an advance stage to
complete the US$500 million streaming agreement with Franco-Nevada (Barbados) Corporation, a wholly-owned subsidiary of Franco-Nevada
Corporation (Franco-Nevada) in exchange for the sale of gold and platinum streams with reference to the Marikana, Kroondal, and Rustenburg
operations. There were no significant events which had a significant negative impact on the Group’s strong liquidity position.
Notwithstanding the exceptionally strong liquidity position, severe unforeseen events could negatively impact the production outlook and
deteriorate the Group’s forecasted liquidity position and may require the Group to further increase operational flexibility by adjusting mine plans
and reducing capital expenditure. The Group may also consider options to further increase funding flexibility through streaming facilities and 
prepayment facilities. If other options are not deemed preferable or achievable by the Board, the Group may consider an equity capital raise.
During past adversity, management has successfully implemented similar actions.
Management believes that the cash forecasted to be generated by operations, cash on hand, the committed unutilised debt facilities as well as
additional funding opportunities will enable the Group to continue to meet its obligations as they fall due for a period of at least eighteen months
after the reporting date. The condensed consolidated financial statements for the year ended 31 December 2024 have therefore been prepared
on a going concern basis.
18.      Section 45X Advance Manufacturing Production Credit
The Inflation Reduction Act (IRA) in the US is a comprehensive legislative package aimed at addressing various economic challenges, primarily
focusing on reducing inflation, enhancing economic stability, and providing financial relief to households and businesses. The IRA includes several
tax credits to encourage the production and sale of energy components within the US, with one such credit being S45X Advanced Manufacturing
Production (“AMP”) credit.
To claim the Section 45X credit, eligible components must be produced within the US or a US territory. Section 45X(c)(6) includes four critical
minerals applicable to the Stillwater operations, being platinum, palladium, rhodium, and nickel. The final IRA and S45X regulations published
during October 2024 allow for the inclusion of extraction costs so long as the entity performing the extraction is the same entity purifying the eligible
critical minerals. Platinum, palladium and rhodium are refined by Stillwater and purified by an external third party.
Stillwater evaluated the impact of the above in respect of platinum, palladium and rhodium, with the assistance of external advisors, and
concluded that the Stillwater operations is eligible for the Section 45X Advanced Manufacturing Production Credit for critical minerals produced in
the US and sold to unrelated third parties. Due to the fact that Stillwater outsources the purification of platinum, palladium and rhodium to an
unrelated third party, the contract manufacturing rules apply, which requires that, in order to claim the credit utilising the final regulations issued in
October 2024, Stillwater must enter into an agreement with the third party that identifies Stillwater as the sole party that may claim the credit and
both the third party and Stillwater signs a certification statement reflecting this agreement.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      49
For any applicable critical mineral, the credit amount is equal to 10 percent of the costs incurred by the taxpayer with respect to production of
such mineral. The estimated credits relating to the 31 December 2023 and 31 December 2024 financial years amounts to approximately US$120
million and US$90 million, respectively. Stillwater is at an advance stage of agreeing the required agreement with the third party and therefore the
estimated credits were not recognised in these condensed consolidated financial statements.
Other provisions of section 45X generally expires through credit phaseouts, however, critical mineral production is specifically exempted from those
rules. As such the Section 45X credit for critical minerals can be considered permanent until any changes in legislation occur.
19.      Contingent liabilities/assets
19.1    Notice from Appian Capital to commence legal proceedings
On 26 October 2021, Sibanye-Stillwater entered into share purchase agreements (the Atlantic Nickel SPA and the MVV SPA, respectively (together,
the SPAs)) to acquire the Santa Rita nickel mine and Serrote copper mine (together, the Assets) from affiliates of Appian Capital Advisory LLP
(Appian). On 9 November 2021, a geotechnical event occurred at the Santa Rita Mine. After becoming aware of the geotechnical event,
Sibanye-Stillwater assessed the event and its effect and concluded that the event was and was reasonably expected to be material and adverse
to the business, financial condition, results of operations, the properties, assets, liabilities or operations of the Santa Rita Mine. Sibanye-Stillwater
therefore considered that a condition to closing under the Atlantic Nickel SPA – namely, that no material adverse effect had occurred since the
date of the SPA – had not been satisfied. Accordingly, Sibanye-Stillwater gave notice of termination of the Atlantic Nickel SPA on 24 January 2022.
As the MVV SPA was conditional on the closing of the Atlantic Nickel SPA, Sibanye-Stillwater also gave notice of termination of the MVV SPA on the
same day.
On 3 February 2022, Appian sent a letter to Sibanye-Stillwater indicating that it was terminating the SPAs by reason of Sibanye-Stillwater’s wrongful
repudiation and/or renunciation of the SPAs. On 16 February 2022, Appian served a claim notice to Sibanye-Stillwater, and, on 27 May 2022, it
initiated legal proceedings before the High Court of England and Wales (the Court).
The first phase of the proceedings related to whether the geotechnical event was, or could reasonably be expected to be, material and adverse
(the Liability Trial). In a judgment handed down on 10 October 2024, the Court ruled that the geotechnical event was not, and was not reasonably
expected to be, material and adverse, such that Sibanye-Stillwater was not entitled to terminate the SPAs. However, the Court dismissed Appian's
claim of wilful misconduct, ruling that the management of Sibanye-Stillwater genuinely believed that it was entitled to terminate the SPAs in what
they perceived as the best interests of Sibanye-Stillwater.
The second phase of the proceedings is scheduled to proceed to a trial in November 2025 (the Quantum Trial), at which the Court will determine
the damages (if any) that Sibanye-Stillwater may be required to pay to Appian. The parties disagree as to how Appian's recoverable losses should
be calculated. The basis for calculating damages will largely depend on the Court's view as to the appropriate date on which to value the Assets
and the correct basis on which to calculate interest. The appropriate date for valuing the Assets will depend on the Court's view as to whether
and, if so, when Appian could have sold the Assets at a fair price to an alternative buyer. That valuation date will, in turn, inform the appropriate
basis for valuing the Assets. This is a matter for expert evidence, the process for which is ongoing at the reporting date. However, relevant factors
for valuing the Assets are likely to include whether, and to what extent, various offers received by Appian for the Assets (including, in respect of
MVV, the SPA entered into between Appian and Baiyin in November 2024), and other factors such as commodity price volatility, should be taken
into account. The appropriate basis on which to calculate interest will depend on the Court's view as to the principal amount on which Appian
may claim interest, and the appropriate interest rate to be applied. This will also be the subject of expert evidence.
Based on the parties' current pleaded cases and depending on the valuation methodology adopted, Appian's recoverable loss (including
interest) may be between US$nil and US$522 million. This is subject to any amendments to the parties' pleadings between the reporting date and
the Quantum Trial, as well as further evidence, including expert valuation reports, to be exchanged between the parties ahead of the Quantum
Trial.
It is not possible to assign probabilities to the possible loss scenarios as at the reporting date and there is currently no single most likely outcome.
Since the range of potential outcomes is wide and the actual outcome can be materially different to any current estimate, management
concluded that the potential obligation, if any, cannot be reliably measured at the reporting date. Judgment on the Quantum Trial is expected to
follow in Q1 2026.
20.      Events after the reporting period
The following events occurred after 31 December 2024 up to the date on which the condensed consolidated financial statements for the six
months and year ended 31 December 2024 were authorised for issue:
20.1    Franco-Nevada Stream
On 19 December 2024 Sibanye-Stillwater entered into a US$500 million streaming agreement with Franco-Nevada in exchange for the sale of gold
and platinum streams with reference to its Marikana, Kroondal, and Rustenburg operations (the Stream). At 31 December 2024, there were certain
conditions precedent outstanding for the transaction to become effective and the Group is at an advance stage to close these.
Under the Stream, Sibanye-Stillwater will receive US$500 million upfront cash payment in exchange for the future delivery of gold ounces (oz) equal
to 1.1% of 4E PGM oz contained in concentrate produced until delivery of 87,500 oz of gold, then 0.75% of 4E PGM oz contained in concentrate
produced until the delivery of 237,000 oz of gold. After the delivery of 237,000 oz of gold, 80% of the gold contained in the concentrate for the
remaining life of mine will be delivered. Platinum oz equal to 1.0% of platinum contained in concentrate produced will be delivered up to 48,000
oz of platinum, then 2.1% of platinum contained in concentrate produced until a total delivery of 294,000 oz of platinum, whereafter the platinum
stream will end.
Sibanye-Stillwater will receive a production payment equal to 5% per ounce of the spot gold price on the date of delivery until the delivery of
237,000 oz of gold, which will increase to 10% of the spot gold price thereafter. A production payment equal to 5% of the spot platinum price on
the date of delivery will also be paid by Franco-Nevada until the end of the platinum stream. The production payment may change depending
on certain scenarios. Sibanye-Stillwater may elect to substitute platinum required to be delivered by delivering gold ounces and vice versa.
The Stream will be accounted for under IFRS 15 Revenue from Contracts with Customers, similar to the Wheaton stream.
20.2    Kroondal merger
On 31 January 2025, the Group entered into an amalgamation transaction, whereby the assets of Kroondal Operations Proprietary Limited
(Kroondal) were transferred to Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM) in exchange for SRPM assuming the liabilities of
Kroondal.
Since 26% of SRPM is held by broad-based black economic empowerment (B-BBEE) parties through a special purpose vehicle under the
Rustenburg B-BBEE structure, the transfer of Kroondal’s net assets to SRPM resulted in a value increase for the relevant B-BBEE parties. In order to
fund the additional value attributable to the B-BBEE parties, Sibanye Platinum Proprietary Limited, being the holding company of SRPM, subscribed
for new class B preference shares in the  special purpose vehicle at a nominal subscription price of R100. Until the payment of a capped
preference dividend of R350 million, the lesser of 85% of any dividends paid by SRPM and R175 million will be paid as preference dividends by the
special purpose vehicle, whereafter the preference shares will be fully redeemed. The capped preference dividend of R350 million increases
annually based on an agreed rate.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      50
Other than the change to the B-BBEE structure described above, the amalgamation transaction will not impact the consolidated carrying values
of the assets and liabilities held by the Group.
20.3    Glencore chrome arrangement
On 18 February 2025 Sibanye-Stillwater concluded a strategic enhancement to a historical Marikana contract (Marikana Contract) and a new
chrome management agreement (CMA) with the Glencore Merafe Venture (GM Venture), which will optimise value from future chrome
production for all parties.
Sibanye-Stillwater currently partners with various third parties, including the GM Venture, to recover and market chrome ore produced by its SA
PGM operations. Chrome is an important by-product of PGM production, and the SA PGM operations are collectively a significant global chrome
ore producer.
The historical contractual terms governing the Marikana Contract offered limited commercial value for Sibanye-Stillwater and was restrictive
regarding future growth and value creation opportunities for the Marikana operation. The enhanced Marikana Contract provides for the
accelerated completion of the delivery of the required chrome volumes which will expedite the close out of this legacy agreement concluded
between Lonmin and the GM Venture. This, together with the new CMA will allow greater exposure to increased future chrome production
volumes and chrome prices and realisation of significant value for Sibanye-Stillwater.
The majority of the chrome recovery plants (CRPs) at Sibanye-Stillwater’s SA PGM operations will be solely and exclusively operated by Glencore
once the conditions precedent to the CMA have been satisfied, enabling both parties to leverage synergies and increase chrome output. The IFRS
Accounting Standards implications are in the process of being assessed.
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      51
21.        Segment reporting
Figures are in millions
For the six months ended 31 Dec 2024 (Unaudited)
For the six months ended 30 Jun 2024 (Revised - unaudited)
For the six months ended 31 Dec 2023 (Unaudited)
Notes
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
AUSTRALIA
GROUP
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
GROUP
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
AUSTRALIA
GROUP
SA rand
Total
Total US
operations
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU
operations
Total AUS
operations
Corporate1
Total
Total US
operations
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU
operations
Total AUS
operations
Corporate1
Total
Total US PGM
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU
operations
Total AUS
operations
Corporate1
Revenue
56,925
12,261
40,873
24,608
16,265
1,099
2,679
13
55,204
10,826
41,529
26,649
14,880
1,685
1,304
(140)
53,116
10,903
39,125
25,243
13,882
1,347
1,745
(4)
Underground
38,887
4,357
34,517
23,184
11,333
—
—
13
39,980
4,850
35,270
25,130
10,140
—
—
(140)
38,685
5,277
33,412
23,776
9,636
—
—
(4)
Surface
9,035
—
6,356
1,424
4,932
—
2,679
—
7,563
—
6,259
1,519
4,740
—
1,304
—
7,458
—
5,713
1,467
4,246
—
1,745
—
Recycling/processing
9,003
7,904
—
—
—
1,099
—
—
7,661
5,976
—
—
—
1,685
—
—
6,973
5,626
—
—
—
1,347
—
—
Cost of sales, before amortisation and
depreciation
(48,337)
(12,187)
(32,954)
(21,340)
(11,614)
(1,470)
(1,726)
—
(48,061)
(10,941)
(33,606)
(21,623)
(11,983)
(1,914)
(1,600)
—
(44,818)
(10,904)
(30,509)
(18,566)
(11,943)
(2,000)
(1,405)
—
Underground
(33,349)
(4,727)
(28,622)
(20,328)
(8,294)
—
—
—
(34,435)
(5,121)
(29,314)
(20,666)
(8,648)
—
—
—
(31,851)
(5,514)
(26,337)
(17,573)
(8,764)
—
—
—
Surface
(6,058)
—
(4,332)
(1,012)
(3,320)
—
(1,726)
—
(5,892)
—
(4,292)
(957)
(3,335)
—
(1,600)
—
(5,577)
—
(4,172)
(993)
(3,179)
—
(1,405)
—
Recycling/processing
(8,930)
(7,460)
—
—
—
(1,470)
—
—
(7,734)
(5,820)
—
—
—
(1,914)
—
—
(7,390)
(5,390)
—
—
—
(2,000)
—
—
Amortisation and depreciation
(4,676)
(1,004)
(3,587)
(1,947)
(1,640)
(22)
(61)
(2)
(4,134)
(1,101)
(2,960)
(1,700)
(1,260)
(16)
(57)
—
(5,281)
(1,837)
(2,845)
(1,606)
(1,239)
(109)
(490)
—
Interest income
588
93
460
223
237
31
1
3
749
220
506
245
261
22
1
—
651
100
494
199
295
52
2
3
Finance expense
(2,279)
(895)
(1,014)
(331)
(683)
(95)
(117)
(158)
(2,292)
(896)
(934)
(280)
(654)
(109)
(185)
(168)
(1,615)
(603)
(762)
(305)
(457)
(48)
(64)
(138)
Share-based payments
(114)
(12)
(84)
(45)
(39)
(5)
(2)
(11)
(137)
(23)
(94)
(54)
(40)
(8)
(3)
(9)
(70)
(27)
(49)
(16)
(33)
11
—
(5)
Gain/(loss) on financial instruments
4
3,937
20
3,320
2,580
740
788
(190)
(1)
1,496
1,849
(192)
(239)
47
(16)
(79)
(66)
(136)
(2,136)
2,361
2,458
(97)
(248)
(114)
1
(Loss)/gain on foreign exchange differences
(202)
4
(125)
(68)
(57)
(62)
14
(33)
(13)
(7)
51
15
36
(35)
(2)
(20)
123
(3)
141
100
41
(11)
(20)
16
Share of results of equity-accounted investees
after tax
76
(2)
83
(52)
135
—
—
(5)
136
(5)
147
(45)
192
—
—
(6)
(1,437)
—
(1,431)
(1,585)
154
—
—
(6)
Other costs
5.1
(2,971)
(256)
(2,326)
(941)
(1,385)
(363)
124
(150)
(1,751)
(58)
(1,144)
(318)
(826)
(126)
(361)
(62)
(4,114)
(34)
(1,974)
(974)
(1,000)
(2,047)
(108)
49
Other income
5.2
1,175
45
209
107
102
704
163
54
1,455
818
243
95
148
326
50
18
846
11
738
497
241
52
42
3
Gain/(loss) on disposal of property, plant and
equipment
20
(37)
57
22
35
—
—
—
35
(3)
38
11
27
—
—
—
31
(46)
77
33
44
—
—
—
(Impairments)/reversal of impairments
6
(1,549)
(1,325)
106
(1)
107
(221)
(109)
—
(7,624)
(7,499)
(123)
(123)
—
—
(2)
—
(47,445)
(38,919)
(3,236)
(505)
(2,731)
(1,607)
(3,683)
—
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
898
—
898
898
—
—
—
—
Occupational healthcare gain/(loss)
77
—
77
—
77
—
—
—
(1)
—
(1)
—
(1)
—
—
—
357
—
357
—
357
—
—
—
Restructuring costs
(250)
(124)
(126)
(47)
(79)
—
—
—
(300)
(2)
(298)
(224)
(74)
—
—
—
(689)
(41)
(648)
(336)
(312)
—
—
—
Transaction costs
(505)
(213)
—
(1)
1
(152)
—
(140)
(346)
—
—
1
(1)
(41)
(21)
(284)
(394)
(29)
—
—
—
—
—
(365)
Royalties and carbon tax
(303)
—
(153)
(93)
(60)
—
(150)
—
(242)
—
(176)
(119)
(57)
—
(66)
—
(459)
—
(380)
(326)
(54)
—
(79)
—
Mining and income tax
(321)
(26)
(272)
(275)
3
—
—
(23)
(1,175)
(35)
(1,149)
(822)
(327)
4
—
5
5,220
6,794
(1,537)
(1,090)
(447)
(4)
(1)
(32)
Current taxation
(907)
(206)
(692)
(651)
(41)
—
—
(9)
(511)
60
(569)
(595)
26
—
—
(2)
(788)
353
(1,045)
(921)
(124)
(64)
(1)
(31)
Deferred taxation
586
180
420
376
44
—
—
(14)
(664)
(95)
(580)
(227)
(353)
4
—
7
6,008
6,441
(492)
(169)
(323)
60
—
(1)
Profit/(loss) for the period
1,291
(3,658)
4,544
2,399
2,145
232
626
(453)
(7,001)
(6,857)
1,837
1,469
368
(228)
(1,021)
(732)
(45,216)
(36,771)
820
4,119
(3,299)
(4,612)
(4,175)
(478)
Sustaining capital expenditure
(2,609)
(239)
(2,153)
(1,637)
(516)
(66)
(151)
—
(1,880)
(394)
(1,344)
(929)
(415)
(107)
(35)
—
(3,708)
(1,395)
(2,088)
(1,271)
(817)
(153)
(72)
—
Ore reserve development
(3,430)
(701)
(2,729)
(1,297)
(1,432)
—
—
—
(3,799)
(1,219)
(2,580)
(1,175)
(1,405)
—
—
—
(4,369)
(1,863)
(2,506)
(1,207)
(1,299)
—
—
—
Growth projects
(4,920)
(157)
(1,229)
(363)
(866)
(3,533)
1
(2)
(5,902)
(134)
(3,063)
(444)
(2,619)
(2,688)
(17)
—
(3,394)
(371)
(1,821)
(597)
(1,224)
(1,199)
(3)
—
Total capital expenditure
(10,959)
(1,097)
(6,111)
(3,297)
(2,814)
(3,599)
(150)
(2)
(11,581)
(1,747)
(6,987)
(2,548)
(4,439)
(2,795)
(52)
—
(11,471)
(3,629)
(6,415)
(3,075)
(3,340)
(1,352)
(75)
—
note 21.1
note 21.2
note 21.1
note 21.2
note 21.1
note 21.2
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      52
For the six months ended 31 Dec 2024 (Unaudited)
For the six months ended 30 Jun 2024 (Unaudited)
For the six months ended 31 Dec 2023 (Unaudited)
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
AUSTRALIA
GROUP
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
GROUP
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
AUSTRALIA
GROUP
US dollars2
Total
Total US
operations
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU
operations
Total AUS
operations
Cor-porate1
Total
Total US
operations
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU
operations
Total AUS
operations
Cor-porate1
Total
Total US PGM
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU
operations
Total AUS
operations
Cor-porate1
Revenue
3,172
679
2,284
1,375
909
62
147
—
2,949
579
2,217
1,424
793
90
70
(7)
2,846
584
2,097
1,352
745
72
94
(1)
Underground
2,168
241
1,927
1,295
632
—
—
—
2,137
260
1,884
1,343
541
—
—
(7)
2,071
283
1,789
1,273
516
—
—
(1)
Surface
504
—
357
80
277
—
147
—
403
—
333
81
252
—
70
—
402
—
308
79
229
—
94
—
Recycling/processing
500
438
—
—
—
62
—
—
409
319
—
—
—
90
—
—
373
301
—
—
—
72
—
—
Cost of sales, before amortisation and depreciation
(2,695)
(679)
(1,836)
(1,189)
(647)
(83)
(97)
—
(2,567)
(585)
(1,795)
(1,155)
(640)
(102)
(85)
—
(2,405)
(587)
(1,636)
(997)
(639)
(107)
(75)
—
Underground
(1,860)
(265)
(1,595)
(1,133)
(462)
—
—
—
(1,840)
(274)
(1,566)
(1,104)
(462)
—
—
—
(1,713)
(299)
(1,414)
(944)
(470)
—
—
—
Surface
(338)
—
(241)
(56)
(185)
—
(97)
—
(314)
—
(229)
(51)
(178)
—
(85)
—
(297)
—
(222)
(53)
(169)
—
(75)
—
Recycling/processing
(497)
(414)
—
—
—
(83)
—
—
(413)
(311)
—
—
—
(102)
—
—
(395)
(288)
—
—
—
(107)
—
—
Amortisation and depreciation
(260)
(55)
(201)
(110)
(91)
(1)
(3)
—
(221)
(59)
(158)
(91)
(67)
(1)
(3)
—
(284)
(99)
(153)
(86)
(67)
(6)
(26)
—
Interest income
33
5
26
13
13
2
—
—
40
12
27
13
14
1
—
—
35
6
26
11
15
3
—
—
Finance expense
(128)
(50)
(57)
(18)
(39)
(5)
(7)
(9)
(122)
(48)
(49)
(15)
(34)
(6)
(10)
(9)
(87)
(33)
(41)
(18)
(23)
(3)
(3)
(7)
Share-based payments
(7)
(1)
(5)
(2)
(3)
—
—
(1)
(7)
(1)
(6)
(5)
(1)
—
—
—
(4)
(1)
(4)
(4)
—
1
—
—
Gain/(loss) on financial instruments
217
3
182
141
41
43
(11)
—
80
99
(10)
(12)
2
(1)
(4)
(4)
(7)
(116)
130
134
(4)
(14)
(6)
(1)
(Loss)/gain on foreign exchange differences
(11)
—
(6)
(3)
(3)
(4)
1
(2)
(1)
—
1
(1)
2
(1)
—
(1)
5
—
6
4
2
(1)
(1)
1
Share of results of equity-accounted investees after
tax
5
—
6
(2)
8
—
—
(1)
7
—
7
(3)
10
—
—
—
(78)
—
(78)
(86)
8
—
—
—
Other costs
(164)
(14)
(126)
(50)
(76)
(21)
6
(9)
(94)
(3)
(63)
(19)
(44)
(6)
(19)
(3)
(222)
(2)
(106)
(52)
(54)
(111)
(6)
3
Other income
66
3
11
5
6
40
9
3
78
44
13
5
8
17
3
1
46
1
41
28
13
2
2
—
Gain/(loss) on disposal of property, plant and
equipment
1
(2)
3
1
2
—
—
—
2
—
2
1
1
—
—
—
2
(2)
4
1
3
—
—
—
(Impairments)/reversal of impairments
(94)
(81)
5
(1)
6
(12)
(6)
—
(407)
(401)
(6)
(6)
—
—
—
—
(2,576)
(2,113)
(176)
(27)
(149)
(87)
(200)
—
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
49
—
49
49
—
—
—
—
Occupational healthcare obligation gain
4
—
4
—
4
—
—
—
—
—
—
—
—
—
—
—
20
—
20
—
20
—
—
—
Restructuring costs
(14)
(7)
(7)
(2)
(5)
—
—
—
(16)
—
(16)
(12)
(4)
—
—
—
(38)
(2)
(36)
(18)
(18)
—
—
—
Transaction costs
(28)
(11)
—
—
—
(9)
—
(8)
(18)
—
—
—
—
(2)
(1)
(15)
(22)
(1)
—
—
—
—
—
(21)
Royalties and carbon tax
(17)
—
(9)
(6)
(3)
—
(8)
—
(13)
—
(9)
(6)
(3)
—
(4)
—
(24)
—
(20)
(18)
(2)
—
(4)
—
Mining and income tax
(19)
(2)
(16)
(16)
—
—
—
(1)
(62)
(2)
(60)
(42)
(18)
—
—
—
285
370
(83)
(58)
(25)
—
—
(2)
Current taxation
(50)
(11)
(38)
(36)
(2)
—
—
(1)
(27)
3
(30)
(31)
1
—
—
—
(42)
20
(57)
(50)
(7)
(3)
—
(2)
Deferred taxation
31
9
22
20
2
—
—
—
(35)
(5)
(30)
(11)
(19)
—
—
—
327
350
(26)
(8)
(18)
3
—
—
Profit/(loss) for the period
61
(212)
258
136
122
12
31
(28)
(372)
(365)
95
76
19
(11)
(53)
(38)
(2,459)
(1,995)
40
215
(175)
(251)
(225)
(28)
Sustaining capital expenditure
(141)
(14)
(116)
(89)
(27)
(3)
(8)
—
(102)
(21)
(73)
(50)
(23)
(6)
(2)
—
(201)
(75)
(114)
(70)
(44)
(8)
(4)
—
Ore reserve development
(191)
(40)
(151)
(72)
(79)
—
—
—
(204)
(65)
(139)
(63)
(76)
—
—
—
(234)
(100)
(134)
(64)
(70)
—
—
—
Growth projects
(275)
(9)
(70)
(20)
(50)
(196)
—
—
(316)
(7)
(164)
(24)
(140)
(144)
(1)
—
(181)
(20)
(97)
(32)
(65)
(64)
—
—
Total capital expenditure
(607)
(63)
(337)
(181)
(156)
(199)
(8)
—
(622)
(93)
(376)
(137)
(239)
(150)
(3)
—
(616)
(195)
(345)
(166)
(179)
(72)
(4)
—
note 21.1
note 21.2
note 21.1
note 21.2
note 21.1
note 21.2
1Group corporate includes the Wheaton Stream transaction and mainly includes corporate transaction and finance costs
2The average exchange rate for the six months ended 31 December 2024 was R17.92/US$, six months ended 30 June 2024 was R18.72/US$ and six months ended 31 December 2023 was R18.62/US$
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      53
Figures are in millions
For the year ended 31 Dec 2024 (Unaudited)
For the year ended 31 Dec 2023 (Audited)
Notes
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
AUSTRALIA
GROUP
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
AUSTRALIA
GROUP
SA rand
Total
Total US operations
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU operations
Total AUS operations
Corporate1
Total
Total US PGM
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU operations
Total AUS operations
Corporate1
Revenue
112,129
23,087
82,402
51,257
31,145
2,784
3,983
(127)
113,684
23,812
84,736
55,593
29,143
3,024
2,251
(139)
Underground
78,867
9,207
69,787
48,314
21,473
—
—
(127)
83,612
10,494
73,257
52,375
20,882
—
—
(139)
Surface
16,598
—
12,615
2,943
9,672
—
3,983
—
13,730
—
11,479
3,218
8,261
—
2,251
—
Recycling/processing
16,664
13,880
—
—
—
2,784
—
—
16,342
13,318
—
—
—
3,024
—
—
Cost of sales, before amortisation and depreciation
(96,398)
(23,128)
(66,560)
(42,963)
(23,597)
(3,384)
(3,326)
—
(89,756)
(22,391)
(60,780)
(36,699)
(24,081)
(4,329)
(2,256)
—
Underground
(67,784)
(9,848)
(57,936)
(40,994)
(16,942)
—
—
—
(62,482)
(9,680)
(52,802)
(34,819)
(17,983)
—
—
—
Surface
(11,950)
—
(8,624)
(1,969)
(6,655)
—
(3,326)
—
(10,234)
—
(7,978)
(1,880)
(6,098)
—
(2,256)
—
Recycling/processing
(16,664)
(13,280)
—
—
—
(3,384)
—
—
(17,040)
(12,711)
—
—
—
(4,329)
—
—
Amortisation and depreciation
(8,810)
(2,105)
(6,547)
(3,647)
(2,900)
(38)
(118)
(2)
(10,012)
(3,390)
(5,357)
(2,975)
(2,382)
(206)
(1,059)
—
Interest income
1,337
313
966
468
498
53
2
3
1,369
213
1,089
478
611
53
10
4
Finance expense
(4,571)
(1,791)
(1,948)
(611)
(1,337)
(204)
(302)
(326)
(3,299)
(1,134)
(1,603)
(706)
(897)
(67)
(184)
(311)
Share-based payments
(251)
(35)
(178)
(99)
(79)
(13)
(5)
(20)
(113)
(39)
(71)
(18)
(53)
6
—
(9)
Gain/(loss)on financial instruments
4
5,433
1,869
3,128
2,341
787
772
(269)
(67)
235
(2,064)
1,938
1,957
(19)
(168)
515
14
(Loss)/gain on foreign exchange differences
(215)
(3)
(74)
(53)
(21)
(97)
12
(53)
1,973
12
1,920
1,894
26
55
(39)
25
Share of results of equity-accounted investees after tax
212
(7)
230
(97)
327
—
—
(11)
(1,174)
—
(1,156)
(1,471)
315
—
—
(18)
Other costs
5.1
(4,722)
(314)
(3,470)
(1,259)
(2,211)
(489)
(237)
(212)
(5,858)
(108)
(3,411)
(1,441)
(1,970)
(2,096)
(223)
(20)
Other income
5.2
2,630
863
452
202
250
1,030
213
72
1,232
12
1,071
571
500
102
42
5
Gain/(loss) on disposal of property, plant and equipment
55
(40)
95
33
62
—
—
—
105
(45)
150
79
71
—
—
—
(Impairments)/reversal of impairments
6
(9,173)
(8,824)
(17)
(124)
107
(221)
(111)
—
(47,454)
(38,919)
(3,239)
(506)
(2,733)
(1,607)
(3,689)
—
Gain on acquisition
—
—
—
—
—
—
—
—
898
—
898
898
—
—
—
—
Occupational healthcare obligation gain
76
—
76
—
76
—
—
—
365
—
365
—
365
—
—
—
Restructuring costs
(550)
(126)
(424)
(271)
(153)
—
—
—
(515)
(41)
(474)
(351)
(123)
—
—
—
Transaction and project costs
(851)
(213)
—
—
—
(193)
(21)
(424)
(474)
(27)
—
—
—
—
(2)
(445)
Royalties and carbon tax
(545)
—
(329)
(212)
(117)
—
(216)
—
(1,052)
—
(921)
(805)
(116)
—
(131)
—
Mining and income tax
(1,496)
(61)
(1,421)
(1,097)
(324)
4
—
(18)
2,416
7,612
(5,116)
(4,152)
(964)
(44)
(2)
(34)
Current taxation
(1,418)
(146)
(1,261)
(1,246)
(15)
—
—
(11)
(3,178)
343
(3,408)
(3,081)
(327)
(80)
(2)
(31)
Deferred taxation
(78)
85
(160)
149
(309)
4
—
(7)
5,594
7,269
(1,708)
(1,071)
(637)
36
—
(3)
(Loss)/profit for the year
(5,710)
(10,515)
6,381
3,868
2,513
4
(395)
(1,185)
(37,430)
(36,497)
10,039
12,346
(2,307)
(5,277)
(4,767)
(928)
Sustaining capital expenditure
(4,489)
(633)
(3,497)
(2,566)
(931)
(173)
(186)
—
(6,056)
(2,180)
(3,514)
(2,057)
(1,457)
(248)
(114)
—
Ore reserve development
(7,229)
(1,920)
(5,309)
(2,472)
(2,837)
—
—
—
(9,137)
(3,889)
(5,248)
(2,551)
(2,697)
—
—
—
Growth projects
(10,822)
(291)
(4,292)
(807)
(3,485)
(6,221)
(16)
(2)
(6,886)
(774)
(3,591)
(1,038)
(2,553)
(2,470)
(51)
—
Total capital expenditure
(22,540)
(2,844)
(13,098)
(5,845)
(7,253)
(6,394)
(202)
(2)
(22,079)
(6,843)
(12,353)
(5,646)
(6,707)
(2,718)
(165)
—
note 21.1
note 21.2
note 21.1
note 21.2
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      54
Figures are in millions
For the year ended 31 Dec 2024 (Unaudited)
For the year ended 31 Dec 2023 (Unaudited)
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
AUSTRALIA
GROUP
GROUP
AMERICAS
SOUTHERN AFRICA
EUROPE
AUSTRALIA
GROUP
US dollars2
Total
Total US operations
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU
operations
Total AUS operations
Corporate1
Total
Total US PGM
Total SA
operations
Total
SA PGM
Total
SA gold
Total EU
operations
Total AUS operations
Corporate1
Revenue
6,121
1,258
4,501
2,799
1,702
152
217
(7)
6,172
1,292
4,602
3,019
1,583
164
122
(8)
Underground
4,305
501
3,811
2,638
1,173
—
—
(7)
4,539
569
3,978
2,844
1,134
—
—
(8)
Surface
907
—
690
161
529
—
217
—
746
—
624
175
449
—
122
—
Recycling/processing
909
757
—
—
—
152
—
—
887
723
—
—
—
164
—
—
Cost of sales, before amortisation and depreciation
(5,262)
(1,264)
(3,631)
(2,344)
(1,287)
(185)
(182)
—
(4,873)
(1,218)
(3,298)
(1,992)
(1,306)
(235)
(122)
—
Underground
(3,700)
(539)
(3,161)
(2,237)
(924)
—
—
—
(3,394)
(528)
(2,866)
(1,890)
(976)
—
—
—
Surface
(652)
—
(470)
(107)
(363)
—
(182)
—
(554)
—
(432)
(102)
(330)
—
(122)
—
Recycling/processing
(910)
(725)
—
—
—
(185)
—
—
(925)
(690)
—
—
—
(235)
—
—
Amortisation and depreciation
(481)
(114)
(359)
(201)
(158)
(2)
(6)
—
(544)
(184)
(292)
(162)
(130)
(11)
(57)
—
Interest income
73
17
53
26
27
3
—
—
74
12
59
26
33
3
—
—
Finance expense
(250)
(98)
(106)
(33)
(73)
(11)
(17)
(18)
(179)
(62)
(86)
(38)
(48)
(4)
(10)
(17)
Share-based payments
(14)
(2)
(11)
(7)
(4)
—
—
(1)
(6)
(2)
(5)
(3)
(2)
1
—
—
Gain/(loss) on financial instruments
297
102
172
129
43
42
(15)
(4)
13
(112)
106
106
—
(10)
28
1
(Loss)/gain on foreign exchange differences
(12)
—
(5)
(4)
(1)
(5)
1
(3)
107
1
104
103
1
3
(2)
1
Share of results of equity-accounted investees after tax
12
—
13
(5)
18
—
—
(1)
(64)
—
(63)
(80)
17
—
—
(1)
Other costs
(258)
(17)
(189)
(69)
(120)
(27)
(13)
(12)
(318)
(6)
(185)
(79)
(106)
(114)
(12)
(1)
Other income
144
47
24
10
14
57
12
4
67
1
59
32
27
5
2
—
Gain/(loss) on disposal of property, plant and equipment
3
(2)
5
2
3
—
—
—
6
(2)
8
4
4
—
—
—
(Impairments)/reversal of impairments
(501)
(482)
(1)
(7)
6
(12)
(6)
—
(2,576)
(2,113)
(176)
(27)
(149)
(87)
(200)
—
Gain on acquisition
—
—
—
—
—
—
—
—
49
—
49
49
—
—
—
—
Occupational healthcare obligation gain
4
—
4
—
4
—
—
—
20
—
20
—
20
—
—
—
Restructuring costs
(30)
(7)
(23)
(14)
(9)
—
—
—
(28)
(2)
(26)
(19)
(7)
—
—
—
Transaction and project costs
(46)
(11)
—
—
—
(11)
(1)
(23)
(26)
(1)
—
—
—
—
—
(25)
Royalties and carbon tax
(30)
—
(18)
(12)
(6)
—
(12)
—
(57)
—
(50)
(45)
(5)
—
(7)
—
Mining and income tax
(81)
(4)
(76)
(58)
(18)
—
—
(1)
131
414
(279)
(226)
(53)
(2)
—
(2)
Current taxation
(77)
(8)
(68)
(67)
(1)
—
—
(1)
(173)
19
(186)
(168)
(18)
(4)
—
(2)
Deferred taxation
(4)
4
(8)
9
(17)
—
—
—
304
395
(93)
(58)
(35)
2
—
—
(Loss)/profit for the year
(311)
(577)
353
212
141
1
(22)
(66)
(2,032)
(1,982)
547
668
(121)
(287)
(258)
(52)
Sustaining capital expenditure
(243)
(35)
(189)
(139)
(50)
(9)
(10)
—
(329)
(118)
(192)
(113)
(79)
(13)
(6)
—
Ore reserve development
(395)
(105)
(290)
(135)
(155)
—
—
—
(496)
(211)
(285)
(138)
(147)
—
—
—
Growth projects
(591)
(16)
(234)
(44)
(190)
(340)
(1)
—
(373)
(42)
(194)
(56)
(138)
(134)
(3)
—
Total capital expenditure
(1,229)
(156)
(713)
(318)
(395)
(349)
(11)
—
(1,198)
(371)
(671)
(307)
(364)
(147)
(9)
—
note 21.1
note 21.2
note 21.1
note 21.2
1Group corporate includes the Wheaton Stream transaction and mainly includes corporate transaction and finance costs
2The average exchange rate for the year ended 31 December 2024 was R18.32/US$ and the year ended 31 December 2023 was R18.42/US$
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      55
21.1    US PGM and total SA operations
Figures in million
For the six months ended 31 Dec 2024 (Unaudited)
US PGM OPERATIONS
SA OPERATIONS
SA rand
Total US
operations
Total US PGM
Underground
Recycling
Reldan operations
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
12,261
8,221
4,357
3,864
4,040
40,873
24,608
9,540
12,628
1,755
685
1,557
(1,557)
16,265
4,835
3,589
2,783
833
3,802
423
Underground
4,357
4,357
4,357
—
—
34,517
23,184
8,556
12,628
1,755
245
1,557
(1,557)
11,333
4,830
3,303
2,777
—
—
423
Surface
—
—
—
—
—
6,356
1,424
984
—
—
440
—
—
4,932
5
286
6
833
3,802
—
Recycling/processing
7,904
3,864
—
3,864
4,040
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(12,187)
(8,412)
(4,727)
(3,685)
(3,775)
(32,954)
(21,340)
(8,419)
(11,005)
(1,479)
(437)
(1,223)
1,223
(11,614)
(3,358)
(3,057)
(2,128)
(747)
(2,324)
—
Underground
(4,727)
(4,727)
(4,727)
—
—
(28,622)
(20,328)
(7,748)
(11,005)
(1,479)
(96)
(1,223)
1,223
(8,294)
(3,358)
(2,815)
(2,121)
—
—
—
Surface
—
—
—
—
—
(4,332)
(1,012)
(671)
—
—
(341)
—
—
(3,320)
—
(242)
(7)
(747)
(2,324)
—
Recycling/processing
(7,460)
(3,685)
—
(3,685)
(3,775)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(1,004)
(904)
(901)
(3)
(100)
(3,587)
(1,947)
(610)
(1,020)
(256)
(23)
(184)
146
(1,640)
(722)
(473)
(219)
—
(214)
(12)
Interest income
93
86
86
—
7
460
223
36
111
54
13
4
5
237
41
41
23
14
124
(6)
Finance expense
(895)
(876)
(876)
—
(19)
(1,014)
(331)
(1,517)
(214)
(65)
—
(25)
1,490
(683)
(127)
(154)
(93)
(66)
(38)
(205)
Share-based payments
(12)
(12)
(12)
—
—
(84)
(45)
(16)
(19)
(9)
(1)
—
—
(39)
(8)
(5)
(3)
—
(14)
(9)
Gain/(loss) on financial instruments
20
—
—
—
20
3,320
2,580
13,153
1,255
6
—
—
(11,834)
740
9
11
6
30
9
675
Gain/(loss) on foreign exchange differences
4
2
2
—
2
(125)
(68)
32
(21)
(64)
5
(46)
26
(57)
—
—
—
—
—
(57)
Share of results of equity-accounted investees after tax
(2)
—
—
—
(2)
83
(52)
—
—
—
—
—
(52)
135
—
—
—
—
—
135
Other costs3
(256)
(253)
(253)
—
(3)
(2,326)
(941)
(42)
(555)
(199)
(140)
(5)
—
(1,385)
(42)
(118)
(20)
(764)
(12)
(429)
Other income
45
45
45
—
—
209
107
1
81
1
—
1
23
102
2
—
13
—
—
87
(Loss)/gain on disposal of property, plant and equipment
(37)
(37)
(37)
—
—
57
22
10
12
1
—
(1)
—
35
13
12
8
—
—
2
(Impairments)/reversal of impairments
(1,325)
(1,325)
(1,325)
—
—
106
(1)
—
—
20
—
—
(21)
107
—
—
—
—
—
107
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
—
—
77
—
—
—
—
—
—
—
77
—
—
—
—
—
77
Restructuring costs
(124)
(124)
(124)
—
—
(126)
(47)
(21)
(17)
(7)
—
—
(2)
(79)
(14)
(1)
(10)
(2)
—
(52)
Transaction costs
(213)
(26)
(26)
—
(187)
—
(1)
—
—
—
—
—
(1)
1
—
—
—
—
—
1
Royalties and carbon tax
—
—
—
—
—
(153)
(93)
(28)
(60)
(4)
—
(68)
67
(60)
(24)
(18)
(43)
(3)
—
28
Mining and income tax
(26)
(23)
—
—
(3)
(272)
(275)
(611)
(45)
392
(28)
(62)
79
3
(47)
(80)
48
—
(345)
427
Current taxation
(206)
(102)
(104)
(692)
(651)
(383)
(229)
(10)
(25)
—
(4)
(41)
(1)
(1)
(1)
—
(23)
(15)
Deferred taxation
180
79
101
420
376
(228)
184
402
(3)
(62)
83
44
(46)
(79)
49
—
(322)
442
(Loss)/profit for the period
(3,658)
(3,638)
(20)
4,544
2,399
11,508
1,131
146
74
(52)
(10,408)
2,145
558
(253)
365
(705)
988
1,192
Sustaining capital expenditure
(239)
(232)
(220)
(12)
(7)
(2,153)
(1,637)
(556)
(736)
(314)
(31)
(256)
256
(516)
(202)
(141)
(56)
—
(117)
—
Ore reserve development
(701)
(701)
(701)
—
—
(2,729)
(1,297)
(383)
(914)
—
—
—
—
(1,432)
(844)
(487)
(101)
—
—
—
Growth projects
(157)
(157)
(157)
—
—
(1,229)
(363)
(22)
(330)
—
(3)
—
(8)
(866)
—
—
—
—
(796)
(70)
Total capital expenditure
(1,097)
(1,090)
(1,078)
(12)
(7)
(6,111)
(3,297)
(961)
(1,980)
(314)
(34)
(256)
248
(2,814)
(1,046)
(628)
(157)
—
(913)
(70)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      56
For the six months ended 31 Dec 2024 (Unaudited)
US PGM OPERATIONS
SA OPERATIONS
US dollars4
Total US
operations
Total US PGM
Underground
Recycling
Reldan operations
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total
SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
679
456
241
215
223
2,284
1,375
533
704
100
38
86
(86)
909
271
201
155
47
212
23
Underground
241
241
241
—
—
1,927
1,295
478
704
100
13
86
(86)
632
270
184
155
—
—
23
Surface
—
—
—
—
—
357
80
55
—
—
25
—
—
277
1
17
—
47
212
—
Recycling/processing
438
215
—
215
223
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(679)
(471)
(265)
(206)
(208)
(1,836)
(1,189)
(469)
(612)
(84)
(24)
(69)
69
(647)
(187)
(170)
(118)
(42)
(130)
—
Underground
(265)
(265)
(265)
—
—
(1,595)
(1,133)
(432)
(612)
(84)
(5)
(69)
69
(462)
(187)
(157)
(118)
—
—
—
Surface
—
—
—
—
—
(241)
(56)
(37)
—
—
(19)
—
—
(185)
—
(13)
—
(42)
(130)
—
Recycling/processing
(414)
(206)
—
(206)
(208)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(55)
(50)
(50)
—
(5)
(201)
(110)
(34)
(57)
(15)
(1)
(10)
7
(91)
(40)
(26)
(13)
—
(12)
—
Interest income
5
5
5
—
—
26
13
2
6
3
—
—
2
13
2
2
2
—
7
—
Finance expense
(50)
(49)
(49)
—
(1)
(57)
(18)
(85)
(11)
(3)
—
(1)
82
(39)
(7)
(9)
(6)
(3)
(2)
(12)
Share-based payments
(1)
(1)
(1)
—
—
(5)
(2)
(1)
(2)
(1)
—
—
2
(3)
(1)
(1)
—
—
—
(1)
Gain/(loss) on financial instruments
3
2
2
—
1
182
141
716
68
—
—
—
(643)
41
—
1
1
2
—
37
Gain/(loss) on foreign exchange differences
—
—
—
—
—
(6)
(3)
2
(1)
(4)
—
(3)
3
(3)
—
—
—
—
—
(3)
Share of results of equity-accounted investees after tax
—
—
—
—
—
6
(2)
—
—
—
—
—
(2)
8
—
—
—
—
—
8
Other costs3
(14)
(14)
(14)
—
—
(126)
(50)
(2)
(30)
(11)
(8)
—
1
(76)
(3)
(7)
(1)
(42)
—
(23)
Other income
3
3
3
—
—
11
5
—
5
—
—
—
—
6
—
—
1
—
—
5
(Loss)/gain on disposal of property, plant and equipment
(2)
(2)
(2)
—
—
3
1
1
1
—
—
—
(1)
2
1
1
—
—
—
—
(Impairments)/reversal of impairments
(81)
(81)
(81)
—
—
5
(1)
—
—
1
—
—
(2)
6
—
—
—
—
—
6
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
—
—
4
—
—
—
—
—
—
—
4
—
—
—
—
—
4
Restructuring costs
(7)
(7)
(7)
—
—
(7)
(2)
(2)
(1)
—
—
—
1
(5)
(1)
—
(1)
—
—
(3)
Transaction costs
(11)
(1)
(1)
—
(10)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
—
—
(9)
(6)
(1)
(3)
(1)
—
(4)
3
(3)
(2)
(1)
(2)
—
—
2
Mining and income tax
(2)
(1)
—
—
(1)
(16)
(16)
(34)
(3)
21
(1)
(3)
4
—
(3)
(5)
2
—
(19)
25
Current taxation
(11)
(5)
(6)
(38)
(36)
(22)
(13)
(1)
(1)
—
1
(2)
—
—
—
—
(1)
(1)
Deferred taxation
9
4
5
22
20
(12)
10
22
—
(3)
3
2
(3)
(5)
2
—
(18)
26
(Loss)/profit for the period
(212)
(211)
(1)
258
136
626
64
6
4
(4)
(560)
122
30
(14)
20
(38)
56
68
Sustaining capital expenditure
(14)
(13)
(12)
(1)
(1)
(116)
(89)
(30)
(41)
(17)
(1)
(14)
14
(27)
(11)
(7)
(3)
—
(6)
—
Ore reserve development
(40)
(40)
(40)
—
—
(151)
(72)
(21)
(51)
—
—
—
—
(79)
(47)
(27)
(5)
—
—
—
Growth projects
(9)
(9)
(9)
—
—
(70)
(20)
(2)
(18)
—
—
—
—
(50)
—
—
—
—
(46)
(4)
Total capital expenditure
(63)
(62)
(61)
(1)
(1)
(337)
(181)
(53)
(110)
(17)
(1)
(14)
14
(156)
(58)
(34)
(8)
—
(52)
(4)
1Corporate and reconciling items represent the items to reconcile segment data to condensed consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment
as it does not generate revenue
2Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R2,710 million. This write-down mainly relates to PGM in process and PGM finished goods of R2,222 million and R428 million, respectively, of which R1,857 million, R487 million, R264 million and R42 million, relates to Stillwater, SRPM, Kroondal and Marikana, respectively, as
a result of the lower commodity price environment
3Other costs includes care and maintenance costs which were mainly incurred at Cooke (R505 million), Kloof (R97 million), Burnstone (R178 million) and Marikana (R35 million)
4The average exchange rate for the six months ended 31 December 2024 was R17.92/US$
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      57
Figures in millions
For the six months ended 30 Jun 2024 (Revised - unaudited)
US PGM OPERATIONS
SA OPERATIONS
SA rand
Total US
operations
Total US PGM
Underground
Recycling
Reldan operations
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total
SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
10,826
8,560
4,850
3,710
2,266
41,529
26,649
9,975
12,683
3,427
564
1,547
(1,547)
14,880
5,013
3,180
2,546
864
3,266
11
Underground
4,850
4,850
4,850
—
—
35,270
25,130
8,913
12,683
3,427
107
1,547
(1,547)
10,140
4,929
2,667
2,533
—
—
11
Surface
—
—
—
—
—
6,259
1,519
1,062
—
—
457
—
—
4,740
84
513
13
864
3,266
—
Recycling
5,976
3,710
—
3,710
2,266
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(10,941)
(8,684)
(5,121)
(3,563)
(2,257)
(33,606)
(21,623)
(8,182)
(9,907)
(3,145)
(389)
(1,260)
1,260
(11,983)
(3,590)
(3,269)
(2,132)
(832)
(2,160)
—
Underground
(5,121)
(5,121)
(5,121)
—
—
(29,314)
(20,666)
(7,544)
(9,907)
(3,145)
(70)
(1,260)
1,260
(8,648)
(3,575)
(2,959)
(2,114)
—
—
—
Surface
—
—
—
—
—
(4,292)
(957)
(638)
—
—
(319)
—
—
(3,335)
(15)
(310)
(18)
(832)
(2,160)
—
Recycling
(5,820)
(3,563)
—
(3,563)
(2,257)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(1,101)
(1,030)
(1,028)
(2)
(71)
(2,960)
(1,700)
(552)
(864)
(231)
(20)
(150)
117
(1,260)
(658)
(315)
(176)
—
(98)
(13)
Interest income
220
219
219
—
1
506
245
50
113
81
10
2
(11)
261
40
41
23
13
106
38
Finance expense
(896)
(885)
(885)
—
(11)
(934)
(280)
(1,723)
(178)
(66)
—
(20)
1,707
(654)
(133)
(140)
(100)
(66)
(40)
(175)
Share-based payments
(23)
(23)
(23)
—
—
(94)
(54)
(15)
(28)
(9)
—
—
(2)
(40)
(9)
(7)
(4)
—
(13)
(7)
Gain/(loss) on financial instruments
1,849
1,733
1,733
—
116
(192)
(239)
(1,275)
(6)
(8)
—
—
1,050
47
10
7
5
9
10
6
(Loss)/gain on foreign exchange differences
(7)
(7)
(7)
—
—
51
15
34
(10)
(9)
(2)
(83)
85
36
—
—
—
—
11
25
Share of results of equity-accounted investees after tax
(5)
—
—
—
(5)
147
(45)
—
—
—
—
—
(45)
192
—
—
—
—
—
192
Other costs3
(58)
(56)
(56)
—
(2)
(1,144)
(318)
40
(234)
(60)
(95)
—
31
(826)
(24)
(251)
(19)
(468)
(12)
(52)
Other income
818
818
818
—
—
243
95
—
77
—
—
2
16
148
1
—
—
—
1
146
(Loss)/gain on disposal of property, plant and equipment
(3)
(3)
(3)
—
—
38
11
7
3
—
—
—
1
27
5
5
16
—
1
—
(Impairments)/reversal of impairments
(7,499)
(7,499)
(7,499)
—
—
(123)
(123)
—
(112)
(11)
—
(26)
26
—
—
—
—
—
—
—
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation expense
—
—
—
—
—
(1)
—
—
—
—
—
—
—
(1)
—
—
—
—
—
(1)
Restructuring costs
(2)
(2)
(2)
—
—
(298)
(224)
(26)
(201)
3
—
—
—
(74)
—
(2)
—
2
—
(74)
Transaction costs
—
—
—
—
—
—
1
—
—
—
—
—
1
(1)
—
—
—
—
—
(1)
Royalties and carbon tax
—
—
—
—
—
(176)
(119)
(54)
(58)
(8)
—
(63)
64
(57)
(25)
(16)
(13)
(3)
—
—
Mining and income tax
(35)
(65)
—
—
30
(1,149)
(822)
66
(411)
(392)
(18)
6
(73)
(327)
(529)
(341)
(399)
—
(305)
1,247
Current taxation
60
81
(21)
(569)
(595)
(290)
(208)
(7)
(14)
—
(76)
26
(2)
(1)
—
—
26
3
Deferred taxation
(95)
(146)
51
(580)
(227)
356
(203)
(385)
(4)
6
3
(353)
(527)
(340)
(399)
—
(331)
1,244
(Loss)/profit for the period
(6,857)
(6,924)
67
1,837
1,469
(1,655)
867
(428)
50
(45)
2,680
368
101
(1,108)
(253)
(481)
767
1,342
Sustaining capital expenditure
(394)
(391)
(391)
—
(3)
(1,344)
(929)
(347)
(382)
(189)
(11)
(292)
292
(415)
(178)
(106)
(8)
—
(123)
—
Ore reserve development
(1,219)
(1,219)
(1,219)
—
—
(2,580)
(1,175)
(316)
(859)
—
—
—
—
(1,405)
(819)
(445)
(141)
—
—
—
Growth projects
(134)
(134)
(134)
—
—
(3,063)
(444)
(79)
(350)
—
(15)
—
—
(2,619)
—
—
—
—
(2,335)
(284)
Total capital expenditure
(1,747)
(1,744)
(1,744)
—
(3)
(6,987)
(2,548)
(742)
(1,591)
(189)
(26)
(292)
292
(4,439)
(997)
(551)
(149)
—
(2,458)
(284)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      58
For the six months ended 30 Jun 2024 (Unaudited)
US PGM OPERATIONS
SA OPERATIONS
US dollars4
Total US
operations
Total US PGM
Underground
Recycling
Reldan operations
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total
SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
579
458
260
198
121
2,217
1,424
533
678
183
30
83
(83)
793
267
169
136
46
174
1
Underground
260
260
260
—
—
1,884
1,343
476
678
183
6
83
(83)
541
263
142
135
—
—
1
Surface
—
—
—
—
—
333
81
57
—
—
24
—
—
252
4
27
1
46
174
—
Recycling
319
198
—
198
121
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(585)
(464)
(274)
(190)
(121)
(1,795)
(1,155)
(437)
(529)
(168)
(21)
(67)
67
(640)
(192)
(175)
(114)
(44)
(115)
—
Underground
(274)
(274)
(274)
—
—
(1,566)
(1,104)
(403)
(529)
(168)
(4)
(67)
67
(462)
(191)
(158)
(113)
—
—
—
Surface
—
—
—
—
—
(229)
(51)
(34)
—
—
(17)
—
—
(178)
(1)
(17)
(1)
(44)
(115)
—
Recycling
(311)
(190)
—
(190)
(121)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(59)
(55)
(55)
—
(4)
(158)
(91)
(29)
(46)
(12)
(1)
(8)
5
(67)
(35)
(17)
(9)
—
(5)
(1)
Interest income
12
12
12
—
—
27
13
3
6
4
1
—
(1)
14
2
2
1
1
6
2
Finance expense
(48)
(47)
(47)
—
(1)
(49)
(15)
(92)
(10)
(4)
—
(1)
92
(34)
(7)
(7)
(5)
(4)
(2)
(9)
Share-based payments
(1)
(1)
(1)
—
—
(6)
(5)
(1)
(1)
—
—
—
(3)
(1)
—
—
—
—
(1)
—
Gain/(loss) on financial instruments
99
93
93
—
6
(10)
(12)
(68)
—
—
—
—
56
2
1
—
—
—
1
—
Gain/(loss) on foreign exchange differences
—
—
—
—
—
1
(1)
2
(1)
—
—
(4)
2
2
—
—
—
—
1
1
Share of results of equity-accounted investees after tax
—
—
—
—
—
7
(3)
—
—
—
—
—
(3)
10
—
—
—
—
—
10
Other costs3
(3)
(3)
(3)
—
—
(63)
(19)
2
(13)
(3)
(5)
—
—
(44)
(1)
(13)
(1)
(25)
(1)
(3)
Other income
44
44
44
—
—
13
5
—
4
—
—
—
1
8
—
—
—
—
—
8
Gain on disposal of property, plant and equipment
—
—
—
—
—
2
1
—
—
—
—
—
1
1
—
—
1
—
—
—
(Impairments)/reversal of impairments
(401)
(401)
(401)
—
—
(6)
(6)
—
(6)
(1)
—
(1)
2
—
—
—
—
—
—
—
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation expense
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Restructuring costs
—
—
—
—
—
(16)
(12)
(1)
(11)
—
—
—
—
(4)
—
—
—
—
—
(4)
Transaction costs
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
—
—
(9)
(6)
(3)
(3)
—
—
(3)
3
(3)
(1)
(1)
(1)
—
—
—
Mining and income tax
(2)
(4)
—
—
2
(60)
(42)
4
(22)
(21)
(1)
—
(2)
(18)
(28)
(18)
(21)
—
(17)
66
Current taxation
3
4
(1)
(30)
(31)
(15)
(11)
—
(1)
—
(4)
1
—
—
—
—
1
—
Deferred taxation
(5)
(8)
3
(30)
(11)
19
(11)
(21)
—
—
2
(19)
(28)
(18)
(21)
—
(18)
66
(Loss)/profit for the period
(365)
(368)
3
95
76
(87)
46
(22)
3
(1)
137
19
6
(60)
(13)
(26)
41
71
Sustaining capital expenditure
(21)
(21)
(21)
—
—
(73)
(50)
(19)
(20)
(10)
(1)
(16)
16
(23)
(10)
(6)
—
—
(7)
—
Ore reserve development
(65)
(65)
(65)
—
—
(139)
(63)
(17)
(46)
—
—
—
—
(76)
(44)
(24)
(8)
—
—
—
Growth projects
(7)
(7)
(7)
—
—
(164)
(24)
(4)
(19)
—
(1)
—
—
(140)
—
—
—
—
(125)
(15)
Total capital expenditure
(93)
(93)
(93)
—
—
(376)
(137)
(40)
(85)
(10)
(2)
(16)
16
(239)
(54)
(30)
(8)
—
(132)
(15)
1Corporate and reconciling items represent the items to reconcile segment data to condensed consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue
2Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R2,074 million. This write-down mainly relates to PGM in process and PGM finished goods of R1,621 million and R416 million, respectively, of which R1,917 million, R100 million and R20 million relates to Stillwater, SRPM and Marikana, respectively, as a result of the lower
commodity price environment
3Other costs includes care and maintenance costs which were mainly incurred at Cooke (R465 million), Kloof (R243 million), Burnstone (R16 million) and Marikana (R34 million)
4The average exchange rate for the six months ended 30 June 2024 was R18.72/US$
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      59
Figures are in millions
For the six months ended 31 Dec 2023 (Unaudited)
US PGM OPERATIONS
SA OPERATIONS
SA rand
Total US PGM
Underground
Recycling
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total
SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
10,903
5,277
5,626
39,125
25,243
10,612
11,828
2,314
489
1,396
(1,396)
13,882
3,715
4,253
2,232
708
2,974
—
Underground
5,277
5,277
—
33,412
23,776
9,634
11,828
2,314
—
1,396
(1,396)
9,636
3,664
3,750
2,222
—
—
—
Surface
—
—
—
5,713
1,467
978
—
—
489
—
—
4,246
51
503
10
708
2,974
—
Recycling
5,626
—
5,626
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(10,904)
(5,514)
(5,390)
(30,509)
(18,566)
(7,811)
(8,148)
(2,273)
(334)
(1,253)
1,253
(11,943)
(3,220)
(3,970)
(1,934)
(667)
(2,152)
—
Underground
(5,514)
(5,514)
—
(26,337)
(17,573)
(7,152)
(8,148)
(2,273)
—
(1,253)
1,253
(8,764)
(3,204)
(3,641)
(1,919)
—
—
—
Surface
—
—
—
(4,172)
(993)
(659)
—
—
(334)
—
—
(3,179)
(16)
(329)
(15)
(667)
(2,152)
—
Recycling
(5,390)
—
(5,390)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(1,837)
(1,835)
(2)
(2,845)
(1,606)
(586)
(840)
(140)
(25)
(249)
234
(1,239)
(505)
(426)
(182)
(1)
(110)
(15)
Interest income
100
100
—
494
199
22
89
62
17
3
6
295
40
39
22
11
146
37
Finance expense
(603)
(603)
—
(762)
(305)
(1,782)
(210)
(68)
—
(3)
1,758
(457)
(68)
(74)
(62)
(55)
(35)
(163)
Share-based payments
(27)
(27)
—
(49)
(16)
(7)
(10)
2
—
—
(1)
(33)
(4)
(4)
(3)
—
(13)
(9)
(Loss)/gain on financial instruments
(2,136)
(2,136)
—
2,361
2,458
5,847
1,902
(145)
—
1
(5,147)
(97)
12
10
7
18
8
(152)
(Loss)/gain on foreign exchange differences
(3)
(3)
—
141
100
(20)
144
(20)
(2)
(21)
19
41
—
—
—
—
(2)
43
Share of results of equity-accounted investees after tax
—
—
—
(1,431)
(1,585)
—
—
—
—
—
(1,585)
154
—
—
—
—
—
154
Other costs2
(34)
(34)
—
(1,974)
(974)
2
(612)
(86)
(133)
—
(145)
(1,000)
(67)
(64)
(36)
(448)
(9)
(376)
Other income
11
11
—
738
497
1
126
50
—
1
319
241
2
—
19
(19)
1
238
(Loss)/gain on disposal of property, plant and equipment
(46)
(46)
—
77
33
20
13
1
—
(1)
—
44
12
14
11
—
—
7
(Impairments)/reversal of impairments
(38,919)
(38,919)
—
(3,236)
(505)
(2)
—
(21)
—
(2,287)
1,805
(2,731)
—
(1,616)
—
—
—
(1,115)
Gain on acquisition
—
—
—
898
898
—
—
898
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
357
—
—
—
—
—
—
—
357
—
—
—
—
—
357
Restructuring costs
(41)
(41)
—
(648)
(336)
(88)
(202)
(45)
—
—
(1)
(312)
(23)
(246)
(34)
(4)
—
(5)
Transaction costs
(29)
(29)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
(380)
(326)
(159)
(163)
(4)
—
(58)
58
(54)
(18)
(21)
(11)
(3)
(1)
—
Mining and income tax
6,794
—
—
(1,537)
(1,090)
(569)
(509)
74
(2)
466
(550)
(447)
(320)
103
5
(1)
(192)
(42)
Current taxation
353
(1,045)
(921)
(541)
(347)
39
16
(9)
(79)
(124)
(1)
—
1
(1)
(125)
2
Deferred taxation
6,441
(492)
(169)
(28)
(162)
35
(18)
475
(471)
(323)
(319)
103
4
—
(67)
(44)
(Loss)/profit for the period
(36,771)
820
4,119
5,480
3,408
599
10
(2,005)
(3,373)
(3,299)
(444)
(2,002)
34
(461)
615
(1,041)
Sustaining capital expenditure
(1,395)
(1,394)
(1)
(2,088)
(1,271)
(371)
(700)
(174)
(26)
(547)
547
(817)
(300)
(242)
(73)
—
(202)
—
Ore reserve development
(1,863)
(1,863)
—
(2,506)
(1,207)
(312)
(895)
—
—
—
—
(1,299)
(701)
(442)
(156)
—
—
—
Growth projects
(371)
(371)
—
(1,821)
(597)
—
(506)
(2)
(89)
—
—
(1,224)
—
(50)
—
—
(455)
(719)
Total capital expenditure
(3,629)
(3,628)
(1)
(6,415)
(3,075)
(683)
(2,101)
(176)
(115)
(547)
547
(3,340)
(1,001)
(734)
(229)
—
(657)
(719)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      60
For the six months ended 31 Dec 2023 (Unaudited)
US PGM OPERATIONS
SA OPERATIONS
US dollars4
Total US PGM
Underground
Recycling
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total
SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
584
283
301
2,097
1,352
569
632
124
27
75
(75)
745
199
228
120
38
160
—
Underground
283
283
—
1,789
1,273
517
632
124
—
75
(75)
516
196
201
119
—
—
—
Surface
—
—
—
308
79
52
—
—
27
—
—
229
3
27
1
38
160
—
Recycling
301
—
301
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(587)
(299)
(288)
(1,636)
(997)
(419)
(437)
(122)
(18)
(68)
67
(639)
(172)
(212)
(104)
(36)
(115)
—
Underground
(299)
(299)
—
(1,414)
(944)
(384)
(437)
(122)
—
(68)
67
(470)
(172)
(195)
(103)
—
—
—
Surface
—
—
—
(222)
(53)
(35)
—
—
(18)
—
—
(169)
—
(17)
(1)
(36)
(115)
—
Recycling
(288)
—
(288)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(99)
(99)
—
(153)
(86)
(32)
(45)
(8)
(2)
(14)
15
(67)
(27)
(23)
(10)
—
(6)
(1)
Interest income
6
6
—
26
11
1
4
3
1
—
2
15
2
2
1
—
8
2
Finance expense
(33)
(33)
—
(41)
(18)
(96)
(11)
(4)
—
(1)
94
(23)
(3)
(4)
(3)
(3)
(2)
(8)
Share-based payments
(1)
(1)
—
(4)
(4)
—
(1)
—
—
—
(3)
—
—
—
—
—
—
—
(Loss)/gain on financial instruments
(116)
(116)
—
130
134
318
103
(8)
—
—
(279)
(4)
—
1
1
1
1
(8)
Gain/(loss) on foreign exchange differences
—
—
—
6
4
(1)
6
(1)
—
(1)
1
2
—
—
—
—
—
2
Share of results of equity-accounted investees after tax
—
—
—
(78)
(86)
—
—
—
—
—
(86)
8
—
—
—
—
—
8
Other costs2
(2)
(2)
—
(106)
(52)
1
(33)
(5)
(7)
—
(8)
(54)
(3)
(4)
(2)
(24)
(1)
(20)
Other income
1
1
—
41
28
—
7
3
—
—
18
13
—
—
1
(1)
—
13
(Loss)/gain on disposal of property, plant and equipment
(2)
(2)
—
4
1
1
—
—
—
—
—
3
1
1
1
—
—
—
(Impairments)/reversal of impairments
(2,113)
(2,113)
—
(176)
(27)
—
—
(1)
—
(124)
98
(149)
—
(88)
—
—
—
(61)
Gain on acquisition
—
—
—
49
49
—
—
49
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
20
—
—
—
—
—
—
—
20
—
—
—
—
—
20
Restructuring costs
(2)
(2)
—
(36)
(18)
(5)
(10)
(3)
—
—
—
(18)
(1)
(14)
(2)
—
—
(1)
Transaction costs
(1)
(1)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
(20)
(18)
(8)
(9)
—
—
(3)
2
(2)
(1)
(1)
—
—
—
—
Mining and income tax
370
—
—
(83)
(58)
(30)
(26)
4
(1)
25
(30)
(25)
(17)
6
—
—
(11)
(3)
Current taxation
20
(57)
(50)
(29)
(18)
2
—
—
(5)
(7)
—
—
—
—
(7)
—
Deferred taxation
350
(26)
(8)
(1)
(8)
2
(1)
25
(25)
(18)
(17)
6
—
—
(4)
(3)
(Loss)/profit for the period
(1,995)
40
215
299
180
31
—
(111)
(184)
(175)
(22)
(108)
3
(25)
34
(57)
Sustaining capital expenditure
(75)
(75)
—
(114)
(70)
(20)
(38)
(10)
(2)
(29)
29
(44)
(17)
(13)
(4)
—
(10)
—
Ore reserve development
(100)
(100)
—
(134)
(64)
(16)
(48)
—
—
—
—
(70)
(37)
(24)
(9)
—
—
—
Growth projects
(20)
(20)
—
(97)
(32)
—
(27)
—
(5)
—
—
(65)
—
(2)
—
—
(25)
(38)
Total capital expenditure
(195)
(195)
—
(345)
(166)
(36)
(113)
(10)
(7)
(29)
29
(179)
(54)
(39)
(13)
—
(35)
(38)
1Corporate and reconciling items represent the items to reconcile segment data to condensed consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue
2Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R1,092 million. This write-down mainly relates to PGM in process and PGM finished goods of R723 million and R283 million, respectively, of which R950 million relates to Stillwater as a result of the lower commodity price environment
3Other costs includes care and maintenance costs which were mainly incurred at Cooke (R445 million), Kloof (R46 million), Beatrix (R36 million) and Marikana (R59 million)
4The average exchange rate for the six months ended 31 December 2023 was R18.62/US$
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      61
Figures are in millions
For the year ended 31 Dec 2024 (Unaudited)
US PGM OPERATIONS
SA OPERATIONS
SA rand
Total US
operations
Total US PGM
Underground
Recycling
Reldan
operations2
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total
SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
23,087
16,781
9,207
7,574
6,306
82,402
51,257
19,515
25,311
5,182
1,249
3,104
(3,104)
31,145
9,848
6,769
5,329
1,697
7,068
434
Underground
9,207
9,207
9,207
—
—
69,787
48,314
17,469
25,311
5,182
352
3,104
(3,104)
21,473
9,759
5,970
5,310
—
—
434
Surface
—
—
—
—
—
12,615
2,943
2,046
—
—
897
—
—
9,672
89
799
19
1,697
7,068
—
Recycling/processing
13,880
7,574
—
7,574
6,306
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(23,128)
(17,096)
(9,848)
(7,248)
(6,032)
(66,560)
(42,963)
(16,601)
(20,912)
(4,624)
(826)
(2,483)
2,483
(23,597)
(6,948)
(6,326)
(4,260)
(1,579)
(4,484)
—
Underground
(9,848)
(9,848)
(9,848)
—
—
(57,936)
(40,994)
(15,292)
(20,912)
(4,624)
(166)
(2,483)
2,483
(16,942)
(6,933)
(5,774)
(4,235)
—
—
—
Surface
—
—
—
—
—
(8,624)
(1,969)
(1,309)
—
—
(660)
—
—
(6,655)
(15)
(552)
(25)
(1,579)
(4,484)
—
Recycling/processing
(13,280)
(7,248)
—
(7,248)
(6,032)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(2,105)
(1,934)
(1,929)
(5)
(171)
(6,547)
(3,647)
(1,162)
(1,884)
(487)
(43)
(334)
263
(2,900)
(1,380)
(788)
(395)
—
(312)
(25)
Interest income
313
305
305
—
8
966
468
86
224
135
23
6
(6)
498
81
82
46
27
230
32
Finance expense
(1,791)
(1,761)
(1,761)
—
(30)
(1,948)
(611)
(3,240)
(392)
(131)
—
(45)
3,197
(1,337)
(260)
(294)
(193)
(132)
(78)
(380)
Share-based payments
(35)
(35)
(35)
—
—
(178)
(99)
(31)
(47)
(18)
(1)
—
(2)
(79)
(17)
(12)
(7)
—
(27)
(16)
Gain/(loss)on financial instruments
1,869
1,733
1,733
—
136
3,128
2,341
11,878
1,249
(2)
—
—
(10,784)
787
19
18
11
39
19
681
(Loss)/gain on foreign exchange differences
(3)
(5)
(5)
—
2
(74)
(53)
66
(31)
(73)
3
(129)
111
(21)
—
—
—
—
11
(32)
Share of results of equity-accounted investees after tax
(7)
—
—
—
(7)
230
(97)
—
—
—
—
—
(97)
327
—
—
—
—
—
327
Other costs4
(314)
(309)
(309)
—
(5)
(3,470)
(1,259)
(2)
(789)
(259)
(235)
(5)
31
(2,211)
(66)
(369)
(39)
(1,232)
(24)
(481)
Other income
863
863
863
—
—
452
202
1
158
1
—
3
39
250
3
—
13
—
1
233
(Loss)/gain on disposal of property, plant and equipment
(40)
(40)
(40)
—
—
95
33
17
15
1
—
(1)
1
62
18
17
24
—
1
2
(Impairments)/reversal of impairments
(8,824)
(8,824)
(8,824)
—
—
(17)
(124)
—
(112)
9
—
(26)
5
107
—
—
—
—
—
107
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
—
—
76
—
—
—
—
—
—
—
76
—
—
—
—
—
76
Restructuring costs
(126)
(126)
(126)
—
—
(424)
(271)
(47)
(218)
(4)
—
—
(2)
(153)
(14)
(3)
(10)
—
—
(126)
Transaction and project costs
(213)
(26)
(26)
—
(187)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
—
—
(329)
(212)
(82)
(118)
(12)
—
(131)
131
(117)
(49)
(34)
(56)
(6)
—
28
Mining and income tax
(61)
(88)
—
—
27
(1,421)
(1,097)
(545)
(456)
—
(46)
(56)
6
(324)
(576)
(421)
(351)
—
(650)
1,674
Current taxation
(146)
(21)
(125)
(1,261)
(1,246)
(673)
(437)
(17)
(39)
—
(80)
(15)
(3)
(2)
(1)
—
3
(12)
Deferred taxation
85
(67)
152
(160)
149
128
(19)
17
(7)
(56)
86
(309)
(573)
(419)
(350)
—
(653)
1,686
(Loss)/profit for the year
(10,515)
(10,562)
47
6,381
3,868
9,853
1,998
(282)
124
(97)
(7,728)
2,513
659
(1,361)
112
(1,186)
1,755
2,534
Sustaining capital expenditure
(633)
(623)
(611)
(12)
(10)
(3,497)
(2,566)
(903)
(1,118)
(503)
(42)
(548)
548
(931)
(380)
(247)
(64)
—
(240)
—
Ore reserve development
(1,920)
(1,920)
(1,920)
—
—
(5,309)
(2,472)
(699)
(1,773)
—
—
—
—
(2,837)
(1,663)
(932)
(242)
—
—
—
Growth projects
(291)
(291)
(291)
—
—
(4,292)
(807)
(101)
(680)
—
(18)
—
(8)
(3,485)
—
—
—
—
(3,131)
(354)
Total capital expenditure
(2,844)
(2,834)
(2,822)
(12)
(10)
(13,098)
(5,845)
(1,703)
(3,571)
(503)
(60)
(548)
540
(7,253)
(2,043)
(1,179)
(306)
—
(3,371)
(354)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      62
For the year ended 31 Dec 2024 (Unaudited)
US PGM OPERATIONS
SA OPERATIONS
US dollars5
Total US
operations
Total US PGM
Underground
Recycling
Reldan
operations2
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total
SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
1,258
914
501
413
344
4,501
2,799
1,066
1,382
283
68
169
(169)
1,702
538
370
291
93
386
24
Underground
501
501
501
—
—
3,811
2,638
954
1,382
283
19
169
(169)
1,173
533
326
290
—
—
24
Surface
—
—
—
—
—
690
161
112
—
—
49
—
—
529
5
44
1
93
386
—
Recycling/processing
757
413
—
413
344
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(1,264)
(935)
(539)
(396)
(329)
(3,631)
(2,344)
(906)
(1,141)
(252)
(45)
(136)
136
(1,287)
(379)
(345)
(232)
(86)
(245)
—
Underground
(539)
(539)
(539)
—
—
(3,161)
(2,237)
(835)
(1,141)
(252)
(9)
(136)
136
(924)
(378)
(315)
(231)
—
—
—
Surface
—
—
—
—
—
(470)
(107)
(71)
—
—
(36)
—
—
(363)
(1)
(30)
(1)
(86)
(245)
—
Recycling/processing
(725)
(396)
—
(396)
(329)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(114)
(105)
(105)
—
(9)
(359)
(201)
(63)
(103)
(27)
(2)
(18)
12
(158)
(75)
(43)
(22)
—
(17)
(1)
Interest income
17
17
17
—
—
53
26
5
12
7
1
—
1
27
4
4
3
1
13
2
Finance expense
(98)
(96)
(96)
—
(2)
(106)
(33)
(177)
(21)
(7)
—
(2)
174
(73)
(14)
(16)
(11)
(7)
(4)
(21)
Share-based payments
(2)
(2)
(2)
—
—
(11)
(7)
(2)
(3)
(1)
—
—
(1)
(4)
(1)
(1)
—
—
(1)
(1)
Gain/(loss) on financial instruments
102
95
95
—
7
172
129
648
68
—
—
—
(587)
43
1
1
1
2
1
37
Gain/(loss) on foreign exchange differences
—
—
—
—
—
(5)
(4)
4
(2)
(4)
—
(7)
5
(1)
—
—
—
—
1
(2)
Share of results of equity-accounted investees after tax
—
—
—
—
—
13
(5)
—
—
—
—
—
(5)
18
—
—
—
—
—
18
Other costs4
(17)
(17)
(17)
—
—
(189)
(69)
—
(43)
(14)
(13)
—
1
(120)
(4)
(20)
(2)
(67)
(1)
(26)
Other income
47
47
47
—
—
24
10
—
9
—
—
—
1
14
—
—
1
—
—
13
(Loss)/gain on disposal of property, plant and equipment
(2)
(2)
(2)
—
—
5
2
1
1
—
—
—
—
3
1
1
1
—
—
—
(Impairments)/reversal of impairments
(482)
(482)
(482)
—
—
(1)
(7)
—
(6)
—
—
(1)
—
6
—
—
—
—
—
6
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
—
—
4
—
—
—
—
—
—
—
4
—
—
—
—
—
4
Restructuring costs
(7)
(7)
(7)
—
—
(23)
(14)
(3)
(12)
—
—
—
1
(9)
(1)
—
(1)
—
—
(7)
Transaction and project costs
(11)
(1)
(1)
—
(10)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
—
—
(18)
(12)
(4)
(6)
(1)
—
(7)
6
(6)
(3)
(2)
(3)
—
—
2
Mining and income tax
(4)
(5)
—
—
1
(76)
(58)
(30)
(25)
—
(2)
(3)
2
(18)
(31)
(23)
(19)
—
(36)
91
Current taxation
(8)
(1)
(7)
(68)
(67)
(37)
(24)
(1)
(2)
—
(3)
(1)
—
—
—
—
—
(1)
Deferred taxation
4
(4)
8
(8)
9
7
(1)
1
—
(3)
5
(17)
(31)
(23)
(19)
—
(36)
92
(Loss)/profit for the year
(577)
(579)
2
353
212
539
110
(16)
7
(5)
(423)
141
36
(74)
7
(64)
97
139
Sustaining capital expenditure
(35)
(34)
(33)
(1)
(1)
(189)
(139)
(49)
(61)
(27)
(2)
(30)
30
(50)
(21)
(13)
(3)
—
(13)
—
Ore reserve development
(105)
(105)
(105)
—
—
(290)
(135)
(38)
(97)
—
—
—
—
(155)
(91)
(51)
(13)
—
—
—
Growth projects
(16)
(16)
(16)
—
—
(234)
(44)
(6)
(37)
—
(1)
—
—
(190)
—
—
—
—
(171)
(19)
Total capital expenditure
(156)
(155)
(154)
(1)
(1)
(713)
(318)
(93)
(195)
(27)
(3)
(30)
30
(395)
(112)
(64)
(16)
—
(184)
(19)
1Corporate and reconciling items represent the items to reconcile segment data to condensed consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue
2The results for Reldan is included for the nine and a half months ended 31 December since date of acquisition (see note 10.1)
3Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R4,784 million. This write-down mainly relates to PGM in process and PGM finished goods of R3,843 million and R844 million, respectively, of which R3,774 million, R588 million, R264 million and R61 million, relates to Stillwater, SRPM, Kroondal and Marikana, respectively, as
a result of the lower commodity price environment
4Other costs includes care and maintenance costs which were mainly incurred at Cooke (R970 million), Kloof (R340 million), Burnstone (R194 million) and Marikana (R69 million)
5The average exchange rate for the year ended 31 December 2024 was R18.32/US$
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      63
Figures are in millions
For the year ended 31 Dec 2023 (Audited)
US PGM OPERATIONS
SA OPERATIONS
SA rand
Total US PGM
Underground
Recycling
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total
SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
23,812
10,494
13,318
84,736
55,593
22,722
27,282
4,563
1,026
3,217
(3,217)
29,143
8,292
8,833
4,804
1,398
5,816
—
Underground
10,494
10,494
—
73,257
52,375
20,530
27,282
4,563
—
3,217
(3,217)
20,882
8,106
8,062
4,714
—
—
—
Surface
—
—
—
11,479
3,218
2,192
—
—
1,026
—
—
8,261
186
771
90
1,398
5,816
—
Recycling
13,318
—
13,318
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(22,391)
(9,680)
(12,711)
(60,780)
(36,699)
(15,147)
(16,961)
(3,950)
(641)
(2,409)
2,409
(24,081)
(6,567)
(8,149)
(4,059)
(1,266)
(4,040)
—
Underground
(9,680)
(9,680)
—
(52,802)
(34,819)
(13,908)
(16,961)
(3,950)
—
(2,409)
2,409
(17,983)
(6,468)
(7,552)
(3,963)
—
—
—
Surface
—
—
—
(7,978)
(1,880)
(1,239)
—
—
(641)
—
—
(6,098)
(99)
(597)
(96)
(1,266)
(4,040)
—
Recycling
(12,711)
—
(12,711)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(3,390)
(3,386)
(4)
(5,357)
(2,975)
(1,135)
(1,537)
(234)
(47)
(475)
453
(2,382)
(1,015)
(796)
(328)
(1)
(194)
(48)
Interest income
213
213
—
1,089
478
50
248
126
42
32
(20)
611
75
73
41
24
311
87
Finance expense
(1,134)
(1,134)
—
(1,603)
(706)
(4,066)
(413)
(122)
—
(28)
3,923
(897)
(116)
(126)
(113)
(113)
(72)
(357)
Share-based payments
(39)
(39)
—
(71)
(18)
(9)
(13)
5
—
—
(1)
(53)
(3)
(2)
—
—
(25)
(23)
(Loss)/gain on financial instruments
(2,064)
(2,064)
—
1,938
1,957
5,067
1,753
(148)
—
—
(4,715)
(19)
23
18
13
28
14
(115)
Gain/(loss) on foreign exchange differences
12
12
—
1,920
1,894
(5)
1,703
165
33
(233)
231
26
—
—
—
—
5
21
Share of results of equity-accounted investees after tax
—
—
—
(1,156)
(1,471)
—
8
—
—
—
(1,479)
315
—
—
—
—
—
315
Other costs3
(108)
(108)
—
(3,411)
(1,441)
83
(696)
(124)
(282)
(30)
(392)
(1,970)
(79)
(147)
(267)
(887)
(20)
(570)
Other income
12
12
—
1,071
571
2
164
50
—
37
318
500
3
—
19
(19)
1
496
(Loss)/gain on disposal of property, plant and equipment
(45)
(45)
—
150
79
33
44
3
—
(1)
—
71
23
15
16
—
10
7
Impairments
(38,919)
(38,919)
—
(3,239)
(506)
(2)
—
(21)
—
(2,287)
1,804
(2,733)
(2)
(1,616)
—
—
—
(1,115)
Gain on acquisition
—
—
—
898
898
—
—
898
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
365
—
—
—
—
—
—
—
365
—
—
—
—
—
365
Restructuring costs
(41)
(41)
—
(474)
(351)
(94)
(206)
(50)
—
—
(1)
(123)
(25)
(232)
147
(4)
—
(9)
Transaction and project costs
(27)
(27)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
(921)
(805)
(355)
(442)
(9)
—
(133)
134
(116)
(41)
(44)
(24)
(6)
(1)
—
Mining and income tax
7,612
—
—
(5,116)
(4,152)
(1,734)
(2,161)
(99)
(35)
410
(533)
(964)
(814)
(571)
(469)
(1)
(432)
1,323
Current taxation
343
(3,408)
(3,081)
(1,195)
(1,621)
(124)
(11)
(38)
(92)
(327)
(2)
—
1
(1)
(305)
(20)
Deferred taxation
7,269
(1,708)
(1,071)
(539)
(540)
25
(24)
448
(441)
(637)
(812)
(571)
(470)
—
(127)
1,343
(Loss)/profit for the year
(36,497)
10,039
12,346
5,410
8,773
1,053
96
(1,900)
(1,086)
(2,307)
(246)
(2,744)
(220)
(847)
1,373
377
Sustaining capital expenditure
(2,180)
(2,178)
(2)
(3,514)
(2,057)
(644)
(1,097)
(286)
(30)
(1,057)
1,057
(1,457)
(490)
(421)
(114)
—
(432)
—
Ore reserve development
(3,889)
(3,889)
—
(5,248)
(2,551)
(669)
(1,882)
—
—
—
—
(2,697)
(1,461)
(912)
(324)
—
—
—
Growth projects
(774)
(774)
—
(3,591)
(1,038)
—
(893)
(20)
(125)
—
—
(2,553)
—
(117)
—
—
(882)
(1,554)
Total capital expenditure
(6,843)
(6,841)
(2)
(12,353)
(5,646)
(1,313)
(3,872)
(306)
(155)
(1,057)
1,057
(6,707)
(1,951)
(1,450)
(438)
—
(1,314)
(1,554)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      64
For the year ended 31 Dec 2023 (Unaudited)
US PGM OPERATIONS
SA OPERATIONS
US dollars4
Total US PGM
Underground
Recycling
Total SA
Operations
Total
SA PGM
Rusten-
burg
Marikana
Kroondal
Platinum
Mile
Mimosa
Corporate
and re-
conciling
items1
Total
SA gold
Drie-
fontein
Kloof
Beatrix
Cooke
DRD-
GOLD
Corporate
and re-
conciling
items1
Revenue
1,292
569
723
4,602
3,019
1,234
1,481
248
56
175
(175)
1,583
450
480
261
76
316
—
Underground
569
569
—
3,978
2,844
1,115
1,481
248
—
175
(175)
1,134
440
438
256
—
—
—
Surface
—
—
—
624
175
119
—
—
56
—
—
449
10
42
5
76
316
—
Recycling
723
—
723
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Cost of sales, before amortisation and depreciation2
(1,218)
(528)
(690)
(3,298)
(1,992)
(822)
(921)
(214)
(35)
(131)
131
(1,306)
(356)
(442)
(220)
(69)
(219)
—
Underground
(528)
(528)
—
(2,866)
(1,890)
(755)
(921)
(214)
—
(131)
131
(976)
(351)
(410)
(215)
—
—
—
Surface
—
—
—
(432)
(102)
(67)
—
—
(35)
—
—
(330)
(5)
(32)
(5)
(69)
(219)
—
Recycling
(690)
—
(690)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation and depreciation
(184)
(184)
—
(292)
(162)
(62)
(83)
(13)
(3)
(26)
25
(130)
(55)
(43)
(18)
—
(11)
(3)
Interest income
12
12
—
59
26
3
13
7
2
2
(1)
33
4
4
2
1
17
5
Finance expense
(62)
(62)
—
(86)
(38)
(221)
(22)
(7)
—
(2)
214
(48)
(6)
(7)
(6)
(6)
(4)
(19)
Share-based payments
(2)
(2)
—
(5)
(3)
—
(1)
—
—
—
(2)
(2)
—
—
—
—
(1)
(1)
(Loss)/gain on financial instruments
(112)
(112)
—
106
106
275
95
(8)
—
—
(256)
—
1
1
1
2
1
(6)
Gain/(loss) on foreign exchange differences
1
1
—
104
103
—
92
9
2
(13)
13
1
—
—
—
—
—
1
Share of results of equity-accounted investees after tax
—
—
—
(63)
(80)
—
—
—
—
—
(80)
17
—
—
—
—
—
17
Other costs3
(6)
(6)
—
(185)
(79)
5
(38)
(7)
(15)
(2)
(22)
(106)
(4)
(8)
(14)
(48)
(1)
(31)
Other income
1
1
—
59
32
—
9
3
—
2
18
27
—
—
1
(1)
—
27
(Loss)/gain on disposal of property, plant and equipment
(2)
(2)
—
8
4
2
2
—
—
—
—
4
1
1
1
—
1
—
Impairments
(2,113)
(2,113)
—
(176)
(27)
—
—
(1)
—
(124)
98
(149)
—
(88)
—
—
—
(61)
Gain on acquisition
—
—
—
49
49
—
—
49
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
20
—
—
—
—
—
—
—
20
—
—
—
—
—
20
Restructuring costs
(2)
(2)
—
(26)
(19)
(5)
(11)
(3)
—
—
—
(7)
(1)
(13)
8
—
—
(1)
Transaction and project costs
(1)
(1)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
(50)
(45)
(19)
(24)
—
—
(7)
5
(5)
(2)
(2)
(1)
—
—
—
Mining and income tax
414
—
—
(279)
(226)
(94)
(117)
(6)
(2)
22
(29)
(53)
(44)
(31)
(26)
—
(24)
72
Current taxation
19
(186)
(168)
(65)
(88)
(7)
(1)
(2)
(5)
(18)
—
—
—
—
(17)
(1)
Deferred taxation
395
(93)
(58)
(29)
(29)
1
(1)
24
(24)
(35)
(44)
(31)
(26)
—
(7)
73
(Loss)/profit for the year
(1,982)
547
668
296
475
57
5
(104)
(61)
(121)
(12)
(148)
(11)
(45)
75
20
Sustaining capital expenditure
(118)
(118)
—
(192)
(113)
(35)
(60)
(16)
(2)
(57)
57
(79)
(27)
(23)
(6)
—
(23)
—
Ore reserve development
(211)
(211)
—
(285)
(138)
(36)
(102)
—
—
—
—
(147)
(79)
(50)
(18)
—
—
—
Growth projects
(42)
(42)
—
(194)
(56)
—
(48)
(1)
(7)
—
—
(138)
—
(6)
—
—
(48)
(84)
Total capital expenditure
(371)
(371)
—
(671)
(307)
(71)
(210)
(17)
(9)
(57)
57
(364)
(106)
(79)
(24)
—
(71)
(84)
1Corporate and reconciling items represent the items to reconcile segment data to condensed consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue
2Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R1,694 million. This write-down mainly relates to PGM in process and PGM finished goods of R1,179 million and R423 million, respectively, of which R1,374 million relates to Stillwater as a result of the lower commodity price environment
3Other costs includes care and maintenance costs which were mainly incurred at Cooke (R883 million), Kloof (R117 million), Beatrix (R261 million) and Marikana (R103 million)
4The average exchange rate for the year ended 31 December 2023 was R18.42/US$
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      65
21.2    Sandouville nickel refinery and Zinc retreatment operation
Figures are in millions
For the six months ended 31 Dec 2024 (Unaudited)
For the six months ended 30 Jun 2024 (Revised - unaudited)
For the six months ended 31 Dec 2023 (Unaudited)
EUROPE
AUSTRALIA
EUROPE
AUSTRALIA
EUROPE
AUSTRALIA
SA rand
Total EU
operations
Sandouville nickel
refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc
retreatment
operation
Corporate
and re-
conciling
items1
Total EU
operations
Sandouville nickel
refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc
retreatment
operation2
Corporate
and re-
conciling
items1
Total EU
operations
Sandouville nickel
refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc
retreatment
operation
Corporate
and re-
conciling
items1
Revenue
1,099
1,099
—
2,679
2,679
—
1,685
1,685
—
1,304
1,304
—
1,347
1,347
—
1,745
1,745
—
Underground
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Surface
—
—
—
2,679
2,679
—
—
—
—
1,304
1,304
—
—
—
—
1,745
1,745
—
Recycling/processing
1,099
1,099
—
—
—
—
1,685
1,685
—
—
—
—
1,347
1,347
—
—
—
—
Cost of sales, before amortisation and depreciation
(1,470)
(1,470)
—
(1,726)
(1,726)
—
(1,914)
(1,914)
—
(1,600)
(1,600)
—
(2,000)
(2,000)
—
(1,405)
(1,405)
—
Underground
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Surface
—
—
—
(1,726)
(1,726)
—
—
—
—
(1,600)
(1,600)
—
—
—
—
(1,405)
(1,405)
—
Recycling/processing
(1,470)
(1,470)
—
—
—
—
(1,914)
(1,914)
—
—
—
—
(2,000)
(2,000)
—
—
—
—
Amortisation and depreciation
(22)
(17)
(5)
(61)
(61)
—
(16)
(12)
(4)
(57)
(56)
(1)
(109)
(105)
(4)
(490)
(490)
—
Interest income
31
1
30
1
1
—
22
—
22
1
—
1
52
—
52
2
1
1
Finance expense
(95)
(29)
(66)
(117)
(110)
(7)
(109)
(41)
(68)
(185)
(178)
(7)
(48)
(8)
(40)
(64)
(38)
(26)
Share-based payments
(5)
(2)
(3)
(2)
(2)
—
(8)
(5)
(3)
(3)
(3)
—
11
(3)
14
—
—
—
Gain/(loss) on financial instruments
788
(13)
801
(190)
(190)
—
(16)
20
(36)
(79)
(79)
—
(248)
34
(282)
(114)
(113)
(1)
(Loss)/gain on foreign exchange differences
(62)
(82)
20
14
12
2
(35)
(28)
(7)
(2)
(2)
—
(11)
(11)
—
(20)
(9)
(11)
Share of results of equity-accounted investees after tax
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Other costs
(363)
(284)
(79)
124
193
(69)
(126)
(44)
(82)
(361)
(301)
(60)
(2,047)
(1,947)
(100)
(108)
(109)
1
Other income
704
693
11
163
150
13
326
326
—
50
50
—
52
46
6
42
42
—
(Loss)/gain on disposal of property, plant and equipment
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(Impairments)/reversal of impairments
(221)
(221)
—
(109)
(2)
(107)
—
—
—
(2)
(2)
—
(1,607)
(1,607)
—
(3,683)
(3,683)
—
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Restructuring costs
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Transaction costs
(152)
(152)
—
—
—
—
(41)
(41)
—
(21)
—
(21)
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
(150)
(150)
—
—
—
—
(66)
(66)
—
—
—
—
(79)
(79)
—
Mining and income tax
—
—
—
—
—
—
4
—
4
—
—
—
(4)
—
(4)
(1)
—
(1)
Current taxation
—
—
—
—
—
—
—
—
—
—
—
—
(64)
—
(64)
(1)
—
(1)
Deferred taxation
—
—
—
—
—
—
4
—
4
—
—
—
60
—
60
—
—
—
Profit/(loss) for the period
232
(477)
709
626
794
(168)
(228)
(54)
(174)
(1,021)
(933)
(88)
(4,612)
(4,254)
(358)
(4,175)
(4,138)
(37)
Sustaining capital expenditure
(66)
(66)
—
(151)
(151)
—
(107)
(107)
—
(35)
(35)
—
(153)
(153)
—
(72)
(72)
—
Ore reserve development
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Growth projects
(3,533)
—
(3,533)
1
(5)
6
(2,688)
—
(2,688)
(17)
(1)
(16)
(1,199)
—
(1,199)
(3)
(3)
—
Total capital expenditure
(3,599)
(66)
(3,533)
(150)
(156)
6
(2,795)
(107)
(2,688)
(52)
(36)
(16)
(1,352)
(153)
(1,199)
(75)
(75)
—
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      66
Figures are in millions
For the six months ended 31 Dec 2024 (Unaudited)
For the six months ended 30 Jun 2024 (Unaudited)
For the six months ended 31 Dec 2023 (Unaudited)
EUROPE
AUSTRALIA
EUROPE
AUSTRALIA
EUROPE
AUSTRALIA
US dollars2
Total EU
operations
Sandouville nickel
refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc
retreatment
operation
Corporate
and re-
conciling
items1
Total EU
operations
Sandouville nickel
refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc
retreatment
operation2
Corporate
and re-
conciling
items1
Total EU
operations
Sandouville nickel
refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc
retreatment
operation
Corporate
and re-
conciling
items1
Revenue
62
62
—
147
147
—
90
90
—
70
70
—
72
72
—
94
94
—
Underground
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Surface
—
—
—
147
147
—
—
—
—
70
70
—
—
—
—
94
94
—
Recycling/processing
62
62
—
—
—
—
90
90
—
—
—
—
72
72
—
—
—
—
Cost of sales, before amortisation and depreciation
(83)
(83)
—
(97)
(97)
—
(102)
(102)
—
(85)
(85)
—
(107)
(107)
—
(75)
(75)
—
Underground
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Surface
—
—
—
(97)
(97)
—
—
—
—
(85)
(85)
—
—
—
—
(75)
(75)
—
Recycling/processing
(83)
(83)
—
—
—
—
(102)
(102)
—
—
—
—
(107)
(107)
—
—
—
—
Amortisation and depreciation
(1)
(1)
—
(3)
(3)
—
(1)
(1)
—
(3)
(3)
—
(6)
(6)
—
(26)
(26)
—
Interest income
2
—
2
—
—
—
1
—
1
—
—
—
3
—
3
—
—
—
Finance expense
(5)
(2)
(3)
(7)
(6)
(1)
(6)
(2)
(4)
(10)
(10)
—
(3)
(1)
(2)
(3)
(2)
(1)
Share-based payments
—
—
—
—
—
—
—
—
—
—
—
—
1
—
1
—
—
—
Gain/(loss) on financial instruments
43
(1)
44
(11)
(11)
—
(1)
1
(2)
(4)
(4)
—
(14)
2
(16)
(6)
(6)
—
(Loss)/gain on foreign exchange differences
(4)
(5)
1
1
1
—
(1)
(1)
—
—
—
—
(1)
(1)
—
(1)
—
(1)
Share of results of equity-accounted investees after tax
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Other costs
(21)
(16)
(5)
6
10
(4)
(6)
(2)
(4)
(19)
(16)
(3)
(111)
(106)
(5)
(6)
(6)
—
Other income
40
39
1
9
8
1
17
17
—
3
3
—
2
2
—
2
2
—
(Loss)/gain on disposal of property, plant and equipment
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(Impairments)/reversal of impairments
(12)
(12)
—
(6)
—
(6)
—
—
—
—
—
—
(87)
(87)
—
(200)
(200)
—
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Restructuring costs
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Transaction costs
(9)
(9)
—
—
—
—
(2)
(2)
—
(1)
—
(1)
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
(8)
(8)
—
—
—
—
(4)
(4)
—
—
—
—
(4)
(4)
—
Mining and income tax
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Current taxation
—
—
—
—
—
—
—
—
—
—
—
—
(3)
—
(3)
—
—
—
Deferred taxation
—
—
—
—
—
—
—
—
—
—
—
—
3
—
3
—
—
—
Profit/(loss) for the period
12
(28)
40
31
41
(10)
(11)
(2)
(9)
(53)
(49)
(4)
(251)
(232)
(19)
(225)
(223)
(2)
Sustaining capital expenditure
(3)
(3)
—
(8)
(8)
—
(6)
(6)
—
(2)
(2)
—
(8)
(8)
—
(4)
(4)
—
Ore reserve development
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Growth projects
(196)
—
(196)
—
—
—
(144)
—
(144)
(1)
—
(1)
(64)
—
(64)
—
—
—
Total capital expenditure
(199)
(3)
(196)
(8)
(8)
—
(150)
(6)
(144)
(3)
(2)
(1)
(72)
(8)
(64)
(4)
(4)
—
1Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue. Corporate and reconciling items for total EU operations includes Keliber
2The average exchange rate for the six months ended 31 December 2024 was R17.92/US$, six months ended 30 June 2024 was R18.72/US$ and six months ended 31 December 2023 was R18.62/US$
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      67
Figures are in millions
For the year ended 31 Dec 2024 (Unaudited)
For the year ended 31 Dec 2023 (Audited)
EUROPE
AUSTRALIA
EUROPE
AUSTRALIA
SA rand
Total EU
operations
Sandouville nickel refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc retreatment
operation
Corporate
and re-
conciling
items1
Total EU
operations
Sandouville nickel refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc retreatment
operation
Corporate
and re-
conciling
items1
Revenue
2,784
2,784
—
3,983
3,983
—
3,024
3,024
—
2,251
2,251
—
Underground
—
—
—
—
—
—
—
—
—
—
—
—
Surface
—
—
—
3,983
3,983
—
—
—
—
2,251
2,251
—
Recycling/processing
2,784
2,784
—
—
—
—
3,024
3,024
—
—
—
—
Cost of sales, before amortisation and depreciation
(3,384)
(3,384)
—
(3,326)
(3,326)
—
(4,329)
(4,329)
—
(2,256)
(2,256)
—
Underground
—
—
—
—
—
—
—
—
—
—
—
—
Surface
—
—
—
(3,326)
(3,326)
—
—
—
—
(2,256)
(2,256)
—
Recycling/processing
(3,384)
(3,384)
—
—
—
—
(4,329)
(4,329)
—
—
—
—
Amortisation and depreciation
(38)
(29)
(9)
(118)
(117)
(1)
(206)
(199)
(7)
(1,059)
(1,059)
—
Interest income
53
1
52
2
1
1
53
—
53
10
6
4
Finance expense
(204)
(70)
(134)
(302)
(288)
(14)
(67)
(13)
(54)
(184)
(158)
(26)
Share-based payments
(13)
(7)
(6)
(5)
(5)
—
6
(8)
14
—
—
—
Gain/(loss)on financial instruments
772
7
765
(269)
(269)
—
(168)
44
(212)
515
515
—
(Loss)/gain on foreign exchange differences
(97)
(110)
13
12
10
2
55
55
—
(39)
(4)
(35)
Share of results of equity-accounted investees after tax
—
—
—
—
—
—
—
—
—
—
—
—
Other costs
(489)
(328)
(161)
(237)
(108)
(129)
(2,096)
(1,962)
(134)
(223)
(223)
—
Other income
1,030
1,019
11
213
200
13
102
95
7
42
42
—
(Loss)/gain on disposal of property, plant and equipment
—
—
—
—
—
—
—
—
—
—
—
—
(Impairments)/reversal of impairments
(221)
(221)
—
(111)
(4)
(107)
(1,607)
(1,607)
—
(3,689)
(3,689)
—
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
—
—
—
—
—
—
—
—
—
Restructuring costs
—
—
—
—
—
—
—
—
—
—
—
—
Transaction and project costs
(193)
(193)
—
(21)
—
(21)
—
—
—
(2)
—
(2)
Royalties and carbon tax
—
—
—
(216)
(216)
—
—
—
—
(131)
(131)
—
Mining and income tax
4
—
4
—
—
—
(44)
—
(44)
(2)
—
(2)
Current taxation
—
—
—
—
—
—
(80)
—
(80)
(2)
—
(2)
Deferred taxation
4
—
4
—
—
—
36
—
36
—
—
—
(Loss)/profit for the year
4
(531)
535
(395)
(139)
(256)
(5,277)
(4,900)
(377)
(4,767)
(4,706)
(61)
Sustaining capital expenditure
(173)
(173)
—
(186)
(186)
—
(248)
(248)
—
(114)
(114)
—
Ore reserve development
—
—
—
—
—
—
—
—
—
—
—
—
Growth projects
(6,221)
—
(6,221)
(16)
(6)
(10)
(2,470)
—
(2,470)
(51)
(51)
—
Total capital expenditure
(6,394)
(173)
(6,221)
(202)
(192)
(10)
(2,718)
(248)
(2,470)
(165)
(165)
—
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      68
Figures are in millions
For the year ended 31 Dec 2024 (Unaudited)
For the year ended 31 Dec 2023 (Audited)
EUROPE
AUSTRALIA
EUROPE
AUSTRALIA
US dollars2
Total EU
operations
Sandouville nickel refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc retreatment
operation
Corporate
and re-
conciling
items1
Total EU
operations
Sandouville nickel refinery
Corporate
and re-
conciling
items1
Total AUS operations
Century zinc retreatment
operation
Corporate
and re-
conciling
items1
Revenue
152
152
—
217
217
—
164
164
—
122
122
—
Underground
—
—
—
—
—
—
—
—
—
—
—
—
Surface
—
—
—
217
217
—
—
—
—
122
122
—
Recycling/processing
152
152
—
—
—
—
164
164
—
—
—
—
Cost of sales, before amortisation and depreciation
(185)
(185)
—
(182)
(182)
—
(235)
(235)
—
(122)
(122)
—
Underground
—
—
—
—
—
—
—
—
—
—
—
—
Surface
—
—
—
(182)
(182)
—
—
—
—
(122)
(122)
—
Recycling/processing
(185)
(185)
—
—
—
—
(235)
(235)
—
—
—
—
Amortisation and depreciation
(2)
(2)
—
(6)
(6)
—
(11)
(11)
—
(57)
(57)
—
Interest income
3
—
3
—
—
—
3
—
3
—
—
—
Finance expense
(11)
(4)
(7)
(17)
(16)
(1)
(4)
(1)
(3)
(10)
(9)
(1)
Share-based payments
—
—
—
—
—
—
1
—
1
—
—
—
Gain/(loss) on financial instruments
42
—
42
(15)
(15)
—
(10)
2
(12)
28
28
—
(Loss)/gain on foreign exchange differences
(5)
(6)
1
1
1
—
3
3
—
(2)
—
(2)
Share of results of equity-accounted investees after tax
—
—
—
—
—
—
—
—
—
—
—
—
Other costs
(27)
(18)
(9)
(13)
(6)
(7)
(114)
(107)
(7)
(12)
(12)
—
Other income
57
56
1
12
11
1
5
5
—
2
2
—
(Loss)/gain on disposal of property, plant and equipment
—
—
—
—
—
—
—
—
—
—
—
—
(Impairments)/reversal of impairments
(12)
(12)
—
(6)
—
(6)
(87)
(87)
—
(200)
(200)
—
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare obligation gain
—
—
—
—
—
—
—
—
—
—
—
—
Restructuring costs
—
—
—
—
—
—
—
—
—
—
—
—
Transaction and project costs
(11)
(11)
—
(1)
—
(1)
—
—
—
—
—
—
Royalties and carbon tax
—
—
—
(12)
(12)
—
—
—
—
(7)
(7)
—
Mining and income tax
—
—
—
—
—
—
(2)
—
(2)
—
—
—
Current taxation
—
—
—
—
—
—
(4)
—
(4)
—
—
—
Deferred taxation
—
—
—
—
—
—
2
—
2
—
—
—
(Loss)/profit for the year
1
(30)
31
(22)
(8)
(14)
(287)
(267)
(20)
(258)
(255)
(3)
Sustaining capital expenditure
(9)
(9)
—
(10)
(10)
—
(13)
(13)
—
(6)
(6)
—
Ore reserve development
—
—
—
—
—
—
—
—
—
—
—
—
Growth projects
(340)
—
(340)
(1)
—
(1)
(134)
—
(134)
(3)
(3)
—
Total capital expenditure
(349)
(9)
(340)
(11)
(10)
(1)
(147)
(13)
(134)
(9)
(9)
—
1Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue. Corporate and reconciling items for total EU operations includes Keliber
2The average exchange rate for the year ended 31 December 2024 was R18.32/US$ and the year ended 31 December 2023 was R18.42/US$
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      69
ALL-IN COSTS – SIX MONTHS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA
PGM
operations1
US PGM
operations2
Total SA
PGM
operations1
Rustenburg
Marikana1
Kroondal3
Plat Mile
Mimosa
Corporate
Cost of sales, before amortisation and
depreciation4
Dec 2024
26,063
4,723
21,340
8,420
11,004
1,479
437
1,223
(1,223)
Jun 2024
26,746
5,123
21,623
8,182
9,907
3,145
389
1,260
(1,260)
Dec 2023
24,082
5,516
18,566
7,811
8,148
2,273
334
1,253
(1,253)
Royalties
Dec 2024
93
—
93
29
60
4
—
68
(68)
Jun 2024
118
—
118
54
57
7
—
63
(63)
Dec 2023
325
—
325
159
162
4
—
58
(58)
Carbon tax
Dec 2024
—
—
—
—
—
—
—
—
—
Jun 2024
1
—
1
—
1
—
—
—
—
Dec 2023
1
—
1
—
1
—
—
—
—
Community costs
Dec 2024
209
—
209
31
144
34
—
—
—
Jun 2024
129
—
129
23
87
19
—
—
—
Dec 2023
55
—
55
16
37
2
—
—
—
Inventory change
Dec 2024
261
(632)
893
56
(1,175)
2,012
—
6
(6)
Jun 2024
(1,079)
(368)
(711)
(457)
(264)
10
—
1
(1)
Dec 2023
1,469
(290)
1,759
310
1,455
(6)
—
(5)
5
Share-based payments5
Dec 2024
170
54
116
39
51
22
—
—
—
Jun 2024
124
37
87
26
44
14
—
—
—
Dec 2023
124
69
55
20
30
3
—
—
—
Rehabilitation interest and amortisation6
Dec 2024
64
22
42
(1)
3
40
—
4
(4)
Jun 2024
72
23
49
(5)
14
40
—
2
(2)
Dec 2023
106
43
63
1
25
37
—
2
(2)
Leases
Dec 2024
28
2
26
9
16
—
1
—
—
Jun 2024
39
2
37
10
22
4
1
—
—
Dec 2023
42
6
36
13
21
2
—
—
—
Ore reserve development
Dec 2024
1,998
701
1,297
383
914
—
—
—
—
Jun 2024
2,394
1,219
1,175
316
859
—
—
—
—
Dec 2023
3,070
1,863
1,207
312
895
—
—
—
—
Sustaining capital expenditure
Dec 2024
1,857
220
1,637
556
736
314
31
256
(256)
Jun 2024
1,321
391
930
347
382
190
11
292
(292)
Dec 2023
2,667
1,394
1,273
371
701
175
26
547
(547)
Less: By-product credit
Dec 2024
(6,175)
(414)
(5,761)
(2,339)
(2,509)
(632)
(281)
(300)
300
Jun 2024
(6,354)
(438)
(5,916)
(2,673)
(2,497)
(601)
(145)
(289)
289
Dec 2023
(6,180)
(376)
(5,804)
(2,790)
(2,615)
(363)
(36)
(368)
368
Total All-in-sustaining costs7
Dec 2024
24,568
4,676
19,892
7,183
9,244
3,273
188
1,257
(1,257)
Jun 2024
23,511
5,989
17,522
5,823
8,612
2,828
256
1,329
(1,329)
Dec 2023
25,761
8,225
17,536
6,223
8,860
2,127
324
1,487
(1,487)
Plus: Corporate cost, growth and capital
expenditure
Dec 2024
536
165
371
22
339
—
2
—
8
Jun 2024
612
150
462
79
368
—
15
—
—
Dec 2023
970
370
600
—
509
2
89
—
—
Total All-in-costs7
Dec 2024
25,104
4,841
20,263
7,205
9,583
3,273
190
1,257
(1,249)
Jun 2024
24,123
6,139
17,984
5,902
8,980
2,828
271
1,329
(1,329)
Dec 2023
26,731
8,595
18,136
6,223
9,369
2,129
413
1,487
(1,487)
PGM production
4Eoz - 2Eoz
Dec 2024
1,144,507
187,703
956,804
315,138
412,874
144,888
22,933
60,971
—
Jun 2024
1,116,745
238,139
878,606
295,266
362,835
135,668
23,169
61,668
—
Dec 2023
1,142,366
221,759
920,607
343,946
388,477
102,736
26,482
58,966
—
kg
Dec 2024
35,598
5,838
29,760
9,802
12,842
4,507
713
1,896
—
Jun 2024
34,735
7,407
27,328
9,184
11,285
4,220
721
1,918
—
Dec 2023
35,532
6,897
28,634
10,698
12,083
3,195
824
1,834
—
All-in-sustaining cost7
R/4Eoz - R/2Eoz
Dec 2024
22,674
24,912
22,205
22,793
22,389
22,590
8,198
20,616
—
Jun 2024
22,284
25,149
21,448
19,721
23,735
20,845
11,049
21,551
—
Dec 2023
23,778
37,090
20,352
18,093
22,807
20,704
12,235
25,218
—
US$/4Eoz -
US$/2Eoz
Dec 2024
1,265
1,390
1,239
1,272
1,249
1,261
457
1,150
—
Jun 2024
1,190
1,343
1,146
1,053
1,268
1,114
590
1,151
—
Dec 2023
1,277
1,992
1,093
972
1,225
1,112
657
1,354
—
All-in-cost7
R/4Eoz - R/2Eoz
Dec 2024
23,169
25,791
22,619
22,863
23,210
22,590
8,285
20,616
—
Jun 2024
22,864
25,779
22,014
19,989
24,750
20,845
11,697
21,551
—
Dec 2023
24,673
38,758
21,048
18,093
24,117
20,723
15,595
25,218
—
US$/4Eoz -
US$/2Eoz
Dec 2024
1,293
1,439
1,262
1,276
1,295
1,261
462
1,150
—
Jun 2024
1,221
1,377
1,176
1,068
1,322
1,114
625
1,151
—
Dec 2023
1,325
2,082
1,130
972
1,295
1,113
838
1,354
—
Average exchange rate for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R17.92/US$, R18.72/US$ and R18.62/US$, respectively
Figures may not add as they are rounded independently
1The US and SA PGM operations, Total SA PGM operations 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 US and SA PGM operations, Total SA PGM
operations and Marikana - Six Months” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Six Months”
2The 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. The US Reldan operations cost
and performance are also excluded from the above table
3Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
4Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
5Share-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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      70
6Rehabilitation 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
7All-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 All-in cost per ounce 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 US and SA PGM operations, Total SA PGM operations and Marikana - Six months
US and SA PGM operations
Total SA PGM operations
Marikana
Rm
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Jun 2024
Dec 2023
Cost of sales, before amortisation and depreciation as reported
per table above
26,063
26,746
24,082
21,340
21,623
18,566
11,004
9,907
8,148
Inventory change as reported per table above
261
(1,079)
1,469
893
(711)
1,759
(1,175)
(264)
1,455
Less: Chrome cost of sales
(1,016)
(1,040)
(1,007)
(1,016)
(1,040)
(1,007)
(186)
(208)
(233)
Total operating cost including third party PoC
25,308
24,627
24,544
21,217
19,872
19,318
9,643
9,435
9,370
Less: Purchase cost of PoC
(1,162)
(1,244)
(1,158)
(1,162)
(1,244)
(1,158)
(1,162)
(1,244)
(1,158)
Total operating cost excluding third party PoC
24,146
23,383
23,386
20,055
18,628
18,160
8,481
8,191
8,212
PGM production as reported per table above
4Eoz- 2Eoz
1,144,507
1,116,745
1,142,366
956,804
878,606
920,607
412,874
362,835
388,477
Less:  Mimosa production
(60,971)
(61,668)
(58,966)
(60,971)
(61,668)
(58,966)
—
—
—
PGM production excluding Mimosa
1,083,536
1,055,077
1,083,400
895,833
816,938
861,641
412,874
362,835
388,477
Less: PoC production
(46,318)
(50,146)
(46,862)
(46,318)
(50,146)
(46,862)
(46,318)
(50,146)
(46,862)
PGM production excluding Mimosa and third party PoC
1,037,218
1,004,931
1,036,538
849,515
766,792
814,779
366,556
312,689
341,615
PGM production including Mimosa and excluding third party PoC
1,098,189
1,066,599
1,095,504
910,486
828,460
873,745
366,556
312,689
341,615
Tonnes milled/treated
kt
18,545
18,426
19,012
18,035
17,807
18,406
5,191
4,982
5,158
Less:  Mimosa tonnes
(734)
(735)
(712)
(734)
(735)
(712)
—
—
—
PGM tonnes excluding Mimosa and third party PoC
17,811
17,691
18,300
17,301
17,072
17,694
5,191
4,982
5,158
Operating cost including third party PoC
R/4Eoz-R/2Eoz
23,357
23,341
22,655
23,684
24,325
22,420
23,356
26,004
24,120
US$/4Eoz-US$/2Eoz
1,303
1,247
1,217
1,322
1,299
1,204
1,303
1,389
1,295
R/t
1,421
1,392
1,341
1,226
1,164
1,092
1,858
1,894
1,817
US$/t
79
74
72
68
62
59
104
101
98
Operating cost excluding third party PoC
R/4Eoz-R/2Eoz
23,280
23,268
22,562
23,608
24,293
22,288
23,137
26,195
24,039
US$/4Eoz-US$/2Eoz
1,299
1,243
1,212
1,317
1,298
1,197
1,291
1,399
1,291
R/t
1,356
1,322
1,278
1,159
1,091
1,026
1,634
1,644
1,592
US$/t
76
71
69
65
58
55
91
88
86
Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Six Months
US and SA PGM operations
Total SA PGM operations
Marikana
Rm
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Jun 2024
Dec 2023
Dec 2024
Jun 2024
Dec 2023
Total All-in-sustaining cost as reported per table above
24,568
23,511
25,761
19,892
17,522
17,536
9,244
8,612
8,860
Less: Purchase cost of PoC
(1,162)
(1,244)
(1,158)
(1,162)
(1,244)
(1,158)
(1,162)
(1,244)
(1,158)
Add: By-product credit of PoC
229
233
213
229
233
213
229
233
213
Total All-in-sustaining cost excluding third party PoC
23,635
22,500
24,816
18,959
16,511
16,591
8,311
7,601
7,915
Plus: Corporate cost, growth and capital expenditure
536
612
970
371
462
600
339
368
509
Total All-in-cost excluding third party PoC
24,171
23,112
25,786
19,330
16,973
17,191
8,650
7,969
8,424
PGM production excluding Mimosa and third party PoC
4Eoz- 2Eoz
1,037,218
1,004,931
1,036,538
849,515
766,792
814,779
366,556
312,689
341,615
All-in-sustaining cost excluding third party PoC
R/4Eoz-R/2Eoz
22,787
22,390
23,941
22,317
21,533
20,363
22,673
24,308
23,169
US$/4Eoz-US$/2Eoz
1,272
1,196
1,286
1,245
1,150
1,094
1,265
1,299
1,244
All-in-cost excluding third party PoC
R/4Eoz-R/2Eoz
23,304
22,999
24,877
22,754
22,135
21,099
23,598
25,485
24,659
US$/4Eoz-US$/2Eoz
1,300
1,229
1,336
1,270
1,182
1,133
1,317
1,361
1,324
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      71
ALL-IN COSTS – SIX MONTHS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
SA OPERATIONS
Total SA
gold
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Corporate
Cost of sales, before amortisation and depreciation1
Dec 2024
11,615
3,359
3,057
2,128
747
2,324
—
Jun 2024
11,982
3,590
3,269
2,131
832
2,160
—
Dec 2023
11,942
3,219
3,970
1,933
668
2,152
—
Royalties
Dec 2024
59
24
18
43
3
—
(29)
Jun 2024
56
25
16
13
3
—
(1)
Dec 2023
53
19
21
11
3
—
(1)
Carbon tax
Dec 2024
—
—
—
—
—
—
—
Jun 2024
—
—
—
—
—
—
—
Dec 2023
—
—
—
—
—
—
—
Community costs
Dec 2024
8
—
—
—
—
8
—
Jun 2024
5
—
—
—
—
5
—
Dec 2023
(7)
(1)
(2)
(8)
—
4
—
Share-based payments2
Dec 2024
72
24
21
11
—
14
2
Jun 2024
51
16
13
7
—
13
2
Dec 2023
50
15
10
9
—
14
2
Rehabilitation interest and amortisation3
Dec 2024
118
(1)
13
54
52
(3)
3
Jun 2024
108
—
12
49
53
(9)
3
Dec 2023
88
(1)
9
36
43
(2)
3
Leases
Dec 2024
17
—
5
4
—
8
—
Jun 2024
16
—
5
1
—
10
—
Dec 2023
31
—
10
9
1
11
—
Ore reserve development
Dec 2024
1,432
844
487
101
—
—
—
Jun 2024
1,405
819
445
141
—
—
—
Dec 2023
1,298
701
441
156
—
—
—
Sustaining capital expenditure
Dec 2024
516
202
141
56
—
117
—
Jun 2024
415
178
106
8
—
123
—
Dec 2023
815
300
242
72
—
201
—
Less: By-product credit
Dec 2024
(18)
(6)
(3)
(2)
—
(7)
—
Jun 2024
(17)
(3)
(2)
(2)
—
(10)
—
Dec 2023
(8)
(3)
(3)
(2)
—
—
—
Total All-in-sustaining costs4
Dec 2024
13,819
4,446
3,739
2,395
802
2,461
(24)
Jun 2024
14,021
4,625
3,864
2,348
888
2,292
4
Dec 2023
14,262
4,249
4,698
2,216
715
2,380
4
Plus: Corporate cost, growth and capital expenditure
Dec 2024
901
—
—
—
—
796
105
Jun 2024
2,650
—
—
—
—
2,335
315
Dec 2023
1,255
—
50
—
—
454
751
Total All-in-costs4
Dec 2024
14,720
4,446
3,739
2,395
802
3,257
81
Jun 2024
16,671
4,625
3,864
2,348
888
4,627
319
Dec 2023
15,517
4,249
4,748
2,216
715
2,834
755
Gold sold
kg
Dec 2024
11,028
3,404
2,553
1,938
566
2,567
—
Jun 2024
11,211
3,772
2,399
1,935
651
2,454
—
Dec 2023
11,863
3,172
3,646
1,906
604
2,535
—
oz
Dec 2024
354,558
109,441
82,081
62,308
18,197
82,531
—
Jun 2024
360,442
121,273
77,130
62,212
20,930
78,898
—
Dec 2023
381,404
101,982
117,222
61,279
19,419
81,502
—
All-in-sustaining cost4
R/kg
Dec 2024
1,253,083
1,306,110
1,464,552
1,235,810
1,416,961
958,707
—
Jun 2024
1,250,647
1,226,140
1,610,671
1,213,437
1,364,055
933,985
—
Dec 2023
1,202,225
1,339,533
1,288,535
1,162,644
1,183,775
938,856
—
All-in-sustaining cost
US$/oz
Dec 2024
2,175
2,267
2,542
2,145
2,459
1,664
—
Jun 2024
2,078
2,037
2,676
2,016
2,266
1,552
—
Dec 2023
2,008
2,238
2,152
1,942
1,977
1,568
—
All-in-cost4
R/kg
Dec 2024
1,334,784
1,306,110
1,464,552
1,235,810
1,416,961
1,268,796
—
Jun 2024
1,487,022
1,226,140
1,610,671
1,213,437
1,364,055
1,885,493
—
Dec 2023
1,308,017
1,339,533
1,302,249
1,162,644
1,183,775
1,117,949
—
All-in-cost
US$/oz
Dec 2024
2,317
2,267
2,542
2,145
2,459
2,202
—
Jun 2024
2,471
2,037
2,676
2,016
2,266
3,133
—
Dec 2023
2,185
2,238
2,175
1,942
1,977
1,867
—
Average exchange rate for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R17.92/US$, R18.72/US$ and R18.62/US$, respectively
Figures may not add as they are rounded independently
1Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2Share-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
3Rehabilitation 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
4All-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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      72
ALL-IN COSTS – SIX MONTHS (continued)
Australian operations
Figures are in rand millions unless otherwise stated
Century zinc retreatment operation
Cost of sales, before amortisation and depreciation1
Dec 2024
1,727
Jun 2024
1,600
Dec 2023
1,404
Royalties
Dec 2024
150
Jun 2024
66
Dec 2023
79
Community costs
Dec 2024
28
Jun 2024
26
Dec 2023
37
Inventory change
Dec 2024
(275)
Jun 2024
(73)
Dec 2023
125
Share-based payments2
Dec 2024
4
Jun 2024
3
Dec 2023
—
Rehabilitation interest and amortisation3
Dec 2024
47
Jun 2024
109
Dec 2023
11
Leases
Dec 2024
50
Jun 2024
66
Dec 2023
57
Sustaining capital expenditure
Dec 2024
151
Jun 2024
35
Dec 2023
73
Less: By-product credit
Dec 2024
(144)
Jun 2024
(74)
Dec 2023
(101)
Total All-in-sustaining costs4
Dec 2024
1,738
Jun 2024
1,758
Dec 2023
1,685
Plus: Corporate cost, growth and capital expenditure
Dec 2024
7
Jun 2024
7
Dec 2023
75
Total All-in-costs4
Dec 2024
1,745
Jun 2024
1,765
Dec 2023
1,760
Zinc metal produced (payable)
kt
Dec 2024
40
Jun 2024
42
Dec 2023
51
All-in-sustaining cost4
R/tZn
Dec 2024
43,244
Jun 2024
41,710
Dec 2023
32,746
US$/tZn
Dec 2024
2,413
Jun 2024
2,228
Dec 2023
1,759
All-in-cost4
R/tZn
Dec 2024
43,418
Jun 2024
41,876
Dec 2023
34,203
US$/tZn
Dec 2024
2,423
Jun 2024
2,237
Dec 2023
1,837
Average exchange rate for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R17.92/US$, R18.72/US$ and R18.62/US$, respectively
Figures may not add as they are rounded independently
1Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
2Share-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
3Rehabilitation 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 zinc production
4All-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 tonne and All-in cost per tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a
period by the total tonnes of zinc metal produced (payable) in the same period
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      73
UNIT OPERATING COST – SIX MONTHS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA
PGM
operations1
US PGM
operations
Total SA
PGM
operations1,3
Rustenburg3
Marikana3
Kroondal3,4
Plat Mile4
Mimosa
Under-
ground2
Total
Under-
ground
Surface
Under-
ground
Surface
Attribu-
table
Surface
Attribu-
table
Cost of sales, before
amortisation and
depreciation
Dec 2024
26,063
4,723
21,340
7,749
671
11,004
1,479
437
1,223
Jun 2024
26,746
5,123
21,623
7,544
638
9,907
3,145
389
1,260
Dec 2023
24,082
5,516
18,566
7,152
659
8,148
2,273
334
1,253
Inventory change
Dec 2024
261
(632)
893
58
(2)
(1,175)
2,012
—
6
Jun 2024
(1,079)
(368)
(711)
(485)
28
(264)
10
—
1
Dec 2023
1,469
(290)
1,759
136
174
1,455
(6)
—
(5)
Less: Chrome cost of sales
Dec 2024
(1,016)
—
(1,016)
(728)
—
(186)
(6)
(96)
—
Jun 2024
(1,040)
—
(1,040)
(754)
—
(208)
(8)
(70)
—
Dec 2023
(1,007)
—
(1,007)
(767)
—
(233)
(7)
—
—
Less: Purchase cost of PoC
Dec 2024
(1,162)
—
(1,162)
—
—
(1,162)
—
—
—
Jun 2024
(1,244)
—
(1,244)
—
—
(1,244)
—
—
—
Dec 2023
(1,158)
—
(1,158)
—
—
(1,158)
—
—
—
Total operating cost
excluding third party PoC
Dec 2024
24,146
4,091
20,055
7,079
669
8,481
3,485
341
1,229
Jun 2024
23,383
4,755
18,628
6,305
666
8,191
3,147
319
1,261
Dec 2023
23,386
5,226
18,160
6,521
833
8,212
2,260
334
1,248
Tonnes milled/treated
excluding third party PoC5
kt
Dec 2024
17,811
510
17,301
2,866
2,630
3,207
1,984
2,438
4,176
734
Jun 2024
17,691
618
17,072
2,710
2,740
2,931
2,051
2,327
4,313
735
Dec 2023
18,300
606
17,694
3,089
2,837
3,261
1,897
1,655
4,956
712
PGM production excluding
third party PoC5
4Eoz - 2Eoz
Dec 2024
1,037,218
187,703
849,515
281,232
33,906
366,556
144,888
22,933
60,971
Jun 2024
1,004,931
238,139
766,792
257,059
38,207
312,689
135,668
23,169
61,668
Dec 2023
1,036,538
221,759
814,779
296,159
47,787
341,615
102,736
26,482
58,966
Operating cost6
R/t
Dec 2024
1,356
8,018
1,159
2,470
254
1,634
1,429
82
1,675
Jun 2024
1,322
7,690
1,091
2,326
243
1,644
1,353
74
1,715
Dec 2023
1,278
8,631
1,026
2,111
294
1,592
1,366
67
1,754
US$/t
Dec 2024
76
447
65
138
14
91
80
5
93
Jun 2024
71
411
58
124
13
88
72
4
92
Dec 2023
69
464
55
113
16
86
73
4
94
R/4Eoz - R/2Eoz
Dec 2024
23,280
21,795
23,608
25,171
19,731
23,137
24,053
14,869
20,157
Jun 2024
23,268
19,967
24,293
24,527
17,431
26,195
23,196
13,768
20,448
Dec 2023
22,562
23,566
22,288
22,019
17,432
24,039
21,998
12,612
21,165
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,299
1,216
1,317
1,405
1,101
1,291
1,342
830
1,125
Jun 2024
1,243
1,067
1,298
1,310
931
1,399
1,239
735
1,092
Dec 2023
1,212
1,266
1,197
1,183
936
1,291
1,181
677
1,137
Average exchange rate for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R17.92/US$, R18.72/US$ and R18.62/US$, respectively
Figures may not add as they are rounded independently
1  US and SA PGM operations and Total SA PGM operations exclude the results of Mimosa, which is equity accounted
2The 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. The US Reldan operations cost and performance are also excluded
    from the above table
3Cost of sales, before amortisation and depreciation for Total SA PGM, Rustenburg, Marikana and Kroondal includes the Chrome cost of sales which is excluded for unit cost calculation purposes
as Chrome production is excluded from the 4Eoz production
4  Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
5  For a reconciliation of the production excluding Mimosa and third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM
operations and Marikana - Six Months”
6  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 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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      74
UNIT OPERATING COST – SIX MONTHS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA gold operations
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Surface
Surface
Cost of sales, before amortisation
and depreciation
Dec 2024
11,615
8,295
3,320
3,359
—
2,815
242
2,121
7
747
2,324
Jun 2024
11,982
8,647
3,335
3,575
15
2,959
310
2,113
18
832
2,160
Dec 2023
11,942
8,764
3,178
3,204
15
3,641
329
1,919
14
668
2,152
Inventory change
Dec 2024
179
158
21
106
—
(1)
(5)
53
—
35
(9)
Jun 2024
(437)
(429)
(8)
(228)
—
(69)
(7)
(132)
—
(4)
3
Dec 2023
451
388
63
164
—
20
8
204
—
23
32
Total operating cost
Dec 2024
11,794
8,453
3,341
3,465
—
2,814
237
2,174
7
782
2,315
Jun 2024
11,545
8,218
3,327
3,347
15
2,890
303
1,981
18
828
2,163
Dec 2023
12,393
9,152
3,241
3,368
15
3,661
337
2,123
14
691
2,184
Tonnes milled/treated
kt
Dec 2024
17,725
1,859
15,866
578
4
587
574
694
19
2,353
12,916
Jun 2024
15,796
1,735
14,062
574
46
560
784
601
57
2,072
11,103
Dec 2023
16,190
1,870
14,320
527
33
649
899
695
35
2,187
11,165
Gold produced
kg
Dec 2024
11,212
7,874
3,338
3,466
2
2,378
189
2,030
4
579
2,564
Jun 2024
10,703
7,164
3,539
3,499
48
1,944
381
1,721
10
645
2,455
Dec 2023
12,250
8,574
3,676
3,241
59
3,204
443
2,129
9
618
2,547
oz
Dec 2024
360,474
253,155
107,319
111,434
64
76,454
6,076
65,266
129
18,615
82,434
Jun 2024
344,109
230,328
113,781
112,495
1,543
62,501
12,249
55,331
322
20,737
78,930
Dec 2023
393,847
275,660
118,186
104,201
1,897
103,011
14,243
68,449
289
19,869
81,888
Operating cost1
R/t
Dec 2024
665
4,546
211
5,992
—
4,794
413
3,132
361
332
179
Jun 2024
731
4,738
237
5,832
326
5,160
387
3,298
316
400
195
Dec 2023
765
4,894
226
6,394
450
5,643
375
3,057
397
316
196
US$/t
Dec 2024
37
254
12
334
—
268
23
175
20
19
10
Jun 2024
39
253
13
312
17
276
21
176
17
21
10
Dec 2023
41
263
12
343
24
303
20
164
21
17
11
R/kg
Dec 2024
1,051,909
1,073,533
1,000,899
999,711
—
1,183,347
1,253,968
1,070,936
1,750,000
1,350,604
902,886
Jun 2024
1,078,670
1,147,125
940,096
956,559
312,500
1,486,626
795,276
1,151,075
1,800,000
1,283,721
881,059
Dec 2023
1,011,673
1,067,413
881,665
1,039,185
254,237
1,142,634
760,722
997,182
1,555,556
1,118,123
857,479
US$/oz
Dec 2024
1,826
1,863
1,737
1,735
—
2,054
2,176
1,859
3,037
2,344
1,567
Jun 2024
1,792
1,906
1,562
1,589
519
2,470
1,321
1,913
2,991
2,133
1,464
Dec 2023
1,690
1,783
1,473
1,736
425
1,909
1,271
1,666
2,598
1,868
1,432
Average exchange rate for the six months ended 31 December 2024, 30 June 2024 and 31 December 2023 was R17.92/US$, R18.72/US$ and R18.62/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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      75
SALIENT FEATURES AND COST BENCHMARKS – YEAR
US and SA PGM operations
US and SA
PGM
operations1
US PGM
operations
Total SA PGM operations1
Rustenburg
Marikana1
Kroondal3
Plat Mile
Mimosa
Under-
ground2
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Attribu-
table
Production
Tonnes milled/treated
kt
Dec 2024
36,971
1,129
35,842
17,947
17,895
5,576
5,370
6,138
4,036
4,765
8,489
1,469
Dec 2023
37,223
1,174
36,048
16,786
19,262
6,073
5,486
6,253
3,626
3,068
10,150
1,392
Plant head grade
g/t
Dec 2024
2.41
12.95
2.08
3.23
0.92
3.49
1.06
3.76
1.01
2.21
0.79
3.38
Dec 2023
2.32
12.50
1.99
3.29
0.85
3.41
1.03
3.63
0.92
2.28
0.73
3.43
Plant recoveries
%
Dec 2024
75.61
90.68
72.55
85.09
28.90
86.04
39.40
86.86
26.52
82.87
21.38
76.83
Dec 2023
75.71
90.97
72.67
84.96
31.23
86.21
46.46
86.60
26.26
82.83
21.75
75.77
Yield
g/t
Dec 2024
1.82
11.74
1.51
2.75
0.27
3.00
0.42
3.27
0.27
1.83
0.17
2.60
Dec 2023
1.75
11.37
1.44
2.80
0.27
2.94
0.48
3.14
0.24
1.89
0.16
2.60
PGM production4
4Eoz - 2Eoz
Dec 2024
2,164,788
425,842
1,738,946
1,585,976
152,970
538,291
72,113
644,490
34,755
280,556
46,102
122,639
Dec 2023
2,100,199
427,272
1,672,927
1,508,546
164,381
574,005
84,412
631,981
28,168
186,252
51,801
116,308
PGM sold5
4Eoz - 2Eoz
Dec 2024
2,268,919
461,662
1,807,257
530,984
83,024
840,828
188,824
46,102
117,495
Dec 2023
2,144,816
425,007
1,719,809
542,773
76,032
753,189
186,252
51,801
109,762
Price and costs6
Average PGM basket price7
R/4Eoz - R/2Eoz
Dec 2024
22,891
18,097
24,213
24,374
22,483
24,230
24,764
22,468
22,229
Dec 2023
27,715
22,890
28,979
29,395
24,810
29,181
29,586
25,924
25,942
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,250
988
1,322
1,331
1,227
1,323
1,352
1,227
1,214
Dec 2023
1,505
1,243
1,574
1,596
1,347
1,585
1,607
1,408
1,409
Operating cost8
R/t
Dec 2024
1,339
7,839
1,125
2,400
249
1,639
1,392
78
1,696
Dec 2023
1,210
7,837
986
2,075
247
1,583
1,282
63
1,723
US$/t
Dec 2024
73
428
61
131
14
89
76
4
93
Dec 2023
66
426
54
113
13
86
70
3
94
R/4Eoz - R/2Eoz
Dec 2024
23,275
20,775
23,933
24,862
18,513
24,545
23,642
14,316
20,312
Dec 2023
21,862
21,539
21,951
21,955
16,029
23,693
21,111
12,374
20,626
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,271
1,134
1,307
1,357
1,011
1,340
1,291
782
1,109
Dec 2023
1,187
1,170
1,192
1,192
870
1,287
1,146
672
1,120
Adjusted EBITDA margin8
%
Dec 2024
(1)
14
Dec 2023
7
32
All-in sustaining cost8,9
R/4Eoz - R/2Eoz
Dec 2024
22,593
25,042
21,948
21,307
23,430
21,757
9,674
21,103
Dec 2023
23,158
34,465
20,054
18,204
22,742
19,441
11,486
24,255
US$/4Eoz -
US$/2Eoz
Dec 2024
1,233
1,367
1,198
1,163
1,279
1,188
528
1,152
Dec 2023
1,258
1,872
1,089
989
1,235
1,056
624
1,317
All-in cost8,9
R/4Eoz - R/2Eoz
Dec 2024
23,157
25,784
22,465
21,473
24,473
21,757
10,065
21,103
Dec 2023
24,075
36,277
20,726
18,204
24,105
19,549
13,899
24,255
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,264
1,408
1,226
1,172
1,336
1,188
549
1,152
Dec 2023
1,307
1,970
1,125
989
1,309
1,062
755
1,317
Capital expenditure6
Ore reserve development
Rm
Dec 2024
4,392
1,920
2,472
699
1,773
—
—
—
Dec 2023
6,440
3,889
2,551
669
1,882
—
—
—
Sustaining capital
Rm
Dec 2024
3,178
611
2,567
903
1,118
504
42
548
Dec 2023
4,236
2,178
2,058
644
1,097
287
30
1,057
Corporate and projects
Rm
Dec 2024
1,098
291
807
101
680
—
18
—
Dec 2023
1,812
774
1,038
—
893
20
125
—
Total capital expenditure
Rm
Dec 2024
8,668
2,822
5,846
1,703
3,571
504
60
548
Dec 2023
12,488
6,841
5,647
1,313
3,872
307
155
1,057
Total capital expenditure
US$m
Dec 2024
473
154
319
93
195
28
3
30
Dec 2023
678
371
307
71
210
17
8
57
S
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/US$, respectively
Figures may not add as they are rounded independently
1The US and SA PGM operations, Total SA PGM operations 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 US and SA PGM operations, Total SA PGM
operations and Marikana - Year” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Year”
2The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground
production, the operation treats various recycling material, which is excluded from the statistics shown above and is detailed in the PGM recycling table below. The US Reldan operations salient
features are separately disclosed below
3Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
4Production per product – see prill split in the table below
5PGM sold includes the third party PoC ounces sold
6The US and SA PGM operations 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
7The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to purchase of concentrate adjustment
8Operating cost, Adjusted EBITDA margin, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as
substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-
Stillwater
9All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see "All-in costs - Year"
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      76
Mining - PGM Prill split including third party PoC, excluding recycling and Reldan operations
US AND SA PGM OPERATIONS
TOTAL SA PGM OPERATIONS
US PGM OPERATIONS
Dec 2024
Dec 2023
Dec 2024
Dec 2023
Dec 2024
Dec 2023
%
%
%
%
%
%
Platinum
1,186,718
52%
1,152,025
52%
1,089,955
59%
1,054,341
60%
96,763
23%
97,684
23%
Palladium
877,730
39%
855,717
39%
548,651
30%
526,129
30%
329,079
77%
329,588
77%
Rhodium
165,636
7%
157,747
7%
165,636
9%
157,747
9%
Gold
31,168
1%
31,113
1%
31,168
2%
31,113
2%
PGM production 4E/2E
2,261,252
100%
2,196,602
100%
1,835,410
100%
1,769,330
100%
425,842
100%
427,272
100%
Ruthenium
265,508
250,879
265,508
250,879
Iridium
63,986
63,134
63,986
63,134
Total 6E/2E
2,590,746
2,510,615
2,164,904
2,083,343
425,842
427,272
Figures may not add as they are rounded independently
US PGM Recycling
Unit
Dec 2024
Dec 2023
Average catalyst fed/day
Tonne
10.6
10.5
Total processed
Tonne
3,880
3,851
Tolled
Tonne
—
—
Purchased
Tonne
3,880
3,851
PGM fed
3Eoz
316,470
310,314
PGM sold
3Eoz
325,488
309,121
PGM tolled returned
3Eoz
—
7,460
US RELDAN OPERATIONS1
Unit
Dec 2024
Volume sold:
Gold
oz
107,680
Silver
oz
1,660,299
Platinum
oz
15,292
Palladium
oz
19,835
Other (Rhodium, Ruthenium, Iridium)
oz
63
Copper
Lbs
2,590,335
Mixed scrap
Lbs
4,690,801
1 The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024. The year ended 31 December 2024 include the results since acquisition 
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      77
SALIENT FEATURES AND COST BENCHMARKS – YEAR (continued)
SA gold operations
SA OPERATIONS
Total SA gold
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Surface
Surface
Production
Tonnes milled/treated
kt
Dec 2024
33,522
3,594
29,928
1,152
50
1,147
1,358
1,295
76
4,425
24,019
Dec 2023
31,941
4,055
27,886
1,237
258
1,399
1,565
1,420
366
4,289
21,408
Yield
g/t
Dec 2024
0.65
4.18
0.23
6.05
1.00
3.77
0.42
2.90
0.18
0.28
0.21
Dec 2023
0.79
4.45
0.26
5.76
0.52
4.85
0.42
2.93
0.22
0.28
0.24
Gold produced
kg
Dec 2024
21,915
15,038
6,877
6,965
50
4,322
570
3,751
14
1,224
5,019
Dec 2023
25,212
18,064
7,148
7,125
133
6,783
650
4,156
81
1,186
5,098
oz
Dec 2024
704,583
483,483
221,101
223,930
1,608
138,955
18,326
120,597
450
39,353
161,365
Dec 2023
810,584
580,771
229,813
229,074
4,276
218,078
20,898
133,618
2,604
38,131
163,904
Gold sold
kg
Dec 2024
22,239
15,337
6,902
7,110
66
4,368
584
3,859
14
1,217
5,021
Dec 2023
25,429
18,178
7,251
7,056
168
7,011
697
4,111
81
1,219
5,086
oz
Dec 2024
715,000
493,096
221,904
228,592
2,122
140,434
18,776
124,070
450
39,127
161,429
Dec 2023
817,561
584,436
233,125
226,856
5,401
225,409
22,409
132,172
2,604
39,192
163,519
Price and costs
Gold price received
R/kg
Dec 2024
1,400,468
1,372,352
1,366,922
1,375,936
1,394,412
1,407,688
Dec 2023
1,146,093
1,147,979
1,145,952
1,145,992
1,146,842
1,143,531
Gold price received
US$/oz
Dec 2024
2,378
2,330
2,321
2,336
2,368
2,390
Dec 2023
1,936
1,939
1,936
1,936
1,937
1,931
Operating cost1
R/t
Dec 2024
696
4,639
223
5,912
300
4,973
398
3,210
327
364
186
Dec 2023
752
4,414
220
5,267
384
5,276
362
2,822
262
294
192
US$/t
Dec 2024
38
253
12
323
16
272
22
175
18
20
10
Dec 2023
41
240
12
286
21
287
20
153
14
16
10
R/kg
Dec 2024
1,065,070
1,108,658
969,754
978,033
300,000
1,319,759
949,123
1,107,971
1,785,714
1,315,359
892,210
Dec 2023
953,118
991,032
857,303
914,246
744,361
1,088,309
870,769
963,908
1,185,185
1,064,081
805,218
US$/oz
Dec 2024
1,809
1,883
1,647
1,661
509
2,241
1,612
1,881
3,032
2,234
1,515
Dec 2023
1,610
1,674
1,448
1,544
1,257
1,838
1,471
1,628
2,002
1,797
1,360
Adjusted EBITDA margin1
R/kg
Dec 2024
19
Dec 2023
12
All-in sustaining cost1,2
R/kg
Dec 2024
1,251,810
1,263,657
1,535,137
1,225,407
1,388,661
946,624
Dec 2023
1,127,138
1,187,292
1,242,735
1,100,668
1,117,309
888,321
US$/oz
Dec 2024
2,126
2,146
2,607
2,081
2,358
1,607
Dec 2023
1,904
2,005
2,099
1,859
1,887
1,500
All-in cost1,2
R/kg
Dec 2024
1,411,619
1,263,657
1,535,137
1,225,407
1,388,661
1,570,205
Dec 2023
1,230,328
1,187,292
1,257,914
1,100,668
1,117,309
1,061,738
US$/oz
Dec 2024
2,397
2,146
2,607
2,081
2,358
2,666
Dec 2023
2,078
2,005
2,125
1,859
1,887
1,793
Capital expenditure
Ore reserve development
Rm
Dec 2024
2,837
1,663
932
242
—
—
Dec 2023
2,697
1,461
912
324
—
—
Sustaining capital
Rm
Dec 2024
931
380
247
64
—
240
Dec 2023
1,457
490
421
114
—
432
Corporate and projects3
Rm
Dec 2024
3,485
—
—
—
—
3,131
Dec 2023
2,554
—
117
—
—
882
Total capital expenditure
Rm
Dec 2024
7,253
2,043
1,179
306
—
3,371
Dec 2023
6,708
1,951
1,450
438
—
1,314
Total capital expenditure
US$m
Dec 2024
396
112
64
17
—
184
Dec 2023
364
106
79
24
—
71
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/US$, respectively
Figures may not add as they are rounded independently
1Operating cost, Adjusted EBITDA margin, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as
substitutes for measures of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-
Stillwater
2All-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. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see “All-in costs – Year”
3Corporate project expenditure for the years ended 31 December 2024 and 31 December 2023 was R354 million (US$19 million) and R1,555 million (US$84 million), respectively, the majority of
which related to the Burnstone project 
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      78
SALIENT FEATURES AND COST BENCHMARKS – YEAR (continued)
European operations
Sandouville nickel refinery
Metals split
Dec 2024
Dec 2023
Volumes produced (tonnes)
%
%
Nickel salts1
1,156
15%
1,411
20%
Nickel metal
6,549
85%
5,714
80%
Total Nickel production tNi
7,705
100%
7,125
100%
Nickel cakes2
283
320
Cobalt chloride (CoCl2)3
101
127
Ferric chloride (FeCl3)3
1,069
1,214
Volumes sales (tonnes)
Nickel salts1
1,490
19%
1,134
17%
Nickel metal
6,225
81%
5,721
83%
Total Nickel sold tNi
7,715
100%
6,855
100%
Nickel cakes2
77
21
Cobalt chloride (CoCl2)3
92
116
Ferric chloride (FeCl3)3
1,069
1,214
Nickel equivalent basket price
Unit
Dec 2024
Dec 2023
Revenue from sale of products
Rm
2,784
3,024
Nickel products sold
tNi
7,715
6,855
Nickel equivalent average basket price4
R/tNi
360,855
441,138
Nickel equivalent average basket price
US$/tNi
19,701
23,955
Nickel equivalent sustaining cost
Rm
Dec 2024
Dec 2023
Cost of sales, before amortisation and depreciation
3,384
4,329
Share-based payments
30
21
Rehabilitation interest and amortisation
3
9
Leases
20
20
Sustaining capital expenditure
173
248
Less: By-product credit
(141)
(149)
Nickel equivalent sustaining cost5
3,469
4,478
Nickel products sold
tNi
7,715
6,855
Nickel equivalent sustaining cost5
R/tNi
449,644
653,246
Nickel equivalent sustaining cost
US$/tNi
24,548
35,474
Nickel recovery yield6
%
96.16%
96.49%
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/US$, respectively
Figures may not add as they are rounded independently
1Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
2Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
3Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
4The Nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold
5The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are intended to provide
additional information only, do not have any standardised meaning prescribed by IFRS Accounting Standards and should not be considered in isolation or as alternatives to cost of sales, profit
before tax, profit for the year, cash from operating activities or any other measure of financial performance prepared in accordance with IFRS Accounting Standards. Nickel equivalent
sustaining cost and Nickel equivalent sustaining costs per tonne as presented in this document may not be comparable to other similarly titled measures of performance of other companies.
Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and accounting frameworks such as in US GAAP.
Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies. See "Non-IFRS measures" for more
information on the metrics presented by Sibanye-Stillwater
6Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
   
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      79
SALIENT FEATURES AND COST BENCHMARKS – YEAR (continued)
Australian operations
Century zinc retreatment operation1
Production
Ore mined and processed
kt
Dec 2024
6,807
Dec 2023
6,097
Processing feed grade
%
Dec 2024
2.97
Dec 2023
3.11
Plant recoveries
%
Dec 2024
49.39
Dec 2023
48.53
Concentrate produced2
kt
Dec 2024
218
Dec 2023
204
Concentrate zinc grade3
%
Dec 2024
45.78
Dec 2023
45.16
Metal produced (zinc in concentrate)4
kt
Dec 2024
100
Dec 2023
92
Zinc metal produced (payable)5
kt
Dec 2024
82
Dec 2023
76
Zinc sold6
kt
Dec 2024
100
Dec 2023
94
Zinc sold (payable)7
kt
Dec 2024
82
Dec 2023
77
Price and costs
Average equivalent zinc concentrate price8
R/tZn
Dec 2024
49,046
Dec 2023
31,815
US$/tZn
Dec 2024
2,678
Dec 2023
1,728
All-in sustaining cost9,10
R/tZn
Dec 2024
42,446
Dec 2023
36,361
US$/tZn
Dec 2024
2,317
Dec 2023
1,975
All-in cost9,10
R/tZn
Dec 2024
42,617
Dec 2023
39,359
US$/tZn
Dec 2024
2,327
Dec 2023
2,137
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/US$, respectively
Figures may not add as they are rounded independently
1Century is a leading tailings reprocessing and rehabilitation asset that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was
acquired by the Group on 22 February 2023
2Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product
3Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
4Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced
5Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
6Zinc sold is the zinc metal contained in the concentrate sold
7Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions
8Average 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
metal sold
9All-in sustaining costs and all-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of financial
performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures"  for more information on the metrics presented by Sibanye-Stillwater
10All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Year”
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      80
ALL-IN COSTS – YEAR
US and SA PGM operations
US and SA
PGM
operations1
US PGM
operations2
Total SA
PGM
operations1
Rustenburg
Marikana1
Kroondal3
Plat Mile
Mimosa
Corporate
Cost of sales, before amortisation and
depreciation4
Dec 2024
52,810
9,846
42,964
16,602
20,912
4,624
826
2,483
(2,483)
Dec 2023
46,379
9,680
36,699
15,147
16,961
3,950
641
2,409
(2,409)
Royalties
Dec 2024
212
—
212
82
117
12
—
131
(130)
Dec 2023
803
—
803
355
440
8
—
133
(133)
Carbon tax
Dec 2024
1
—
1
—
1
—
—
—
—
Dec 2023
2
—
2
—
2
—
—
—
—
Community costs
Dec 2024
338
—
338
54
232
52
—
—
—
Dec 2023
99
—
99
16
80
2
—
—
—
Inventory change
Dec 2024
(817)
(999)
182
(401)
(1,439)
2,022
—
8
(8)
Dec 2023
1,461
(477)
1,938
54
1,890
(6)
—
(10)
10
Share-based payments5
Dec 2024
293
89
204
65
95
38
2
—
—
Dec 2023
208
122
86
33
49
2
1
—
—
Rehabilitation interest and amortisation6
Dec 2024
138
45
93
(6)
18
81
—
6
(6)
Dec 2023
212
84
128
(5)
59
74
—
5
(5)
Leases
Dec 2024
67
4
63
20
38
4
2
—
(1)
Dec 2023
75
8
67
23
39
5
—
—
—
Ore reserve development
Dec 2024
4,392
1,920
2,472
699
1,773
—
—
—
—
Dec 2023
6,440
3,889
2,551
669
1,882
—
—
—
—
Sustaining capital expenditure
Dec 2024
3,178
611
2,567
903
1,118
504
42
548
(548)
Dec 2023
4,236
2,178
2,058
644
1,097
287
30
1,057
(1,057)
Less: By-product credit
Dec 2024
(12,528)
(852)
(11,676)
(5,012)
(5,005)
(1,233)
(426)
(588)
588
Dec 2023
(11,655)
(758)
(10,897)
(4,950)
(5,169)
(701)
(77)
(773)
773
Total All-in-sustaining costs7
Dec 2024
48,084
10,664
37,420
13,006
17,860
6,104
446
2,588
(2,588)
Dec 2023
48,260
14,726
33,534
11,986
17,330
3,621
595
2,821
(2,821)
Plus: Corporate cost, growth and capital
expenditure
Dec 2024
1,151
316
835
101
708
—
18
—
8
Dec 2023
1,819
774
1,045
—
900
20
125
—
—
Total All-in-costs7
Dec 2024
49,235
10,980
38,255
13,107
18,568
6,104
464
2,588
(2,580)
Dec 2023
50,079
15,500
34,579
11,986
18,230
3,641
720
2,821
(2,821)
PGM production
4Eoz - 2Eoz
Dec 2024
2,261,252
425,842
1,835,410
610,404
775,709
280,556
46,102
122,639
—
Dec 2023
2,196,602
427,272
1,769,330
658,417
756,552
186,252
51,801
116,308
—
kg
Dec 2024
70,333
13,245
57,088
18,986
24,127
8,726
1,434
3,815
—
Dec 2023
68,322
13,290
55,032
20,479
23,531
5,793
1,611
3,618
—
All-in-sustaining cost7
R/4Eoz - R/2Eoz
Dec 2024
22,484
25,042
21,848
21,307
23,024
21,757
9,674
21,103
—
Dec 2023
23,199
34,465
20,286
18,204
22,907
19,441
11,486
24,255
—
US$/4Eoz - US$/2Eoz
Dec 2024
1,228
1,367
1,193
1,163
1,257
1,188
528
1,152
—
Dec 2023
1,260
1,872
1,102
989
1,244
1,056
624
1,317
—
All-in-cost7
R/4Eoz - R/2Eoz
Dec 2024
23,022
25,784
22,335
21,473
23,937
21,757
10,065
21,103
—
Dec 2023
24,073
36,277
20,919
18,204
24,096
19,549
13,899
24,255
—
US$/4Eoz - US$/2Eoz
Dec 2024
1,257
1,408
1,219
1,172
1,307
1,188
549
1,152
—
Dec 2023
1,307
1,970
1,136
989
1,309
1,062
755
1,317
—
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/US$, respectively
Figures may not add as they are rounded independently
1The US and SA PGM operations, Total SA PGM operations 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 US and SA PGM operations, Total SA PGM
operations and Marikana - Year” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Year”
2The 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. The US Reldan operations cost
and performance are also excluded from the above table
3Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
4Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
5Share-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
6Rehabilitation 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
7All-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 All-in cost per ounce 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
   
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      81
ALL-IN COSTS – YEAR (continued)
Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Year
US and SA PGM operations
Total SA PGM operations
Marikana
Rm
Dec 2024
Dec 2023
Dec 2024
Dec 2023
Dec 2024
Dec 2023
Cost of sales, before amortisation and depreciation as reported per table
above
52,810
46,379
42,964
36,699
20,912
16,961
Inventory change as reported per table above
(817)
1,461
182
1,938
(1,439)
1,890
Less: Chrome cost of sales
(2,056)
(1,715)
(2,056)
(1,715)
(394)
(457)
Total operating cost including third party PoC
49,937
46,125
41,090
36,922
19,079
18,394
Less: Purchase cost of PoC
(2,407)
(2,753)
(2,407)
(2,753)
(2,407)
(2,753)
Total operating cost excluding third party PoC
47,530
43,372
38,683
34,169
16,672
15,641
PGM production as reported per table above
4Eoz- 2Eoz
2,261,252
2,196,602
1,835,410
1,769,330
775,709
756,552
Less:  Mimosa production
(122,639)
(116,308)
(122,639)
(116,308)
—
—
PGM production excluding Mimosa
2,138,613
2,080,294
1,712,771
1,653,022
775,709
756,552
Less: PoC production
(96,464)
(96,403)
(96,464)
(96,403)
(96,464)
(96,403)
PGM production excluding Mimosa and third party PoC
2,042,149
1,983,891
1,616,307
1,556,619
679,245
660,149
PGM production including Mimosa and excluding third party PoC
2,164,788
2,100,199
1,738,946
1,672,927
679,245
660,149
Tonnes milled/treated
kt
36,971
37,223
35,842
36,048
10,174
9,880
Less:  Mimosa tonnes
(1,469)
(1,392)
(1,469)
(1,392)
—
—
PGM tonnes excluding Mimosa and third party PoC
35,502
35,831
34,373
34,656
10,174
9,880
Operating cost including third party PoC
R/4Eoz-R/2Eoz
23,350
22,172
23,990
22,336
24,596
24,313
US$/4Eoz-US$/2Eoz
1,275
1,204
1,310
1,213
1,343
1,320
R/t
1,407
1,287
1,195
1,065
1,875
1,862
US$/t
77
70
65
58
102
101
Operating cost excluding third party PoC
R/4Eoz-R/2Eoz
23,275
21,862
23,933
21,951
24,545
23,693
US$/4Eoz-US$/2Eoz
1,271
1,187
1,307
1,192
1,340
1,287
R/t
1,339
1,210
1,125
986
1,639
1,583
US$/t
73
66
61
54
89
86
Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Year
US and SA PGM operations
Total SA PGM operations
Marikana
Rm
Dec 2024
Dec 2023
Dec 2024
Dec 2023
Dec 2024
Dec 2023
Total All-in-sustaining cost as reported per table above
48,084
48,260
37,420
33,534
17,860
17,330
Less: Purchase cost of PoC
(2,407)
(2,753)
(2,407)
(2,753)
(2,407)
(2,753)
Add: By-product credit of PoC
462
436
462
436
462
436
Total All-in-sustaining cost excluding third party PoC
46,139
45,943
35,475
31,217
15,915
15,013
Plus: Corporate cost, growth and capital expenditure
1,151
1,819
835
1,045
708
900
Total All-in-cost excluding third party PoC
47,290
47,762
36,310
32,262
16,623
15,913
PGM production excluding Mimosa and third party PoC
4Eoz- 2Eoz
2,042,149
1,983,891
1,616,307
1,556,619
679,245
660,149
All-in-sustaining cost excluding third party PoC
R/4Eoz-R/2Eoz
22,593
23,158
21,948
20,054
23,430
22,742
US$/4Eoz-US$/2Eoz
1,233
1,258
1,198
1,089
1,279
1,235
All-in-cost excluding third party PoC
R/4Eoz-R/2Eoz
23,157
24,075
22,465
20,726
24,473
24,105
US$/4Eoz-US$/2Eoz
1,264
1,307
1,226
1,125
1,336
1,309
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      82
ALL-IN COSTS – YEAR (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
SA OPERATIONS
Total SA gold
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Corporate
Cost of sales, before amortisation and depreciation1
Dec 2024
23,598
6,949
6,326
4,260
1,579
4,484
—
Dec 2023
24,080
6,566
8,150
4,058
1,266
4,040
—
Royalties
Dec 2024
115
49
34
56
6
—
(30)
Dec 2023
115
41
44
24
6
—
—
Carbon tax
Dec 2024
—
—
—
—
—
—
—
Dec 2023
1
—
—
—
—
1
—
Community costs
Dec 2024
13
—
—
—
—
13
—
Dec 2023
4
—
—
(7)
—
11
—
Share-based payments2
Dec 2024
121
39
33
18
—
27
4
Dec 2023
84
23
19
10
—
25
7
Rehabilitation interest and amortisation3
Dec 2024
226
(2)
25
104
105
(12)
6
Dec 2023
186
1
22
74
89
(5)
5
Leases
Dec 2024
33
—
9
6
—
18
—
Dec 2023
59
1
16
20
1
21
—
Ore reserve development
Dec 2024
2,837
1,663
932
242
—
—
—
Dec 2023
2,697
1,461
912
324
—
—
—
Sustaining capital expenditure
Dec 2024
931
380
247
64
—
240
—
Dec 2023
1,457
490
421
114
—
432
—
Less: By-product credit
Dec 2024
(35)
(10)
(4)
(4)
—
(17)
—
Dec 2023
(21)
(6)
(5)
(3)
—
(7)
—
Total All-in-sustaining costs4
Dec 2024
27,839
9,068
7,602
4,746
1,690
4,753
(20)
Dec 2023
28,662
8,577
9,579
4,614
1,362
4,518
12
Plus: Corporate cost, growth and capital expenditure
Dec 2024
3,554
—
—
—
—
3,131
423
Dec 2023
2,624
—
117
—
—
882
1,625
Total All-in-costs4
Dec 2024
31,393
9,068
7,602
4,746
1,690
7,884
403
Dec 2023
31,286
8,577
9,696
4,614
1,362
5,400
1,637
Gold sold
kg
Dec 2024
22,239
7,176
4,952
3,873
1,217
5,021
—
Dec 2023
25,429
7,224
7,708
4,192
1,219
5,086
—
oz
Dec 2024
715,000
230,714
159,210
124,520
39,127
161,429
—
Dec 2023
817,561
232,257
247,818
134,776
39,192
163,519
—
All-in-sustaining cost4
R/kg
Dec 2024
1,251,810
1,263,657
1,535,137
1,225,407
1,388,661
946,624
—
Dec 2023
1,127,138
1,187,292
1,242,735
1,100,668
1,117,309
888,321
—
All-in-sustaining cost
US$/oz
Dec 2024
2,126
2,146
2,607
2,081
2,358
1,607
—
Dec 2023
1,904
2,005
2,099
1,859
1,887
1,500
—
All-in-cost4
R/kg
Dec 2024
1,411,619
1,263,657
1,535,137
1,225,407
1,388,661
1,570,205
—
Dec 2023
1,230,328
1,187,292
1,257,914
1,100,668
1,117,309
1,061,738
—
All-in-cost
US$/oz
Dec 2024
2,397
2,146
2,607
2,081
2,358
2,666
—
Dec 2023
2,078
2,005
2,125
1,859
1,887
1,793
—
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/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
2Share-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
3Rehabilitation 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 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 
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      83
ALL-IN COSTS – YEAR (continued)
Australian operations
Figures are in rand millions unless otherwise stated
Century zinc retreatment operation1
Cost of sales, before amortisation and depreciation2
Dec 2024
3,326
Dec 2023
2,257
Royalties
Dec 2024
216
Dec 2023
131
Community costs
Dec 2024
54
Dec 2023
47
Inventory change
Dec 2024
(348)
Dec 2023
216
Share-based payments3
Dec 2024
7
Dec 2023
—
Rehabilitation interest and amortisation4
Dec 2024
156
Dec 2023
14
Leases
Dec 2024
116
Dec 2023
99
Sustaining capital expenditure
Dec 2024
186
Dec 2023
114
Less: By-product credit
Dec 2024
(218)
Dec 2023
(125)
Total All-in-sustaining costs5
Dec 2024
3,495
Dec 2023
2,753
Plus: Corporate cost, growth and capital expenditure
Dec 2024
14
Dec 2023
227
Total All-in-costs5
Dec 2024
3,509
Dec 2023
2,980
Zinc metal produced (payable)
kt
Dec 2024
82
Dec 2023
76
All-in-sustaining cost5
R/tZn
Dec 2024
42,446
Dec 2023
36,361
US$/tZn
Dec 2024
2,317
Dec 2023
1,975
All-in-cost5
R/tZn
Dec 2024
42,617
Dec 2023
39,359
US$/tZn
Dec 2024
2,327
Dec 2023
2,137
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/US$, respectively
Figures may not add as they are rounded independently
1Century is a leading tailings management and rehabilitation company that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was
acquired by the Group on 22 February 2023
2Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
3Share-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
4Rehabilitation 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 zinc production
5All-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 tonne and All-in cost per tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a
period by the total tonnes of zinc metal produced (payable) in the same period 
 
 
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      84
UNIT OPERATING COST – YEAR
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA
PGM
operations1
US PGM
operations
Total SA
PGM
operations1,3
Rustenburg3
Marikana3
Kroondal3,4
Plat Mile3
Mimosa
Under-
ground2
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Attribu-
table
Cost of sales, before
amortisation and
depreciation
Dec 2024
52,810
9,846
42,964
15,293
1,309
20,912
4,624
826
2,483
Dec 2023
46,379
9,680
36,699
13,908
1,239
16,961
3,950
641
2,409
Inventory change
Dec 2024
(817)
(999)
182
(427)
26
(1,439)
2,022
—
8
Dec 2023
1,461
(477)
1,938
(60)
114
1,890
(6)
—
(10)
Less: Chrome cost of sales
Dec 2024
(2,056)
—
(2,056)
(1,483)
—
(394)
(13)
(166)
—
Dec 2023
(1,715)
—
(1,715)
(1,246)
—
(457)
(12)
—
—
Less: Purchase cost of PoC
Dec 2024
(2,407)
—
(2,407)
—
—
(2,407)
—
—
—
Dec 2023
(2,753)
—
(2,753)
—
—
(2,753)
—
—
—
Total operating cost
excluding third party PoC
Dec 2024
47,530
8,847
38,683
13,383
1,335
16,672
6,633
660
2,491
Dec 2023
43,372
9,203
34,169
12,602
1,353
15,641
3,932
641
2,399
Tonnes milled/treated
excluding third party PoC5
kt
Dec 2024
35,502
1,129
34,373
5,576
5,370
6,138
4,036
4,765
8,489
1,469
Dec 2023
35,831
1,174
34,656
6,073
5,486
6,253
3,626
3,068
10,150
1,392
PGM production excluding
third party PoC5
4Eoz - 2Eoz
Dec 2024
2,042,149
425,842
1,616,307
538,291
72,113
679,245
280,556
46,102
122,639
Dec 2023
1,983,891
427,272
1,556,619
574,005
84,412
660,149
186,252
51,801
116,308
Operating cost6
R/t
Dec 2024
1,339
7,839
1,125
2,400
249
1,639
1,392
78
1,696
Dec 2023
1,210
7,837
986
2,075
247
1,583
1,282
63
1,723
US$/t
Dec 2024
73
428
61
131
14
89
76
4
93
Dec 2023
66
426
54
113
13
86
70
3
94
R/4Eoz - R/2Eoz
Dec 2024
23,275
20,775
23,933
24,862
18,513
24,545
23,642
14,316
20,312
Dec 2023
21,862
21,539
21,951
21,955
16,029
23,693
21,111
12,374
20,626
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,271
1,134
1,307
1,357
1,011
1,340
1,291
782
1,109
Dec 2023
1,187
1,170
1,192
1,192
870
1,287
1,146
672
1,120
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/US$, respectively
Figures may not add as they are rounded independently
1  US and SA PGM operations and Total SA PGM operations exclude the results of Mimosa, which is equity accounted
2The 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. The US Reldan operations cost and performance are also excluded
from the above table
3Cost of sales, before amortisation and depreciation for US and SA PGM operations Total SA PGM operations, Rustenburg, Marikana, Kroondal and Platinum Mile includes the Chrome cost of
sales which is excluded for unit cost calculation purposes as Chrome production is excluded from the 4Eoz production
4  Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
5  For a reconciliation of the production excluding Mimosa and third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM
operations and Marikana - Year”
6  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 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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      85
UNIT OPERATING COST – YEAR (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA gold operations
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Surface
Surface
Cost of sales, before amortisation
and depreciation
Dec 2024
23,598
16,943
6,655
6,934
15
5,774
552
4,235
25
1,579
4,484
Dec 2023
24,080
17,982
6,098
6,467
99
7,553
597
3,962
96
1,266
4,040
Inventory change
Dec 2024
(257)
(271)
14
(122)
—
(70)
(11)
(79)
—
31
(6)
Dec 2023
(50)
(80)
30
47
—
(171)
(31)
44
—
(4)
65
Total operating cost
Dec 2024
23,341
16,672
6,669
6,812
15
5,704
541
4,156
25
1,610
4,478
Dec 2023
24,030
17,902
6,128
6,514
99
7,382
566
4,006
96
1,262
4,105
Tonnes milled/treated
kt
Dec 2024
33,522
3,594
29,928
1,152
50
1,147
1,358
1,295
76
4,425
24,019
Dec 2023
31,941
4,055
27,886
1,237
258
1,399
1,565
1,420
366
4,289
21,408
Gold produced
kg
Dec 2024
21,915
15,038
6,877
6,965
50
4,322
570
3,751
14
1,224
5,019
Dec 2023
25,212
18,064
7,148
7,125
133
6,783
650
4,156
81
1,186
5,098
oz
Dec 2024
704,583
483,483
221,101
223,930
1,608
138,955
18,326
120,597
450
39,353
161,365
Dec 2023
810,584
580,771
229,813
229,074
4,276
218,078
20,898
133,618
2,604
38,131
163,904
Operating cost1
R/t
Dec 2024
696
4,639
223
5,912
300
4,973
398
3,210
327
364
186
Dec 2023
752
4,414
220
5,267
384
5,276
362
2,822
262
294
192
US$/t
Dec 2024
38
253
12
323
16
272
22
175
18
20
10
Dec 2023
41
240
12
286
21
287
20
153
14
16
10
R/kg
Dec 2024
1,065,070
1,108,658
969,754
978,033
300,000
1,319,759
949,123
1,107,971
1,785,714
1,315,359
892,210
Dec 2023
953,118
991,032
857,303
914,246
744,361
1,088,309
870,769
963,908
1,185,185
1,064,081
805,218
US$/oz
Dec 2024
1,809
1,883
1,647
1,661
509
2,241
1,612
1,881
3,032
2,234
1,515
Dec 2023
1,610
1,674
1,448
1,544
1,257
1,838
1,471
1,628
2,002
1,797
1,360
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      86
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS
US and SA PGM operations
US and SA
PGM
operations1
US PGM
operations
Total SA PGM operations1
Rustenburg
Marikana1
Kroondal
Plat Mile
Mimosa
Attributable
Under-
ground2
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Attribu-
table
Surface
Attribu-
table
Production
Tonnes milled/treated
kt
Dec 2024
8,482
197
8,285
4,365
3,920
1,347
1,293
1,533
941
1,126
1,686
359
Sep 2024
10,063
313
9,750
4,879
4,871
1,518
1,337
1,674
1,043
1,312
2,490
375
Plant head grade
g/t
Dec 2024
2.50
12.95
2.26
3.36
1.02
3.61
1.07
3.97
1.15
2.24
0.92
3.39
Sep 2024
2.39
12.47
2.07
3.24
0.90
3.48
1.03
3.78
1.07
2.22
0.76
3.39
Plant recoveries
%
Dec 2024
75.10
91.01
72.52
85.54
25.84
86.09
30.22
87.60
26.70
83.54
21.04
75.58
Sep 2024
75.62
89.17
73.04
84.91
30.05
86.30
46.22
86.72
26.32
82.38
20.45
76.88
Yield
g/t
Dec 2024
1.88
11.79
1.64
2.87
0.26
3.11
0.32
3.48
0.31
1.87
0.19
2.56
Sep 2024
1.81
11.12
1.51
2.75
0.27
3.00
0.48
3.28
0.28
1.83
0.16
2.61
PGM production3
4Eoz - 2Eoz
Dec 2024
512,275
75,727
436,548
403,328
33,220
134,612
13,441
171,415
9,287
67,738
10,492
29,563
Sep 2024
585,914
111,976
473,938
431,584
42,354
146,620
20,465
176,406
9,448
77,150
12,441
31,408
PGM sold4
4Eoz - 2Eoz
Dec 2024
557,512
120,508
437,004
141,543
23,105
232,758
—
10,492
29,106
Sep 2024
521,299
99,948
421,351
130,670
18,741
176,100
53,156
12,441
30,243
Price and costs5
Average PGM basket price6
R/4Eoz - R/2Eoz
Dec 2024
22,556
18,166
23,885
24,004
22,420
23,972
24,412
22,333
22,403
Sep 2024
22,637
17,663
23,909
24,002
22,382
23,960
24,447
22,165
21,937
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,262
1,016
1,336
1,343
1,254
1,341
1,365
1,249
1,253
Sep 2024
1,260
983
1,331
1,336
1,246
1,334
1,361
1,234
1,221
Operating cost7
R/t
Dec 2024
1,424
9,652
1,219
2,543
232
1,653
1,505
91
1,641
Sep 2024
1,298
6,989
1,108
2,405
277
1,616
1,365
75
1,710
US$/t
Dec 2024
80
540
68
142
13
92
84
5
92
Sep 2024
72
389
62
134
15
90
76
4
95
R/4Eoz - R/2Eoz
Dec 2024
23,960
25,117
23,745
25,451
22,320
22,634
25,008
14,678
19,924
Sep 2024
22,687
19,549
23,481
24,908
18,080
23,626
23,215
15,031
20,409
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,340
1,405
1,328
1,423
1,248
1,266
1,399
821
1,114
Sep 2024
1,263
1,088
1,307
1,387
1,007
1,315
1,293
837
1,136
All-in sustaining cost7,8
R/4Eoz - R/2Eoz
Dec 2024
24,201
27,890
23,514
24,194
23,093
24,993
11,247
20,702
Sep 2024
21,563
22,889
21,228
21,570
22,265
20,518
5,546
20,600
US$/4Eoz -
US$/2Eoz
Dec 2024
1,354
1,560
1,315
1,353
1,292
1,398
629
1,158
Sep 2024
1,201
1,274
1,182
1,201
1,240
1,142
309
1,147
All-in cost7,8
R/4Eoz - R/2Eoz
Dec 2024
24,673
28,259
24,006
24,336
24,045
24,993
11,247
20,702
Sep 2024
22,115
24,112
21,610
21,570
23,163
20,518
5,707
20,600
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,380
1,581
1,343
1,361
1,345
1,398
629
1,158
Sep 2024
1,231
1,343
1,203
1,201
1,290
1,142
318
1,147
Capital expenditure5
Ore reserve development
Rm
Dec 2024
889
283
606
190
416
—
—
—
Sep 2024
1,110
418
692
194
498
—
—
—
Sustaining capital
Rm
Dec 2024
1,234
118
1,116
350
538
202
26
127
Sep 2024
623
102
521
206
198
112
5
129
Corporate and projects
Rm
Dec 2024
224
26
198
21
170
—
—
—
Sep 2024
292
131
161
—
159
—
2
—
Total capital expenditure
Rm
Dec 2024
2,347
427
1,920
561
1,124
202
26
127
Sep 2024
2,025
651
1,374
400
855
112
7
129
Total capital expenditure
US$m
Dec 2024
131
24
107
31
63
11
1
7
Sep 2024
113
36
77
22
48
6
—
7
Average exchange rate for the quarters ended 31 December 2024 and 30 September 2024 was R17.88/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1The US and SA PGM operations, Total SA PGM operation 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 US and SA PGM operations, Total SA PGM
operations and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Quarters”
2The 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 recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below. The US Reldan operations cost and
performance are also excluded from the above table
3Production per product – see prill split in the table below
4PGM sold includes the third party PoC ounces sold
5The US and SA PGM operations 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
6The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
7Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures
of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater
8All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      87
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
Mining - PGM Prill split including third party PoC, excluding recycling and Reldan operations
US AND SA PGM OPERATIONS
TOTAL SA PGM OPERATIONS
US PGM OPERATIONS
Dec 2024
Sep 2024
Dec 2024
Sep 2024
Dec 2024
Sep 2024
%
%
%
%
%
%
Platinum
290,740
54%
320,789
52%
273,534
60%
295,472
59%
17,206
23%
25,317
23%
Palladium
193,982
36%
236,354
39%
135,461
30%
149,695
30%
58,521
77%
86,659
77%
Rhodium
40,718
8%
45,655
7%
40,718
9%
45,655
9%
Gold
8,035
2%
8,234
1%
8,035
2%
8,234
2%
PGM production 4E/2E
533,475
100%
611,032
100%
457,748
100%
499,056
100%
75,727
100%
111,976
100%
Ruthenium
65,527
73,119
65,527
73,119
Iridium
15,145
16,773
15,145
16,773
Total 6E/2E
614,147
700,924
538,420
588,948
75,727
111,976
Figures may not add as they are rounded independently
US PGM Recycling
Unit
Dec 2024
Sep 2024
Average catalyst fed/day
Tonne
10.3
10.6
Total processed
Tonne
948
973
Tolled
Tonne
—
—
Purchased
Tonne
948
973
PGM fed
3Eoz
79,770
81,762
PGM sold
3Eoz
86,270
81,228
PGM tolled returned
3Eoz
—
—
US RELDAN OPERATIONS
Unit
Dec 2024
Sep 2024
Volume sold:
Gold
oz
34,806
31,006
Silver
oz
371,433
432,996
Platinum
oz
3,442
4,707
Palladium
oz
5,707
6,628
Other (Rhodium, Ruthenium, Iridium)
oz
25
—
Copper
Lbs
729,623
794,476
Mixed scrap
Lbs
1,382,364
1,263,545
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      88
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
SA gold operations
SA OPERATIONS
Total SA gold
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Surface
Surface
Production
Tonnes milled/treated
kt
Dec 2024
8,730
931
7,800
270
—
298
237
363
4
1,190
6,368
Sep 2024
8,995
929
8,066
308
4
289
337
332
16
1,162
6,547
Yield
g/t
Dec 2024
0.64
4.34
0.20
5.91
4.74
4.36
0.32
3.15
0.26
0.22
0.20
Sep 2024
0.62
4.13
0.22
6.07
0.26
3.73
0.33
2.68
0.19
0.27
0.20
Gold produced
kg
Dec 2024
5,630
4,039
1,591
1,597
1
1,299
77
1,143
1
267
1,245
Sep 2024
5,582
3,835
1,747
1,869
1
1,079
112
887
3
312
1,319
oz
Dec 2024
181,009
129,857
51,152
51,345
32
41,764
2,476
36,748
32
8,584
40,028
Sep 2024
179,465
123,298
56,167
60,090
32
34,691
3,601
28,518
96
10,031
42,407
Gold sold
kg
Dec 2024
5,642
4,037
1,605
1,669
2
1,292
69
1,076
1
255
1,278
Sep 2024
5,386
3,654
1,732
1,732
1
1,064
128
858
3
311
1,289
oz
Dec 2024
181,394
129,793
51,602
53,660
64
41,539
2,218
34,594
32
8,198
41,089
Sep 2024
173,164
117,479
55,685
55,685
32
34,208
4,115
27,585
96
9,999
41,442
Price and costs
Gold price received
R/kg
Dec 2024
1,521,269
1,432,675
1,413,666
1,454,968
1,525,490
1,532,081
Sep 2024
1,426,290
1,408,540
1,396,812
1,412,311
1,430,868
1,431,342
US$/oz
Dec 2024
2,646
2,492
2,459
2,531
2,654
2,665
Sep 2024
2,470
2,439
2,419
2,446
2,478
2,479
Operating cost1
R/t
Dec 2024
639
4,300
203
5,933
—
4,534
384
2,891
256
317
175
Sep 2024
691
4,794
218
6,047
—
5,063
433
3,397
387
348
184
US$/t
Dec 2024
36
240
11
332
—
254
21
162
14
18
10
Sep 2024
38
267
12
337
—
282
24
189
22
19
10
R/kg
Dec 2024
991,474
990,592
993,715
1,003,757
—
1,039,261
1,181,818
916,885
1,000,000
1,411,985
893,173
Sep 2024
1,113,042
1,161,147
1,007,441
996,790
—
1,356,812
1,303,571
1,269,448
2,000,000
1,298,077
912,055
US$/oz
Dec 2024
1,725
1,723
1,729
1,746
—
1,808
2,056
1,595
1,740
2,456
1,554
Sep 2024
1,928
2,011
1,745
1,726
—
2,350
2,258
2,198
3,464
2,248
1,580
All-in sustaining cost1,2
R/kg
Dec 2024
1,209,323
1,314,782
1,330,639
1,117,920
1,478,431
986,698
Sep 2024
1,298,923
1,298,327
1,614,094
1,384,437
1,369,775
931,730
US$/oz
Dec 2024
2,104
2,287
2,315
1,945
2,572
1,716
Sep 2024
2,250
2,248
2,795
2,398
2,372
1,614
All-in cost1,2
R/kg
Dec 2024
1,310,528
1,314,782
1,330,639
1,117,920
1,478,431
1,394,366
Sep 2024
1,360,750
1,298,327
1,614,094
1,384,437
1,369,775
1,145,849
US$/oz
Dec 2024
2,280
2,287
2,315
1,945
2,572
2,426
Sep 2024
2,357
2,248
2,795
2,398
2,372
1,984
Capital expenditure
Ore reserve development
Rm
Dec 2024
686
392
247
47
—
—
Sep 2024
747
452
240
55
—
—
Sustaining capital
Rm
Dec 2024
295
96
80
40
—
79
Sep 2024
220
106
60
16
—
38
Corporate and projects3
Rm
Dec 2024
557
—
—
—
—
521
Sep 2024
309
—
—
—
—
276
Total capital expenditure
Rm
Dec 2024
1,538
488
327
87
—
600
Sep 2024
1,276
558
300
71
—
314
US$m
Dec 2024
86
27
18
5
—
34
Sep 2024
71
31
17
4
—
17
Average exchange rate for the quarters ended 31 December 2024 and 30 September 2024 was R17.88/US$ and 17.96/US$, respectively
Figures may not add as they are rounded independently
1Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures
of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater
2All-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. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see “All-in costs – Quarters”
3Corporate project expenditure related to the Burnstone project, for the quarters ended 31 December 2024 and 30 September 2024  was R36 million (US$2 million) and R33 million (US$2 million),
respectively
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      89
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
European operations
Sandouville nickel refinery
Metals split
Dec 2024
Sep 2024
Volumes produced (tonnes)
%
%
Nickel salts1
353
25%
204
10%
Nickel metal
1,043
75%
1,835
90%
Total Nickel production tNi
1,396
100%
2,039
100%
Nickel cakes2
39
42
Cobalt chloride (CoCl2)3
13
26
Ferric chloride (FeCl3)3
191
199
Volumes sales (tonnes)
Nickel salts1
423
31%
270
14%
Nickel metal
933
69%
1,657
86%
Total Nickel sold tNi
1,356
100%
1,927
100%
Nickel cakes2
39
19
Cobalt chloride (CoCl2)3
2
27
Ferric chloride (FeCl3)3
191
199
Nickel equivalent basket price
Unit
Dec 2024
Sep 2024
Nickel equivalent average basket price4
R/tNi
328,909
338,869
US$/tNi
18,395
18,868
Nickel equivalent sustaining cost
Rm
Dec 2024
Sep 2024
Cost of sales, before amortisation and depreciation
695
775
Share-based payments
17
(7)
Rehabilitation interest and amortisation
1
1
Leases
5
5
Sustaining capital expenditure
34
33
Less: By-product credit
(23)
(30)
Nickel equivalent sustaining cost5
729
777
Nickel products sold
tNi
1,356
1,927
Nickel equivalent sustaining cost5
R/tNi
537,611
403,217
US$/tNi
30,068
22,451
Nickel recovery yield6
%
91.64%
97.21%
Average exchange rate for the quarters ended 31 December 2024 and 30 September 2024 was R17.88/US$ and 17.96/US$, respectively
Figures may not add as they are rounded independently
1Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
2Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
3Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
4The Nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold
5The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are intended to provide
additional information only, do not have any standardised meaning prescribed by IFRS Accounting Standards and should not be considered in isolation or as alternatives to cost of sales, profit
before tax, profit for the year, cash from operating activities or any other measure of financial performance prepared in accordance with IFRS Accounting Standards. Nickel equivalent
sustaining cost and Nickel equivalent sustaining costs per tonne as presented in this document may not be comparable to other similarly titled measures of performance of other companies.
Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and accounting frameworks such as in US GAAP.
Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies. See "Non-IFRS measures" for more
information on the metrics presented by Sibanye-Stillwater
6Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      90
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
Australian operations
Century zinc retreatment operation
Production
Ore mined and processed
kt
Dec 2024
1,104
Sep 2024
2,207
Processing feed grade
%
Dec 2024
2.97
Sep 2024
3.01
Plant recoveries
%
Dec 2024
47.33
Sep 2024
50.07
Concentrate produced1
kt
Dec 2024
34
Sep 2024
74
Concentrate zinc grade2
%
Dec 2024
46.34
Sep 2024
44.69
Metal produced (zinc in concentrate)3
kt
Dec 2024
16
Sep 2024
33
Zinc metal produced (payable)4
kt
Dec 2024
13
Sep 2024
27
Zinc sold5
kt
Dec 2024
37
Sep 2024
24
Zinc sold (payable)6
kt
Dec 2024
31
Sep 2024
20
Price and costs
Average equivalent zinc concentrate price7
R/tZn
Dec 2024
49,558
Sep 2024
55,553
US$/tZn
Dec 2024
2,772
Sep 2024
3,093
All-in sustaining cost8,9
R/tZn
Dec 2024
66,039
Sep 2024
32,486
US$/tZn
Dec 2024
3,693
Sep 2024
1,809
All-in cost8,9
R/tZn
Dec 2024
66,428
Sep 2024
32,559
US$/tZn
Dec 2024
3,715
Sep 2024
1,813
Average exchange rate for the quarters ended 31 December 2024 and 30 September 2024 was R17.88/US$ and 17.96/US$, respectively
Figures may not add as they are rounded independently
1Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product
2Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
3Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced
4Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
5Zinc sold is the zinc metal contained in the concentrate sold
6Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions
7Average 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
metal sold
8All-in sustaining costs and all-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures of financial
performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures"  for more information on the metrics presented by Sibanye-Stillwater
9All-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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      91
ALL-IN COSTS – QUARTERS
US and SA PGM operations
US and SA
PGM
operations1
US PGM
operations2
Total SA
PGM
operations1
Rustenburg
Marikana1
Kroondal
Plat Mile
Mimosa
Corporate
Cost of sales, before amortisation and
depreciation3
Dec 2024
13,515
2,689
10,826
4,268
6,165
189
204
581
(581)
Sep 2024
12,547
2,033
10,514
4,151
4,839
1,291
233
642
(642)
Royalties
Dec 2024
57
—
57
21
33
3
—
32
(32)
Sep 2024
37
—
37
8
27
2
—
36
(36)
Carbon tax
Dec 2024
—
—
—
—
—
—
—
—
—
Sep 2024
—
—
—
—
—
—
—
—
—
Community costs
Dec 2024
155
—
155
13
124
18
—
—
—
Sep 2024
53
—
53
18
20
16
—
—
—
Inventory change
Dec 2024
(877)
(787)
(90)
(141)
(1,457)
1,508
—
8
(8)
Sep 2024
1,140
156
984
198
282
504
—
(1)
1
Share-based payments4
Dec 2024
110
27
83
28
37
15
—
—
—
Sep 2024
60
26
34
12
14
7
—
—
—
Rehabilitation interest and amortisation5
Dec 2024
36
11
25
(1)
5
21
—
2
(2)
Sep 2024
31
11
20
1
(1)
20
—
2
(2)
Leases
Dec 2024
13
1
12
4
7
—
—
—
1
Sep 2024
14
1
13
5
8
—
—
—
—
Ore reserve development
Dec 2024
889
283
606
190
416
—
—
—
—
Sep 2024
1,110
418
692
194
498
—
—
—
—
Sustaining capital expenditure
Dec 2024
1,234
118
1,116
350
538
202
26
127
(127)
Sep 2024
623
102
521
206
198
112
5
129
(129)
Less: By-product credit
Dec 2024
(3,026)
(230)
(2,796)
(1,150)
(1,271)
(263)
(112)
(138)
138
Sep 2024
(3,149)
(184)
(2,965)
(1,189)
(1,238)
(369)
(169)
(161)
161
Total All-in-sustaining costs6
Dec 2024
12,106
2,112
9,994
3,582
4,597
1,693
118
612
(611)
Sep 2024
12,466
2,563
9,903
3,604
4,647
1,583
69
647
(647)
Plus: Corporate cost, growth and capital
expenditure
Dec 2024
228
28
200
21
172
—
—
—
7
Sep 2024
306
137
169
—
167
—
2
—
—
Total All-in-costs6
Dec 2024
12,334
2,140
10,194
3,603
4,769
1,693
118
612
(604)
Sep 2024
12,772
2,700
10,072
3,604
4,814
1,583
71
647
(647)
PGM production
4Eoz - 2Eoz
Dec 2024
533,475
75,727
457,748
148,053
201,902
67,738
10,492
29,563
—
Sep 2024
611,032
111,976
499,056
167,085
210,972
77,150
12,441
31,408
—
kg
Dec 2024
16,593
2,355
14,238
4,605
6,280
2,107
326
920
—
Sep 2024
19,005
3,483
15,522
5,197
6,562
2,400
387
977
—
All-in-sustaining cost6
R/4Eoz - R/2Eoz
Dec 2024
24,024
27,890
23,340
24,194
22,768
24,993
11,247
20,702
—
Sep 2024
21,507
22,889
21,176
21,570
22,027
20,518
5,546
20,600
—
US$/4Eoz - US$/2Eoz
Dec 2024
1,344
1,560
1,305
1,353
1,273
1,398
629
1,158
—
Sep 2024
1,197
1,274
1,179
1,201
1,226
1,142
309
1,147
—
All-in-cost6
R/4Eoz - R/2Eoz
Dec 2024
24,476
28,259
23,807
24,336
23,620
24,993
11,247
20,702
—
Sep 2024
22,035
24,112
21,538
21,570
22,818
20,518
5,707
20,600
—
US$/4Eoz - US$/2Eoz
Dec 2024
1,369
1,581
1,332
1,361
1,321
1,398
629
1,158
—
Sep 2024
1,227
1,343
1,199
1,201
1,271
1,142
318
1,147
—
Average exchange rate for the quarters ended 31 December 2024 and 30 September 2024 was R17.88/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1The US and SA PGM operations, Total SA PGM operations 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 US and SA PGM operations, Total SA PGM
operations and Marikana - Six Months” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Quarters”
2The 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. The US Reldan operations cost
and performance are also excluded from the above table
3Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
4Share-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
5Rehabilitation 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
6All-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 All-in cost per ounce 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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      92
Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters
US and SA PGM operations
Total SA PGM operations
Marikana
Rm
Dec 2024
Sep 2024
Dec 2024
Sep 2024
Dec 2024
Sep 2024
Cost of sales, before amortisation and depreciation as reported per table
above
13,515
12,547
10,826
10,514
6,165
4,839
Inventory change as reported per table above
(877)
1,140
(90)
984
(1,457)
282
Less: Chrome cost of sales
(519)
(498)
(519)
(498)
(65)
(121)
Total operating cost including third party PoC
12,119
13,189
10,217
11,000
4,643
5,000
Less: Purchase cost of PoC
(553)
(609)
(553)
(609)
(553)
(609)
Total operating cost excluding third party PoC
11,566
12,580
9,664
10,391
4,090
4,391
PGM production as reported per table above
4Eoz- 2Eoz
533,475
611,032
457,748
499,056
201,902
210,972
Less:  Mimosa production
(29,563)
(31,408)
(29,563)
(31,408)
—
—
PGM production excluding Mimosa
503,912
579,624
428,185
467,648
201,902
210,972
Less: PoC production
(21,200)
(25,118)
(21,200)
(25,118)
(21,200)
(25,118)
PGM production excluding Mimosa and third party PoC
482,712
554,506
406,985
442,530
180,702
185,854
PGM production including Mimosa and excluding third party PoC
512,275
585,914
436,548
473,938
180,702
185,854
Tonnes milled/treated
kt
8,482
10,063
8,285
9,750
2,474
2,717
Less:  Mimosa tonnes
(359)
(375)
(359)
(375)
—
—
PGM tonnes excluding Mimosa and third party PoC
8,123
9,688
7,926
9,375
2,474
2,717
Operating cost including third party PoC
R/4Eoz-R/2Eoz
24,050
22,754
23,861
23,522
22,996
23,700
US$/4Eoz-US$/2Eoz
1,345
1,267
1,335
1,310
1,286
1,320
R/t
1,492
1,361
1,289
1,173
1,877
1,840
US$/t
83
76
72
65
105
102
Operating cost excluding third party PoC
R/4Eoz-R/2Eoz
23,960
22,687
23,745
23,481
22,634
23,626
US$/4Eoz-US$/2Eoz
1,340
1,263
1,328
1,307
1,266
1,315
R/t
1,424
1,298
1,219
1,108
1,653
1,616
US$/t
80
72
68
62
92
90
Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters
US and SA PGM operations
Total SA PGM operations
Marikana
Rm
Dec 2024
Sep 2024
Dec 2024
Sep 2024
Dec 2024
Sep 2024
Total All-in-sustaining cost as reported per table above
12,106
12,466
9,994
9,903
4,597
4,647
Less: Purchase cost of PoC
(553)
(609)
(553)
(609)
(553)
(609)
Add: By-product credit of PoC
129
100
129
100
129
100
Total All-in-sustaining cost excluding third party PoC
11,682
11,957
9,570
9,394
4,173
4,138
Plus: Corporate cost, growth and capital expenditure
228
306
200
169
172
167
Total All-in-cost excluding third party PoC
11,910
12,263
9,770
9,563
4,345
4,305
PGM production excluding Mimosa and third party PoC
4Eoz- 2Eoz
482,712
554,506
406,985
442,530
180,702
185,854
All-in-sustaining cost excluding third party PoC
R/4Eoz-R/2Eoz
24,201
21,563
23,514
21,228
23,093
22,265
US$/4Eoz-US$/2Eoz
1,354
1,201
1,315
1,182
1,292
1,240
All-in-cost excluding third party PoC
R/4Eoz-R/2Eoz
24,673
22,115
24,006
21,610
24,045
23,163
US$/4Eoz-US$/2Eoz
1,380
1,231
1,343
1,203
1,345
1,290
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      93
ALL-IN COSTS – QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
SA OPERATIONS
Total SA
gold
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Corporate
Cost of sales, before amortisation and depreciation1
Dec 2024
5,701
1,685
1,459
1,048
343
1,166
—
Sep 2024
5,915
1,675
1,598
1,080
404
1,158
—
Royalties
Dec 2024
31
12
10
37
2
—
(30)
Sep 2024
28
12
8
6
2
—
—
Carbon tax
Dec 2024
—
—
—
—
—
—
—
Sep 2024
—
—
—
—
—
—
—
Community costs
Dec 2024
5
—
—
—
—
5
—
Sep 2024
2
—
—
—
—
2
—
Share-based payments2
Dec 2024
34
14
9
3
—
7
1
Sep 2024
36
10
11
7
—
7
1
Rehabilitation interest and amortisation3
Dec 2024
70
—
6
28
32
2
2
Sep 2024
49
(1)
6
26
20
(4)
2
Leases
Dec 2024
8
—
2
2
—
4
—
Sep 2024
9
—
2
3
—
4
—
Ore reserve development
Dec 2024
686
392
247
47
—
—
—
Sep 2024
747
452
240
55
—
—
—
Sustaining capital expenditure
Dec 2024
295
96
80
40
—
79
—
Sep 2024
220
106
60
16
—
38
—
Less: By-product credit
Dec 2024
(7)
(2)
(2)
(1)
—
(2)
—
Sep 2024
(10)
(4)
(1)
(1)
—
(4)
—
Total All-in-sustaining costs4
Dec 2024
6,823
2,197
1,811
1,204
377
1,261
(27)
Sep 2024
6,996
2,250
1,924
1,192
426
1,201
3
Plus: Corporate cost, growth and capital expenditure
Dec 2024
571
—
—
—
—
521
50
Sep 2024
333
—
—
—
—
276
57
Total All-in-costs4
Dec 2024
7,394
2,197
1,811
1,204
377
1,782
23
Sep 2024
7,329
2,250
1,924
1,192
426
1,477
60
Gold sold
kg
Dec 2024
5,642
1,671
1,361
1,077
255
1,278
—
Sep 2024
5,386
1,733
1,192
861
311
1,289
—
oz
Dec 2024
181,394
53,724
43,757
34,626
8,198
41,089
—
Sep 2024
173,164
55,717
38,324
27,682
9,999
41,442
—
All-in-sustaining cost4
R/kg
Dec 2024
1,209,323
1,314,782
1,330,639
1,117,920
1,478,431
986,698
—
Sep 2024
1,298,923
1,298,327
1,614,094
1,384,437
1,369,775
931,730
—
US$/oz
Dec 2024
2,104
2,287
2,315
1,945
2,572
1,716
—
Sep 2024
2,250
2,248
2,795
2,398
2,372
1,614
—
All-in-cost4
R/kg
Dec 2024
1,310,528
1,314,782
1,330,639
1,117,920
1,478,431
1,394,366
—
Sep 2024
1,360,750
1,298,327
1,614,094
1,384,437
1,369,775
1,145,849
—
US$/oz
Dec 2024
2,280
2,287
2,315
1,945
2,572
2,426
—
Sep 2024
2,357
2,248
2,795
2,398
2,372
1,984
—
Average exchange rate for the quarters ended 31 December 2024 and 30 September 2024 was R17.88/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2Share-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
3Rehabilitation 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 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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      94
ALL-IN COSTS – QUARTERS (continued)
Australian operations
Figures are in rand millions unless otherwise stated
Century zinc retreatment operation
Cost of sales, before amortisation and depreciation1
Dec 2024
1,133
Sep 2024
594
Royalties
Dec 2024
92
Sep 2024
57
Community costs
Dec 2024
15
Sep 2024
13
Inventory change
Dec 2024
(476)
Sep 2024
201
Share-based payments2
Dec 2024
6
Sep 2024
(2)
Rehabilitation interest and amortisation3
Dec 2024
23
Sep 2024
24
Leases
Dec 2024
24
Sep 2024
26
Sustaining capital expenditure
Dec 2024
121
Sep 2024
30
Less: By-product credit
Dec 2024
(89)
Sep 2024
(55)
Total All-in-sustaining costs4
Dec 2024
849
Sep 2024
888
Plus: Corporate cost, growth and capital expenditure
Dec 2024
5
Sep 2024
2
Total All-in-costs4
Dec 2024
854
Sep 2024
890
Zinc metal produced (payable)
kt
Dec 2024
13
Sep 2024
27
All-in-sustaining cost4
R/tZn
Dec 2024
66,039
Sep 2024
32,486
US$/tZn
Dec 2024
3,693
Sep 2024
1,809
All-in-cost4
R/tZn
Dec 2024
66,428
Sep 2024
32,559
US$/tZn
Dec 2024
3,715
Sep 2024
1,813
Average exchange rate for the quarters ended 31 December 2024 and 30 September 2024 was R17.88/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
2Share-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
3Rehabilitation 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 zinc production
4All-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 tonne and All-in cost per tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a
period by the total tonnes of zinc metal produced (payable) in the same period
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      95
UNIT OPERATING COST – QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA
PGM
operations1
US PGM
operations
Total SA
PGM
operations1,3
Rustenburg3
Marikana3
Kroondal3
Plat Mile3
Mimosa
Under-
ground2
Total
Under-
ground
Surface
Under-
ground
Surface
Attribu-
table
Surface
Attribu-
table
Cost of sales, before
amortisation and
depreciation
Dec 2024
13,515
2,689
10,826
3,958
310
6,165
189
204
581
Sep 2024
12,547
2,033
10,514
3,790
361
4,839
1,291
233
642
Inventory change
Dec 2024
(877)
(787)
(90)
(131)
(10)
(1,457)
1,508
—
8
Sep 2024
1,140
156
984
189
9
282
504
—
(1)
Less: Chrome cost of sales
Dec 2024
(519)
—
(519)
(401)
—
(65)
(3)
(50)
—
Sep 2024
(498)
—
(498)
(327)
—
(121)
(4)
(46)
—
Less: Purchase cost of PoC
Dec 2024
(553)
—
(553)
—
—
(553)
—
—
—
Sep 2024
(609)
—
(609)
—
—
(609)
—
—
—
Total operating cost
excluding third party PoC
Dec 2024
11,566
1,902
9,664
3,426
300
4,090
1,694
154
589
Sep 2024
12,580
2,189
10,391
3,652
370
4,391
1,791
187
641
Tonnes milled/treated
excluding third party PoC4
kt
Dec 2024
8,123
197
7,926
1,347
1,293
1,533
941
1,126
1,686
359
Sep 2024
9,688
313
9,375
1,518
1,337
1,674
1,043
1,312
2,490
375
PGM production excluding
third party PoC4
4Eoz - 2Eoz
Dec 2024
482,712
75,727
406,985
134,612
13,441
180,702
67,738
10,492
29,563
Sep 2024
554,506
111,976
442,530
146,620
20,465
185,854
77,150
12,441
31,408
Operating cost5
R/t
Dec 2024
1,424
9,652
1,219
2,543
232
1,653
1,505
91
1,641
Sep 2024
1,298
6,989
1,108
2,405
277
1,616
1,365
75
1,710
US$/t
Dec 2024
80
540
68
142
13
92
84
5
92
Sep 2024
72
389
62
134
15
90
76
4
95
R/4Eoz - R/2Eoz
Dec 2024
23,960
25,117
23,745
25,451
22,320
22,634
25,008
14,678
19,924
Sep 2024
22,687
19,549
23,481
24,908
18,080
23,626
23,215
15,031
20,409
US$/4Eoz -
 US$/2Eoz
Dec 2024
1,340
1,405
1,328
1,423
1,248
1,266
1,399
821
1,114
Sep 2024
1,263
1,088
1,307
1,387
1,007
1,315
1,293
837
1,136
Average exchange rate for the quarters ended 31 December 2024 and 30 September 2024 was R17.88/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1  US and SA PGM operations and Total SA PGM operations exclude the results of Mimosa, which is equity accounted
2The 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.  The US Reldan operations cost and performance are also excluded
from the above table
3Cost of sales, before amortisation and depreciation for US and SA PGM operations Total SA PGM operations, Rustenburg, Marikana, Kroondal and Platinum Mile includes the Chrome cost of
sales which is excluded for unit cost calculation purposes as Chrome production is excluded from the 4Eoz production
4  For a reconciliation of the production excluding Mimosa and third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM
operations and Marikana - Quarters”
5Operating 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 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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      96
UNIT OPERATING COST – QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA gold operations
Driefontein
Kloof
Beatrix
Cooke
DRDGOLD
Total
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Under-
ground
Surface
Surface
Surface
Cost of sales, before
amortisation and depreciation
Dec 2024
5,701
4,095
1,606
1,685
—
1,363
96
1,047
1
343
1,166
Sep 2024
5,915
4,201
1,714
1,675
—
1,452
146
1,074
6
404
1,158
Inventory change
Dec 2024
(119)
(94)
(25)
(82)
—
(13)
(5)
1
—
34
(54)
Sep 2024
298
252
46
188
—
12
—
52
—
1
45
Total operating cost
Dec 2024
5,582
4,001
1,581
1,603
—
1,350
91
1,048
1
377
1,112
Sep 2024
6,213
4,453
1,760
1,863
—
1,464
146
1,126
6
405
1,203
Tonnes milled/treated
kt
Dec 2024
8,730
931
7,800
270
—
298
237
363
4
1,190
6,368
Sep 2024
8,995
929
8,066
308
4
289
337
332
16
1,162
6,547
Gold produced
kg
Dec 2024
5,630
4,039
1,591
1,597
1
1,299
77
1,143
1
267
1,245
Sep 2024
5,582
3,835
1,747
1,869
1
1,079
112
887
3
312
1,319
oz
Dec 2024
181,009
129,857
51,152
51,345
32
41,764
2,476
36,748
32
8,584
40,028
Sep 2024
179,465
123,298
56,167
60,090
32
34,691
3,601
28,518
96
10,031
42,407
Operating cost1
R/t
Dec 2024
639
4,300
203
5,933
—
4,534
384
2,891
256
317
175
Sep 2024
691
4,794
218
6,047
—
5,063
433
3,397
387
348
184
US$/t
Dec 2024
36
240
11
332
—
254
21
162
14
18
10
Sep 2024
38
267
12
337
—
282
24
189
22
19
10
R/kg
Dec 2024
991,474
990,592
993,715
1,003,757
—
1,039,261
1,181,818
916,885
1,000,000
1,411,985
893,173
Sep 2024
1,113,042
1,161,147
1,007,441
996,790
—
1,356,812
1,303,571
1,269,448
2,000,000
1,298,077
912,055
US$/oz
Dec 2024
1,725
1,723
1,729
1,746
—
1,808
2,056
1,595
1,740
2,456
1,554
Sep 2024
1,928
2,011
1,745
1,726
—
2,350
2,258
2,198
3,464
2,248
1,580
Average exchange rate for the quarters ended 31 December 2024 and 30 September 2024 was R17.88/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and
change in inventory in a period by the gold produced in the same period
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      97
Reconciliation of unit costs excluding Section 45X credit at the US PGM operations - Quarters, Six-months and Year
QUARTERS
HALF YEAR
YEAR
Dec 2023
Dec 2024
Dec 2023
Dec 2024
Dec 2023
Dec 2024
Operating cost as per unit operating cost recon1
Rm
2,968
1,902
5,226
4,091
9,203
8,847
Section 45X credit reversal of provision
Rm
(483)
(143)
(281)
(99)
197
Operating cost excluding Section 45X credit
Rm
2,485
1,759
4,945
3,992
9,400
8,847
Tonnes milled/treated
kt
289
197
606
510
1,174
1,129
PGM production
2Eoz
116,213
75,727
221,759
187,703
427,272
425,842
Total operating cost excluding Section 45X credit
R/t
8,587
8,927
8,167
7,824
8,005
7,839
US$/t
460
499
439
437
435
428
R/2Eoz
21,383
23,228
22,299
21,268
22,000
20,775
US$/2Eoz
1,147
1,299
1,198
1,187
1,195
1,134
.
All-in-sustaining cost as per All-in-costs recon1
Rm
4,451
2,112
8,225
4,676
14,726
10,664
Section 45X credit reversal of provision
Rm
(483)
(143)
(281)
(99)
197
—
AISC excluding Section 45X credit
Rm
3,968
1,969
7,944
4,577
14,923
10,664
R/2Eoz
34,144
26,001
35,823
24,384
34,926
25,042
US$/2Eoz
1,831
1,454
1,924
1,361
1,897
1,367
All-in-cost as per All-in-costs recon1
Rm
4,621
2,140
8,595
4,841
15,500
10,980
Section 45X credit reversal of provision
Rm
(483)
(143)
(281)
(99)
197
—
AIC excluding Section 45X
Rm
4,138
1,997
8,314
4,742
15,697
10,980
R/2Eoz
35,607
26,371
37,491
25,263
36,738
25,784
US$/2Eoz
1,909
1,475
2,013
1,410
1,995
1,408
Average exchange rate for the quarters ended 31 December 2024 and 31 December 2023 was R17.88/US$ and R18.65/US$, respectively
Average exchange rate for the six months ended 31 December 2024 and 31 December 2023 was R17.92/US$ and R18.62/US$, respectively
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost, AISC and AIC for the quarter, six months and year ended 31 December 2023, included the provision or provision reversal for Section 45X credit to the value of R483 million (US$26
million, reversal), R281 million (US$15 million reversal) and R197 million (US$11 million), respectively. Operating cost, AISC and AIC for the quarter and six months ended 31 December  2024,
included the provision reversal of R143 million (US$8 million) and R99 million (US$6 million), respectively
  Included amongst the credits from Inflation Reduction Act was the Section 45X Advanced Manufacturing Production Credit, which includes a credit equal to 10% of the production costs
incurred for critical minerals produced and sold after December 31, 2022. Critical minerals as defined in the code include platinum and palladium. Under the final rules issued in October 2024,
secondary refining (recycling) and associated direct costs are included in the calculation of Section 45X so long as the raw material is not in a state of credit eligibility at time of acquisition.
Initially, secondary mining was not allowed under the Section 45X rules. The reconciliation above show the impact of the Section 45X credit provision reversal in 2024 per relevant financial
reporting period. These credits are expected to be received in the 2026 and 2027 years when the tax returns will be assessed
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      98
Reconciliation of unit costs including Section 45X credit at the US PGM operations - Quarters, Six-months and Year
QUARTERS
HALF YEAR
YEAR
Dec 2023
Dec 2024
Dec 2023
Dec 2024
Dec 2023
Dec 2024
Operating cost as per unit operating cost recon1
Rm
2,968
1,902
5,226
4,091
9,203
8,847
Section 45X credit reversal of provision
Rm
(483)
(143)
(281)
(99)
197
Section  45X credit provision2
Rm
(367)
(223)
(645)
(481)
(1,123)
(1,062)
Operating cost including Section 45X credit
Rm
2,118
1,536
4,300
3,511
8,277
7,785
Tonnes milled/treated
kt
289
197
606
510
1,174
1,129
PGM production
2Eoz
116,213
75,727
221,759
187,703
427,272
425,842
Operating cost including Section 45X credit
R/t
7,319
7,795
7,102
6,882
7,048
6,898
US$/t
392
436
381
384
383
377
R/2Eoz
18,226
20,284
19,390
18,707
19,371
18,281
US$/2Eoz
977
1,134
1,041
1,044
1,052
998
.
Total All-in-sustaining cost as per All-in-costs recon1
Rm
4,451
2,112
8,225
4,676
14,726
10,664
Section 45X credit reversal of provision
Rm
(483)
(143)
(281)
(99)
197
—
Section 45X credit provision2
Rm
(367)
(223)
(645)
(481)
(1,123)
(1,062)
AISC including  Section 45X credit
Rm
3,601
1,746
7,299
4,096
13,800
9,602
R/2Eoz
30,987
23,057
32,914
21,824
32,297
22,547
US$/2Eoz
1,662
1,290
1,768
1,218
1,754
1,231
All-in-cost as per All-in-costs recon1
Rm
4,621
2,140
8,595
4,841
15,500
10,980
Section 45X credit reversal of provision
Rm
(483)
(143)
(281)
(99)
197
—
Section 45x credit provision2
Rm
(367)
(223)
(645)
(481)
(1,123)
(1,062)
AIC including Section 45x credit
Rm
3,771
1,774
7,669
4,261
14,574
9,918
R/2Eoz
32,450
23,427
34,583
22,703
34,109
23,289
US$/2Eoz
1,740
1,310
1,857
1,267
1,852
1,271
Average exchange rate for the quarters ended 31 December 2024 and 31 December 2023 was R17.88/US$ and R18.65/US$, respectively
Average exchange rate for the six months ended 31 December 2024 and 31 December 2023 was R17.92/US$ and R18.62/US$, respectively
Average exchange rates for the year ended 31 December 2024 and 31 December 2023 were R18.32/US$ and R18.42/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost, AISC and AIC for the quarter, six months and year ended 31 December 2023, included the provision or provision reversal for Section 45X credit to the value of R483 million (US$26
million, reversal), R281 million (US$15 million reversal) and R197 million (US$11 million), respectively.  Operating cost, AISC and AIC for the quarter and six months ended 31 December  2024,
included the provision reversal of R143 million (US$8 million) and R99 million (US$6 million), respectively
2 The Section 45X credit provision for the quarter, six months and year ended 31 December 2023, is estimated at R367 million (US$20 million), R645 million (US$35 million) and R1.1 billion (US$61
million), respectively. The Section 45X credit provision for the quarter, six months and year ended 31 December 2024, is estimated at R223 million (US$12 million), R481 million (US$27 million) and
R1.1billion (US$58 million), respectively
  Included amongst the credits from Inflation Reduction Act was the Section 45X Advanced Manufacturing Production Credit, which includes a credit equal to 10% of the production costs
incurred for critical minerals produced and sold after December 31, 2022. Critical minerals as defined in the code include platinum and palladium. Under the final rules issued in October 2024,
secondary refining (recycling) and associated direct costs are included in the calculation of Section 45X so long as the raw material is not in a state of credit eligibility at time of acquisition.
Initially, secondary mining was not allowed under the Section 45X rules. The reconciliation above show the impact of the Section 45X credit if recognised during 2023 and 2024, where 2023
includes R1.1 billion (US$61 million) and 2024 includes R1.1billion (US$58 million). These credits are expected to be received in the 2026 and 2027 years when the tax returns will be assessed
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      99
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
Dec 2024 quarter
Sep 2024 quarter
Year ended 31 December 2024
Reef
Stillwater     
incl Blitz
East
Boulder
Stillwater     
incl Blitz
East
Boulder
Stillwater     
incl Blitz
East
Boulder
Total US PGM
Unit
Primary development (off reef)
(m)
289
183
953
113
2,700
656
Secondary development
(m)
1,113
917
2,668
1,272
10,005
4,643
SA PGM operations
Dec 2024 quarter
Sep 2024 quarter
Year ended 31 December 2024
Reef
Batho-
pele
Thembe-
lani
Khuse-
leka
Siphume-
lele
Batho-
pele
Thembe-
lani
Khuse-
leka
Siphume-
lele
Batho-
pele
Thembe-
lani
Khuse-
leka
Siphume-
lele
Rustenburg
Unit
Advanced
(m)
490
1,383
2,192
649
796
1,848
2,940
686
2,315
5,948
10,047
1,911
Advanced on reef
(m)
490
617
845
451
796
806
1,002
483
2,315
2,527
3,578
1,350
Height
(cm)
221
299
283
263
218
287
288
255
217
293
287
259
Average value
(g/t)
2.9
2.3
2.2
3.1
3.0
2.3
2.2
2.9
3.0
2.3
2.2
3.0
(cm.g/t)
640
691
614
814
658
655
635
742
643
672
639
784
SA PGM operations
Dec 2024 quarter
Sep 2024 quarter
Year ended 31 December 2024
Reef
K3
Rowland
Saffy
E3
4B
K4
K3
Rowland
Saffy
E3
4B
K4
K3
Rowland
Saffy
E3
4B
K4
Marikana
Unit
Primary development
(m)
9,116
2,587
2,860
881
—
3,147
10,395
3,005
3,578
1,054
—
3,595
37,152
11,208
11,844
3,968
237
12,238
Primary development - on reef
(m)
7,525
1,054
1,348
590
—
896
8,318
1,355
1,668
628
—
826
30,107
5,169
5,777
2,601
153
3,046
Height
(cm)
216
228
239
258
—
301
216
218
238
256
—
326
216
221
238
257
226
312
Average value
(g/t)
3.1
2.5
2.4
2.7
—
2.5
3.1
2.6
2.3
2.5
—
2.5
3.1
2.5
2.3
2.6
2.5
2.5
(cm.g/t)
659
569
570
695
—
749
667
558
556
635
—
799
658
559
551
665
568
789
SA PGM operations
Dec 2024 quarter
Sep 2024 quarter
Year ended 31 December 2024
Reef
Kopa-
neng
Bamba-
nani
Kwezi
K6
Kopa-
neng
Bamba-
nani
Kwezi
K6
Kopa-
neng
Bamba-
nani
Kwezi
K6
Kroondal
Unit
Advanced
(m)
895
900
350
479
1,108
1,022
380
342
3,371
3,827
1,237
1,639
Advanced on reef
(m)
895
885
308
479
751
972
340
342
2,838
3,435
1,125
1,585
Height
(cm)
228
217
226
232
232
213
224
233
235
215
229
233
Average value
(g/t)
1.8
1.8
2.4
0.8
1.6
1.8
2.4
0.6
1.9
1.8
2.2
1.1
(cm.g/t)
413
391
531
194
359
372
533
149
442
392
509
258
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      100
DEVELOPMENT RESULTS (continued)
SA gold operations
Dec 2024 quarter
Sep 2024 quarter
Year ended 31 December 2024
Reef
Carbon
leader
Main
VCR
Carbon
leader
Main
VCR
Carbon
leader
Main
VCR
Driefontein
Unit
Advanced
(m)
480
597
1,471
356
435
1,495
1,785
1,950
5,584
Advanced on reef
(m)
77
177
425
94
76
315
453
397
973
Channel width
(cm)
36
43
43
49
38
30
28
51
49
Average value
(g/t)
58.0
11.1
55.7
35.7
14.3
61.3
58.9
10.7
47.9
(cm.g/t)
2,103
474
2,423
1,739
539
1,818
1,648
548
2,359
SA gold operations
Dec 2024 quarter
Sep 2024 quarter
Year ended 31 December 2024
Reef
Kloof
Main
Libanon
VCR
Kloof
Main
Libanon
VCR
Kloof
Main
Libanon
VCR
Kloof
Unit
Advanced
(m)
1,075
489
—
138
1,045
603
6
204
4,454
2,146
94
728
Advanced on reef
(m)
235
49
—
10
190
100
—
16
887
452
10
92
Channel width
(cm)
151
100
—
70
152
150
—
88
161
97
87
106
Average value
(g/t)
4.5
9.4
—
32.7
7.7
5.4
—
24.4
8.8
6.4
1.6
20.5
(cm.g/t)
680
933
—
2,275
1,176
808
—
2,152
1,422
619
143
2,164
SA gold operations
Dec 2024 quarter
Sep 2024 quarter
Year ended 31 December 2024
Reef
Beatrix
Beatrix
Beatrix
Beatrix
Unit
Advanced
(m)
1,442
1,454
5,843
Advanced on reef
(m)
784
765
2,887
Channel width
(cm)
128
169
146
Average value
(g/t)
6.6
6.2
6.5
(cm.g/t)
845
1,047
955
SA gold operations
Dec 2024 quarter
Sep 2024 quarter
Year ended 31 December 2024
Reef
Kimberley
Kimberley
Kimberley
Burnstone
Unit
Advanced
(m)
218
344
1,709
Advanced on reef
(m)
—
—
53
Channel width
(cm)
—
—
54
Average value
(g/t)
—
—
7.9
(cm.g/t)
—
—
425
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      101
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. These non-IFRS measures should not be considered as alternatives to
IFRS Accounting Standards measures, including cost of sales, net operating profit, profit before taxation, cash from operating activities or
any other measure of financial performance presented in accordance with IFRS Accounting Standards, and may not be comparable to
similarly titled measures of other companies.
The non-IFRS financial measures discussed in this document are listed below:
Non-IFRS measure
Definition 
Purpose why these non-IFRS measures are
reported
Reconciled
on page
Adjusted EBITDA
Adjusted earnings before interest, tax,
depreciation and amortisation, and is reported
based on the formula included in Sibanye-
Stillwater’s facility agreements for compliance
with the debt covenant formula and involves
eliminating the effects of various one-time,
irregular, and non-recurring items from the
standard EBITDA calculation
Used in the calculation of the debt covenant
ratio: net debt/(cash) to adjusted EBITDA
16,17,18,45
Adjusted EBITDA
margin
Adjusted EBITDA divided by revenue
Report, relative to revenue, the contribution by
our operations to adjusted EBITDA and thus the
covenant ratio: net debt/(cash) to adjusted
EBITDA
23,25,76,77
Adjusted free cash
flow (FCF)
Net cash from operating activities before
dividends paid, net interest paid and deferred
revenue advance received, less additions to
property, plant and equipment
Report one of the drivers considered by
management to illustrate cash available for
dividends and other investing activities
20,21
All-in sustaining
costs (AISC)
Cost of sales before amortisation and
depreciation plus additional costs which
include community costs, inventory change
(PGM operations only), share-based payments,
royalties, carbon tax, rehabilitation, leases, ore
reserve development (ORD), sustaining capital
expenditure and deducting the by-product
credit
Developed by the World Gold council for the
purpose of the gold mining industry, AISC
provides metrics and aims to reflect the full
cost to sustain the production and sale of our
commodities, and reporting this metric allows
for a meaningful comparisons across our
operations and different mining companies
69,70,71,72,80,
81,82,83,91,92,
93,94
All-in costs (AIC)
AISC plus additional costs relating to corporate
and major capital expenditure associated with
growth
Developed by the World Gold council for the
purpose of the gold mining industry, AIC
provides metrics and aims to reflect the full
cost to sustain the production and sale of our
commodities, after including growth capital,
and reporting this metric allows for a
meaningful comparisons across our operations
and different mining companies
69,70,71,72,80,
81,82,83,91,92,
93,94
AISC/AIC per unit 
AISC/AIC divided by the total PGM produced/
gold sold/zinc produced (payable)
Developed by the World Gold council for the
purpose of the gold mining industry, AISC/AIC
per unit provides a metric that aims to reflect
the full cost to sustain the production and sale,
after including growth capital (AIC), of an
ounce/kilogram/tonne of commodity and
reporting this metric allows for a meaningful
comparisons across our operations and
different mining companies
69,70,71,72,80,
81,82,83,91,92,
93,94
Headline earnings
Calculated based on the requirements set out
in SAICA Circular 1/2023
Reported in compliance with the
Johannesburg Stock Exchange (JSE) Listings
Requirements
40
Headline earnings
per share (HEPS)
Headline earnings divided by the weighted
average number of ordinary shares in issue
during the year
Reported in compliance with the JSE Listings
Requirements
40
Diluted headline
earnings per share
Headline earnings divided by the diluted
weighted average number of ordinary shares
in issue during the year
Reported in compliance with the JSE Listings
Requirements
40
Interest coverage
ratio
Adjusted EBITDA divided by net contractual
finance charges/(income) settled in cash
during the period
Report compliance with the debt covenant:
interest coverage ratio
48
Net debt/(cash)
Borrowings and bank overdraft less cash and
cash equivalents, excluding Burnstone debt,
bank overdraft and cash
Used in the calculation of the debt covenant
ratio: net debt/(cash) to adjusted EBITDA
44
Net debt/(cash) to
adjusted EBITDA
(ratio)
Net debt/(cash) as of the end of a reporting
period divided by adjusted EBITDA of the last
12 months ended on the same reporting date
Report compliance with the debt covenant:
net debt/(cash) to adjusted EBITDA ratio
44
Nickel equivalent
sustaining cost
Cost of sales before amortisation and
depreciation plus additional costs which
include community costs, share-based
payments, carbon tax, rehabilitation interest
and amortisation, leases and sustaining capital
expenditure and deducting by-product credit
We have adapted the AISC measure
developed by the World Gold Council, nickel
equivalent sustaining cost metric aims to
reflect the full cost of sustaining production
and sale of nickel and allows for meaningful
comparisons across different companies
26,78,89
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      102
Non-IFRS measure
Definition 
Purpose why these non-IFRS measures are
reported
Reconciled
on page
Nickel equivalent
sustaining cost per
tonne
Nickel equivalent sustaining cost divided by
the total volume of nickel products sold
We have adapted this measure developed by
the World Gold Council, nickel equivalent
sustaining cost per tonne provides a metric
that aims to reflect the full cost to sustain the
production and sale of a tonne of nickel and
reporting this metric allows for a meaningful
comparison across different companies
26,78,89
Normalised
earnings
Earnings attributable to the owners of Sibanye-
Stillwater excluding gains and losses on
financial instruments and foreign exchange
differences, impairments and related
compensation, gain/loss on disposal of
property, plant and equipment, occupational
healthcare expenses, restructuring costs,
transactions costs, share-based payment
expenses on B-BBEE transactions, gains on
acquisitions, net other business development
costs, share of results of equity-accounted
investees,  all after tax and the impact of non-
controlling interest, and changes in the
estimated deferred tax rate.
Report the measure used by the Group to
determine dividend payments in line with our
dividend policy
41
Operating costs
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 kilograms) is calculated by dividing the
cost of sales, before amortisation and
depreciation and change in inventory in a
period by the gold kilograms produced or
PGM 2E and 4E ounces produced in the same
period
Report a measure that aims to reflect the
operating cost to produce our commodities,
and reporting this metric allows for a
meaningful comparisons across our operations
and different mining companies
73,74,84,85,95,
96
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      103
ADJUSTED EBITDA RECONCILIATION – YEARS
2024
Figures in million – SA rand
Group1
Total US PGM
Underground
Recycling
Reldan
operations
Total
SA PGM
Total
SA gold
Total
EU operations
Sandouville
nickel refinery
Total AUS
operations
Century zinc
retreatment
operation
(Loss)/profit before royalties, carbon tax and tax
(3,669)
(10,474)
(10,795)
321
20
5,177
2,954
—
(531)
(179)
77
Adjusted for:
Amortisation and depreciation
8,810
1,934
1,929
5
171
3,647
2,900
38
29
118
117
Interest income
(1,337)
(305)
(305)
—
(8)
(468)
(498)
(53)
(1)
(2)
(1)
Finance expense
4,571
1,761
1,761
—
30
611
1,337
204
70
302
288
Share-based payments
251
35
35
—
—
99
79
13
7
5
5
(Gain)/loss on financial instruments
(5,433)
(1,733)
(1,733)
—
(136)
(2,341)
(787)
(772)
(7)
269
269
(Gain)/loss on foreign exchange movements
215
5
5
—
(2)
53
21
97
110
(12)
(10)
Share of results of equity-accounted investees after tax
(212)
—
—
—
7
97
(327)
—
—
—
—
Change in estimate of environmental rehabilitation
obligation, and right of recovery liability and asset
447
—
—
—
—
206
244
23
23
(26)
(22)
(Gain)/loss on disposal of property, plant and equipment
(55)
40
40
—
—
(33)
(62)
—
—
—
—
Impairments
9,173
8,824
8,824
—
—
124
(107)
221
221
111
4
Gain on acquisition
—
—
—
—
—
—
—
—
—
—
—
Occupational healthcare gain
(76)
—
—
—
—
—
(76)
—
—
—
—
Restructuring costs
550
126
126
—
—
271
153
—
—
—
—
Transaction and project costs
851
26
26
—
187
—
—
193
193
21
—
Lease payments
(244)
(5)
(5)
—
(1)
(62)
(35)
(25)
(20)
(116)
(116)
Onerous contract provision
(817)
—
—
—
—
—
—
(817)
(817)
—
—
Provision for community costs post closure
24
—
—
—
—
—
—
—
—
24
24
Cyber security costs
67
7
7
—
—
18
36
—
—
6
6
Compensation for losses incurred
(26)
(26)
(26)
—
—
—
—
—
—
—
—
Gain on increase in equity-accounted investment
(2)
—
—
—
—
—
—
—
—
—
—
Gain on remeasurement of previous interest in Kroondal
—
—
—
—
—
—
—
—
—
—
—
Adjusted EBITDA
13,088
215
(111)
326
268
7,399
5,832
(878)
(723)
521
641
1  The SA rand amounts can be translated to US dollar at an average exchange rate of R18.42/US$ which amounts to a loss before royalties, carbon tax and tax of US$200 million (R3,669 million) and adjusted EBITDA of US$715 million (R13,088 million)
2 Adjusted EBITDA, as defined in note 11.1 of the condensed consolidated financial statements and reconciled above, is not a measure of performance under IFRS Accounting Standards and should be considered in addition to, and not as a substitute for, other measures of
financial performance and liquidity
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      104
ADJUSTED EBITDA RECONCILIATION – YEARS (continued)
2023
Figures in million – SA rand
Group1
Total US PGM
Underground
Recycling
Total
SA PGM
Total
SA gold
Total
EU operations
Sandouville
nickel refinery
Total AUS
operations
Century zinc
retreatment
operation
(Loss)/profit before royalties, carbon tax and tax
(38,794)
(44,109)
(44,712)
603
17,303
(1,227)
(5,233)
(4,900)
(4,634)
(4,575)
Adjusted for:
Amortisation and depreciation
10,012
3,390
3,386
4
2,975
2,382
206
199
1,059
1,059
Interest income
(1,369)
(213)
(213)
—
(478)
(611)
(53)
—
(10)
(6)
Finance expense
3,299
1,134
1,134
—
706
897
67
13
184
158
Share-based payments
113
39
39
—
18
53
(6)
8
—
—
(Gain)/loss on financial instruments
(235)
2,064
2,064
—
(1,957)
19
168
(44)
(515)
(515)
(Gain)/loss on foreign exchange movements
(1,973)
(12)
(12)
—
(1,894)
(26)
(55)
(55)
39
4
Share of results of equity-accounted investees after tax
1,174
—
—
—
1,471
(315)
—
—
—
—
Change in estimate of environmental rehabilitation obligation, and right of
recovery liability and asset
(45)
—
—
—
(45)
—
—
—
—
—
(Gain)/loss on disposal of property, plant and equipment
(105)
45
45
—
(79)
(71)
—
—
—
—
Impairments
47,454
38,919
38,919
—
506
2,733
1,607
1,607
3,689
3,689
Gain on acquisition
(898)
—
—
—
(898)
—
—
—
—
—
Occupational healthcare gain
(365)
—
—
—
—
(365)
—
—
—
—
Restructuring costs
515
41
41
—
351
123
—
—
—
—
Transaction and project costs
474
27
27
—
—
—
—
—
2
—
Lease payments
(263)
(8)
(8)
—
(61)
(69)
(25)
(21)
(100)
(99)
Onerous contract provision
1,865
—
—
—
—
—
1,865
1,865
—
—
Gain/increase in equity-accounted investment
(5)
—
—
—
—
—
—
—
—
—
Gain on remeasurement of previous interest in Kroondal
(298)
—
—
—
(298)
—
—
—
—
—
Adjusted EBITDA
20,556
1,317
710
607
17,620
3,523
(1,459)
(1,328)
(286)
(285)
1  The SA rand amounts can be translated to US dollar at an average exchange rate of R18.42/US$ which amounts to a loss before royalties, carbon tax and tax of US$2,106 million (R38,794 million) and adjusted EBITDA of US$1,116 million (R20,556 million)
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      105
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*
Peter Hancock***
Philippe Boisseau**
Richard Menell*#
Sindiswa Zilwa*
Terence Nombembe^^
Timothy Cumming*
*    Independent non-executive
^  Appointed as lead independent director 1 January 2024
#  Resigned as lead independent director 1 January 2024
** Appointed as independent non-executive director 8 April 2024
*** Appointed as independent non-executive director 6 May 2024
^^ Appointed as independent non-executive director 11 September 2024
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 Correspondence (ADSs)
Mailing address of agent:
Computershare
PO Box 43078
Providence, RI 02940-3078
Overnight/certified/registered delivery:
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
US toll free: + 1 888 269 2377
Tel: +1 201 680 6825
Email: shrrelations@cpushareownerservices.com
Tatyana Vesselovskaya
Relationship Manager - BNY Mellon
Depositary Receipts
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
Sibanye-Stillwater Operating and financial results | Six months and year ended 31 December 2024      106
DISCLAIMER
Forward-looking statements
The information in this report may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private
Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited’s (Sibanye-
Stillwater or the Group) financial positions, business strategies, business prospects, industry forecasts, production and operational guidance, climate and
ESG-related targets and metrics, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the
senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially
from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various
important factors, including those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use
words such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar
meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be
considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such
statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections
contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital
expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political
and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of management for future operations;
Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan
and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond
instruments; changes in technical and economic 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, 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 (including the Rhyolite Ridge project);
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; the impact of South Africa's greylisting; 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, or maintain required board gender diversity, in its management
positions; 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 2023 Integrated Report and the Annual Financial Report for the fiscal
year ended 31 December 2023 on Form 20-F filed with the United States Securities and Exchange Commission on 26 April 2024 (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, adjusted EBITDA margin,
adjusted free cash flow, AISC, AIC, Nickel equivalent sustaining cost and normalised earnings. These measures may not be comparable to similarly-titled
measures used by other companies and are not measures of Sibanye-Stillwater’s financial performance under IFRS Accounting Standards. These measures
should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-
Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this report because it is unable to provide this
reconciliation without unreasonable effort. These forecast non-IFRS financial information 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.