Wrap Text
Operating update
SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
OPERATING UPDATE
QUARTER ENDED 30 SEPTEMBER 2024
Johannesburg, 5 November 2024: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to
provide an operating update for the quarter ended 30 September 2024. Group financial results are only provided on a six-monthly basis.
SALIENT FEATURES â€" QUARTER ENDED 30 SEPTEMBER 2024 (Q3 2024) COMPARED TO QUARTER ENDED 30 SEPTEMBER 2023 (Q3 2023)
- Adjusted (adj) EBITDA of R3.3bn (US$184m) 9% higher year-on-year
- Year-on-year improvement in Group safety trends
- Healthy balance sheet position maintained
- US PGM operations expected to benefit from amended Section 45X of the IRA by estimated US$140m for 2023 & US$100m for 2024
- SA gold operations generated 292% increase in adjusted EBITDA to R1.35bn (US$75m) from 24% higher rand gold price
- SA PGM operations 4E production increased 5% with costs stable generating positive adjusted EBITDA of R1.6bn (US$88m)
- Century operation zinc production 9% higher and cost well managed resulting in 966% increase in adjusted EBITDA to US$31m (R565m)
- Secured €500 million green financing loan for the Keliber lithium project
KEY STATISTICS â€" GROUP
US dollar SA rand
Quarter ended Quarter ended
Sep 2023 Jun 2024 Sep 2024 KEY STATISTICS Sep 2024 Jun 2024 Sep 2023
GROUP
163 240 184 US$m Adjusted EBITDA1,13 Rm 3,312 4,474 3,027
18.59 18.57 17.96 R/US$ Average exchange rate using daily closing rate
Stock data for the Quarter ended 30 September 2024
Number of shares in issue
- at 30 September 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) R21.69 to R14.10
Average daily volume 13,321,867
NYSE - (SBSW); one ADR represents four ordinary shares
Price range per ADR (High/Low) US$4.96 to US$3.18
Average daily volume 5,523,730
KEY STATISTICS BY REGION
US dollar SA rand
Quarter ended Quarter ended
Sep 2023 Jun 2024 Sep 2024 KEY STATISTICS Sep 2024 Jun 2024 Sep 2023
AMERICAS REGION
US PGM underground operations
105,546 115,596 111,976 oz 2E PGM production2,3 kg 3,483 3,595 3,283
1,190 984 983 US$/2Eoz Average basket price R/2Eoz 17,663 18,273 22,122
21 (5) (6) US$m Adjusted EBITDA13 Rm (108) (121) 397
1,922 1,351 1,274 US$/2Eoz All-in sustaining cost4,13 R/2Eoz 22,889 25,096 35,738
US PGM recycling
72,434 77,065 81,762 oz 3E PGM recycling2,3 kg 2,543 2,397 2,253
2,215 1,217 1,293 US$/3Eoz Average basket price R/3Eoz 23,231 22,600 41,177
8 4 5 US$m Adjusted EBITDA13 Rm 98 76 147
US Reldan operations5
- (2) 8 US$m Adjusted EBITDA13 Rm 149 (31) -
SOUTHERN AFRICA (SA) REGION
PGM operations
451,560 439,147 473,938 oz 4E PGM production3,6,7 kg 14,741 13,659 14,045
1,317 1,342 1,331 US$/4Eoz Average basket price R/4Eoz 23,909 24,914 24,479
136 178 88 US$m Adjusted EBITDA13 Rm 1,584 3,310 2,532
1,080 1,080 1,182 US$/4Eoz All-in sustaining cost4,13 R/4Eoz 21,228 20,056 20,080
Gold operations
197,663 179,594 179,465 oz Gold produced kg 5,582 5,586 6,148
1,930 2,334 2,470 US$/oz Average gold price R/kg 1,426,290 1,393,320 1,153,448
19 82 75 US$m Adjusted EBITDA13 Rm 1,347 1,549 344
2,062 2,116 2,250 US$/oz All-in sustaining cost4,13 R/kg 1,298,923 1,263,292 1,232,600
EUROPEAN REGION
Sandouville nickel refinery
2,352 1,991 2,039 tNi Nickel production8 tNi 2,039 1,991 2,352
21,726 21,769 18,868 US$/tNi Nickel equivalent average basket price9 R/tNi 338,869 404,245 403,895
(16) (5) (8) US$m Adjusted EBITDA13 Rm (152) (83) (296)
31,514 24,108 22,451 US$/tNi Nickel equivalent sustaining cost10,13 R/tNi 403,217 447,680 585,853
AUSTRALIAN REGION
Century zinc retreatment operation
25 26 27 ktZn Zinc metal produced (payable)11 ktZn 27 26 25
1,708 2,524 3,093 US$/tZn Average equivalent zinc concentrate price12 R/tZn 55,553 46,868 31,747
3 (5) 31 US$m Adjusted EBITDA13 Rm 565 (89) 53
1,753 2,011 1,809 US$/tZn All-in sustaining cost4,13 R/tZn 32,486 37,348 32,587
1 The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility
agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for any other measure
of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA
reconciliation - Quarters"
2 The 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
3 The 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)
4 See "Salient features and cost benchmarks - Quarters" for the definition of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes
the production and costs associated with the purchase of concentrate (PoC) from third parties
5 The 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
6 The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the
production including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA
PGM operations and Marikana - Quarters"
7 As 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
8 The nickel production at the Sandouville refinery operations is principally nickel metal and nickel salts (liquid form), together referred to as nickel
equivalent products
9 The 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
10 See "Salient features and cost benchmarks - Quarters Sandouville nickel refinery for a reconciliation of cost of sales before amortisation and
depreciation to nickel equivalent sustaining cost
11 Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
12 Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value
adjustments divided by the payable zinc metal sold
13 Adjusted EBITDA, All-in sustaining cost (AISC) and nickel equivalent sustaining cost are not measures of performance under IFRS and should not be
considered in isolation or as substitutes for measures of financial performance prepared in accordance with IFRS. See "Non-IFRS measures" on page 22
for more information on the Non-IFRS metrics presented by Sibanye-Stillwater
STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER
The Q3 2024 operating results reflect the benefits of the actions we have taken to optimise our operations and improve Group profitability,
which are evident in the 9% improvement in Group adjusted EBITDA for Q3 2024 to R3.3 billion (US$184 million) compared with the same
period in 2023.
This improved financial performance was primarily due to significantly improved financial contributions from the SA gold operations and
the Century retreatment operations in Australia which, due to greater operational stability and higher metal prices during Q3 2024, were
able to deliver significantly improved financial contributions to the Group. Despite solid operational delivery from the SA PGM and US PGM
operations, persistent low PGM prices continued to squeeze margins, negatively impacting Group adjusted EBITDA. Further financial
benefits are expected to materialise from the operational restructuring and optimisation undertaken to date which, together with
restructuring of the US PGM operations and Sandouville refinery, are expected to further improve Group profitability.
While the US PGM operations have successfully improved on production and cost expectations during Q3 2024, the 2E PGM basket price
has remained well below AISC during 2024 and the US PGM operations have continued to incur financial losses. This has necessitated
further restructuring of the US PGM operations to reduce fixed costs and to secure the sustainability of these Tier 1 strategic assets.
The market response to the announcement of the restructuring on 12 September 2024 (covered in detail in our H1 2024 results
presentation and in the operational section below) was positive, resulting in the palladium price breaching US$1,000/oz in response to the
planned 200,000 2Eoz reduction in 2025 PGM production.
The Group has also actively pursued direct engagement and proactive lobbying with senior regulators and government officials in order
to assist in securing the ongoing viability of these strategic assets and to minimise the impact of the restructuring on stakeholders.
Both Montana Senators, citing the restructuring of the US PGM operations, introduced bills proposing a ban on the import of Russian
palladium into the US, which provided further support for the palladium price. Leading global media institutions have subsequently
reported that US finance officials proposed additional sanctions on Russian metals, including PGMs, at a recent meeting of G7 finance
officials in Washington.
These positive developments were reinforced on 24 October 2024, when the US Department of the Treasury published the final regulations
for Section 45X of the Inflation Reduction Act. The IRA, which was initially passed in August 2022, aimed to promote domestic clean
energy component production, with Section 45X (S45X) proposing a 10% Advance Manufacturing Production credit for critical minerals,
including palladium and platinum. However, subsequent guidance published in December 2023, excluded extraction and processing
which reduced the financial benefits for the industry and provided little support for the US PGM operations.
Pleasingly, the final S45X rules have been amended to include extraction, processing in addition to refining costs, which is expected to
provide significant financial support for the US PGM operations. While further engagement with our tax advisors is required to secure
certainty with regard to the potential benefits for our US PGM operations from the amended S45X rules, our initial estimates amount to
approximately US$140 million for 2023 and US$100 million for 2024. Further details will be provided when available.
The tangible support from the US authorities to secure local supply of critical minerals through the IRA and S45X confirms the
appropriateness of our strategic positioning in the US and European ecosystems in response to our expectations of increasing multi-
polarity and regionalisation of global trade. The European Union and its members have expressed similar intentions to support the
development of regional supply chains in Europe. The recent approval of the €500 million (R9.9 billion) green loan for the Keliber lithium
project was supported by the European Investment Bank and Finnish credit agency, Finnvera, along with a consortium of leading global
banks.
On 21 August 2024, the Group announced that in order to address the Sandouville refinery’s projected losses, agreement had been
reached to terminate a key commercial supply contract for the Sandouville refinery in France, with supply culminating on or before 31
December 2024. Consequently, the Sandouville refinery will cease production of nickel metals and salts during H1 2025.
The GalliCam project is being considered through feasibility studies as a viable economic alternative to the current nickel refinery, utilising
much of the existing processing circuit for a cost-effective and efficient chloride-based method to produce precursor cathode active
material (pCAM). Pending the outcome of a pre-feasibility study for the GalliCam project, which is underway and scheduled for
completion during Q1 2025, and necessary approvals being secured, work will begin to prepare for potential repurposing of the facility for
the possible production of pCAM for supply to the French battery industry. We continue to actively engage with French and European
authorities regarding future financial support for the development of the GalliCam project which, pending the outcome of the feasibility
studies, would enhance its commercial viability.
The operational restructuring and optimisation undertaken since the beginning of 2023 has tangibly improved the stability and profitability
of the Group operations and, by preserving operational cash flows, has protected the integrity of the Group balance sheet.
The Group financial position has also been reinforced through initiatives which include securing early uplift of the Group debt covenants,
favourable refinancing of debt facilities with support from our lenders, and more recently,securing non-debt capital. These measures have
enhanced Group liquidity and headroom by approximately R25 billion (US$1.4 billion) to date with further progress made with regard to
securing additional financing of approximately US$600 million through prepays and streams on selected by-product metals we produce.
The Group is financially secure and, with further production and cost benefits expected during 2025 from operational restructuring and
optimisation, management believes it is well positioned for ongoing strategic delivery and shared value creation.
SAFE PRODUCTION
Continued year on year improvements in both lagging and leading indicators for all Group-level metrics indicate an ongoing reduction in
risk at most of our operations, which pleasingly has been further supported by notable reductions in reported high potential incidents
(HPIs) since detailed tracking of such incidents in mid-2022.
These positive trends were maintained during Q3 2024, with year-on-year improvements recorded in all Group level safety indicators. The
Group serious injury frequency rate (SIFR) (per million hours worked) for Q3 2024 of 2.36 improved by 4.5% year-on-year, with the lost day
injury frequency rate (LDIFR) of 4.01 and total recordable injury frequency rate (TRIFR) of 4.67, improving by 12% and 11% respectively,
when compared to Q3 2023. The Group fatal injury frequency rate (FIFR) improved by 30% to 0.05 compared with 0.07 for Q3 2023.
Despite the reduction in the Group FIFR, the loss of two colleagues from the SA region during the period is an ongoing reminder that we
are still on a challenging journey to achieve our goal of zero fatalities. On 18 August 2024, Mr. Kgauta Khoathane, a 48 year old
contractor at Driefontein Hlanganani shaft, passed away after from injuries caused by a failed water column pipe. On 21 September
2024, Mr. Monnatlala Moepi, a 47 year old locomotive operator at Khuseleka shaft, passed away due to injuries from a derailment
involving track-bound equipment.
All incidents are being investigated with the relevant stakeholders and support has been provided to the families of the deceased. The
board and management of Sibanye-Stillwater extend heartfelt condolences to the families, friends and co-workers of our deceased
colleagues.
The SA region’s serious injury frequency rate (SIFR) (per million hours worked), improved by 3% from 2.42 for Q3 2023 to 2.35 for Q3 2024. The
lost day injury frequency rate (LDIFR) and total recordable injury frequency rate (TRIFR) improved by 14% and 13%, when compared to Q3
2023, to 3.93 and 4.52 respectively. The fatal injury frequency rate (FIFR) improved by 30% when compared to Q3 2023, from 0.07 to 0.05,
but still included the tragic loss of two colleagues.
The US region, including the Reldan operations, reported a 33% improvement in recordable injuries, with six injuries for Q3 2024 compared
to nine injuries for Q3 2023. The Q3 2024 SIFR of 2.17 improved by 50% compared to 4.37 in Q3 2023. The LDIFR and TRIFR both improved by
17%, when compared to Q3 2023, to 4.33 and 6.5 respectively.
The European region had six recordable injuries during Q3 2024. This is an increase from the one recordable injury during Q3 2023. The
regression was driven by the increased construction work on the Keliber lithium project and the focus on contractor training and
compliance with Group safety protocols has intensified.
One recordable injury was experienced in the Australian (AUS) region during Q3 2024 compared to none in Q3 2023. We believe the high
percentage of safety stoppages by frontline employees during 2024 (more than 70%) is a reflection of the mature safety culture already
entrenched in the region.
Americas (US) region
US PGM operations
The US PGM operations continued to deliver improved operating results at the upper end of expectations from the restructuring
concluded in Q4 2023. Mined 2E PGM production of 111,976 2Eoz was 6% higher than for Q3 2023, due to a 7% increase in the
underground (UG) mined yield to 11.12 g/t from 10.44 g/t for Q3 2023. The Stillwater mine (Stillwater West and Stillwater East) produced
64,820 2Eoz or 6% less than for Q3 2023 but the East Boulder mine produced 47,156 2Eoz, 28% higher than for Q3 2023, resulting in an
improved overall performance.
All-in sustaining cost (AISC) of US$1,274/2Eoz for Q3 2024, was below the lower level of average annual AISC guidance for 2024, declining
by 34% from US$1,922/2Eoz for Q3 2023. This is a notable performance given the circumstances and confirms the relevance of the
restructuring which was undertaken during Q4 2023.
Mined PGMs sold for Q3 2024 of 99,948 2Eoz were 20% lower than for Q3 2023 and 11% lower than mined production for Q3 2024. This was
primarily due to the cyber-attack in early July 2024 which resulted in processing downtime at the Columbus metallurgical complex. While
the cyber-attack had a limited impact on the mining operations, which continued to operate as planned, there was a build-up of a
stockpile of mine concentrate containing approximately 20,000 2Eoz above normal inventory levels during Q3 2024. This stockpile is
expected to be processed before year end.
Capital expenditure for Q3 2024 was US$36 million (R651 million), with ore reserve development capital (ORD) decreasing by 59% to US$23
million (R418 million) and sustaining capital (SIB) of US$6 million (R102 million) for Q3 2024, US$27 million (R500 million) less than for Q3 2023,
in line with the repositioning plan to reduce cash outflow. Project capital of US$7 million (R131 million) was primarily for the East Boulder
tailings facility expansion.
Despite the significant reduction in AISC and increased production, the 2E PGM basket price has remained below US$1000/2Eoz for most
of 2024, between US$300 to 400/2Eoz below the average AISC for 2024 YTD. Despite the improved performance for Q3 2024, the US PGM
operations reported an adjusted EBITDA loss of US$6 million (R108 million) for Q3 2024, down from a positive adjusted EBITDA of US$21
million (R397 million). This decline is due to a 17% decrease in the average 2E PGM basket price for Q3 2024 to US$983/2Eoz.
Without increasing production from the US PGM operations, which requires capital investment in ORD and infrastructure to improve the
efficiency and flexibility of the mines, in particular Stillwater West which was developed in the late 1980s, opportunities to reduce unit costs
further are limited. The capital investment required is not feasible at current PGM prices. Further restructuring to address the absolute losses
being incurred by the US PGM operations while ensuring the sustainability of the Columbus autocatalyst recycling operation is therefore
being implemented.
As announced on 12 September 2024, the restructuring will result in 2E PGM production from the US PGM operations decreasing by
approximately 200,000 2Eoz for 2025 (from 2024 guidance levels), with the Stillwater West mine being placed on care and maintenance
and reduced production from the East Boulder mine, with the focus on lower volume, higher margin production from the East Boulder and
Stillwater East mines. The restructuring strategy emphasises operational efficiency, cost reduction, and maintaining flexibility in long-life
orebodies, while upholding exemplary ESG standards. Over the longer term the emphasis will be on continuous cost optimisation and
modernisation of the mining practices, technology and infrastructure in order to support higher production necessary to reduce AISC to
approximately US$1,000/2Eoz.
US recycling operations
During Q3 2024, the PGM recycling operation fed an average of 10.6 tonnes per day (tpd), a 12% increase compared to 9.5 tpd rate for
Q3 2023. Recycled ounces sold of 81,228 3Eoz increased from 77,679koz for Q3 2023, but due to a 42% decline in the average 3E PGM
recycle basket price to US$1,293/3Eoz, adjusted EBITDA declined to US$5 million (R98 million) from US$8 million (R147 million) for Q3 2023.
The integration of the Reldan recycling operation, since acquisition in March 2024, continues to progress according to schedule with
synergies and other opportunities for value realisation being actively driven.
Reldan processed 1,263,545 million lbs of mixed scrap and sold 31,006 oz gold, 432,996 oz silver, 4,707 oz platinum, 6,628 oz palladium, and
794,476 million lbs of copper, contributing adjusted EBITDA of US$8 million (R149 million) to the Group for Q3 2024.
Southern Africa (SA) region
SA PGM operations
The SA PGM operations continued to perform consistently, with 4E PGM production in line with annual guidance and costs well managed.
The restructuring of the SA operational and regional services which was concluded towards the end of H1 2024 is expected to deliver
further cost and efficiency benefits during Q4 2024 and into 2025.
4E PGM production (excluding third party purchase of concentrate (PoC)) from the SA PGM operations, increased by 5% to 473,938 4Eoz.
Production was positively impacted by the consolidation of 100% of the Kroondal operation following the acquisition of Anglo American
Platinum's 50% share in the Pool and Share Agreement (PSA) in November 2023. This offset lower production from the Rustenburg
operation in Q3 2024, primarily due to production still being in build-up during the quarter following repairs to the ore collector bin at the
Siphumelele shaft, as well as restructuring and closure of high cost and end of life operations during H1 2024. 4E PGM production from
underground increased by 6% to 431,584 4Eoz, with surface production (excluding PoC) declining by 7% to 42,354 4Eoz.
4E PGM production (including PoC) increased by 5% to 499,056 4Eoz, with PoC production of 25,118 4Eoz, 5% higher year-on-year.
AISC (excluding PoC) for the SA PGM operations of R21,228/4Eoz (US$1,182/4Eoz) was 6% higher year-on-year. Containing the increase in
unit cost to an inflation comparable percentage was primarily a result of strict cost containment initiatives, partially offset by higher AISC
from the Rustenburg operation due to lower production from the Siphumelele shaft and a relative decrease in production from the
Kroondal operation year-on-year following the closure of the low cost Simunye shaft and Klipfontein open cast mine during Q4 2023.
By-product credits for Q3 2024, increased by 20% to R3.0 billion (US$165 million), reducing AISC by R6,256/4Eoz (US$348/4Eoz). Chrome ore
credits, which comprise over 50% of the total by-product value, increased by 55% year-on-year, to R1,613 million (US$90 million). This
increase was primarily driven by higher chrome sales of 694kt (from 554kt for Q3 2023), in line with our strategy to grow chrome production,
underpinned by a 5% rise in the average spot chrome price to US$305/t for Q3 2024. The Platinum Mile chrome project, which was
completed during December 2023, added 23kt to chrome production, coupled with the consolidation of 100% of Kroondal, which added
40kt, and production from Marikana was 33kt higher. AISC (including PoC) of R21,176/4Eoz (US$1,179/4Eoz) also increased by 6% year-on-
year.
Total capital expenditure for Q3 2024, of R1.4 billion (US$77 million) was 5% lower than for Q3 2023, with K4 project capex decreasing by
41% to R159 million (US$9 million). Sustaining capital increased 8% to R521 million (US$29 million), mainly due to a 34% increase in SIB capex
at the Rustenburg operation and the consolidation of 100% of Kroondal which offset an R78 million (US$4 million) reduction in SIB from the
Marikana operation. Project capital fell 52% to R161 million (US$9 million) following the commissioning of the chrome plant at Platinum Mile
towards the end of December 2023.
Adjusted EBITDA of R1,584 million (US$88 million) from the SA PGM operations for Q3 2024 was 37% lower than for Q3 2023, primarily due to
the inflation related increase in AISC and a 2% decline in the average 4E PGM basket price to R23,909/4Eoz (US$1,331/4Eoz). The SA PGM
operations retain significant leverage to higher 4E PGM basket prices which, together with expected production and cost improvements,
should result in an improved adjusted EBITDA contribution from the SA PGM operations for Q4 2024.
4E PGM production from the Rustenburg operation decreased by 8% year-on-year to 167,085 4Eoz primarily due to the build up in
production from the Siphumelele shaft after completing repairs to the head gear infrastructure in late July 2024. AISC of R21,570/4Eoz
(US$1,201/4Eoz) for Q3 2024 increased by 15% due to lower production, inflationary cost pressures, and a 34% increase in SIB capital
expenditure to R206 million (US$11 million). The increased SIB spend was mainly for the Klipfontein re-pulping plant to stabilise the through-
put for the Western Limb tailings facility. SIB and ORD spend of R238 million (US$13 million), planned for but not yet invested by the end of
Q3 2024, will roll over to Q4 2024 resulting in forecasted SIB and ORD spend for Q4 2024 of R616 million (US$34 million).
The Marikana operation had a solid quarter operationally, with 4E PGM production (excluding PoC), increasing by 4% to 185,854 4Eoz.
Underground production of 176,406 4Eoz, was 3% higher, despite the restructuring of the Rowland shaft and the closure of 4B shaft, due to
the ongoing ramp up at K4 shaft (K4 production increased by 13,502 4Eoz year-on-year to 21,702 4Eoz). Third party PoC increased by 5%
to 25,118 4Eoz, resulting in production from the Marikana operation (including PoC) of 210,972 4Eoz for Q3 2024. Costs were well
managed, with AISC (excluding PoC) 2% lower at R22,265/4Eoz (US$1,240/4Eoz) due to higher production and lower SIB. AISC (including
PoC) of R22,027/4Eoz (US$1,226/4Eoz) was 1% lower year-on-year, benefiting from increased production and PoC volumes at lower prices.
Project capital expenditure for Q3 2024 was R159 million (US$9 million). Capital expenditure is expected to increase in Q4 2024 mainly due
to increased spend on the smelters furnace rebuild and the ruthenium plant upgrade at the precious metals refinery.
The Kroondal operation produced 77,150 4Eoz for Q3 2024 (100% attributable), 62% higher year-on-year, due to the acquisition of Anglo
Platinum's 50% share in the PSA from 1 November 2023. On a comparable basis year-on-year (50%), production declined by 19% or 9,025
4Eoz compared with Q3 2023, primarily due to the closure of the Simunye shaft and the Klipfontein opencast mine during 2023. As a result
of the relative decline in production, AISC increased by 11% to R20,518/4Eoz (US$1,142/4Eoz). Kroondal capital expenditure is forecast to
increase in Q4 2024 due to investment in trackless mobile machinery and ongoing establishment of underground infrastructure to access
additional reserves.
Reminder: Whilst the move from Purchase of Concentrate (PoC) to toll will result in AISC for Kroondal increasing, it will also derive full
exposure to the metal price and higher margins at spot prices. H2 2024 operating and financial results will be affected by the transition
from POC to toll due to the timing of when production and sales are declared.
4E PGM production from Platinum Mile declined by 10% to 12,441 4Eoz primarily due to a 6% decrease in run of mine tonnes from the
Rustenburg operation and reduced surface tailings feed. The chrome extraction plant which was commissioned at the end of 2023,
produced 23kt of chrome for Q3 2024 and is expected to reach nameplate capacity of about 10kt per month by Q1 2025. Despite the
lower PGM production and inflationary cost pressures, the increase in chrome credits resulted in AISC at Platinum Mile for Q3 2024
declining by 64% compared with Q3 2023, to R5,546/4Eoz (US$309/4Eoz).
Attributable 4E PGM production from the Mimosa JV for Q3 2024 of 31,408 4Eoz, was 8% higher than for Q3 2023. This increase in
production offset significant inflationary cost pressures in Zimbabwe, resulting in operating cost being maintained at US$95/tonne (R1,710/
tonne), with AISC decreasing by 16% year-on-year to US$1,147/4Eoz (R20,600/4Eoz). AISC also benefited from lower SIB expenditure of
US$7 million (R129 million) following the completion of the plant optimisation project, and reduced expenditure on the new tailings storage
facility which is close to completion.
SA gold operations
Gold production from the SA gold operations (excluding DRDGOLD) of 4,263kg (137,059oz) for Q3 2024 was 12% lower than for Q3 2023,
primarily due to a 43% decrease in production from the Kloof operation partially driven by the closure of Kloof 4 Shaft. AISC for the SA gold
operations (excluding DRDGOLD) of R1,414,450/kg (US$2,450/oz) was 9% higher than for Q3 2023, due to lower gold production and a
17% reduction in gold sold.
The financial leverage of the SA gold operations to higher gold prices is evident in the nearly three fold increase in adjusted EBITDA from
R344 million (US$19 million) for Q3 2023 to R1,347 million (US$75 million) for Q3 2024, driven by a 24% increase in the average gold price to
R1,426,290/kg (US$2,470/oz). The gold price has continued to increase during Q4 2024 and at current spot of around R1,565,000/kg
(US$2,745/oz) both the Driefontein and Beatrix operations are expected to generate substantial cashflow, with the benefits compounding
as unit costs decline with increasing production from these operations.
Capital expenditure for Q3 2024 (excluding DRDGOLD) of R962 million (US$54 million), decreased by 27% compared to Q3 2023. This
decline is mainly due to a 91% reduction in project capital resulting from terminating the Kloof 4 deepening project, the closure of Kloof 4,
and suspension of the Burnstone project. Sustaining capital also decreased by 29% to R182 million (US$10 million), primarily due to the
closure of Kloof 4 shaft. ORD however rose by 10% to R747 million (US$42 million), reflecting increased ORD at Driefontein 5 shaft, where
additional production is forecast for 2025. Capital expenditure from the managed SA gold operations for Q4 2024 is expected to be in line
with Q4 2023.
At the recent H1 2024 results we highlighted the improving production trends from the Driefontein operation during Q2 2024, and that a
significantly improved operational performance was expected during H2 2024. For Q3 2024 throughput increased by 23% (resulting in unit
cost (R/t) decreasing by 13%) and, together with a 5% improvement in the underground yield, underground production increased by 29%
to 1,869kg (60,090oz) with production from Driefontein 5 shaft (affected by an underground fire during 2023), 251% higher. Consequently
AISC decreased by 11% to R1,298,327/kg (US$2,248/oz). well below the average gold price for the period of R1,408,540/kg (US$2,439/oz)
due to the increase in production.
Production from the Beatrix operation improved steadily during Q3 2024 as crews affected by the back break incidents which impacted
H1 2024, resumed production with planned production rates exceeded during October 2024. Production for Q3 2024 of 890kg (28,614oz)
was 5% lower than for the comparable period in 2023, with AISC of R1,384,437/kg (US$2,398/oz), 3% higher. Production rates were
significantly improved by the end of Q3 2024 and, if maintained, should result in significantly lower AISC from the Beatrix operations for Q4
2024 and 2025.
Underground production of 1,079kg (34,691oz) from the Kloof operation for Q3 2024 was 43% or 803kg (25,817oz) lower than Q3 2023 with
AISC R1,614,094/oz (US$2,795/oz) remaining elevated. The Kloof operation continues to experience significant operational challenges
which have constrained production, including seismicity that affected high grade mining panels mainly at the Kloof main shaft.
Production at 7 shaft was impacted by an incident in the shaft which stopped production for two months, resulting in an estimated 80kg
less gold production during Q3 2024. The focus at Kloof during Q4 2024 will be on finalising plans to create additional flexibility by
developing access to secondary reefs.
DRDGOLD delivered a 3% increase in gold production, to 1,319kg (42,407oz) for Q3 2024, primarily driven by a 16% increase in throughput,
despite a decrease in yield. Gold sales increased by 2% to 1,289kg (41,442oz). Unit cost per tonne also decreased by 7% to R184/t (US$10/
t), attributed to higher throughput and a reduction in more expensive mechanically reclaimed sites (clean-up sites), despite the higher
winter electricity tariffs. AISC dropped to R931,730/kg (US$1,614/oz), reflecting lower cash operating cost and sustaining capital
expenditures. The completion and upcoming commissioning of the solar power plant and battery energy storage system (BESS) are
expected to reduce costs further in Q4 2024.
European (EU) region
Sandouville nickel refinery
For Q3 2024, Nickel equivalent production from the Sandouville refinery of 2,039tNi, was 13% lower than for Q3 2023 (2,352tNi). Nickel metal
output declined by 5% to 1,835tNi (Q3 2023: 1,925tNi), and nickel salts production decreased by 52% to 204tNi (Q3 2023: 427tNi).
Production was affected by a temporary shortage of starter sheets, which resulted from an electrical rectifier malfunction, and the ramp-
up of the new bagging machine, while nickel carbonate production was stopped due to low customer demand.
The Q3 2024 nickel-equivalent sustaining cost of US$22,451/tNi (R403,217/tNi) was 29% lower than for Q3 2023, primarily due to lower
feedstock costs due to a 13% decrease in the average LME nickel price, lower energy and reagent costs and savings on fixed costs. By-
product credits of US$2 million (R30 million) were 20% lower year-on-year, with sustaining capital 58% lower to US$2 million (R33 million),
primarily to ensure plant maintenance and stability.
Nickel metal sales remained steady at 1,657tNi, with nickel salt sales of 270tNi decreasing 6% year-on-year. Total working capital
decreased by 19%, from US$24 million to US$20 million. The adjusted EBITDA loss for Q3 2024 was US$8 million (R152 million), which is nearly
half of the US$16 million (R296 million) loss recorded in Q3 2023.
Keliber lithium project
Construction of the Keliber lithium refinery in Kokkola is at an advanced stage, with main equipment installations currently underway. The
second phase of the Keliber lithium project, involving the construction of the Päiväneva concentrator and development of the Syväjärvi
open pit mine, is progressing as planned after commencing in late 2023.
Key developments during Q3 2024
- Engineering and procurement contracts are nearing completion
- Green loan package of €500 million announced on 22 August 2024, completing the full project financing requirement for the Keliber
lithium project
- During Q3 2024, 13 drill holes (56 YTD) were completed, covering 2,295 meters (10,526 meters YTD) at major exploration targets. Several
significant intercepts were reported. The seasonal regional exploration, which included boulder mapping and till sampling, concluded
by the end of August 2024. Several new exploration permits were received from the authorities
- Capital expenditure for Q3 2024 was €85 million, bringing the year-to-date total to €218 million.
Australian region
Century zinc retreatment operation
The Century operation delivered a solid operational performance for Q3 2024, producing 27kt of payable zinc, a 9% increase compared
with Q3 2023's 25kt.
Sales for the quarter totalled 20kt of payable zinc metal, which was lower than production due to the timing of shipments. AISC for Q3
2024 of US$1,809/tZn (R32,486/tZn) was 3% higher than for Q3 2023. Sustaining capital from the Century operations for Q3 2024 was US$1.7
million (R30 million). Adjusted EBITDA of US$31 million (R565 million) was US$28 million (R512 million) higher than for Q3 2023. Unfortunately
this solid performance from the Century retreatment operation will be affected by the regional fire impact during Q4 2024, with the
operations expected to resume production in mid November 2024.
Significant efforts have been made to minimise future impacts on the operations from rains during the wet season (particularly during the
first quarter of the year), including the addition of two satellite slurry winning pontoons, additional dewatering pumping infrastructure, an
improved debris removal system, and additional water diversion bunds, and we expect that the strong operational and financial
performance from Q3 2024, will continue in 2025.
In early October 2024, the Century operation in Queensland, Australia was impacted by a regional bushfire. While the operations team
succeeded in protecting the primary infrastructure at the Century operations (processing plant, hydro mine, airport, underground slurry
pipeline and camp), there has been extensive loss of surface piping infrastructure, including the feed and water lines that connect the
hydro mine to the processing plant and other key service lines. Suppliers have been contacted and replacement piping is under
manufacture and being delivered. Due to the amount of piping required, operations are expected to remain suspended until 16
November 2024. As a result, we anticipate production of payable zinc metal for Q4 2024 to be approximately 9,680 tonnes less than
forecast. Operating guidance for 2024 has revised accordingly (please refer to the Operating guidance section below).
Options to leverage the existing infrastructure (processing plant, pipeline and port infrastructure) and extend the life of the assets beyond
the current zinc retreatment operations are being actively explored. This includes opportunities to potentially utilise the Century
infrastructure to access the extensive phosphate resources in the region that are largely undeveloped.
Mt Lyell copper project
The Class 3 Feasibility Study received endorsement, leading to the start of optimisation work for the Class 2 Feasibility Study, focusing on
resource model updates, value optimisation, and mine design. A total of US$2 million (R36 million) of expenses were recognised in relation
to Mt Lyell during the quarter.
OPERATING GUIDANCE FOR 2024*
Guidance for the operations for 2024 other than the Century retreatment operation is unchanged. The US PGM operations are however
undergoing significant restructuring (refer to H1 2024 results announcement on 12 September 2024) with Stillwater west mine being
placed on care and maintenance during Q4 2024 which may impact production and costs during Q4 2024, and as a result, final results for
2024 may differ from current guidance.
- 2E mined production from the US PGM operations is forecast to be between 440,000 2Eoz and 460,000 2Eoz, with AISC between
US$1,365/2Eoz (R23,888/2Eoz) to US$1,425/2Eoz (R24,938/2Eoz) excluding any possible S45X credit (45X Advanced Manufacturing
Production Credit (S45X credit)) for 2024. Capital expenditure is forecast to be between US$175 million and US$190 million (R3.1 billion
and R3.3 billion), including approximately US$13 million (R228 million) project capital
- 3E PGM production for the US PGM recycling operations is forecast to be between 300,000 3Eoz and 350,000 3Eoz fed for 2024.
Capital expenditure is forecast at US$700,000 (R12 million)
- 4E PGM production from the SA PGM operations for 2024 is unchanged and forecast to be between 1.8 million 4Eoz and 1.9 million
4Eoz including approximately 80,000 4Eoz of third party PoC, with AISC at our managed operations between R21,800/4Eoz and
R22,500/4Eoz (US$1,245/4Eoz and US$1,285/4Eoz) - excluding cost of third party PoC. Capital expenditure at our managed operations
is forecast at R6.0 billion (US$343 million)* for the year
- Gold production from the managed SA gold operations (excluding DRDGOLD) for 2024 is still expected to be between 16,500kg
(530koz) and 17,500kg (563koz). AISC is forecast to be between R1,250,000/kg and R1,350,000/kg (US$2,222/oz and US$2,399/oz).
Capital expenditure at our managed operations is forecast at R3.9 billion (US$223 million), including R390 million (US$22 million) of
project capital expenditure provided for the Burnstone project
- Production from the Sandouville nickel refinery for 2024 is forecast at between 7.5 kilotonnes and 8.5 kilotonnes of nickel product, at
a nickel equivalent sustaining cost of between €21,000/tNi (R399k/tNi)* and €23,000/tNi (R437k/tNi)* and capital expenditure of €8
million (R152 million)*
- Capital expenditure at the Keliber lithium project for 2024 is expected to be €300 million (R5.7 billion)*
- Guidance for the Century retreatment operation for 2024 has been revised to reflect the production and cost impact of the October
2024 regional bushfire in Queensland. Production from the Century zinc tailings retreatment operations for 2024 is now forecast to be
between 79kt and 88kt of zinc metal (payable) and capital expenditure of A$17 million (US$11 million or R196 million). Project capital
on the Mt Lyell copper/gold project for 2024 is forecast to be A$6.6 million (US$4 million or R77 million)
* The guidance has been translated where relevant at an average exchange rate of R17.50/US$, R19.00/€ and R11.73/A$
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS â€" QUARTERS
US and SA PGM operations
US and SA US PGM Total SA PGM operations1 Rustenburg Marikana1 Kroondal3 Plat Mile Mimosa
PGM operations
operations1 Under- Total Under- Surface Under- Surface Under- Surface Under- Surface Attribu-
ground2 ground ground ground ground table
Production
Tonnes milled/treated kt Sep 2024 10,063 313 9,750 4,879 4,871 1,518 1,337 1,674 1,043 1,312 2,490 375
Jun 2024 9,571 295 9,276 4,593 4,683 1,438 1,391 1,508 1,036 1,270 2,256 378
Sep 2023 9,711 316 9,394 4,457 4,937 1,643 1,420 1,709 869 755 2,649 351
Plant head grade g/t 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
Jun 2024 2.37 13.44 2.02 3.17 0.89 3.43 1.09 3.70 0.94 2.20 0.75 3.38
Sep 2023 2.33 11.59 2.02 3.32 0.84 3.46 1.01 3.61 0.95 2.34 0.72 3.36
Plant recoveries % 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
Jun 2024 76.05 90.80 72.89 84.95 30.94 86.07 44.50 86.43 26.81 82.93 20.91 77.20
Sep 2023 76.64 90.10 74.01 85.36 34.07 86.43 52.16 86.47 28.32 83.85 22.61 76.62
Yield g/t 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
Jun 2024 1.80 12.20 1.47 2.69 0.28 2.95 0.49 3.20 0.25 1.82 0.16 2.61
Sep 2023 1.78 10.44 1.49 2.83 0.29 2.99 0.53 3.12 0.27 1.96 0.16 2.57
PGM production4 4Eoz - 2Eoz 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
Jun 2024 554,743 115,596 439,147 397,682 41,465 136,475 21,691 155,003 8,399 74,518 11,375 31,686
Sep 2023 557,106 105,546 451,560 406,135 45,425 157,977 24,045 171,498 7,516 47,600 13,864 29,060
PGM sold5 4Eoz - 2Eoz Sep 2024 521,299 99,948 421,351 130,670 18,741 176,100 53,156 12,441 30,243
Jun 2024 549,571 111,885 437,686 111,813 16,615 193,841 74,518 11,375 29,524
Sep 2023 549,696 124,882 424,814 141,322 15,060 179,811 47,600 13,864 27,157
Price and costs6
Average PGM basket price7 R/4Eoz - R/2Eoz Sep 2024 22,637 17,663 23,909 24,002 22,382 23,960 24,447 22,165 21,937
Jun 2024 23,489 18,273 24,914 25,163 23,103 24,834 25,455 23,127 22,658
Sep 2023 23,933 22,122 24,479 24,670 23,050 24,481 24,968 23,044 23,343
US$/4Eoz -
US$/2Eoz Sep 2024 1,260 983 1,331 1,336 1,246 1,334 1,361 1,234 1,221
Jun 2024 1,265 984 1,342 1,355 1,244 1,337 1,371 1,245 1,220
Sep 2023 1,287 1,190 1,317 1,327 1,240 1,317 1,343 1,240 1,256
Operating cost8 R/t Sep 2024 1,298 6,989 1,108 2,405 277 1,616 1,365 75 1,710
Jun 2024 1,253 7,742 1,038 2,211 234 1,542 1,300 72 1,671
Sep 2023 1,226 7,140 1,019 2,021 363 1,654 1,244 66 1,812
US$/t Sep 2024 72 389 62 134 15 90 76 4 95
Jun 2024 67 417 56 119 13 83 70 4 90
Sep 2023 66 384 55 109 20 89 67 4 97
R/4Eoz - R/2Eoz Sep 2024 22,687 19,549 23,481 24,908 18,080 23,626 23,215 15,031 20,409
Jun 2024 22,028 19,733 22,679 23,294 14,983 24,002 22,169 14,330 19,914
Sep 2023 21,723 21,384 21,808 21,022 21,460 23,814 19,727 12,623 21,886
US$/4Eoz -
US$/2Eoz Sep 2024 1,263 1,088 1,307 1,387 1,007 1,315 1,293 837 1,136
Jun 2024 1,186 1,063 1,221 1,254 807 1,293 1,194 772 1,072
Sep 2023 1,169 1,150 1,173 1,131 1,154 1,281 1,061 679 1,177
All-in sustaining cost8,9 R/4Eoz - R/2Eoz Sep 2024 21,563 22,889 21,228 21,570 22,265 20,518 5,546 20,600
Jun 2024 21,170 25,096 20,056 18,367 22,209 20,022 12,659 19,788
Sep 2023 23,210 35,738 20,080 18,701 22,607 18,550 10,747 25,258
US$/4Eoz -
US$/2Eoz Sep 2024 1,201 1,274 1,182 1,201 1,240 1,142 309 1,147
Jun 2024 1,140 1,351 1,080 989 1,196 1,078 682 1,066
Sep 2023 1,249 1,922 1,080 1,006 1,216 998 578 1,359
All-in cost8,9 R/4Eoz - R/2Eoz Sep 2024 22,115 24,112 21,610 21,570 23,163 20,518 5,707 20,600
Jun 2024 21,935 25,909 20,807 18,866 23,506 20,022 13,978 19,788
Sep 2023 24,223 37,642 20,871 18,701 24,115 18,550 15,364 25,258
US$/4Eoz -
US$/2Eoz Sep 2024 1,231 1,343 1,203 1,201 1,290 1,142 318 1,147
Jun 2024 1,181 1,395 1,120 1,016 1,266 1,078 753 1,066
Sep 2023 1,303 2,025 1,123 1,006 1,297 998 826 1,359
Capital expenditure6
Ore reserve development Rm Sep 2024 1,110 418 692 194 498 - - -
Jun 2024 1,248 618 630 171 459 - - -
Sep 2023 1,671 1,049 622 149 473 - - -
Sustaining capital Rm Sep 2024 623 102 521 206 198 112 5 129
Jun 2024 682 182 500 140 231 122 7 122
Sep 2023 1,086 602 484 154 276 59 (5) 266
Corporate and projects Rm Sep 2024 292 131 161 - 159 - 2 -
Jun 2024 367 77 290 79 196 - 15 -
Sep 2023 535 201 334 - 270 - 64 -
Total capital expenditure Rm Sep 2024 2,025 651 1,374 400 855 112 7 129
Jun 2024 2,297 877 1,420 390 886 122 22 122
Sep 2023 3,292 1,852 1,440 303 1,019 59 59 266
US$m Sep 2024 113 36 77 22 48 6 - 7
Jun 2024 124 47 76 21 48 7 1 7
Sep 2023 177 100 77 16 55 3 3 14
Average exchange rate for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R17.96/US$, R18.57/US$ and R18.59/US$, respectively
Figures may not add as they are rounded independently
1 The 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 â€" Quarters"
2 The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations' underground
production, the operation treats recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
3 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
4 Production per product â€" see prill split in the table below
5 PGM sold includes the third party PoC ounces sold
6 The 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
7 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
8 Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial
performance prepared in accordance with IFRS. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are
considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for
illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
9 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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
Mining â€" PGM Prill split including third party PoC, excluding recycling operations
US AND SA PGM OPERATIONS TOTAL SA PGM OPERATIONS US PGM OPERATIONS
Sep 2024 Jun 2024 Sep 2023 Sep 2024 Jun 2024 Sep 2023 Sep 2024 Jun 2024 Sep 2023
% % % % % % % % %
Platinum 320,789 52% 301,963 52% 306,959 53% 295,472 59% 275,543 59% 282,763 59% 25,317 23% 26,420 23% 24,196 23%
Palladium 236,354 39% 227,685 39% 223,255 38% 149,695 30% 138,509 30% 141,905 30% 86,659 77% 89,176 77% 81,350 77%
Rhodium 45,6 7% 41,998 7% 42,851 7% 45,655 9% 41,998 9% 42,851 9%
Gold 8,234 1% 7,638 1% 8,036 1% 8,234 2% 7,638 2% 8,036 2%
PGM production 4E/2E 611,032 100% 579,284 100% 581,101 100% 499,056 100% 463,688 100% 475,555 100% 111,976 100% 115,596 100% 105,546 100%
Ruthenium 73,119 67,447 67,800 73,119 67,447 67,800
Iridium 16,773 16,945 16,836 16,773 16,945 16,836
Total 6E/2E 700,924 663,676 665,737 588,948 548,080 560,191 111,976 115,596 105,546
Figures may not add as they are rounded independently
US PGM Recycling
Unit Sep 2024 Jun 2024 Sep 2023
Average catalyst fed/day Tonne 10.6 10.7 9.5
Total processed Tonne 973 971 873
Tolled Tonne - - -
Purchased Tonne 973 971 873
PGM fed 3Eoz 81,762 77,065 72,434
PGM sold 3Eoz 81,228 80,745 77,679
PGM tolled returned 3Eoz - - 2,091
US RELDAN OPERATIONS
Unit Sep 2024 Jun 2024
Volume sold:
Gold oz 31,006 31,215
Silver oz 432,996 451,465
Platinum oz 4,707 6,212
Palladium oz 6,628 5,820
Other (Rhodium, Ruthenium, Iridium) oz - 5
Copper Lbs 794,476 905,175
Mixed scrap Lbs 1,263,545 1,305,987
SALIENT FEATURES AND COST BENCHMARKS â€" QUARTERS (continued)
SA gold operations
SA OPERATIONS
Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD
Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface Surface Surface
Production
Tonnes milled/treated kt Sep 2024 8,995 929 8,066 308 4 289 337 332 16 1,162 6,547
Jun 2024 8,255 853 7,402 298 25 276 436 279 27 1,140 5,773
Sep 2023 8,245 966 7,279 251 13 365 481 350 33 1,121 5,632
Yield g/t Sep 2024 0.62 4.13 0.22 6.07 0.26 3.73 0.33 2.68 0.19 0.27 0.20
Jun 2024 0.68 4.40 0.25 6.54 1.44 3.56 0.47 2.95 0.22 0.31 0.21
Sep 2023 0.75 4.42 0.26 5.77 3.37 5.16 0.49 2.66 0.21 0.28 0.23
Gold produced kg Sep 2024 5,582 3,835 1,747 1,869 1 1,079 112 887 3 312 1,319
Jun 2024 5,586 3,752 1,834 1,948 36 983 207 821 6 357 1,228
Sep 2023 6,148 4,267 1,881 1,452 43 1,882 234 933 7 313 1,284
oz Sep 2024 179,465 123,298 56,167 60,090 32 34,691 3,601 28,518 96 10,031 42,407
Jun 2024 179,594 120,630 58,964 62,630 1,157 31,604 6,655 26,396 193 11,478 39,481
Sep 2023 197,663 137,187 60,476 46,683 1,382 60,508 7,523 29,997 225 10,063 41,282
Gold sold kg Sep 2024 5,386 3,654 1,732 1,732 1 1,064 128 858 3 311 1,289
Jun 2024 5,868 4,041 1,827 2,061 37 1,050 203 930 6 345 1,236
Sep 2023 6,178 4,349 1,829 1,495 43 1,931 205 923 7 307 1,267
oz Sep 2024 173,164 117,479 55,685 55,685 32 34,208 4,115 27,585 96 9,999 41,442
Jun 2024 188,661 129,921 58,739 66,263 1,190 33,758 6,527 29,900 193 11,092 39,738
Sep 2023 198,627 139,824 58,804 48,065 1,382 62,083 6,591 29,675 225 9,870 40,735
Price and costs
Gold price received R/kg Sep 2024 1,426,290 1,408,540 1,396,812 1,412,311 1,430,868 1,431,342
Jun 2024 1,393,320 1,389,895 1,390,263 1,383,547 1,391,304 1,400,485
Sep 2023 1,153,448 1,153,446 1,153,090 1,152,688 1,153,094 1,154,696
Gold price received US$/oz Sep 2024 2,470 2,439 2,419 2,446 2,478 2,479
Jun 2024 2,334 2,328 2,329 2,317 2,330 2,346
Sep 2023 1,930 1,930 1,929 1,929 1,929 1,932
Operating cost1 R/t Sep 2024 691 4,794 218 6,047 - 5,063 433 3,397 387 348 184
Jun 2024 718 4,914 235 5,784 319 5,307 374 3,593 331 398 191
Sep 2023 784 4,953 230 6,948 783 5,277 397 3,184 429 308 198
US$/t Sep 2024 38 267 12 337 - 282 24 189 22 19 10
Jun 2024 39 265 13 311 17 286 20 193 18 21 10
Sep 2023 42 266 12 374 42 284 21 171 23 17 11
R/kg Sep 2024 1,113,042 1,161,147 1,007,441 996,790 - 1,356,812 1,303,571 1,269,448 2,000,000 1,298,077 912,055
Jun 2024 1,061,404 1,116,738 948,201 884,497 222,222 1,491,353 787,440 1,219,245 1,500,000 1,271,709 899,837
Sep 2023 1,051,074 1,121,865 890,484 1,203,168 232,558 1,022,848 816,239 1,195,070 2,000,000 1,102,236 868,380
US$/oz Sep 2024 1,928 2,011 1,745 1,726 - 2,350 2,258 2,198 3,464 2,248 1,580
Jun 2024 1,778 1,870 1,588 1,481 372 2,498 1,319 2,042 2,512 2,130 1,507
Sep 2023 1,759 1,877 1,490 2,013 389 1,711 1,366 2,000 3,346 1,844 1,453
All-in sustaining cost1,2 R/kg Sep 2024 1,298,923 1,298,327 1,614,094 1,384,437 1,369,775 931,730
Jun 2024 1,263,292 1,172,545 1,636,872 1,323,718 1,368,116 961,165
Sep 2023 1,232,600 1,455,137 1,193,820 1,343,011 1,169,381 963,694
US$/oz Sep 2024 2,250 2,248 2,795 2,398 2,372 1,614
Jun 2024 2,116 1,964 2,742 2,217 2,292 1,610
Sep 2023 2,062 2,435 1,997 2,247 1,957 1,612
All-in cost1,2 R/kg Sep 2024 1,360,750 1,298,327 1,614,094 1,384,437 1,369,775 1,145,849
Jun 2024 1,623,381 1,172,545 1,636,872 1,323,718 1,368,116 2,589,806
Sep 2023 1,319,197 1,455,137 1,213,483 1,343,011 1,169,381 1,083,662
US$/oz Sep 2024 2,357 2,248 2,795 2,398 2,372 1,984
Jun 2024 2,719 1,964 2,742 2,217 2,292 4,338
Sep 2023 2,207 2,435 2,030 2,247 1,957 1,813
Capital expenditure
Ore reserve Rm Sep 2024 747 452 240 55 - -
Jun 2024 739 420 240 79 - -
Sep 2023 677 339 246 92 - -
Sustaining capital Rm Sep 2024 220 106 60 16 - 38
Jun 2024 248 113 69 5 - 61
Sep 2023 367 131 108 16 - 112
Corporate and projects3 Rm Sep 2024 309 - - - - 276
Jun 2024 2,084 - - - - 2,013
Sep 2023 531 - 42 - - 152
Total capital Rm Sep 2024 1,276 558 300 71 - 314
Jun 2024 3,071 533 309 84 - 2,074
Total capital Sep 2023 1,576 470 396 108 - 264
expenditure US$m Sep 2024 71 31 17 4 - 17
Jun 2024 165 29 17 5 - 112
Sep 2023 85 25 21 6 - 14
Average exchange rates for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R17.96/US$, R18.57/US$ and R18.59/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial
performance prepared in accordance with IFRS. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are
considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for
illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
2 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. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see "All-in costs â€" Quarters"
3 Corporate project expenditure for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R33 million (US$2 million), R71 million (US$4 million) and R337 million (US$18
million), respectively, the majority of which related to the Burnstone project
SALIENT FEATURES AND COST BENCHMARKS â€" QUARTERS (continued)
European operations
Sandouville nickel refinery
Metals split
Sep 2024 Jun 2024 Sep 2023
Volumes produced (tonnes)
Nickel salts1 204 10% 255 13% 427 18%
Nickel metal 1,835 90% 1,736 87% 1,925 82%
Total Nickel Production tNi 2,039 100% 1,991 100% 2,352 100%
Nickel cakes2 42 96 103
Cobalt chloride (CoCl2)3 26 17 46
Ferric chloride (FeCl3)3 199 321 409
Volumes sales (tonnes)
Nickel salts1 270 14% 380 19% 287 15%
Nickel metal 1,657 86% 1,646 81% 1,664 85%
Total Nickel Sold tNi 1,927 100% 2,026 100% 1,951 100%
Nickel cakes2 19 19 -
Cobalt chloride (CoCl2)3 27 39 41
Ferric chloride (FeCl3)3 199 321 409
Nickel equivalent basket price Unit Sep 2024 Jun 2024 Sep 2023
Nickel equivalent average basket price4 R/tNi 338,869 404,245 403,895
US$/tNi 18,868 21,769 21,726
Nickel equivalent sustaining cost Rm Sep 2024 Jun 2024 Sep 2023
Cost of sales, before amortisation and depreciation 775 878 1,100
Share-based payments (7) 20 (7)
Rehabilitation interest and amortisation 1 1 2
Leases 5 5 5
Sustaining capital expenditure 33 45 82
Less: By-product credit (30) (42) (39)
Nickel equivalent sustaining cost5 777 907 1,143
Nickel Products sold tNi 1,927 2,026 1,951
Nickel equivalent sustaining cost5 R/tNi 403,217 447,680 585,853
US$/tNi 22,451 24,108 31,514
Nickel recovery yield6 % 97.21% 98.56% 98.82%
Average exchange rates for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R17.96/US$, R18.57/US$ and R18.59/US$, respectively
Figures may not add as they are rounded independently
1 Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
2 Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
3 Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
4 The 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
5 The 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 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. 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. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because of its nature Nickel equivalent
sustaining costs and Nickel equivalent sustaining costs per tonne should not be considered as a representation of financial performance
6 Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
SALIENT FEATURES AND COST BENCHMARKS â€" QUARTERS (continued)
Australian operations
Century zinc retreatment operation
Production
Ore mined and processed kt Sep 2024 2,207
Jun 2024 2,123
Sep 2023 1,973
Processing feed grade % Sep 2024 3.01
Jun 2024 2.92
Sep 2023 3.16
Plant recoveries % Sep 2024 50.07
Jun 2024 50.32
Sep 2023 48.91
Concentrate produced1 kt Sep 2024 74
Jun 2024 68
Sep 2023 67
Concentrate zinc grade2 % Sep 2024 44.69
Jun 2024 45.92
Sep 2023 45.31
Metal produced (zinc in concentrate)3 kt Sep 2024 33
Jun 2024 31
Sep 2023 30
Zinc metal produced (payable)4 kt Sep 2024 27
Jun 2024 26
Sep 2023 25
Zinc sold5 kt Sep 2024 24
Jun 2024 20
Sep 2023 28
Zinc sold (payable)6 kt Sep 2024 20
Jun 2024 16
Sep 2023 23
Price and costs
Average equivalent zinc concentrate price7 R/tZn Sep 2024 55,553
Jun 2024 46,868
Sep 2023 31,747
US$/tZn Sep 2024 3,093
Jun 2024 2,524
Sep 2023 1,708
All-in sustaining cost8,9 R/tZn Sep 2024 32,486
Jun 2024 37,348
Sep 2023 32,587
US$/tZn Sep 2024 1,809
Jun 2024 2,011
Sep 2023 1,753
All-in cost8,9 R/tZn Sep 2024 32,559
Jun 2024 37,620
Sep 2023 34,937
US$/tZn Sep 2024 1,813
Jun 2024 2,026
Sep 2023 1,879
Average exchange rates for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R17.96/US$, R18.57/US$ and R18.59/US$, respectively
Figures may not add as they are rounded independently
1 Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product
2 Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
3 Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced
4 Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
5 Zinc sold is the zinc metal contained in the concentrate sold
6 Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions
7 Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
metal sold
8 All-in sustaining costs and all-in costs are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial performance prepared in
accordance with IFRS. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are considered pro forma performance
measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because
of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
9 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. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
ALL-IN COSTS â€" QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA Total SA
PGM US PGM PGM Rustenburg Marikana1 Kroondal3 Plat Mile Mimosa Corporate
operations1 operations2 operations1
Cost of sales, before amortisation and
depreciation4 Sep 2024 12,547 2,033 10,514 4,151 4,839 1,291 233 642 (642)
Jun 2024 11,774 2,371 9,403 3,587 3,903 1,701 212 631 (631)
Sep 2023 11,457 2,510 8,947 3,555 4,275 942 175 640 (640)
Royalties Sep 2024 37 - 37 8 27 2 - 36 (36)
Jun 2024 61 - 61 31 27 3 - 33 (33)
Sep 2023 84 - 84 70 12 2 - 29 (29)
Carbon tax Sep 2024 - - - - - - - - -
Jun 2024 - - - - - - - - -
Sep 2023 - - - - - - - - -
Community costs Sep 2024 53 - 53 18 20 16 - - -
Jun 2024 91 - 91 13 68 9 - - -
Sep 2023 21 - 21 - 21 - - - -
Inventory change Sep 2024 1,140 156 984 198 282 504 - (1) 1
Jun 2024 912 (90) 1,002 256 791 (45) - - -
Sep 2023 912 (253) 1,165 462 703 - - (4) 4
Share-based payments5 Sep 2024 60 26 34 12 14 7 - - -
Jun 2024 122 36 86 28 42 15 - - -
Sep 2023 78 22 56 20 24 11 - - -
Rehabilitation interest and amortisation6 Sep 2024 31 11 20 1 (1) 20 - 2 (2)
Jun 2024 28 11 17 (4) 2 19 - 1 (1)
Sep 2023 46 21 25 (6) 14 17 - 2 (2)
Leases Sep 2024 14 1 13 5 8 - - - -
Jun 2024 19 1 18 5 11 2 - - -
Sep 2023 18 1 17 6 10 1 - - -
Ore reserve development Sep 2024 1,110 418 692 194 498 - - - -
Jun 2024 1,248 618 630 171 459 - - - -
Sep 2023 1,671 1,049 622 149 473 - - - -
Sustaining capital expenditure Sep 2024 623 102 521 206 198 112 5 129 (129)
Jun 2024 682 182 500 140 231 122 7 122 (122)
Sep 2023 1,086 602 484 154 276 59 (5) 266 (266)
Less: By-product credit Sep 2024 (3,149) (184) (2,965) (1,189) (1,238) (369) (169) (161) 161
Jun 2024 (3,339) (228) (3,111) (1,322) (1,380) (334) (75) (160) 160
Sep 2023 (2,658) (180) (2,478) (1,006) (1,302) (149) (21) (199) 199
Total All-in-sustaining costs7 Sep 2024 12,466 2,563 9,903 3,604 4,647 1,583 69 647 (647)
Jun 2024 11,598 2,901 8,697 2,905 4,154 1,492 144 627 (627)
Sep 2023 12,715 3,772 8,943 3,404 4,506 883 149 734 (734)
Plus: Corporate cost, growth and capital
expenditure Sep 2024 306 137 169 - 167 - 2 - -
Jun 2024 400 94 306 79 212 - 15 - -
Sep 2023 535 201 334 - 270 - 64 - -
Total All-in-costs7 Sep 2024 12,772 2,700 10,072 3,604 4,814 1,583 71 647 (647)
Jun 2024 11,998 2,995 9,003 2,984 4,366 1,492 159 627 (627)
Sep 2023 13,250 3,973 9,277 3,404 4,776 883 213 734 (734)
PGM production 4Eoz - 2Eoz Sep 2024 611,032 111,976 499,056 167,085 210,972 77,150 12,441 31,408 -
Jun 2024 579,284 115,596 463,688 158,166 187,943 74,518 11,375 31,686 -
Sep 2023 581,101 105,546 475,555 182,022 203,009 47,600 13,864 29,060 -
kg Sep 2024 19,005 3,483 15,522 5,197 6,562 2,400 387 977 -
Jun 2024 18,018 3,595 14,422 4,920 5,846 2,318 354 986 -
Sep 2023 18,074 3,283 14,791 5,662 6,314 1,481 431 904 -
All-in-sustaining cost7 R/4Eoz - R/2Eoz Sep 2024 21,507 22,889 21,176 21,570 22,027 20,518 5,546 20,600 -
Jun 2024 21,180 25,096 20,132 18,367 22,102 20,022 12,659 19,788 -
Sep 2023 23,033 35,738 20,029 18,701 22,196 18,550 10,747 25,258 -
US$/4Eoz - US$/2Eoz Sep 2024 1,197 1,274 1,179 1,201 1,226 1,142 309 1,147 -
Jun 2024 1,141 1,351 1,084 989 1,190 1,078 682 1,066 -
Sep 2023 1,239 1,922 1,077 1,006 1,194 998 578 1,359 -
All-in-cost7 R/4Eoz - R/2Eoz Sep 2024 22,035 24,112 21,538 21,570 22,818 20,518 5,707 20,600 -
Jun 2024 21,910 25,909 20,840 18,866 23,230 20,022 13,978 19,788 -
Sep 2023 24,002 37,642 20,777 18,701 23,526 18,550 15,364 25,258 -
US$/4Eoz - US$/2Eoz Sep 2024 1,227 1,343 1,199 1,201 1,271 1,142 318 1,147 -
Jun 2024 1,180 1,395 1,122 1,016 1,251 1,078 753 1,066 -
Sep 2023 1,291 2,025 1,118 1,006 1,266 998 826 1,359 -
Average exchange rates for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R17.96/US$, R18.57/US$ and R18.59/US$, respectively
Figures may not add as they are rounded independently
1 The 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 â€" Six Months"
2 The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations' underground
production, the operation processes various recycling material, which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown. The US Reldan operations cost
and performance are also excluded from the above table
3 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
4 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
5 Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date
fair value
6 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
7 All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to
normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and
major capital expenditure associated with growth. All-in sustaining cost per ounce and 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
ALL-IN COSTS â€" QUARTERS (continued)
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 Total SA PGM operations Marikana
Rm Sep 2024 Jun 2024 Sep 2023 Sep 2024 Jun 2024 Sep 2023 Sep 2024 Jun 2024 Sep 2023
Cost of sales, before amortisation and depreciation as reported per
table above 12,547 11,774 11,457 10,514 9,403 8,947 4,839 3,903 4,275
Inventory change as reported per table above 1,140 912 912 984 1,002 1,165 282 791 703
Less: Chrome cost of sales (498) (511) (333) (498) (511) (333) (121) (119) (150)
Total operating cost including third party PoC 13,189 12,175 12,036 11,000 9,894 9,779 5,000 4,575 4,828
Less: Purchase cost of PoC (609) (653) (565) (609) (653) (565) (609) (653) (565)
Total operating cost excluding third party PoC 12,580 11,522 11,471 10,391 9,241 9,214 4,391 3,922 4,263
PGM production as reported per table above 4Eoz- 2Eoz 611,032 579,284 581,101 499,056 463,688 475,555 210,972 187,943 203,009
Less: Mimosa production (31,408) (31,686) (29,060) (31,408) (31,686) (29,060) - - -
PGM production excluding Mimosa 579,624 547,598 552,041 467,648 432,002 446,495 210,972 187,943 203,009
Less: PoC production (25,118) (24,541) (23,995) (25,118) (24,541) (23,995) (25,118) (24,541) (23,995)
PGM production excluding Mimosa and third party PoC 554,506 523,057 528,046 442,530 407,461 422,500 185,854 163,402 179,014
PGM production including Mimosa and excluding third party PoC 585,914 554,743 557,106 473,938 439,147 451,560 185,854 163,402 179,014
Tonnes milled/treated kt 10,063 9,571 9,711 9,750 9,276 9,394 2,717 2,544 2,578
Less: Mimosa tonnes (375) (378) (351) (375) (378) (351) - - -
PGM tonnes excluding Mimosa and third party PoC 9,688 9,193 9,359 9,375 8,899 9,043 2,717 2,544 2,578
Operating cost including third party PoC R/4Eoz-R/2Eoz 22,754 22,233 21,803 23,522 22,903 21,902 23,700 24,342 23,782
US$/4Eoz-
US$/2Eoz 1,267 1,197 1,173 1,310 1,233 1,178 1,320 1,311 1,279
R/t 1,361 1,324 1,286 1,173 1,112 1,081 1,840 1,798 1,873
US$/t 76 71 69 65 60 58 102 97 101
Operating cost excluding third party PoC R/4Eoz-R/2Eoz 22,687 22,028 21,723 23,481 22,679 21,808 23,626 24,002 23,814
US$/4Eoz-
US$/2Eoz 1,263 1,186 1,169 1,307 1,221 1,173 1,315 1,293 1,281
R/t 1,298 1,253 1,226 1,108 1,038 1,019 1,616 1,542 1,654
US$/t 72 67 66 62 56 55 90 83 89
Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM, Total SA PGM operations and Marikana - Quarters
US and SA PGM Total SA PGM operations Marikana
Rm Sep 2024 Jun 2024 Sep 2023 Sep 2024 Jun 2024 Sep 2023 Sep 2024 Jun 2024 Sep 2023
Total All-in-sustaining cost as reported per table above 12,466 11,598 12,715 9,903 8,697 8,943 4,647 4,154 4,506
Less: Purchase cost of PoC (609) (653) (565) (609) (653) (565) (609) (653) (565)
Add: By-product credit of PoC 100 128 106 100 128 106 100 128 106
Total All-in-sustaining cost excluding third party PoC 11,957 11,073 12,256 9,394 8,172 8,484 4,138 3,629 4,047
Plus: Corporate cost, growth and capital expenditure 306 400 535 169 306 334 167 212 270
Total All-in-cost excluding third party PoC 12,263 11,473 12,791 9,563 8,478 8,818 4,305 3,841 4,317
PGM production excluding Mimosa and third party PoC 4Eoz- 2Eoz 554,506 523,057 528,046 442,530 407,461 422,500 185,854 163,402 179,014
All-in-sustaining cost excluding third party PoC R/4Eoz-R/2Eoz 21,563 21,170 23,210 21,228 20,056 20,080 22,265 22,209 22,607
US$/4Eoz-
US$/2Eoz 1,201 1,140 1,249 1,182 1,080 1,080 1,240 1,196 1,216
All-in-cost excluding third party PoC R/4Eoz-R/2Eoz 22,115 21,935 24,223 21,610 20,807 20,871 23,163 23,506 24,115
US$/4Eoz-
US$/2Eoz 1,231 1,181 1,303 1,203 1,120 1,123 1,290 1,266 1,297
ALL-IN COSTS â€" QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
SA OPERATIONS
Total SA Driefontein Kloof Beatrix Cooke DRDGOLD Corporate
gold
Cost of sales, before amortisation and depreciation1 Sep 2024 5,915 1,675 1,598 1,080 404 1,158 -
Jun 2024 6,298 1,899 1,712 1,121 444 1,122 -
Sep 2023 6,436 1,747 2,162 1,101 336 1,090 -
Royalties Sep 2024 28 12 8 6 2 - -
Jun 2024 31 15 9 6 2 - (1)
Sep 2023 27 9 12 5 1 - -
Carbon tax Sep 2024 - - - - - - -
Jun 2024 - - - - - - -
Sep 2023 - - - - - - -
Community costs Sep 2024 2 - - - - 2 -
Jun 2024 3 - - - - 3 -
Sep 2023 4 - 1 - - 3 -
Share-based payments2 Sep 2024 36 10 11 7 - 7 1
Jun 2024 45 16 14 8 - 5 2
Sep 2023 48 14 17 14 - 6 (3)
Rehabilitation interest and amortisation3 Sep 2024 49 (1) 6 26 20 (4) 2
Jun 2024 52 - 6 21 26 (3) 2
Sep 2023 50 - 5 17 22 5 1
Leases Sep 2024 9 - 2 3 - 4 -
Jun 2024 8 - 2 - - 6 -
Sep 2023 11 - 1 5 - 5 -
Ore reserve development Sep 2024 747 452 240 55 - - -
Jun 2024 739 420 240 79 - - -
Sep 2023 677 339 246 92 - - -
Sustaining capital expenditure Sep 2024 220 106 60 16 - 38 -
Jun 2024 248 113 69 5 - 61 -
Sep 2023 367 131 108 16 - 112 -
Less: By-product credit Sep 2024 (10) (4) (1) (1) - (4) -
Jun 2024 (11) (3) (1) (1) - (6) -
Sep 2023 (5) (2) (2) (1) - - -
Total All-in-sustaining costs4 Sep 2024 6,996 2,250 1,924 1,192 426 1,201 3
Jun 2024 7,413 2,460 2,051 1,239 472 1,188 3
Sep 2023 7,615 2,238 2,550 1,249 359 1,221 (2)
Plus: Corporate cost, growth and capital expenditure Sep 2024 333 - - - - 276 57
Jun 2024 2,113 - - - - 2,013 100
Sep 2023 535 - 42 - - 152 341
Total All-in-costs4 Sep 2024 7,329 2,250 1,924 1,192 426 1,477 60
Jun 2024 9,526 2,460 2,051 1,239 472 3,201 103
Sep 2023 8,150 2,238 2,592 1,249 359 1,373 339
Gold sold kg Sep 2024 5,386 1,733 1,192 861 311 1,289 -
Jun 2024 5,868 2,098 1,253 936 345 1,236 -
Sep 2023 6,178 1,538 2,136 930 307 1,267 -
oz Sep 2024 173,164 55,717 38,324 27,682 9,999 41,442 -
Jun 2024 188,661 67,452 40,285 30,093 11,092 39,738 -
Sep 2023 198,627 49,448 68,674 29,900 9,870 40,735 -
All-in-sustaining cost4 R/kg Sep 2024 1,298,923 1,298,327 1,614,094 1,384,437 1,369,775 931,730 -
Jun 2024 1,263,292 1,172,545 1,636,872 1,323,718 1,368,116 961,165 -
Sep 2023 1,232,600 1,455,137 1,193,820 1,343,011 1,169,381 963,694 -
All-in-sustaining cost US$/oz Sep 2024 2,250 2,248 2,795 2,398 2,372 1,614 -
Jun 2024 2,116 1,964 2,742 2,217 2,292 1,610 -
Sep 2023 2,062 2,435 1,997 2,247 1,957 1,612 -
All-in-cost4 R/kg Sep 2024 1,360,750 1,298,327 1,614,094 1,384,437 1,369,775 1,145,849 -
Jun 2024 1,623,381 1,172,545 1,636,872 1,323,718 1,368,116 2,589,806 -
Sep 2023 1,319,197 1,455,137 1,213,483 1,343,011 1,169,381 1,083,662 -
All-in-cost US$/oz Sep 2024 2,357 2,248 2,795 2,398 2,372 1,984 -
Jun 2024 2,719 1,964 2,742 2,217 2,292 4,338 -
Sep 2023 2,207 2,435 2,030 2,247 1,957 1,813 -
Average exchange rates for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R17.96/US$, R18.57/US$ and R18.59/US$, respectively
Figures may not add as they are rounded independently
1 Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2 Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date
fair value
3 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4 All-in cost 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
ALL-IN COSTS â€" QUARTERS (continued)
Australian operations
Figures are in rand millions unless otherwise stated
Century zinc retreatment operation
Cost of sales, before amortisation and depreciation1 Sep 2024 594
Jun 2024 866
Sep 2023 713
Royalties Sep 2024 57
Jun 2024 41
Sep 2023 24
Community costs Sep 2024 13
Jun 2024 13
Sep 2023 22
Inventory change Sep 2024 201
Jun 2024 (81)
Sep 2023 45
Share-based payments Sep 2024 (2)
Jun 2024 3
Sep 2023 -
Rehabilitation interest and amortisation2 Sep 2024 24
Jun 2024 104
Sep 2023 5
Leases Sep 2024 26
Jun 2024 39
Sep 2023 30
Sustaining capital expenditure Sep 2024 30
Jun 2024 23
Sep 2023 30
Less: By-product credit Sep 2024 (55)
Jun 2024 (47)
Sep 2023 (51)
Total All-in-sustaining costs3 Sep 2024 888
Jun 2024 961
Sep 2023 818
Plus: Corporate cost, growth and capital expenditure Sep 2024 2
Jun 2024 7
Sep 2023 59
Total All-in-costs3 Sep 2024 890
Jun 2024 968
Sep 2023 877
Zinc metal produced (payable) kt Sep 2024 27
Jun 2024 26
Sep 2023 25
All-in-sustaining cost3 R/tZn Sep 2024 32,486
Jun 2024 37,348
Sep 2023 32,587
US$/tZn Sep 2024 1,809
Jun 2024 2,011
Sep 2023 1,753
All-in-cost3 R/tZn Sep 2024 32,559
Jun 2024 37,620
Sep 2023 34,937
US$/tZn Sep 2024 1,813
Jun 2024 2,026
Sep 2023 1,879
Average exchange rates for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R17.96/US$, R18.57/US$ and R18.59/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, corporate general and administrative costs, and permitting costs
2 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current zinc production
3 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per 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
UNIT OPERATING COST â€" QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
Total SA
US and SA US PGM PGM Rustenburg3 Marikana3 Kroondal3,4 Plat Mile3 Mimosa
PGM operations operations1,3
operations1 Under- Total Under- Surface Under- Surface Under- Surface Attribu-
ground2 ground ground ground table
Cost of sales, before
amortisation and
depreciation Sep 2024 12,547 2,033 10,514 3,790 361 4,839 1,291 233 642
Jun 2024 11,774 2,371 9,403 3,256 331 3,903 1,701 212 631
Sep 2023 11,457 2,510 8,947 3,211 344 4,275 942 175 640
Inventory change Sep 2024 1,140 156 984 189 9 282 504 - (1)
Jun 2024 912 (90) 1,002 262 (6) 791 (45) - -
Sep 2023 912 (253) 1,165 290 172 703 - - (4)
Less: Chrome cost of sales Sep 2024 (498) - (498) (327) - (121) (4) (46) -
Jun 2024 (511) - (511) (339) - (119) (4) (49) -
Sep 2023 (333) - (333) (180) - (150) (3) - -
Less: Purchase cost of PoC Sep 2024 (609) - (609) - - (609) - - -
Jun 2024 (653) - (653) - - (653) - - -
Sep 2023 (565) - (565) - - (565) - - -
Total operating cost
excluding third party PoC Sep 2024 12,580 2,189 10,391 3,652 370 4,391 1,791 187 641
Jun 2024 11,522 2,281 9,241 3,179 325 3,922 1,652 163 631
Sep 2023 11,471 2,257 9,214 3,321 516 4,263 939 175 636
Tonnes milled/treated
excluding third party PoC5 kt Sep 2024 9,688 313 9,375 1,518 1,337 1,674 1,043 1,312 2,490 375
Jun 2024 9,193 295 8,899 1,438 1,391 1,508 1,036 1,270 2,256 378
Sep 2023 9,359 316 9,043 1,643 1,420 1,709 869 755 2,649 351
PGM production excluding
third party PoC5 4Eoz Sep 2024 554,506 111,976 442,530 146,620 20,465 185,854 77,150 12,441 31,408
Jun 2024 523,057 115,596 407,461 136,475 21,691 163,402 74,518 11,375 31,686
Sep 2023 528,046 105,546 422,500 157,977 24,045 179,014 47,600 13,864 29,060
Operating cost6 R/t Sep 2024 1,298 6,989 1,108 2,405 277 1,616 1,365 75 1,710
Jun 2024 1,253 7,742 1,038 2,211 234 1,542 1,300 72 1,671
Sep 2023 1,226 7,140 1,019 2,021 363 1,654 1,244 66 1,812
US$/t Sep 2024 72 389 62 134 15 90 76 4 95
Jun 2024 67 417 56 119 13 83 70 4 90
Sep 2023 66 384 55 109 20 89 67 4 97
R/4Eoz - R/2Eoz Sep 2024 22,687 19,549 23,481 24,908 18,080 23,626 23,215 15,031 20,409
Jun 2024 22,028 19,733 22,679 23,294 14,983 24,002 22,169 14,330 19,914
Sep 2023 21,723 21,384 21,808 21,022 21,460 23,814 19,727 12,623 21,886
US$/4Eoz -
US$/2Eoz Sep 2024 1,263 1,088 1,307 1,387 1,007 1,315 1,293 837 1,136
Jun 2024 1,186 1,063 1,221 1,254 807 1,293 1,194 772 1,072
Sep 2023 1,169 1,150 1,173 1,131 1,154 1,281 1,061 679 1,177
Average exchange rates for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R17.96/US$, R18.57/US$ and R18.59/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
2 The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations'
underground production, the operation treats various recycling material which is excluded from the statistics shown above
3 Cost 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 - Quarters"
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
UNIT OPERATING COST â€" QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA gold operations Driefontein Kloof Beatrix Cooke DRDGOLD
Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface Surface Surface
Cost of sales, before
amortisation and depreciation Sep 2024 5,915 4,201 1,714 1,675 - 1,452 146 1,074 6 404 1,158
Jun 2024 6,298 4,546 1,752 1,891 8 1,543 169 1,112 9 444 1,122
Sep 2023 6,436 4,796 1,640 1,737 10 1,972 190 1,087 14 336 1,090
Inventory change Sep 2024 298 252 46 188 - 12 - 52 - 1 45
Jun 2024 (369) (356) (13) (168) - (77) (6) (111) - 10 (17)
Sep 2023 26 (9) 35 10 - (47) 1 28 - 9 25
Total operating cost Sep 2024 6,213 4,453 1,760 1,863 - 1,464 146 1,126 6 405 1,203
Jun 2024 5,929 4,190 1,739 1,723 8 1,466 163 1,001 9 454 1,105
Sep 2023 6,462 4,787 1,675 1,747 10 1,925 191 1,115 14 345 1,115
Tonnes milled/treated kt Sep 2024 8,995 929 8,066 308 4 289 337 332 16 1,162 6,547
Jun 2024 8,255 853 7,402 298 25 276 436 279 27 1,140 5,773
Sep 2023 8,245 966 7,279 251 13 365 481 350 33 1,121 5,632
Gold produced kg Sep 2024 5,582 3,835 1,747 1,869 1 1,079 112 887 3 312 1,319
Jun 2024 5,586 3,752 1,834 1,948 36 983 207 821 6 357 1,228
Sep 2023 6,148 4,267 1,881 1,452 43 1,882 234 933 7 313 1,284
oz Sep 2024 179,465 123,298 56,167 60,090 32 34,691 3,601 28,518 96 10,031 42,407
Jun 2024 179,594 120,630 58,964 62,630 1,157 31,604 6,655 26,396 193 11,478 39,481
Sep 2023 197,663 137,187 60,476 46,683 1,382 60,508 7,523 29,997 225 10,063 41,282
Operating cost1 R/t Sep 2024 691 4,794 218 6,047 - 5,063 433 3,397 387 348 184
Jun 2024 718 4,914 235 5,784 319 5,307 374 3,593 331 398 191
Sep 2023 784 4,953 230 6,948 783 5,277 397 3,184 429 308 198
US$/t Sep 2024 38 267 12 337 - 282 24 189 22 19 10
Jun 2024 39 265 13 311 17 286 20 193 18 21 10
Sep 2023 42 266 12 374 42 284 21 171 23 17 11
R/kg 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
Jun 2024 1,061,404 1,116,738 948,201 884,497 222,222 1,491,353 787,440 1,219,245 1,500,000 1,271,709 899,837
Sep 2023 1,051,074 1,121,865 890,484 1,203,168 232,558 1,022,848 816,239 1,195,070 2,000,000 1,102,236 868,380
US$/oz Sep 2024 1,928 2,011 1,745 1,726 - 2,350 2,258 2,198 3,464 2,248 1,580
Jun 2024 1,778 1,870 1,588 1,481 372 2,498 1,319 2,042 2,512 2,130 1,507
Sep 2023 1,759 1,877 1,490 2,013 389 1,711 1,366 2,000 3,346 1,844 1,453
Average exchange rates for the quarters ended 30 September 2024, 30 June 2024 and 30 September 2023 was R17.96/US$, R18.57/US$ and R18.59/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
ADJUSTED EBITDA RECONCILIATION â€" QUARTERS
Quarter ended 30 Sep 2024 Quarter ended 30 Jun 2024 Quarter ended 30 Sep 2023
Southern Southern
Africa (SA) European (EU) Australian (AUS) Africa (SA) European (EU) Australian (AUS) Southern Africa European (EU) Australian (AUS)
Group Americas region region region region Group Group Americas region region region region Group Group Americas region (SA) region region region Group
Century Century Century
US Under- Sandouville zinc US Under- Sandouville zinc US Under- Sandouville zinc
Total US Total US ground US Recy- Reldan SA nickel retreatment Corpo- Total US Total US ground US Recy- Reldan SA nickel retreatment Corpo- Total US ground US Recy- nickel retreatment Corpo-
Figures in million - SA rand Group operations PGM PGM cling operations PGM SA gold Total EU refinery Total AUS operation rate Group operations PGM PGM cling operations PGM SA gold Total EU refinery Total AUS operation rate Group PGM PGM cling SA PGM SA gold Total EU refinery Total AUS operation rate
Profit/(loss) before royalties, carbon tax
and tax 630 (963) (1,017) (1,114) 97 54 781 564 190 249 478 512 (420) (5,047) (6,734) (6,674) (6,749) 75 (60) 1,844 1,014 (83) 30 (642) (608) (446) (791) (653) (799) 146 1,260 (181) (362) (350) (461) (404) (394)
Adjusted for:
Amortisation and depreciation 2,170 371 321 320 1 50 971 777 10 8 41 41 - 2,147 542 489 488 1 53 889 677 9 7 30 29 - 2,584 958 957 1 780 572 51 49 223 223 -
Interest income (295) (59) (55) (55) - (4) (104) (122) (10) - - - - (368) (91) (90) (90) - (1) (143) (123) (11) - - - - (341) (51) (51) - (93) (162) (32) - (2) (1) (1)
Finance expense 1,192 455 445 445 - 10 174 329 75 17 63 59 96 1,196 447 439 439 - 8 138 329 55 16 143 140 84 747 269 269 - 152 205 23 2 25 25 73
Share-based payments 65 20 20 20 - - 14 34 (1) 1 (2) (2) - 118 21 21 21 - - 48 29 8 5 3 3 9 79 18 18 - 33 41 (17) (3) - - 4
(Gain)/loss on financial instruments (442) 37 - - - 37 (546) 31 61 30 (25) (25) - (1,499) (1,767) (1,733) (1,733) - (34) 245 (182) 18 (16) 121 121 66 455 - - - 240 (21) (4) (13) 240 240 -
Loss/(gain) on foreign exchange
movements 33 7 7 7 - - 245 (191) (58) (10) 6 5 24 72 5 5 5 - - 115 (81) 27 20 2 1 4 163 3 3 - 61 3 24 24 58 - 14
Share of results of equity-accounted
investees after tax (95) 2 - - - 2 17 (117) - - - - 3 (124) 4 - - - 4 (21) (110) - - - - 3 44 - - - 129 (88) - - - - 3
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 (30) 1 1 1 - - (11) (20) - - - - - (21) 1 1 1 - - (7) (15) - - - - - (33) 1 1 - (20) (14) - - - - -
(Reversal of impairments)/impairments (1) - - - - - - - - - (1) (1) - 7,502 7,499 7,499 7,499 - - 1 - - - 2 2 - - - - - - - - - - - -
Occupational healthcare expense - - - - - - - - - - - - - 1 - - - - - - 1 - - - - - - - - - - - - - - - -
Restructuring costs 363 264 264 264 - - 39 60 - - - - - 240 - - - - - 220 20 - - - - - 5 - - - 3 2 - - - - -
Onerous contract provision (493) - - - - - - - (493) (493) - - - (182) - - - - - - - (182) (182) - - - - - - - - - - - - - -
Lease payments (56) (1) (1) (1) - - (14) (9) (6) (5) (26) (26) - (75) (3) (2) (2) - (1) (18) (10) (6) (4) (38) (39) - (63) (1) (1) - (13) (13) (6) (5) (30) (30) -
Other non-recurring costs 271 5 5 5 - - 18 11 51 51 2 2 184 276 - - - - - (1) - 41 41 24 24 212 178 - - - - - - - - - 178
Adjusted EBITDA 3,312 139 (10) (108) 98 149 1,584 1,347 (181) (152) 536 565 (113) 4,474 (76) (45) (121) 76 (31) 3,310 1,549 (124) (83) (117) (89) (68) 3,027 544 397 147 2,532 344 (323) (296) 53 53 (123)
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 Sep 2024 quarter Jun 2024 quarter Nine months ended Sep 2024
Stillwater East Stillwater East Stillwater East
Reef incl Blitz Boulder incl Blitz Boulder incl Blitz Boulder
Total US PGM Unit
Primary development (off reef) (m) 953 113 619 187 2,411 473
Secondary development (m) 2,668 1,272 2,966 1,088 8,891 3,726
SA PGM operations Sep 2024 quarter Jun 2024 quarter Nine months ended Sep 2024
Thembe- Siphume- Thembe- Siphume- Thembe- Siphume-
Reef Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele
Rustenburg Unit
Advanced (m) 796 1,848 2,940 686 592 1,503 2,689 225 1,825 4,565 7,855 1,262
Advanced on reef (m) 796 806 1,002 483 592 576 903 179 1,825 1,910 2,733 900
Height (cm) 218 287 288 255 216 294 288 175 216 291 287 257
Average value (g/t) 3.0 2.3 2.2 2.9 2.9 2.3 2.3 3.2 3.0 2.3 2.3 3.0
(cm.g/t) 658 655 635 742 635 665 661 554 644 666 646 769
SA PGM operations Sep 2024 quarter Jun 2024 quarter Nine months ended Sep 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) 10,395 3,005 3,578 1,054 - 3,595 9,671 2,983 3,136 981 - 3,139 28,036 8,621 8,984 3,087 237 9,092
Primary development - on reef (m) 8,318 1,355 1,668 628 - 826 7,872 1,373 1,751 622 - 776 22,581 4,115 4,429 2,011 153 2,150
Height (cm) 216 218 238 256 - 326 216 218 237 257 - 244 216 218 237 257 226 316
Average value (g/t) 3.1 2.6 2.3 2.5 - 2.5 3.1 2.5 2.2 2.6 - 2.6 3.1 2.5 2.3 2.6 2.5 2.6
(cm.g/t) 667 558 556 635 - 799 674 541 522 675 - 638 658 556 544 656 568 804
SA PGM operations Sep 2024 quarter Jun 2024 quarter Nine months ended Sep 2024
Bamba- Bamba- Bamba-
Reef Kopaneng nani Kwezi K6 Kopaneng nani Kwezi K6 Kopaneng nani Kwezi K6
Kroondal Unit
Advanced (m) 1,108 1,022 380 342 723 979 299 378 2,476 2,927 888 1,161
Advanced on reef (m) 751 972 340 342 608 979 277 378 1,944 2,550 816 1,106
Height (cm) 232 213 224 233 242 211 233 230 237 215 230 234
Average value (g/t) 1.6 1.8 2.4 0.6 2.1 2.4 2.0 1.3 1.9 1.8 2.2 1.2
(cm.g/t) 359 372 533 149 501 500 462 308 452 392 500 283
DEVELOPMENT RESULTS (continued)
SA gold operations Sep 2024 quarter Jun 2024 quarter Nine months ended Sep 2024
Carbon Carbon Carbon
Reef leader Main VCR leader Main VCR leader Main VCR
Driefontein Unit
Advanced (m) 356 435 1,495 485 422 1,336 1,305 1,353 4,113
Advanced on reef (m) 94 76 315 146 116 161 376 220 548
Channel width (cm) 49 38 30 16 74 81 26 58 54
Average value (g/t) 35.7 14.3 61.3 99.3 8.8 36.7 59.2 10.5 43.0
(cm.g/t) 1,739 539 1,818 1,622 645 2,975 1,555 607 2,310
SA gold operations Sep 2024 quarter Jun 2024 quarter Nine months ended Sep 2024
Reef Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 1,045 603 6 204 1,162 566 89 234 3,380 1,658 94 590
Advanced on reef (m) 190 100 - 16 220 146 10 46 652 403 10 82
Channel width (cm) 152 150 - 88 158 103 87 84 165 97 87 110
Average value (g/t) 7.7 5.4 - 24.4 13.8 5.4 1.6 28.0 10.2 6.0 1.6 19.5
(cm.g/t) 1,176 808 - 2,152 2,179 556 143 2,342 1,690 581 143 2,150
SA gold operations Sep 2024 quarter Jun 2024 quarter Nine months ended Sep 2024
Reef Beatrix Beatrix Beatrix
Beatrix Unit
Advanced (m) 1,454 1,613 4,401
Advanced on reef (m) 765 676 2,104
Channel width (cm) 169 144 153
Average value (g/t) 6.2 6.7 6.5
(cm.g/t) 1,047 971 996
SA gold operations Sep 2024 quarter Jun 2024 quarter Nine months ended Sep 2024
Reef Kimberley Kimberley Kimberley
Burnstone Unit
Advanced (m) 344 307 1,491
Advanced on reef (m) - - 53
Channel width (cm) - - 54
Average value (g/t) - - 7.9
(cm.g/t) - - 425
Non-IFRS measures
Sibanye-Stillwater presents certain non-IFRS figures to provide readers with additional financial information that is regularly reviewed by
management to assess the operational performance of the Group and is the responsibility of the Group's Board of Directors. These non-
IFRS measures should not be considered as alternatives to IFRS Accounting Standards measures, including cost of sales, net operating
profit, profit before taxation, cash from operating activities or any other measure of financial performance presented in accordance with
IFRS Accounting Standards, and may not be comparable to similarly titled measures of other companies.
The non-IFRS financial measures discussed in this document are listed below:
Purpose why these non-IFRS measures are Reconciled
Non-IFRS measure Definition reported on page
Adjusted EBITDA Adjusted earnings before interest, tax, Used in the calculation of the debt covenant 19
depreciation and amortisation, and is reported ratio: net debt/(cash) to adjusted EBITDA
based on the formula included in Sibanye-
Stillwater's facility agreements for compliance
with the debt covenant formula and involves
eliminating the effects of various one-time,
irregular, and non-recurring items from the
standard EBITDA calculation
All-in sustaining Cost of sales before amortisation and Developed by the World Gold council for the 13,14,15,16
costs (AISC) depreciation plus additional costs which purpose of the gold mining industry, AISC
include community costs, inventory change provides metrics and aims to reflect the full
(PGM operations only), share-based payments, cost to sustain the production and sale of our
royalties, carbon tax, rehabilitation, leases, ore commodities, and reporting this metric allows
reserve development (ORD), sustaining capital for a meaningful comparisons across our
expenditure and deducting the by-product operations and different mining companies
credit
All-in costs (AIC) AISC plus additional costs relating to corporate Developed by the World Gold council for the 13,14,15,16
and major capital expenditure associated with purpose of the gold mining industry, AIC
growth provides metrics and aims to reflect the full
cost to sustain the production and sale of our
commodities, after including growth capital,
and reporting this metric allows for a
meaningful comparisons across our operations
and different mining companies
AISC/AIC per unit AISC/AIC divided by the total PGM produced/ Developed by the World Gold council for the 13,14,15,16
gold sold/zinc produced (payable) 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
Nickel equivalent Cost of sales before amortisation and We have adapted the AISC measure 11
sustaining cost depreciation plus additional costs which developed by the World Gold Council, nickel
include community costs, share-based equivalent sustaining cost metric aims to
payments, carbon tax, rehabilitation interest reflect the full cost of sustaining production
and amortisation, leases and sustaining capital and sale of nickel and allows for meaningful
expenditure and deducting by-product credit comparisons across different companies
Nickel equivalent Nickel equivalent sustaining cost divided by We have adapted this measure developed by 11
sustaining cost per the total volume of nickel products sold the World Gold Council, nickel equivalent
tonne 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
Operating costs The average cost of production, and Report a measure that aims to reflect the 14,17,18
operating cost per tonne is calculated by operating cost to produce our commodities,
dividing the cost of sales, before amortisation and reporting this metric allows for a
and depreciation and change in inventory in a meaningful comparisons across our operations
period by the tonnes milled/treated in the and different mining companies
same period, and operating cost per ounce
(and kilograms) is calculated by dividing the
cost of sales, before amortisation and
depreciation and change in inventory in a
period by the gold kilograms produced or
PGM 2E and 4E ounces produced in the same
period
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED JSE SPONSOR
(SIBANYE-STILLWATER) JP Morgan Equities South Africa Proprietary Limited
Incorporated in the Republic of South Africa Registration number 1995/011815/07
Registration number 2014/243852/06
Share code: SSW and SBSW 1 Fricker Road, Illovo
Issuer code: SSW Johannesburg 2196
ISIN: ZAE000259701 South Africa
Private Bag X9936
LISTINGS Sandton 2146
South Africa
JSE: SSW
NYSE: SBSW
AUDITORS
WEBSITE Ernst & Young Inc. (EY)
www.sibanyestillwater.com 102 Rivonia Road
Sandton 2196
South Africa
REGISTERED AND CORPORATE OFFICE
Constantia Office Park Private Bag X14
Bridgeview House, Building 11, Ground floor Sandton 2146
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Weltevreden Park 1709 Tel: +27 11 772 3000
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Westonaria 1780 TRANSFER AGENT
South Africa
BNY Mellon Shareowner Correspondence (ADSs)
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Fax: +27 11 278 9863 Mailing address of agent:
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COMPANY SECRETARY Providence, RI 02940-3078
Lerato Matlosa
Email: lerato.matlosa@sibanyestillwater.com Overnight/certified/registered delivery:
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DIRECTORS Canton, MA 02021
Dr Vincent Maphai* (Chairman)
Neal Froneman (CEO) US toll free: + 1 888 269 2377
Charl Keyter (CFO) Tel: +1 201 680 6825
Dr Elaine Dorward-King* Email: shrrelations@cpushareownerservices.com
Harry Kenyon-Slaney*^
Jeremiah Vilakazi* Tatyana Vesselovskaya
Keith Rayner* Relationship Manager - BNY Mellon
Peter Hancock*** Depositary Receipts
Philippe Boisseau**
Richard Menell*# TRANSFER SECRETARIES SOUTH AFRICA
Sindiswa Zilwa* Computershare Investor Services Proprietary Limited
Terence Nombembe^^ Rosebank Towers
Timothy Cumming* 15 Biermann Avenue
Rosebank 2196
* Independent non-executive
^ Appointed as lead independent director 1 January 2024 PO Box 61051
# Resigned as lead independent director 1 January 2024 Marshalltown 2107
** Appointed as independent non-executive director 8 April 2024 South Africa
*** Appointed as independent non-executive director 6 May 2024
^^ Appointed as independent non-executive director 11 September 2024 Tel: +27 11 370 5000
Fax: +27 11 688 5248
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
DISCLAIMER
Forward-looking statements
The information in this report may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's (Sibanye-Stillwater or the Group) financial positions, business strategies, business prospects,
industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, plans and objectives of management for future operations, are necessarily estimates
reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from
those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this
report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such as "will", "would", "expect",
"forecast", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to
place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking
statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans,
debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of
management for future operations; Sibanye-Stillwater's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and
other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater's ability to service its bond instruments; changes in assumptions underlying
Sibanye-Stillwater's estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in
connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, 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, 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 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 at informal settlements in the vicinity of
some of Sibanye-Stillwater's South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19).
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities and
Exchange Commission, including the 2023 Integrated Report and the Annual Financial Report for the fiscal year ended 31Â 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-IFRS(1) 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.
Date: 05-11-2024 08:00:00
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