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 31 MARCH 2023
Johannesburg, 9 May 2023: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an
operating update for the quarter ended 31 March 2023 (Q1 2023). The Group's financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 31 MARCH 2023 COMPARED TO QUARTER ENDED 31 MARCH 2022 (Q1 2022)
- Safety statistics improve further as Fatal elimination strategy progresses
- Green metals strategy advances
- Keliber lithium refinery construction commenced - Finnish Minerals Group partner supports rights issue and confirmed to increase
shareholding to 20%
- Rhyolite Ridge JV receives support from United States Department of Energy through conditional US$700 million loan
- Successful takeover offer for New Century Resources enhances our circular economy exposure
- Strategic diversification and growth mitigates against challenging macroeconomic and regional operating environment
- Group generated an adjusted EBITDA of R7.8 billion (US$441 million) in Q1 2023
- SA gold operations return to profitability following a recovery from industrial action, appropriate wage agreement and higher gold price
- SA PGM operations impacted by pull back in PGM prices and localised operational challenges
- Shaft incident at US PGM underground operations temporarily delays repositioning progress
- Recycling throughput down due to low vehicle scrapping with improving outlook as new auto sales show signs of recovery
- Group liquidity enhanced through successful refinancing and increase of the US$ revolving credit facility to US$1 billion
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Mar 2022 Dec 2022 Mar 2023 GROUP Mar 2023 Dec 2022 Mar 2022
898 573 441 US$m Adjusted EBITDA(1) Rm 7,824 10,095 13,664
15.22 17.61 17.76 R/US$ Average exchange rate using daily closing rate
AMERICAS REGION
PGM underground operations
122,389 105,205 100,690 oz 2E PGM production(2),(3) kg 3,132 3,272 3,807
2,058 1,738 1,426 US$/2Eoz Average basket price R/2Eoz 25,326 30,608 31,323
139 80 14 US$m Adjusted EBITDA(1) Rm 254 1,414 2,112
1,244 1,852 1,861 US$/2Eoz All-in sustaining cost(4) R/2Eoz 33,052 32,613 18,940
US PGM recycling
190,871 95,881 78,844 oz 3E PGM recycling(2),(3) kg 2,452 2,982 5,937
3,061 3,132 2,972 US$/3Eoz Average basket price R/3Eoz 52,783 55,157 46,588
17 17 11 US$m Adjusted EBITDA(1) Rm 199 305 263
SOUTHERN AFRICA (SA) REGION
PGM operations
410,848 411,515 379,791 oz 4E PGM production(3),(5) kg 11,813 12,800 12,779
2,961 2,382 2,051 US$/4Eoz Average basket price R/4Eoz 36,433 41,953 45,061
798 491 391 US$m Adjusted EBITDA(1) Rm 6,952 8,651 12,140
1,175 1,233 1,129 US$/4Eoz All-in sustaining cost(4) R/4Eoz 20,043 21,713 17,886
Gold operations
137,091 224,187 200,267 oz Gold production kg 6,229 6,973 4,264
1,873 1,716 1,864 US$/oz Average gold price R/kg 1,064,302 971,623 916,351
(45) 21 44 US$m Adjusted EBITDA(1) Rm 774 371 (680)
2,420 1,839 1,826 US$/oz All-in sustaining cost(4) R/kg 1,042,868 1,041,218 1,183,944
EUROPEAN REGION
Battery metals - Sandouville refinery(6)
1,646 624 1,609 tNi Nickel production(7) tNi 1,609 624 1,646
31,462 31,649 28,258 US$/tNi Nickel equivalent average basket price(8) R/tNi 501,856 557,348 478,856
(6) (17) (14) US$m Adjusted EBITDA(1) Rm (245) (307) (89)
35,221 63,503 38,750 US$/tNi Nickel equivalent sustaining cost(9) R/tNi 688,196 1,118,280 536,070
(1) The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the
facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of
other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute
for other measures of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA,
see "Adjusted EBITDA reconciliation - Quarters"
(2) The 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)
(5) The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation
of the production including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total US and
SA PGM, Total SA PGM and Marikana - Quarters"
(6) Sibanye-Stillwater Sandouville Refinery (Sandouville Refinery) results for the quarter ended March 2022 include the two months since
acquisition (4 February 2022)
(7) The nickel production at the Sandouville refinery operations is principally nickel metal and nickel salts (liquid form), together referred
to as nickel equivalent products
(8) 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
(9) See "Salient features and cost benchmarks - Quarters, Sibanye-Stillwater Sandouville Refinery" for a reconciliation of cost of sales
before amortisation and depreciation to nickel equivalent sustaining cost
Stock data for the quarter ended 31 March 2023 JSE Limited - (SSW)
Number of shares in issue Price range per ordinary share (High/Low) R36.53 to R51.68
- at 31 March 2023 2,830,567,264 Average daily volume 11,934,816
- weighted average 2,830,407,465 NYSE - (SBSW); one ADS represents four ordinary shares
Free Float 99% Price range per ADS (High/Low) US$7.91 to US$12.31
Bloomberg/Reuters SSWSJ/SSWJ.J Average daily volume 3,816,168
OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2023 COMPARED TO QUARTER ENDED 31 MARCH 2022
The Group safety performance for Q1 2023, built on the significantly improved safety delivery for 2022, which represented the best safety
performance in the Group's history. This was a motivating factor during a challenging period which was characterised by significant
global economic risk and uncertainty, ongoing geopolitical developments and localised operational challenges.
Contrary to the previous expectations of a deep global recession, market commentators had generally become more positive at the
beginning of 2023, although the prognosis for the global macro economic environment remained unpredictable. With the US Federal
Reserve continuing to raise interest rates and persistent inflation, and an anticipated economic recovery from China yet to fully
materialise following the termination of the zero COVID-19 policy, the intensity and duration of a probable global recession remains
uncertain. This contributed to a significant retreat in global markets and commodity prices, with only the traditional energy commodities
and those associated with future green energy generation remaining relatively resilient. Gold also bucked the trend, with the dollar gold
price breaching record highs in May 2023, which underpinned its status as a hedge against uncertainty.
With the imperative of combatting climate change attracting continued increased intensity, security of supply of critical minerals is
becoming a top national priority for many governments with active support building for the establishment of local and regional value
chains. New supportive regulatory frameworks and incentive programmes have been introduced in North America and Europe, as such,
critical metals necessary for the green energy transition and innovative energy storage systems requiring a broader range of minerals will
become increasingly important.
Heightened global risks and material macroeconomic challenges, including elevated energy prices, weak economic growth and
persistent inflationary pressures, as well as regional challenges, such as the increasing risks associated with the ongoing decline of the
South African State energy provider, Eskom, and increasing levels of organised crime confirmed the appropriateness and necessity of
continuing with our ongoing strategic evolution that supports attainment of our purpose "to safeguard global sustainability through our
metals".
Our strategic growth and diversification is positioning us to navigate these challenges, and, through our disciplined approach to capital
allocation, we have continued to strengthen our financial position and credit rating. The recent refinancing of our Revolving Credit Facility
(RCF) which was increased from US$600 million to US$1 billion with strong support from a syndicate of global banks, has further enhanced
our liquidity and financial flexibility, thus providing strategic optionality for new opportunities for growth and diversification aligned with our
strategy.
In this regard, we continued to advance our green metals strategy during Q1 2023 with the construction of the Keliber lithium refinery
commencing in March 2023. As part of a previously announced rights issue to secure the outstanding equity funding for the Keliber lithium
project, the Finnish Minerals Group (which manages the Finnish State's mining industry shareholdings), announced that it will increase its
holding in the Keliber project from 14% to 20%, by subscribing for EUR53.9 million (R1 billion) of the EUR104 million (R2 billion) rights issue.
With the initial equity funding of the project capital already secured through the increase of Sibanye-Stillwater's shareholding to over 50%, and the
balance of the target equity funding secured through the planned rights issue of about EUR104 million, the remaining project capital will be
raised through debt finance. Supply of regionally produced lithium into the European green energy ecosystem is a key strategic
advantage, and the competitive positioning of this project with its strong ESG credentials, is set to deliver the greenest primary lithium into
European markets.
The acquisition of Sandouville which was concluded in Q1 2022, is another key component of our strategic growth in Europe. Sandouville,
together with our investment in Keliber, has resulted in significant recognition by the the Finnish and French governments and the
European Union of our commitment to providing Europe with climate change solutions, aligned with our purpose.
In the interim we continue to ensure an undercapitalised plant at Sandouville remains operational and continues to build up production
to nameplate capacity. The ongoing restructuring and integration of the Sandouville nickel refinery has resulted in improved performance
during Q1 2023 compared to Q1 2022, despite elevated energy costs and industrial unrest in France, which disrupted industry nationwide.
A number of commercial initiatives are underway to adjust product mix to align with market requirements with a view to improving
profitability.
We are also progressing studies to unlock the potential of Sandouville. The Sandouville site is earmarked as the base to establish our
European autocatalyst recycling operations. By leveraging our extensive PGM recycling knowledge and experience from our US
operations, we are well positioned to grow our recycling presence in Europe, further enhancing our exposure to the circular economy
and supplying some of the greenest metals globally. The PGM recycling project feasibility study is expected to be complete at the end of
2023. A feasibility study is expected to be completed by end of 2024 on production of nickel sulphate as a battery precursor. The nickel
sulphate plant is expected to be developed with battery recycling in mind to occupy a nodal position in this important emerging market
opportunity in Europe through a world leading facility.
We also reinforced our position in tailings waste retreatment through a successful takeover bid for New Century Resources Limited in
March 2023. A positive response to the bid from New Century shareholders has increased our shareholding from 19.9% to more than 95.5%,
with compulsory acquisition of the remaining minority shareholders underway. The total consideration for the incremental 80.1% is US$83
million (A$120 million) based on the offer price on a fully diluted basis. This acquisition builds international exposure for the Group's tailings
retreatment business, complementing our existing investment in DRDGOLD and enhancing our ability to deliver some of the greenest
metals globally.
Our exposure to the US battery industry through our investment in ioneer and the Rhyolite Ridge project made positive progress during the
period, with ioneer receiving a conditional loan of up to US$700 million from the US Department of Energy during the quarter. This is a
positive indication of support for the project, primarily due to its competitive position in the region, which supports our strategic focus on
selected regional ecosystems.
The increasingly supportive environment in Europe is in stark contrast to the operating environment in South Africa, which has continued to
regress, as reflected in the Fraser Institute Annual Survey of Mining Companies 2022, where it ranked in the bottom ten global mining
jurisdictions for the second year and ranked 57 out of 62 countries in the overall Investment Attractiveness Index.
The deteriorating quality of public services and increase in organised criminal activity in South Africa has become an increasing risk.
Eskom's decreasing energy availability factor is having a major impact on the South African economy and mining industry as the
increasing frequency and extent of loadshedding and load curtailment measures disrupts operations. While we have been able to
mitigate the impact of load curtailment by re-scheduling energy intensive activities to lower demand periods, and have benefited from
extra capacity at our SA PGM processing operations, such measures are less effective during extended and frequent periods of
loadshedding.
As there are no immediate solutions to improve national energy security in South Africa, we are pursuing self-generation projects that will
improve the security of energy supply. We are also working with stakeholders to remove red tape and alleviate other obstacles such as
limited network access, with the aim of commissioning additional generation as quickly as possible. This is expected to reduce the risk of
this aspect of our operations, significantly decreasing our dependence on Eskom, and the carbon emissions attributable to a reliance on
Eskom's coal-fired generation, which dominate our current scope 2 emissions.
The successful production build up at the SA gold operations in H2 2022 following the industrial action and lockout in the first half of 2022,
along with an appropriately structured wage agreement, which was achieved as a consequence of the lockout, enabled a return to
profitability at the SA gold operations in the improved gold price environment. The SA gold operations delivered a positive adjusted
EBITDA of R774 million (US$44 million) for Q1 2023, compared with the adjusted EBITDA loss of R680 million (negative US$45 million) for Q1 2022.
Results from the SA PGM operations were steady, considering the more challenging macroeconomic and operating environment for Q1 2023
compared with Q1 2022. The 19% decline in the rand 4E PGM basket price to R36,433/4Eoz (US$2,051/4Eoz) and the production impact of increased
load curtailment by Eskom and heightened criminal activity, specifically related to copper theft, contributed to a 43% year-on-year decline
in adjusted EBITDA to R7.0 billion (US$391 million) from record adjusted EBITDA for Q1 2022 of R12.1 billion (US$798 million). PGM prices
were boosted to record levels during Q1 2022, due to the onset of the Ukraine hostilities. Despite the pullback in PGM prices, the AISC
margin for Q1 2023 remained robust at 46%* due to solid cost management at the operations. PGM prices have shown signs of recovery post
quarter end, which, supported by improving auto sales numbers recorded in March 2023, implies a more positive outlook for H2 2023.
The Stillwater West mine unfortunately suffered a shaft incident which has temporarily delayed execution of the repositioned plan for the
US PGM operations, but we are confident that our investment in development and initiatives to address skills shortages associated with the
challenging labour market in the US will materialise by the end of the year and have a sustainable impact. Costs have remained elevated
due to volume shortfalls related to the shaft incident and planned expenditure on ore reserve development (ORD) to improve operational flexibility.
The global economic slowdown resulted in lower automotive scrapping rates as consumers deferred new vehicle purchases, placing
continued pressure on the available feed for our US PGM recycling operations. Combined with the pressure on PGM commodity prices,
the adjusted EBITDA contribution from recycling continued to be suppressed in Q1 2023. With promising signs of an uptick in automotive
sales moving into the second half of 2023, feed rates are expected to normalise restoring the contribution to group earnings.
While the economic and operating outlook remains challenging and uncertain, we are beginning to identify early indications of more
positive sentiment after a very tough period. We continue to believe that we are well positioned to benefit from a more positive and
supportive environment and will continue to deliver shared value with all stakeholders.
* The AISC margin is calculated by dividing the difference between AISC and underground plus surface revenue (revenue) by revenue
SAFE PRODUCTION
While Zero harm remains our ultimate objective, our immediate goal continues to focus on eliminating high-energy fatal and serious
incidents through our Fatal elimination strategy that comprises the key pillars of critical controls, critical life saving behaviours,
and critical management routines.
As noted earlier, the Group safety performance continued to improve during Q1 2023 with the Serious Injury Frequency Rate (SIFR)
improving by 17% year-on-year, from 3.06 for Q1 2022 to 2.53 for Q1 2023. This follows a 23% improvement in the SIFR for Q1 2022 relative to
Q1 2021, which is a pleasing outcome. Further evidence that the Fatal elimination strategy is achieving the desired results, is the 56%
decline in the Fatal Injury Frequency Rate (FIFR) from 0.055 for Q1 2022 to 0.024 for Q1 2023. Particular significant milestones achieved
during Q1 2023 were the SA PGM operations achieving 6 million fatality free shifts (FFS) on 15 March 2023 followed by the SA region
operations which achieved 8 million FFS on 28 March 2023.
The Group Total Recordable Injury Frequency Rate (TRIFR) increased by 1% from 5.42 (per million hours worked) for Q1 2022 to 5.49 for Q1
2023, but remained significantly better than the 7.84 achieved in Q1 2021. Similarly the Lost Day Injury Frequency Rate (LDIFR) showed a
slight regression, increasing by 4% from 4.62 in Q1 2022 to 4.79 in Q1 2023.
Regrettably, we lost one of our colleagues at the SA gold operations on the last day of Q1 2023. Mr Thabiso Ramotselisi, who worked as a
Locomotive Guard at Driefontein Pitseng shaft, was fatally injured in a rail bound equipment accident. Mr Ramotselisi was 41 years old
and is survived by his wife and two daughters. Our heartfelt condolences are extended to the family, friends and colleagues of our
deceased colleague. This incident has been thoroughly investigated together with the relevant stakeholders with support being provided
to Mr Ramotselisi's family and children. The rest of the Group's operations had a fatal free first quarter.
Post Q1 2023, (on 13 April 2023), a tragic incident occurred, at the Burnstone project, where a newly constructed surface waste rock
conveyor collapsed. The collapse occurred while five contractor employees were installing a head pulley of the conveyor infrastructure.
Tragically, four persons were fatally injured, while a fifth person sustained serious injuries and is currently receiving treatment.
The board and management of Sibanye-Stillwater extend their sincere condolences to the family, friends and colleagues of the deceased.
A full investigation into the cause of the incident is underway.
While the focus is on ongoing improvement in all aspects of safety, the primary focus during 2023, is to further implement and
operationalise the Fatal elimination strategy, to institutionalise the commitment and responsibility for safety among operational line
management and to all employees to mitigate high energy risks. We remain committed to the continuous improvement in health and
safety at our operations and we have enhanced our risk approach to make fatality prevention our main priority.
OPERATING REVIEW
US PGM operations
During March 2023, the Stillwater West mine suffered structural damage to the shaft which accesses the deeper levels of the mine. The
suspension of operations below 50 level during remediation of the shaft has temporarily delayed the repositioned plan and will result in
reduced production and elevated costs for 2023 relative to previous guidance. There were no injuries from this incident and the shaft was
successfully recommissioned on 16 April 2023, with production from below 50 level resuming and building-up to normalised levels by the
end of April 2023. The incident resulted in approximately 20,000 2Eoz less production from the Stillwater West mine for Q1 2023, with annual
production for 2023 expected to be reduced by approximately 30,000 2Eoz.
Primarily due to the incident, mined 2E PGM production from the US PGM operations of 100,690 2Eoz for Q1 2023 was 18% or 21,699 2Eoz
lower than for Q1 2022. Production from the Stillwater mine of 61,520 2Eoz for Q1 2023, was, 23% lower than the comparable period in 2022
as a result of the incident. The East Boulder mine produced 39,170 2Eoz, 8% lower than for Q1 2022, primarily due to persistent geological
and geotechnical complexity associated with mining to the western section of the mine, compounded by critical skills shortages, which
continue to affect productivity.
Development at the Stillwater mine was significantly impacted by the shaft incident, but continued above 50 level and at the East
Boulder mine throughout the period. Following the repositioning of the US PGM operations in mid-2022 and completion of the Benbow
decline development during 2022, project development at Stillwater East has been discontinued. Total development declined by 11% in
Q1 2023 to 5,821 meters compared to Q1 2022, with development at the Stillwater mine 17% lower year-on-year due to the above
mentioned factors. Development at the East Boulder mine increased by 7% year-on-year, in line with the planned increase in
development rates to increase operational flexibility at the US PGM operations.
AISC of US$1,861/2Eoz (R33,052/2Eoz) for Q1 2023 was elevated due to the production shortfall and higher ORD costs, which increased by
31% year-on-year to US$55 million (R976 million) and sustaining capital which increased by 89% year-on-year to US$21 million (R367 million),
following the reclassification of Stillwater East ORD and sustaining capital during 2022. This was exacerbated by general inflationary
pressures affecting the industry, and continued reliance on higher cost contractor labour due to the ongoing skills shortage.
Total capital expenditure for Q1 2023 increased by 18% year-on-year to US$87 million (R1.5 billion) due to the planned increase in ORD
and the increase in sustaining capital year-on-year. Growth project capital was 47% lower at US$11 million (R198 million) due to the
completion of the Benbow decline development during 2022 and the suspension of further growth capital at Stillwater East.
US PGM recycling operations
The global autocatalyst recycling market remained constrained due to the global economic downturn, recessionary concerns and
sustained inflationary pressures which suppressed consumer demand for new vehicles, with fewer vehicles scrapped and older vehicles
continuing in service for longer. A second factor that has affected recycling throughput relates to our principled approach for an assured
chain of custody for recycled material. This has resulted in our US recycling operations declining to accept material from certain sources
pending proof of authenticity. In this regard we worked with a global legal firm to develop a strengthened set of responsible sourcing
standards and framework within the London Platinum and Palladium Market (LPPM) and with our own Group responsible sourcing
governance standards. We continue to work with the International Precious Metals Institute to promote policies regarding the prevention
of catalytic theft, which is a growing challenge.
Reflecting these constraints, the US PGM recycling operations fed an average of 10.7 tonnes per day (tpd) of spent autocatalyst material
for Q1 2023, 55% lower than for Q1 2022. 3E ounces fed of 78,844 3Eoz, were 59% lower than the 190,871 3Eoz fed for Q1 2022. At the end
of Q1 2023, approximately 33 tonnes of recycle inventory was on hand, compared to 74 tonnes at the end of Q1 2022. PGM recycling
ounces sold declined by 46% to 79,405 3Eoz with the average basket price received for Q1 2023 of US$2,972/3Eoz 3% lower than for Q1 2022.
Recent auto sector statistics indicate a possible recovery in industry sales for 2023, with March 2023 auto sales reflecting an annual sales
run rate of 92.5 million vehicles globally. China's economy is also showing signs of impending recovery, with GDP growth for Q1 2023 of
4.5%, the strongest in over a year. Continuation of these positive economic trends would support an improvement in recycling rates in H2 2023.
SA PGM operations
Total 4E PGM production of 403,699 4Eoz for Q1 2023 (including third party purchase of concentrate (PoC)) was only 4% lower than for Q1
2022, despite a more challenging operating environment than a year ago. Lower underground production of 344,052 4Eoz (7% lower
year-on-year) and surface production (excluding PoC) of 35,739 4Eoz, (12% lower), was partially offset by third party purchase of
concentrate (PoC), which increased by 124% to 23,908 4Eoz due to higher concentrate deliveries from third parties.
4E PGM production (excluding PoC) of 379,791 oz, was 8% lower year-on-year, primarily due to the ongoing planned closure and ceasing
of production at Simunye shaft at Kroondal, copper theft related production disruptions (5,200 4Eoz impact), load curtailment (5,120 4Eoz
impact) and productivity constraints in areas where operations are mining through adverse ground conditions (4,100 4Eoz impact).
Considering the decline in production including the planned Simunye shaft closure, the inclusion of the K4 project ORD costs at the
Marikana operation and general mining inflation for 2022 which exceeded 14%, AISC was well managed during the quarter. AISC
(excluding PoC) for Q1 2023 increased by 12% year-on-year to R20,043/4Eoz (US$1,129/4Eoz), with AISC for Q1 2023 (including PoC)
increasing by 11% year-on-year to R20,686/4Eoz (US$1,165/4Eoz). The increase in Q1 2023 AISC compared to Q1 2022, reflects a 68%
increase in ORD (R262 million (US$11 million) higher) due to ORD costs from the K4 project which were capitalised in Q1 2022, being
incorporated with ORD from the Marikana operations, resulting in a 98% year-on-year increase in Marikana ORD. AISC for Q1 2023, also
reflected lower royalties paid relative to Q1 2022 (64% lower or R410 million (US$29 million)) and 10% higher by-product credits
(R200 million (US$7 million) higher year-on-year).
4E PGM production from the Rustenburg operation for Q1 2023 of 147,484 oz was only 1% lower year-on-year, despite the impact of load
curtailment and ongoing cable theft. Underground production of 130,123 4Eoz was in line with Q1 2022 with surface production 8% lower
than Q1 2022. The Bathopele mine has now successfully traversed the Hexriver fault, and, while experiencing difficult ground conditions,
production is expected to normalise during H2 2023. AISC of R18,558/4Eoz (US$1,045/4Eoz) for Q1 2023 was 7% lower year-on-year due to
various factors including: royalties declining by 92% to R29 million (US$2 million), R336 million lower than Q1 2022, due to a royalty tax
reduction linked to the final Anglo Platinum deferred payment, which was made in Q1 2023 and increased by-product credits which were
28% higher at R847 million (US$48 million), R184 million higher than Q1 2022, (primarily due to higher chrome prices), partially offset by an
18% increase in ORD to R168 million (US$9 milion).
4E PGM production from the Marikana operation (including PoC) declined by 2% to 175,530 oz, due to a 124% increase in PoC ounces,
which partly offset lower production from underground and surface. The Marikana operation was impacted more by cable theft relative
to the other SA PGM operations, which together with load curtailment and safety stoppages, resulted in production (excluding PoC)
declining 10% year-on-year to 151,622 4Eoz. Production from underground of 146,346 4Eoz was 10% lower year-on-year, with surface
production of 5,276 4Eoz 20% lower. AISC (excluding PoC) increased by 29% to R23,057/4Eoz (US$1,298/4Eoz) with AISC (including PoC) of
R24,030/4Eoz (US$1,353/4Eoz), 24% higher year-on-year. While the K4 project remains in build up phase, elevated ORD costs, coupled with
low, but ramping up production output is increasing AISC at Marikana.
The Kroondal operation performed largely in line with its expectations with production of 41,187 4Eoz, 17% lower than for Q1 2022. This was
primarily due to the scheduled closure of the Simunye shaft at the end of 2022 (accounting for 75% of the year-on-year decline) and
continued adverse ground conditions at some Kroondal shafts which negatively affected productivity. In addition, AISC of R17,311/4Eoz
(US$975/4Eoz) was 16% higher than for Q1 2022 as a result of lower production (with Simunye still carrying overhead costs, which will be
transferred to other operations in future), inflationary effects highlighted above and additional underground support required for the
adverse ground conditions, in particular the Eastern shafts which are mining through a shear zone.
While PGM production from Platinum Mile in Q1 2023 of 13,102 4Eoz was 13% lower compared to Q1 2022, this was in line with
expectations considering lower production from mining of the current horizons and noting that additional surface tonnes were added to
the flotation output from the Rustenburg concentrator resulting in a temporary boost to the yield in the prior period. In addition, load
curtailment impacted treatment of ore at the UG2 and retro concentrators. The decrease in output and general inflationary costs
pressures coupled with higher sustaining capital, resulted in higher AISC of R10,456/4Eoz (US$589/4Eoz).
Attributable PGM production from Mimosa for Q1 2023 of 26,396 4Eoz was 6% lower than for Q1 2022. Milling operations at Mimosa were
negatively impacted by sporadic regional power interruptions and a planned five-day plant shutdown in March 2023 to integrate and
commission the optimised plant project. The focus at Mimosa remains on optimising the reagent suite and cell settings across the flotation
circuit. AISC in Q1 2023 was 49% higher year-on-year at US$1,372/4Eoz (R24,360/4Eoz) due to lower production, and sustaining capital
which increased by 80% to US$13 million (R237 million). Increased sustaining capital was as a result of spending on the process plant
optimisation, expansion of the concentrator capacity, and a new tailings storage facility (TSF) as the existing TSF is reaching capacity.
Q1 2023 chrome sales of 499k tonnes were 22% lower than sales of 640k tonnes for Q1 2022, due to logistics timing for Rustenburg and
lower production from Marikana. Chrome revenue of R852 million (US$48 million) for Q1 2023 was 29% higher than Q1 2022, due to lower
sales offset by the chrome price received increasing by 44% to US$283/tonne from US$196/tonne in Q1 2022.
Capital expenditure for Q1 2023 of R1,161 million (US$65 million) increased by 19% compared to Q1 2022, largely due to an increase in
ORD at the Marikana K4 project.
SA gold operations
The SA managed gold operations are benefitting from an appropriately structured, inflation linked wage agreement settled in 2022 which
positions the Group well for the record gold price recorded in early May 2023.
Production from the SA gold operations (including DRDGOLD) for Q1 2023 of 6,229kg (200,267oz) was 46% higher than for Q1 2022,
following the resumption of the operations after the industrial action in the first half of 2022. Gold production (excluding DRDGOLD) of
4,900kg (157,539oz) increased by 71% compared to Q1 2022.
AISC (including DRDGOLD) for Q1 2023 of R1,042,868/kg (US$1,826/oz) and AISC (excluding DRDGOLD) of R1,109,088/kg (US$1,942/oz) was
significantly improved on the previous comparable quarter and year, reflecting a return towards normalised operations from significant
operational disruptions during 2022. Load curtailment continues to challenge normal operating procedures and causes an increase in
operating costs, but is being managed through the adoption of more effective protocols to mitigate impact.
Capital expenditure for Q1 2023 (excluding DRDGOLD) of R1,227 million (US$69 million) reflected the normalisation of operations and
resumption of the Burnstone project.
The Driefontein operation delivered a strong performance for the quarter with tonnes milled increasing since the strike and and yield
increasing since Q4 2022 as higher grade panels are accessed. Underground production increased by 31% to 1,844kg (59,286oz) year-on-
year following the recovery from the strike. Surface production at 59kg (1,897oz) was 25% lower because of a steady depletion of
payable surface material in line with the long-term plan. AISC of R1,065,837/kg (US$1,867/oz) was 1% lower than for Q1 2022. Sustaining
capital expenditure increased by 31% to R80 million (US$5 million) mainly due to higher expenditure on the D4 pillar project which will
open up new high grade reef. ORD increased by 38% to R349 million (US$20 million) in line with the increase in off-reef development
meters achieved.
Kloof underground production of 1,644kg (52,856oz) in Q1 2023 was 65% higher year-on-year with the underground yield increasing by
17% due to improved mining quality. Production from surface sources of 88kg (2,829oz), was 53% lower year-on-year due to depletion of
the available surface rock dumps as per the budget plan. AISC of R1,213,050/kg (US$2,124/oz) in Q1 2023 was 17% lower than for Q1 2022
due to higher production. Sustaining capital was 26% lower year-on-year due to lower expenditure on winder upgrades and plant
refurbishment projects with ORD capital 19% higher primarily due to the normalisation of off-reef development post industrial action.
Project capital at the Kloof 4 shaft deepening project decreased by 11% to R31 million (US$2 million).
Underground gold production from the Beatrix operation for Q1 2023 of 957kg (30,768oz) increased from 37kg (1,190oz) in Q1 2022 with
production from surface sources increasing from 9kg (289oz) to 48kg (1,543oz). AISC declined by 75% year-on-year to R1,033,135/kg
(US$1,809/oz) due to the significant increase in gold sold, offset by inflationary cost increases as described above and ORD increasing by
168% to R83 million (US$5 million).
Section 189 consultations with stakeholders were concluded during Q1 2023, with operations at the Beatrix 4 shaft and Kloof 1 plant
subsequently ceased. The Beatrix 4 shaft previously contributed approximately 20% of production from the Beatrix operation, and
production and grade from the Beatrix operation will be reduced going forward although improved profitability is anticipated due to the
cessation of loss making production.
Surface gold production from Cooke operations in Q1 2023 increased by 64% to 260kg (8,359oz) with AISC increasing by 8% to R983,713/
kg (US$1,723/oz) when compared to Q1 2022 due to 61% increase in cost of sales as a result of the above inflation increases on
chemicals and steel balls as well as the increase in aggregate purchase price which is linked to the higher gold price received in
terms of tolling agreements.
Gold production from DRDGOLD of 1,329kg (42,728oz) for Q1 2023, was 4% lower than for Q1 2022 due to a 21% decrease in tons milled
partly offset by a 19% increase in yield to 0.25g/t. The decrease in the tonnes milled is a result of the reclamation of final remnant and
clean up of material at operating sites nearing depletion, with the increase in yield associated with higher grade remnant material that is
typically encountered during the final stages of reclamation and clean up. AISC in Q1 2023 increased by 8% to 772,009/kg (US$1,352/oz)
due to lower gold sold, industry inflationary effects and a 44% increase in sustaining capital required for development of new reclamation
sites to replace operating sites nearing depletion. Project capital increased by 596% in Q1 2023 year-on-year to R160 million (US$9 million),
primarily on the development of the solar power plant project.
SA gold Burnstone project
The Burnstone project schedule was negatively impacted by the industrial action in 2022, combined with a shortage of skills and trackless
mobile machinery. The project scope has been amended to incorporate these constraints, with initial production from Burnstone now
expected in 2024. Pleasingly, early works on the metallurgical plant have commenced in line with schedule and the integrated water use
license application (IWULA) will be re-submitted to the Department of Water and Sanitation in June 2023 after addressing queries raised
by the regulators. During Q1 2023 project capital of R373 million (US$21 million) was incurred. This was below planned capital, primarily as
a result of lower ORD, weather delays and load shedding impact on the availability of electrical equipment.
The tragic conveyor incident at Burnstone in April 2023 is likely to cause a delay in completion of the shaft rock handling system by about
four months. The full impact of the incident has yet to be determined.
European region - Sandouville operations
The acquisition of the Sandouville nickel refinery in Le Havre, France was concluded on 4 February 2022 and therefore comparing the
operational results for Q1 2023 with Q1 2022 should be seen in this context. The tough H2 2022 where technical issues in the cathode
production unit affected the overall performance continued into Q1 2023. The Q4 2022 start-up after the annual maintenance shutdown
in October took longer than expected. Q1 2023 saw an improved performance on Q4 2022.
However, Q1 2023 was still challenging, with the breakdown of the cathode plant in late 2022 continuing into Q1 2023. Although most of
the cathode cells had been repaired by the end of March 2023, the lack of full availability has throttled production. It is expected that the
plant will reach full production in Q3 2023. Production in Q1 2023 was also impacted by 32 days of lost production due to French national
strikes, plant reliability and process issues.
Sandouville produced 1,180 tonnes of nickel metal in Q1 2023 (5% lower than *Q1 2022), 429 tonnes of nickel salts (8% higher than *Q1
2022) and 33 tonnes of cobalt chloride (6% lower than *Q1 2022) at a nickel equivalent sustaining cost of US$38,750/tNi (R688,196/tNi), 10%
higher than Q1 2022. Unit costs were primarily impacted by production constraints as well as higher energy and raw material inputs.
Sustaining capital of US$2 million (R44 million) in Q1 2023 was 277% higher than for *Q1 2022 of US$1 million (R10 million) with increased
expenditure on plant maintenance to achieve stability offset by-product credits which increased by 157% to US$3 million (R45 million).
A number of new management appointments were made in Q1 2023 including: Head of France, Chief technical officer and Sandouville
financial manager and a turnaround plan was initiated focussed on cost analysis, adapting product mix to market requirements, plant
recoveries and reliability.
Feasibility studies continue on the PGM autocatalyst recycling, battery grade nickel sulphate and battery metals recycling projects.
* Note that Sibanye-Stillwater acquired the Sandouville nickel refinery on 4 February 2021 and therefore amounts included for Q1 2022
are from the effective date of acquisition.
Keliber
As announced on 6 Feb 2023, Keliber received the environmental permit for the Rapasaari mine and Paivaneva concentrator from the
Regional State Administrative Agency for Western and Inland Finland (AVI). Keliber carefully assessed the 144 permit conditions the permit
contained and made a submission to the Vaasa Administrative Court for changes to and/or clarification to six of the permit conditions.
Keliber continues to engage and provide information to the court process at Vaasa Administrative Court after two external appeals were
lodged. As announced on 25 April 2023, the Finnish Minerals Group, which represents and manages the Finnish State's mining industry
investments, confirmed its support for the project increasing its holding in the Keliber project from 14% to 20% by subscribing for
EUR53.9 million of the EUR104 million rights issue.
Further developments
- The commencement of the earthworks for the Keliber lithium refinery (first phase of the Keliber lithium project) in Kokkola, Finland
began on 7 March 2023 with the foundation stone planned to be laid during a ceremony on 11 May 2023
- Contractors signed on to provide earthworks and foundations for the lithium refinery as well as a contract management service provider
- Several procurement agreements and other contracts signed
- Negotiations advancing with a syndicate of banks for debt financing of the remaining project capital post conclusion of the EUR104 million
rights issue
- 107 people on site including 73 contractors
- 29 exploration holes drilled with three drill rigs totalling 6,958 metres (a new quarterly record) with excellent intercepts at the
Tuoreetsaaret, Rapasaari and Syvajarvi targets. As part of the regional lithium exploration a 7 week percussion drilling campaign conducted
- Total capital expenditure estimate for the project remains unchanged at EUR588 million (R11.2 billion) with EUR177 million (R3.4 billion)
already committed
- Capital expenditure spent in Q1 2023 was EUR16.3 million (R311 million) with total capital expenditure spent to date EUR37.1 million
(R707 million)
- Capital expenditure spend marginally behind schedule due to slower than anticipated start of construction
- Capital expenditure estimate for the lithium refinery remains unchanged at EUR359 million (R6.8 billion)
- Capital expenditure spent in Q1 2023 EUR13.9 million (R265 million) with capital expenditure spent to date EUR31.7 million
(R604 million)
OPERATING GUIDANCE FOR 2023*
Primarily as a result of the impact of the shaft incident at the Stillwater West mine, along with ongoing operational constraints
impacting the US PGM operations, guidance for 2023 has been revised. 2E PGM production for 2023 is now forecast to be between 460,000
2Eoz and 480,000 2Eoz, with AISC of between US$1,550/2Eoz to US$1,650/2Eoz. Capital expenditure is forecast to be between
US$285 million and US$300 million, including approximately US$25 million project capital.
3E PGM production for the US PGM recycling operations is forecast to be between 450,000 and 500,000 3Eoz fed for the year. Capital
expenditure is forecast at US$2.6 million (R41.9 million).
Forecast 4E PGM production from the SA PGM operations for 2023 remains unchanged at between 1.7M 4Eoz and 1.8M 4Eoz including
approximately 60,000 4Eoz of third party PoC, with AISC between R20,800/4Eoz and R21,800/4Eoz (US$1,300/4Eoz and US$1,363/4Eoz) -
excluding cost of third party PoC. Capital expenditure is forecast at R5.4 billion (US$338 million)* for the year, including project
capital of R920 million (US$58 million) on the K4 project.
Gold production from the managed SA gold operations (excluding DRDGOLD) for 2023 is forecast at between 23,500kg (756koz) and
24,500kg (788koz). This guidance reflects a return to normalised rates of production following the industrial action in 2022 but excludes
production from Beatrix 4 shaft and Kloof plant 1, where operations ceased during Q1 2023 following the conclusion of a successful
Section 189 consultation. While guidance currently remains unchanged, the company is undertaking a detailed technical review of
marginal operations considering operational and power constraints as well as sustained high levels of inflation. This review is expected to
be completed during the second quarter of 2023. AISC is forecast to be between R950,000/kg and R1,020,000/kg (US$1,882/oz and
US$1,940/oz). Capital expenditure is forecast at R5.9 billion (US$369 million), including R1.95 billion (US$122 million) of project capital
expenditure provided for the Burnstone project and R150 million (US$9 million) on the Kloof 4 deepening project.
Production from the Sandouville nickel refinery is forecast at between 9.5 and 10.1 kilotonnes of nickel product, at a Nickel equivalent
sustaining cost of EUR24,813/t (R409k/t)* and capital expenditure of EUR15.9million (R262.9million)*. Capital expenditure at the
Keliber lithium project for 2023 is forecast to be about EUR231million (R3.81 billion)*.
* The guidance has been translated where relevant at an average exchange rate of R16.00/US$ and R16.50/EUR
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations
US PGM
US and opera- Total SA
SA PGM tions PGM operations(1) Rustenburg Marikana(1) Kroondal Plat Mimosa
opera Under Under Under Under Attribu- Mile Attribu-
tions(1) ground(2) Total ground Surface ground Surface ground Surface able Surface table
Production
Tonnes milled/ 000't Mar 2023 8,742 282 8,460 3,860 4,600 1,412 1,260 1,436 812 686 2,529 326
treated Dec 2022 9,242 286 8,956 4,229 4,727 1,399 1,385 1,660 892 823 2,450 347
Mar 2022 9,291 328 8,963 4,131 4,832 1,420 1,422 1,538 928 833 2,482 340
Plant head grade g/t Mar 2023 2.29 12.26 1.96 3.28 0.85 3.34 1.05 3.64 0.88 2.27 0.74 3.53
Dec 2022 2.31 12.60 1.98 3.27 0.82 3.31 1.08 3.62 0.86 2.40 0.66 3.53
Mar 2022 2.38 12.74 2.00 3.29 0.89 3.29 1.11 3.78 0.85 2.28 0.77 3.57
Plant recoveries % Mar 2023 74.64 90.67 71.24 84.52 28.43 85.81 40.83 87.08 22.98 82.28 21.77 71.33
Dec 2022 75.42 91.20 72.30 84.94 27.20 86.22 33.77 86.75 26.01 82.43 21.62 74.39
Mar 2022 75.15 90.08 71.42 84.74 29.35 86.66 37.18 86.96 25.87 81.09 24.65 71.86
Yield g/t Mar 2023 1.71 11.12 1.40 2.77 0.24 2.87 0.43 3.17 0.20 1.87 0.16 2.52
Dec 2022 1.74 11.49 1.43 2.78 0.22 2.85 0.36 3.14 0.22 1.98 0.14 2.63
Mar 2022 1.79 11.48 1.43 2.79 0.26 2.85 0.41 3.29 0.22 1.85 0.19 2.57
PGM production(3) 4Eoz - 2Eoz Mar 2023 480,481 100,690 379,791 344,052 35,739 130,123 17,361 146,346 5,276 41,187 13,102 26,396
Dec 2022 516,720 105,205 411,515 377,627 33,888 128,351 16,236 167,645 6,413 52,321 11,239 29,310
Mar 2022 533,237 122,389 410,848 370,272 40,576 130,171 18,870 162,540 6,562 49,518 15,144 28,043
PGM sold(4) 4Eoz - 2Eoz Mar 2023 500,257 87,781 412,476 135,514 20,466 180,929 41,187 13,102 21,278
Dec 2022 523,756 110,822 412,934 150,266 19,061 152,402 52,321 11,239 27,645
Mar 2022 563,328 111,153 452,175 155,095 17,167 187,611 49,518 15,144 27,640
Price and costs(5)
Average PGM
basket price(6) R/4Eoz - R/2Eoz Mar 2023 34,357 25,326 36,433 36,952 27,855 36,988 38,142 29,968 30,406
Dec 2022 39,418 30,608 41,953 42,625 30,156 42,446 44,636 33,775 33,279
Mar 2022 42,210 31,323 45,061 46,559 29,993 45,007 48,327 36,793 34,514
Average PGM US$/4Eoz -
basket price(6) US$/2Eoz Mar 2023 1,935 1,426 2,051 2,081 1,568 2,083 2,148 1,687 1,712
Dec 2022 2,238 1,738 2,382 2,420 1,712 2,410 2,535 1,918 1,890
Mar 2022 2,773 2,058 2,961 3,059 1,971 2,957 3,175 2,417 2,268
Operating cost(7) R/t Mar 2023 1,159 7,665 934 2,042 143 1,589 1,180 60 1,653
Dec 2022 1,140 7,838 918 2,072 300 1,366 1,154 61 1,553
Mar 2022 977 5,704 797 1,820 155 1,277 945 53 1,203
Operating cost(7) US$/t Mar 2023 65 432 53 115 8 89 66 3 93
Dec 2022 65 445 52 118 17 78 66 3 88
Mar 2022 64 375 52 120 10 84 62 3 79
Operating cost(7) R/4Eoz - R/2Eoz Mar 2023 21,476 21,432 21,489 22,156 0,368 23,552 19,642 11,525 20,420
Dec 2022 20,812 21,320 20,672 22,587 25,622 20,034 18,138 13,346 18,390
Mar 2022 17,306 15,287 17,952 19,858 11,659 18,616 15,893 8,716 14,585
Operating US$/4Eoz - Mar 2023 1,209 1,207 1,210 1,248 584 1,326 1,106 649 1,150
cost(7) US$/2Eoz
Dec 2022 1,182 1,211 1,174 1,283 1,455 1,138 1,030 758 1,044
Mar 2022 1,137 1,004 1,179 1,305 766 1,223 1,044 573 958
All-in sustaining R/4Eoz - R/2Eoz Mar 2023 22,927 33,052 20,043 18,558 23,057 17,311 10,456 24,360
cost(8) Dec 2022 24,066 32,613 21,713 23,543 22,257 16,819 12,457 24,053
Mar 2022 18,142 18,940 17,886 20,041 17,806 14,863 7,462 13,979
US$/4Eoz -
All-in US$/2Eoz Mar 2023 1,291 1,861 1,129 1,045 1,298 975 589 1,372
sustaining cost(8) Dec 2022 1,367 1,852 1,233 1,337 1,264 955 707 1366
Mar 2022 1,192 1,244 1,175 1,317 1,170 977 490 918
All-in cost(8) R/4Eoz - R/2Eoz Mar 2023 23,725 35,018 20,507 18,558 24,132 17,336 10,456 24,360
Dec 2022 25,492 36,234 22,535 23,536 24,067 16,819 12,457 24,053
Mar 2022 19,177 21,546 18,419 20,041 19,012 14,863 7,462 13,979
US$/4Eoz -
All-in cost(8) US$/2Eoz Mar 2023 1,336 1,972 1,155 1,045 1,359 976 589 1,372
Dec 2022 1,448 2,058 1,280 1,337 1,367 955 707 1,366
Mar 2022 1,260 1,416 1,210 1,317 1,249 977 490 918
Capital expenditure(5)
Ore reserve R'mil Mar 2023 1,622 976 646 168 478 - - -
development Dec 2022 1,481 887 594 178 416 - - -
Mar 2022 1,021 637 384 142 242 - - -
Sustaining R'mil Mar 2023 718 367 351 128 168 48 7 237
capital
Dec 2022 1,288 513 775 245 439 78 13 313
Mar 2022 552 166 386 156 183 46 1 113
Corporate R'mil Mar 2023 362 198 164 - 163 1 - -
and projects Dec 2022 692 381 311 (1) 312 - - -
Mar 2022 523 319 204 - 204 - - -
Total capital R'mil Mar 2023 2,702 1,541 1,161 296 809 49 7 237
expenditure Dec 2022 3,461 1,781 1,680 422 1,167 78 13 313
Mar 2022 2,096 1,122 974 298 629 46 1 113
Total capital US$'mil Mar 2023 152 87 65 17 46 3 - 13
expenditure Dec 2022 197 101 95 24 66 4 1 18
Mar 2022 138 74 64 20 41 3 - 7
Average exchange rate for the quarters ended 31 March 2023, 31 December 2022 and 31 March 2022 was R17.76/US$, R17.61/US$ and R15.22/US$, respectively
Figures may not add as they are rounded independently
(1) The US and SA PGM operations, Total SA PGM operations and Marikana excludes the production and costs associated with the purchase of
concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to
"Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters" and
"Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters"
(2) The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition
to the US PGM operations' underground production, the operation treats various recycling material which is excluded from the statistics shown
above and is detailed in the PGM recycling table below
(3) Production per product - see prill split in the table below
(4) PGM sold includes the third party PoC ounces sold
(5) 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
(6) The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
(7) Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation
and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram)
is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period, by the PGM produced in
the same period. For a reconciliation, refer to "Unit operating cost - Quarters" US and SA PGM operations
(8) All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and
acquisition activities, working capital,impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in
cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation,
together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost
per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E
PGM produced in the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs,
see "All-in costs - Quarters"
Mining - PGM Prill split including third party PoC, excluding recycling operations
US AND SA PGM OPERATIONS TOTAL SA PGM OPERATIONS US PGM OPERATIONS
Mar 2023 Dec 2022 Mar 2022 Mar 2023 Dec 2022 Mar 2022 Mar 2023 Dec 2022 Mar 2022
% % % % % % % % %
Platinum 264,685 52% 282,016 52% 278,259 51% 240,903 60% 257,964 60% 250,401 59% 23,782 24% 24,052 23% 27,858 23%
Palladium 196,583 39% 209,447 39% 220,820 41% 119,675 30% 128,294 30% 126,289 30% 76,908 76% 81,153 77% 94,531 77%
Rhodium 35,649 7% 38,487 7% 36,738 7% 35,649 9% 38,487 9% 36,738 9%
Gold 7,472 1% 8,048 1% 8,112 1% 7,472 2% 8,048 2% 8,112 2%
PGM production 4E/2E 504,389 100% 537,998 100% 543,929 100% 403,699 100% 432,793 100% 421,540 100% 100,690 100% 105,205 100% 122,389 100%
Ruthenium 56,498 60,965 58,777 56,498 60,965 58,777
Iridium 14,323 15,602 14,566 14,323 15,602 14,566
Total 6E/2E 575,210 614,565 617,272 474,520 509,360 494,883 100,690 105,205 122,389
Figures may not add as they are rounded independently
Recycling at US operations
Unit Mar 2023 Dec 2022 Mar 2022
Average catalyst fed/day Tonne 10.7 12.1 23.7
Total processed Tonne 965 1,110 2,132
Tolled Tonne - - -
Purchased Tonne 965 1,110 2,132
PGM fed 3Eoz 78,844 95,881 190,871
PGM sold 3Eoz 79,405 118,982 147,571
PGM tolled returned 3Eoz 2,532 743 -
SA gold operations
Total SA gold operations Driefontein Kloof Beatrix
Under- Under- Under- Under- Cooke DRDGOLD
Total ground Surface ground Surface ground Surface ground Surface Surface Surface
Production
Tonnes milled/ 000't Mar 2023 8,081 1,066 7,015 353 201 361 335 351 216 992 5,271
treated Dec 2022 9,064 1,152 7,912 313 366 400 670 439 106 1,085 5,685
Mar 2022 8,748 492 8,256 236 200 256 623 - - 774 6,659
Yield g/t Mar 2023 0.77 4.17 0.25 5.23 0.29 4.55 0.26 2.72 0.22 0.26 0.25
Dec 2022 0.77 4.25 0.26 4.86 0.52 4.73 0.34 3.38 0.40 0.31 0.22
Mar 2022 0.49 4.95 0.22 5.95 0.40 3.89 0.30 - - 0.21 0.21
Gold produced kg Mar 2023 6,229 4,445 1,784 1,844 59 1,644 88 957 48 260 1,329
Dec 2022 6,973 4,896 2,077 1,523 190 1,891 230 1,482 42 337 1,278
Mar 2022 4,264 2,437 1,827 1,404 79 996 189 37 9 159 1,391
oz Mar 2023 200,267 142,910 57,357 59,286 1,897 52,856 2,829 30,768 1,543 8,359 42,728
Dec 2022 224,187 157,410 66,777 48,966 6,109 60,797 7,395 47,647 1,350 10,835 41,089
Mar 2022 137,091 78,351 58,739 45,140 2,540 32,022 6,076 1,190 289 5,112 44,722
Gold sold kg Mar 2023 6,765 4,830 1,935 1,824 105 1,877 146 1,129 48 307 1,329
Dec 2022 6,308 4,314 1,994 1,437 139 1,633 198 1,244 42 295 1,320
Mar 2022 4,746 2,829 1,917 1,494 100 1,185 224 150 9 207 1,377
oz Mar 2023 217,500 155,288 62,212 58,643 3,376 60,347 4,694 36,298 1,543 9,870 42,728
Dec 2022 202,807 138,698 64,109 46,201 4,469 52,502 6,366 39,996 1,350 9,484 42,439
Mar 2022 152,587 90,954 61,633 48,033 3,215 38,099 7,202 4,823 289 6,655 44,272
Price and costs
Gold price R/kg
received Mar 2023 1,064,302 1,070,503 1,068,710 1,066,270 1,061,889 1,047,404
Dec 2022 971,623 972,081 969,962 969,673 962,712 977,273
Mar 2022 916,351 916,562 915,543 924,528 913,043 916,485
Gold price US$/oz Mar 2023 1,864 1,875 1,872 1,867 1,860 1,834
received
Dec 2022 1,716 1,717 1,713 1,713 1,700 1,726
Mar 2022 1,873 1,873 1,871 1,889 1,866 1,873
Operating R/t Mar 2023 689 3,923 198 4,247 362 4,951 301 2,541 232 243 175
cost(1)
Dec 2022 652 3,838 188 4,721 254 4,340 257 2,749 94 254 165
Mar 2022 511 6,486 155 5,301 295 5,637 254 - - 183 135
US$/t Mar 2023 39 221 11 239 20 279 17 143 13 14 10
Dec 2022 37 218 11 268 14 246 15 156 5 14 9
Mar 2022 34 426 10 348 19 370 17 - - 12 9
R/kg Mar 2023 894,205 940,382 779,148 812,364 1,237,288 1,088,200 1,147,727 933,124 1,041,667 926,923 696,012
Dec 2022 847,268 902,778 716,418 971,110 489,474 916,975 747,826 814,440 238,095 818,991 733,177
Mar 2022 1,048,077 1,309,397 699,507 891,026 746,835 1,448,795 835,979 13,432,432 2,111,111 893,082 647,017
US$/oz Mar 2023 1,566 1,647 1,365 1,423 2,167 1,906 2,010 1,634 1,824 1,623 1,219
Dec 2022 1,496 1,595 1,265 1,715 865 1,620 1,321 1,438 421 1,447 1,295
Mar 2022 2,142 2,676 1,430 1,821 1,526 2,961 1,708 27,450 4,314 1,825 1,322
All-in R/kg Mar 2023 1,042,868 1,065,837 1,213,050 1,033,135 983,713 772,009
sustaining
cost(2)
Dec 2022 1,041,218 1,220,812 1,130,530 924,572 871,186 837,121
Mar 2022 1,183,944 1,080,928 1,462,030 4,188,679 908,213 712,418
All-in US$/oz Mar 2023 1,826 1,867 2,124 1,809 1,723 1,352
sustaining
cost(2)
Dec 2022 1,839 2,156 1,997 1,633 1,539 1,479
Mar 2022 2,420 2,209 2,988 8,560 1,856 1,456
All-in R/kg Mar 2023 1,127,421 1,065,837 1,228,374 1,033,135 983,713 892,400
cost(2)
Dec 2022 1,110,812 1,220,812 1,157,837 924,572 871,186 886,364
Mar 2022 1,224,821 1,080,928 1,486,870 4,213,836 908,213 729,121
All-in US$/oz Mar 2023 1,974 1,867 2,151 1,809 1,723 1,563
cost(2)
Dec 2022 1,962 2,156 2,045 1,633 1,539 1,566
Mar 2022 2,503 2,209 3,039 8,611 1,856 1,490
Capital expenditure
Ore reserve
development R'mil Mar 2023 653 349 221 83 - -
Dec 2022 691 334 262 95 - -
Mar 2022 468 252 185 31 - -
Sustaining R'mil Mar 2023 279 80 70 14 - 115
capital
Dec 2022 480 154 153 50 - 123
Mar 2022 270 61 94 35 - 80
Corporate R'mil Mar 2023 570 - 31 - - 160
and
projects(3)
Dec 2022 423 - 50 - - 65
Mar 2022 183 - 35 4 - 23
Total
capital
expenditure R'mil Mar 2023 1,502 429 322 97 - 275
Dec 2022 1,594 488 465 145 - 188
Mar 2022 921 313 314 70 - 103
Total US$'mil Mar 2023 85 24 18 5 - 15
capital expenditure
Dec 2022 91 28 26 8 - 11
Mar 2022 61 21 21 5 - 7
Average exchange rates for the quarters ended 31 March 2023, 31 December 2022 and 31 March 2022 was R17.76/US$, R17.61/US$
and R15.22/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. For a reconciliation, refer to "Unit operating
cost - Quarters" SA gold operations
(2) All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated
with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed
to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as
a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth.
All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the
All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period.
For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
(3) Corporate project expenditure for the quarters ended 31 March 2023, 31 December 2022 and 31 March 2022 was R379 million (US$21 million),
R308 million (US$17 million) and R121 million (US$8 million), respectively, the majority of which related to the Burnstone project
European operations
Sibanye-Stillwater Sandouville Refinery
Battery Metal Split
Mar 2023 Dec 2022 Mar 2022(1)
Volumes produced (tonnes) % % %
Nickel Salts(2) 429 27% 287 46% 398 24%
Nickel Metal 1,180 73% 337 54% 1,248 76%
Total Nickel Production tNi 1,609 100% 624 100% 1,646 100%
Nickel Cakes(3) 61 23 70
Cobalt Chloride (CoCl2)(4) 33 6 35
Ferric Chloride (FeCl3)(4) 296 110 360
Volumes sales (tonnes)
Nickel Salts(2) 229 17% 347 62% 376 23%
Nickel Metal 1,118 83% 211 38% 1,232 77%
Total Nickel Sold tNi 1,347 100% 558 100% 1,608 100%
Nickel Cakes(3) 19 - -
Cobalt Chloride (CoCl2)(4) 16 (32) 50
Ferric Chloride (FeCl3)(4) 296 110 360
Nickel equivalent basket price Unit Mar 2023 Dec 2022 Mar 2022(1)
Revenue from sale of products R'mil 676 311 770
Nickel Products sold tNi 1,347 558 1,608
Nickel equivalent average basket price(5) R/tNi 501,856 557,348 478,856
US$/tNi 28,258 31,649 31,462
Nickel equivalent sustaining cost R'mil Mar 2023 Dec 2022 Mar 2022(1)
Cost of sales, before amortisation and depreciation 922 624 864
Carbon tax - - -
Community costs - - -
Share-based payments - - -
Rehabilitation interest and amortisation 1 1 1
Leases 5 (13) 2
Sustaining capital expenditure 44 37 10
Less: By-product credit (45) (25) (15)
Nickel equivalent sustaining cost 927 624 862
Nickel Products sold tNi 1,347 558 1,608
Nickel equivalent sustaining cost(6) R/tNi 688,196 1,118,280 536,070
US$/tNi 38,750 63,503 35,221
Nickel recovery yield(7) % 96.15% 89.53% 98.22%
Average exchange rates for the quarters ended 31 March 2023, 31 December 2022 and 31 March 2022 was R17.76/US$, R17.61/US$ and R15.22/US$, respectively
(1) Amounts included since effective date of the acquisition on 4 February 2022
(2) Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel
carbonate and nickel chloride solution
(3) Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
(4) Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
(5) 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
(6) The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost per tonne
nickel is calculated by dividing the Nickel equivalent sustaining cost, in a period by the total nickel products sold over the same period.
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 presented 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
(7) Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
ALL-IN-COSTS - QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA Total SA
PGM US PGM PGM Kroondal Mimosa
opera- opera- opera- (Attribu- (Attribu-
tions(1) tions(2) tions(1) Rustenburg Marikana(1) table) Plat Mile table) Corporate
Cost of sales, before amortisation
and depreciation(3) Mar 2023 10,914 2,133 8,781 3,880 3,938 812 151 478 (478)
Dec 2022 9,700 2,203 7,497 3,670 2,772 905 150 535 (535)
Mar 2022 10,927 1,797 9,130 3,451 4,709 838 132 430 (430)
Royalties Mar 2023 228 - 228 29 196 3 - 32 (32)
Dec 2022 444 - 444 307 134 3 - 31 (31)
Mar 2022 638 - 638 365 269 4 - 31 (31)
Carbon tax Mar 2023 - - - - - - - - -
Dec 2022 - - - - - - - - -
Mar 2022 - - - (1) 1 - - - -
Community costs Mar 2023 23 - 23 - 23 - - - -
Dec 2022 27 - 27 - 27 - - - -
Mar 2022 40 - 40 - 40 - - - -
Inventory change Mar 2023 (83) 25 (108) (623) 515 - - 61 (61)
Dec 2022 1,642 40 1,602 (29) 1,631 - - 4 (4)
Mar 2022 (1,297) 74 (1,371) (476) (895) - - (21) 21
Share-based payments(4) Mar 2023 10 6 4 1 2 1 - - -
Dec 2022 79 44 35 14 22 (2) - - -
Mar 2022 35 14 21 8 10 3 - - -
Rehabilitation interest and amortisation(5) Mar 2023 51 20 31 (3) 16 18 - 1 (1)
Dec 2022 49 13 36 (5) 15 26 - 1 (1)
Mar 2022 55 13 42 2 19 21 - 1 (1)
Leases Mar 2023 15 1 14 4 9 1 - - -
Dec 2022 15 2 13 3 9 1 - - -
Mar 2022 16 2 14 3 9 2 - - -
Ore reserve development Mar 2023 1,622 976 646 168 478 - - - -
Dec 2022 1,481 887 594 178 416 - - - -
Mar 2022 1,021 637 384 142 242 - - - -
Sustaining capital expenditure Mar 2023 718 367 351 128 168 48 7 237 (237)
Dec 2022 1,288 513 775 245 439 78 13 313 (313)
Mar 2022 552 166 386 156 183 46 1 113 (113)
Less: By-product credit Mar 2023 (2,365) (200) (2,165) (847) (1,127) (170) (21) (166) 166
Dec 2022 (2,218) (271) (1,947) (979) (814) (131) (23) (179) 179
Mar 2022 (2,350) (385) (1,965) (663) (1,104) (178) (20) (162) 162
Total All-in-sustaining costs(6) Mar 2023 11,133 3,328 7,805 2,737 4,218 713 137 643 (643)
Dec 2022 12,507 3,431 9,076 3,404 4,651 880 140 705 (705)
Mar 2022 9,637 2,318 7,319 2,987 3,483 736 113 392 (392)
Plus: Corporate cost,
growth and capital expenditure Mar 2023 362 198 164 - 163 1 - - -
Dec 2022 695 381 314 (1) 315 - - - -
Mar 2022 523 319 204 - 204 - - - -
Total All-in-costs(6) Mar 2023 11,495 3,526 7,969 2,737 4,381 714 137 643 (643)
Dec 2022 13,202 3,812 9,390 3,403 4,966 880 140 705 (705)
Mar 2022 10,160 2,637 7,523 2,987 3,687 736 113 392 (392)
PGM production 4Eoz - 2Eoz Mar 2023 504,389 100,690 403,699 147,484 175,530 41,187 13,102 26,396 -
Dec 2022 537,998 105,205 432,793 144,587 195,336 52,321 11,239 29,310 -
Mar 2022 543,929 122,389 421,540 149,041 179,794 49,518 15,144 28,043 -
kg Mar 2023 15,688 3,132 12,556 4,587 5,460 1,281 408 821 -
Dec 2022 16,734 3,272 13,461 4,497 6,076 1,627 350 912 -
Mar 2022 16,918 3,807 13,111 4,636 5,592 1,540 471 872 -
All-in-sustaining cost R/4Eoz - R/2Eoz Mar 2023 23,291 33,052 20,686 18,558 24,030 17,311 10,456 24,360 -
Dec 2022 24,587 32,613 22,494 23,543 23,810 16,819 12,457 24,053 -
Mar 2022 18,680 18,940 18,600 20,041 19,372 14,863 7,462 13,979 -
US$/4Eoz - US$/2Eoz Mar 2023 1,311 1,861 1,165 1,045 1,353 975 589 1,372 -
Dec 2022 1,396 1,852 1,277 1,337 1,352 955 707 1,366 -
Mar 2022 1,227 1,244 1,222 1,317 1,273 977 490 918 -
All-in-cost R/4Eoz - R/2Eoz Mar 2023 24,048 35,018 21,121 18,558 24,959 17,336 10,456 24,360 -
Dec 2022 25,953 36,234 23,272 23,536 25,423 16,819 12,457 24,053 -
Mar 2022 19,694 21,546 19,118 20,041 20,507 14,863 7,462 13,979 -
US$/4Eoz - US$/2Eoz Mar 2023 1,354 1,972 1,189 1,045 1,405 976 589 1,372 -
Dec 2022 1,474 2,058 1,322 1,337 1,444 955 707 1,366 -
Mar 2022 1,294 1,416 1,256 1,317 1,347 977 490 918 -
Average exchange rates for the quarters ended 31 March 2023, 31 December 2022 and 31 March 2022 was R17.76/US$, R17.61/US$ and R15.22/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 - Quarters" and "Reconciliation of AISC and AIC excluding
third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters"
(2) The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition
to the US PGM operations' underground production, the operation processes various recycling material which is excluded from the 2E PGM production,
All-in sustaining cost and All-in cost statistics shown
(3) Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and
administrative costs, and permitting costs
(4) Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based
payment obligation to the reporting date fair value
(5) Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised
rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation
costs reflect the periodic costs of rehabilitation associated with current PGM production
(6) All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and
acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings.
All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation,
together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost
per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM
produced in the same period
Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters
US and SA PGM operations Total SA PGM operations Marikana
R' mil Mar 2023 Dec 2022 Mar 2022 Mar 2023 Dec 2022 Mar 2022 Mar 2023 Dec 2022 Mar 2022
Cost of sales, before amortisation
and depreciation as reported per table above 10,914 9,700 10,927 8,781 7,497 9,130 3,938 2,772 4,709
Inventory change as reported per table above (83) 1,642 (1,297) (108) 1,602 (1,371) 515 1,631 (895)
Less: Chrome cost of sales (257) (349) (353) (257) (349) (353) (60) (67) (132)
Total operating cost including third party PoC 10,574 10,993 9,277 8,416 8,750 7,406 4,393 4,336 3,682
Less: Purchase cost of PoC (822) (849) (534) (822) (849) (534) (822) (849) (534)
Total operating cost excluding third party PoC 9,752 10,144 8,743 7,594 7,901 6,872 3,571 3,487 3,148
PGM production as reported per table above 4Eoz-2Eoz 504,389 537,998 543,929 403,699 432,793 421,540 175,530 195,336 179,794
Less: Mimosa production (26,396) (29,310) (28,043) (26,396) (29,310) (28,043) - - -
PGM production excluding Mimosa 477,993 508,688 515,886 377,303 403,483 393,497 175,530 195,336 179,794
Less: PoC production (23,908) (21,278) (10,692) (23,908) (21,278) (10,692) (23,908) (21,278) (10,692)
PGM production excluding Mimosa 454,085 487,410 505,194 353,395 382,205 382,805 151,622 174,058 169,102
and third party PoC
PGM production including Mimosa 480,481 516,720 533,237 379,791 411,515 410,848 151,622 174,058 169,102
and excluding third party PoC
Tonnes milled/treated 000't 8,742 9,242 9,291 8,460 8,956 8,963 2,248 2,552 2,466
Less: Mimosa tonnes (326) (347) (340) (326) (347) (340) - - -
PGM tonnes excluding Mimosa 8,416 8,895 8,951 8,134 8,608 8,623 2,248 2,552 2,466
and third party PoC
Operating cost including third party PoC R/4Eoz-
R/2Eoz 22,122 21,610 17,983 22,306 21,686 18,821 25,027 22,198 20,479
US$/4Eoz-
US$/2Eoz 1,246 1,227 1,182 1,256 1,231 1,237 1,409 1,261 1,346
R/t 1,256 1,236 1,036 1,035 1,016 859 1,955 1,699 1,493
US$/t 71 70 68 58 58 56 110 96 98
Operating cost excluding third party PoC R/4Eoz-
R/2Eoz 21,476 20,812 17,306 21,489 20,672 17,952 23,552 20,034 18,616
US$/4Eoz-
US$/2Eoz 1,209 1,182 1,137 1,210 1,174 1,179 1,326 1,138 1,223
R/t 1,159 1,140 977 934 918 797 1,589 1,366 1,277
US$/t 65 65 64 53 52 52 89 78 84
Reconciliation of AISC and AIC excluding PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters
US and SA PGM operations Total SA PGM operations Marikana
R' mil Mar 2023 Dec 2022 Mar 2022 Mar 2023 Dec 2022 Mar 2022 Mar 2023 Dec 2022 Mar 2022
Total All-in-sustaining cost 11,133 12,507 9,637 7,805 9,076 7,319 4,218 4,651 3,483
as reported per table above
Less: Purchase cost of PoC (822) (849) (534) (822) (849) (534) (822) (849) (534)
Add: By-product credit of PoC 100 72 62 100 72 62 100 72 62
Total All-in-sustaining cost excluding PoC 10,411 11,730 9,165 7,083 8,299 6,847 3,496 3,874 3,011
Plus: Corporate cost, 362 695 523 164 314 204 163 315 204
growth and capital expenditure
Total All-in-cost excluding PoC 10,773 12,425 9,688 7,247 8,613 7,051 3,659 4,189 3,215
PGM production excluding PoC 4Eoz-2Eoz 454,085 487,410 505,194 353,395 382,205 382,805 151,622 174,058 169,102
All-in-sustaining cost excluding PoC R/4Eoz-
R/2Eoz 22,927 24,066 18,142 20,043 21,713 17,886 23,057 22,257 17,806
US$/4Eoz-
US$/2Eoz 1,291 1,367 1,192 1,129 1,233 1,175 1,298 1,264 1,170
All-in-cost excluding PoC R/4Eoz-
R/2Eoz 23,725 25,492 19,177 20,507 22,535 18,419 24,132 24,067 19,012
US$/4Eoz-
US$/2Eoz 1,336 1,448 1,260 1,155 1,280 1,210 1,359 1,367 1,249
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA
gold
operations Driefontein Kloof Beatrix Cooke DRDGOLD Corporate
Cost of sales, before amortisation and depreciation(1) Mar 2023 6,011 1,613 2,136 1,087 277 898 -
Dec 2022 5,274 1,427 1,638 1,005 240 964 -
Mar 2022 4,775 1,378 1,757 581 172 887 -
Royalties Mar 2023 29 10 11 6 2 - -
Dec 2022 24 8 9 6 1 - -
Mar 2022 15 7 6 1 1 - -
Carbon tax Mar 2023 - - - - - - -
Dec 2022 1 - - 1 - - -
Mar 2022 (12) - - (12) - - -
Community costs Mar 2023 5 - 1 - - 4 -
Dec 2022 3 - - - - 3 -
Mar 2022 34 13 10 9 - 2 -
Share-based payments(2) Mar 2023 10 2 1 1 - 6 -
Dec 2022 45 12 16 11 - 6 -
Mar 2022 19 4 6 4 - 5 -
Rehabilitation interest and amortisation(3) Mar 2023 56 2 8 20 23 2 1
Dec 2022 37 (10) (11) 15 16 4 23
Mar 2022 36 8 (1) 10 13 5 1
Leases Mar 2023 18 1 6 6 - 5 -
Dec 2022 17 1 4 7 - 5 -
Mar 2022 19 1 4 7 2 5 -
Ore reserve development Mar 2023 653 349 221 83 - - -
Dec 2022 691 334 262 95 - - -
Mar 2022 468 252 185 31 - - -
Sustaining capital expenditure Mar 2023 279 80 70 14 - 115 -
Dec 2022 480 154 153 50 - 123 -
Mar 2022 270 61 94 35 - 80 -
Less: By-product credit Mar 2023 (6) (1) - (1) - (4) -
Dec 2022 (4) (2) (1) (1) - - -
Mar 2022 (5) (1) (1) - - (3) -
Total All-in-sustaining costs(4) Mar 2023 7,055 2,056 2,454 1,216 302 1,026 1
Dec 2022 6,568 1,924 2,070 1,189 257 1,105 23
Mar 2022 5,619 1,723 2,060 666 188 981 1
Plus: Corporate cost, growth and capital expenditure Mar 2023 572 - 31 - - 160 381
Dec 2022 439 - 50 - - 65 324
Mar 2022 194 - 35 4 - 23 132
Total All-in-costs(4) Mar 2023 7,627 2,056 2,485 1,216 302 1,186 382
Dec 2022 7,007 1,924 2,120 1,189 257 1,170 347
Mar 2022 5,813 1,723 2,095 670 188 1,004 133
Gold sold kg Mar 2023 6,765 1,929 2,023 1,177 307 1,329 -
Dec 2022 6,308 1,576 1,831 1,286 295 1,320 -
Mar 2022 4,746 1,594 1,409 159 207 1,377 -
oz Mar 2023 217,500 62,019 65,041 37,841 9,870 42,728 -
Dec 2022 202,807 50,670 58,868 41,346 9,484 42,439 -
Mar 2022 152,587 51,248 45,300 5,112 6,655 44,272 -
All-in-sustaining cost R/kg Mar 2023 1,042,868 1,065,837 1,213,050 1,033,135 983,713 772,009 -
Dec 2022 1,041,218 1,220,812 1,130,530 924,572 871,186 837,121 -
Mar 2022 1,183,944 1,080,928 1,462,030 4,188,679 908,213 712,418 -
All-in-sustaining cost US$/oz Mar 2023 1,826 1,867 2,124 1,809 1,723 1,352 -
Dec 2022 1,839 2,156 1,997 1,633 1,539 1,479 -
Mar 2022 2,420 2,209 2,988 8,560 1,856 1,456 -
All-in-cost R/kg Mar 2023 1,127,421 1,065,837 1,228,374 1,033,135 983,713 892,400 -
Dec 2022 1,110,812 1,220,812 1,157,837 924,572 871,186 886,364 -
Mar 2022 1,224,821 1,080,928 1,486,870 4,213,836 908,213 729,121 -
All-in-cost US$/oz Mar 2023 1,974 1,867 2,151 1,809 1,723 1,563 -
Dec 2022 1,962 2,156 2,045 1,633 1,539 1,566 -
Mar 2022 2,503 2,209 3,039 8,611 1,856 1,490 -
Average exchange rates for the quarters ended 31 March 2023, 31 December 2022 and 31 March 2022 was R17.76/US$, R17.61/US$ and
R15.22/US$, respectively Figures may not add as they are rounded independently
(1) Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs,
corporate general and administrative costs, and permitting costs
(2) Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the
cash-settled share-based payment obligation to the reporting date fair value
(3) Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the
related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the
amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
(4) All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and
acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings.
All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost
calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce)
and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period
by the total gold sold over the same period
UNIT OPERATING COST - QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
Total SA
US PGM PGM
US and SA operations operations(2) Rustenburg(2) Marikana(2) Kroondal(2) Plat Mile Mimosa(3)
PGM Under- Under- Under- Attribu- Attribu-
operations ground(1) Total ground Surface ground Surface table Surface table
Cost of sales, before
amortisation and
depreciation Mar 2023 10,914 2,133 8,781 3,615 265 3,938 812 151 478
Dec 2022 9,700 2,203 7,497 3,360 310 2,772 905 150 535
Mar 2022 10,927 1,797 9,130 3,183 268 4,709 838 132 430
Inventory change Mar 2023 (83) 25 (108) (538) (85) 515 - - 61
Dec 2022 1,642 40 1,602 (135) 106 1,631 - - 4
Mar 2022 (1,297) 74 (1,371) (428) (48) (895) - - (21)
Less: Chrome cost of sales Mar 2023 (257) - (257) (194) - (60) (3) - -
Dec 2022 (349) - (349) (326) - (67) 44 - -
Mar 2022 (353) - (353) (170) - (132) (51) - -
Less: Purchase cost of PoC Mar 2023 (822) - (822) - - (822) - - -
Dec 2022 (849) - (849) - - (849) - - -
Mar 2022 (534) - (534) - - (534) - - -
Total operating cost
excluding third party PoC Mar 2023 9,752 2,158 7,594 2,883 180 3,571 809 151 539
Dec 2022 10,144 2,243 7,901 2,899 416 3,487 949 150 539
Mar 2022 8,743 1,871 6,872 2,585 220 3,148 787 132 409
Tonnes milled/treated
excluding Mimosa and third
party PoC(4) 000't Mar 2023 8,416 282 8,134 1,412 1,260 1,436 812 686 2,529 326
Dec 2022 8,895 286 8,608 1,399 1,385 1,660 892 823 2,450 347
Mar 2022 8,951 328 8,623 1,420 1,422 1,538 928 833 2,482 340
PGM production excluding
Mimosa and third party
PoC(4) 000 4Eoz Mar 2023 454,085 100,690 353,395 130,123 17,361 151,622 41,187 13,102 26,396
Dec 2022 487,410 105,205 382,205 128,351 16,236 174,058 52,321 11,239 29,310
Mar 2022 505,194 122,389 382,805 130,171 18,870 169,102 49,518 15,144 28,043
Operating cost(5) R/t Mar 2023 1,159 7,665 934 2,042 143 1,589 1,180 60 1,653
Dec 2022 1,140 7,838 918 2,072 300 1,366 1,154 61 1,553
Mar 2022 977 5,704 797 1,820 155 1,277 945 53 1,203
US$/t Mar 2023 65 432 53 115 8 89 66 3 93
Dec 2022 65 445 52 118 17 78 66 3 88
Mar 2022 64 375 52 120 10 84 62 3 79
R/4Eoz - R/2Eoz Mar 2023 21,476 21,432 21,489 22,156 10,368 23,552 19,642 11,525 20,420
Dec 2022 20,812 21,320 20,672 22,587 25,622 20,034 18,138 13,346 18,390
Mar 2022 17,306 15,287 17,952 19,858 11,659 18,616 15,893 8,716 14,585
US$/4Eoz - US$/2Eoz Mar 2023 1,209 1,207 1,210 1,248 584 1,326 1,106 649 1,150
Dec 2022 1,182 1,211 1,174 1,283 1,455 1,138 1,030 758 1,044
Mar 2022 1,137 1,004 1,179 1,305 766 1,223 1,044 573 958
Average exchange rates for the quarters ended 31 March 2023, 31 December 2022 and 31 March 2022 was R17.76/US$, R17.61/US$ and
R15.22/US$, respectively
Figures may not add as they are rounded independently
(1) 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
(2) 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
(3) US and SA PGM operations and Total SA PGM operations' exclude the results of Mimosa, which is equity accounted
(4) For a reconciliation of the production excluding Mimosa and third party PoC, refer to "Reconciliation of operating cost excluding
third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters"
(5) Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation
and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce
(and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period,
by the PGM produced in the same period
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 Mar 2023 6,011 4,570 1,441 1,540 73 1,993 143 1,037 50 277 898
Dec 2022 5,274 3,831 1,443 1,334 93 1,502 136 995 10 240 964
Mar 2022 4,775 3,460 1,315 1,319 59 1,579 178 562 19 172 887
Inventory change Mar 2023 (441) (390) (51) (42) - (204) (42) (144) - (36) 27
Dec 2022 634 589 45 145 - 232 36 212 - 36 (27)
Mar 2022 (306) (269) (37) (68) - (136) (20) (65) - (30) 13
Total operating cost Mar 2023 5,570 4,180 1,390 1,498 73 1,789 101 893 50 241 925
Dec 2022 5,908 4,420 1,488 1,479 93 1,734 172 1,207 10 276 937
Mar 2022 4,469 3,191 1,278 1,251 59 1,443 158 497 19 142 900
Tonnes milled/treated 000't Mar 2023 8,081 1,066 7,015 353 201 361 335 351 216 992 5,271
Dec 2022 9,064 1,152 7,912 313 366 400 670 439 106 1,085 5,685
Mar 2022 8,748 492 8,256 236 200 256 623 - - 774 6,659
Gold produced kg Mar 2023 6,229 4,445 1,784 1,844 59 1,644 88 957 48 260 1,329
Dec 2022 6,973 4,896 2,077 1,523 190 1,891 230 1,482 42 337 1,278
Mar 2022 4,264 2,437 1,827 1,404 79 996 189 37 9 159 1,391
oz Mar 2023 200,267 142,910 57,357 59,286 1,897 52,856 2,829 30,768 1,543 8,359 42,728
Dec 2022 224,187 157,410 66,777 48,966 6,109 60,797 7,395 47,647 1,350 10,835 41,089
Mar 2022 137,091 78,351 58,739 45,140 2,540 32,022 6,076 1,190 289 5,112 44,722
Operating cost(1) R/t Mar 2023 689 3,923 198 4,247 362 4,951 301 2,541 232 243 175
Dec 2022 652 3,838 188 4,721 254 4,340 257 2,749 94 254 165
Mar 2022 511 6,486 155 5,301 295 5,637 254 - - 183 135
US$/t Mar 2023 39 221 11 239 20 279 17 143 13 14 10
Dec 2022 37 218 11 268 14 246 15 156 5 14 9
Mar 2022 34 426 10 348 19 370 17 - - 12 9
R/kg Mar 2023 894,205 940,382 779,148 812,364 1,237,288 1,088,200 1,147,727 933,124 1,041,667 926,923 696,012
Dec 2022 847,268 902,778 716,418 971,110 489,474 916,975 747,826 814,440 238,095 818,991 733,177
Mar 2022 1,048,077 1,309,397 699,507 891,026 746,835 1,448,795 835,979 13,432,432 2,111,111 893,082 647,017
US$/oz Mar 2023 1,566 1,647 1,365 1,423 2,167 1,906 2,010 1,634 1,824 1,623 1,219
Dec 2022 1,496 1,595 1,265 1,715 865 1,620 1,321 1,438 421 1,447 1,295
Mar 2022 2,142 2,676 1,430 1,821 1,526 2,961 1,708 27,450 4,314 1,825 1,322
Average exchange rates for the quarters ended 31 March 2023, 31 December 2022 and 31 March 2022 was R17.76/US$, R17.61/US$
and R15.22/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 - QUARTERS
Quarter ended Mar 2023 Quarter ended Dec 2022 Quarter ended Mar 2022
Southern Africa (SA)
Americas region region European region Group Americas region SA region European region Group Americas region SA region European region Group
US Under- Total US Under- Total US Under- Total
Total US ground US Recy- Battery Corpo- Total US ground US Recy- Battery Corpo- Total US ground US Recy- Battery Corpo-
Figures in million - SA rand PGM PGM cling SA PGM SA gold Metals(1,2) Sandouville rate Total PGM PGM cling SA PGM SA gold Metals(1) Sandouville rate Total PGM PGM cling SA PGM SA gold Metals(1) Sandouville rate Total
(Loss)/profit before royalties and tax (439) (637) 198 6,289 362 (341) (289) (166) 5,705 706 683 23 5,532 (1,231) (296) (298) (366) 4,345 1,281 956 325 11,298 (1,803) (116) (107) (192) 10,468
Adjusted for:
Amortisation and depreciation 707 706 1 655 524 48 47 - 1,934 799 802 (3) 631 650 42 37 - 2,122 685 684 1 561 394 3 3 - 1,643
Interest income (59) (59) - (152) (164) (2) - - (377) (42) (270) 228 (124) (140) - - - (306) (63) - (63) (64) (111) - - - (238)
Finance expense 261 261 - 230 156 3 3 78 728 259 202 57 166 185 2 - 94 706 219 219 - 254 171 1 1 77 722
Share-based payments (4) (4) - (2) 5 - - - (1) 7 7 - (7) 10 - - 2 12 38 38 - 64 51 - - - 153
(Gain)/loss on financial instruments (4) (4) - 273 (7) (35) - - 227 (10) (10) - 3,011 717 (97) 1 (7) 3,614 215 215 - 152 (34) - - - 333
(Gain)/loss on foreign exchange
differences (6) (6) - (174) (57) 69 (1) (23) (191) - - - 78 123 (55) (60) (1) 145 1 1 - 199 766 23 14 (11) 978
Share of results of equity-accounted
investees after tax - - - (132) (72) - - 4 (200) - - - (346) (86) - - 4 (428) - - - (304) (46) - - - (350)
Change in estimate of environmental
rehabilitation obligation, and right of
recovery receivable and payable - - - - - - - - - - - - (125) 54 - - - (71) - - - - - - - - -
Gain on disposal of property, plant and
equipment - - - (21) (5) - - - (26) - - - (14) (22) - - - (36) (2) (2) - (8) (52) - - - (62)
Impairments - - - - 2 - - - 2 - - - 1 - - - - 1 - - - - - - - - -
Restructuring cost - - - - 46 - - - 46 - - - 4 316 - - - 320 2 2 - 2 5 - - - 9
IFRS 16 lease payments (1) (1) - (14) (16) (6) (5) - (37) (1) (1) - (14) (19) 12 13 - (22) (2) (2) - (14) (21) - - - (37)
Occupational healthcare expense - - - - - - - - - - - - - (186) - - - (186) - - - - - - - - -
Loss on deconsolidation of subsidiary - - - - - - - - - - - - 309 - - - - 309 - - - - - - - - -
Profit on sale of Lonmin Canada - - - - - - - - - - - - (145) - - - - (145) - - - - - - - - -
Other non-recurring costs (2) (2) - - - - - 16 14 1 1 - (306) - - - 20 (285) 1 1 - - - - - 44 45
Adjusted EBITDA 453 254 199 6,952 774 (264) (245) (91) 7,824 1,719 1,414 305 8,651 371 (392) (307) (254) 10,095 2,375 2,112 263 12,140 (680) (89) (89) (82) 13,664
(1) Total Battery Metals includes Sandouville, Keliber OY and Battery Metals corporate and reconciling items
(2) Shortly after announcing its off-market takeover offer of New Century Resources Limited (New Century) and prior to the takeover bid opening
on 7 March 2023 for acceptance by New Century shareholders, on 22 February 2023 Sibanye-Stillwater obtained control over New Century through
the on-market purchase of shares. At the date of this report Sibanye-Stillwater management was still in the process of assessing the inputs,
assumptions and information that may impact the identification and fair value of the net assets acquired. As a result, New Century is not included
in the Q1 2023 operating update and therefore excluded from the adjusted EBITDA reconciliation
DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when
estimating ore reserves. All figures below exclude shaft sinking metres, which are reported separately where appropriate.
US PGM operations Mar 2023 quarter Dec 2022 quarter Mar 2022 quarter
Stillwater East Stillwater East Stillwater East
Reef incl Blitz Boulder incl Blitz Boulder incl Blitz Boulder
Stillwater Unit
Primary development (off reef) (m) 1,503 451 1,297 299 1,852 667
Secondary development (m) 2,443 1,424 3,262 1,521 2,899 1,086
SA PGM operations Mar 2023 quarter Dec 2022 quarter Mar 2022 quarter
Thembe- Siphume- Thembe- Siphume- Thembe- Siphume-
Reef Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele
Rustenburg Unit
Advanced (m) 606 1,325 2,290 521 415 1,379 2,976 726 343 1,393 2,220 559
Advanced on reef (m) 606 572 805 337 415 588 1,056 358 343 604 892 317
Height (cm) 229 294 289 272 217 291 281 265 212 293 281 274
Average value (g/t) 2.7 2.4 2.3 2.9 3.0 2.3 2.3 2.9 2.8 2.4 2.1 2.9
(cm.g/t) 615 696 655 787 655 674 632 754 601 691 600 806
SA PGM operations Mar 2023 quarter Dec 2022 quarter Mar 2022 quarter
Reef K3 Rowland Saffy E3 4B K4 K3 Rowland Saffy E3 4B K4 K3 Rowland Saffy E3 4B K4
Marikana Unit
Primary development (m) 6,661 3,864 2,933 640 949 2,607 8,230 3,975 3,585 770 926 2,876 6,678 4,641 3,122 649 789 29
Primary development - on reef (m) 4,803 2,327 1,663 378 662 877 6,084 2,558 1,868 401 706 960 5,138 3,366 2,049 381 565 2
Height (cm) 216 220 236 225 212 240 216 219 237 222 219 240 217 220 224 215 222 230
Average value (g/t) 2.8 2.5 2.5 2.6 2.9 2.5 2.7 2.5 2.4 2.9 2.8 2.5 2.8 2.6 2.5 2.8 2.8 3
(cm.g/t) 611 548 583 593 621 589 585 543 575 632 620 596 607 572 553 603 620 700
SA PGM operations Mar 2023 quarter Dec 2022 quarter Mar 2022 quarter
Reef Simunye(1) Kopaneng Bamba- Kwezi K6 Kopaneng Bamba- Kwezi K6 Kopaneng Bamba- Kwezi K6
nani nani nani
Kroondal Unit
Advanced (m) 675 541 1,014 273 438 538 774 576 450 478 533 553 210
Advanced on reef (m) 604 462 747 230 423 436 452 521 431 261 390 210 82
Height (cm) 230 235 250 229 235 239 224 218 232 229 214 213 261
Average value (g/t) 2.2 2.0 1.9 2.0 2.2 2.0 1.5 2.2 2.3 1.2 1.9 1.1 0.7
(cm.g/t) 516 470 468 450 509 475 338 470 528 270 415 224 173
(1) Simunye development was done as part of the Kopaneng extraction strategy. Based on planning and measuring this portion of mining below Simunye will be allocated to Kopaneng with effect
from April 2023 onwards
SA gold operations Mar 2023 quarter Dec 2022 quarter Mar 2022 quarter
Carbon Carbon Carbon
Reef leader Main VCR leader Main VCR leader Main VCR
Driefontein Unit
Advanced (m) 544 545 1,072 823 433 1,018 676 293 958
Advanced on reef (m) 67 38 195 28 75 205 118 90 258
Channel width (cm) 41 27 46 17 64 49 22 59 72
Average value (g/t) 22.8 8.3 24.5 54.7 5.2 37.9 36.3 11.0 47.3
(cm.g/t) 937 224 1,123 918 329 1,841 818 644 3,422
SA gold operations Mar 2023 quarter Dec 2022 quarter Mar 2022 quarter
Reef Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 1,002 534 46 709 1,131 601 57 1,020 998 375 20 839
Advanced on reef (m) 375 125 46 142 345 127 57 155 266 102 20 122
Channel width (cm) 152 85 101 107 131 58 95 95 143 99 110 99
Average value (g/t) 5.4 9.0 1.9 10.8 9.5 11.3 2.0 16.0 13.0 10.8 2.5 13.4
(cm.g/t) 819 764 196 1,151 1,247 652 194 1,510 1,861 1,061 279 1,321
SA gold operations Mar 2023 quarter Dec 2022 quarter Mar 2022 quarter
Kalkoen- Kalkoen- Kalkoen-
Reef Beatrix krans Beatrix krans Beatrix krans
Beatrix Unit
Advanced (m) 1,917 8 2,503 110 787 53
Advanced on reef (m) 566 - 740 9 231 -
Channel width (cm) 172 - 147 68 132 -
Average value (g/t) 7.3 - 6.5 30.3 8.7 -
(cm.g/t) 1,262 - 964 2,060 1,141 -
SA gold operations Mar 2023 quarter Dec 2022 quarter Mar 2022 quarter
Reef Kimberley Kimberley Kimberley
Burnstone Unit
Advanced (m) 571 305 38
Advanced on reef (m) - 12 -
Channel width (cm) - 28 -
Average value (g/t) - 11 -
(cm.g/t) - 300 -
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
LISTINGS
JSE: SSW
NYSE: SBSW
WEBSITE
www.sibanyestillwater.com
REGISTERED AND CORPORATE OFFICE
Constantia Office Park
Bridgeview House, Building 11, Ground floor,
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park 1709
South Africa
Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
COMPANY SECRETARY
Lerato Matlosa
Email: lerato.matlosa@sibanyestillwater.com
DIRECTORS
Dr Vincent Maphai* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Dr Elaine Dorward-King*
Harry Kenyon-Slaney*
Jeremiah Vilakazi*
Keith Rayner*
Nkosemntu Nika*
Richard Menell*^
Savannah Danson*
Susan van der Merwe*
Timothy Cumming*
Sindiswa Zilwa*
* Independent non-executive
^ Lead independent director
INVESTOR ENQUIRIES
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Mobile: +27 83 453 4014
Email: james.wellsted@sibanyestillwater.com
or ir@sibanyestillwater.com
JSE SPONSOR
JP Morgan Equities South Africa Proprietary Limited
Registration number 1995/011815/07
1 Fricker Road
Illovo
Johannesburg 2196
South Africa
Private Bag X9936
Sandton 2146
South Africa
AUDITORS
Ernst & Young Inc. (EY)
102 Rivonia Road
Sandton 2196
South Africa
Private Bag X14
Sandton 2146
South Africa
Tel: +27 11 772 3000
AMERICAN DEPOSITARY RECEIPTS
TRANSFER AGENT
BNY Mellon Shareowner Correspondence (ADR)
Mailing address of agent:
Computershare
PO Box 43078
Providence, RI 02940-3078
Overnight/certified/registered delivery:
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
US toll free: + 1 888 269 2377
Tel: +1 201 680 6825
Email: shrrelations@cpushareownerservices.com
Tatyana Vesselovskaya
Relationship Manager - BNY Mellon
Depositary Receipts
Email: tatyana.vesselovskaya@bnymellon.com
TRANSFER SECRETARIES SOUTH AFRICA
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248
DISCLAIMER
Forward looking statements
The information in this document may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's (Sibanye-Stillwater or the Group)
financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior
management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those
suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including
those set forth in this document.
All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements also often use words
such as "will", "would", "expect", "forecast", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar meaning. By their
nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various
important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections contained in
the forward-looking statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected
costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South
Africa, Zimbabwe, the United States, 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 outcome of
any disputes or litigation; 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; 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 2022 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2022
on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2023 (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 measures
The information contained in this document may contain certain non-IFRS measures, including, among others, adjusted EBITDA, 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. These measures should not be considered in isolation or as a substitute for measures of performance prepared in
accordance with IFRS. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this document 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.
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 document.
Date: 09-05-2023 08:39:00
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