Sibanye Stillwater (SBSW) CMD 2026 summary

Strategic overview and market context

• Strategy refreshed to focus on performance excellence, simplification, and disciplined capital allocation, prioritizing returns and growth flexibility in a dynamic macro environment.

• Four strategic pillars: simplification, performance excellence, growth anchored in returns, and disciplined capital allocation.

• South African operations remain the core earnings and value driver, with a world-class, long-life PGM asset base and a transition to a shallower, higher-margin gold portfolio.

• Market outlook: Gold prices driven by inflation and central bank reserves; PGM prices consolidating after a rally, with robust catalysed vehicle demand and a positive medium-term outlook for both PGMs and chrome.

SA PGM operations: Growth, projects, and value drivers

• Long-life, contiguous PGM assets with substantial resources and brownfield project optionality; current reserves support 32–45 years of production at Rustenburg and Marikana.

• Brownfields UG2 projects (Siphumelele, Thembelani, E4, Kopaneng, E3, Bathopele, Saffy) to sustain ~1.5Moz underground production and increase UG2 mix to 80% by 2035.

• K4 shaft project 77% complete, targeting steady-state by 2033 with a 48-year economic life and NPV of R17.6bn.

• Chrome is a growing value driver, contributing 8% of SA PGM revenue in 2025, with the Chrome Management Agreement (CMA) with Glencore unlocking further value.

• Surface business expansion leverages UG2 tailings and chrome recovery, structurally improving margins and providing a new value stream.

SA gold operations: Transition and project pipeline

• Legacy deep-level gold assets (Driefontein, Kloof, Beatrix) extended to 2036, still generating value but facing natural depletion.

• Portfolio is transitioning to a shallower, lower-risk, higher-margin profile through DRDGOLD (22-year LoM) and the Burnstone project (expected 25-year LoM, NPV R19.2bn, IRR 36.1%).

• DRDGOLD’s Vision 2028 targets 3Mtpm throughput and 200,000oz annual gold output by 2028, with five major capital projects underway.

• Capital expenditure on legacy assets is being reduced as production winds down, supporting cash flow and sustainability.