Lorenzo Parisi's questions to Sibanye Stillwater (SBSW) leadership • H1 2025
Question
Lorenzo Parisi of JPMorgan Chase & Co. questioned the confidence in receiving the $285 million Section 45X cash inflow, the potential for future credits, expected CapEx for the next year, and the outlook for free cash flow generation excluding the credits. He also asked about plans to call the convertible bond.
Answer
Charles Carter, Chief Regional Officer of Americas, affirmed they are following legal processes for the 45X credits and expect the cash return next year, though he remains cautious. He noted that a 2E PGM price of $1,200-$1,300 would support a return to positive cash flow. Charl Keyter, CFO & Executive Director, clarified that the convertible bond's call period does not begin until late 2026, so it cannot be called soon.