Sibanye Stillwater (SBSW) Company Report

West Wits Mining Limited has opened the Qala Shallows project, South Africa's first new underground gold mine in 15 years, located near Johannesburg.
The mine is projected to produce approximately 70,000 ounces of gold annually for 12 years, contributing over $1.15 billion to the national economy and creating more than 1,000 jobs.
This project, representing a $90 million (R1.5 billion) investment, marks West Wits' transition from a developer to a producer and aims to revitalize South Africa's gold mining sector.

1 day ago

Aldebaran Resources Files Altar PEA; Nuton Terminates Option Agreement

SBSW

New Projects/Investments

M&A

Aldebaran Resources Inc., a joint venture partner of Sibanye-Stillwater, filed an updated Preliminary Economic Assessment (PEA) for its Altar copper-gold project, effective September 1, 2025, which indicates an NPV (8%) of US$2 billion and an IRR of 20.5%.
Nuton Holdings Ltd., a Rio Tinto venture, terminated its option to joint venture agreement with Aldebaran for the Altar project, initially announced November 7, 2024, due to a shift in priorities to later-stage projects.
Sibanye-Stillwater remains Aldebaran's joint venture partner, with Aldebaran retaining an 80% interest in the Altar project and planning to advance it towards a pre-feasibility study.

Nov 24, 2025, 12:00 PM

Sibanye-Stillwater Reports Strong Q3 2025 Operating Performance and CEO Transition

SBSW

Earnings

Guidance Update

Management Change

Sibanye-Stillwater reported a significant increase in Group adjusted EBITDA for Q3 2025, rising by 198% to R9.9 billion (US$560 million) year-on-year (including S45X10 credits) and 53% higher quarter-on-quarter (excluding S45X10 credits) to R9.5 billion (US$541 million).
All major operations are on track to achieve annual guidance for 2025, with the US PGM operations specifically expected to be at or exceed the upper end of their production range and the lower end of their All-in Sustaining Cost (AISC) range.
Segment-wise, the SA PGM operations' adjusted EBITDA increased by 213% to R5.0 billion (US$281 million), and the SA gold operations' adjusted EBITDA rose by 177% to R3.7 billion (US$212 million) year-on-year. The US PGM operations returned to profitability, with adjusted EBITDA increasing more than 100% year-on-year to US$33 million (R579 million).
Richard Stewart assumed the role of Chief Executive Officer on October 1, 2025.

Nov 12, 2025, 12:21 PM

Sibanye Stillwater Reports Strong H1 2025 Earnings Amidst Impairments and Leadership Transition

SBSW

Earnings

CEO Change

New Projects/Investments

Sibanye Stillwater reported a 120% increase in group adjusted EBITDA for H1 2025 compared to H1 2024, reaching R15.1 billion. Headline earnings per share increased 19-fold to 190 South African cents. However, the company recorded a net loss of R3.9 billion for the period, primarily due to impairments of R4.2 billion related to the Section 45X credit phase-out for US operations and R5.3 billion for the Calibre lithium project.
Section 45X credits amounted to ZAR5.2 billion to date, with a total fair value of ZAR12.6 billion until 2034, significantly contributing to the value of US operations. The company also filed a petition for a palladium trade remedy against Russian imports.
Net debt to adjusted EBITDA improved to 0.89 times. Gross debt increased to R40.2 billion from R39.4 billion at December 2024, with net debt at R19.2 billion. No interim dividend was declared due to the current volatile global economic and geopolitical environment.
US PGM operations returned to positive earnings with an all-in sustaining cost of $1,207 an ounce for H1 2025, aiming to reduce costs below $1,000 per ounce in 2-3 years. SA Gold operations' adjusted EBITDA increased by 118% to ZAR4.8 billion.
CEO Neal Froneman is retiring in September 2025, with Richard Stewart appointed as CEO designate.

Aug 28, 2025, 11:52 PM

Sibanye-Stillwater Reports Strong H1 2025 Adjusted EBITDA Amidst CEO Transition and Impairments

SBSW

Earnings

CEO Change

New Projects/Investments

Sibanye-Stillwater reported a significant increase in adjusted EBITDA for H1 2025, up 120% from H1 2024, or 51% to ZAR 10 billion excluding Section 45X credits.
The company recorded a net loss of ZAR 3.9 billion for H1 2025, primarily due to ZAR 4.2 billion impairment at U.S. operations and ZAR 5.3 billion at Keliber, but would have been a profit of ZAR 1.9 billion excluding these non-cash impairments and historical Section 45X credits.
Neal Froneman is retiring as CEO at the end of September, with Richard Stewart taking over as CEO-designate.
Net debt to adjusted EBITDA improved to 0.89x, well below the target of 1x.
No interim dividend was declared due to market volatility, but the company is confident of being in dividend-paying territory by year-end if commodity prices remain stable.