JOHANNESBURG and LONDON and WASHINGTON, Nov. 21, 2024 /PRNewswire/ -- C5 Capital, a specialist global investment firm and Sibanye-Stillwater, a multinational mining and metals processing group (JSE: SSW andNYSE: SBSW), have entered into a strategic partnership to participate in future development of advanced nuclear energy opportunities in South Africa, the United States and globally. The parties believe that cooperating and leveraging their specific experience and skills will optimize opportunities through ...

Now you can get access to the latest and highest-quality analysis of recent Wall Street buying and selling ideas with just one subscription to Beyond the Wall Investing ! There is a free trial and a special discount of 10% for you. Join us today! Daniel Sereda is chief investment analyst at a family office whose investments span continents and diverse asset classes. This requires him to navigate through a plethora of information on a daily basis. His expertise is in filtering this wealth of data to extract ...

Sibanye Stillwater Limited (NYSE:SBSW) Q2 2024 Earnings Call Transcript September 12, 2024 8:00 AM ET Company Participants Neal Froneman - CEO Richard Stewart - Chief Regional Officer, Southern Africa Mika Seitovirta - Chief Regional Officer, Europe Charl Keyter - CFO Robert Van Niekerk - Chief Technical and Innovation Officer Charles Carter - Chief Regional Officer, Americas Grant Stuart - Head of Recycling James Wellsted - EVP, IR and Corporate Affairs Conference Call Participants Chris Nicholson - RMB Mo ...

Financial Performance - Revenue declined by 9% to R 55.2 billion (US$2.9 billion) due to lower commodity prices[1] - The company reported a loss of R 7.1 billion (US$0.4 billion), which includes non-cash impairments of R 7.5 billion (US$0.4 billion)[1] - The Group reported a loss of R7.1 billion (US$379 million) for H1 2024, compared to a profit of R7.8 billion (US$427 million) in H1 2023, including a R7.6 billion (US$407 million) impairment of US PGM operations[11] - Group adjusted EBITDA decreased by 53% to R6.6 billion (US$355 million), with the SA PGM operations accounting for 94% of this decline[11] - The Group's credit rating was maintained at BB- by S&P, alleviating concerns about potential dilutive equity capital raises[8] - The Group's actions have resulted in reduced costs and improved profitability across most operations during H1 2024 compared to the previous year[5] - The Group's financial performance reflects challenges in production and market pricing dynamics[26] - The company reported a net loss of $1,781 million for the six months ended June 30, 2024, compared to a loss of $1,000 million in the previous period, indicating a deterioration in financial performance[90] Debt and Financing - The net debt to adjusted EBITDA ratio stands at 1.43x, well below covenant limits, indicating a strong financial position[1] - Additional debt headroom of approximately R25 billion was achieved through proactive financial transactions since June 2024[5] - The leverage covenant limit for all Group facilities was increased to 3.5x for the period from June 30, 2024, to June 30, 2025, providing significant financial headroom[7] - The Group's net debt increased by R6.8 billion (US$367 million), with a net debt to adjusted EBITDA ratio of 1.43x, providing significant financial headroom[11] - The Group secured R1.8 billion (US$100 million) in non-debt financing through a gold prepayment arrangement for 1,497 kilograms of gold, with a potential upside exposure of 28% to higher gold prices[8] - Additional non-debt financing of approximately US$600 million to US$700 million is being pursued, potentially increasing total proforma financing to R36.2 billion (US$2.0 billion) to R38.1 billion (US$2.1 billion)[8] Operational Performance - The South African PGM operations delivered solid operational performance and positive free cash flow[1] - Adjusted EBITDA for the Americas region was US$53 million, showing a significant improvement from a loss of US$18 million[3] - All-in sustaining cost for South African PGM operations was US$1,737 per 2Eoz, reflecting cost management efforts[3] - The Century zinc operation produced 42ktZn with AISC of US$2,228/tZn, and is expected to achieve annual guidance despite disruptions in Q1 2024[10] - The Group's strategic focus remains on operational sustainability and protecting the balance sheet during the current low-price cycle, positioning for future recovery in metal prices[6] - The Group plans further restructuring of US operations to adapt to the lower PGM price environment, with the GalliCam project assessing the potential repurposing of the Sandouville refinery[5] - The Group achieved a Serious Injury Frequency Rate (SIFR) of 2.12 for H1 2024, a 24% improvement from 2.79 in H1 2023[13] Production and Sales - Gold production from SA operations was 10,703 kg (344,109 oz) for H1 2024, 17% lower than H1 2023, with AISC of R1,251k/kg (US$2,078/oz), 18% higher[9] - SA PGM operations produced 828,460 4Eoz, with adjusted EBITDA declining by 60% to R4.8 billion (US$255 million) due to a 28% drop in the average 4E PGM basket price[8] - US PGM operations achieved a 16% increase in 2E mined production for H1 2024 compared to H1 2023, with AISC declining by 23% year-on-year to US$1,343/2Eoz[11] - The average 2E PGM basket price declined by 30% to US$ 977/2Eoz (R18,289/2Eoz), leading to a 49% decrease in adjusted EBITDA to US$ 27 million (R488 million) compared to H1 2023[16] - The Century zinc tailings retreatment operation was acquired on February 22, 2023, and has been included in the Group's results since the effective date of acquisition[6] Capital Expenditure - Capital expenditure for the US PGM operations is estimated to be between US$175 million and US$190 million (R3.1 billion and R3.3 billion) for 2024[12] - The capital expenditure for the Keliber lithium project has been revised lower to €300 million (R5.7 billion) for 2024[12] - Total capital expenditure for the six months ended June 2024 was R4,439 million, compared to R997 million in December 2023 and R2,458 million in June 2023[47] - Project capital for H1 2024 increased significantly to R2.3 billion (US$125 million) primarily for the construction of solar power facilities and regional tailings storage[17] Market Conditions - Average basket price for US PGM underground operations decreased to US$1,390 per 2Eoz[3] - The average PGM basket prices received during H1 2024 were lower, impacting overall adjusted EBITDA[26] - The forecast for 2E mined production from US PGM operations in 2024 is between 440,000 2Eoz and 460,000 2Eoz, with AISC projected between US$1,365/2Eoz and US$1,425/2Eoz[12] - The Group is exploring monetization of SA uranium assets, comprising 32.2 million lbs (U3O8) in the Cooke TSF and 26.9 million lbs (U3O8) in shallow underground resources[9] Strategic Initiatives - The Keliber lithium project is fully funded through €500 million green financing[1] - Benefits from the restructuring of South African gold operations and central services are anticipated from H2 2024[1] - The company is actively pursuing market expansion and new product development to enhance its competitive position in the mining sector[51] - Future outlook remains positive, with management indicating a commitment to sustainable growth and shareholder value enhancement[52] Safety and Environmental Performance - The Group's safety performance improved, achieving a Serious Injury Frequency Rate (SIFR) at its lowest recorded level, with a 43% reduction in the Fatal Injury Frequency Rate (FIFR) to 0.04[5] - The Total Recordable Injury Frequency Rate (TRIFR) decreased from 5.46 in H1 2023 to 4.42 in H1 2024, representing a 19% reduction[13] - The Group reported three fatalities in H1 2024, down from six in H1 2023, with a fatal injury frequency rate (FIFR) improving from 0.07 to 0.04[13]

Operating and financial results H1 2024 Delivering on our commitment to strengthen the Balance sheet while also increasing liquidity Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation may be forward-looking statements. Forward-looking statements may be identifie ...

Core Viewpoint - Sibanye Stillwater Limited has secured a refinancing package, providing the company with necessary liquidity during challenging times, despite its underperformance compared to peers in the South African PGM market [3][4]. Group 1: Refinancing Details - Sibanye finalized an R1.8 billion (approximately $101 million) financing deal by exchanging future gold production for a lump sum, committing to deliver 1,497 kg of gold in monthly tranches from October 2024 to November 2026 [5]. - The company extended its revolving credit facility from R550 million to R600 million (an increase of about $27.8 million), maturing in August 2027 with a two-year extension option [5]. - Although the recent raise did not meet the initial target of $500 million, it is viewed as a critical step for interim liquidity [5]. Group 2: Financial Metrics - As of the most recent quarter, Sibanye's total cash was $1.40 billion, with total debt at $2.24 billion, resulting in a debt-to-equity ratio of 79.47% [6]. - The current ratio stands at 1.70, while the quick ratio is at 0.94, indicating a relatively stable liquidity position [6]. Group 3: Operational Performance - The company's U.S. PGM production increased year-over-year, and all-in sustaining costs decreased, leading to positive adjusted EBITDA for that segment [8]. - However, the CEO indicated potential shutdowns of U.S. operations if PGM prices do not recover, highlighting ongoing operational risks [8]. Group 4: Market Conditions - South African inflation has decreased to 4.6% in July 2024, down from 5.1% in June 2024, suggesting a potential interest rate pivot that could benefit mining operations [11][12]. - The upward-sloping futures curves for platinum and palladium, along with a reduction in load-shedding days, are seen as positive indicators for Sibanye's South African operations [10][12]. Group 5: Valuation and Comparisons - Sibanye's forward price-to-book ratio is significantly higher than its current price-to-book ratio, raising concerns, but lower South African discount rates may improve economic profits [17]. - The company's EV/EBITDA ratio of 4.29x is favorable compared to peers like Impala Platinum (5.23x) and Anglo American Platinum (6.74x), indicating a potentially attractive valuation [19][20]. Group 6: Investor Sentiment - Following the refinancing news, Sibanye's stock has shown a positive reaction, increasing by about 7% in the past five trading days, suggesting improved investor sentiment [15][21]. - Despite ongoing risks, the refinancing is viewed as a positive development, with optimism surrounding reduced load-shedding and favorable market conditions for PGM prices [20][21].

mathieukor Investment Thesis Based on recent cross-market trends, as well as considering the individual characteristics of Sibanye Stillwater Limited (NYSE:SBSW), I believe that despite the many risks associated with this stock, the cyclical swing to the upside is still in play. In any case, it seems SBSW now has a better chance of rising in the medium term than continuing the multi-week correction that has been ongoing since February 2022. Why Do I Think So? I'd like to say this from the outset: SBSW repor ...

As filed with the Securities and Exchange Commission on 26 April 2024 UNITEDSTATES SECURITIES AND EXCHANGCEOMMISSION Washington, D.C. 20549 Form 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended 31 December 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPORT ...

Sibanye Stillwater Limited (NYSE:SBSW) Q4 2023 Earnings Conference Call March 5, 2024 7:00 AM ET Company Participants Neal Froneman - Chief Executive Officer Charl Keyter - Chief Financial Officer Richard Stewart - Chief Regional Officer: Southern Africa Charles Carter - Chief Regional Officer: Americas Mika Seitovirta - Chief Regional Officer: Europe Robert Van Niekerk - Chief Technical and Innovation Officer Grant Stuart - Head of Recycling James Wellsted - Executive Vice President: Investor Relations and ...

| --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------|---------------|------------------------------------------------------------------------------------------------------------------------------|-------|------------------------------| | | | | | | | • Turnaround in adjusted EBITDA 1 from loss to R3.52bn (US$193m) | SA gold² – | Production, AISC & gold price | | | | for the 2023 year (199% increase ...