Financial Data and Key Metrics Changes - Group adjusted EBITDA increased by 120% compared to the same period in 2024, reaching ZAR 10 billion, and even excluding the 45X credits, it was still 51% higher [5][6] - Net debt to adjusted EBITDA ratio improved to 0.89 times, significantly below the market's earlier projections [6] - The total fair value of 45X credits is projected to increase to ZAR 12.6 billion by 2034, representing 32% of the acquisition value of the Stillwater operations [7] Business Line Data and Key Metrics Changes - South African PGM operations produced 840,400 ounces, a 4% decrease year-on-year, with underground operations consistent at 750,000 ounces [59] - South African gold operations saw a 36% increase in average gold price received, reaching slightly more than ZAR 1.8 million per kilogram, while adjusted EBITDA increased by 118% to ZAR 4.8 billion [65][66] - U.S. PGM operations produced 141,000 ounces at an all-in sustaining cost of $1,207 per ounce, reflecting a 41% decrease in costs compared to pre-restructuring [74] Market Data and Key Metrics Changes - Gold prices increased by 26% in the first half of the year, with average trading volumes reaching $329 billion per day, the highest for any half-year period on record [48] - PGM prices have rallied due to tight supply, with platinum prices outperforming driven by lower mine supplies [49] - Lithium market remains oversupplied, with average prices just over $9,000 per ton, affecting profitability for a third of lithium supply [56] Company Strategy and Development Direction - The company is focused on commodity diversification, particularly in gold and lithium, to stabilize earnings during volatile market cycles [25] - A multipolarity strategy is being implemented to enhance local supply of critical minerals, including a petition for a palladium trade remedy [8][26] - The company is investing in brownfield projects with low capital intensity to improve competitiveness and efficiency [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's increasing earnings trend and decreasing leverage, indicating a positive outlook for future performance [9] - The company acknowledges the challenges posed by geopolitical tensions and tariff impacts on market demand, particularly in the U.S. [46] - Future growth is anticipated in the PGM and lithium markets, despite current pressures, with a focus on sustainable practices and stakeholder engagement [30][57] Other Important Information - The company has launched a petition against unwrought palladium imports from Russia, addressing unfair trade practices [78] - The acquisition of Metalex is expected to enhance the company's recycling footprint and contribute to earnings [43] - The company is assessing the Burnstone project for potential future development [29] Q&A Session Summary Question: What is the outlook for dividend payments? - The company has decided not to pay dividends at the interim stage but will review this at year-end, with confidence in returning to dividend-paying territory if commodity prices remain stable [41] Question: How is the company addressing safety concerns? - The company reported three fatalities during the reporting period but noted improvements in safety frequency rates and a commitment to eliminating fatal incidents [21][22] Question: What are the expectations for the lithium market? - The lithium market is currently oversupplied, but the company remains bullish on long-term demand driven by electrification, forecasting a healthy CAGR for battery electric vehicle production [57]

Enhancing financial resilience through safe production Operating and financial results for the six months ended 30 June 2025 (H1 2025) 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 identif ...

Core Insights - Sibanye Stillwater Limited has transitioned from being primarily a South African gold-mining company to a global player in the mining sector, now producing significant amounts of platinum-group metals and entering the battery minerals market, including lithium [1] Company Overview - The company operates mines that focus on gold, platinum-group metals, and is expanding into battery minerals, indicating a strategic diversification of its product offerings [1]

Group 1 - The service Beyond the Wall Investing offers significant savings on equity research reports, potentially saving thousands of dollars annually for subscribers [1] - The investing group provides a fundamentals-based portfolio, weekly insights from institutional investors, and alerts for short-term trade ideas based on technical signals [2] - Community engagement is facilitated through ticker feedback requests and chat features, enhancing the overall investment experience [2] Group 2 - The article emphasizes that past performance does not guarantee future results, highlighting the importance of independent analysis [3] - It clarifies that no specific investment recommendations are provided, and opinions expressed may not represent the views of the entire platform [3] - The analysts contributing to the platform include both professional and individual investors, some of whom may not be licensed or certified [3]

Core Insights - The article highlights the importance of accessing high-quality analysis of Wall Street buying and selling ideas through a subscription service called Beyond the Wall Investing [1] Group 1 - Daniel Sereda serves as the chief investment analyst at a family office, managing investments across various continents and asset classes [1] - The investment group provides insights that prioritize the same information used by institutional market participants in their analyses [1] - A free trial and a special 10% discount are available for new subscribers to the service [1]

Financial Performance - The company reported a significant increase in capital expenditure, focusing on optimizing long-term resource value, with a total of $1.2 billion allocated for 2024[9]. - The company anticipates a 10% growth in revenue for the next fiscal year, driven by higher metal prices and increased production capacity[11]. - The company reported a significant increase in revenue, achieving $1.2 billion for the quarter, representing a 15% year-over-year growth[149]. - The Group achieved adjusted EBITDA of R6.4 billion (US$360 million) for H2 2024, consistent with H2 2023, marking the third consecutive six-month period of stable Group adjusted EBITDA[173]. - The SA gold operations contributed R3.6 billion to adjusted EBITDA for H2 2024, a 38% increase compared to the SA PGM operations, which accounted for 56% of Group adjusted EBITDA for the period[174]. - The average rand gold price increased by 26% compared to H2 2023, significantly benefiting the profitability of the SA gold operations[174]. - The SA PGM operations experienced a 55% decrease in adjusted EBITDA to R2.6 billion (US$152 million) for H2 2024 due to a lower average 4E basket price of R23,892/4Eoz (US$1,330) and changes in processing arrangements[178]. - The Group's net debt to adjusted EBITDA ratio improved to 1.08x after accounting for US$500 million in stream proceeds, indicating strong financial liquidity[193]. - The Group's liquidity headroom was R45.7 billion (US$2.4 billion) as of December 2024, providing sufficient capital for extended operations[193]. User Engagement and Market Expansion - User data showed a 15% increase in active users year-over-year, reaching 5 million users, indicating strong market engagement[12]. - The company is expanding its market presence in Europe, targeting a 25% increase in market share by 2025 through strategic acquisitions[11]. - Market expansion plans include entering three new countries by the end of the fiscal year, targeting a 20% increase in market share[151]. Sustainability and Environmental Impact - The company plans to invest $300 million in sustainable practices to minimize environmental impact and enhance regulatory compliance[12]. - The report highlights the Group's commitment to sustainability and its alignment with the UN's Sustainable Development Goals (SDGs)[58]. - A new sustainability initiative has been launched, aiming to reduce carbon emissions by 30% over the next five years[150]. - The company emphasizes its commitment to sustainability, with a dedicated Chief Sustainability Officer, Melanie Naidoo-Vermaak, overseeing related initiatives[146]. Acquisitions and Investments - The company has identified potential acquisition targets that could enhance its mineral resource portfolio, with an estimated value of $500 million[11]. - Sibanye-Stillwater completed the acquisition of Kroondal operation, assuming full ownership with a contingent consideration of R1,433 million at the acquisition date[26]. - The Group increased its shareholding in the Keliber lithium project to 85.9% at a total cost of EUR338 million, with further investments in 2023[29]. - Sibanye-Stillwater acquired 100% of the Sandouville nickel processing facilities in France for EUR87 million in 2022[29]. - The acquisition of the Reldan Group of Companies was completed for US$155.9 million, enhancing Sibanye-Stillwater's recycling capabilities[29]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of $100 million allocated for this purpose[149]. Operational Efficiency and Innovation - New product development initiatives are underway, with a budget of $200 million allocated for research and innovation in battery metals[12]. - Future outlook includes a focus on digital transformation, with an investment of $150 million in technology upgrades to improve operational efficiency[13]. - The company is investing $50 million in research and development for new technologies aimed at enhancing operational efficiency[150]. - The ongoing development of the K4 shaft project at the Marikana operation is expected to increase production to 250,000 4Eoz by 2030, significantly reducing unit costs[179]. - The restructuring phase concluded in Q4 2024 is expected to reduce operating costs by approximately US$140 million and capex by US$50 million for 2025[182]. Governance and Leadership - The Board confirms the report's integrity and completeness, ensuring transparency in financial disclosures[77]. - The Board acknowledges its responsibility for good governance and ethical leadership, applying the principles of King IV[81]. - The company appointed Richard Stewart as CEO Designate effective March 1, 2025, and he will also serve as Chief Regional Officer for Southern Africa[144]. - The company is committed to strategic and operational knowledge in mining operations and process technologies[141]. Safety and Workforce Diversity - The report emphasizes the importance of safety, with metrics such as the total recordable injury frequency rate (TRIFR) being monitored[48]. - The serious injury frequency rate (SIFR) and total recordable injury frequency rate (TRIFR) were at the lowest levels recorded since 2013[100]. - The percentage of women in the workforce increased to 18%, with 21% of employee promotions awarded to women in South Africa[100]. - The Group's employee and contractor numbers have nearly doubled, increasing by 99.7% since 2013, reflecting positive progress in safety and operational standards[166].

Financial Data and Key Metrics Changes - Revenue increased by 7% for the six months ended December 31, 2024, primarily due to higher Rand gold prices and the inclusion of Relden operations [79] - Adjusted EBITDA for the six months was ZAR6.4 billion, maintaining stability for the third consecutive half-year [80] - Profit for the period was $1.3 billion compared to a loss of $45 million for the same period in 2023 [81] Business Line Data and Key Metrics Changes - South African gold operations contributed just under ZAR6 billion in EBITDA for the year, a substantial increase from the prior period [45] - South African PGM operations saw a 16% decline in the PGM basket price year on year, leading to a nearly 60% decrease in EBITDA to ZAR7.5 billion for 2024 [48] - The recycling business contributed ZAR594 million to adjusted EBITDA, with a total revenue of ZAR14 billion for 2024 [24][60] Market Data and Key Metrics Changes - The average PGM basket price declined by 21% to $988 per ounce, impacting U.S. operations significantly [54] - The South African gold operations experienced a 22% increase in prices, which positively influenced revenue [82] - The average zinc price for the year was USD 2,805 per tonne, significantly higher than the previous year's price [75] Company Strategy and Development Direction - The company is focused on strategic differentiation and sustainability, emphasizing operational excellence and capital optimization [6][7] - The diversification into battery metals and recycling is a key part of the company's strategy to mitigate risks associated with traditional mining [17][24] - The company aims to enhance its position in Western markets, particularly through strategic metals in North America and Europe [25][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the gold operations' performance due to restructuring benefits and a sustained increase in gold prices [45] - The company acknowledged the challenges posed by declining PGM prices but indicated a positive outlook for future operations [12][15] - Management emphasized the importance of maintaining a strong balance sheet and liquidity to navigate the low PGM price environment [86] Other Important Information - The company has secured significant tax credits in North America, estimated at approximately $2.2 billion for 2023 and $1.6 billion for 2024 [25][26] - A new chrome management agreement with Glencore is expected to optimize value from byproducts and enhance operational synergies [50] - The company is progressing well with the Caliber project, with construction on track and an increase in headcount [66] Q&A Session Summary Question: What are the expectations for gold operations moving forward? - Management expects continued positive output from gold operations into 2025, driven by restructuring benefits and higher gold prices [45] Question: How is the company addressing the challenges in PGM operations? - The company is implementing cost management strategies and restructuring to improve efficiency and reduce costs in PGM operations [48][54] Question: What is the outlook for the recycling business? - The recycling segment is anticipated to grow, with a focus on maintaining access to critical feedstock and leveraging synergies across operations [60]

Group 1: Strategic Partnership - C5 Capital and Sibanye-Stillwater have formed a strategic partnership to develop advanced nuclear energy opportunities in South Africa, the United States, and globally, aiming to optimize opportunities throughout the value chain [1][3] - The partnership will focus on identifying, acquiring, financing, developing, and managing uranium projects and production facilities to supply uranium to Small Modular Reactors (SMRs) [3] Group 2: Company Profiles - Sibanye-Stillwater has a diverse portfolio of operations, projects, and investments across five continents, and is a leading global recycler of PGM autocatalysts with significant uranium mineral resources [2][6] - C5 Capital is a global investment firm specializing in advanced nuclear energy, space, and cybersecurity, with an Energy Security Fund aimed at strengthening the global nuclear value chain [5][6] Group 3: Industry Context - C5 Capital is a member of the World Nuclear Association and has signed the Net Zero Nuclear Industry Pledge, which aims to triple nuclear energy capacity by 2050, with 31 countries endorsing this initiative [4] - The partnership aligns with the growing interest in clean energy and the potential for uranium production to support the nuclear energy sector [5]

Core Insights - The article highlights the availability of high-quality analysis on Wall Street buying and selling ideas through a subscription service called Beyond the Wall Investing, which offers a free trial and a 10% discount [1]. Group 1 - Daniel Sereda is identified as the chief investment analyst at a family office, emphasizing his role in navigating extensive information across various asset classes [1]. - The investing group Beyond the Wall Investing provides access to critical information prioritized by institutional market participants [1].

Financial Data and Key Metrics Changes - The company increased its balance sheet strength and liquidity by more than ZAR25 billion or $1.4 billion [13] - The net debt to adjusted EBITDA ratio is currently at 1.43 times, which does not include the gold prepay [17] - The company reported a basic loss of ZAR7.5 billion, primarily due to a ZAR7.5 billion impairment of the US PGM operations [20] Business Line Data and Key Metrics Changes - The South African PGM operations produced just under 880,000 ounces, a 4% increase year-on-year [30] - The US PGM operations saw a 16% increase in mine PGM production to 238,139 2E ounces, the highest since H2 2021 [43] - Gold operational output declined by about 17% year-on-year to just over 10.7 tons [33] Market Data and Key Metrics Changes - The 4E and 2E basket prices were down 28% respectively, and the 3E basket price was down 53% for the US PGM recycling operation [24] - The average 2E PGM basket price declined 30% to $977 an ounce [44] - Despite short-term surpluses, lithium demand is expected to double by 2030 [11] Company Strategy and Development Direction - The company remains focused on strengthening its balance sheet while increasing liquidity [12] - A significant restructuring of operations has been undertaken to position the company for sustainability in the current price environment [29] - The company is committed to embedding ESG practices into its operations and has advanced its green metal strategy [18] Management's Comments on Operating Environment and Future Outlook - Management expects volatility in the short term but believes fundamentals will ultimately drive price appreciation [7] - The company anticipates a robust medium-term outlook for PGMs despite current price pressures [9] - The Keliber Lithium project is fully funded and on track for commissioning in H2 2025, aligning with expected lithium demand growth [38] Other Important Information - The company experienced a cyber-attack in July that impacted its global ICT systems, but operational impact was limited [27] - The restructuring in the US will result in a significant reduction in headcount, with nearly 40% of employees affected [45] - The company is exploring opportunities to leverage existing infrastructure for phosphate deposits [22] Q&A Session Summary Question: What is the outlook for PGM prices? - Management indicated that while there is volatility expected in the short term, they believe the fundamentals will lead to price appreciation as markets tighten [7] Question: How is the restructuring impacting operations? - The restructuring is aimed at reducing costs and improving efficiencies, with a focus on maintaining optionality for higher production in the future [45] Question: What are the expectations for the lithium market? - The company expects lithium demand to double by 2030, with a deficit anticipated starting in 2026/27, aligning with the Keliber project timeline [11][38]