Financial Performance - Basic loss reduced to R3.6 billion (US$194 million), while headline earnings increased to R5.4 billion (US$292 million), a 19-fold increase compared to H1 2024 [4]. - Group adjusted EBITDA rose to R15.1 billion (US$818 million), representing a 127% year-on-year increase [4]. - Adjusted EBITDA for SA gold operations increased by 118% to R4.8 billion (US$260 million), despite a 13% decrease in production [4]. - Adjusted EBITDA from SA PGM operations for H1 2025 was R4.8 billion (US$260 million), consistent with H1 2024, despite a 16% decrease in 4E PGM sold year-on-year [20]. - Adjusted EBITDA for the US PGM operations increased substantially to US$151 million (R2.8 billion) for H1 2025, a 457% increase compared to H1 2024 [27]. - Group adjusted EBITDA (excluding all S45X credits) increased by 51% to R10.0 billion (US$533 million) for H1 2025 from R6.6 billion (US$355 million) for H1 2024 [50]. - Adjusted EBITDA including S45X credits for H1 2025 was US$129 million (R2.4 billion), 16 times higher than US$8 million (R147 million) for H1 2024 [96]. - The loss for H1 2025 decreased by 44% to R3,906 million, primarily due to lower net cost of sales and recognition of S45X advanced manufacturing production credits [129]. - Profit before royalties, carbon tax, and tax for the six months ended 30 June 2025 was R1,915 million (approximately US$97 million), while for the six months ended 30 June 2024, it was a loss of R5,584 million (approximately US$297 million) [135][140]. Debt and Cash Flow - Net debt to adjusted EBITDA improved to 0.89x as of 30 June 2025, down from 1.79x at 31 December 2024 [4]. - The Group's free cash flow improved by R12.4 billion (US$610 million) to positive R4.5 billion (US$243 million) for H1 2025, compared to a free cash outflow of R6.9 billion (US$367 million) for H1 2024 [53]. - Group free cash flow (FCF) was significantly boosted by R9.2 billion (US$500 million) from the Franco Nevada streaming transaction, with a potential FCF outflow of R4.7 billion (US$258 million) without this transaction [54]. - The Group's cash balance increased by 31% to R21.0 billion (US$1.1 billion) as of June 30, 2025, primarily due to streaming proceeds, while gross debt rose by 2% to R40.2 billion (US$2.3 billion) [55]. - Net debt decreased by R4.2 billion (US$169 million) to R19.2 billion (US$1.1 billion), resulting in a net debt to adjusted EBITDA ratio of 0.89x, supported by a 64% increase in trailing adjusted EBITDA to R21.5 billion (US$1.2 billion) [56]. - The Group realized net cash from operating activities of R13,177 million for H1 2025, a significant increase from R3,697 million in H1 2024 [145]. - Adjusted free cash flow for H1 2025 was R4,473 million, compared to negative R6,875 million in H1 2024, primarily driven by cash proceeds from the Franco-Nevada streaming transaction [147]. Production and Operations - South African PGM operations maintained steady production and good cost management, ensuring ongoing profitability [4]. - US PGM operations benefited from US$159 million (R2.8 billion) in total S45X credits, contributing to improved profitability post-restructuring [4]. - The Century zinc retreatment operations achieved adjusted EBITDA of US$36 million (R657 million) for H1 2025, a turnaround from an adjusted EBITDA loss of US$19 million (R351 million) in H1 2024 [38]. - Gold production from managed SA gold operations decreased by 14% to 7,072 kg (227,370 oz) for H1 2025, primarily due to challenges at the Kloof operation [105]. - Total PGM production for the six months ended June 2025 was 750,150 4Eoz, with a significant increase from 751,064 4Eoz in June 2024, representing a year-over-year growth of approximately 0.15% [158]. - The average rand 4E basket price for Q3 2025 to date is R31,328/4Eoz, which is 16% higher than for H1 2025, indicating potential for increased earnings in H2 2025 [21]. - The average gold price received by SA managed operations for H1 2025 increased by 33% to R1,756,996/kg (US$2,972/oz), significantly enhancing operational profitability [32]. Safety and Environmental Performance - Total Recordable Injury Frequency Rate (TRIFR) improved to 3.90 per million hours worked, a 12% reduction from H1 2024 [12]. - Serious Injury Frequency Rate (SIFR) and TRIFR have shown favorable declines of 14% and 16% respectively over the past 3.5 years [12]. - The Group's safety indicators improved, with the lost time injury frequency rate (LTIFR) decreasing by 11% from 3.99 to 3.57 per million hours worked in H1 2025 [83]. Capital Expenditure and Projects - The Keliber lithium project is nearing completion, with project capex expected to conclude in H1 2026 [4]. - The Marikana K4 shaft project is nearing completion, with capital expenditure expected to decline from R309 million (US$17 million) for H1 2025, contributing to increased revenue as production ramps up [61]. - Total capital expenditure for H1 2025 decreased by 52% year-on-year to US$45 million (R829 million), with sustaining capital down 68% to US$7 million (R121 million) [91]. - Capital expenditure for H1 2025 was €152 million (R3.1 billion), consistent with guidance of €300 million (R5.9 billion) for 2025 [116]. Impairments and Financial Instruments - Impairments recorded were R9,666 million, with R4,230 million related to US PGM operations [134]. - The total finance expense was R2,553 million, with R900 million attributed to US PGM operations [134]. - The company reported a loss on financial instruments for H1 2025 was R391 million, a net loss of R1,887 million compared to a gain of R1,496 million for H1 2024 [138]. - Impairments recognized at 30 June 2025 amounted to R9,666 million, including R5,344 million related to the Keliber lithium project and R3,828 million due to changes in US tax credits [139][144]. Revenue and Sales - Group revenue for H1 2025 decreased by 1% to R54,767 million, primarily due to lower sales volumes at most operations, except for the Century zinc retreatment and Reldan operations [125]. - Revenue from industrial and electronic waste recycling activities was 4,789 million SA rand, reflecting a significant increase from 2,266 million SA rand in June 2024 [179]. - Gold mining activities generated 12,414 million SA rand, while PGM mining activities contributed 26,781 million SA rand for the same period [174].

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 Performance - The company reported a significant increase in revenue, reaching $400 million, representing a 25% year-over-year growth[1]. - The company reported a net profit margin of 15%, up from 12% in the previous year, reflecting improved operational efficiency[9]. - Cash flow from operations was reported at $M million, representing a Q% increase compared to the same period last year[28]. - The company reported a consolidated EBITDA of $X million for the last financial year, reflecting a Y% increase compared to the previous year[29]. User Growth and Engagement - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase[2]. - The company has implemented a new marketing strategy that is projected to increase customer engagement by H% over the next year[28]. Future Guidance and Projections - The company provided guidance for the next quarter, expecting revenue to be between $420 million and $450 million, which translates to a growth rate of 5% to 12.5%[3]. - New product launches are anticipated to contribute an additional $50 million in revenue over the next fiscal year[4]. - The company has provided a revenue guidance of $B billion for the next quarter, indicating a projected growth of C% year-over-year[28]. Strategic Initiatives - Market expansion plans include entering three new countries, projected to increase user base by 15%[6]. - The company completed a strategic acquisition of a smaller competitor for $100 million, expected to enhance market share by 10%[7]. - A strategic acquisition was completed, valued at $G million, which is expected to enhance market share and operational capabilities[28]. Cost Management and Efficiency - Cost reduction strategies are projected to save $10 million annually, improving overall profitability[8]. - The total debt has been reduced by 20% to $200 million, strengthening the company's balance sheet[10]. Research and Development - The company is investing $30 million in research and development for new technologies aimed at enhancing user experience[5]. - The company is investing $F million in R&D for new technologies aimed at enhancing product offerings and improving operational efficiency[28]. Sustainability and Compliance - The company has established a Sustainability Performance Certificate that impacts margin adjustments based on achieved sustainability targets[75]. - The sustainability performance targets and KPIs have been agreed upon, focusing on both injury and non-injury metrics[116]. - The company must provide adequate supporting evidence for any changes in sustainability KPIs or performance targets[118]. Financial Obligations and Conditions - The company reported a revolving loan facility of US$600,000,000 under the Original Facility Agreement[85]. - The company is permitted to incur Financial Indebtedness for general corporate and working capital requirements, not exceeding 7.5% of Consolidated Tangible Net Worth[98]. - The company has a multicurrency revolving loan and standby letter of credit facility with an aggregate amount of up to US$200,000,000 available for commitments[156].

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]