Start Time: 08:00 January 1, 0000 9:54 AM ET Sibanye Stillwater Limited (NYSE:SBSW) Q4 2022 Earnings Conference Call February 28, 2023, 08:00 AM ET Company Participants Neal Froneman - CEO Charl Keyter - CFO Richard Stewart - Chief Regional Officer, Southern Africa Charles Carter - Chief Regional Officer, Americas Grant Stuart - Head, Recycling Mika Seitovirta - Chief Regional Officer, Europe James Wellsted - EVP, IR and Corporate Affairs Conference Call Participants Chris Nicholson - RMB Morgan Stanley Adr ...

Financial Data and Key Metrics Changes - Revenue decreased by 22% to R70 billion compared to the same period in 2021, primarily due to a three-month industrial action at South African gold operations and lower commodity prices across all operations [112] - Profit for the period was R12.3 billion, marking the third highest profit for a half year since inception, with normalized earnings at R11.2 billion, translating to earnings per share of R0.0426 [113] - The net cash position was maintained at 0.16 times net cash to adjusted EBITDA, indicating a robust financial position despite operational challenges [109] Business Line Data and Key Metrics Changes - South African PGM operations saw an 8% reduction in output compared to the previous year, with total unit costs increasing by 7%, which is in line with inflation but below mining inflation of approximately 12% [72] - The gold operations experienced significantly lower production output due to industrial action and remediation efforts, with production forecasted to improve in the second half of the year [56][57] - The recycling segment reported a 10% decline in recycled ounces compared to the first half of 2021, influenced by flooding incidents and reduced underground concentrate [101] Market Data and Key Metrics Changes - Battery electric vehicle sales in H1 2022 increased by 75% year-on-year, indicating strong demand despite supply chain issues [42] - The forecast for light-duty vehicles was revised down to about 80 million units for the year, reflecting a nearly 10% reduction from original forecasts due to semiconductor shortages and inflationary pressures [81] - Jewelry demand, particularly in China, remains under pressure due to challenging macro conditions [83] Company Strategy and Development Direction - The company has developed a three-dimensional strategy focusing on harnessing opportunities and managing complexities in the current environment, emphasizing innovation and sustainability [21][25] - The strategic differentiators include building a unique portfolio of green metals and being recognized as a force for good, which aligns with the company's commitment to carbon neutrality and decarbonization [23][24] - The company is positioning itself in regional supply chains rather than global ones to mitigate risks associated with geopolitical events and supply chain disruptions [35][36] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by the Russia-Ukraine conflict, which has accelerated inflationary pressures and impacted consumer spending power [34] - The company remains optimistic about the long-term prospects of battery metals, despite short-term challenges, and is focused on improving operational efficiencies [44][100] - Management emphasized the importance of aligning wage increases with inflation to ensure long-term sustainability and competitiveness [68] Other Important Information - The company declared an interim dividend of R1.38 per share, amounting to R3.9 billion, which is at the top end of its dividend policy [109] - The investment in the Keliber lithium project in Finland is expected to produce some of the greenest lithium in Europe, supporting the company's green metal focus [38][40] - The company is progressing with its PGM recycling facility to capture a significant part of the European recycling market [53] Q&A Session Summary Question: What are the impacts of the flood event in Montana? - The flood event impacted the Stillwater mine for seven weeks, resulting in an estimated loss of 60,000 2E ounces for the first half of 2022 [91] Question: How is the company addressing skill shortages in Montana? - The company is focusing on recruitment, retention, and training to address significant skill shortages and high turnover rates [93] Question: What is the outlook for the PGM market? - The PGM market outlook remains volatile, with supply disruptions due to geopolitical events and a forecasted slight deficit in palladium demand and a slight surplus in platinum [84][77]

Operating and financial results - H1 2022 A challenging period 25 August 2022 1 Disclaimer FORWARD LOOKING STATEMENTS The information in this announcement may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's ("Sibanye-Stillwater" or the "Group") financial positions, business strategies, plans and ...

Financial Data and Key Metrics Changes - Revenue increased by 35% from R127 billion in 2020 to R172 billion in 2021, driven by strong PGM prices [121] - EBITDA rose by 40% year-on-year to R69 billion [124] - Headline earnings for 2021 were approximately R37 billion compared to R29 billion in 2020, with headline earnings per share at 1.272 [130] Business Line Data and Key Metrics Changes - South African PGM operations produced over 940,000 ounces in the second half of the year, a 5% increase year-on-year, with a free cash flow of over R8.2 billion [92] - US PGM operations faced a decline, producing approximately 270,000 ounces, an 11% decrease compared to the previous year [100] - South African gold operations produced just over 550,000 ounces, a 4% decrease year-on-year, with unit costs increasing by 16% to R814,000 per kilogram [109][110] Market Data and Key Metrics Changes - The recycling PGM basket price increased from $2,200 per 3E ounce to about $3,500 per 3E ounce [123] - The average basket price for PGMs sold was just over R40,000 per 4E ounce, higher year-on-year [93] Company Strategy and Development Direction - The company is focused on building a green metals portfolio and achieving carbon neutrality by 2040 [23][19] - A strategic refresh was undertaken to adapt to challenges such as climate change, pandemics, and socio-economic inequalities [72][66] - The company aims to enhance its ESG credentials and build pandemic-resilient ecosystems [80][81] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19 and its impact on safety and operations [5][6] - The company is optimistic about its ability to achieve carbon neutrality and has made significant progress in renewable energy projects [30][28] - Future production guidance for US PGM operations is between 550,000 and 580,000 ounces, while South African gold operations are forecasted to produce between 25 and 27 tons [114][117] Other Important Information - The company declared a total dividend of just under R14 billion for 2021, representing a 9.8% dividend yield [49] - The company has a robust balance sheet with a net cash position of R11.5 billion [51] Q&A Session Summary Question: What are the company's plans regarding carbon neutrality? - The company is committed to achieving carbon neutrality by 2040 and has outlined a detailed pathway to reach this goal [23][27] Question: How is the company addressing safety concerns? - Management highlighted the implementation of a comprehensive safety strategy and independent reviews to enhance safety measures [7][12] Question: What is the outlook for production in the coming year? - The company provided guidance for US PGM operations at 550,000 to 580,000 ounces and for South African gold operations at 25 to 27 tons [114][117]

H2 & year ended 31 December 2021 results and Group strategic update 3 March 2022 | --- | --- | --- | --- | |---------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | Results | | | | | and strategic update H2 & year ended | | | | | 31 December 2021 | | | | | 3 March 2022 | | | | Disclaimer The information in this announcement may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Refo ...

Sibanye Stillwater Limited (NYSE:SBSW) Q2 2021 Earnings Conference Call August 26, 2021 9:00 AM ET Company Participants Neal Froneman - CEO and Executive Director Richard Stewart - Chief Operating Officer Charl Keyter - CFO James Wellsted - SVP, IR Justin Froneman - Regional Chief Financial Officer Laurent Charbonnier - Chief Commercial and Development Officer Conference Call Participants Warren Riley - Bateleur Capital Catherine Cunningham - JPMorgan Arnold Van Graan - Nedbank Campbell Parry - Investec Wea ...

H1 2021 results and Group strategic update for the six months ended 30 June 2021 26 August 2021 H1 2021 results & Group strategic update 26 August 2021 Disclaimer The information in this announcement may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's ("Sibanye-Stillwater" or the "Group") financ ...

Well positioned for ongoing value creation H2 and full year 2020 results & strategic update 18 February 2021 Disclaimer The information in this announcement may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's ("Sibanye-Stillwater" or the "Group") financial positions, business strategies, plans a ...

Financial Data and Key Metrics Changes - Revenue increased by 75% year-on-year to ZAR 127 billion, with adjusted EBITDA up 230% to ZAR 49.4 billion, translating to approximately $3 billion [85][86] - Earnings per share surged by 536 times, resulting in a final dividend of 321 cents per share, bringing the full-year dividend to 371 cents per share, yielding just under 9% [87][88] - Free cash flow reached a record ZAR 19.9 billion, approximately $1.2 billion, with a net cash position of ZAR 3 billion at the end of 2020 [56][88] Business Line Data and Key Metrics Changes - South African PGM operations contributed 60% of adjusted EBITDA, with revenue per 4E ounce up 83% to ZAR 36,700 [85][57] - U.S. PGM operations accounted for 21% of adjusted EBITDA, with revenue per 2E ounce increasing by 53% to $1,900 [85][64] - South African gold operations contributed 19% of earnings, with revenue per kilogram up 43% to ZAR 925,000 [85][70] Market Data and Key Metrics Changes - The South African PGM mineral reserve base increased by 40%, while the U.S. PGM mineral reserve base saw a 7% increase [50] - The average basket price for South African PGM operations rose significantly, contributing to the overall revenue growth [85][57] - The gold market is expected to remain robust due to low interest rates and recovering consumer demand, particularly from emerging markets [81][82] Company Strategy and Development Direction - The company is focusing on embedding ESG excellence in its operations and has committed to achieving carbon neutrality by 2040 [27][30] - Significant capital investments of ZAR 6.8 billion were approved for new growth projects, indicating a strong commitment to future expansion [13] - The company aims to maintain a leading position in dividend payments while balancing capital allocation towards growth projects and debt management [96][97] Management's Comments on Operating Environment and Future Outlook - Management highlighted the fragility of the South African economy and the need for policy changes to encourage investment and economic recovery [101] - The ongoing COVID-19 pandemic has created unique opportunities for operational efficiency improvements [9][10] - The company is optimistic about the future of platinum and palladium markets, anticipating increased demand driven by environmental standards [75][78] Other Important Information - The company has made substantial contributions to the national interest, with sales, royalties, and taxes amounting to ZAR 7.1 billion in 2020, a 213% increase from 2019 [15] - The company is actively involved in community support initiatives, including a commitment of ZAR 200 million towards vaccine distribution [12][13] - The company has implemented a new leadership structure aimed at enhancing performance and ensuring readiness for future growth [39][42] Q&A Session Summary Question: What are the company's plans for capital allocation? - The company plans to allocate ZAR 31 billion of available cash, with ZAR 11 billion for dividends and ZAR 2.6 billion for growth projects, while retaining the balance for working capital and debt repayment [90][91] Question: How does the company view the future of the platinum market? - Management expressed optimism about the platinum market, predicting a price increase to $2,000 per ounce in the near future due to increased demand from automotive applications [75][76] Question: What measures are being taken to ensure safety in operations? - The company is committed to achieving international safety standards and has implemented a robust safety strategy to reduce risks and improve safety performance [45][48]

Results for the six months ended 30 June 2020 H1 2020 Neal Froneman 27 August 2020 Disclaimer The information in this announcement may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's ("Sibanye-Stillwater" or the "Group") financial positions, business strategies, plans and objectives of managemen ...