Wrap Text
Operating update for the quarter ended 31 March 2024
SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
OPERATING UPDATE
QUARTER ENDED 31 MARCH 2024
Johannesburg, 10 May 2024: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide
an operating update for the quarter ended 31 March 2024 (Q1 2024). The Group's financial results are only provided on a six-monthly
basis.
SALIENT FEATURES FOR QUARTER ENDED 31 MARCH 2024 COMPARED TO QUARTER ENDED 31 MARCH 2023 (Q1 2023)
- Improved trends in safety indicators maintained. Record Group SIFR achieved for Q1 2024
- Improved adjusted EBITDA from US PGM operations despite lower 2E basket price due to a 22% increase in 2E production and a 28% reduction in AISC
- 3% increase in 4E PGM production from the SA PGM operations due to acquisition of additional 50% of Kroondal
- Sandouville nickel production increased by 42% and Nickel equivalent sustaining cost reduced by 36%
- The Keliber lithium project is on budget and progressing according to schedule
- Reldan acquisition successfully concluded with integration underway
KEY STATISTICS - GROUP
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Mar 2023 Dec 2023 Mar 2024 GROUP Mar 2024 Dec 2023 Mar 2023
437 181 113 US$m Adjusted EBITDA1,13 Rm 2,137 3,382 7,755
17.76 18.65 18.86 R/US$ Average exchange rate using daily closing rate
STOCK DATA FOR THE QUARTER ENDED 31 MARCH 2024
Number of shares in issue
- at 31 March 2024 2,830,567,264
- weighted average 2,830,567,264
Free Float 99%
Bloomberg/Reuters SSWSJ/SSWJ.J
JSE Limited - (SSW)
Price range per ordinary share (High/Low) R18.22 to R24.80
Average daily volume 14,630,382
NYSE - (SBSW); one ADS represents four ordinary shares
Price range per ADS (High/Low) US$3.93 to US$5.31
Average daily volume 5,415,449
KEY STATISTICS BY REGION
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Mar 2023 Dec 2023 Mar 2024 AMERICAS REGION Mar 2024 Dec 2023 Mar 2023
US PGM underground operations
100,690 116,213 122,543 oz 2E PGM production2,3 kg 3,812 3,615 3,132
1,426 1,048 971 US$/2Eoz Average basket price R/2Eoz 18,313 19,545 25,326
14 (36) 32 US$m Adjusted EBITDA1 Rm 609 (663) 254
1,861 2,054 1,335 US$/2Eoz All-in sustaining cost4 R/2Eoz 25,183 38,300 33,052
US PGM recycling
78,844 75,428 77,873 oz 3E PGM recycling2,3 kg 2,422 2,346 2,452
2,972 1,664 1,289 US$/3Eoz Average basket price R/3Eoz 24,311 31,034 52,783
11 5 4 US$m Adjusted EBITDA1 Rm 71 89 199
SOUTHERN AFRICA (SA) REGION
PGM operations
379,791 422,185 389,313 oz 4E PGM production3,5,12 kg 12,109 13,131 11,813
2,051 1,290 1,273 US$/4Eoz Average basket price R/4Eoz 24,004 24,052 36,433
391 177 77 US$m Adjusted EBITDA1 Rm 1,456 3,294 6,952
1,129 1,107 1,230 US$/4Eoz All-in sustaining cost4 R/4Eoz 23,207 20,654 20,043
Gold operations
200,267 196,184 164,515 oz Gold production kg 5,117 6,102 6,229
1,864 1,982 2,069 US$/oz Average gold price R/kg 1,254,539 1,188,566 1,064,302
44 43 35 US$m Adjusted EBITDA1 Rm 652 804 774
1,826 1,949 2,039 US$/oz All-in sustaining cost4 R/kg 1,236,571 1,168,690 1,042,868
EUROPEAN REGION
Sandouville nickel refinery
1,609 1,280 2,279 tNi Nickel production6 tNi 2,279 1,280 1,609
28,258 20,266 19,084 US$/tNi Nickel equivalent average basket price7 R/tNi 359,933 377,958 501,856
(14) (22) (10) US$m Adjusted EBITDA1 Rm (197) (405) (245)
38,750 36,072 23,294 US$/tNi Nickel equivalent sustaining cost8 R/tNi 439,318 672,752 688,196
AUSTRALIAN REGION
Century zinc retreatment operation9
1 26 16 ktZn Zinc metal produced (payable)10 ktZn 16 26 1
2,043 1,815 2,192 US$/tZn Average equivalent zinc concentrate price11 R/tZn 41,346 33,852 36,287
(4) 9 (12) US$m Adjusted EBITDA1 Rm (262) 164 (69)
9,205 1,758 2,574 US$/tZn All-in sustaining cost4 R/tZn 48,547 32,783 163,477
1 The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt
covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be
considered in addition to and not as a substitute for other measures of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA, see
"Adjusted EBITDA reconciliation - Quarters"
2 The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In addition to the US PGM operations'
underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling
represents palladium, platinum, and rhodium ounces fed to the furnace
3 The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US operations is principally
platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)
4 See "Salient features and cost benchmarks - Quarters" for the definition of All-in sustaining cost (AISC)
5 The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to
the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM operations, Total SA PGM operations and Marikana - Quarters"
6 The nickel production at the Sandouville refinery operations is principally nickel metal and nickel salts (liquid form), together referred to as nickel equivalent products
7 The nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold
8 See "Salient features and cost benchmarks - Quarters" Sandouville nickel refinery for a reconciliation of cost of sales before amortisation and depreciation to nickel equivalent sustaining cost
9 The Century zinc tailings retreatment operation is a leading tailings management and rehabilitation operation in Queensland, Australia. The Century operation was acquired by the Group on 22
February 2023
10 Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
11 Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
metal sold
12 As previously announced, Sibanye Rustenburg Platinum Mines Limited had entered into a pool and share agreement to acquire Rustenburg Platinum Mines Limited 50% ownership. The
acquisition became effective on 1 November 2023 after all conditions precedent had either been met or waived, therefore from 1 November 2023 the SA PGM operations includes 100%
Kroondal
13 The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024 and at the date of this report management is still in the process of assessing the inputs,
assumptions and information that may impact the identification and fair value of the net assets acquired. As a result, the results of Reldan are not included in the Q1 2024 operating update
OVERVIEW OF THE OPERATING RESULTS BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER
The continued improvement in the Group safety performance year-on-year is pleasing, confirming that our safety strategy continues to
gain traction and that we remain on track for further reduction of risk for all safety incidents. The 15% decline in the Group Serious Injury
Frequency Rate (SIFR) year-on-year, marked the third consecutive annual improvement in the Group SIFR since Q1 2021 (4.00), with the
SIFR for Q1 2024 of 2.19 the lowest achieved by the Group since its inception. The Group Lost Day Injury Frequency Rate (LDIFR) and Total
Recordable Injury Frequency Rate (TRIFR) were also much improved, declining by 7.6% and 11.3% respectively year-on-year.
The operational restructuring and capital preservation steps taken during H2 2023 and Q1 2024 have resulted in notable improvements at
the US PGM operations, with the benefits at the SA operations expected to manifest in a phased manner over an extended period. We
are confident that the restructuring that has taken place to date, at the SA operations as well as the current regional restructuring, will
secure a lower cost structure for the SA region, despite the phased closure cost and initial disruption which has impacted Q1 2024.
A significant improvement in the performance of the US PGM operations was evident soon after the restructuring (repositioned for lower
production and cost) undertaken during Q4 2023, with adjusted EBITDA improving despite a lower 2E PGM basket price received for Q1
2024. Underground mined 2E production was 22% higher than for Q1 2023 and 5% higher than for Q4 2023, with AISC declining by 28%
year-on-year to US$1,335/2Eoz (R25,183/2Eoz), within guidance for 2024. Ongoing efforts to address skills shortages and other operational
constraints are anticipated to result in further gains during the course of the year.
Gold production from the SA gold operations for Q1 2024 was 18% lower than for Q1 2023 with AISC 19% higher, primarily due to cessation
of production from Kloof 4 shaft during 2023 but with costs still being incurred during Q1 2024 due to the phased closure process.
At the SA PGM operations, lower production from the four loss making shafts which were the subject of S189 consultations, as well as lost
production from Siphumelele shaft as a result of the head gear incident, was offset by the consolidation of an additional 50% of Kroondal
production following the early closing of the acquisition of Anglo American Platinum's (AAP) 50% shareholding in November 2023. 4E PGM
production for Q1 2024 increased by 3% with AISC 11% higher year-on-year, reflecting the effect of residual closure costs due to the
phased closure of infrastructure following the restructuring and shaft closure.
The operating performance of the Sandouville refinery was also significantly better due to improved circuit availability and production
stability following repairs to the cathode units in the electro winning circuit in mid-2023 and other improvements to the plant. Production
was 42% higher than for Q1 2023, with Nickel equivalent sustaining cost 40% lower, primarily due to reduced feedstock purchase costs
(lower nickel price), and lower reagent and overhead costs. The prefeasibility study regarding the possible repurposing of the Sandouville
refinery to produce precursor cathode active material (pCAM) commenced in March 2024. Initial outcomes of the pre-feasibility study of
the project, now called the GalliCam project are expected by the end of 2024.
The Century zinc reprocessing operation in Queensland Australia was disrupted by severe regional weather during Q1 2024. Production
was consequently below forecast and AISC higher than forecast. The operations have recovered from the impact of the wet weather
and with the recent increase in the zinc price and significantly lower annual benchmark treatment charges (US$165/tonne in 2024 vs
US$274/tonne in 2023) for 2024, the outlook has improved.
The significant decline in PGM prices during the course of 2023, compounded by lower production and higher residual cost from the
restructuring of the SA gold and PGM operations resulted in Group adjusted EBITDA declining significantly. Average 2E PGM and 4E PGM
basket prices were respectively 32% and 34% lower year-on-year, resulting in Adjusted EBITDA declining by 72% to R2.1 billion (US$113
million) for Q1 2024.
The fundamental outlook for gold remains constructive with limited apparent downside for the gold price for the balance of 2024. Our
view that the fundamental outlook for PGMs is positive is unchanged, with little evidence of a systemic change in the market
fundamentals to justify the price collapse observed during 2023. We believe that the drivers of this decline in PGM prices are temporary,
and caused by earlier supply chain disruptions due to COVID-19 and the more recent invasion of the Ukraine resulting in safety stocks
being held in inventory. Destocking of inventory accumulated since 2020 seems to have abated and while total vehicle production is
forecast to increase, Battery electric vehicle (BEV) penetration rates have slowed with a shift to hybrid vehicles. Primary supply is likely to
continue to decline and secondary recycling supply remains depressed. These factors suggest a more supportive outlook for PGM prices,
with a drop in interest rates the probable catalyst for a meaningful recovery in PGM prices.
The Group has sufficient liquidity and balance sheet flexibility with an improved financial performance expected as the benefits of
restructuring flow through to the bottom line. The closure of the Reldan acquisition during Q1 2024 is also expected to contribute positively
to earnings and cash flow.
We are cognisant of our decreasing 12 month trailing adjusted EBITDA due to lower PGM commodity prices, impacting negatively on our
covenant ratios and therefore continue to focus on the balance sheet with a view to increasing liquidity through a number of non-debt
instruments such as pre-pays and streams and proactively engaging our lenders on temporarily raising our lending covenants.
SAFE PRODUCTION
We are encouraged by improving safety trends that we continue to observe at our operations and, whilst we are still on a journey, we are
satisfied that we have the right approach which has been benchmarked against global best practise and has been reviewed by an
independent safety expert.
On our journey to zero harm, eliminating fatal incidents remains our immediate priority and we continue to operationalise and refine our
Fatal elimination strategy, with a continued focus on eliminating high-energy risks and high-potential incidents (HPIs) at our operations.
Our Fatal elimination strategy puts an emphasis on leading indicators and critical life saving behaviours, rather than lagging or historical
measures. It also focuses on improved reporting and recording of HPIs including incidents where there was an injury with the potential for
loss of life (IPLL), and incidents where there was no injury but there was the potential for loss of life (NIPLL), i.e., near misses. Encouraging,
enhanced reporting of HPIs by operational teams provides a more comprehensive measure of high energy risks in our operations,
promotes greater awareness of risk, and facilitates a proactive approach to risk mitigation.
We continue to encourage a bottom-up approach to safety, empowering our entire workforce to take responsibility for safety. We
encourage crews and frontline supervisors to stop work immediately should conditions be unsafe and we are dedicated to embedding
an operational safety culture that enables our teams to work to standards and to stop any unsafe work without hesitation. Since June
2023 we have observed pleasing evidence of stoppages by frontline supervisors and crews in the SA region surpassing stoppages by
senior management/safety officers/third parties, with the delta continuing to increase.
Regrettably, a colleague at our SA PGM operations, Reginald Sekati, a utility vehicle operator at Bathopele, Rustenburg operation was
fatally injured when his vehicle collided with a redundant water pipe. Our heartfelt condolences are extended to Reginald's family,
friends, and colleagues. This incident is being thoroughly investigated together with the relevant stakeholders and support has been
provided to the family. The rest of the Group's operations had a fatal free first quarter, with the SA gold operations now fatal free for eight
months.
We are encouraged by the continued reduction in Group safety indicators, with Group SIFR declining by 15% from 2.57 for Q1 2023 to 2.19
for Q1 2024 and with the SIFR of 1.89 recorded during March 2024 the lowest ever recorded by the Group. At the SA PGM operations, it
was very pleasing to note the continual improvement in the SIFR which declined by 32% year-on-year to 1.55 for Q1 2024 underpinned by
the Rustenburg operation where the SIFR improved by 57% to 1.13. The Group TRIFR and LDIFR also improved by 11% and 8% respectively
year-on-year.
While the focus is on ongoing improvement in all aspects of safety, the primary focus during 2024 is to further implement and
operationalise the Fatal elimination strategy, and to institutionalise the commitment and responsibility for safety among operational line
management and all employees in order to mitigate high energy risks. We remain committed to the continuous improvement in health
and safety at our operations and we continue to enhance our risk approach to keep fatality prevention as our main priority.
OPERATING REVIEW
US PGM operations
The operational performance from the US PGM operations for Q1 2024 was significantly better, reflecting improved operational stability
and the benefits of cost reduction measures implemented during Q4 2023. Mined 2E PGM production of 122,543 2Eoz for Q1 2024 was 22%
higher than for Q1 2023, which was impacted by the shaft incident at the Stillwater West mine, and 5% higher than for Q4 2023. Production
from the Stillwater mine of 79,107 2Eoz for Q1 2024 was 29% higher than for the comparable period in 2023 with production from the East
Boulder mine of 43,436 2Eoz, 11% higher than for Q1 2023, despite geological and geotechnical complexity constraining production from
the western section of the mine, and ongoing shortages of critical skills. In addition, the replacement of fans combined with mill
maintenance contributed to an increase in ore stockpiled during the quarter, which will be processed during Q2 2024.
A strategic decision to focus on secondary (on reef) development in order to improve mining flexibility and productivity by providing
access to more production stopes, resulted in secondary development from the Stillwater mine increasing by 33% year-on-year however
at East Boulder due to the before mentioned headwinds, secondary development was 2% lower.
Pleasingly, operating costs per tonne milled declined by 6% to US$405/tonne (R7,642/tonne). ORD expenditure declined by 42% to US$32
million (R601 million) primarily as a result of a significant drop in contractor development cost and contract maintenance costs with
sustaining capital declining by 46% from US$21 million (R367 million) to US$11 million (R209 million) as a result of fleet and underground
equipment expenditure declining by approximately US$5 million following completion of major surface infrastructure (concentrator and
West Fork ventilation raise) with reduced hoist repairs and tailings storage facility (TSF) expenditure resulting in a further US$5 million
reduction.
Consequently, AISC declined by 28% to US$1,335/2Eoz (R25,183/2Eoz) for Q1 2024 from US$1,861/2Eoz (R33,052/2Eoz) for Q1 2023 and
US$2,054/2Eoz (R38,300/2Eoz) for Q4 2023, reflecting the benefits from the restructuring primarily due to reducing high cost contractor
labour and deferral of non-essential capital expenditure.
Total capital expenditure for Q1 2024 decreased by 47% year-on-year to US$46 million (R867 million) reflecting the repositioning of the
operations for the lower price environment. Project capital was 73% lower at US$3 million (R57 million) due to the suspension of project
capital at Stillwater East.
Adjusted EBITDA of US$32 million (R609 million) for Q1 2024 includes a once off US$43 million (R812 million) insurance payment related to
the flooding event during mid-2022. Excluding the insurance payment, the adjusted EBITDA loss of US$11 million (R203 million), was
significantly improved on Q4 2023 despite a 7% decline in the average 2E basket price received for Q1 2024. Looking ahead, the focus will
be on improving fleet maintenance and reducing elevated maintenance costs by working more closely with original equipment
manufacturers. Skills retention and training also remain a priority.
US PGM recycling operations
The global autocatalyst recycling market remains strained with some evidence of a slight recovery in PGM recycling. The US PGM
recycling operations fed an average of 10.7 tonnes per day (tpd) of spent autocatalyst material for Q1 2024, in line with Q1 2023. 3E PGM
ounces fed of 77,873 3Eoz, were 1% lower than the 78,844 3Eoz fed for Q1 2023. At the end of Q1 2024, approximately 23 tonnes of recycle
inventory was on hand, compared with 33 tonnes at the end of Q1 2023.
Recent indicators suggest that the autocatalyst recycling market may have bottomed in Q1 2024, with a stable performance in tonnes
and ounces fed to furnaces compared to the previous quarter. Despite ongoing challenges, such as an increase in the average age of
scrapped vehicles and fluctuations in the used car market, there are positive signs pointing to a potential uptick in recycling rates.
SA PGM operations
Year-on-year comparison of the SA PGM operating results is complicated by various factors, including the acquisition of AAP 50% share of
the Kroondal PSA from 1 November 2023 which added 30,575 4Eoz to total production during the quarter and the impact of operational
restructuring. Mandatory regulatory S189 consultations commenced on 24 October 2023 and concluded on 24 February 2024, impacting
productivity due to moratoriums on hiring, movement of crews and a general decline in productivity associated with disruptions. After a
slow start to the year, production improved over the quarter and into April 2024.
4E PGM production of 414,918 4Eoz from the SA PGM operations for Q1 2024 (including attributable production from Mimosa, third party
purchase of concentrate (PoC) and the consolidation of an additional 50% of Kroondal) was 3% higher than for Q1 2023. PoC increased
by 7% to 25,605 4Eoz. 4E PGM production (excluding PoC) of 389,313 oz, was 3% higher year-on-year.
AISC (excluding PoC) for Q1 2024 increased by 16% year-on-year to R23,207/4Eoz (US$1,230/4Eoz). The above inflation increase was
primarily as a result of a once off adjustment to legacy leave liabilities at the Marikana operation (contributing R1,035/4Eoz or 4.5% to AISC
for the quarter) as well as restructuring related costs, the benefit of which will be realised in coming quarters. The cost increases were to
some extent offset by-product credits increasing by 30% year-on-year to R2.8 billion (US$149 million) and royalties declining by 75%. AISC
(including PoC) increased by 11% year-on-year to R22,923/4Eoz (US$1,215/4Eoz).
Capital expenditure of R1.1 billion (US$60 million) for Q1 2024 was 3% lower than for Q1 2023 with ORD declining by 16% to R545 million
(US$29 million) because of a decrease in primary (off-reef) development year-on-year. Sustaining capital of R430 million (US$23 million) was
23% higher primarily due to a 62% increase at the Rustenburg operation. Project capital of R154 million was 6% lower due to lower
expenditure at the K4 project, in line with plan.
4E PGM production from the Rustenburg operation for Q1 2024 of 137,100 4Eoz was 7% lower year-on-year with underground production
of 120,584 4Eoz, 7% lower and surface production of 16,516 4Eoz, 5% lower. The Bathopele mine was impacted by a S54 shutdown
following the fatal incident and the Siphumelele head gear bin failure that resulted in a loss of production of four weeks during March
2024. These shortfalls were partially offset at Khuseleka shaft where production increased year-on-year. AISC of R21,284/4Eoz
(US$1,129/4Eoz) for Q1 2024 was 15% higher year-on-year primarily due to lower production, inflationary cost increases and sustaining
capital which increased to R207 million (US$11 million), primarily driven by the initial Siphumelele shaft repair costs. ORD expenditure
declined by 14% to R145 million (US$8 million). By-product credits increased by 60% to R1.4 billion (US$72 million), primarily due to an 85kt
year-on-year increase in chrome produced.
4E PGM production of 174,892 oz from the Marikana operation (including PoC) for Q1 2024 was flat year-on-year with PoC ounces of
25,605 4Eoz, 7% higher. Production (excluding PoC) of 149,287 4Eoz was 2% lower year-on-year, with production from underground of
141,666 4Eoz, 3% lower and surface production of 7,621 4Eoz, 44% higher due to higher throughput and improved plant recoveries. The
Marikana underground operations were impacted by the restructuring of the Rowland shaft and underperformance of the subsequently
closed 4B shaft partially offset by K4 production which increased by 8,169 4Eoz to 10,589 4Eoz for Q1 2024. AISC (excluding PoC) increased
by 15% to R26,606/4Eoz (US$1,411/4Eoz) as a result of the once off adjustment to legacy leave liabilities, which accounted for R2,492/4Eoz
or 9.4% of AISC (excluding PoC) as well as annual inflation. AISC (including PoC) of R25,484/4Eoz (US$1,351/4Eoz), was 6% higher year-on-
year, with PoC purchase costs declining by 28% year-on-year to R591 million (US$31 million) in line with the decline in PGM prices and the
factors detailed previously. While the K4 project remains in build up phase, unit operating costs, ORD and sustaining capital will remain
elevated on a unit cost measure, but are expected to reduce as K4 production builds up.
The Kroondal operation produced 61,150 4Eoz for Q1 2024, 48% higher year-on-year due to the consolidation of 100% of the operation as
opposed to 50% for Q1 2023. On a comparable basis, Kroondal's production declined by 26% or 10,612 4Eoz. This was primarily due to the
closure of the Simunye shaft and the Klipfontein opencast which is at the end of its life. Due to the decrease in production, AISC of
R21,848/4Eoz (US$1,158/4Eoz) was 26% higher than Q1 2023.
4E PGM production from Platinum Mile for Q1 2024 of 11,794 4Eoz was 10% lower than for Q1 2023 as a result of 19% lower run of mine
tonnes received due to lower production from Rustenburg underground operations as well as lower surface tailings feed. However, a
positive trend of improved recoveries has continued with the Waterval West dam conversion to 100% mechanical from hydro-mining
improving plant stability and resulting in a 13% increase in yield year-on-year. The chrome extraction plant which was commissioned at the
end of 2023 is in build-up phase and produced 18kt of chrome in Q1 2024, with the plan to increase production to the nameplate 240kt
per year during H2 2024. Despite the decrease in PGM output and cost pressures, AISC of R9,412/4Eoz (US$499/4Eoz) for Q1 2024 was 10%
lower than for Q1 2023 due to by-product credits increasing by 233% to R70 million (US$4 million) because of the chrome production.
Attributable PGM production from Mimosa for Q1 2024 of 29,982 4Eoz was 14% higher than for Q1 2023 with tonnes milled increasing by
10% and recoveries by 7% as a result of the continued optimization of the reagent suite and cell settings. Despite high in country
inflationary cost pressures, unit cost was maintained at US$93/tonne (R1,762/tonne). Sustaining capital expenditure was 32% lower to US$9
million (R170 million) due to the completion of the plant optimization study with the new tailings storage facility expected to be
commissioned in May 2024. AISC decreased by 9% year-on-year to US$1,243/4Eoz (R23,447/4Eoz) for Q1 2024.
Q1 2024 chrome sales of 638kt were 28% higher than sales of 499kt for Q1 2023, due to improved production from operations, an improved
ore transportation strategy with less disruptions and ongoing ramp-up of the chrome tailings project at Platinum Mile. Chrome revenue of
R1,552 million (US$82 million) for Q1 2024 was 82% higher than for Q1 2023, due to increased sales volumes and a 2% increase in the
received chrome price of US$288/t and a 6% depreciation in the rand:US$ exchange rate.
The K4 project
The K4 project focus is progressing from completion of shaft infrastructure to ramping up production. K4 produced 10,589 4Eoz for Q1 2024
compared with 2,421 4Eoz for Q1 2023. Project capital expenditure for Q1 2024 was R154 million.
SA gold operations
Gold production (excluding DRDGOLD) of 3,890kg (125,066oz) from the SA gold operations was 21% lower than for Q1 2023, primarily due
to the closure of Kloof 4 shaft during H2 2023, a slower than planned production build-up after the December 2023 shut down
compounded by seismicity related challenges at Driefontein 4 Shaft and a transitioning from Carbon Leader to VCR reef at Driefontein 1
Shaft. Production from the SA gold operations (including DRDGOLD) for Q1 2024 of 5,117kg (164,515oz) was 18% lower than for Q1 2023.
AISC (excluding DRDGOLD) of R1,333,818/kg (US$2,200/oz) was 20% higher than for Q1 2023, reflecting the impact of 24% less gold sold
inflationary cost pressures and costs incurred at the Kloof 4 shaft as preparations for closure continued during Q1 2024. These costs are
forecast to reduce in coming quarters as the shaft rehabilitation and closure is completed. AISC (including DRDGOLD) for Q1 2024 of
R1,236,571/kg (US$2,039/oz) was 19% higher year-on-year.
Capital expenditure for Q1 2024 (excluding DRDGOLD) of R984 million (US$52 million) was 20% lower than for Q1 2023 with project capital
decreasing by 48% to R213 million (US$11 million) as a result of terminating the Kloof 4 deepening project and less expenditure at the
Burnstone project. Sustaining capital decreased by 35% to R106 million (US$6 million), while ORD expenditure increased by 2% to R665
million (US$35 million) as a result of increased ORD at Driefontein.
Production from the Driefontein operation declined by 18% to 1,563kg (50,252oz) as a result of a delayed commencement of production
after the Christmas break at most shafts due to elevated temperatures requiring a longer cool down period and Driefontein 1 and 8 shafts
experiencing elevated seismicity which delayed the mining of some high grade areas. With these issues mostly resolved, Driefontein
production is expected to normalise during Q2 2024. AISC of R1,292,115/kg (US$2,131/oz) was 21% higher than for Q1 2023, primarily as a
result of lower production. ORD increased by 14% to R398 million (US$21 million) as a result of a 4% increase in off-reef development to
improve mining flexibility. Sustaining capital expenditure decreased by 19% to R65 million (US$3 million) due to a slower start-up of the D1
and D4 pillar projects.
Underground production of 961kg (30,897oz) from the Kloof operation for Q1 2024 was 42% or 683kg (21,959oz) lower year-on-year
primarily due the closure of Kloof 4 shaft with Kloof 1 shaft and 8 shaft also impacted by seismic activity. Production from surface sources
of 174kg (5,594oz), was 98% higher year-on-year due to a near doubling in yield from the current dumps being reprocessed. AISC of
R1,580,279/kg (US$2,606/oz) for Q1 2024 was 30% higher than for Q1 2023 due to lower production and 43% less gold sold than for the
comparable period in 2023. Costs are expected to reduce as the Kloof 4 shaft closure process is completed during Q2 2024. Project
capital declined from R31 million (US$2 million) in Q1 2023 to zero in Q1 2024 as a result of the closure of Kloof 4 shaft and termination of
the Kloof 4 shaft deepening project. For Q1 2024, ORD was 7% lower year-on-year due to the closure of Kloof 4 shaft, partially offset by an
increase in off reef development at Kloof 8 shaft. Sustaining capital was 46% lower due to the closure of Kloof 4 shaft.
Underground production from the Beatrix operation for Q1 2024 of 900kg (28,936oz) was 6% lower than for Q1 2023 due to a management
imposed safety stoppage in January. Production from surface sources declined from 48kg (1,543oz) in Q1 2023 to 4kg (129oz) for Q1 2024.
In addition, the Beatrix processing plant experienced downtime during the quarter which resulted in a temporary stockpile containing
23kg (740oz) which was processed over the Easter period. AISC for Q1 2024 increased by 8% year-on-year to R1,112,112/kg (US$1,834/oz)
with ORD declining by 25% to R62 million (US$3 million). Sustaining capital declined from R14 million (US$1 million) to R3 million (US$3 million)
due to projects completed early in 2023.
Surface gold production from the Cooke operation for Q1 2024 increased by 11% to 288kg (9,259oz) with AISC increasing by 38% to
R1,356,209/kg (US$2,237/oz) compared to Q1 2023. This was primarily as a result of higher aggregate purchase costs of third party gold
bearing material where the purchase price is linked to the gold price. Purchase of aggregate material increased from 120kg (3,858oz) for
Q1 2023 to 208kg (6,687oz) for Q1 2024, but resulted in increased profitability.
DRDGOLD gold production of 1,227kg (39,449oz) for Q1 2024, was 8% lower than for Q1 2023 as a result of an 8% decrease in yield as
higher grade remnant material at older ERGO and Far West Gold Recoveries (FWGR) sites were depleted and as a result of a reduction of
higher grade third party sand material processed at ERGO. AISC for Q1 2024 increased by 17% to 906,404/kg (US$1,495/oz) due to gold
sold declining by 8%, and above inflation costs, despite a 46% decrease in sustaining capital reflecting the tailing off of the investment in
new infrastructure for major new reclamation sites at both the ERGO and FWGR operations. Project capital increased by 101% in Q1 2024
year-on-year to R322 million (US$17 million), primarily for the construction of the solar power plant project which is expected to be
commissioned by the end of May 2024, with the battery storage system expected to be completed in October 2024.
Burnstone project
Capital investment in the Burnstone project has been deferred, with stoping and development activities ceasing apart from the main
shaft decline development. All construction has been suspended except the completion of the surface conveyors, including the new
waste conveyor, with planned completion at the end of May 2024, and the support of Settler No.1 and Clearwater Dam No.1 & 2, with
planned completion at the end of June 2024. In Q1 2024 R210 million (US$11 million) was spent on the project. For 2024, planned project
capital for Burnstone is unchanged at R390 million (US$22 million). The Burnstone project, following the deferral of capital expenditure as
announced in February 2024, also requires restructuring to align with the reduction in planned capital activities. A S189 consultation
process on the restructuring of the Burnstone operations is in progress.
European region
Sandouville nickel refinery
The operating performance from the Sandouville nickel refinery was significantly improved year-on-year, with nickel equivalent
production for Q1 2024 of 2,279tNi, 42% higher than for Q1 2023. Nickel metal production increased by 64% to 1,935 tNi and nickel salts
production of 344 tNi was 20% lower than for Q1 2023. As a result of a build-up in nickel salts inventory and anticipated lower demand
from customers, nickel salts production was reduced to adapt to market requirements with a focus on maximising nickel metal output.
Process plant stability and reliability was much improved following maintenance work on the cathode circuit during 2023, with the nickel
recovery yield increasing further to 97.2% from 96.2% in Q1 2023.
Costs were well controlled with the nickel equivalent sustaining cost for Q1 2024 declining by 40% to US$23,294/tNi (R439,318/tNi), primarily
due to lower cost of purchasing feedstock related to the 32% lower average LME nickel price (equivalent basket price of US$19,084/tNi,
R359,933/tNi) which is a meaningful cost component. In addition, lower consumption and prices of energy and reagents were significant
contributors to lower costs. Sales of nickel salts were 82% higher for Q1 2024 increasing to 417tNi and nickel metal sales increased by 78%
to 1,989tNi, which was higher than production for Q1 2024, with a consequent reduction in inventory. Sustaining capital of US$3 million
(R62 million), incurred to continuously improve plant reliability, was 33% higher for Q1 2024.
The pre-feasibility study to assess the potential of repurposing the Sandouville plant to produce pCAM was approved and commenced in
March 2024 and is progressing as planned. Further announcements will be made as soon as various stages of the study are completed.
Keliber lithium project
Construction of the Keliber lithium refinery in Kokkola has progressed according to schedule. The main building steel frame is complete,
and a topping out ceremony was held on 17 January 2024. The effluent treatment plant (ETP) received the building permit, and
subsequently earthworks and concrete works have started. Supporting facilities are somewhat behind schedule but without any impact
to the overall plant commissioning schedule.
The second phase of the Keliber lithium project, comprising the construction of the concentrator in Päiväneva and the development of
the Syväjärvi open pit mine, commenced in late 2023.
A court ruling on three appeals made in relation to the Rapasaari-Päiväneva environmental permit (covering the concentrator and the
Rapasaari mine) was received on 23 February 2024. The environmental permit is now legally valid as the court upheld the permit but at
the same time referred certain permit conditions back to the permitting authority for further review. Management's view is that: (i) the
construction of the concentrator can proceed, as the environmental permit remains valid; (ii) commencement of production from the
concentrator is subject to the permitting authority's review and the issuing of enforceable permit decisions; (iii) can commence
operations as scheduled, and (iv) the Rapasaari mine schedule may be delayed by some 1-2 years, but Syväjärvi ore can be used for the
first 3-4 years of operations.
Other developments
- Negotiations with a syndicate of financial institutions for debt financing of the remaining Keliber project capital are advancing
- Identified three sources of external third party spodumene supply to commission the Keliber lithium refinery and provide feed before
processing of own ore. Samples from each source of supply were received for testing with final qualification to be confirmed in Q2 2024
Australian region
Century zinc tailings retreatment operation
Sibanye-Stillwater acquired control of New Century Resources Limited from 22 February 2023, therefore comparison with Q1 2024 is not
relevant.
The Century zinc tailings retreatment operation (Century operation) produced 16kt of payable zinc metal at an AISC of US$2,574/tZn
(R48,547/tZn) for Q1 2024. Production for Q1 2024, was impacted by wet weather conditions, when combined with the March shutdown
(92 hrs duration) this resulted in 595 hrs of lost operational time, compared to 740 hrs downtime in Q1 2023. The rain related downtime
allowed for the completion of substantial opportune maintenance works, and the reduction of work required in one of the two annual
shutdowns, which was safely completed in March. This has set the operations up well for the comparatively drier months of April through
October, where all efforts will be made to catch-up on payable zinc metal production. Sustaining capital expenditure for the quarter was
also less than expected at US$1 million (R11 million). With the recent increase in the zinc price and significantly lower spot treatment
charges, the outlook for the Century zinc tailings retreatment operation is positive for the remainder of the year.
Mt Lyell copper project
The Mt Lyell feasibility study (AACE Class 3 Estimate) is progressing and is expected to be completed during H1 2024.
OPERATING GUIDANCE FOR 2024*
Operating guidance for the 2024 year for all operations remain unchanged and are set out below:
- The US PGM operations forecast production of between 440,000 2Eoz and 460,000 2Eoz, with AISC of between US$1,365/2Eoz
(R23,888/2Eoz) to US$1,425/2Eoz (R24,938/2Eoz) excluding any possible S45X credit (45X Advanced Manufacturing Production Credit
(S45X credit)). Capital expenditure is forecast to be between US$175 million and US$190 million (R3.1 billion and R3.3 billion), including
approximately US$13 million (R228 million) project capital
- 3E PGM production for the US PGM recycling operations is forecast to be between 300,000 and 350,000 3Eoz fed for 2024. Capital
expenditure is forecast at US$700,000 (R12 million)
- 4E PGM production from the SA PGM operations for 2024 is forecast to be between 1.8 million 4Eoz and 1.9 million 4Eoz including
approximately 80,000 4Eoz of third party PoC, with AISC between R21,800/4Eoz and R22,500/4Eoz (US$1,245/4Eoz and US$1,285/4Eoz) -
excluding cost of third party PoC. Capital expenditure is forecast at R6.0 billion (US$343 million)* for the year
- Gold production from the managed SA gold operations (excluding DRDGOLD) for 2024 is forecast at between 19,500kg (627koz) and
20,500kg (659koz). AISC is forecast to be between R1,100,000/kg and R1,200,000/kg (US$1,955/oz and US$2,133/oz). Capital expenditure
is forecast at R3.9 billion (US$223 million), including R390 million (US$22 million) of project capital expenditure provided for the Burnstone
project
- Production from the Sandouville nickel refinery is forecast at between 7.5 and 8.5 kilotonnes of nickel product, at a Nickel equivalent
sustaining cost of between €21,000/tNi (R399k/tNi)* and €23,000/tNi (R437k/tNi)* and capital expenditure of €8 million (R152 million)*.
Capital expenditure at the Keliber lithium project for 2024 is forecast to be about €361 million (R6.9 billion)*
- Production from the Century zinc tailings retreatment operation is forecast at between 87 and 100 kilotonnes of zinc metal (payable) at
an AISC of between A$3,032 and A$3,434/tZn (US$2,032 and US$2,302/tZn or R35,560 and R40,285/tZn) and capital expenditure of A$17
million (US$11 million or R196 million). Project capital on the Mount Lyell copper/gold project for 2024 is forecast to be A$6.6 million
(US$4 million or R77 million)
* The guidance has been translated where relevant at an average exchange rate of R17.50/US$, R19.00/€ and R11.73/A$
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations
US PGM Total SA PGM operations1
US and SA operations Rustenburg Marikana1 Kroondal3 Plat Mile Mimosa
PGM Under- Total Under- Surface Under- Surface Under- Surface Surface Attribu-
operations1 ground2 ground ground ground table
Production
Tonnes milled/treated kt Mar 2024 8,855 324 8,531 4,110 4,421 1,272 1,349 1,424 1,015 1,056 2,057 358
Dec 2023 9,301 289 9,012 4,259 4,753 1,446 1,418 1,552 1,028 900 2,307 361
Mar 2023 8,742 282 8,460 3,860 4,600 1,412 1,260 1,436 812 686 2,529 326
Plant head grade g/t Mar 2024 2.38 12.98 1.98 3.17 0.87 3.43 1.05 3.59 0.87 2.19 0.76 3.42
Dec 2023 2.36 13.75 1.99 3.26 0.86 3.47 1.03 3.60 0.89 2.28 0.75 3.39
Mar 2023 2.29 12.26 1.96 3.28 0.85 3.34 1.05 3.64 0.88 2.27 0.74 3.53
Plant recoveries % Mar 2024 75.54 90.25 71.69 84.37 29.05 85.95 36.26 86.22 26.85 82.23 23.46 76.27
Dec 2023 76.29 91.78 72.86 84.57 34.01 85.63 50.58 85.89 28.31 83.57 22.68 76.09
Mar 2023 74.64 90.67 71.24 84.52 28.43 85.81 40.83 87.08 22.98 82.28 21.77 71.33
Yield g/t Mar 2024 1.80 11.71 1.42 2.67 0.25 2.95 0.38 3.10 0.23 1.80 0.18 2.61
Dec 2023 1.80 12.62 1.45 2.76 0.29 2.97 0.52 3.09 0.25 1.91 0.17 2.58
Mar 2023 1.71 11.12 1.40 2.77 0.24 2.87 0.43 3.17 0.20 1.87 0.16 2.52
PGM production4 4Eoz - 2Eoz Mar 2024 511,856 122,543 389,313 353,382 35,931 120,584 16,516 141,666 7,621 61,150 11,794 29,982
Dec 2023 538,398 116,213 422,185 377,498 44,687 138,182 23,742 154,274 8,327 55,136 12,618 29,906
Mar 2023 480,481 100,690 379,791 344,052 35,739 130,123 17,361 146,346 5,276 41,187 13,102 26,396
PGM sold5 4Eoz - 2Eoz Mar 2024 640,537 129,321 511,216 146,958 24,563 238,129 61,150 11,794 28,622
Dec 2023 586,434 109,488 476,946 151,111 23,945 204,455 55,136 12,618 29,681
Mar 2023 500,257 87,781 412,476 135,514 20,466 180,929 41,187 13,102 21,278
Price and costs6
Average PGM basket price7 R/4Eoz - R/2Eoz Mar 2024 22,787 18,313 24,004 24,196 21,894 24,008 24,566 22,265 21,869
Dec 2023 23,171 19,545 24,052 24,350 22,506 23,976 24,570 22,629 22,311
Mar 2023 34,357 25,326 36,433 36,952 27,855 36,988 38,142 29,968 30,406
US$/4Eoz - US$/2Eoz Mar 2024 1,208 971 1,273 1,283 1,161 1,273 1,303 1,181 1,160
Dec 2023 1,242 1,048 1,290 1,306 1,207 1,286 1,317 1,213 1,196
Mar 2023 1,935 1,426 2,051 2,081 1,568 2,083 2,148 1,687 1,712
Operating cost8,10 R/t Mar 2024 1,396 7,642 1,149 2,456 253 1,752 1,415 76 1,762
Dec 2023 1,332 10,256 1,034 2,212 223 1,530 1,467 69 1,697
Mar 2023 1,159 7,665 934 2,042 143 1,589 1,180 60 1,653
US$/t Mar 2024 74 405 61 130 13 93 75 4 93
Dec 2023 71 550 55 119 12 82 79 4 91
Mar 2023 65 432 53 115 8 89 66 3 93
R/4Eoz - R/2Eoz Mar 2024 24,616 20,189 26,126 25,916 20,647 28,609 24,448 13,227 21,013
Dec 2023 23,424 25,539 22,798 23,158 13,310 24,280 23,941 12,601 20,464
Mar 2023 21,476 21,432 21,489 22,156 10,368 23,552 19,642 11,525 20,420
US$/4Eoz - US$/2Eoz Mar 2024 1,305 1,070 1,385 1,374 1,095 1,517 1,296 701 1,114
Dec 2023 1,256 1,369 1,222 1,242 714 1,302 1,284 676 1,097
Mar 2023 1,209 1,207 1,210 1,248 584 1,326 1,106 649 1,150
All-in sustaining cost9,10 R/4Eoz - R/2Eoz Mar 2024 23,710 25,183 23,207 21,284 26,606 21,848 9,412 23,447
Dec 2023 24,687 38,300 20,654 17,403 23,764 22,562 13,869 25,212
Mar 2023 22,927 33,052 20,043 18,558 23,057 17,311 10,456 24,360
US$/4Eoz - US$/2Eoz Mar 2024 1,257 1,335 1,230 1,129 1,411 1,158 499 1,243
Dec 2023 1,324 2,054 1,107 933 1,274 1,210 744 1,352
Mar 2023 1,291 1,861 1,129 1,045 1,298 975 589 1,372
All-in cost9,10 R/4Eoz - R/2Eoz Mar 2024 24,152 25,648 23,641 21,284 27,651 21,848 9,412 23,447
Dec 2023 25,542 39,763 21,329 17,403 25,234 22,599 15,771 25,212
Mar 2023 23,725 35,018 20,507 18,558 24,132 17,336 10,456 24,360
US$/4Eoz - US$/2Eoz Mar 2024 1,281 1,360 1,254 1,129 1,466 1,158 499 1,243
Dec 2023 1,370 2,132 1,144 933 1,353 1,212 846 1,352
Mar 2023 1,336 1,972 1,155 1,045 1,359 976 589 1,372
Capital expenditure6
Ore reserve development Rm Mar 2024 1,146 601 545 145 400 - - -
Dec 2023 1,398 813 585 163 422 - - -
Mar 2023 1,622 976 646 168 478 - - -
Sustaining capital Rm Mar 2024 639 209 430 207 151 68 4 170
Dec 2023 1,579 792 787 217 424 115 31 281
Mar 2023 718 367 351 128 168 48 7 237
Corporate and projects Rm Mar 2024 211 57 154 - 154 - - -
Dec 2023 432 170 262 - 236 2 24 -
Mar 2023 362 198 164 - 163 1 - -
Total capital expenditure Rm Mar 2024 1,996 867 1,129 352 705 68 4 170
Dec 2023 3,409 1,775 1,634 380 1,082 117 55 281
Mar 2023 2,702 1,541 1,161 296 809 49 7 237
US$m Mar 2024 106 46 60 19 37 4 - 9
Dec 2023 183 95 88 20 58 6 3 15
Mar 2023 152 87 65 17 46 3 - 13
Average exchange rate for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 The US and SA PGM operations, Total SA PGM operations and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a
reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM
operations and Marikana - Quarters" and "Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters"
2 The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations' underground
production, the operation treats various recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
3 Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
4 Production per product - see prill split in the table below
5 PGM sold includes the third party PoC ounces sold
6 The US and SA PGM operations and Total SA PGM operations' unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded
from revenue and cost of sales
7 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
8 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and
change in inventory in a period, by the PGM produced in the same period. For a reconciliation, refer to "Unit operating cost - Quarters" US and SA PGM operations
9 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost
per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation
of cost of sales before amortisation and depreciation to All-in costs, see "All-in costs - Quarters"
10 Operating cost, all-in sustaining costs and all-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other
measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board
Mining - PGM Prill split including third party PoC, excluding recycling operations
US AND SA PGM OPERATIONS TOTAL SA PGM OPERATIONS US PGM OPERATIONS
Mar 2024 Dec 2023 Mar 2023 Mar 2024 Dec 2023 Mar 2023 Mar 2024 Dec 2023 Mar 2023
% % % % % % % % %
Platinum 273,226 51% 291,742 52% 264,685 52% 245,406 59% 265,507 60% 240,903 60% 27,820 23% 26,235 23% 23,782 24%
Palladium 219,709 41% 222,145 40% 196,583 39% 124,986 30% 132,167 30% 119,675 30% 94,723 77% 89,978 77% 76,908 76%
Rhodium 37,265 7% 39,598 7% 35,649 7% 37,265 9% 39,598 9% 35,649 9%
Gold 7,261 1% 7,780 1% 7,472 1% 7,261 2% 7,780 2% 7,472 2%
PGM production 4E/2E 537,461 100% 561,265 100% 504,389 100% 414,918 100% 445,052 100% 403,699 100% 122,543 100% 116,213 100% 100,690 100%
Ruthenium 59,415 63,423 56,498 59,415 63,423 56,498
Iridium 15,123 15,959 14,323 15,123 15,959 14,323
Total 6E/2E 611,999 640,647 575,210 489,456 524,434 474,520 122,543 116,213 100,690
Figures may not add as they are rounded independently
US PGM Recycling
Unit Mar 2024 Dec 2023 Mar 2023
Average catalyst fed/day Tonne 10.7 11.0 10.7
Total processed Tonne 988 999 965
Tolled Tonne - - -
Purchased Tonne 988 999 965
PGM fed 3Eoz 77,873 75,428 78,844
PGM sold 3Eoz 77,245 77,996 79,405
PGM tolled returned 3Eoz - 317 2,532
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS (continued)
SA gold operations
Total SA gold operations Driefontein Kloof Beatrix Cooke DRDGOLD
Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface Surface Surface
Production
Tonnes milled/treated kt Mar 2024 7,541 882 6,659 276 21 284 347 322 30 932 5,330
Dec 2023 7,945 904 7,041 275 21 284 419 344 3 1,066 5,533
Mar 2023 8,081 1,066 7,015 353 201 361 335 351 216 992 5,271
Yield g/t Mar 2024 0.68 3.87 0.26 5.62 0.57 3.39 0.50 2.79 0.13 0.31 0.23
Dec 2023 0.77 4.77 0.25 6.50 0.78 4.66 0.50 3.47 0.77 0.29 0.23
Mar 2023 0.77 4.17 0.25 5.23 0.29 4.55 0.26 2.72 0.22 0.26 0.25
Gold produced kg Mar 2024 5,117 3,412 1,705 1,551 12 961 174 900 4 288 1,227
Dec 2023 6,102 4,307 1,795 1,789 16 1,322 209 1,196 2 305 1,263
Mar 2023 6,229 4,445 1,784 1,844 59 1,644 88 957 48 260 1,329
oz Mar 2024 164,515 109,698 54,817 49,866 386 30,897 5,594 28,936 129 9,259 39,449
Dec 2023 196,184 138,473 57,711 57,518 514 42,503 6,720 38,452 64 9,806 40,606
Mar 2023 200,267 142,910 57,357 59,286 1,897 52,856 2,829 30,768 1,543 8,359 42,728
Gold sold kg Mar 2024 5,343 3,605 1,738 1,648 26 962 184 995 4 306 1,218
Dec 2023 5,685 3,892 1,793 1,632 2 1,286 224 974 2 297 1,268
Mar 2023 6,765 4,830 1,935 1,824 105 1,877 146 1,129 48 307 1,329
oz Mar 2024 171,781 115,903 55,878 52,984 836 30,929 5,916 31,990 129 9,838 39,160
Dec 2023 182,777 125,131 57,646 52,470 64 41,346 7,202 31,315 64 9,549 40,767
Mar 2023 217,500 155,288 62,212 58,643 3,376 60,347 4,694 36,298 1,543 9,870 42,728
Price and costs
Gold price received R/kg Mar 2024 1,254,539 1,252,688 1,253,927 1,252,252 1,251,634 1,260,263
Dec 2023 1,188,566 1,188,494 1,185,430 1,189,549 1,188,552 1,191,640
Mar 2023 1,064,302 1,070,503 1,068,710 1,066,270 1,061,889 1,047,404
US$/oz Mar 2024 2,069 2,066 2,068 2,065 2,064 2,078
Dec 2023 1,982 1,982 1,977 1,984 1,982 1,987
Mar 2023 1,864 1,875 1,872 1,867 1,860 1,834
Operating cost1,3 R/t Mar 2024 745 4,569 238 5,884 334 5,017 406 3,046 302 401 198
Dec 2023 747 4,832 223 5,888 243 6,117 349 2,927 387 324 193
Mar 2023 689 3,923 198 4,247 362 4,951 301 2,541 232 243 175
US$/t Mar 2024 39 242 13 312 18 266 22 162 16 21 11
Dec 2023 40 259 12 316 13 328 19 157 21 17 10
Mar 2023 39 221 11 239 20 279 17 143 13 14 10
R/kg Mar 2024 1,097,714 1,180,832 931,378 1,047,066 583,333 1,481,790 810,345 1,090,000 2,250,000 1,298,611 861,451
Dec 2023 972,304 1,013,699 872,981 906,093 312,500 1,313,918 698,565 842,809 500,000 1,131,148 847,189
Mar 2023 894,205 940,382 779,148 812,364 1,237,288 1,088,200 1,147,727 933,124 1,041,667 926,923 696,012
US$/oz Mar 2024 1,810 1,947 1,536 1,727 962 2,444 1,336 1,798 3,711 2,142 1,421
Dec 2023 1,622 1,691 1,456 1,511 521 2,191 1,165 1,406 834 1,886 1,413
Mar 2023 1,566 1,647 1,365 1,423 2,167 1,906 2,010 1,634 1,824 1,623 1,219
All-in sustaining cost2,3 R/kg Mar 2024 1,236,571 1,292,115 1,580,279 1,112,112 1,356,209 906,404
Dec 2023 1,168,690 1,228,886 1,423,179 993,852 1,188,552 913,249
Mar 2023 1,042,868 1,065,837 1,213,050 1,033,135 983,713 772,009
US$/oz Mar 2024 2,039 2,131 2,606 1,834 2,237 1,495
Dec 2023 1,949 2,049 2,374 1,657 1,982 1,523
Mar 2023 1,826 1,867 2,124 1,809 1,723 1,352
All-in cost2,3 R/kg Mar 2024 1,337,451 1,292,115 1,580,279 1,112,112 1,356,209 1,170,772
Dec 2023 1,295,339 1,228,886 1,428,477 993,852 1,188,552 1,151,420
Mar 2023 1,127,421 1,065,837 1,228,374 1,033,135 983,713 892,400
US$/oz Mar 2024 2,206 2,131 2,606 1,834 2,237 1,931
Dec 2023 2,160 2,049 2,382 1,657 1,982 1,920
Mar 2023 1,974 1,867 2,151 1,809 1,723 1,563
Capital expenditure
Ore reserve development Rm Mar 2024 665 398 205 62 - -
Dec 2023 622 362 196 64 - -
Mar 2023 653 349 221 83 - -
Sustaining capital Rm Mar 2024 168 65 38 3 - 62
Dec 2023 449 169 134 57 - 89
Mar 2023 279 80 70 14 - 115
Corporate and projects4 Rm Mar 2024 535 - - - - 322
Dec 2023 691 - 8 - - 302
Mar 2023 570 - 31 - - 160
Total capital expenditure Rm Mar 2024 1,368 463 243 65 - 384
Dec 2023 1,762 531 338 121 - 391
Mar 2023 1,502 429 322 97 - 275
US$m Mar 2024 73 25 13 3 - 20
Dec 2023 94 28 18 6 - 21
Mar 2023 85 24 18 5 - 15
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and
change in inventory in a period by the gold produced in the same period. For a reconciliation, refer to "Unit operating cost - Quarters" SA gold operations
2 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost
per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period. For a reconciliation of cost of
sales before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
3 Operating cost, All-in sustaining costs and All-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other
measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board
4 Corporate project expenditure for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R213 million (US$11 million), R381 million (US$20 million) and R379 million (US$21
million), respectively, the majority of which related to the Burnstone project
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS (continued)
European operations
Sandouville nickel refinery
Metals split
Mar 2024 Dec 2023 Mar 2023
Volumes produced (tonnes) % % %
Nickel salts1 344 15% 196 15% 429 27%
Nickel metal 1,935 85% 1,084 85% 1,180 73%
Total Nickel production tNi 2,279 100% 1,280 100% 1,609 100%
Nickel cakes2 106 59 61
Cobalt chloride (CoCl2)3 45 18 33
Ferric chloride (FeCl3)3 358 161 296
Volumes sales (tonnes)
Nickel salts1 417 17% 254 17% 229 17%
Nickel metal 1,989 83% 1,225 83% 1,118 83%
Total Nickel sold tNi 2,406 100% 1,479 100% 1,347 100%
Nickel cakes2 - - 19
Cobalt chloride (CoCl2)3 24 25 16
Ferric chloride (FeCl3)3 358 161 296
Nickel equivalent basket price Unit Mar 2024 Dec 2023 Mar 2023
Nickel equivalent average basket price4 R/tNi 359,933 377,958 501,856
US$/tNi 19,084 20,266 28,258
Nickel equivalent sustaining cost Rm Mar 2024 Dec 2023 Mar 2023
Cost of sales, before amortisation and depreciation 1,036 900 922
Share-based payments (1) 16 -
Rehabilitation interest and amortisation 1 4 1
Leases 5 5 5
Sustaining capital expenditure 62 70 44
Less: By-product credit (46) - (45)
Nickel equivalent sustaining cost 1,057 995 927
Nickel Products sold tNi 2,406 1,479 1,347
Nickel equivalent sustaining cost5 R/tNi 439,318 672,752 688,196
US$/tNi 23,294 36,072 38,750
Nickel recovery yield6 % 97.24% 93.53% 96.15%
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
2 Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
3 Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
4 The Nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold
5 The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel equivalent sustaining cost, in a
period by the total nickel products sold over the same period. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are intended to provide additional information
only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as alternatives to cost of sales, profit before tax, profit for the year, cash from
operating activities or any other measure of financial performance presented in accordance with IFRS. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne as
presented in this document may not be comparable to other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result
of differences in the underlying accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining
versus development capital activities based upon each company's internal policies. Non-IFRS measures such as Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per
tonne are the responsibility of the Group's Board of Directors and because of its nature, should not be considered as a representation of financial performance under IFRS
6 Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
SALIENT FEATURES AND COST BENCHMARKS - QUARTERS (continued)
Australian operations
Century zinc retreatment operation1
Production
Ore mined and processed kt Mar 2024 1,373
Dec 2023 2,063
Mar 2023 112
Processing feed grade % Mar 2024 2.97
Dec 2023 3.07
Mar 2023 2.97
Plant recoveries % Mar 2024 48.57
Dec 2023 50.56
Mar 2023 45.95
Concentrate produced2 kt Mar 2024 42
Dec 2023 71
Mar 2023 3
Concentrate zinc grade3 % Mar 2024 47.01
Dec 2023 45.16
Mar 2023 44.78
Metal produced (zinc in concentrate)4 kt Mar 2024 20
Dec 2023 32
Mar 2023 2
Zinc metal produced (payable)5 kt Mar 2024 16
Dec 2023 26
Mar 2023 1
Zinc sold6 kt Mar 2024 18
Dec 2023 33
Mar 2023 5
Zinc sold (payable)7 kt Mar 2024 15
Dec 2023 27
Mar 2023 4
Price and costs
Average equivalent zinc concentrate price8 R/tZn Mar 2024 41,346
Dec 2023 33,852
Mar 2023 36,287
US$/tZn Mar 2024 2,192
Dec 2023 1,815
Mar 2023 2,043
All-in sustaining cost9,10 R/tZn Mar 2024 48,547
Dec 2023 32,783
Mar 2023 163,477
US$/tZn Mar 2024 2,574
Dec 2023 1,758
Mar 2023 9,205
All-in cost9,10 R/tZn Mar 2024 48,547
Dec 2023 33,390
Mar 2023 208,134
US$/tZn Mar 2024 2,574
Dec 2023 1,790
Mar 2023 11,719
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 Century is a leading tailings management and rehabilitation company that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was
acquired by the Group on 22 February 2023
2 Concentrate produced is the dry concentrate which has been processed that contains zinc, silver and waste material
3 Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
4 Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced
5 Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
6 Zinc sold is the zinc metal contained in the concentrate sold
7 Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions
8 Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
metal sold
9 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per tonne and All-in cost per tonne are
calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total tonnes of zinc metal produced (payable) in the same period. For a reconciliation of cost of
sales, before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
10 All-in sustaining costs and all-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other measure of
financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board
ALL-IN COSTS - QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA Total SA
PGM US PGM PGM Rustenburg Marikana1 Kroondal3 Plat Mile Mimosa Corporate
operations1 operations2 operations1
Cost of sales, before amortisation and depreciation4 Mar 2024 14,973 2,752 12,221 4,595 6,005 1,444 177 629 (629)
Dec 2023 12,624 3,005 9,619 4,256 3,873 1,331 159 614 (614)
Mar 2023 10,914 2,133 8,781 3,880 3,938 812 151 478 (478)
Royalties Mar 2024 58 - 58 23 30 5 - 31 (31)
Dec 2023 242 - 242 89 150 3 - 29 (29)
Mar 2023 228 - 228 29 196 3 - 32 (32)
Carbon tax Mar 2024 - - - - - - - - -
Dec 2023 - - - - - - - - -
Mar 2023 - - - - - - - - -
Community costs Mar 2024 39 - 39 10 19 10 - - -
Dec 2023 34 - 34 16 15 2 - - -
Mar 2023 23 - 23 - 23 - - - -
Inventory change Mar 2024 (1,992) (278) (1,714) (713) (1,055) 54 - 1 (1)
Dec 2023 556 (37) 593 (153) 752 (6) - (2) 2
Mar 2023 (83) 25 (108) (623) 515 - - 61 (61)
Share-based payments5 Mar 2024 1 (1) 2 (1) 3 (2) - - -
Dec 2023 46 47 (1) - 7 (8) - - -
Mar 2023 10 6 4 1 2 1 - - -
Rehabilitation interest and amortisation6 Mar 2024 43 12 31 (1) 11 21 - 1 (1)
Dec 2023 60 21 39 8 10 21 - 1 (1)
Mar 2023 51 20 31 (3) 16 18 - 1 (1)
Leases Mar 2024 19 1 18 5 11 2 - - -
Dec 2023 23 5 18 6 10 2 - - -
Mar 2023 15 1 14 4 9 1 - - -
Ore reserve development Mar 2024 1,146 601 545 145 400 - - - -
Dec 2023 1,398 813 585 163 422 - - - -
Mar 2023 1,622 976 646 168 478 - - - -
Sustaining capital expenditure Mar 2024 639 209 430 207 151 68 4 170 (170)
Dec 2023 1,579 792 787 217 424 115 31 281 (281)
Mar 2023 718 367 351 128 168 48 7 237 (237)
Less: By-product credit Mar 2024 (3,016) (210) (2,806) (1,352) (1,118) (266) (70) (129) 129
Dec 2023 (3,522) (195) (3,327) (1,784) (1,312) (216) (15) (169) 169
Mar 2023 (2,365) (200) (2,165) (847) (1,127) (170) (21) (166) 166
Total All-in-sustaining costs7 Mar 2024 11,910 3,086 8,824 2,918 4,457 1,336 111 703 (703)
Dec 2023 13,040 4,451 8,589 2,818 4,351 1,244 175 754 (754)
Mar 2023 11,133 3,328 7,805 2,737 4,218 713 137 643 (643)
Plus: Corporate cost, growth and capital expenditure Mar 2024 213 57 156 - 156 - - - -
Dec 2023 435 170 265 - 239 2 24 - -
Mar 2023 362 198 164 - 163 1 - - -
Total All-in-costs7 Mar 2024 12,123 3,143 8,980 2,918 4,613 1,336 111 703 (703)
Dec 2023 13,475 4,621 8,854 2,818 4,590 1,246 199 754 (754)
Mar 2023 11,495 3,526 7,969 2,737 4,381 714 137 643 (643)
PGM production 4Eoz - 2Eoz Mar 2024 537,461 122,543 414,918 137,100 174,892 61,150 11,794 29,982 -
Dec 2023 561,265 116,213 445,052 161,924 185,468 55,136 12,618 29,906 -
Mar 2023 504,389 100,690 403,699 147,484 175,530 41,187 13,102 26,396 -
kg Mar 2024 16,717 3,812 12,905 4,264 5,440 1,902 367 933 -
Dec 2023 17,457 3,615 13,843 5,036 5,769 1,715 392 930 -
Mar 2023 15,688 3,132 12,556 4,587 5,460 1,281 408 821 -
All-in-sustaining cost R/4Eoz - R/2Eoz Mar 2024 23,469 25,183 22,923 21,284 25,484 21,848 9,412 23,447 -
Dec 2023 24,541 38,300 20,689 17,403 23,460 22,562 13,869 25,212 -
Mar 2023 23,291 33,052 20,686 18,558 24,030 17,311 10,456 24,360 -
US$/4Eoz - US$/2Eoz Mar 2024 1,244 1,335 1,215 1,129 1,351 1,158 499 1,243 -
Dec 2023 1,316 2,054 1,109 933 1,258 1,210 744 1,352 -
Mar 2023 1,311 1,861 1,165 1,045 1,353 975 589 1,372 -
All-in-cost R/4Eoz - R/2Eoz Mar 2024 23,889 25,648 23,329 21,284 26,376 21,848 9,412 23,447 -
Dec 2023 25,360 39,763 21,327 17,403 24,748 22,599 15,771 25,212 -
Mar 2023 24,048 35,018 21,121 18,558 24,959 17,336 10,456 24,360 -
US$/4Eoz - US$/2Eoz Mar 2024 1,267 1,360 1,237 1,129 1,399 1,158 499 1,243 -
Dec 2023 1,360 2,132 1,144 933 1,327 1,212 846 1,352 -
Mar 2023 1,354 1,972 1,189 1,045 1,405 976 589 1,372 -
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 The US and SA PGM operations, Total SA PGM operations and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a
reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM
operations and Marikana - Quarters" and "Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters"
2 The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations' underground
production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown
3 Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
4 Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
5 Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date
fair value
6 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
7 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost
per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period
Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters
US and SA PGM operations Total SA PGM operations Marikana
Rm Mar 2024 Dec 2023 Mar 2023 Mar 2024 Dec 2023 Mar 2023 Mar 2024 Dec 2023 Mar 2023
Cost of sales, before amortisation and depreciation as reported per table
above 14,973 12,624 10,914 12,221 9,619 8,781 6,005 3,873 3,938
Inventory change as reported per table above (1,992) 556 (83) (1,714) 593 (108) (1,055) 752 515
Less: Chrome cost of sales (528) (675) (257) (528) (675) (257) (88) (83) (60)
Total operating cost including third party PoC 12,453 12,505 10,574 9,979 9,537 8,416 4,862 4,542 4,393
Less: Purchase cost of PoC (591) (594) (822) (591) (594) (822) (591) (594) (822)
Total operating cost excluding third party PoC 11,862 11,911 9,752 9,388 8,943 7,594 4,271 3,948 3,571
PGM production as reported per table above 4Eoz- 2Eoz 537,461 561,265 504,389 414,918 445,052 403,699 174,892 185,468 175,530
Less: Mimosa production (29,982) (29,906) (26,396) (29,982) (29,906) (26,396) - - -
PGM production excluding Mimosa 507,479 531,359 477,993 384,936 415,146 377,303 174,892 185,468 175,530
Less: PoC production (25,605) (22,867) (23,908) (25,605) (22,867) (23,908) (25,605) (22,867) (23,908)
PGM production excluding Mimosa and third party PoC 481,874 508,492 454,085 359,331 392,279 353,395 149,287 162,601 151,622
PGM production including Mimosa and excluding third party PoC 511,856 538,398 480,481 389,313 422,185 379,791 149,287 162,601 151,622
Tonnes milled/treated kt 8,855 9,301 8,742 8,531 9,012 8,460 2,438 2,580 2,248
Less: Mimosa tonnes (358) (361) (326) (358) (361) (326) - - -
PGM tonnes excluding Mimosa and third party PoC 8,497 8,940 8,416 8,174 8,651 8,134 2,438 2,580 2,248
R/4Eoz-
Operating cost including third party PoC R/2Eoz 24,539 23,534 22,122 25,924 22,973 22,306 27,800 24,489 25,027
US$/4Eoz-
US$/2Eoz 1,301 1,262 1,246 1,375 1,232 1,256 1,474 1,313 1,409
R/t 1,466 1,399 1,256 1,221 1,102 1,035 1,994 1,761 1,955
US$/t 78 75 71 65 59 58 106 94 110
R/4Eoz-
Operating cost excluding third party PoC R/2Eoz 24,616 23,424 21,476 26,126 22,798 21,489 28,609 24,280 23,552
US$/4Eoz-
US$/2Eoz 1,305 1,256 1,209 1,385 1,222 1,210 1,517 1,302 1,326
R/t 1,396 1,332 1,159 1,149 1,034 934 1,752 1,530 1,589
US$/t 74 71 65 61 55 53 93 82 89
Reconciliation of AISC and AIC excluding PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters
US and SA PGM operations Total SA PGM operations Marikana
Rm Mar 2024 Dec 2023 Mar 2023 Mar 2024 Dec 2023 Mar 2023 Mar 2024 Dec 202 Mar 2023
Total All-in-sustaining cost as reported per table above 11,910 13,040 11,133 8,824 8,589 7,805 4,457 4,351 4,218
Less: Purchase cost of PoC (591) (594) (822) (591) (594) (822) (591) (594) (822)
Add: By-product credit of PoC 106 107 100 106 107 100 106 107 100
Total All-in-sustaining cost excluding PoC 11,425 12,553 10,411 8,339 8,102 7,083 3,972 3,864 3,496
Plus: Corporate cost, growth and capital expenditure 213 435 362 156 265 164 156 239 163
Total All-in-cost excluding PoC 11,638 12,988 10,773 8,495 8,367 7,247 4,128 4,103 3,659
PGM production excluding PoC 4Eoz- 2Eoz 481,874 508,492 454,085 359,331 392,279 353,395 149,287 162,601 151,622
R/4Eoz-
All-in-sustaining cost excluding PoC R/2Eoz 23,710 24,687 22,927 23,207 20,654 20,043 26,606 23,764 23,057
US$/4Eoz-
US$/2Eoz 1,257 1,324 1,291 1,230 1,107 1,129 1,411 1,274 1,298
R/4Eoz-
All-in-cost excluding PoC R/2Eoz 24,152 25,542 23,725 23,641 21,329 20,507 27,651 25,234 24,132
US$/4Eoz-
US$/2Eoz 1,281 1,370 1,336 1,254 1,144 1,155 1,466 1,353 1,359
ALL-IN COSTS - QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA
gold Driefontein Kloof Beatrix Cooke DRDGOLD Corporate
operations
Cost of sales, before amortisation and depreciation1 Mar 2024 5,684 1,691 1,556 1,011 388 1,038 -
Dec 2023 5,506 1,472 1,808 833 331 1,062 -
Mar 2023 6,011 1,613 2,136 1,087 277 898 -
Royalties Mar 2024 25 10 7 6 1 - 1
Dec 2023 26 10 9 6 1 - -
Mar 2023 29 10 11 6 2 - -
Carbon tax Mar 2024 - - - - - - -
Dec 2023 - - - - - - -
Mar 2023 - - - - - - -
Community costs Mar 2024 3 - - - - 3 -
Dec 2023 (11) (2) (2) (8) - 1 -
Mar 2023 5 - 1 - - 4 -
Share-based payments2 Mar 2024 4 (1) (2) (1) - 8 -
Dec 2023 1 1 (7) (5) - 7 5
Mar 2023 10 2 1 1 - 6 -
Rehabilitation interest and amortisation3 Mar 2024 59 1 6 30 26 (6) 2
Dec 2023 35 (2) 3 19 21 (7) 1
Mar 2023 56 2 8 20 23 2 1
Leases Mar 2024 7 - 2 1 - 4 -
Dec 2023 20 - 9 5 - 6 -
Mar 2023 18 1 6 6 - 5 -
Ore reserve development Mar 2024 665 398 205 62 - - -
Dec 2023 622 362 196 64 - - -
Mar 2023 653 349 221 83 - - -
Sustaining capital expenditure Mar 2024 168 65 38 3 - 62 -
Dec 2023 449 169 134 57 - 89 -
Mar 2023 279 80 70 14 - 115 -
Less: By-product credit Mar 2024 (8) (1) (1) (1) - (5) -
Dec 2023 (4) (2) (1) (1) - - -
Mar 2023 (6) (1) - (1) - (4) -
Total All-in-sustaining costs4 Mar 2024 6,607 2,163 1,811 1,111 415 1,104 3
Dec 2023 6,644 2,008 2,149 970 353 1,158 6
Mar 2023 7,055 2,056 2,454 1,216 302 1,026 1
Plus: Corporate cost, growth and capital expenditure Mar 2024 539 - - - - 322 217
Dec 2023 720 - 8 - - 302 410
Mar 2023 572 - 31 - - 160 381
Total All-in-costs4 Mar 2024 7,146 2,163 1,811 1,111 415 1,426 220
Dec 2023 7,364 2,008 2,157 970 353 1,460 416
Mar 2023 7,627 2,056 2,485 1,216 302 1,186 382
Gold sold kg Mar 2024 5,343 1,674 1,146 999 306 1,218 -
Dec 2023 5,685 1,634 1,510 976 297 1,268 -
Mar 2023 6,765 1,929 2,023 1,177 307 1,329 -
oz Mar 2024 171,781 53,820 36,845 32,119 9,838 39,160 -
Dec 2023 182,777 52,534 48,548 31,379 9,549 40,767 -
Mar 2023 217,500 62,019 65,041 37,841 9,870 42,728 -
All-in-sustaining cost R/kg Mar 2024 1,236,571 1,292,115 1,580,279 1,112,112 1,356,209 906,404 -
Dec 2023 1,168,690 1,228,886 1,423,179 993,852 1,188,552 913,249 -
Mar 2023 1,042,868 1,065,837 1,213,050 1,033,135 983,713 772,009 -
All-in-sustaining cost US$/oz Mar 2024 2,039 2,131 2,606 1,834 2,237 1,495 -
Dec 2023 1,949 2,049 2,374 1,657 1,982 1,523 -
Mar 2023 1,826 1,867 2,124 1,809 1,723 1,352 -
All-in-cost R/kg Mar 2024 1,337,451 1,292,115 1,580,279 1,112,112 1,356,209 1,170,772 -
Dec 2023 1,295,339 1,228,886 1,428,477 993,852 1,188,552 1,151,420 -
Mar 2023 1,127,421 1,065,837 1,228,374 1,033,135 983,713 892,400 -
All-in-cost US$/oz Mar 2024 2,206 2,131 2,606 1,834 2,237 1,931 -
Dec 2023 2,160 2,049 2,382 1,657 1,982 1,920 -
Mar 2023 1,974 1,867 2,151 1,809 1,723 1,563 -
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2 Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date
fair value
3 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost
per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period
ALL-IN COSTS - QUARTERS (continued)
Australian operations
Figures are in rand millions unless otherwise stated
Century zinc retreatment operation1
Cost of sales, before amortisation and depreciation2 Mar 2024 734
Dec 2023 691
Mar 2023 119
Royalties Mar 2024 25
Dec 2023 55
Mar 2023 13
Community costs Mar 2024 13
Dec 2023 15
Mar 2023 2
Inventory change Mar 2024 8
Dec 2023 79
Mar 2023 56
Share-based payments Mar 2024 -
Dec 2023 -
Mar 2023 -
Rehabilitation interest and amortisation3 Mar 2024 5
Dec 2023 5
Mar 2023 1
Leases Mar 2024 27
Dec 2023 27
Mar 2023 11
Sustaining capital expenditure Mar 2024 11
Dec 2023 42
Mar 2023 7
Less: By-product credit Mar 2024 (26)
Dec 2023 (50)
Mar 2023 (4)
Total All-in-sustaining costs4 Mar 2024 797
Dec 2023 864
Mar 2023 205
Plus: Corporate cost, growth and capital expenditure Mar 2024 -
Dec 2023 16
Mar 2023 56
Total All-in-costs4 Mar 2024 797
Dec 2023 880
Mar 2023 261
Zinc metal produced (payable) kt Mar 2024 16
Dec 2023 26
Mar 2023 1
All-in-sustaining cost R/tZn Mar 2024 48,547
Dec 2023 32,783
Mar 2023 163,477
US$/tZn Mar 2024 2,574
Dec 2023 1,758
Mar 2023 9,205
All-in-cost R/tZn Mar 2024 48,547
Dec 2023 33,390
Mar 2023 208,134
US$/tZn Mar 2024 2,574
Dec 2023 1,790
Mar 2023 11,719
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 Century is a leading tailings management and rehabilitation company that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was
acquired by the Group on 22 February 2023
2 Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
3 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current zinc production
4 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital,
impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations,
given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per tonne and All-in cost per tonne are
calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total tonnes of zinc metal produced (payable) in the same period
UNIT OPERATING COST - QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
Total SA
US and SA US PGM PGM Rustenburg3 Marikana3 Kroondal3,4 Plat Mile3 Mimosa
PGM operations operations3
operations1,3 Under- Total Under- Surface Under- Surface Surface Attribu-
ground2 ground Surface ground Surface table
Cost of sales, before
amortisation and
depreciation Mar 2024 14,973 2,752 12,221 4,288 307 6,005 1,444 177 629
Dec 2023 12,624 3,005 9,619 3,942 314 3,873 1,331 159 614
Mar 2023 10,914 2,133 8,781 3,615 265 3,938 812 151 478
Inventory change Mar 2024 (1,992) (278) (1,714) (747) 34 (1,055) 54 - 1
Dec 2023 556 (37) 593 (155) 2 752 (6) - (2)
Mar 2023 (83) 25 (108) (538) (85) 515 - - 61
Less: Chrome cost of sales Mar 2024 (528) - (528) (416) - (88) (3) (21) -
Dec 2023 (675) - (675) (587) - (83) (5) - -
Mar 2023 (257) - (257) (194) - (60) (3) - -
Less: Purchase cost of PoC Mar 2024 (591) - (591) - - (591) - - -
Dec 2023 (594) - (594) - - (594) - - -
Mar 2023 (822) - (822) - - (822) - - -
Total operating cost
excluding third party PoC Mar 2024 11,862 2,474 9,388 3,125 341 4,271 1,495 156 630
Dec 2023 11,911 2,968 8,943 3,200 316 3,948 1,320 159 612
Mar 2023 9,752 2,158 7,594 2,883 180 3,571 809 151 539
Tonnes milled/treated
excluding Mimosa and third
party PoC5 kt Mar 2024 8,497 324 8,174 1,272 1,349 1,424 1,015 1,056 2,057 358
Dec 2023 8,940 289 8,651 1,446 1,418 1,552 1,028 900 2,307 361
Mar 2023 8,416 282 8,134 1,412 1,260 1,436 812 686 2,529 326
PGM production excluding
Mimosa and third party
PoC5 4Eoz Mar 2024 481,874 122,543 359,331 120,584 16,516 149,287 61,150 11,794 29,982
Dec 2023 508,492 116,213 392,279 138,182 23,742 162,601 55,136 12,618 29,906
Mar 2023 454,085 100,690 353,395 130,123 17,361 151,622 41,187 13,102 26,396
Operating cost6 R/t Mar 2024 1,396 7,642 1,149 2,456 253 1,752 1,415 76 1,762
Dec 2023 1,332 10,256 1,034 2,212 223 1,530 1,467 69 1,697
Mar 2023 1,159 7,665 934 2,042 143 1,589 1,180 60 1,653
US$/t Mar 2024 74 405 61 130 13 93 75 4 93
Dec 2023 71 550 55 119 12 82 79 4 91
Mar 2023 65 432 53 115 8 89 66 3 93
R/4Eoz - R/2Eoz Mar 2024 24,616 20,189 26,126 25,916 20,647 28,609 24,448 13,227 21,013
Dec 2023 23,424 25,539 22,798 23,158 13,310 24,280 23,941 12,601 20,464
Mar 2023 21,476 21,432 21,489 22,156 10,368 23,552 19,642 11,525 20,420
US$/4Eoz - US$/2Eoz Mar 2024 1,305 1,070 1,385 1,374 1,095 1,517 1,296 701 1,114
Dec 2023 1,256 1,369 1,222 1,242 714 1,302 1,284 676 1,097
Mar 2023 1,209 1,207 1,210 1,248 584 1,326 1,106 649 1,150
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 US and SA PGM operations and Total SA PGM operations exclude the results of Mimosa, which is equity accounted
2 The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations'
underground production, the operation treats various recycling material which is excluded from the statistics shown above
3 Cost of sales, before amortisation and depreciation for US and SA PGM operations Total SA PGM operations, Rustenburg, Marikana, Kroondal and Platinum Mile includes the Chrome cost of
sales which is excluded for unit cost calculation purposes as Chrome production is excluded from the 4Eoz production
4 Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
5 For a reconciliation of the production excluding Mimosa and third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM
operations and Marikana - Quarters"
6 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per ounce is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory
in a period, by the PGM produced in the same period
UNIT OPERATING COST - QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA gold operations Driefontein Kloof Beatrix Cooke DRDGOLD
Under- Under- Under- Under-
Total ground Surface ground Surface ground Surface ground Surface Surface Surface
Cost of sales, before
amortisation and
depreciation Mar 2024 5,684 4,101 1,583 1,684 7 1,415 141 1,002 9 388 1,038
Dec 2023 5,506 3,968 1,538 1,467 5 1,669 139 832 1 331 1,062
Mar 2023 6,011 4,570 1,441 1,540 73 1,993 143 1,037 50 277 898
Inventory change Mar 2024 (67) (72) 5 (60) - 9 - (21) - (14) 19
Dec 2023 427 398 29 154 - 68 7 176 - 14 8
Mar 2023 (441) (390) (51) (42) - (204) (42) (144) - (36) 27
Total operating cost Mar 2024 5,617 4,029 1,588 1,624 7 1,424 141 981 9 374 1,057
Dec 2023 5,933 4,366 1,567 1,621 5 1,737 146 1,008 1 345 1,070
Mar 2023 5,570 4,180 1,390 1,498 73 1,789 101 893 50 241 925
Tonnes milled/treated kt Mar 2024 7,541 882 6,659 276 21 284 347 322 30 932 5,330
Dec 2023 7,945 904 7,041 275 21 284 419 344 3 1,066 5,533
Mar 2023 8,081 1,066 7,015 353 201 361 335 351 216 992 5,271
Gold produced kg Mar 2024 5,117 3,412 1,705 1,551 12 961 174 900 4 288 1,227
Dec 2023 6,102 4,307 1,795 1,789 16 1,322 209 1,196 2 305 1,263
Mar 2023 6,229 4,445 1,784 1,844 59 1,644 88 957 48 260 1,329
oz Mar 2024 164,515 109,698 54,817 49,866 386 30,897 5,594 28,936 129 9,259 39,449
Dec 2023 196,184 138,473 57,711 57,518 514 42,503 6,720 38,452 64 9,806 40,606
Mar 2023 200,267 142,910 57,357 59,286 1,897 52,856 2,829 30,768 1,543 8,359 42,728
Operating cost1 R/t Mar 2024 745 4,569 238 5,884 334 5,017 406 3,046 302 401 198
Dec 2023 747 4,832 223 5,888 243 6,117 349 2,927 387 324 193
Mar 2023 689 3,923 198 4,247 362 4,951 301 2,541 232 243 175
US$/t Mar 2024 39 242 13 312 18 266 22 162 16 21 11
Dec 2023 40 259 12 316 13 328 19 157 21 17 10
Mar 2023 39 221 11 239 20 279 17 143 13 14 10
R/kg Mar 2024 1,097,714 1,180,832 931,378 1,047,066 583,333 1,481,790 810,345 1,090,000 2,250,000 1,298,611 861,451
Dec 2023 972,304 1,013,699 872,981 906,093 312,500 1,313,918 698,565 842,809 500,000 1,131,148 847,189
Mar 2023 894,205 940,382 779,148 812,364 1,237,288 1,088,200 1,147,727 933,124 1,041,667 926,923 696,012
US$/oz Mar 2024 1,810 1,947 1,536 1,727 962 2,444 1,336 1,798 3,711 2,142 1,421
Dec 2023 1,622 1,691 1,456 1,511 521 2,191 1,165 1,406 834 1,886 1,413
Mar 2023 1,566 1,647 1,365 1,423 2,167 1,906 2,010 1,634 1,824 1,623 1,219
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and
change in inventory in a period by the gold produced in the same period
ADJUSTED EBITDA RECONCILIATION - QUARTERS
Quarter ended Mar 2024 Quarter ended Dec 2023 Quarter ended Mar 2023
Southern Africa Southern Africa Southern Africa
Americas region (SA) region European region Australian region Group Americas region (SA) region European region Australian region Group Americas region (SA) region European region Australian region Group
Century Century Century
Total US Sandouville zinc Sandouville zinc US Under- Sandouville zinc
PGM Undergrou Total Total Total EU nickel Total AUS retreatment Total US Under- Total Total SA Total EU nickel Total AUS retreatment Group Total US ground Total EU nickel Total AUS retreatment
Figures in million - SA rand Group operations nd Recycling SA PGM SA gold operations1 refinery operations operation Corporate Group PGM ground Recycling SA PGM gold operations1 refinery operations operation corporate Group PGM PGM Recycling SA PGM SA gold operations1 refinery operations operation Corporate
(Loss)/profit before royalties,
carbon tax and tax (634) (185) (255) 70 566 (262) (149) (84) (313) (259) (291) (49,186) (42,912) (43,000) 88 4,275 (2,617) (4,246) (3,904) (3,634) (3,655) (52) 5,616 (439) (637) 198 6,289 362 (341) (289) (89) (41) (166)
Adjusted for:
Amortisation and depreciation 1,969 541 540 1 811 583 7 5 27 27 - 2,697 879 878 1 826 667 58 56 267 267 - 1,958 707 706 1 655 524 48 47 24 24 -
Interest income (381) (129) (129) - (102) (138) (11) - (1) - - (310) (49) (49) - (106) (133) (20) - - - (2) (380) (59) (59) - (152) (164) (2) - (3) (1) -
Finance expense 1,093 446 446 - 142 325 54 25 42 38 84 868 334 334 - 153 252 25 6 39 13 65 750 261 261 - 230 156 3 3 22 22 78
Share-based payments 19 2 2 - 6 11 - - - - - (9) 9 9 - (17) (8) 6 6 - - 1 (1) (4) (4) - (2) 5 - - - - -
Loss/(gain) on financial
instruments 85 - - - (6) 135 (2) (4) (42) (42) - (319) 2,136 2,136 - (2,698) 118 252 (21) (126) (127) (1) 169 (4) (4) - 273 (7) (35) - (58) (58) -
(Gain)/loss on foreign
exchange movements (59) 2 2 - (130) 45 8 8 - 1 16 (286) - - - (161) (44) (13) (13) (38) 9 (30) (147) (6) (6) - (174) (57) 69 (1) 44 (4) (23)
Share of results of equity-
accounted investees after tax (13) - - - 66 (82) - - - - 3 1,393 - - - 1,456 (66) - - - - 3 (200) - - - (132) (72) - - - - 4
Change in estimate of
environmental rehabilitation
obligation, and right of
recovery liability and asset - - - - - - - - - - - (45) - - - (45) - - - - - - - - - - - - - - - - -
(Gain)/loss on disposal of
property, plant and
equipment (14) 2 2 - (4) (12) - - - - - 2 45 45 - (13) (30) - - - - - (26) - - - (21) (5) - - - - -
Impairments 122 - - - 122 - - - - - - 47,445 38,919 38,919 - 505 2,731 1,607 1,607 3,683 3,683 - 2 - - - - 2 - - - - -
Gain on acquisition - - - - - - - - - - - (898) - - - (898) - - - - - - - - - - - - - - - - -
Occupational healthcare gain - - - - - - - - - - - (357) - - - - (357) - - - - - - - - - - - - - - - -
Restructuring costs 60 2 2 - 4 54 - - - - - 684 41 41 - 333 310 - - - - - 46 - - - - 46 - - - - -
Onerous contract provision (142) - - - - - (142) (142) - - - 1,865 - - - - - 1,865 1,865 - - - - - - - - - - - - - -
Gain on remeasurement of
previous interest in Kroondal - - - - - - - - - - - (298) - - - (298) - - - - - - - - - - - - - - - - -
Lease payments (61) (1) (1) - (19) (8) (6) (5) (27) (27) - (77) (5) (5) - (18) (19) (7) (7) (28) (26) - (48) (1) (1) - (14) (16) (6) (5) (11) (11) -
Other non-recurring costs 93 - - - - 1 - - 21 - 71 213 29 29 - - - - - - - 184 16 (2) (2) - - - - - 2 - 16
Adjusted EBITDA 2,137 680 609 71 1,456 652 (241) (197) (293) (262) (117) 3,382 (574) (663) 89 3,294 804 (473) (405) 163 164 168 7,755 453 254 199 6,952 774 (264) (245) (69) (69) (91)
1 Total EU operations includes Sandouville nickel refinery, Keliber OY and European corporate and reconciling items
DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below
exclude shaft sinking metres, which are reported separately where appropriate.
US PGM operations Mar 2024 quarter Dec 2023 quarter Mar 2023 quarter
Stillwater East Stillwater East Stillwater East
Reef incl Blitz Boulder incl Blitz Boulder incl Blitz Boulder
Stillwater Unit
Primary development (off reef) (m) 840 174 1,262 85 1,503 451
Secondary development (m) 3,257 1,365 3,296 1,161 2,443 1,424
SA PGM operations Mar 2024 quarter Dec 2023 quarter Mar 2023 quarter
Thembe- Siphume- Thembe- Siphume- Thembe- Siphume-
Reef Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele Bathopele lani Khuseleka lele
Rustenburg Unit
Advanced (m) 437 1,214 2,227 351 705 1,685 2,818 661 606 1,325 2,290 521
Advanced on reef (m) 437 528 829 238 705 651 1,099 450 606 572 805 337
Height (cm) 212 296 288 173 218 303 285 258 229 294 289 272
Average value (g/t) 3.0 2.3 2.3 3.0 2.9 2.3 2.2 3.0 2.7 2.4 2.3 2.9
(cm.g/t) 631 690 648 517 639 705 637 776 615 696 655 787
SA PGM operations Mar 2024 quarter Dec 2023 quarter Mar 2023 quarter
Reef K3 Rowland Saffy E3 4B K4 K3 Rowland Saffy E3 4B K4 K3 Rowland Saffy E3 4B K4
Marikana Unit
Primary development (m) 7,970 2,634 2,270 1,051 237 2,358 9,268 3,590 3,192 1,124 499 2,797 6,661 3,864 2,933 640 949 2,607
Primary development - on reef (m) 6,391 1,387 1,010 762 153 548 7,627 1,941 1,801 756 392 729 4,803 2,327 1,663 378 662 877
Height (cm) 216 218 237 258 226 239 217 220 234 255 226 240 216 220 236 225 212 240
Average value (g/t) 2.9 2.6 2.4 2.6 2.5 2.6 2.8 2.6 2.4 2.3 3.0 2.4 2.8 2.5 2.5 2.6 2.9 2.5
(cm.g/t) 626 566 556 657 568 623 611 577 558 577 671 575 611 548 583 593 621 589
SA PGM operations Mar 2024 quarter Dec 2023 quarter Mar 2023 quarter
Reef Simunye1 Kopaneng Bamba- Kwezi K6 Simunye1 Kopaneng Bamba- Kwezi K6 Simunye1 Kopaneng Bamba- Kwezi K6
nani nani nani
Kroondal Unit
Advanced (m) - 645 926 209 441 - 813 973 269 473 675 541 1,014 273 438
Advanced on reef (m) - 585 599 199 387 - 717 556 200 417 604 462 747 230 423
Height (cm) - 239 221 233 237 - 234 216 237 236 230 235 250 229 235
Average value (g/t) - 2.4 1.4 2.1 1.6 - 2.0 1.5 1.8 2.1 2.2 2.0 1.9 2.0 2.2
(cm.g/t) - 565 302 493 369 - 474 320 419 495 516 470 468 450 509
1 Simunye development was done as part of the Kopaneng extraction strategy. Based on planning and measuring this portion of mining below Simunye will be allocated to Kopaneng with effect from April 2023 onwards
DEVELOPMENT RESULTS (continued)
SA gold operations Mar 2024 quarter Dec 2023 quarter Mar 2023 quarter
Reef Carbon Main VCR Carbon Main VCR Carbon Main VCR
leader leader leader
Driefontein Unit
Advanced (m) 464 496 1,283 425 565 1,445 544 545 1,072
Advanced on reef (m) 136 28 71 107 150 170 67 38 195
Channel width (cm) 21 45 98 17 103 68 41 27 46
Average value (g/t) 63.3 14.2 30.4 60.8 4.2 64.1 22.8 8.3 24.5
(cm.g/t) 1,356 633 2,986 1,047 429 4,354 937 224 1,123
SA gold operations Mar 2024 quarter Dec 2023 quarter Mar 2023 quarter
Reef Kloof Main Libanon VCR Kloof Main Libanon VCR Kloof Main Libanon VCR
Kloof Unit
Advanced (m) 1,174 489 - 153 1,278 521 - 178 1,002 534 46 709
Advanced on reef (m) 242 158 - 20 316 109 - 12 375 125 46 142
Channel width (cm) 182 58 - 188 158 57 - 150 152 85 101 107
Average value (g/t) 9.1 7.9 - 9.1 3.3 18.5 - 24.5 5.4 9.0 1.9 10.8
(cm.g/t) 1,647 460 - 1,717 524 1,055 - 3,682 819 764 196 1,151
SA gold operations Mar 2024 quarter Dec 2023 quarter Mar 2023 quarter
Reef Beatrix Kalkoen- Beatrix Kalkoen- Beatrix Kalkoen-
krans krans krans
Beatrix Unit
Advanced (m) 1,334 - 1,584 - 1,917 8
Advanced on reef (m) 663 - 638 - 566 -
Channel width (cm) 144 - 132 - 172 -
Average value (g/t) 6.7 - 4.7 - 7.3 -
(cm.g/t) 961 - 619 - 1,262 -
SA gold operations Mar 2024 quarter Dec 2023 quarter Mar 2023 quarter
Reef Kimberley Kimberley Kimberley
Burnstone Unit
Advanced (m) 840 1,277 571
Advanced on reef (m) 53 89 -
Channel width (cm) 54 36 -
Average value (g/t) 7.9 12.1 -
(cm.g/t) 425 440 -
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED JSE SPONSOR
(SIBANYE-STILLWATER) JP Morgan Equities South Africa Proprietary Limited
Incorporated in the Republic of South Africa Registration number 1995/011815/07
Registration number 2014/243852/06
Share code: SSW and SBSW 1 Fricker Road, Illovo
Issuer code: SSW Johannesburg 2196
ISIN: ZAE000259701 South Africa
Private Bag X9936
LISTINGS Sandton 2146
JSE: SSW South Africa
NYSE: SBSW
AUDITORS
WEBSITE Ernst & Young Inc. (EY)
www.sibanyestillwater.com 102 Rivonia Road
Sandton 2196
South Africa
REGISTERED AND CORPORATE OFFICE
Private Bag X14
Constantia Office Park Sandton 2146
Bridgeview House, Building 11, Ground floor South Africa
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park 1709 Tel: +27 11 772 3000
South Africa
AMERICAN DEPOSITARY RECEIPTS
Private Bag X5 TRANSFER AGENT
Westonaria 1780
South Africa BNY Mellon Shareowner Correspondence (ADSs)
Tel: +27 11 278 9600 Mailing address of agent:
Fax: +27 11 278 9863 BNY Mellon Shareowner Correspondence (ADSs)
Computershare
PO Box 43078
COMPANY SECRETARY Providence, RI 02940-3078
Lerato Matlosa Overnight/certified/registered delivery:
Email: lerato.matlosa@sibanyestillwater.com Computershare
150 Royall Street, Suite 101
Canton, MA 02021
DIRECTORS
Dr Vincent Maphai * (Chairman) US toll free: + 1 888 269 2377
Neal Froneman (CEO) Tel: +1 201 680 6825
Charl Keyter (CFO) Email: shrrelations@cpushareownerservices.com
Dr Elaine Dorward-King *
Harry Kenyon-Slaney *^ Tatyana Vesselovskaya
Jeremiah Vilakazi * Relationship Manager - BNY Mellon
Keith Rayner * Depositary Receipts
Nkosemntu Nika * Email: tatyana.vesselovskaya@bnymellon.com
Peter Hancock ***
Philippe Boisseau **
Richard Menell *# TRANSFER SECRETARIES SOUTH AFRICA
Keith Rayner *
Sindiswa Zilwa * Computershare Investor Services Proprietary Limited
Susan van der Merwe *
Timothy Cumming * Rosebank Towers
15 Biermann Avenue
* Independent non-executive Rosebank 2196
^ Appointed as lead independent director 1 January 2024
# Resigned as lead independent director 1 January 2024 PO Box 61051
** Appointed as independent non-executive director 8 April 2024 Marshalltown 2107
*** Appointed as independent non-executive director 6 May 2024 South Africa
** Appointed as independent non-executive director 8 April 2024
Tel: +27 11 370 5000
Fax: +27 11 688 5248
INVESTOR ENQUIRIES
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Mobile: +27 83 453 4014
Email: james.wellsted@sibanyestillwater.com
or ir@sibanyestillwater.com
DISCLAIMER
Forward-looking statements
The information in this report 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 management for future operations, are necessarily estimates
reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause
actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be
considered in light of various important factors, including those set forth in this report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use
words such as "will", "would", "expect", "forecast", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar
meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be
considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such
statements.
The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections
contained in the forward-looking statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital
expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political
and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of management for future operations;
Sibanye-Stillwater's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan
and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater's ability to service its bond
instruments; changes in assumptions underlying Sibanye-Stillwater's estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage
facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and
future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-
Stillwater's business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the battery
metals or adjacent sectors and estimations or expectations of enterprise value (including the Rhyolite Ridge project); the ability of Sibanye-Stillwater to
comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold, PGMs,
battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements;
the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa's credit rating; the impact of South
Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater's properties by claimants to land under restitution and other legislation;
Sibanye-Stillwater's ability to implement its strategy and any changes thereto; the outcome of legal challenges to the Group's mining or other land use
rights; the outcome of any disputes or litigation; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment
of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental,
sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any
interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings,
including in relation to any environmental, health or safety issues; failure to meet ethical standards, including actual or alleged instances of fraud, bribery or
corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater's business; the concentration of all final refining activity and
a large portion of Sibanye-Stillwater's PGM sales from mine production in the United States with one entity; the identification of a material weakness in
disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South
African Exchange Control Regulations on Sibanye-Stillwater's financial flexibility; operating in new geographies and regulatory environments where Sibanye-
Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain disruptions and shortages and increases in the price of
production inputs; the regional concentration of Sibanye-Stillwater's operations; fluctuations in exchange rates, currency devaluations, inflation and other
macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or
environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater's ability to hire and retain senior management and
employees with sufficient technical and/or production skills across its global operations necessary to meet its labour recruitment and retention goals, as well
as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater's
information technology, communications and systems; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or natural or man-
made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations; and the impact of HIV, tuberculosis and
the spread of other contagious diseases, such as the coronavirus disease (COVID-19).
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock
Exchange and the United States Securities and Exchange Commission, including the 2023 Integrated Report and the Annual Financial Report for the fiscal
year ended 31 December 2023 on Form 20-F filed with the United States Securities and Exchange Commission on 26 April 2024 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or
revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by
the Group's external auditors.
Non-IFRS1 measures
The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted EBITDA margin,
adjusted free cash flow, AISC, AIC, Nickel equivalent sustaining cost and normalised earnings. These measures may not be comparable to similarly-titled
measures used by other companies and are not measures of Sibanye-Stillwater's financial performance under IFRS Accounting Standards. These measures
should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-
Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this report because it is unable to provide this
reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have not been reviewed or reported on by the Group's
external auditors.
1 IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)
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incorporated in, and does not form part of, this report.
Date: 10-05-2024 08:00:00
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