Operational Results for Q3-2019 Sibanye-Stillwater

(firmenpresse) - Johannesburg, 31 October 2019: Sibanye Gold Limited trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group) (JSE: SGL & NYSE: SBGL - https://www.youtube.com/watch?v=BHb5SLrbq8s&t=7s ) is pleased to present an operating update for the quarter ended 30 September 2019. Financial results are only provided on a six-monthly basis.

SALIENT FEATURES FOR THE QUARTER ENDED 30 SEPTEMBER 2019

- Record safety performance by the SA gold operations - over 430 consecutive fatality free days & eight million fatality free shifts
- two regrettable fatal incidents at the SA PGM operations (at Marikana) in Q3 2019
- Group adjusted EBITDA increased by 240% to R5.5 billion (US$377 million)
- The SA PGM operations contributed R2.9 billion (53%), the US PGM operations R1.8 billion (32%) and the SA gold operations R843 million (15%)
- Outlook for precious metals prices remains constructive - prices continued to strengthen in Q4 2019 to date
- Deleveraging on track - net debt: adjusted EBITDA of 1.7x at end Q3 2019, down from 2.5x at end H1 2019
- Integration of Marikana operation progressing well
- Operational review complete and set for implementation of revised operational plan in 2020


US dollar SA rand
Quarter ended Quarter ended
Sep Jun Sep KEY STATISTICS Sep Jun Sep
2018 2019 2019 2019 2019 2018

UNITED STATES (US)
OPERATIONS

PGM operations1
139, 153, 147,oz 2E PGM2 production kg 4,58 4,78 4,32
178 874 353 3 6 9

144, 220, 202,oz PGM recycling1 kg 6,28 6,84 4,49
585 161 141 7 8 7

896 1,26 1,38US$/2Average basket price R/2Eo 20,3 18,2 12,5

7 8 Eoz z 62 32 92

49.1 103. 123.US$m Adjusted EBITDA3 Rm 1,81 1,49 690.
8 4 0.0 3.3 2

21 25 27 % Adjusted EBITDA margin3% 27 25 21
769 720 791 US$/2All-in sustaining cost4R/2Eo 11,6 10,3 10,7
Eoz z 03 65 89

SOUTHERN AFRICA (SA)
OPERATIONS

PGM operations5
305, 364, 518,oz 4E PGM2 production kg 16,1 11,3 9,49
227 483 623 31 37 4

1,00 1,21 1,38US$/4Average basket price R/4Eo 20,3 17,5 14,0
0 8 5 Eoz z 16 33 49

49.5 82.1 199.US$m Adjusted EBITDA3 Rm 2,93 1,18 695.
7 0.3 0.9 5

18 26 25 % Adjusted EBITDA margin3% 25 26 18
771 987 1,10US$/4All-in sustaining cost4R/4Eo 16,1 14,2 10,8
4 Eoz z 90 04 34

Gold operations5
308, 201, 287,oz Gold production kg 8,93 6,26 9,60
922 456 330 7 6 9

1,20 1,30 1,45US$/oAverage gold price R/kg 684, 604, 544,
5 7 1 z 172 542 542

17.3 (89. 57.4US$m Adjusted EBITDA3 Rm 842. (1,2 243.
9) 6 93.5)1

5 (38) 14 % Adjusted EBITDA margin3% 14 (38) 5
1,29 1,80 1,38US$/oAll-in sustaining cost4R/kg 653, 834, 582,
0 3 6 z 666 216 809

GROUP
115. 87.7 377.US$m Adjusted EBITDA6 Rm 5,53 1,26 1,62
9 4 6.1 1.5 8.8

14.0 14.3 14.6R/US$Average exchange rate
5 9 7
1 The US PGM operations underground production is converted to metric tonnes and kilograms, and performance is translated to SA 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
2 Platinum Group Metals (PGM) production in the SA operations (including attributable production from Mimosa) is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au). The US operations primarily produce palladium and platinum, referred to as 2E (2PGM)
3 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
4 See salient features and cost benchmarks for the quarters for the definition of All-in sustaining cost
5 The SA PGM operations results for the quarter ended 30 June 2019 included the Marikana operation for the one month since acquisition and the SA gold operations results for the quarter ended 30 September 2018 included DRDGOLD Limited for the two months since acquisition
6 The Group adjusted EBITDA includes the impact of the streaming transaction which are only recognised at the Corporate level


Stock data for the six months JSE Limited - (SGL)
ended 30 September
2019

Number of shares in Price range per R15.60 to R21.59
issue ordinary
share

- at 30 September 2,670,0Average daily 18,415,258
2019 29,252 volume

- weighted average 2,670,0NYSE - (SBGL); one ADR represents
29,252 four ordinary
shares

Free Float 81% Price range per US$4.45 to US$5.65
ADR

Bloomberg/Reuters SGLS/SGLAverage daily 4,082,745
J.J volume



OVERVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 2019 COMPARED TO QUARTER ENDED 30 SEPTEMBER 2018

The Group operating performance for the quarter ended 30 September 2019 (Q3 2019) signals a pleasing recovery in the operating and financial performance of the Group, after a difficult eighteen-month period. Most pleasing has been the way our SA gold operations have re-established and improved on what was an industry leading safety record prior to H1 2018, despite the additional challenges posed by the five-month strike, which ended in April 2019. Also encouraging is the strong operating performance from our SA PGM operations, which has been sustained, even as the integration of the Marikana operation has continued. Despite some setbacks, the recovery plans at our SA gold and US PGM operations have also advanced, with all the operations benefitting from higher precious metals prices and recording significantly improved financial results.

With precious metals prices rising further into Q4 2019 and further enhancement of our safe production delivery, the outlook for the remainder of the year remains positive. Should this momentum continue as expected, the Group will be on track to achieve its leverage target of 1x net debt: adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) and potentially resume dividend payments in the latter half of 2020.

SAFE PRODUCTION

Q3 2019 marked the fourth consecutive fatality free quarter for the SA gold operations. On 18 October 2019, these operations achieved eight million fatality free shifts (on 29 October it had 430 consecutive days without fatalities), an achievement which is historically unparalleled in the deep level South African gold mining industry. We continue to promote meaningful engagement with all of our stakeholders, as part of the safety improvement journey and in the development of the required safety culture. On 25 October 2019, the SA gold operations have been recognised as the Best underground safety performer and awarded the JT Ryan Award at the SAMI Safety and health excellence awards.

Sadly, two fatal incidents at the recently acquired Marikana operation tarnished a fatality free quarter at all other areas of our business. On 28 August 2019, Mr. S. Bhani, a load haul dump (LHD) operator at Hossy shaft, tragically lost his life when he was caught between the LHD door and the cabin frame while disembarking from the LHD without turning it off. On 16 September 2019, Mr. Z. Booi, a Team Leader at the Saffy shaft, was caught between a derailing hopper and the sidewall during cleaning operations. Utilising the Incident Cause Analysis Method (ICAM) process, investigations into these incidents were conducted and action plans were devised to address and prevent any re-occurrence. The Board and management extend heartfelt condolences to the family and friends of our deceased colleagues.

Positively, the Kroondal operation has achieved 19 months without any fatalities, recording 3.5 million fatality free shifts as at the end of September 2019.

There was also a notable improvement in the safety performance of the US PGM operations for the quarter. A year-to-date total reportable injury frequency rate (TRIFR) of 13.1 (measured per million hours) was significantly better than for the comparable period in 2018 (15.5). The US PGM operations remain focussed on delivering further safety improvements by year-end.

ADJUSTED EBITDA AND GEARING

Group adjusted EBITDA of R5.5 billion (US$377 million) for Q3 2019, represents a 240% increase (up 226% in US dollar terms) from the R1.6 billion (US$116 million) adjusted EBITDA generated in Q3 2018. The SA PGM operations contributed 53% of the total Group adjusted EBITDA, the US PGM operations 32% and the SA gold operations made a positive 15% contribution.

The strong Q3 2019 financial performance has accelerated our deleveraging, with net debt: adjusted EBITDA of 1.7x at 30 September 2019 (as calculated in terms of the debt facilities) significantly improved relative to net debt: adjusted EBITDA of 2.5x recorded at 30 June 2019, and remaining well below the 2019 covenant ceiling of 3.5x. Should current spot precious metals prices persist during Q4 2019, the Group will be on track to surpass the year-end leverage target of 1.8x.

As announced on 25 October 2019, the Rand Revolving credit facility (RCF), which was due to mature in November 2019, has been successfully refinanced on similar terms, improving liquidity and resolving any near-term financing risk. The new Rand RCF which is due in 2022, has an initial facility value of R5.5 billion, but includes a R2 billion accordion option, which allows for an option to upsize to R7.5 billion and to extend the tenor through two further one-year extensions in the future.

OPERATING REVIEW

US PGM operations

Mined 2E PGM production from the US PGM operations increased by 6% to 147,353 2Eoz compared to 139,178 2Eoz in Q3 2018.

The challenging geotechnical conditions experienced in H1 2019, continued to restrict stope access and negatively impact productivity during the quarter. The adoption of special ground control measures temporarily impaired advance rates and resulted in reduced stope flexibility. Concentrated development activities on the ramp system in the Blitz project area also resulted in diesel particulate matter (DPM) emissions beyond the capabilities of installed ventilation in certain development areas, which further impacted output. Under these circumstances, it is critical to operate with every step being taken to safely maintain the production ramp up at the Stillwater mine.

Both the ground control and DPM issues have been appropriately addressed. East Boulder is performing steadily with the Fill the Mill (FTM) project on track to deliver the scheduled production build up. Although these operational challenges have affected production for 2019, the impact is expected to be temporary, with the long-term trajectory of the Blitz production ramp up unchanged.

The average 2E PGM basket price for the quarter increased by 55% to US$1,388/oz compared with the same period in 2018, which, in addition to higher volumes, resulted in adjusted EBITDA (including recycling) increasing from US$49 million in Q3 2018 to US$123 million in Q3 2019 (a 151% increase or 162% increase in rand terms to R1.8 billion).

Whilst total operating costs and capital expenditures in absolute terms were in line with expectations, unit costs remained elevated due to relative under delivery of production during the period. AISC is further affected by increased tax and revenue royalties resulting from higher PGM prices, with AISC increasing by approximately US$5/2Eoz for every US$100/2Eoz increase in the 2E PGM basket price. AISC increased by 3% year-on-year from US$769/oz for Q3 2018 to US$794/oz for Q3 2019.

The Columbus metallurgical complex performed solidly, processing 158,383 of 2Eoz of mined material and 202,141 3Eoz of recycle material during the quarter, a 20% increase compared to Q3 2018.

The recycling operation fed an average of 25.3 tonnes of material per day (tpd) in Q3 2019, a 38% increase compared to Q3 2018, further drawing down excess inventory which had accumulated during 2018.

Capital expenditure for the quarter amounted to US$60 million, including expansion capital at Blitz and FTM. US$24 million was incurred on sustaining capital and ore reserve development.

SA PGM operations

The SA PGM operations (including a full quarter contribution from the Marikana operation) delivered consistently pleasing operating results. The 70% increase in PGM production to 518,623 4Eoz primarily reflects the consolidation of the Marikana operation for the full quarter and a further 3% production increase from the Kroondal operation, partly offset by lower production from the Rustenburg, Mimosa and Platinum mile operations.

The significant gearing of the SA PGM operations is evident in the 321% increase in adjusted EBITDA, which increased from R696 million in Q3 2018 to R2.9 billion in Q3 2019, primarily driven by a 45% increase in the average 4E PGM basket price to R20,316/4Eoz. Furthermore, attributable adjusted EBITDA from Mimosa of approximately US$12 million (R171 million) compared favourably with the US$8 million (R111 million) for Q3 2018 and is not included in Group adjusted EBITDA as it is equity accounted.

Average AISC for the SA PGM operations of R16,190/oz (US$1,104/oz) for Q3 2019 are not directly comparable with the same period in 2018, due to the inclusion of the Marikana operations for a full quarter and the transition from a purchase of concentrate (PoC) to a toll processing agreement at the Rustenburg operation, as well as the consequential lower than planned production delivery . The planned realisation of synergies and cost savings at the Marikana operations is expected to result in reduced AISC for the SA PGM operations from H1 2020.

Chrome production (excluding the Marikana operation) was 243,000 tonnes (155,000 tonnes at Rustenburg and 88,000 tonnes at Kroondal) a 19% improvement from Q3 2018, however volumes sold for the quarter were lower than for Q3 2018 by 8.5%, due to the timing of sales, which together with a lower average chrome price of US$147/tonne for Q3 2019 (US$169/tonne for Q3 2018), negatively impacted on by-product credits. In addition, the Reflux Classifier was scheduled to deliver 10,000 tonnes chrome per month from June 2019, unfortunately the commissioning was delayed until November 2019. The team is focussing on achieving the planned efficiency by end Q4 2019. The Marikana operation produced 460,218 tonnes of chrome during Q3 2019.

The integration of the Marikana operation is proceeding as planned. Following a three-month review of the operations, stakeholders were notified on 25 September 2019 that consultation in terms of Section 189A (Section 189) of the Labour Relations Act, 66 of 1995 (LRA and associated services) (S189) would commence. While the review process concluded that the affected shafts, most of which were at the end of their operating lives were at risk, other shafts which had previously been at risk, such as 4B shaft, K3 mining into Siphumelele ground, Rowland mining into MK2 ground as well as K4 concentrator, will continue to operate, thereby reducing initially (12,500 as communicated by Lonmin before) anticipated job losses. Overall, the outcome will be a more sustainable business which will enhance the security of employment for the majority of the Marikana workforce for a much longer period. The six-month moratorium on forced retrenchments imposed by the Competition Commission Appeal Court will lapse on 7 December 2019.

The Section 189 is only one component of the integration process which enables consolidation synergies to be unlocked. Further updates on the progress of the integration as well as the 2020 plans are scheduled to be shared as part of the 2019 year end results, scheduled to be released on 19 February 2020.

SA PGM wage negotiations

Wage negotiations for the Rustenburg and Marikana operations are continuing according to due process. A dispute was declared by the organised labour and was referred to the Commission for Conciliation, Mediation and Arbitration (CCMA). To date, two sessions for both Rustenburg and Marikana have been facilitated by the CCMA commissioner. The Company continues to engage constructively with organised labour in an attempt to conclude a fair and sustainable wage agreement.

SA gold operations

The build-up to full production (adjusted for the impact of the closure of Beatrix 1, Driefontein 2, 6 and 7 shafts post the Section 189 process which was concluded in June 2019) at the SA gold operations, following the conclusion of the five-month AMCU strike in April 2019, has proceeded at a measured pace. Production has largely normalised, although an underground fire at Kloof 4 shaft, most likely related to illegal mining activities, and elevated levels of seismic activity following the resumption of safe production, has resulted in the temporary unavailability of some high grade panels (a few panels are permanently unavailable) and continued to constrain the Kloof operation. The Beatrix operation has recovered well, with production only 8% below that achieved for Q3 2018 and AISC of R552,679/kg (US$1,172/oz) in line with expectations. Quarter on quarter, gold production (excluding DRDGOLD) increased by 1,408kg (45,268oz) to 7,444kg (239,329oz).

Ongoing stabilisation of the operations during the quarter, coupled with a 26% increase in the average realised rand gold price to R683,500/kg (a 20% increase in US$/oz price at US$1,449/oz) for Q3 2019, has resulted in a significant turnaround in the financial results of the SA gold operations.

Production from DRDGOLD of 1,493kg (48,001oz) was approximately 6% higher than for the Q2 2019 and close to double what was consolidated in Q3 2018. AISC of R509,868/kg (US$1,081/oz) was 2% lower than for Q2 2019 and 10% lower than for Q3 2018 primarily due to the increase in production. The adjusted EBITDA contribution from DRDGOLD increased by 113% quarter-on-quarter, from R153 million for Q2 2019 to R326 million for Q3 2019.

Adjusted EBITDA from the SA gold operations (including DRDGOLD) for Q3 2019 increased by 247% to R843 million (US$57 million) compared to R243 million (US$17 million) for Q3 2018 and a R1.3 billion adjusted EBITDA loss for Q2 2019. These operations are significantly geared to the spot rand gold price and this financial recovery will be further enhanced if current spot rand gold price levels persist and as the operations continue to stabilise.

CORPORATE ACTION

Internal restructuring process, creating a new holding company and listings for the Group

On 4 October 2019, the Group announced an internal restructuring which is proposed to create a more efficient corporate structure and to facilitate the Groups growth strategy. In order to create a corporate structure whereby the gold and PGM portfolios are each held within their own distinct legal entities, a new Group holding company, Sibanye Stillwater Limited, will be listed, with the same shareholders and the same shares in Sibanye Stillwater Limited being issued to existing Sibanye Gold Limited shareholders. This will be done by way of a scheme of arrangement (Scheme) in terms of section 114 of the South African Companies Act, 2008. The Scheme will therefore result in Sibanye Gold Limited, which houses the SA gold operations, becoming a subsidiary of Sibanye Stillwater Limited. The Scheme will require shareholder approval and is expected to be completed in Q1 2020. More information is available at https://www.sibanyestillwater.com/news-investors/news/holding-entity-change/.

Delaware Court of Chancery rules in favour of Sibanye-Stillwater in dissenting shareholder action

The Court of Chancery of the State of Delaware in the United States of America (the Court), in a Memorandum Opinion dated 21 August 2019, has ruled in favour of the Company in the appraisal action brought by a group of minority shareholders (the Dissenting shareholders) of the Stillwater Mining Company (Stillwater), following the acquisition of Stillwater by the Company in May 2017 for a cash consideration of US$18 per Stillwater share.

In terms of the ruling, the Dissenting shareholders (together owning approximately 4.5% of Stillwater shares outstanding at the time) received the same US$18 per share consideration originally offered to, and accepted by other Stillwater shareholders, plus interest. The remaining payment of approximately US$21 million due to the Dissenting shareholders has been paid by Sibanye-Stillwater.

Certain of the Dissenting shareholders have filed a notice of appeal in the Supreme Court of the State of Delaware. The Company will continue to defend itself against opportunistic, short-term and self-interested legal action, to protect the interests of our stakeholders.

OUTLOOK

Due to the challenging ground conditions at Blitz and the fall of grounds stoppages experienced year-to-date, mined production for 2019 from the US PGM operations is forecast between 590,000 - 610,000 2Eoz. As a result of this reduced mined output forecast, coupled with higher taxes and royalties associated with the noted increase in the US$ 2E PGM basket price, AISC is forecast to be between approximately US$755 - US$770/2Eoz. Capital expenditure is expected to be at the low end of the previous guidance range of US$235 million to US$245 million.

PGM production guidance from the SA PGM operations (excluding the Marikana operation) remains unchanged between 1,000,000oz to 1,100,000oz and AISC within annual cost guidance of between R12,500/4Eoz and R13,200/4Eoz. (US$922/4Eoz and US$974/4Eoz). Capital expenditure is forecast at R1,400 million (US$103 million). Marikana is expected to produce between 450,000 and 490,000 4E ounces for the seven months since acquisition, with an AISC range between R18,700/4Eoz and R20,056/4Eoz (US$1,380/4Eoz and US$1,480/4Eoz). Capital expenditure is forecast at R1,108million (US$82 million).

Due to operational constraints at the Driefontein and Kloof operations following the production build-up, production for H2 2019 from the SA gold operations (excluding DRDGOLD) is expected to be towards the lower end of guidance of 16,000kg (514,411oz) with AISC at the higher end of guidance of R630,000/kg (US$1450/oz) for H2 2019. Annual production for 2019 is likewise, forecast at the lower end of guidance of 24,000kg (771,617oz). AISC for the full year is forecast at the upper end of guidance of R750,000/kg (US$1,725/oz). Capital expenditure for the SA gold operations for 2019 is forecast to be slightly lower than the guided R2,350 million (US$173 million), which includes approximately R220 million (US$16 million) of project capital. Approximately R1,900 million (US$140 million) of this capital expenditure has been scheduled for H2 2019.

The H2 2019 and annual dollar guidance is based on an average exchange rate of R13.55/US$.

NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER

SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTERS ENDED 30 SEPTEMBER 2019, 30 JUNE 2019 AND 30 SEPTEMBER 2018

SA and US PGM operations


US SA OPERATIONS
OPE
RATI
ONS

TotaTotaTotal SA RustenMarikaKrooPlaMimos
l l PGM burg na ndalt a
SA US 2 Mi
and PGM le
US
PGMStil
opelwat
ratier
ons

Attributable UndeTotUndSurUndSurUndSurAttrSurAttri
r - al er-facer-facer-facibutfacbutab
gro e e e ablee le
un gro gro gro
d1 und und und

Production
Tonnes 000''t Sep 9,9 345 9, 5, 4, 1, 1, 2, 92 1,0 2, 295
milled/tr 2036 5914021898481612275 32 103
eated 19

Jun 8,0 353 7, 4, 3, 1, 1, 78 30 1,1 2, 365
2052 6990686317820740 2 41 255
19

Sep 7,0 326 6, 3, 3, 1, 1, - - 1,0 1, 351
2094 768288479936593 01 887
18

Plant g/t Sep 2.7 14. 2. 3. 0. 3. 1. 3. 0. 2.4 0. 3.59
head 201 54 28 34 92 47 24 60 90 6 75
grade 19

Jun 2.6 14. 2. 3. 0. 3. 1. 3. 0. 2.4 0. 3.59
205 81 10 19 87 39 18 61 87 7 72
19

Sep 2.5 14. 2. 3. 0. 3. 1. - - 2.4 0. 3.54
209 55 01 22 87 57 10 5 68
18

Plant % Sep 76. 91. 73 83 29 81 29 85 24 82. 8. 75.3
recoverie 2093 10 .77.04.79.04.01.91.5091 22 7
s 19

Jun 75. 91. 70 82 20 82 28 87 25 81. 13 74.9
2056 03 .12.44.23.15.41.10.6046 .128
19

Sep 75. 89. 69 83 22 84 29 - - 82. 11 77.1
2030 21 .59.18.18.53.77 41 .789
18

Yield g/t Sep 2.0 13. 1. 2. 0. 2. 0. 3. 0. 2.0 0. 2.71
208 25 68 77 27 81 36 09 22 4 06
19

Jun 2.0 13. 1. 2. 0. 2. 0. 3. 0. 2.0 0. 2.69
200 56 47 63 18 79 33 14 22 2 09
19

Sep 1.9 13. 1. 2. 0. 3. 0. - - 2.0 0. 2.73
205 28 40 68 19 01 33 2 08
18

PGM 4Eoz - Sep 665 147 51 48 36 16 13 22 19 67, 4, 25,5
productio 2Eoz 20,976,3538,61,7,906,8,381,6,37600 14698
n 19 23 15 8 82 7 35 5
3
Jun 518 153 36 34 20 15 11 78 2, 73, 6, 31,5
20,357,8744,43,9,549,6,54,81140958 86437
19 83 36 7 24 3 7

Sep 444 139 30 28 21 18 16 - - 65, 4, 30,8
20,405,1785,23,5,667,6,81 047 85155
18 27 64 2 63 1

PGM sold 4Eoz - Sep 684 140 54 52 15 15 10 279,3 67, 4, 25,5
2Eoz 20,771,2014,59,5,036,9,8866 600 14698
19 70 38 2 74 6

Jun 416 143 27 25 15 85 8, 66,46 73, 6, 31,5
20,811,6683,17,3,81,379503 958 86437
19 43 29 4 1

Sep 412 107 30 28 21 18 16 - 65, 4, 30,8
20,800,5735,23,5,667,6,81 047 85155
18 27 64 2 63 1

Price and
costs
4
Average R/4Eoz Sep 20, 20, 20 20 17 20 17 20,28 21, 18 19,3
PGM - 20314 362 ,31,40,31,33,017 053 ,0926
basket R/2Eoz19 6 5 4 7 6 8
price
5
Jun 17, 18, 17 17 15 17 14 17,95 17, 16 16,9
20754 232 ,53,65,69,38,875 918 ,3743
19 3 3 7 2 7 1

Sep 13, 12, 14 14 13 13 13 - 14, 13 13,5
20559 592 ,04,11,33,99,16 446 ,9032
18 9 0 3 4 7 7

US$/4EoSep 1,3 1,3 1, 1, 1, 1, 1, 1,383 1,4 1, 1,31
z 2085 88 385391180386160 35 2347
- US$/19
2Eoz

Jun 1,2 1,2 1, 1, 1, 1, 1, 1,264 1,2 1, 1,17
2034 67 218227091208034 45 1387
19

Sep 971 896 1, 1, 94 99 93 - 1,0 99 963
20 0000049 6 7 28 0
18

Operating R/t Sep 937 4,3 80 1, 94 1,290 1,250 721 27 1,07
cost 20 81 9 395 321 5
6 19

Jun 814 3,9 66 1, 80 1, 21 1,381 633 25 973
20 52 3 161 3227
19

Sep 662 3,7 50 1, 76 1, 13 - 693 23 924
20 99 3 008 1728
18

US$/t Sep 64 299 55 95 6 90 20 85 49 2 73
20
19

Jun 57 275 46 81 6 92 15 97 44 2 68
20
19

Sep 47 270 36 72 5 83 10 - 49 2 66
20
18

R/4Eoz Sep 14, 10, 15 15 10 14 25 16,34 11, 13 12,3
- 20101 258 ,24,61,67,63,182 003 ,7084
R/2Eoz19 9 9 5 2 8 0

Jun 12, 9,0 14 13 14 14 20 18,46 9,7 8, 11,2
20853 67 ,60,75,09,75,202 65 23157
19 3 7 9 6 2

Sep 10, 8,9 11 11 12 12 13 - 10, 8, 10,5
20798 14 ,75,72,14,08,11 665 78214
18 3 0 1 6 0

US$/4EoSep 961 699 1, 1, 72 99 1, 1,114 750 93 844
z 20 0390658 7 717 4
- US$/19
2Eoz

Jun 893 630 1, 95 98 1, 1, 1,300 679 57 782
20 0156 0 025404 2
19

Sep 768 634 83 83 86 86 93 - 759 62 748
20 6 4 4 0 3 5
18

All-in R/4Eoz Sep 15, 11, 16 15,84 17,95 10, 15 13,2
sustainin - 20134 603 ,19 4 5 877 ,1967
g R/2Eoz19 0 5
cost
7
Jun 12, 10, 14 15,09 16,93 9,7 8, 11,7
20990 365 ,20 1 0 15 27573
19 4

Sep 10, 10, 10 11,11 - 10, 8, 9,55
20819 789 ,83 4 131 4729
18 4

US$/4EoSep 1,0 791 1, 1,080 1,224 741 1,904
z - 2032 104 036
US$/2E19
oz

Jun 903 720 98 1,049 1,192 675 57818
20 7 5
19

Sep 770 769 77 791 - 721 60 680
20 1 3
18

All-in R/4Eoz Sep 15, 15, 16 15,84 17,95 10, 15 13,2
cost - 20963 195 ,19 4 7 877 ,4167
7 R/2Eoz19 2 2

Jun 14, 13, 14 15,09 16,93 9,7 8, 11,7
20092 842 ,20 1 9 15 39273
19 8

Sep 11, 13, 10 11,11 - 10, 12 9,55
20751 428 ,90 4 131 ,249
18 1 5

US$/4EoSep 1,0 1,0 1, 1,080 1,224 741 1, 904
z 2088 36 104 051
- 19
US$/2E
oz

Jun 979 962 98 1,049 1,193 675 58 818
20 7 3
19

Sep 836 956 77 791 - 721 87 680
20 6 1
18

Capital
expenditu
re
8
Ore Rm Sep 677 235 44 135.9 306.4 - - -
reserve 20.4 .1 2.3
developme 19
nt

Jun 404 273 13 130.2 - - - -
20.0 .8 0.2
19

Sep 384 253 13 131.4 - - - -
20.7 .3 1.4
18

Sustaining Sep 537 116 42 91.9 269.9 57. 2. 72.9
capital 20.4 .0 1.4 0 6
19

Jun 289 37. 25 100.8 95.4 51. 4. 93.1
20.1 2 1.9 3 4
19

Sep 186 85. 10 68.4 - 31. 1. 49.2
20.9 3 1.6 9 3
18

Corporate Sep 531 530 1. - 0.2 - 0. -
and 20.6 .5 1 9
projects 19
8
Jun 536 535 1. - 0.7 - 0. -
20.6 .1 5 8
19

Sep 385 367 18 - - - 18 -
20.6 .3 .3 .3
18

Total Rm Sep 1,7 881 86 227.8 576.5 57. 3. 72.9
capital 2046.3.6 4.7 0 4
expenditu 19
re

Jun 1,2 846 38 231.0 96.1 51. 5. 93.1
2029.6.0 3.6 3 2
19

Sep 957 705 25 199.7 - 31. 19 49.2
20.2 .9 1.3 9 .7
18

US$m Sep 119 60. 58 15.5 39.3 3.9 0. 5.0
20.0 1 .9 2
19

Jun 85. 58. 26 16.1 6.7 3.6 0. 6.5
205 8 .7 4
19

Sep 68. 50. 17 14.2 - 2.3 1. 3.5
201 2 .9 4
18
Average exchange rates for the quarters ended 30 September 2019, 30 June 2019 and 30 September 2018 were R14.67/US$, R14.39/US$ and R14.05/US$, respectively

Figures may not add as they are rounded independently

1 The US PGM operations underground production is converted to metric tonnes, and performance is translated into SA 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
2 The Marikana PGM operations results for the quarter ended 30 June 2019 are for one month since acquisition. The results for the quarter ended 30 September 2019 includes purchase of concentrate ounces
3 Production per product - see prill split in the table below
4 The Group and total SA PGM operations unit cost benchmarks and capital exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
5 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
6 Operating cost is the average cost of production and 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
7 All-in cost exclude 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 are made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in costs 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
The US operations All-in-cost, excluding the corporate project expenditure (on the Altar and Marathon projects), for the quarters ended 30 September 2019, 30 June 2019 and 30 September 2018 was US$1,036/2Eoz, US$962/2Eoz and US$951/2Eoz, respectively
8 The US operations corporate expenditure for the quarters ended 30 September 2019, 30 June 2019 and 30 September 2018 was R0.8 million (US$0.1 million), R2.2 million (US$0.2 million) and R8.9 million (US$0.6 million), respectively, which related to the Altar and Marathon projects

Mining - Prill split excuding recycling operations


GROUP SA OPERATIONS US OPERATIONS
Sep Jun Sep Sep Jun Sep Sep Jun Sep
2019 2019 2018 2019 2019 2018 2019 2019 2018

% % % % % % % % %
Platinum 3451% 2448% 2047% 3059% 2158%17758% 3323% 3423% 3123%
0,9 8,4 9,5 7,7 3,8 ,72 ,16 ,63 ,86
43 80 94 77 49 8 6 1 6

Palladiu 2741% 2345% 2045% 1530% 1131%94,31% 1177% 1177% 1077%
m 0,0 0,9 1,9 5,8 1,7 624 4,1 9,2 7,3
59 76 36 72 33 87 43 12

Rhodium 467% 316% 256% 469% 319% 25,9%
,07 ,84 ,82 ,07 ,84 828
9 7 8 9 7

Gold 8,1% 7,1% 7,2% 8,2% 7,2% 7,02%
895 054 047 895 054 47

PGM 66100 51100 44100 51100 36100 30100 14100 15100 13100
product5,9% 8,3% 4,4% 8,6% 4,4% 5,2% 7,3% 3,8% 9,1%
ion 76 57 05 23 83 27 53 74 78
4E/2E

Rutheniu 74 50 41 74 50 41,
m ,26 ,81 ,00 ,26 ,81 001
4 1 1 4 1

Iridium 18 12 9, 18 12 9,4
,73 ,28 470 ,73 ,28 70
1 7 1 7

Total 75 58 49 61 42 35 14 15 13
6E/2E 8,9 1,4 4,8 1,6 7,5 5,6 7,3 3,8 9,1
71 55 76 18 81 98 53 74 78

Recycling operation


Unit Sep Jun Sep
201 2019 2018
9

Average Tonne 25. 27.0 18.4
catalyst 3
fed/day

Total Tonne 2,3 2,45 1,69
processed 27 7 6

Tolled Tonne 354 576 188
Purchased Tonne 1,9 1,88 1,50
73 1 8

PGM fed 3Eoz 202 220, 144,
,141161 585

PGM sold 3Eoz 178 172, 126,
,685020 744

PGM tolled 3Eoz 49, 32,5 40,4
returned 317 84 75



SA gold operations


SA OPERATIONS
Total SA goldDriefontKloof Beatrix Cooke DRDG
1 ein OLD

TotaUnderSurfUndeSurfUndeSurfUndeSurfUndeSurfSurf
l - ace r- ace r- ace r- ace r- ace ace

groun grou grou grou grou
d nd nd nd nd

Productio
n

Tonnes 000Sep 10, 1,44 9,4 376 - 485 1,2 558 72 27 948 7,1
milled/t''t 201907 6 61 86 55
reated 9

Jun 10, 834 9,6 136 - 314 1,6 362 273 22 1,0 6,7
201514 80 25 21 61
9

Sep 8,5 1,53 6,9 402 180 471 1,4 629 94 32 1,1 4,1
20115 4 81 37 21 49
8

Yield g/tSep 0.8 4.65 0.2 5.5 - 5.3 0.2 3.6 0.5 0.4 0.3 0.2
2012 3 1 3 9 9 7 4 2 1
9

Jun 0.6 4.69 0.2 4.4 - 6.9 0.3 3.1 0.2 0.4 0.2 0.2
2010 4 0 5 4 0 9 5 9 1
9

Sep 1.1 5.05 0.2 5.3 0.6 7.0 0.4 3.5 0.3 0.9 0.3 0.1
2013 7 8 1 9 2 3 4 4 1 8
8

Gold kg Sep 8,9 6,73 2,2 2,0 - 2,5 373 2,0 41 12 300 1,4
produced 20137 0 07 72 87 59 93
9

Jun 6,2 3,91 2,3 599 - 2,1 558 1,1 80 10 300 1,4
20166 3 53 82 22 15
9

Sep 9,6 7,75 1,8 2,1 110 3,3 607 2,2 32 30 351 757
20109 2 57 62 38 22
8

oz Sep 287 216, 70, 66, - 83, 11, 66, 1,3 386 9,6 48,
201,330374 956 616 174 992 198 18 45 001
9

Jun 201 125, 75, 19, - 70, 17, 36, 2,5 322 9,6 45,
201,456806 650 258 153 940 073 72 45 493
9

Sep 308 249, 59, 69, 3,5 107 19, 71, 1,0 965 11, 24,
201,922233 689 510 37 ,319515 439 29 285 323
8

Gold soldkg Sep 8,5 6,29 2,2 1,8 - 2,4 412 1,9 35 11 258 1,5
20110 5 15 56 85 43 10
9

Jun 5,7 3,38 2,3 419 - 2,0 527 929 111 9 275 1,4
20102 0 22 23 09
9

Sep 9,5 7,75 1,8 2,1 110 3,3 607 2,2 32 30 351 733
20185 2 33 62 38 22
8

oz Sep 273 202, 71, 59, - 79, 13, 62, 1,1 354 8,2 48,
201,604390 214 672 895 246 469 25 95 548
9

Jun 183 108, 74, 13, - 65, 16, 29, 3,5 289 8,8 45,
201,322669 653 471 041 943 868 69 41 300
9

Sep 308 249, 58, 69, 3,5 107 19, 71, 1,0 965 11, 23,
201,176233 943 510 37 ,319515 439 29 285 577
8

Price
and
costs

Gold R/kSep 684 651,940 663,583 660,971 683,643 697
price g 201,172 ,483
received 9

Jun 604 582,100 598,706 596,635 601,408 604,
201,542 400
9

Sep 544 550,528 545,856 543,301 549,606 553,
201,542 003
8

US$Sep 1,4 1,382 1,407 1,401 1,449 1,4
/oz 20151 79
9

Jun 1,3 1,258 1,294 1,290 1,300 1,3
20107 06
9

Sep 1,2 1,218 1,208 1,202 1,216 1,2
20105 24
8

OperatingR/tSep 463 2,68 123 3,4 - 3,2 216 1,7 131 200 165 101
cost 201 6 99 21 93
2 9

Jun 449 4,18 127 8,4 - 4,5 191 2,4 211 291 140 106
201 8 82 53 95
9

Sep 561 2,51 132 3,5 326 2,9 209 1,6 109 47 144 94
201 5 85 63 22
8

US$Sep 32 183 8 239 - 220 15 122 9 14 11 7
/t 201
9

Jun 31 291 9 589 - 316 13 173 15 20 10 7
201
9

Sep 40 179 9 255 23 211 15 115 8 3 10 7
201
8

R/kSep 564 577, 527 634 - 603 746 485 229 450 522483,
g 201,709043 ,096,990 ,788,113,867,268,000,333255
9

Jun 753 892, 522 1,9 - 655 555 804 721 640 476505,
201,734563 ,86425,8 ,133,735,902,250,000,667583
9 76

Sep 497 497, 496 666 533 418 495 459 318 53, 458 516
201,425730 ,153,559,636,065,222,136,750333 ,689,651
8

US$Sep 1,1 1,22 1,1 1,3 - 1,2 1,5 1,0 486 954 1,1 1,0
/oz 20197 3 18 46 80 82 30 07 25
9

Jun 1,6 1,92 1,1 4,1 - 1,4 1,2 1,7 1,5 1,3 1,0 1,0
20129 9 30 63 16 01 40 59 83 30 93
9

Sep 1,1 1,10 1,0 1,4 1,1 925 1,0 1,0 705 118 1,0 1,1
20101 2 98 75 81 96 16 15 44
8

All-in R/kSep 653 777,532 726,096 552,679 565,056 509
sustainig 201,666 ,868
ng 9
cost
3
Jun 834 2,743,91702,392 894,135 533,803 520
201,216 4 ,156
9

Sep 582 785,871 509,303 528,882 484,777 564
201,809 ,161
8

US$Sep 1,3 1,649 1,539 1,172 1,198 1,0
/oz 20186 81
9

Jun 1,8 5,931 1,518 1,933 1,154 1,1
20103 24
9

Sep 1,2 1,739 1,127 1,171 1,073 1,2
20190 49
8

All-in R/kSep 671 777,532 738,971 552,932 565,056 517
cost g 201,293 ,285
3 9

Jun 856 2,743,91713,569 894,423 533,803 531
201,436 4 ,867
9

Sep 609 785,915 516,755 528,882 484,777 720
201,794 ,775
8

US$Sep 1,4 1,649 1,567 1,172 1,198 1,0
/oz 20123 97
9

Jun 1,8 5,931 1,542 1,933 1,154 1,1
20151 50
9

Sep 1,3 1,739 1,144 1,171 1,073 1,5
20150 96
8

Capital
expendit
ure

Ore Rm Sep 560 216.8 251.1 92.4 - -
reserve 201.3
developm 9
ent

Jun 245 80.0 123.5 41.6 - -
201.1
9

Sep 591 232.3 242.6 116.4 - -
201.3
8

Sustainin Sep 143 65.3 55.8 16.5 - 5.5
g 201.1
capital 9

Jun 42. 12.0 13.2 10.4 - 7.1
2017
9

Sep 143 47.4 64.8 26.6 - 4.5
201.3
8

Corporate Sep 75. - 37.3 0.5 - 11.
and 2017 2
projects 9
4
Jun 61. - 28.5 0.3 - 16.
2013 5
9

Sep 144 0.1 29.4 - - 114
201.3 .8
8

Total Rm Sep 779 282.0 344.1 109.5 - 16.
capital 201.0 7
expendit 9
ure


Jun 349 92.0 165.2 52.3 - 23.
201.1 6
9

Sep 879 279.8 336.9 143.0 - 119
201.0 .3
8

US$Sep 53. 19.2 23.5 7.5 - 1.1
m 2011
9

Jun 24. 6.4 11.5 3.6 - 1.6
2013
9

Sep 62. 19.9 24.0 10.2 - 8.5
2016
8
Average exchange rates for the quarters ended 30 September 2019, 30 June 2019 and 30 September 2018 were R14.67/US, R14.39/US$ and R14.05/US$, respectively

Figures may not add as they are rounded independently

1 The SA gold operations results for the quarter ended 30 September 2018 included DRDGOLD Limited for the two months since acquisition
2 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
3 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 costs 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) is calculated by dividing the All-in sustaining cost and All-in cos, respectively, in a period by the total gold sold over the same period
4 Corporate project expenditure for the quarters ended 30 September 2019, 30 June 2019 and 30 September 2018 was R26.7 (US$1.8 million), R15.9 million (US$1.1 million) and R31.2 million (US$2.2 million), respectively. The majority of this expenditure was on the Burnstone project

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 Sep 2019 quarter Jun 2019 Nine months ended
operation quarter 30 Sep
s 2019

Ree StiEas StiEas StiEa
f llwt llwt llwst
ate Bo ate Bo ate B
r uld r uld r ou
iner iner inld
cl cl cl er
Bl Bl Bl
itz itz itz

StillwaUni
ter t

Primary(m) 2, 1, 3, 96 8, 2
develo 316151 8662 449,9
pment 56
(off
reef)

Seconda(m) 2, 76 1, 78 7, 2
ry 3301 9386 041,4
develo 63
pment



SA PGM Sep 2019 quarter Jun 2019 quarter Nine months ended
operati 30 Sep
ons 2019

Ree BatTheKhuSip BatTheKhuSip BatTheKhuSip
f ho-mbese-hum ho-mbese-hum ho-mbese-hum
pel-laleke-l pel-laleke-l pel-laleke-l
e ni a ele e ni a ele e ni a ele

RustUni
enbut
rg

Adva(m) 44 2, 3, 1, 45 1, 2, 1, 1, 5, 8, 3,
nced 4 160148218 5 525840156 144085342224

Adva(m) 44 81 1, 64 45 61 89 58 1, 1, 2, 1,
nced 4 3 0967 5 3 7 2 144858744684
on
ree
f

Heig(cm 21 28 28 28 22 29 28 27 21 28 28 28
ht ) 1 8 2 1 1 6 8 2 7 9 6 0

Aver(g/ 2. 2. 2. 3. 2. 2. 2. 3. 2. 2. 2. 3.
age t) 6 4 3 0 1 4 3 1 3 4 3 1
val
ue

(cm 54 68 64 84 47 70 65 83 49 69 66 85
.g 8 4 5 6 3 9 4 8 5 3 4 2
/t)
Sep 2019 quarter Jun 2019 quarter Nine months ended
30 Sep 2019

1
ReeK3RowSafE3 4B HosK3RowSafE3 4B HosK3RowSafE3 4B Hos
f l fy sy, l fy sy, -lafy sy,
-an E1 -an E1 nd E1
d & d & &
W1 W1 W1

MariUni
kanat

Prim(m) 9 6, 5, 80 1, 12 3 2, 2, 21 45 3 1 9, 7, 1, 2, 12
ary ,88759921 5500 ,05730061 0 2,4489980120004
dev 06 57 86
elop 3
ment


Prim(m) 7 5, 4, 39 91 12 2 2, 1, 85 30 3 9 7, 5, 47 1, 12
ary ,44760423 8 0 ,3050429 4 ,85264728 2224
dev 63 79 42
elop
ment
-
on
ree
f

Heig(cm 2 21 22 23 21 23 2 21 21 24 21 22 2 21 22 23 21 22
ht ) 178 1 7 7 0 184 9 1 1 0 177 0 8 6 9

Aver(g/ 2 2. 2. 2. 2. 2. 2 2. 2. 2. 2. 3. 2 2. 2. 2. 2. 2.
age t) .85 7 7 5 4 .88 6 6 4 0 .86 7 6 5 4
val
ue

(cm60 55 59 62 55 5461 60 57 62 51 65 6 56 58 62 54 54
.g 3 2 0 7 0 5 1 4 7 5 1 6 067 7 6 1 9
/t)
Sep 2019 quarter Jun 2019 quarter Nine months ended
30 Sep
2019

Ree KopSimBamKweK6 KopSimBamKweK6 KopSimBamKweK6
f a-nunyba-zi a-nunyba-zi a-nunyba-zi
enge nan enge nan enge nan
i i i

KrooUni
ndalt

Adva(m) 83 43 79 82 52 63 40 58 72 58 2, 1, 1, 2, 1,
nced 8 7 8 5 3 3 4 9 5 4 027227907284684

Adva(m) 63 35 69 64 49 46 32 38 49 57 1, 1, 1, 1, 1,
nced 5 8 2 0 5 6 6 5 1 7 657053560685650
on
ree
f

Heig(cm 24 22 21 23 23 23 22 21 23 24 24 22 21 23 23
ht ) 5 3 8 9 8 9 0 7 7 0 1 1 5 9 9

Aver(g/ 1. 1. 2. 2. 2. 1. 1. 1. 1. 2. 1. 1. 2. 2. 2.
age t) 7 5 3 1 3 6 7 8 9 4 8 9 2 0 4
val
ue

(cm 42 32 48 49 55 38 36 39 44 57 42 41 47 47 57
.g 7 3 9 5 4 8 8 0 3 6 8 7 9 4 2
/t)

1 The year-to-date development results for the Marikana operations include the four months since acquisition

SA gold Sep 2019 quarter Jun 2019 Nine months ended
operatio quarter 30 Sep
ns 2019

Ree BlaCarMaiVC BlaCarMaiVC BlaCarMaiVC
f ck bonn R ck bonn R ck bonn R

lea lea lea
der der der
Re Re Re
ef ef ef

DriefoUni
ntein t

Advanc(m) 1, 21 9 97 12 2 1, 34 1
ed 0952 00 3 62 1922 ,2
26

Advanc(m) 24 93 1 5 60 1 24 16 1
ed on 2 05 1 7 0 16
reef

Channe(cm 59 44 5 45 37 3 59 43 4
l ) 1 3 9
width

Averag(g/ 14 12 2 48 16 2 15 13 3
e t) .5 .7 2. .6 .5 03 .0 .5 3.
value 2 .3 3

(cm 85 56 1 2, 60 6 88 58 1
.g 3 3 ,1 1859 ,7 0 6 ,6
/t) 20 34 30


Sep 2019 quarter Jun 2019 Nine months ended
quarter 30 Sep
2019

Ree CobKloMaiLibVC CobKloMaiLibVC CobKloMaiLibVC
f bleof n anoR bleof n anoR bleof n anoR
n n n

Kloof Uni
t

Advanc(m) 64 1, 61 13 1 74 44 5 64 2, 1, 13 2
ed 2304 ,2 9 4 81 555323 ,0
57 74

Advanc(m) 35 14 13 1 34 13 1 1, 38 13 3
ed on 5 6 81 1 3 26 0264 92
reef

Channe(cm 16 70 18 1 16 11 1 16 98 18 1
l ) 5 3 51 7 7 18 1 3 26
width

Averag(g/ 9. 15 3. 0 7. 12 3 8. 13 3. 3
e t) 6 .5 0 .2 4 .3 .5 5 .3 0 .9
value

(cm 1, 1, 54 3 1, 1, 4 1, 1, 54 4
.g 5760828 0 225445 16 3753048 90
/t)

Sep 2019 quarter Jun 2019 quarterNine months ended
30 Sep
2019

Ree BeKalk BeKalk BeKalk
f atoenk atoenk atoenk
rirans rirans rirans
x x x

BeatriUni
x t

Advanc(m) 3 166 1 19 5 185
ed ,5 ,7 ,7
05 15 55

Advanc(m) 1 90 7 8 2 98
ed on ,0 08 ,2
reef 98

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Datum: 31.10.2019 - 05:07 Uhr
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News-ID 1553516
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"Operational Results for Q3-2019 Sibanye-Stillwater

"
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