Sibanye Stillwater: Operating Update Quarter Ended 31 March 2020

(firmenpresse) -
Johannesburg, 12 May 2020: Sibanye Stillwater Limited (Sibanye-Stillwater, the Company and/or the Group) (JSE: SSW & NYSE: SBSW - https://www.commodity-tv.com/play/sibanye-stillwater-company-teaser-2019/ ) is pleased to provide an operating update for the quarter ended 31 March 2020. Financial results are only provided on a six-monthly basis.


SALIENT FEATURES FOR THE QUARTER ENDED 31 MARCH 2020
- Record breaking safety performance by SA gold operations
- Record quarterly adjusted EBITDA3 of R11,132 million (US$724 million)
- Leverage reduced by 40% with Net debt:adjusted EBITDA reducing to 0.75x
- Another solid performance from SA PGM operations - successful integration of Marikana operation continues
- US PGM operations back at planned production rates and have maintained output during COVID-19 pandemic
- Steady performance from SA gold operations
- SA operations ramping up as planned following partial easing of COVID-19 restrictions in April 2020

US dollar SA rand
Quarter ended Quarter ended
Mar Dec Mar KEY STATISTICS Mar Dec Mar
2019 2019 2020 2020 2019 2019

UNITED STATES (US)
OPERATIONS

PGM operations1
130 161 141 oz 2E PGM production2 kg 4 40 5 03 4 07
899 849 585 4 4 1

201 229 221 oz PGM recycling1 kg 6 89 7 14 6 26
289 540 798 9 0 1

1 30 1 60 2 05US$/2Average basket price R/2Eo 31 5 23 6 18 2
5 9 3 Eoz z 69 84 83

104. 171. 133.US$m Adjusted EBITDA3 Rm 2 05 2 52 1 46
6 4 8 8.6 2.5 5.9

27 28 30 % Adjusted EBITDA margin% 30 28 27

3

833 798 894 US$/2All-in sustaining costR/2Eo 13 7 11 7 11 6
Eoz 4 z 56 47 71

SOUTHERN AFRICA (SA)
OPERATIONS

PGM operations5
263 461 418 oz 4E PGM production2 kg 13 0 14 3 8 19
508 719 072 04 61 6

1 22 1 60 2 15US$/4Average basket price R/4Eo 33 1 23 5 17 1
1 0 8 Eoz z 92 58 04

62.8 259. 523.US$m Adjusted EBITDA3 Rm 8 04 3 82 880.
7 0 3.1 2.7 0

51 39 51 % Adjusted EBITDA margin% 51 39 51
3

845 1 04 1 08US$/4All-in sustaining costR/4Eo 16 7 15 3 11 8
0 9 Eoz 4 z 45 09 41

Gold operations
143 300 238 oz Gold production kg 7 40 9 34 4 45
278 578 076 5 9 6

1 30 1 41 1 60US$/oAverage gold price R/kg 795 669 588
6 5 8 z 323 797 040

(115 76.4 73.2US$m Adjusted EBITDA3 Rm 1 12 1 12 (1 6
.0) 5.8 5.1 11.4)

(63) 17 19 % Adjusted EBITDA margin% 19 17 (63)
3

2 03 1 31 1 50US$/oAll-in sustaining costR/kg 741 621 914
0 4 0 z 4 858 943 590

GROUP
57.7502.8 723.US$m Adjusted EBITDA3,6 Rm 11 1 7 40 808.
8 31.8 1.4 0

14.0 14.7 15.3R/US$Average exchange rate
1 2 8

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. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
4 See salient features and cost benchmarks for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 for the definition of All-in sustaining cost
5 The SA PGM operations results for the quarter ended 31 March 2019 excluded the Marikana operations
6 The Group adjusted EBITDA includes the impact of the streaming transaction which is only recognised at the Corporate level

Stock data for the quarter JSE Limited - (SSW)
ended 31 March
2020

Number of shares in Price range per R22.57 to R35.35
issue ordinary
share

- at 31 March 2020 2 675 0Average daily 26 712 953
09 volume
860
- weighted average 2 671 8NYSE - (SBSW); one ADR represents
55 four ordinary
475 shares

Free Float 81% Price range per US$4.72 to
ADR US$10.10

Bloomberg/Reuters SSW Average daily 5 724 117
SJ/SSWJ volume
.J


OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2020 COMPARED TO QUARTER ENDED 31 MARCH 2019
The Group had a strong start to the year, with the operating and financial performance for Q1 2020, materially better than for the comparable period in 2019.

The US PGM operations reported an 8% increase in mined 2E PGM production relative to Q1 2019, reflecting the return to planned production rates at the East Boulder and Stillwater mines, despite the difficult ground conditions which continued to impact the Blitz project into Q1 2020.

The solid performance from the SA PGM operations continued, with 4E PGM production increasing by 59% year-on-year, driven by the successful integration of the Marikana operation following the acquisition of Lonmin Plc in June 2019.

Gold production from the SA gold operations also increased by 66% as production normalised compared with Q1 2019, which was impacted by the five-month AMCU strike.

Precious metals prices remained buoyant during Q1 2020, with palladium and rhodium prices reaching record levels, before falling in late March 2020 as rising concerns about the economic impact of the COVID-19 pandemic led to a general collapse in most global markets, including precious metals. For the US PGM operations, the 2E PGM basket price averaged US$2,053/2Eoz for Q1 2020, 57% higher than for Q1 2019. Further depreciation of the rand provided an additional revenue boost for the SA operations, with the average 4E PGM basket price of R33,192/4Eoz for Q1 2020, 94% higher year-on-year and the average rand gold price received 35% higher at R795,323kg.

Group adjusted EBITDA for Q1 2020 was materially higher than Q1 2019, increasing by R10,324 million (US$666 million) to R11,132 million (US$724 million), which alongside a reduction in net debt, resulted in net debt:adjusted EBITDA (ND:adjusted EBITDA) decreasing to 0.75x at quarter end, from 1.25x at the end of December 2019.
The Group is in a solid financial position, with leverage now comfortably below our 1x target and sufficient liquidity, despite the temporary suspension of production at our SA operations in April 2020 in accordance with South African COVID-19 lockdown regulations.

Given reduced dollar net debt, available liquidity, including DRDGOLD increased to R18,315 million (US$1,026 million) at 31 March 2020, consisting of R16,357 million (US$916 million) cash on hand, R214 million (US$12 million) committed undrawn facilities and R1,744 million (US$98 million) of available uncommitted overnight facilities. Available rand RCF facilities were drawn down ahead of the COVID-19 lockdown in South Africa as a precautionary measure. The US PGM operations continued to operate during Q2 2020 to date, and following amendments to the SA COVID-19 lockdown restrictions, the SA operations are rebuilding to an initial 50% capacity. The Group has optimised working capital and increased liquidity and balance sheet flexibility to ensure an appropriately robust financial position. The primary priority remains to lower the Groups net debt position further.

Following the market collapse in late March 2020 after an initial liquidity sell off, precious metals prices recovered quickly. Basket prices remain elevated compared to the same time in 2019 with further depreciation of the rand continuing to benefit revenues for the SA operations. The 2E PGM basket price has averaged approximately US$1,820/2Eoz for Q2 2020 to date, with the rand 4E PGM basket price averaging approximately R33,950/4Eoz and the rand gold price averaging just over R1,000,000/kg to date, which if sustained, will be positive for earnings and cash flow as the operational build up continues.

The future impact of COVID-19 remains uncertain and as such guidance will be provided once we have greater certainty about the operating outlook. For more information about our actions, announcements and response to COVID-19, please refer to https://www.sibanyestillwater.com/news-investors/happenings/responding-to-covid-19/.

SAFE PRODUCTION
The intense focus on safe production at our operations and the implementation of medium- and long-term safety initiatives, which are underpinned by the Zero Harm Strategic Framework, continues.

The SA gold operations achieved an unprecedented 11.5 million fatality free shifts on 6 May 2020, with over 620 days without any fatalities. An overall improvement of 13% in terms of the Total Injury frequency rate (TIFR) compared with Q1 2019, is also encouraging.

The US PGM operations safety performance also continued to improve with the Total Reportable Injury Frequency Rate (TRIFR) for Q1 2020, 25% lower than for the comparable period in 2019.

Regrettably, the SA PGM operations experienced four fatalities during the quarter, compared with two fatalities for the same period in 2019. On 7 February 2020, Mr. Khulile Nashwa, a Winch Operator at the Rowland mine, Marikana operation, was travelling in the haulage when a loco derailed and struck him. He was 49 years old and is survived by his wife and seven dependents. On 17 January 2020, Mr. Joao Abilio Silindane, a Rock Drill Operator at Bambanani mine, Kroondal operation, was fatally injured in a gravity-induced fall of ground incident. He was 56 years of age and is survived by his wife and two dependents. On 20 March 2020, Mr. Emanoel Kaphe, a Rock Drill Operator at Thembelani mine, Rustenburg operation, was fatally injured in a gravity-induced fall of ground incident. He was 48 years of age and is survived by his wife and two dependents. The fourth incident occurred on 24 March 2020, Mr. Rossofino Manhavele, a Conveyor belt operator at Siphumelele mine, Rustenburg operation, was found unresponsive lying in a prone position at the bottom of the stairway next to the reef conveyor belt tail pulley on surface. Mr Manhavele succumbed to his injuries on 30 March 2020 whilst still in Millpark hospital. He was 46 years of age and is survived by his wife and three dependents. The Board and management of Sibanye-Stillwater extend their sincere condolences to the family and friends of these employees.

A principal focus at the operations continues to be on identifying and, rectifying safety hazards and verifying that adequate close out has been achieved. In addition, ongoing monitoring of outlying working places in terms of risk score and/or compliance, remains a key area of focus. The Critical Control Management journey stemming from detailed risk analysis process that we embarked on in H2 2019 is also maintaining steady progress and is being addressed within the various discipline focus areas, as well as the overall organisational health and safety strategy.

The safe start-up and subsequent production build-up, following the national lockdown in South Africa as a result of the COVID-19 pandemic, will be a critical focus during the second quarter.

OPERATING REVIEW
US PGM operations
Mined 2E PGM production for Q1 2020 of 141,585 2Eoz was 8% higher than for Q1 2019. Production from the Stillwater Mine (including Blitz) was 83,445 oz for Q1 2020, 3% higher than Q1 2019, while East Boulder (EB) delivered 58,140 oz, 17% higher than Q1 2019. Tonnes milled for Q1 2020 totalled 347,528 tonnes, 8% higher than the comparable quarter in 2019. PGM sales in March 2020 were affected by a delay in refined metal released, resulting in sales for Q1 2020 of 91,975 2Eoz. This refined production was subsequently released and sold during April 2020.

All-in sustaining cost (AISC) of US$894/ 2Eoz for Q1 2020, was 7% higher than for the comparable period in 2019, largely due to lower production from Blitz and higher royalties and taxes as a result of an inflated realized PGM basket price (contributing US$37/ 2Eoz to the variance).

The recycling operation fed an average of 28 tonnes of catalyst per day in Q1 2020, 9% higher than Q1 2019. High recycling feed rates continued to increase with increased recycling receipts, as tonnes of catalyst received were 33 tonnes per day for Q1 2020, 60% higher than Q1 2019. Given significant receipts towards the end of the quarter and ahead of COVID-19 related restrictions, recycle inventory approximated 815 tonnes. This has reduced to more normalised levels (200 - 300 tonnes).

Adjusted EBITDA of US$134 million (R2,059 million) at an improved adjusted EBITDA margin of 30% compares favourably to adjusted EBITDA of US$104.6 million (R1,466 million) for Q1 2019, despite sales being lower than production for Q1 2020.
The threat of COVID-19 was managed in a proactive manner through the roll out of response plans and actions, as well as the suspension of non-essential growth capital at Blitz. Despite these measures, a meaningful increase in mined 2E PGM production from the US PGM operations is still forecast for 2020. Given the previously mentioned suspension of non-essential activities at Blitz, capital expenditure is expected to reduce to between US$200 million and US$220 million for the year, approximately US$60 million less than previously guided. Approximately 60% of this anticipated spend is growth capital in nature, including expenditure on the Fill the Mill (FTM) project.

SA PGM operations
The SA PGM operations continued to perform strongly, with 4E PGM production of 418,072 4Eoz for Q1 2020, 59% higher than the comparable period in 2019. Higher AISC of R16,745/4Eoz (US$1,089/4Eoz) year-on-year, reflect the change to toll processing at Rustenburg, higher royalties and the inclusion of production from the Marikana operation with a higher average AISC, which was absent in Q1 2019. 4E PGM sold of 522,843 4Eoz was 25% higher than 4E PGM production for Q1 2020, due to the sale of additional ounces ahead of the COVID-19 lockdown.

4E PGM production from Rustenburg was 10% lower than Q1 2019 at 154,568 oz, due to a section 54 stoppage arising from the Thembelani fatal accident and COVID-19 related production losses due to the operations being placed on care and maintenance on 27 March 2020. Higher AISC of R18,255/4Eoz (US$1,187/4Eoz) was mainly as a result of lower production and higher royalties. The significant increase (99%) in the average 4E PGM basket price from R16,582/4Eoz (US$1,184/4Eoz) to R32,958/4Eoz (US$2,143/4Eoz), resulted in royalties increasing significantly, by R1,848/4Eoz (US$120/4Eoz) compared with Q1 2019.

4E PGM production from Kroondal of 53,458 4Eoz was 8% lower year-on-year, mainly due to the COVID-19 lockdown during the last week of March 2020 impacting 4,649 4Eoz. AISC of R12,619/4Eoz (US$820/4Eoz), was 16% higher than the comparable period in 2019 primarily due to lower production and higher royalties.

The integration of the Marikana operation has proceeded smoothly. The Marikana operation produced 171,997 4Eoz and processed 8,068 4Eoz under existing purchase of concentrate arrangements in Q1 2020. The COVID-19 lockdown resulted in approximately 14,650 4Eoz lost production for the quarter. AISC of R17,128/4Eoz (US$1,114/4Eoz) was 2% lower than for Q4 2019, demonstrating the cost benefits of synergies already realised.

Chrome revenue for Q1 2020 of R324 million was higher than the Q1 2019 chrome revenue of R304 million, despite the average chrome price declining by 23% from US$167/tonne in Q1 2019 to US$128/tonne in Q1 2020, due to the inclusion of the Marikana chrome tonnes.

Mimosa continued to perform steadily, reporting attributable 4E PGM production of 28,777 4Eoz with AISC of US$826/4Eoz.

The inclusion of revenue from the Rustenburg operation (deferred in Q1 2019 due to the change from purchase of concentrate to toll treatment arrangement) and the Marikana operation (acquired in June 2019), together with the 94% higher average 4E PGM basket price resulted in adjusted EBITDA increasing significantly to R8,043 million (US$523 million) from R880 million (US$63 million) in Q1 2019. This was also notably higher than the R3,823 million (US$260 million) adjusted EBITDA from Q4 2019, with the adjusted EBITDA margin increasing from 39% for Q4 2019 to 51% for Q1 2020. Despite the pullback in PGM prices, as a result of ongoing depreciation of the rand, the average basket price for Q2 2020 to date, has remained above R30,000/4Eoz.

The SA PGM operations have begun a phased build-up of production in line with the amended regulations in terms of the COVID-19 disaster management act. The initial phase involved the resumption of surface production and limited underground mining to supplement surface material, with the subsequent build up to 50% likely to be achieved during May 2020. Following a review of non-essential capital expenditure, forecast capital expenditure for the year has been reduced by approximately R900 million to R2,200 million. Approximately 60% of the capital reduction is related to ore reserve development which was deferred while the operations were on care and maintenance and 40% on project and other capital.

Anglo Platinum Force Majeure
On 6 March 2020, Anglo American Platinum (Anglo Platinum) announced the temporary shutdown of its converter plants and issued shut down notices pursuant to a Force Majeure event.

On 5 May 2020, Anglo American Platinum announced that it had completed the repair of its converter plant Phase B unit and that it expected to be fully operational from 12 May 2020, following which, force majeure to suppliers of concentrate will be lifted.
As a result of the completion of repairs to the Anglo Platinum converter plant, from 12 May 2020, Sibanye-Stillwater will resume delivery of concentrate from the Rustenburg, Kroondal and Platinum Mile operations to Anglo Platinum for processing as per the original agreements. The payment terms related to purchase of concentrate agreements and delivery terms of metals relating to tolling agreements, shall resume as per normal for all concentrates delivered from 12 May 2020. In addition, Sibanye-Stillwater has agreed a delivery schedule with Anglo Platinum relating to tolled metals that should have been processed and delivered during the shutdown period. Delivery of these outstanding metal credits that were locked up as a result of the Anglo converter plant failure, are expected to commence during May 2020 with the majority of outstanding metal credits expected to be delivered by the end of July 2020.

SA gold operations
Gold production of 7,405kg (238,076oz) for Q1 2020 was 66% higher than for the comparative period in 2019, which was severely impacted by the five-month AMCU strike that ended in April 2019. AISC of R741,858/kg (US$1,500/oz) was also significantly improved compared with AISC of R914,590/kg (US$2,030/oz) for Q1 2019. Gold production (excluding DRDGOLD), increased by 82% year-on-year, from 3,326kg (106,948oz) to 6,059kg (194,801oz). Production was impacted by the seasonal factors (the return to work and production build up after the December holidays) and operational disruptions caused by ESKOM power outages and the COVID related lockdown which impacted production for the last week of March 2020. The Kloof operation was also affected by a fire at Kloof 3 shaft, as well as seismicity that affected the Driefontein operation and limited access to higher grade production areas.
The return to more normalised production levels after the five months strike in H1 2019, coupled with the 35% increase in the average gold price to R795,323/kg (US$1,608/oz) resulted in a R2,737 million (US$188 million) turnaround in adjusted EBITDA, from a loss of R1,611 million (US$115 million) for Q1 2019 to R1,126 million (US$73 million) for Q1 2020 at an adjusted EBITDA margin of 19%. The rand gold price for Q2 2020 to date has averaged approximately R1,000,000/kg (US$1,680/oz), 26% higher than the average price for Q1 2020. This has positive implications for earnings and cash flow from the SA gold operations as production continues to ramp up in accordance with the amended COVID-19 regulations issued in terms of the Disaster Management Act.

As with the SA PGM operations, the build up to 50% is likely to be achieved during May. Capital expenditure for 2020 has been revised downwards by R840 million to R2,500 million, with approximately 71% of the capital reduction related to ore reserve development which was deferred while the operations were on care and maintenance, 10% on growth projects (Burnstone) and 19% on other capital projects.

NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTERS ENDED 31 MARCH 2020, 31 DECEMBER 2019 AND 31 MARCH 2019
US and SA PGM operations

US SA OPERATIONS
OPER
ATION
S

TotaTotalTotal SA RustenMarikaKrooPlaMimo
l US PGM burg na ndalt sa
SA PGM Mi
and le
US Still
PGMwater
ope
rati
ons

Attributable UnderTotUndSurUndSurUndSurAttrSurAttr
- al er-facer-facer-facibutfacibut
grou e e e ablee able
nd gro gro gro
1 und und und

Production
Tonnes mil000''t Mar 8 2 347 7 4 3 1 1 1 81 841 1 342
led/treate 37 8901497414801474869 775
d 202
0

Dec 9 0 391 8 4 3 1 1 1 84 1 0 1 358
2000 6097768336961277119 11 857
19

Mar 6 0 322 5 2 2 1 1 - - 877 1 339
2047 725883842667022 820
19

Plant g/t Mar 2.7 13.9 2. 3. 0. 3. 1. 3. 0. 2.3 0. 3.5
head 201 2 22 41 89 56 02 79 86 9 83 8
grade 20

Dec 2.7 14.0 2. 3. 0. 3. 1. 3. 0. 2.4 0. 3.5
206 5 25 36 87 59 03 62 94 4 75 7
19

Mar 2.6 13.7 2. 3. 0. 3. 1. - - 2.4 0. 3.5
207 6 05 19 89 49 21 8 72 6
19

Plant % Mar 77. 90.1 74 83 35 84 29 84 45 82. 19 73.
recoverie 2098 2 .38.47.98.62.86.82.3072 .5810
s 20

Dec 77. 91.6 74 83 31 83 29 84 41 82. 10 75.
2098 4 .11.09.14.63.40.08.3175 .3874
19

Mar 75. 91.8 69 82 22 84 34 - - 82. 11 75.
2093 0 .82.83.64.32.24 89 .6553
19

Yield g/t Mar 2.1 12.5 1. 2. 0. 3. 0. 3. 0. 1.9 0. 2.6
201 4 65 85 32 01 30 21 39 8 16 2
20

Dec 2.1 12.8 1. 2. 0. 3. 0. 3. 0. 2.0 0. 2.7
206 8 67 79 27 00 30 04 39 2 08 0
19

Mar 2.0 12.6 1. 2. 0. 2. 0. - - 2.0 0. 2.6
203 4 43 64 20 95 41 5 08 9
19

PGM 4Eoz - Mar 559 141 41 37 38 14 11 15 18 53 9 28
productio 2Eoz 20 585 8 9 3 3 458 272777
n 20 657 07 34727 33233 77222
2 2 5 5 5

Dec 623 161 46 42 33 16 10 16 17 65 4 31
20 849 1 8 3 7 627 647124
19 568 71 16559 71973 69939
9 0 7 2

Mar 394 130 26 24 18 15 13 - - 57 4 29
20 899 3 5 7 823 878294
19 407 50 04467 92589
8 1 4

PGM sold 4Eoz - Mar 614 91 9 52 50 21 18 11231 17 53 9 28
2Eoz 20 75 2 1 8 8 458 272777
20 818 84 83013 41741
3 0 7

Dec 562 166 39 37 17 15 13126 24 65 4 31
20 218 6 8 5 6 627 647124
19 487 26 35913 35266
9 6 9

Mar 219 127 91 87 4 - - - 57 4 29
20 454 878 823 878294
19 449 995117

Price and
costs
3
Average R/4Eoz Mar 32 31 5 33 33 29 33 2332 954 36 27 28
PGM - 20937 69 011 924
basket R/2Eoz 20 192574422563254 901
price
4
Dec 23 23 6 23 23 22 23 1823 262 25 20 21
20598 84 005 950
19 558799720725382 379

Mar 17 18 2 17 16 14 16 14 - 17 16 16
20281 83 182 453
19 104874943761498 182

US$/4EozMar 2 1 2 05 2 2 1 2 1 2 143 2 3 1 1 8
2042 3 158183913182512 41 81481
- US$/2E20
oz

Dec 1 6 1 60 1 1 1 1 1 1 580 1 6 1 1 4
2003 9 600617543612249 99 38491
19

Mar 1 2 1 30 1 1 1 1 1 - 1 2 1 1 1
2034 5 221204067196035 26 15574
19

Operating R/t Mar 1 0 5 06 82 1 75 1 181 323 798 41 1 0
cost 2051 5 4 560 4992 34
5 20

Dec 963 4 36 80 1 68 1 181 283 749 28 929
20 3 2 439 3665
19

Mar 740 4 08 54 1 12 1 30 - 748 26 978
20 0 1 0046 1395
19

US$/t Mar 68 329 54 10 5 97 1286 52 3 67
20 1
20

Dec 65 296 55 98 5 93 1387 51 2 63
20
19

Mar 53 291 39 72 9 81 22 - 53 2 70
20
19

R/4Eoz -Mar 15 12 4 15 16 7 15 1817 731 12 7 12
20028 14 269 561 841288
R/2Eoz 20 979941 474588

Dec 14 10 5 15 16 7 14 1817 699 11 11 10
20054 41 780 538 690
19 375017 151974 384

Mar 11 10 0 12 11 19 12 22 - 11 9 11
20575 38 335 717320
19 434835441018932

US$/4EozMar 977 807 1 1 47 1 1 1 153 817 51 799
20 0391013 006209 0
- US$/2E20
oz

Dec 955 716 1 1 52 96 1 1 202 784 77 726
20 0440889 1 289 3
19

Mar 826 716 88 84 1 85 1 - 809 69 808
20 8 5 3888 637 4
19

All-in R/4Eoz Mar 15 13 7 16 18 25517 128 12 8 12
sustainin - 20948 56 619 251701
g R/2Eoz 20 745
cost
6
Dec 14 11 7 15 14 49917 409 11 12 11
20336 47 713 538
19 309 610

Mar 11 11 6 11 12 211 - 10 9 11
20780 71 916 779857
19 841

US$/4EozMar 1 0 894 1 1 187 1 114 820 53826
- 2037 089 6
US$/2Eo20
z

Dec 974 798 1 985 1 183 796 85 784
20 040 7
19

Mar 841 833 84 872 - 779 69 846
20 5 8
19

All-in R/4Eoz -Mar 17 18 3 16 18 25517 140 12 9 12
cost 20193 22 619 566701
6 R/2Eoz 20 782

Dec 15 15 2 15 14 50917 457 11 14 11
20321 28 713 538
19 355 633

Mar 12 14 7 11 12 211 - 10 10 11
20901 81 916 857
19 851 250

US$/4EozMar 1 1 1 19 1 1 187 1 114 820 62 826
- 2018 1 091 2
US$/2Eo20
z

Dec 1 0 1 03 1 986 1 186 796 99 784
2041 5 043 4
19

Mar 921 1 05 84 872 - 779 73 846
20 4 6 2
19

Capital
expenditu
re
3
Ore Rm Mar 608 264. 34 144.1199.0 - - -
reserve 20.0 9 3.1
developme 20
nt

Dec 551 215. 33 113.9 222.2 - - -
20.1 0 6.1
19

Mar 432 312. 12 120.6 - - - -
20.9 3 0.6
19

Sustaining Mar 311 86.7 22 97.6 86.4 40. 0. 76.
capital 20.9 5.2 4 6 9
20

Dec 613 139. 47 96.3 295.1 79. 2. 104
20.4 5 3.9 3 9 .7
19

Mar 85. 29.0 56 27.3 - 25. 3. 72.
200 .0 2 5 5
19

Corporate Mar 658 646. 12 - - - 12 -
and .6 4 .2 .2
202
projects 0

Dec 573 563. 10 1.8 (0.9) - 9. -
20.7 4 .3 4
19

Mar 409 407. 2. - - - 2. -
20.4 1 3 3
19

Total Rm Mar 1 5 998. 58 241.7 285.4 40. 12 76.
capital 2078.50 0.5 4 .8 9
expenditu 20
re

Dec 1 7 917. 82 212.0 516.4 79. 12 104
2038.29 0.3 3 .3 .7
19

Mar 927 748. 17 147.9 - 25. 5. 72.
20.3 3 8.9 2 8 5
19

US$m Mar 102 64.9 37 15.7 18.6 2.6 0. 5.0
20.6 .7 8
20

Dec 118 62.4 55 14.4 35.1 5.4 0. 7.1
20.1 .7 8
19

Mar 66. 53.4 12 10.6 - 1.8 0. 5.2
202 .8 4
19

Average exchange rates for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 were R15.38/US$, R14.72/US$ and R14.01/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 Production per product - see prill split in the table below
3 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
4 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
5 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
6 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 production in the same period

Mining - Prill split excluding recycling operations

GROUP SA OPERATIONS US OPERATIONS
Mar Dec Mar Mar Dec Mar Mar Dec Mar
2020 2019 2019 2020 2019 2019 2020 2019 2019

% % % % % % % % %
Platinum 28150 3050% 1846% 2460 275915358 3122 3622% 2923
% 9 2 9 % 3 % % % %
209 65 57 41 44 109 794 215 464
9 3 5 4

Palladiu 23442 2642% 1847% 1230 133082 31 1078 1278% 1077
m % 4 3 4 % 9 % 231% 9 % 5 1 %
337 79 66 54 15 79 63 43
0 5 6 6 1 4 5

Rhodium 36 7% 407% 226% 368% 409%22 9%
160 533
659 533 160 659
Gold 7 91% 8 1% 5 1% 7 2% 8 2%5 62%
51 460 634 951 460 34

PGM 55910 62100 39100 4110 4610 2610 1410 16100 1310
product 0%3 % 4 % 8 0%1 0%3 0%1 0%1 % 0 0%
ion 657 56 40 07 71 50 58 84 89
4E/2E 8 7 2 9 8 5 9 9

Rutheniu 58 65 35 58 65 35
m 908 604
202 604 908 202
Iridium 14 16 8 14 16 8 1
506 169 69
405 506 405
Total 633 70 43 49 54 30 14 16 13
6E/2E 5 8 1 3 7 1 1 0
071 17 18 48 32 28 58 84 89
5 0 6 6 1 5 9 9
Recycling operation

Unit Mar Dec Mar
202 2019 2019
0

Average Tonne 28. 29.8 25.6
catalyst 0
fed/day

Total Tonne 2 5 2 74 2 30
processed 47 2 3

Tolled Tonne 262 409 581
Purchased Tonne 2 2 2 33 1 72
85 3 2

PGM fed 3Eoz 221 229 201
540 289
798
PGM sold 3Eoz 133 215 183
588 795
714
PGM tolled 3Eoz 31 29 1 15 7
returned 062 36 61


SA gold operations

SA OPERATIONS
Total SA goldDriefontKloof Beatrix Cooke DRDG
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 000Mar 9 8 1 19 8 7 325 - 414 1 0 452 7 - 1 0 6 5
milled/t''t 20294 1 03 64 72 60
reated 0

Dec 10 1 39 9 3 356 - 500 1 3 528 66 9 1 1 6 8
201748 3 55 30 31 28
9

Mar 9 3 411 8 9 30 8 190 1 6 174 456 17 1 1 5 6
20129 18 27 53 74
9

Yield g/tMar 0.7 4.51 0.2 5.7 - 4.8 0.3 3.2 0.2 - 0.2 0.2
2025 3 7 5 7 9 9 8 1
0

Dec 0.8 5.01 0.2 6.7 - 5.1 0.3 3.7 0.3 0.4 0.3 0.2
2017 5 1 9 5 8 8 4 0 3
9

Mar 0.4 5.29 0.2 3.0 0.3 7.9 0.3 3.2 0.5 0.3 0.2 0.2
2018 6 1 8 5 7 6 0 5 8 0
9

Gold kg Mar 7 4 5 36 2 0 1 8 - 2 0 391 1 4 2 - 297 1 3
produced 20205 9 36 75 07 87 46
0

Dec 9 3 6 98 2 3 2 3 - 2 5 460 1 9 25 4 336 1 5
20149 4 65 90 93 97 44
9

Mar 4 4 2 17 2 2 90 3 1 5 600 567 227 6 323 1 1
20156 4 82 10 30
9

oz Mar 238 172 65 60 - 64 12 47 64 - 9 5 43
202 617 459 283 526 571 808 49 275
0 076

Dec 300 224 76 76 - 83 14 64 804 129 10 49
201 541 037 840 367 789 205 803 641
9 578

Mar 143 69 8 73 2 9 96 48 19 18 7 2 193 10 36
201 96 382 05 558 278 240 95 383 330
9 278

Gold soldkg Mar 7 5 5 42 2 1 1 8 - 1 9 404 1 5 4 - 296 1 4
20290 4 66 53 77 94 62
0

Dec 10 7 72 2 4 2 7 - 2 8 505 2 1 29 6 382 1 5
201158 8 30 30 10 82 14
9

Mar 4 3 2 13 2 2 88 3 1 4 585 554 195 6 341 1 1
20173 0 43 82 19
9

oz Mar 244 174 69 59 - 63 12 51 129 - 9 5 47
202 385 639 575 562 989 248 17 004
0 024

Dec 326 248 78 87 - 90 16 70 932 193 12 48
201 460 126 771 343 236 153 282 676
9 586

Mar 140 68 4 72 2 8 96 47 18 17 6 2 193 10 35
201 80 113 29 647 808 811 69 963 977
9 593

Price
and
costs

Gold R/kMar 795 768 484 770 727 781 977 757 432 786
price g 202
received 0 323 662

Dec 669 657 985 657 044 652 103 690 206 698
201
9 797 943

Mar 588 582 418 571 505 572 630 593 372 588
201
9 040 114

US$Mar 1 6 1 554 1 559 1 581 1 532 1 5
/ 20208 91
oz 0

Dec 1 4 1 390 1 388 1 378 1 458 1 4
20115 77
9

Mar 1 3 1 293 1 269 1 271 1 317 1 3
20106 06
9

OperatingR/tMar 475 3 03 125 3 6 - 3 4 199 2 1 329 - 157 108
cost 202 1 94 89 30
1 0

Dec 447 2 63 122 3 3 - 3 0 193 1 8 98 233 150 104
201 0 22 50 05
9

Mar 421 6 88 123 27 1 1 6 6 176 4 3 154 159 121 104
201 3 157 38 49 01
9

US$Mar 31 197 8 240 - 227 13 138 21 - 10 7
/t 202
0

Dec 30 179 8 226 - 207 13 123 7 16 10 7
201
9

Mar 30 491 9 1 9 81 475 13 307 11 11 9 7
201 38
9

R/kMar 634 672 534 640 - 719 541 647 1 1 - 568524
g 202 378 50 220
0 490 578 267 631 432 478 000 350

Dec 513 524 482 494 - 588 559 477 260 525 504 458
201 470
9 809 326 895 160 130 216 000 000 762 549

Mar 881 1 30 480 9 0 3 0 836 477 1 3 309 450 431 523
201 1 16 33 19
9 009 321 665 257 333440 476 155835 000 949 009

US$Mar 1 2 1 36 1 0 1 2 - 1 4 1 0 1 3 2 3 - 1 1 1 0
/ 20283 0 81 95 55 95 09 26 49 60
oz 0

Dec 1 0 1 10 1 0 1 0 - 1 2 1 1 1 0 549 1 1 1 0 969
20186 8 19 46 43 81 08 09 67
9

Mar 1 9 2 88 1 0 20 6 7 1 8 1 0 2 9 688 999 959 1 1
20156 9 67 017 34 57 60 29 61
9

All-in R/kMar 741 790 772 812 516 746 621 634 459 580
sustainig 202
ng 0 858 506
cost
2
Dec 621 639 121 710 950 563 908 547 423 499
201
9 943 075

Mar 914 9 242 85761 877 1 104 80444 669 546
201 7 6
9 590 023

US$Mar 1 5 1 599 1 643 1 510 1 283 1 1
/ 20200 74
oz 0

Dec 1 3 1 350 1 502 1 192 1 157 1 0
20114 55
9

Mar 2 0 20 520 1 691 2 453 987 1 2
20130 12
9

All-in R/kMar 757 790 772 825 787 746 746 634 459 582
cost g 202
2 0 892 627

Dec 636 639 121 723 801 564 315 547 423 498
201
9 100 877

Mar 935 9 242 85762 119 1 105 34444 669 556
201 7 0
9 925 390

US$Mar 1 5 1 599 1 670 1 510 1 283 1 1
/ 20233 78
oz 0

Dec 1 3 1 350 1 529 1 192 1 157 1 0
20144 54
9

Mar 2 0 20 520 1 692 2 454 987 1 2
20178 35
9

Capital
expendit
ure

Ore Rm Mar 529 204.4 216.3 108.6 - -
reserve 202.3
developm 0
ent

Dec 502 214.7 190.5 97.2 - -
201.4
9

Mar 28. 1.4 25.3 2.1 - -
2018
9

Sustainin Mar 215 60.9 81.5 26.2 - 47.
g 202.6 0
capital 0

Dec 294 79.2 154.7 33.0 - 27.
201.1 2
9

Mar 34. 6.5 14.4 10.6 - 3.0
2015
9

Corporate Mar 41. - 31.6 0.2 - 3.1
and 2029
projects 0
3
Dec 63. - 42.6 0.9 - (0.
2018 3)
9

Mar 13. - 0.5 0.4 - 11.
2019 6
9

Total RmMar 787 265.3 329.5 135.1 - 50.
capital 202.0 1
expendit 0
ure


Dec 860 293.9 387.8 131.1 - 26.
201.2 9
9

Mar 77. 7.9 40.2 13.1 - 14.
2014 6
9

US$Mar 51. 17.2 21.4 8.8 - 3.3
m 2022
0

Dec 58. 20.0 26.3 8.9 - 1.8
2014
9

Mar 5.5 0.6 2.9 0.9 - 1.0
201
9
Average exchange rates for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 were R15.38/US$, R14.72/US$ and R14.01/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
2 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) is 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
3 Corporate project expenditure for the quarters ended 31 March 2020, 31 December 2019 and 31 March 2019 was R7.0 million (US$0.5 million), R20.5 million (US$1.4 million) and R1.3 million (US$0.1 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 Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
operati
ons

Re StiEa StiEa StiEa
ef llwst llwst llwst
ate B ate B ate B
r ou r ou r ou
ld ld ld
incer incer incer
l l l
Bl Bl Bl
itz itz itz

StillwUn
ater it

Primar(m 1 7 1 1 2 8
y ) 35548 615 26743
devel 01
opment 9
(off
reef)

Second(m 2 9 2 5 2 9
ary ) 84929 08532 77316
devel
opment



SA PGM Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
operatio
ns

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

RustenUni
burg t

Advanc(m) 29 1 2 83 34 1 3 94 24 1 2 84
ed 1 1374878 7 1501896 5 4013559

Advanc(m) 15 45 61 32 34 49 1 45 24 43 75 45
ed on 4 5 3 2 7 4 2032 5 3 1 5
reef

Height(cm 20 29 28 19 21 28 28 28 22 28 28 28
) 4 0 4 2 6 2 9 5 1 1 8 9

Averag(g/ 2. 2. 2. 3. 2. 2. 2. 3. 1. 2. 2. 3.
e t) 3 5 4 1 6 4 3 1 3 4 4 0
value

(cm 47 71 66 58 56 67 65 87 29 67 70 87
.g 0 5 8 6 6 1 5 3 3 6 4 9
/t)
SA PGM Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
operatio
ns

ReeK3 RowSafE3 4B HosK3 RowSafE3 4B HosK3 RowSafE3 4B Hos
f lanfy sy lanfy sy lanfy sy
d , d , d ,
E1 E1 E1
& & &
W1 W1 W1

MarikaUni
na t

Primar(m) 7 4 4 98 1 9 6 4 1 1
y 4156185599 483 405668309005562
devel
opment


Primar(m) 5 3 3 75 1 6 5 2 59 1
y 8596291100 062 8743728652 003
devel
opment
- on
reef

Height(cm 21 21 21 22 21 21 21 19 23 22
) 7 7 9 1 6 7 7 9 5 1

Averag(g/ 3. 2. 2. 2. 2. 2. 2. 2. 2. 2.
e t) 2 7 6 5 5 8 7 6 7 5
value

(cm692 59 56 56 53 60 58 50 63 54
.g 5 9 1 4 7 6 7 1 4
/t)
SA PGM Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
operatio
ns

Ree KopSimBamKweK6 KopSimBamKweK6 KopSimBamKweK6
f a-nun ba-zi a-nun ba-zi a-nun ba-zi
eng-yenan eng-yenan eng-yenan
i i i

KroondUni
al t

Advanc(m) 60 17 62 34 51 68 31 68 79 49 55 38 52 73 57
ed 2 2 7 8 9 5 6 5 2 7 6 6 0 4 7

Advanc(m) 16 11 59 12 38 43 26 61 52 42 55 36 48 55 57
ed on 5 1 5 5 7 5 7 6 0 2 6 8 4 4 7
reef

Height(cm 24 21 20 21 23 24 22 20 21 23 23 21 20 24 24
) 7 7 7 7 5 0 0 9 9 3 8 9 9 1 0

Averag(g/ 2. 2. 3. 3. 2. 1. 2. 2. 1. 1. 2. 2. 2. 2. 2.
e t) 3 7 0 0 3 6 2 6 8 6 0 7 7 0 5
value

(cm 57 59 62 65 53 38 47 54 38 37 46 59 56 47 58
.g 1 4 1 5 8 3 4 7 4 9 9 4 3 9 7
/t)






SA gold Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
operations

Reef BlCarbMaiVCR BlCarbMaVCR BlCarbMaVC
acon n acon in acon inR
k k k
lead lead lead
er er er



Re Re Re
ef ef ef

DriefoUnit
ntein

Advanc(m) 840 23 89 1 1 2 89 7 6
ed 0 0 65 560 4

Advanc(m) 147 92 78 278 1 91 7
ed on 13
reef

Channe(cm) 95 53 10 62 4 36 8
l 6 5 7
width

Averag(g/t 10. 11 10 13. 1 54 7
e ) 3 .2 .6 7 1..0 .9
value 9

(cm. 975 59 1 846 5 1 6
g 0 119 38946 84
/t)


SA gold Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
operation
s

Reef CobKlMaLibaVC CobKloMaiLibaVCR CobKloMaiLibaVCR
bleooinnon R bleof n non bleof n non
f

KloofUnit
Advan(m) 1 4 67 1 1 62 81 1 57 26 23
ced 76 2151 478 5 6 6
18 45
4 0

Advan(m) 2 5 47 2 28 62 75 21 33 10 84
ced 096 27 3 6 0 4
on
reef

Chann(cm) 1 1 178 9 15 59 173 12 15 11 85
el 0916 5 0 6 1 3
widt
h

Avera(g/t 7 1 6.1 8 8. 16 4.6 2. 8. 12 18
ge ) .00. .6 0 .0 8 7 .7 .7
valu 9
e

(cm. 7 1 1 0 8 1 94 799 34 1,31,4 1,5
g 63 89 14 2052 8 14 35 91
/t) 27
1



SA gold Mar 2020 quarter Dec 2019 quarter Mar 2019 quarter
operation
s

Reef BeaKalkoen BeaKalkoen BeaKalkoen
trikrans trikrans trikrans
x x x

BeatrUnit
ix

Advan(m) 3 159 3 264 53
ced 150 734 6

Advan(m) 1 70 1 105 42
ced 040 082 1
on
reef

Chann(cm) 16 137 17 86 12
el 9 4 7
widt
h

Avera(g/t 9. 17.2 9. 15.4 10
ge ) 9 3 .3
valu
e

(cm. 1 2 362 1 1 325 1,3
g 681 619 14
/t)


ADMINISTRATION AND CORPORATE INFORMATION

SIBANYE STILLWATER LIMDIRECTORS AMERICAN DEPOSITORY
ITED Dr. Vincent Maphai1 (CRECEIPTS TRANSFER
hairman) AGENT

(Sibanye-Stillwater,Neal Froneman (CEO) BNY Mellon Shareowner
the Company and/or Charl Keyter (CFO) Services
the Dr. Elaine
Group) Dorward-King
1 PO Box 358516
Incorporated in the Harry Kenyon-Slaney1 Pittsburgh
Republic of South Jerry Vilakazi1 PA15252-8516
Africa Keith Rayner1 US toll-free: +1 888
Nkosemntu Nika1 269
Richard Menell1,2 2377
Registration number 20Savannah Danson1
14 Susan van der Merwe1 Tel: +1 201 680 6825
/243852/06 Timothy Cumming1 Email:
Share codes: SSW and shrrelations(at)bnymellon
SBSW 1 Independent .com
non-executive

Issuer code: SSW 2 Lead Independent Tatyana Vesselovskaya
ISIN: ZAE000259701 director Relationship Manager
BNY Mellon
LISTINGS Depositary Receipts
JSE: SSW Direct Line: +1 212
NYSE: SBSW JSE SPONSOR 815
JP Morgan Equities Sou 2867
WEBSITE th Africa Proprietary
www.sibanyestillwater. Limited Mobile: +1 203 609
com 5159
Registration number
1995/011815/07
REGISTERED OFFICE Fax: +1 212 571 3050
Constantia Office Park1 Fricker Road Email:
Bridgeview House, Illovo tatyana.vesselovskaya(at)
Building 11, Ground Johannesburg 2196

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Datum: 12.05.2020 - 03:34 Uhr
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News-ID 1558016
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"Sibanye Stillwater: Operating Update Quarter Ended 31 March 2020

"
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