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Sibanye-Stillwater achieves R4.1bn EBITDA with lowest injury rates since inception

Sibanye-Stillwater recorded an 86% increase in adjusted EBITDA for the quarter of 2025, at R4.1 billion (US$222 million), reflecting the impact of strategic restructuring and diversification of its global operations. This financial performance is underpinned by record safety success, with the Group’s Lost Day Injury Frequency Rate (LDIFR) and Total Recordable Injury Frequency Rate (TRIFR) at their lowest levels since establishment, reflecting a sustained focus on workforce wellbeing.

The company’s South African gold operations delivered strong performance, with adjusted EBITDA increasing by 178% year-on-year to R1.8 billion (US$98 million). This improvement was driven by a 34% increase in the average gold price received and the successful resolution of prior operational challenges at key mining sites. The Kloof mine is currently transitioning to a more stable production profile. Additionally, the South African platinum group metals (PGM) operations recorded a 42% increase in adjusted EBITDA, reaching R2.53 billion (US$137 million), supported by effective cost containment measures despite continued pressure on basket prices.

In the United States, the restructuring of PGM operations led to a 37% reduction in operating costs and a 44% decrease in all-in sustaining costs, significantly narrowing losses despite a decline in average PGM prices. Anticipated government credits are expected to provide additional support for these operations in the coming quarters. Meanwhile, the Australian Century operation contributed R178 million (US$10 million) to group EBITDA, marking a turnaround from previous losses following the implementation of enhanced weather resilience measures.

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Strategic projects remain a focus, with the Keliber lithium and GalliCam projects recognised as critical to Europe’s mineral supply. The GalliCam project secured a conditional €144 million grant from the EU Innovation Fund, while Keliber’s capital forecast for 2025 has been revised upward, with commissioning targeted for the first half of 2026.

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Sibanye-Stillwater CEO Neal Froneman highlighted these results as evidence of a successful turnaround, noting that Q1 2025’s strong performance reinforces the profitability trends seen in the latter half of 2024, when the group posted three consecutive half-year periods of stable EBITDA between R6.4 billion and R6.7 billion (US$344–357 million). He emphasised that the improved profitability is not solely due to higher gold prices, but also to decisive operational restructuring and disciplined capital management.

Sibanye expects further operational improvements and reduced capital expenditure, with 2025 guidance set 12% lower than 2023. The completion of the Keliber project will further decrease capital requirements from 2026, supporting ongoing cash flow growth. With these foundations in place, the group is positioned to deliver sustained value for stakeholders, even as it navigates a challenging commodity price environment.