SBSW · Sibanye Stillwater Limited

Sibanye Stillwater delivered a strong Q1 2026 performance, with Group adjusted EBITDA surging 371% year-on-year to R19.4 billion (US$1.2 billion). This result was underpinned by solid operational stability across all segments and a favorable commodity price environment. The SA PGM operations, contributing 64% of Group EBITDA, saw a 393% increase in adjusted EBITDA to R12.4 billion, driven by an 87% increase in the average 4E PGM basket price. Production increased 2% year-on-year while AISC remained stable at R24,629/4Eoz. The SA gold operations contributed 24% of Group EBITDA, with adjusted EBITDA rising 160% to R4.7 billion due to a 49% higher average gold price, partially offset by a 15% increase in AISC. The US PGM operations generated adjusted EBITDA of US$48 million, a significant turnaround from the prior year, benefiting from an 88% higher 2E PGM price and Section 45X credits, despite a 14% increase in AISC to US$1,291/2Eoz due to lower production and higher sustaining capital for the mechanization project. Management highlighted that the strategic focus remains on simplification, performance excellence, and disciplined capital allocation. Construction at the Keliber lithium project was completed on schedule, with production ramp-up underway, positioning the company for future growth in the battery metals sector. The company maintained a fatality-free quarter, reflecting continued improvement in safety performance.