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 2026 (Q1 2026). The Group's financial results are only provided on a six-monthly basis.
SALIENT FEATURES FOR Q1 2026 COMPARED TO Q1 2025 (YEAR-ON-YEAR)
The global macroeconomic and sociopolitical environment during 2026 has been marked by ongoing political upheaval and disruptive market shifts. Against an uncertain backdrop, commodity price volatility has been elevated, with price moves increasingly frequent and accentuated.
PGM prices rose in the second half of 2025 as liquidity tightened, driven by strong Chinese platinum jewellery demand (amid high gold prices), increased investment inflows, and restocking under macro uncertainty. Tariff risks and geopolitical disruptions further tightened regional supply, amplifying gains and lifting lease rates. Supply remains constrained due to underinvestment in new primary production, geopolitical risks, and weak recycling markets. Near-term volatility will depend on trade policy, Middle East tensions, and growing concerns around global economic growth, but medium-term fundamentals are supported by robust autocatalyst demand, limited supply growth, and longer-term upside from green hydrogen and new applications.
Lithium prices have also been shaped by policy and China-driven supply-demand shifts. A late-2025 rally was driven by supply curbs on higher-cost producers and restocking, with further support in early 2026 from Zimbabwe’s export ban, alongside strong Battery Electric Vehicle (BEV) and Battery Energy Storage Systems (BESS) demand linked to AI-driven power needs and falling costs. The outlook remains positive, with robust demand growth, emerging structural deficits later in the decade, and geopolitical push for regional supply chains supporting sustained higher prices.
Our refreshed strategy, presented in January 2026, is centred on simplification, performance excellence, organic growth and disciplined capital allocation. In the near term, this means improving organisational efficiency and operational performance to drive operating margins supporting a capital allocation framework focused on shareholder returns, debt reduction and investment in organic, value-accretive growth opportunities.
In this context, it is pleasing that Group operating results for the first quarter of 2026 (Q1 2026) reflect improved operational stability and consistency across all Group operations. Underpinned by effective cost management in most operations, this solid performance provides the foundation to drive enhanced operating margins, and deliver shared value for all stakeholders, as we continue to execute our refreshed strategy.
Safe production underpins operational excellence. A fatality‑free quarter in Q1 2026, together with continued reductions in serious injuries and high‑potential incidents, demonstrates sustained progress in reducing risk across our operations. While we acknowledge there is further work required to sustainably meet our objectives, these results reinforce our conviction that fatality‑free operations are achievable and strengthen our resolve to eliminate serious harm from our workplaces.
Consistent operational delivery and disciplined cost management during Q1 2026 amplified exposure to improved metal prices, delivering a significant improvement in financial performance. Group adjusted EBITDA increased by 371% year-on-year to R19.4 billion (US$1.2 billion) for Q1 2026. Notably, all of the core Group operations contributed positively to this result (SA PGM 64%, SA gold 24%, US PGM 4%, Recycling 8% and Century 2%), reflecting an improved earnings base that enhances resilience to short term price volatility.
The SA PGM operations delivered an improved performance for Q1 2026. 4E PGM production (excluding third party purchase of concentrate (PoC)) increased by 2% year-on-year and AISC of R24,629/4Eoz (US$1,507/4Eoz) was unchanged from Q1 2025. Unit AISC is expected to marginally increase in line with annual guidance of R26,500 - 27,500/4Eoz (US$1,453 - US$1,508/4Eoz) during the year due to a planned increase in ore reserve development and sustaining capital. The stable operational performance and commendable cost control during Q1 2026, combined with an 87% year-on-year increase in the average 4E PGM basket price, materially expanded operating margins, driving a 393% increase in adjusted EBITDA to R12.4 billion (US$762 million) for Q1 2026.
The SA gold operations, (including DRDGOLD) delivered a stable performance for Q1 2026 with production consistent year‑on‑year. A 160% increase in adjusted EBITDA from the SA gold operations to R4.7 billion (US$288 million) for Q1 2026, was driven by a 49% higher average gold price (gold production is currently unhedged) and offset a 15% increase in AISC year-on-year. Our strategic focus at our gold operations will be to maintain operational stability with an increased focus on reducing and managing costs at the underground gold operations as the SA gold exposure transitions towards higher‑margin, shallow gold production in the coming years.
Strategic focus at the US PGM operations is on a structural reduction in AISC, targeting AISC of approximately US$1,000/2Eoz by the end 2028 to ensure through-cycle commodity sustainability and resilience. The step change in AISC will be driven by increasing productivity through the progressive implementation of increased mechanisation and increased mining volumes. This is expected to drive a 45% increase in steady‑state production to ~410k 2Eoz from the East Boulder and Stillwater East mines by H2 2028. Initial increases in sustaining capital investments to facilitate the mechanisation transition are expected to increase unit costs during 2026 and 2027. (Click here for www.sibanyestillwater.com/features/2026/capital-markets-day-2026 for more detail in capital markets day presentation).
The US PGM operations' AISC thus increased to US$1,291/2Eoz (R21,101/2Eoz), 14% higher year-on-year, reflecting 5% lower production and higher sustaining capital than for Q1 2025 (deferred capital in line with restructuring plan). Despite this, the 88% higher 2E PGM price, and ongoing Section 45X benefits, resulted in the US PGM operations generating adjusted EBITDA1 of US$48 million (R777 million).
The Recycling operations (comprising the three sites of Montana, North Carolina and Pennsylvania) delivered a substantial 817% increase in EBITDA year-on-year of US$98 million (R1.6 billion) from sales of 1,343,043oz precious metals (PGMs 8%, gold 3% and silver 89%). This was driven by a 138% increase in precious metals recycled, the full incorporation of the North Carolina site from September 2025 and the realisation of initial operational synergies of the integrated sites, together with higher commodity prices.
Payable zinc production from the Century zinc retreatment operations for Q1 2026 of 20kt was 19% lower year-on-year, due to heavier wet weather and a planned maintenance shutdown during Q1 2026. Lower production volumes negatively impacted the AISC for Q1 2026 of US$2,189/tZn (R35,766/tZn) which was 26% higher year-on-year. Lower treatment charges and increased sales contributed to adjusted EBITDA¹ of US$29 million (R467 million) for the quarter.
Keliber is a fully integrated mine‑to‑market development project, comprising a mine, concentrator and lithium hydroxide refinery. As one of the few integrated projects outside China, it is strategically positioned to supply lithium hydroxide into the European battery ecosystem. The concentrator construction was successfully completed in January 2026 while the refinery completed construction in the first week of April 2026. The phased start up of the project commenced with mining operations at the Syväjärvi mine in February 2026. At the end of Q1 2026, 42.1kt of ore was stockpiled for use to commission the concentrator that is planned to commence in Q3 2026.
In addition to the Keliber lithium project, progress continues on the Group's key organic growth priorities. In the SA PGM operations, continued investment in the value accretive and high return brownfields projects is progressing, including the Siphumelele/Bambanani brownfields project and the Thembelani project. The ramp up at the K4 project at Marikana is progressing according to plan, with K4 producing 26,620 4Eoz in Q1 2026, 21% higher year‑on‑year.
Operational consistency, focused cost control and materially higher earnings in Q1 2026 have strengthened the Group’s financial position. Enhanced profitability and cash flow will support the Group's capital allocation strategic objectives providing a solid platform for continued execution of the simplification and performance excellence strategy, creating the conditions for sustainable long‑term value creation for all stakeholders.
On 20 April 2026, the Group shared more information about its International and Recycling operations at its capital markets day presentation which is available on the Group website (click for link). Operations covered during this update included the US PGM operations, the Keliber lithium project, the Recycling operations and the Century retreatment operations. The Group also plans to update the market on its South African operations (SA gold and SA PGM operations) on 23 June 2026 and an SA PGM mine visit (24 June 2026).
SAFE PRODUCTION
The safety and health of our workforce is our foremost priority and safe production is core to the Group achieving its strategic performance excellence goals. Safe production is the essential foundation to achieve Performance excellence.
We are pleased to report that the Group operated without any fatalities during Q1 2026. Achieving these milestones, confirm that our zero fatality commitment is achievable and that the ongoing positive trends in leading and lagging safety indicators, confirm sustained progress in risk reduction at our operations and strengthen our resolve towards eliminating fatalities in the workplace.
Notably, the Group's serious injury frequency rate (SIFR) improved by 9% year-on-year (Q1 2026 vs Q1 2025), decreasing from 2.13 to 1.94. In addition, a 24% reduction in high-potential incidents (HPIs) was recorded for Q1 2026 when compared with Q1 2025. The Total Recordable Injury Frequency Rate (TRIFR) improved for the SA gold operations and International and Recycling operations. The Group fatal injury frequency Rate (FIFR), measured per million hours worked, improved from 0.051 in Q1 2025 to zero in Q1 2026 as no fatal incidents occurred during the first quarter of 2026.
The safety culture programme at the South African (SA) operations, initiated in 2025, continues to make strong progress. The programme targets both leadership and supervisory levels to drive sustainable behaviour change. The programme focuses on leadership mindset coaching and systems thinking to strengthen overall operational performance and supports the goal of eliminating fatalities. It is being fully aligned with Sibanye-Stillwater leadership development initiatives and our iCARES values.
Critical control management and compliance remains a core risk-reduction priority, supported by a mature verification and auditing process, with an ongoing emphasis on consistent, sustained execution of all critical controls.
OPERATIONAL REVIEW
Southern Africa (SA) operations
SA PGM operations
The SA PGM operations continue to deliver stable production, supported by ongoing capital investment in value accretive organic growth projects. These projects will extend the operating lives of these high value assets, substantially increasing future production relative to the current life of mine (LOM) profile and unlocking value for all stakeholders.
PGM production (excluding third party purchase of concentrate (PoC)) for Q1 2026 increased by 2% year-on-year to 383,241 4Eoz. Third party PoC of 19,724 4Eoz for Q1 2026 was 11% higher year-on-year. For more information regarding production and cost including and excluding PoC, please refer to page Error! Bookmark not defined..
Production from underground mining increased by 3% to 359,802 4Eoz, with an 11% production increase from the Marikana operations for Q1 2026, offsetting a 2% decline in production from the Rustenburg operation. Higher production from the Marikana operation was primarily driven by production from the K4 shaft of 26,620 4Eoz, which was 21% (4,616 4Eoz) higher than for Q1 2025. Planned maintenance and replacement of the girth gear at the Rustenburg UG2 concentrator resulted in an increase in stockpiled ore (containing ~25,000 4Eoz), which is expected to be processed during Q2 2026. Surface production declined by 14% year-on-year due to depletion of surface reserves at the Rustenburg operation and the planned transition to a new feed source at the Marikana operation.
Costs were well contained, with AISC (excluding PoC) of R24,629/4Eoz (US$1,507/4Eoz) flat year-on-year, supported by a 33% (R747 million (US$62 million) increase in by-product credits, driven by higher average prices for most by-product metals, but offset by a R694 million (US$43 million) increase in royalty tax.
AISC is expected to increase in coming quarters, in line with annual guidance of between R26,500 - 27,500/4Eoz (US$1,453 - US$1,508/4Eoz), due to higher planned ore reserve development capital (ORD) and sustaining capital for the remainder of the year in line with the full year guidance of R6.2 billion (excluding project capital of R1.8 billion). With stable production, costs well controlled and 87% increase in the average 4E PGM basket price year-on-year to R46,955/4Eoz (US$2,874/4Eoz), the SA PGM operations adjusted EBITDA for Q1 2026 increased by 393% year-on-year to R12.4 billion (US$762 million).
Total chrome production from the SA PGM operations was 456kt for Q1 2026, 20% lower year-on-year, due to lower surface volumes processed and the slower start-up of the Rustenburg UG2 concentrator which impacted chrome production from the Rustenburg and Platinum Mile operations. The chrome margin for Q1 2026 increased by 6% to R566 million (US$35 million) year-on-year, despite 19% lower chrome sales volumes of 408kt and primarily due to a 27% rise in the average chrome price to US$293/tonne.
Please refer to page 10 and 10 for further operational results statistics.
SA gold operations
The SA gold operations, (including DRDGOLD) delivered a stable performance for Q1 2026 and generated positive adjusted EBITDA for Q1 2026, of R4.7 billion (US$288 million), a 160% year-on-year increase. The improved operational stability will facilitate ongoing implementation of performance excellence initiatives to further improve stability and cost certainty.
Gold production from the SA gold operations (including DRDGOLD) of 4,336kg (139,406oz) for Q1 2026 was flat year-on-year, with a 12% increase in production from DRDGOLD offsetting 5% lower production of 3,117kg (100,214oz) from the managed SA gold operations for Q1 2026. The rebasing of the Kloof operation in the second half of 2025, following the decision to reduce exposure to seismically active areas and cease production at the 7 shaft (Manyano), improved operational stability at the Kloof operation and restored it to profitability.
AISC for the managed SA gold operations (excluding DRDGOLD) increased by 19% year-on-year to R1,831,570/kg (US$3,486/oz), primarily due to annual inflationary input cost increases and royalty tax which increased by R190 million (US$12 million). In addition, the Driefontein operation incurred increased pumping costs due to higher volumes of fissure water ingress.
Gold production from DRDGOLD for Q1 2026 increased by 12% to 1,219kg (39,192oz) with AISC of R1,069,264/kg (US$2,035/oz) marginally lower year-on-year, due to a 4% increase in gold sold for Q1 2026. Project capital of R728 million (US$45 million) for Q1 2026 was 88% higher in line with the planned construction of the Far West Gold Recoveries (FWGR) tailings storage facility associated pump station and pipeline infrastructure.
Capital expenditure for Q1 2026 (excluding DRDGOLD) of R618 million (US$38 million) was 20% lower than for Q1 2025 due to sustaining capital (R19 million or US$1 million) and ORD (R143 million or US$9 million) for the Kloof operation being expensed rather than capitalised following the revised LOM plan and impairment during December 2025.
Please see page 12 and 12 for further operational results statistics.
International operations
US PGM operations
Mined 2E PGM production from the US PGM operations for Q1 2026 of 68,386 2Eoz, was 5% lower year-on-year, primarily due to mining quality factors at the East Boulder mine. These are being addressed and are expected to progressively improve mining quality and normalise production by the end of H1 2026.
AISC (including Section 45X credits) for Q1 2026 of US$1,291/2Eoz (R21,101/2Eoz) was 14% higher year-on-year, but below the lower-end of guidance for 2026 of between US$1,360 - 1,420/2Eoz. Cost drivers included higher capital expenditure and consumable expenditure related to planned electrification upgrades, lower production and higher royalties and production taxes. A Section 45X credit of US$11 million or US$163/2Eoz (R183 million or R2,669/2Eoz) was recognised for Q1 2026 (Q1 2025: US$147/2Eoz, R2,725/2Eoz).
As detailed during the International and Recycling operations Capital markets day, it is expected that AISC unit cost for 2026 will increase at the US PGM operations due to increased cost and capital expenditure, in preparation for the phased implementation of the optimisation of these operations.
2E PGMs sold of 63,536 2Eoz were 10% higher year-on-year but lower than produced due to inventory build of approximately 8,000 2Eoz in the metallurgical complex, which is expected to be released in Q2 2026.
ORD capital expenditure increased by 16% to US$20 million (R327 million) as planned for 2026, while sustaining capital expenditure of US$5 million (R84 million) (Q1 2025: US$2 million, R46 million) was invested in ore flow control systems related to the vertical development at Stillwater East, transportation fleet for East Boulder and the new Stillwater mine bridge. The receipt of a mechanised development bolter at East Boulder during the quarter, and increased ORD capital indicate the start of the planned transition to full mechanisation as highlighted in the recent market update.
Adjusted EBITDA increased by US$57 million (R949 million) year-on-year to US$48 million (R777 million) for Q1 2026, driven by the 88% increase in the average 2E PGM basket price year-on-year to US$1,819/2Eoz (R29,717/2Eoz) for Q1 2026. Excluding the US$11 million (R183 million) Section 45X credit recognised for Q1 2026, adjusted EBITDA of US$36 million (R594 million) compares to the adjusted EBITDA loss of US$9 million (R172 million) for Q1 2025.
The US PGM operations have a clear, sustainable and deliverable productivity‑led plan, centred on complete in stope mechanisation, which enables higher productivity, thereby reducing unit costs and improving through‑cycle resilience. The plan targets a structurally lower AISC of ~US$1,000/2Eoz (2026 real) from the end of 2028, supported by an estimated ~45% increase in steady‑state production to ~410k 2Eoz as the mechanisation programme is phased through to completion by H2 2028. This pathway strengthens operating leverage and competitiveness, while preserving longer‑term optionality and value from the world‑class, long‑life US PGM asset base.
Please refer to page 10 and 10 for further operational results statistics.
Recycling operations
The Recycling operations, comprising the Pennsylvania (PA) (formerly Reldan), North Carolina (NC) (formerly Metallix) and Montana (formerly named the US PGM recycling) sites, have been consolidated to leverage the distinct strengths of each operation, eliminating duplication and optimising how material flows across our recycling network.
During Q1 2026, the Recycling operations generated US$98 million (R1.6 billion) adjusted EBITDA, compared to US$11 million (R197 million) in Q1 2025, contributing 8% of the Groups adjusted EBITDA. The significant year-on-year increase is due to higher precious metals prices supported by a 138% increase in metals recycled and sold, a US$14 million (R237 million) Section 45X credit for the quarter, as well as the addition of the NC site from September 2025 (therefore not included in Q1 2025).
Total precious metals (gold, PGMs and silver) recycled and sold increased 138% from 564,221oz in Q1 2025 to 1,343,043oz in Q1 2026, due to a 103% increase in precious metals recycled and sold from the PA site, the addition of 247,023oz from the NC site and a 20% increase in 3E PGM sold from the Montana site during Q1 2026 of 68,794 3Eoz compared to 57,171 3Eoz in Q1 2025. The site processed an average of 8 tonnes per day (tpd) of spent autocatalyst material for Q1 2026, a 14% decrease from 9.3 tpd for Q1 2025. 3E PGM ounces fed of 58,239 3Eoz, declined by 22% from 74,717 3Eoz for Q1 2025, driven by lower feed volumes and loadings. On a per metal basis, the following were recycled and sold from the three sites during Q1 2026:
Post-consumer, high-grade suppliers have largely liquidated inventory holdings in response to historically elevated prices, with volumes now beginning to normalise toward historical levels. While some production delays persist, efforts are underway to better align operations and optimise throughput across NC and PA sites.
European operations
Keliber lithium project
Mining operations at the Syväjärvi mine commenced in February, with 42.1kt of ore extracted and stockpiled by the end of Q1 2026.
Project capital expenditure (including capitalised interest and other capitalised expenditure outside the project’s initial forecast scope) for Q1 2026 was €23 million (R439 million). At the end of March 2026, total project capital expenditure for the construction phase amounted to €707 million (R13.5 billion) (excluding capitalised interest and exploration) and in line with the revised capital forecast of €783 million (R15.0 billion) in 2024 real terms.
The lithium market remained positive throughout the first quarter of 2026, and market conditions continue to be monitored closely. Staged commissioning of the mine, concentrator and refinery reduces ramp-up risk by prioritising operational readiness in the mining and concentrating stages before determining the appropriate timing for refinery commissioning. This approach also preserves financing flexibility by enabling the deferral of capital expenditure and refinery ramp-up costs, depending on lithium market developments and broader market conditions.
* The figures have been translated where relevant at an average exchange rate of R19.13/€
Sandouville nickel refinery and the GalliCam project
Sandouville operated in care-and-maintenance throughout Q1 2026, with site activities focused on asset integrity and regulatory compliance.
Australian operations
Century zinc retreatment operation
Production from the Century zinc retreatment operations was impacted by above-average rainfall, which reduced capacity and flexibility on the tailings dam as the remaining operating life decreases. The impacts on production were partially offset by the wet weather resilience measures implemented over recent years. Q1 2026 also saw a four-day maintenance shutdown, completed on schedule, on budget and without a safety incident; however, the downtime further reduced production levels.
Consequently, payable zinc production for Q1 2026 was 20kt, a 19% decrease compared with 25kt in Q1 2025, which did not include a maintenance shutdown. AISC for Q1 2026 of US$2,189/tZn (R35,766/tZn) was 26% higher year-on-year, primarily due to lower production.
Payable zinc metal sales for Q1 2026 of 23kt were 3kt higher than production and 131% higher than Q1 2025 sales of 10kt, due to the timing of shipments. Higher payable zinc metal sales, combined with high zinc prices and lower treatment charges for Q1 2026, resulted in significantly improved adjusted EBITDA for Q1 2026 of US$29 million (R467 million) compared with US$10 million (R178 million) for Q1 2025.
Total capital expenditure for Q1 2026 of US$1 million (R13 million) primarily sustaining capital, continues to be focused on maintaining asset integrity, enhancing operational resilience and ensuring the reliability of critical infrastructure as the operation approaches end-of-mine-life.
A phosphate feasibility study (AACE Class 2 Estimate) is expected to be completed in H1 2026. While phosphate does not align directly with the Group’s refreshed strategy, the Group remains committed to responsibly realising value from the Century and Karumba assets for all stakeholders involved.
Mt Lyell copper project
The Mt Lyell copper project achieved a major milestone with the completion of the feasibility study (AACE Class 2 Estimate) in late 2025. This was followed by an internal assurance review in Q1 2026. The next phase involves progressing towards a final investment decision, which will be assessed in accordance with the Group's capital allocation framework and is subject to final board approval.
In Q1 2026, US$3.5 million (R58.5 million) in exploration expenditure was approved. Preparatory activities are currently underway, with exploration works scheduled to commence in Q2 2026.
* Amounts are translated at the average rate R11.40/A$ and R16.34/US$ for 2026
SALIENT FEATURES FOR Q1 2026 COMPARED TO Q1 2025 (YEAR-ON-YEAR)
- Continued improvement in safety performance, with no fatalities during Q1 2026 and improvements in all safety statistics
- Solid operational performance, coupled with increasing commodity prices, supports delivery of our strategic objective of increasing operating margins
- Group adjusted EBITDA¹ of R19.4 billion (US$1.2 billion), a 371% increase
- SA PGM operations delivered a 2% increase in production and with focused cost control maintained AISC at R24,629/4Eoz (US$1,507/4Eoz)
- Adjusted EBITDA1 of R12.4 billion (US$762 million) for Q1 2026, 393% higher, benefiting from 87% higher 4E PGM prices
- Production from the SA gold operations (including DRDGOLD) was stable, while AISC increased 15% primarily due to higher operating cost and higher royalty taxes linked to the elevated gold price
- Adjusted EBITDA1 of R4.7 billion (US$288 million) was 160% higher, driven by a 49% higher gold price
- At the US PGM operations, AISC increased 14% to US$1,291/2Eoz (R21,101/2Eoz) reflecting 5% lower production and higher sustaining capital year-on-year associated with the mechanisation project
- Adjusted EBITDA1 of US$48 million (R777 million) was 611% higher, due to 88% higher 2E PGM price and Section 45X credits
- Consolidated recycling operations contributed adjusted EBITDA1 of US$98 million (R1.6 billion) primarily from sales of 1,343,043oz precious metals (PGMs 8%, gold 3% and silver 89%) at higher prices
- Century zinc retreatment operation delivered adjusted EBITDA¹ of US$29 million (R467 million), a significant year-on-year increase despite declining production
- Construction at the Keliber lithium project was completed on schedule, with staged production ramp-up underway
- Syväjärvi mine ore stockpile of 42 kilotonnes (kt) since first blast on 11 February 2026
The global macroeconomic and sociopolitical environment during 2026 has been marked by ongoing political upheaval and disruptive market shifts. Against an uncertain backdrop, commodity price volatility has been elevated, with price moves increasingly frequent and accentuated.
PGM prices rose in the second half of 2025 as liquidity tightened, driven by strong Chinese platinum jewellery demand (amid high gold prices), increased investment inflows, and restocking under macro uncertainty. Tariff risks and geopolitical disruptions further tightened regional supply, amplifying gains and lifting lease rates. Supply remains constrained due to underinvestment in new primary production, geopolitical risks, and weak recycling markets. Near-term volatility will depend on trade policy, Middle East tensions, and growing concerns around global economic growth, but medium-term fundamentals are supported by robust autocatalyst demand, limited supply growth, and longer-term upside from green hydrogen and new applications.
Lithium prices have also been shaped by policy and China-driven supply-demand shifts. A late-2025 rally was driven by supply curbs on higher-cost producers and restocking, with further support in early 2026 from Zimbabwe’s export ban, alongside strong Battery Electric Vehicle (BEV) and Battery Energy Storage Systems (BESS) demand linked to AI-driven power needs and falling costs. The outlook remains positive, with robust demand growth, emerging structural deficits later in the decade, and geopolitical push for regional supply chains supporting sustained higher prices.
Our refreshed strategy, presented in January 2026, is centred on simplification, performance excellence, organic growth and disciplined capital allocation. In the near term, this means improving organisational efficiency and operational performance to drive operating margins supporting a capital allocation framework focused on shareholder returns, debt reduction and investment in organic, value-accretive growth opportunities.
In this context, it is pleasing that Group operating results for the first quarter of 2026 (Q1 2026) reflect improved operational stability and consistency across all Group operations. Underpinned by effective cost management in most operations, this solid performance provides the foundation to drive enhanced operating margins, and deliver shared value for all stakeholders, as we continue to execute our refreshed strategy.
Safe production underpins operational excellence. A fatality‑free quarter in Q1 2026, together with continued reductions in serious injuries and high‑potential incidents, demonstrates sustained progress in reducing risk across our operations. While we acknowledge there is further work required to sustainably meet our objectives, these results reinforce our conviction that fatality‑free operations are achievable and strengthen our resolve to eliminate serious harm from our workplaces.
Consistent operational delivery and disciplined cost management during Q1 2026 amplified exposure to improved metal prices, delivering a significant improvement in financial performance. Group adjusted EBITDA increased by 371% year-on-year to R19.4 billion (US$1.2 billion) for Q1 2026. Notably, all of the core Group operations contributed positively to this result (SA PGM 64%, SA gold 24%, US PGM 4%, Recycling 8% and Century 2%), reflecting an improved earnings base that enhances resilience to short term price volatility.
The SA PGM operations delivered an improved performance for Q1 2026. 4E PGM production (excluding third party purchase of concentrate (PoC)) increased by 2% year-on-year and AISC of R24,629/4Eoz (US$1,507/4Eoz) was unchanged from Q1 2025. Unit AISC is expected to marginally increase in line with annual guidance of R26,500 - 27,500/4Eoz (US$1,453 - US$1,508/4Eoz) during the year due to a planned increase in ore reserve development and sustaining capital. The stable operational performance and commendable cost control during Q1 2026, combined with an 87% year-on-year increase in the average 4E PGM basket price, materially expanded operating margins, driving a 393% increase in adjusted EBITDA to R12.4 billion (US$762 million) for Q1 2026.
The SA gold operations, (including DRDGOLD) delivered a stable performance for Q1 2026 with production consistent year‑on‑year. A 160% increase in adjusted EBITDA from the SA gold operations to R4.7 billion (US$288 million) for Q1 2026, was driven by a 49% higher average gold price (gold production is currently unhedged) and offset a 15% increase in AISC year-on-year. Our strategic focus at our gold operations will be to maintain operational stability with an increased focus on reducing and managing costs at the underground gold operations as the SA gold exposure transitions towards higher‑margin, shallow gold production in the coming years.
Strategic focus at the US PGM operations is on a structural reduction in AISC, targeting AISC of approximately US$1,000/2Eoz by the end 2028 to ensure through-cycle commodity sustainability and resilience. The step change in AISC will be driven by increasing productivity through the progressive implementation of increased mechanisation and increased mining volumes. This is expected to drive a 45% increase in steady‑state production to ~410k 2Eoz from the East Boulder and Stillwater East mines by H2 2028. Initial increases in sustaining capital investments to facilitate the mechanisation transition are expected to increase unit costs during 2026 and 2027. (Click here for www.sibanyestillwater.com/features/2026/capital-markets-day-2026 for more detail in capital markets day presentation).
The US PGM operations' AISC thus increased to US$1,291/2Eoz (R21,101/2Eoz), 14% higher year-on-year, reflecting 5% lower production and higher sustaining capital than for Q1 2025 (deferred capital in line with restructuring plan). Despite this, the 88% higher 2E PGM price, and ongoing Section 45X benefits, resulted in the US PGM operations generating adjusted EBITDA1 of US$48 million (R777 million).
The Recycling operations (comprising the three sites of Montana, North Carolina and Pennsylvania) delivered a substantial 817% increase in EBITDA year-on-year of US$98 million (R1.6 billion) from sales of 1,343,043oz precious metals (PGMs 8%, gold 3% and silver 89%). This was driven by a 138% increase in precious metals recycled, the full incorporation of the North Carolina site from September 2025 and the realisation of initial operational synergies of the integrated sites, together with higher commodity prices.
Payable zinc production from the Century zinc retreatment operations for Q1 2026 of 20kt was 19% lower year-on-year, due to heavier wet weather and a planned maintenance shutdown during Q1 2026. Lower production volumes negatively impacted the AISC for Q1 2026 of US$2,189/tZn (R35,766/tZn) which was 26% higher year-on-year. Lower treatment charges and increased sales contributed to adjusted EBITDA¹ of US$29 million (R467 million) for the quarter.
Keliber is a fully integrated mine‑to‑market development project, comprising a mine, concentrator and lithium hydroxide refinery. As one of the few integrated projects outside China, it is strategically positioned to supply lithium hydroxide into the European battery ecosystem. The concentrator construction was successfully completed in January 2026 while the refinery completed construction in the first week of April 2026. The phased start up of the project commenced with mining operations at the Syväjärvi mine in February 2026. At the end of Q1 2026, 42.1kt of ore was stockpiled for use to commission the concentrator that is planned to commence in Q3 2026.
In addition to the Keliber lithium project, progress continues on the Group's key organic growth priorities. In the SA PGM operations, continued investment in the value accretive and high return brownfields projects is progressing, including the Siphumelele/Bambanani brownfields project and the Thembelani project. The ramp up at the K4 project at Marikana is progressing according to plan, with K4 producing 26,620 4Eoz in Q1 2026, 21% higher year‑on‑year.
Operational consistency, focused cost control and materially higher earnings in Q1 2026 have strengthened the Group’s financial position. Enhanced profitability and cash flow will support the Group's capital allocation strategic objectives providing a solid platform for continued execution of the simplification and performance excellence strategy, creating the conditions for sustainable long‑term value creation for all stakeholders.
On 20 April 2026, the Group shared more information about its International and Recycling operations at its capital markets day presentation which is available on the Group website (click for link). Operations covered during this update included the US PGM operations, the Keliber lithium project, the Recycling operations and the Century retreatment operations. The Group also plans to update the market on its South African operations (SA gold and SA PGM operations) on 23 June 2026 and an SA PGM mine visit (24 June 2026).
SAFE PRODUCTION
The safety and health of our workforce is our foremost priority and safe production is core to the Group achieving its strategic performance excellence goals. Safe production is the essential foundation to achieve Performance excellence.
We are pleased to report that the Group operated without any fatalities during Q1 2026. Achieving these milestones, confirm that our zero fatality commitment is achievable and that the ongoing positive trends in leading and lagging safety indicators, confirm sustained progress in risk reduction at our operations and strengthen our resolve towards eliminating fatalities in the workplace.
Notably, the Group's serious injury frequency rate (SIFR) improved by 9% year-on-year (Q1 2026 vs Q1 2025), decreasing from 2.13 to 1.94. In addition, a 24% reduction in high-potential incidents (HPIs) was recorded for Q1 2026 when compared with Q1 2025. The Total Recordable Injury Frequency Rate (TRIFR) improved for the SA gold operations and International and Recycling operations. The Group fatal injury frequency Rate (FIFR), measured per million hours worked, improved from 0.051 in Q1 2025 to zero in Q1 2026 as no fatal incidents occurred during the first quarter of 2026.
The safety culture programme at the South African (SA) operations, initiated in 2025, continues to make strong progress. The programme targets both leadership and supervisory levels to drive sustainable behaviour change. The programme focuses on leadership mindset coaching and systems thinking to strengthen overall operational performance and supports the goal of eliminating fatalities. It is being fully aligned with Sibanye-Stillwater leadership development initiatives and our iCARES values.
Critical control management and compliance remains a core risk-reduction priority, supported by a mature verification and auditing process, with an ongoing emphasis on consistent, sustained execution of all critical controls.
OPERATIONAL REVIEW
Southern Africa (SA) operations
SA PGM operations
The SA PGM operations continue to deliver stable production, supported by ongoing capital investment in value accretive organic growth projects. These projects will extend the operating lives of these high value assets, substantially increasing future production relative to the current life of mine (LOM) profile and unlocking value for all stakeholders.
PGM production (excluding third party purchase of concentrate (PoC)) for Q1 2026 increased by 2% year-on-year to 383,241 4Eoz. Third party PoC of 19,724 4Eoz for Q1 2026 was 11% higher year-on-year. For more information regarding production and cost including and excluding PoC, please refer to page Error! Bookmark not defined..
Production from underground mining increased by 3% to 359,802 4Eoz, with an 11% production increase from the Marikana operations for Q1 2026, offsetting a 2% decline in production from the Rustenburg operation. Higher production from the Marikana operation was primarily driven by production from the K4 shaft of 26,620 4Eoz, which was 21% (4,616 4Eoz) higher than for Q1 2025. Planned maintenance and replacement of the girth gear at the Rustenburg UG2 concentrator resulted in an increase in stockpiled ore (containing ~25,000 4Eoz), which is expected to be processed during Q2 2026. Surface production declined by 14% year-on-year due to depletion of surface reserves at the Rustenburg operation and the planned transition to a new feed source at the Marikana operation.
Costs were well contained, with AISC (excluding PoC) of R24,629/4Eoz (US$1,507/4Eoz) flat year-on-year, supported by a 33% (R747 million (US$62 million) increase in by-product credits, driven by higher average prices for most by-product metals, but offset by a R694 million (US$43 million) increase in royalty tax.
AISC is expected to increase in coming quarters, in line with annual guidance of between R26,500 - 27,500/4Eoz (US$1,453 - US$1,508/4Eoz), due to higher planned ore reserve development capital (ORD) and sustaining capital for the remainder of the year in line with the full year guidance of R6.2 billion (excluding project capital of R1.8 billion). With stable production, costs well controlled and 87% increase in the average 4E PGM basket price year-on-year to R46,955/4Eoz (US$2,874/4Eoz), the SA PGM operations adjusted EBITDA for Q1 2026 increased by 393% year-on-year to R12.4 billion (US$762 million).
Total chrome production from the SA PGM operations was 456kt for Q1 2026, 20% lower year-on-year, due to lower surface volumes processed and the slower start-up of the Rustenburg UG2 concentrator which impacted chrome production from the Rustenburg and Platinum Mile operations. The chrome margin for Q1 2026 increased by 6% to R566 million (US$35 million) year-on-year, despite 19% lower chrome sales volumes of 408kt and primarily due to a 27% rise in the average chrome price to US$293/tonne.
Please refer to page 10 and 10 for further operational results statistics.
SA gold operations
The SA gold operations, (including DRDGOLD) delivered a stable performance for Q1 2026 and generated positive adjusted EBITDA for Q1 2026, of R4.7 billion (US$288 million), a 160% year-on-year increase. The improved operational stability will facilitate ongoing implementation of performance excellence initiatives to further improve stability and cost certainty.
Gold production from the SA gold operations (including DRDGOLD) of 4,336kg (139,406oz) for Q1 2026 was flat year-on-year, with a 12% increase in production from DRDGOLD offsetting 5% lower production of 3,117kg (100,214oz) from the managed SA gold operations for Q1 2026. The rebasing of the Kloof operation in the second half of 2025, following the decision to reduce exposure to seismically active areas and cease production at the 7 shaft (Manyano), improved operational stability at the Kloof operation and restored it to profitability.
AISC for the managed SA gold operations (excluding DRDGOLD) increased by 19% year-on-year to R1,831,570/kg (US$3,486/oz), primarily due to annual inflationary input cost increases and royalty tax which increased by R190 million (US$12 million). In addition, the Driefontein operation incurred increased pumping costs due to higher volumes of fissure water ingress.
Gold production from DRDGOLD for Q1 2026 increased by 12% to 1,219kg (39,192oz) with AISC of R1,069,264/kg (US$2,035/oz) marginally lower year-on-year, due to a 4% increase in gold sold for Q1 2026. Project capital of R728 million (US$45 million) for Q1 2026 was 88% higher in line with the planned construction of the Far West Gold Recoveries (FWGR) tailings storage facility associated pump station and pipeline infrastructure.
Capital expenditure for Q1 2026 (excluding DRDGOLD) of R618 million (US$38 million) was 20% lower than for Q1 2025 due to sustaining capital (R19 million or US$1 million) and ORD (R143 million or US$9 million) for the Kloof operation being expensed rather than capitalised following the revised LOM plan and impairment during December 2025.
Please see page 12 and 12 for further operational results statistics.
International operations
US PGM operations
Mined 2E PGM production from the US PGM operations for Q1 2026 of 68,386 2Eoz, was 5% lower year-on-year, primarily due to mining quality factors at the East Boulder mine. These are being addressed and are expected to progressively improve mining quality and normalise production by the end of H1 2026.
AISC (including Section 45X credits) for Q1 2026 of US$1,291/2Eoz (R21,101/2Eoz) was 14% higher year-on-year, but below the lower-end of guidance for 2026 of between US$1,360 - 1,420/2Eoz. Cost drivers included higher capital expenditure and consumable expenditure related to planned electrification upgrades, lower production and higher royalties and production taxes. A Section 45X credit of US$11 million or US$163/2Eoz (R183 million or R2,669/2Eoz) was recognised for Q1 2026 (Q1 2025: US$147/2Eoz, R2,725/2Eoz).
As detailed during the International and Recycling operations Capital markets day, it is expected that AISC unit cost for 2026 will increase at the US PGM operations due to increased cost and capital expenditure, in preparation for the phased implementation of the optimisation of these operations.
2E PGMs sold of 63,536 2Eoz were 10% higher year-on-year but lower than produced due to inventory build of approximately 8,000 2Eoz in the metallurgical complex, which is expected to be released in Q2 2026.
ORD capital expenditure increased by 16% to US$20 million (R327 million) as planned for 2026, while sustaining capital expenditure of US$5 million (R84 million) (Q1 2025: US$2 million, R46 million) was invested in ore flow control systems related to the vertical development at Stillwater East, transportation fleet for East Boulder and the new Stillwater mine bridge. The receipt of a mechanised development bolter at East Boulder during the quarter, and increased ORD capital indicate the start of the planned transition to full mechanisation as highlighted in the recent market update.
Adjusted EBITDA increased by US$57 million (R949 million) year-on-year to US$48 million (R777 million) for Q1 2026, driven by the 88% increase in the average 2E PGM basket price year-on-year to US$1,819/2Eoz (R29,717/2Eoz) for Q1 2026. Excluding the US$11 million (R183 million) Section 45X credit recognised for Q1 2026, adjusted EBITDA of US$36 million (R594 million) compares to the adjusted EBITDA loss of US$9 million (R172 million) for Q1 2025.
The US PGM operations have a clear, sustainable and deliverable productivity‑led plan, centred on complete in stope mechanisation, which enables higher productivity, thereby reducing unit costs and improving through‑cycle resilience. The plan targets a structurally lower AISC of ~US$1,000/2Eoz (2026 real) from the end of 2028, supported by an estimated ~45% increase in steady‑state production to ~410k 2Eoz as the mechanisation programme is phased through to completion by H2 2028. This pathway strengthens operating leverage and competitiveness, while preserving longer‑term optionality and value from the world‑class, long‑life US PGM asset base.
Please refer to page 10 and 10 for further operational results statistics.
Recycling operations
The Recycling operations, comprising the Pennsylvania (PA) (formerly Reldan), North Carolina (NC) (formerly Metallix) and Montana (formerly named the US PGM recycling) sites, have been consolidated to leverage the distinct strengths of each operation, eliminating duplication and optimising how material flows across our recycling network.
During Q1 2026, the Recycling operations generated US$98 million (R1.6 billion) adjusted EBITDA, compared to US$11 million (R197 million) in Q1 2025, contributing 8% of the Groups adjusted EBITDA. The significant year-on-year increase is due to higher precious metals prices supported by a 138% increase in metals recycled and sold, a US$14 million (R237 million) Section 45X credit for the quarter, as well as the addition of the NC site from September 2025 (therefore not included in Q1 2025).
Total precious metals (gold, PGMs and silver) recycled and sold increased 138% from 564,221oz in Q1 2025 to 1,343,043oz in Q1 2026, due to a 103% increase in precious metals recycled and sold from the PA site, the addition of 247,023oz from the NC site and a 20% increase in 3E PGM sold from the Montana site during Q1 2026 of 68,794 3Eoz compared to 57,171 3Eoz in Q1 2025. The site processed an average of 8 tonnes per day (tpd) of spent autocatalyst material for Q1 2026, a 14% decrease from 9.3 tpd for Q1 2025. 3E PGM ounces fed of 58,239 3Eoz, declined by 22% from 74,717 3Eoz for Q1 2025, driven by lower feed volumes and loadings. On a per metal basis, the following were recycled and sold from the three sites during Q1 2026:
Post-consumer, high-grade suppliers have largely liquidated inventory holdings in response to historically elevated prices, with volumes now beginning to normalise toward historical levels. While some production delays persist, efforts are underway to better align operations and optimise throughput across NC and PA sites.
European operations
Keliber lithium project
Mining operations at the Syväjärvi mine commenced in February, with 42.1kt of ore extracted and stockpiled by the end of Q1 2026.
Project capital expenditure (including capitalised interest and other capitalised expenditure outside the project’s initial forecast scope) for Q1 2026 was €23 million (R439 million). At the end of March 2026, total project capital expenditure for the construction phase amounted to €707 million (R13.5 billion) (excluding capitalised interest and exploration) and in line with the revised capital forecast of €783 million (R15.0 billion) in 2024 real terms.
The lithium market remained positive throughout the first quarter of 2026, and market conditions continue to be monitored closely. Staged commissioning of the mine, concentrator and refinery reduces ramp-up risk by prioritising operational readiness in the mining and concentrating stages before determining the appropriate timing for refinery commissioning. This approach also preserves financing flexibility by enabling the deferral of capital expenditure and refinery ramp-up costs, depending on lithium market developments and broader market conditions.
* The figures have been translated where relevant at an average exchange rate of R19.13/€
Sandouville nickel refinery and the GalliCam project
Sandouville operated in care-and-maintenance throughout Q1 2026, with site activities focused on asset integrity and regulatory compliance.
Australian operations
Century zinc retreatment operation
Production from the Century zinc retreatment operations was impacted by above-average rainfall, which reduced capacity and flexibility on the tailings dam as the remaining operating life decreases. The impacts on production were partially offset by the wet weather resilience measures implemented over recent years. Q1 2026 also saw a four-day maintenance shutdown, completed on schedule, on budget and without a safety incident; however, the downtime further reduced production levels.
Consequently, payable zinc production for Q1 2026 was 20kt, a 19% decrease compared with 25kt in Q1 2025, which did not include a maintenance shutdown. AISC for Q1 2026 of US$2,189/tZn (R35,766/tZn) was 26% higher year-on-year, primarily due to lower production.
Payable zinc metal sales for Q1 2026 of 23kt were 3kt higher than production and 131% higher than Q1 2025 sales of 10kt, due to the timing of shipments. Higher payable zinc metal sales, combined with high zinc prices and lower treatment charges for Q1 2026, resulted in significantly improved adjusted EBITDA for Q1 2026 of US$29 million (R467 million) compared with US$10 million (R178 million) for Q1 2025.
Total capital expenditure for Q1 2026 of US$1 million (R13 million) primarily sustaining capital, continues to be focused on maintaining asset integrity, enhancing operational resilience and ensuring the reliability of critical infrastructure as the operation approaches end-of-mine-life.
A phosphate feasibility study (AACE Class 2 Estimate) is expected to be completed in H1 2026. While phosphate does not align directly with the Group’s refreshed strategy, the Group remains committed to responsibly realising value from the Century and Karumba assets for all stakeholders involved.
Mt Lyell copper project
The Mt Lyell copper project achieved a major milestone with the completion of the feasibility study (AACE Class 2 Estimate) in late 2025. This was followed by an internal assurance review in Q1 2026. The next phase involves progressing towards a final investment decision, which will be assessed in accordance with the Group's capital allocation framework and is subject to final board approval.
In Q1 2026, US$3.5 million (R58.5 million) in exploration expenditure was approved. Preparatory activities are currently underway, with exploration works scheduled to commence in Q2 2026.
* Amounts are translated at the average rate R11.40/A$ and R16.34/US$ for 2026
