Dual-listed Sibanye-Stillwater has provided an operating update for the quarter ended 31 March 2026 (Q1 2026).
SALIENT FEATURES FOR Q1 2026 COMPARED TO Q1 2025 (YEAR-ON-YEAR)
- 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
- SA PGM operations delivered a 2% increase in production and with focused cost control maintained AISC at R24,629/4Eoz (US$1,507/4Eoz)
- 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.
Dr. Richard Stewart is the Chief Executive Officer (CEO) of Sibanye-Stillwater said:
"It is pleasing that Group operating results for the first quarter of 2026 reflect improved operational stability and consistency across all Group operations."
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.
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.