Sibanye Stillwater Limited Q4 FY2022 earnings call

• Safety: In 2022, there were significant improvements in safety indicators. The fatal injury frequency rate improved by 75% from 0.133 in 2021 to 0.033 in 2022. However, there were still 5 fatalities. - Financial position: Generated positive free cash flow, net cash to adjusted EBITDA remained at 0.14x. Declared a final dividend of 122 South African cents per share, and total dividends for the year amounted to R7.37 billion. - Business operations: Closed loss - making areas such as Beatrix 4 shaft and KP1 processing plant. Achieved inflation - linked wage settlements in gold and PGM businesses. The U.S. PGM division was in the process of repositioning. The Keliber project was green - lighted with a revised capital cost of €588 million. The Sandouville nickel refinery was being recapitalized and developed into a battery precursor nickel sulfate refinery.

South African PGM business: All - in sustaining costs came in at just over R19,000 per 4E ounce or $1,180 per ounce, had a 53% EBITDA margin, and generated total EBITDA of about R38 billion. U.S. PGM division: Impacted by extreme weather events and labor market issues, with development and cost - repositioning efforts ongoing. Gold business: Produced 620,000 ounces of gold in 2022. All - in sustaining costs were affected by lower output. It had a tough year due to industrial action, and the Burnstone project was delayed with first production forecast for 2024.

• South African gold business: The phase production build - up was complete, and it was expected to have a normal year in 2023. - South African PGM business: Settled a five - year inflation - linked wage agreement, and from 2023, the full cash flows of Rustenburg would accrue to the bottom line. - U.S. PGM operations: Was on track with the reposition plan and expected cost improvements in the medium term. - Keliber project: Was on time and on budget, and was ramping up to be the first European lithium hydroxide producer from its own ore by 2025.

• South African PGM sector: There were significant supply risks. There was a potential production loss of up to 15% in 2023 due to ongoing load curtailment from Eskom if the energy availability factor continued to decline. - U.S. PGM division: Faced labor market challenges, including skill shortages and high turnover. - Renewable projects in South Africa: Delays were caused by land claim issues affecting solar and wind projects, which affected the timelines of projects like the gold solar project.

Q: About assumptions for 2023 given ongoing load curtailment?

A: Richard Stewart mentioned a potential 15% production loss if Eskom's energy availability factor continues to decline, and the need to mitigate this.

Q: On U.S. PGM operations slippage and cost increase?

A: Charles Carter said there was short - term more reliance on contractors due to skills pressure, but would pull back through next quarters.

Q: On renewable projects in South Africa's permitting and delays?

A: James [ph] said delays were due to land claims, but projects were being pursued and expected to be resolved.

Q: About balance sheet and Keliber funding?

A: Charl Keyter talked about the capital profile, Keliber's 50% debt - equity split, and positive debt market trends.

Q: About green premium for lithium?

A: Mika Seitovirta said there would be a deficit in lithium hydroxide supply by 2030 and European customers wanted green products, so the green premium was realistic.