As a dual-listed company, on the JSE and the NYSE, Sibanye-Stillwater’s Mineral Resources and Mineral Reserves are reported in accordance with the SAMREC Code and subpart 1300 under Regulation S-K of the US Securities Act of 1933 (S-K 1300).
Summary as at 31 December 2025
- SA PGM: 29.4Moz (+4.7%) 4E Mineral Reserves & 176.4Moz (-2.4%) of Mineral Resources
The inclusion of the Marikana E4 mechanised UG2 project added +2.9Moz to Mineral Reserves following the completion of a pre-feasibility study - US PGM: 19.4Moz (+2.1) 2E Mineral Reserves & 80.9Moz (+2.2) of 2E Mineral Resources
Stable, with moderate increases informed by an adjustment in estimation methodology, updated geological loss calculations, area inclusions, revised economic valuation and a change in modifying factors - SA gold operations and projects: 9.4Moz (-6.3%) Mineral Reserves & 36.4Moz (-25.5%) Mineral Resources
At the Kloof operation, safety related geotechnical considerations led to the removal of isolated blocks of ground. This has negatively impacted the remaining Mineral Reserve grade, which affected the economic viability of the operation, leading to a writedown of the majority of the Mineral Reserves (-1.4Moz). The LoM reduced from eight to one year - Lithium: 248kt (unchanged) LCE Mineral Reserves & 510kt (-24%) of LCE Mineral Resources
The decision not to enter into a JV with Ioneer Ltd for the Rhyolite Ridge Lithium project resulted in a significant reduction in Mineral Resources (-201kt), partly offset by an updated Mineral Resource estimate at the Keliber lithium project in Finland (+40kt) following successful exploration - Copper: 478kt Mineral Reserves & 5,500kt (-17.4%) Mineral Resources
At the Mt Lyell copper project in Australia, the completion of the feasibility study has resulted in a maiden Mineral Reserve. At the Altar project in Argentina, a reduction in ownership has resulted in an attributable Mineral Resource reduction (-2,478kt) - Zinc: 308kt (-44.2%) Mineral Reserves & 963kt (-17.4%) Mineral Resources
Informed by the ongoing depletion of the tailings Mineral Reserve at the Century operation, which now has ~18 months of mine life left - Uranium: 25.2Mlb Mineral Reserves & 59.3Mlb (+0.1%) Mineral Resources
The maiden uranium Mineral Reserve is based on the completion of the Cooke TSF feasibility study
Note: Mineral Resources are inclusive of Mineral Reserves
2025 PGM & gold mineral reserves
2025 PGM & gold mineral resources
2025 battery & other metals mineral reserves
2025 battery & other metals mineral resources
SA PGM operations – Mineral Reserves reconciliation
| Factors | 4E PGM (Moz) |
|---|---|
| 31 Dec 2024 | 28.1 |
| Depletion | (1.8) |
| Post Depletion | 26.3 |
| Area inclusions/exclusions | 3.5 |
| Geological interpretation | (0.1) |
| Estimation methodology | (0.1) |
| Economic valuation | (0.1) |
| Modifying factors | (0.2) |
| 31 Dec 2025 | 29.4 |
SA gold operations – Mineral Reserves reconciliation
| Factors | Gold (Moz) |
|---|---|
| 31 Dec 2024 | 7.5 |
| Depletion | (0.6) |
| Post depletion | 6.9 |
| Area inclusions/exclusions | 0.6 |
| Geological interpretation | (0.2) |
| Economic valuation | (0.9) |
| 31 Dec 2025 | 6.7 |
US PGM operations – Mineral Reserve reconciliation
| Factors | 2E PGM (Moz) |
|---|---|
| 31 Dec 2024 | 19.0 |
| Depletion | (0.3) |
| Post depletion | 18.7 |
| Area inclusions/exclusions | 0.4 |
| Estimation methodology | 1.3 |
| Economic valuation | (0.2) |
| Modifying factors | (0.8) |
| 31 Dec 2025 | 19.4 |
This section is a condensed overview of the Mineral Resources and Mineral Reserves Report 2025, full details as well as price assumptions and Competent persons declarations are included in the full reports listed below.
