Sibanye-Stillwater has two advanced gold projects underway in South Africa – Burnstone, a developmental stage project, and the Southern Free State (SOFS) project, an exploration project.
At 31 December 2025, these projects had a combined gold Mineral Reserve of 2.7Moz and combined gold resources of 15.8Moz.
The Burnstone project is a shallow gold development project, situated near Balfour in the Mpumalanga province, South Africa, 80km south-east of Johannesburg.
At 31 December 2025, Burnstone contained surface and underground gold Mineral Reserves of 2.7Moz and Mineral Resources of 8.9Moz.
Following completion of a restated feasibility study and internal assurance review, the Burnstone gold project received Board approval. An initial R98 million budget for 2026 has been approved and project setup has commenced.
See the Burnstone project page for more information.
The Southern Free State (SOFS) project is an advanced exploration stage project that includes the Bloemhoek, De Bron-Merriespruit, Robijn and Hakkies areas. It is located adjacent to our Beatrix operation near the town of Welkom in the Free State province of South Africa, 240 km south-west of Johannesburg.
At 31 December 2025, the SOFS project reported surface and underground gold Mineral Resources of 6.9Moz.
We acquired the SOFS assets on our acquisition of Wits Gold in July 2014. These assets include the mining and prospecting rights formerly held by Wits Gold. In June 2017, a mining right consolidating four areas of the property (Bloemhoek, De Bron Merriespruit, Hakkies and Robijn) was approved for a 23-year period and executed. The mining right is contiguous to the north-east of the Beatrix mining right.
A prefeasibility study on the Bloemhoek decline project completed in 2019 demonstrated the economic potential for extraction of the orebody below and to the north of the current Beatrix 3 Shaft infrastructure into the mining right area. A positive definitive feasibility study has been completed for this project and is under assessment.
