The Southern Africa PGM operations are currently supported by a pipeline of two projects, which are at varying stages of development. The projects – Akanani and Limpopo – are all located on the Bushveld Complex in South Africa and present significant optionality to sustain and/or enhance the current production profile.
At 31 December 2025, our advanced Southern Africa PGM projects had combined attributable 4E PGM Mineral Resources of 51.5Moz.
Akanani is an exploration project located on the northern limb of the BIC, in the Limpopo province of South Africa, 30km north-east of the town of Mokopane.
Extensive exploration drilling has been conducted on the southeastern portion of the property, confirming significant Mineral Resources which offers the potential for a long-life, low-cost operation. The wide orebody (>20m thick for the P2 unit) would enable a mechanised, long-hole, open-stope mining operation.
A unique feature of the Platreef mineralisation is the ratio of platinum:palladium, which is close to 1:1, as well as the high concentration in base metal by-products, with nickel and copper grading 0.24% and 0.13% respectively, making for a very attractive and diversified metal mix.
Akanani Mining Proprietary Limited (Akanani) was the holder of a converted prospecting right (Akanani PR) held under DMRE reference number LP 30/5/1/1/2/806 PR, registered in the MPTRO under reference MPT No. 249/2006 for platinum group metals, gold, silver, nickel, copper and cobalt on the farms Moordkopje and Zwartfontein which covered 40.95km². The Akanani PR was renewed under the same DMRE reference number and ultimately expired on 3 April 2021.
An application for a mining right over the Akanani project area was submitted by Akanani in March 2021, prior to expiry of the renewed Akanani PR. Based on what Sibanye-Stillwater believes is an incorrect interpretation of the prevailing legislation and case law, the DMPR granted a prospecting right to a third-party applicant over the Akanani project area and rejected the Akanani mining right application.
Sibanye-Stillwater is contesting the award of a prospecting right to a third party over the Akanani project area and the matter is expected to be heard by way of a review application in the High Court in the next twelve to eighteen months. Sibanye-Stillwater expects that the court will rule in its favour and set aside the granting of the prospecting right to a third party, and award the mining right over the Akanani project area to Sibanye-Stillwater.
At 31 December 2025, Akanani had a total attributable PGM Mineral Resource of 31.6Moz.
The Limpopo project area is located on the northern sector of the eastern limb of the BC in the Limpopo province, approximately 50km south of the city of Polokwane. The project area consists of three mineral title areas, Voorspoed (Including the Baobab mining right and the Voorspoed prospecting area), Dwaalkop and Doornvlei mining right areas.
The Baobab property has the full surface and underground infrastructure to support a mining rate of 90ktpm. It has a vertical shaft to a depth of 450m. There is a 90ktpm concentrator on the property. The Limpopo Baobab property was a producing operation that reached a maximum extraction rate of 75ktpm, before being placed on care and maintenance in early 2009. The Dwaalkop project is a 50:50 JV with Northam Platinum. Doornvlei is an undeveloped property.
During 2025, concept level study work was conducted on the properties, and the Group is currently assessing the strategic fit of the asset within its portfolio.
At 31 December 2025, the Limpopo project had a total attributable PGM Mineral Resource of 19.9Moz.
On 21 July 2025, Mantengu Mining Limited acquired the assets of Blue Ridge Platinum from Sibanye-Stillwater and other shareholders. See announcements:
