Fundamental Research
Sibanye Stillwater
- Sibanye Stillwater recently released a trading statement for the FY25 interim results, expected on 28 August 2025. Below are the key financial and operational performance highlights: Financial performance:
- HEPS: 180–200 SA cents expected (9.8–10.9 US cents), an increase of over 19x 1H24 (10 SA cents/0.5 US cents) — driven by higher SA gold profits and gold price.
- EPS loss: 120–133 SA cents (6.5–7.2 US cents), improved 55%–60% vs. 1H24 (259 SA cents/14 US cents loss).
- EPS loss due to US PGM and Keliber asset impairments (tax law changes, lower lithium prices).
- PGM (SA & US): Consistent year-on-year; 804 252 4Eoz (SA, incl. Mimosa), 840 046 4Eoz (total). Underground production remains steady, surface production down 30% due to rainfall. The recent price rally may boost future earnings.
- SA Gold: Down 13% to 300 191oz (production challenges), but 2H25 recovery expected.
- Century Zinc: 51.3kt payable zinc, up 22%.
- US PGM: 141 124 2Eoz, in line with guidance. Recycling feed down 10%, 3E PGM oz sold down 14%. Reldan: 63 992oz gold, 932 712oz silver, 8 020oz platinum, 11 557oz palladium, 1.5 million lb copper.
Speaker
Pierre MullerThink Big Series