Name of the Project
Burnstone gold project.

Location
Balfour area, in Mpumalanga, South Africa.

Project Owner/s
Sibanye-Stillwater.

Project Description
The Burnstone project is a low-cost, extensively predeveloped gold asset, which was previously operated under Great Basin Gold.

The project has mineral reserves estimated at 18.6-million tonnes grading 3.7 g/t as at December 31, 2020.

Existing infrastructure includes a functional metallurgical facility; an established tailings storage facility; an equipped and functional decline shaft and trackless decline; surface infrastructure, such as offices, workshops and compressors; and extensive underground development and infrastructure.

The relatively shallow underground mining operation will mine the Kimberley reef to an average depth of about 550 m below surface (deepest 1.05 km).

The project will produce 2.3-million ounces a year of gold over a 20-year mine life.

The project will ramp up over five years to a steady-state production of about 138 000 oz/y for ten years, with average operating costs of about R420 000/kg.

Potential Job Creation
Employment potential is estimated at 2 500.

Net Present Value/Internal Rate of Return
The project has a net present value (NPV), at a 15% real discount rate, of R1.4-billion and an internal rate of return of 24%, with a payback of seven years using conservative price assumptions.

Capital Expenditure
R2.3-billion, primarily to complete underground infrastructure and acquire trackless mobile machinery, over 14 years.

Planned Start/End Date
Not stated.

Latest Developments
The project setup phase, which entailed the approval of the scheduling and costing systems, and development of the required management plan documentation, has been completed.

The onboarding of mining and engineering crews started in October 2021.

The design plan was 90% complete by the end of December 2021. The procurement order for the first new trackless mobile machinery was placed and delivered in December 2021.

Key Contracts, Suppliers and Consultants
Read, Swatman & Voigt (RSV) (engineering design team for the balance of the engineering design); DLC Town Plan (access surveying and registration of the new servitudes for the new access road to Burnstone); and DTS (appointed for the design change to remove the skips from the shaft using the rock winder bank area).

Contact Details for Project Information
Sibanye-Stillwater senior VP: investor relations James Wellsted, tel +27 10 493 6923 and ir@sibanyestillwater.com.