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
As of end December 2022, 661 people are on site.

Net Present Value/Internal Rate of Return
The latest optimised project evaluation generates a 20% internal rate of return and a net present value of R1.3-billion at a gold price of R800 000/kg.

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

Planned Start/End Date
Not stated.

Latest Developments
The Burnstone project is 47% complete against a plan of 55%, having been especially impacted on by the three-month industrial action at the South African gold operations and the slower than planned recruitment of skilled personnel.

TMM personal shortages contributed to the delayed development build-up, TMM delivery was delayed because of industrial action, and a shortage of critical components extended delivery times.

Meanwhile, the establishment of the required surface infrastructure is progressing well. Further, the required TMM equipment has been received and is in operation.

The 56E central underground workshop has also been completed and the 60E underground reservoir advanced for completion in early 2023.

Project capital of R934-million was spent in 2022.

The immediate focus remains on establishing the required infrastructure, commissioning the existing metallurgical plant and achieving the required development run rate.

Key Contracts, Suppliers and Consultants
Read, Swatman & Voigt, or 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.