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.

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 life-of-mine (LoM) is estimated at 22 years.

The project will produce about 138 000 oz/y of gold at steady state with a LoM to 2044.

Potential Job Creation
At the end of the first half of 2023, there were 740 people 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 (2022 real terms).

Capital Expenditure
Total project capital of R2.8-billion (from 2021 onwards) and preproduction capital of R1.5-billion is forecast.

In Sibanye’s operating results for the third quarter ended September 30, 2023, project capital guidance remains unchanged at R1.6-billion, with R1.1-billion spent in 2023 to date and R330-million spent in the quarter ended September 30, 2023, 5% higher than the third quarter of 2022.

Planned Start/End Date
The timeline to steady-state production has been delayed from December 2025 to August 2026.

Latest Developments
Sibanye has reported that the Burnstone project progressed well during the six months to December 31, 2023, and the project is now 65% complete.

Owing to the redesign requirements on the waste conveyor, the rock handling system was approached in two phases. Phase 1, which includes the underground ore handling, shaft hoisting and truck loading on surface infrastructure, was completed, and the project is now able to hoist by using Tip 1 on 40 level.

The surface rail yard is nearing completion, with 95% of the surface area having been concreted.

The surface change houses and the office building civil works have been completed and the steel structures are being erected.

The 40-level workshops have shown substantial progress following delays experienced with support work.

Project capital spent at Burnstone in 2023 was R1.5-billion in line with guidance, with R698-million spent in the second half of 2023.

Consistent with the requirements of Sibanye’s capital allocation framework, the project will be delayed and is expected to ramp up again during 2025, as previously reported.

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 executive VP: investor relations James Wellsted, ir@sibanyestillwater.com.