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
Administration and project establishment started in the first half of 2021.

Key Contracts, Suppliers and Consultants
None stated.

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