Name of the Project
Burnstone gold project.

Location
Near Balfour, in Mpumalanga, South Africa.

Project Owner/s
Multinational miner Sibanye-Stillwater. The miner acquired Burnstone through its acquisition of WitsGold in 2014 and has undertaken development and infrastructure upgrades since 2016.

Project Description
Burnstone is a shallow, advanced underground gold development project. 

Existing infrastructure includes a functional metallurgical plant and tailings storage facility; equipped vertical and decline shafts; a trackless decline; surface infrastructure, including offices, workshops and compressors; and extensive underground development and infrastructure.

The updated development plan envisages average production of about 120 000 oz/y over a 25-year mine life. 

As at December 31, 2025, Burnstone contained surface and underground gold mineral reserves of 2.7-million ounces and mineral resources of 8.9-million ounces.

Potential Job Creation
The project is expected to employ about 2 500 people.

Net Present Value/Internal Rate of Return
The recently completed feasibility study estimates a net present value of R19.2-billion using a 10% discount rate and an internal rate of return of 36.1%.

Capital Expenditure
Preproduction capital expenditure is estimated at R2.7-billion.

Planned Start/End Date
Sibanye-Stillwater is targeting the restart of the processing plant in 2029. Development to full 
production is expected to take five to six years. 

Latest Developments
Sibanye-Stillwater has completed an updated feasibility study. However, approval of the project has been delayed pending the completion of the board's capital approval process and greater regulatory certainty.

The company has said there are no technical or strategic problems with the project, but the investment decision must take account of uncertainty concerning the renewal of the mining right and possible changes to South Africa's mining legislation. 

Burnstone's existing mining right is valid until February 16, 2027.

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 investor relations, tel +27 11 278 9600 or email ir@sibanyestillwater.com.