Name of the Project
Burnstone gold project.

Location
Near Balfour, Mpumalanga, South Africa.

Project Owner/s
Multinational Sibanye-Stillwater.

Project Description
The shallow, advanced underground gold development project will mine the Kimberley reef at an average depth of about 550 m and a maximum planned depth of about 1 050 m.

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 current development plan envisages a 25-year mine life and average steady-state gold production of about 130 000 oz/y. Gold production is expected to build progressively towards steady-state output.

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 build up to about 2 500 employees and contractors at steady-state operations.

Net Present Value/Internal Rate of Return
The restated feasibility study estimates a net present value of about R19.2-billion at a 10% discount rate and an internal rate of return of about 36.1%, in 2026 real terms.

Capital Expenditure
Project infrastructure capital is estimated at about R3.5-billion over six years, including about R2.5-billion of preproduction capital until 2028. A R98-million project budget has been approved for 2026.

Planned Start/End Date
Preproduction capital expenditure is planned for 2027 and 2028, with the processing plant expected to start operating in 2029. 

Latest Developments
Sibanye-Stillwater reported in its 2026 half-year results that the project had received a positive investment decision from the board following completion of a restated feasibility study and in-house assurance review. 

Project setup has started, supported by the approved R98-million 2026 budget.

The decision reverses the previous deferral of the project and positions Burnstone as a near-term growth project intended to support the transition of Sibanye-Stillwater's South African gold portfolio towards shallower, lower-risk and longer-life production.

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 (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.