Name of the Project
Klipfontein platinum group metals (PGMs) project.

Location
The project will be located at the Kroondal opera­tions, in the North West, in South Africa.

Project Owner/s
The project will be developed according to an exis­ting pool and share agreement between multi­national precious metals min­ing company Sibanye-Stillwater (50%) and leading primary pro­ducer of PGMs Anglo American Platinum (50%).

Project Description
Klipfontein is a small, robust opencast PGM oppor­tunity, which will be developed in terms of the existing agreement with Anglo American Platinum at the Kroondal operations.

Envisaged is a shallow openpit operation, which will mine upper group two reef to a depth of 45 m and producing about 40 000 oz/y of platinum, palladium, rhodium and gold (4E) over a three-year life-of-mine.

Ore will be mined by a contractor and treated at the K2 concentrator at the Kroondal mine.

Potential Job Creation
Klipfontein will create 124 jobs.

Net Present Value/Internal Rate of Return
The project has an estimated net present value (NPV), at a 15% discount rate, of R738-million and an internal rate of return (IRR) of 70% using con­servative project price assumptions.

The NPV increases to R2-billion, with an IRR of 110% at current (2021) spot metal prices.

Capital Expenditure
Project capital is estimated at R66-million.

Planned Start/End Date
The project was approved in February 2021.

Latest Developments
The project is awaiting S102 approval from the Department of Mineral Resources and Energy.

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 or email ir@sibanyestillwater.com.