JOHANNESBURG (miningweekly.com) – Platinum group metals (PGM) and gold mining company Sibanye-Stillwater achieved an exceptional half-year financial performance, with record revenue up 65% at R90-billion and adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) an 111%-higher R31.8-billion.

Record cash generation in the six months to June 30 has materially strengthened the balance sheet and expanded financial flexibility. An interim dividend of R5.7-billion has been declared.

“The H1 2026 result demonstrates the earnings potential within our portfolio, but also confirms the importance of stable production, cost discipline and capital allocation in converting supportive prices into sustainable cash flow and value,” Sibanye-Stillwater CEO Dr Richard Stewart stated in a release to Mining Weekly. (Also watch attached Creamer Media video.)

The Johannesburg Stock Exchange-listed company generated a profit of R18.8-billion and reported record net cash from operating activities of R19.6-billion, with 45% of Ebitda converted into notional free cash flow of R14.5-billion.

Net debt halved and the net debt to adjusted Ebitda gearing ratio improved to 0.18x.

A high-return, organic growth investment has been confirmed for Burnstone gold mine, which is being advanced in addition to the four South Africa PGM brownfield projects already in execution. Burnstone supports the transition of the South Africa gold portfolio towards shallower, lower-risk and longer-life production. Burnstone is expected to produce 130 000 oz/y of gold at steady state, strengthening future reserve replacement and portfolio sustainability.

The South Africa PGM operations continued to deliver consistent production of 831 307 four element (4E) ounces.

Steady production output combined with 67%-higher 4E PGM basket prices to deliver 302% higher Ebitda of R19.2-billion.

The 2%-lower production across the South Africa gold operations of 293 665 oz associated with a 9% decrease in underground production, was offset by a 13% increase in surface production, reflecting the transition towards a shallower, higher margin, longer-life portfolio.

Higher sales volumes of 308 261 oz, combined with a 35% increase in the average gold price, resulted in the South Africa gold operations delivering record Ebitda of R9-billion.

Despite cost pressures, the South Africa gold operations delivered a 32% all-in sustaining cost margin.

The supportive gold price provides an opportunity to assess the potential economic extraction of additional reserves at the Kloof gold mine beyond 2026, including through the support of appropriately priced hedging mechanisms.

At the US PGM operations engagements with organised labour and employees has been progressing to secure a labour agreement supportive of the required transition to mechanisation and associated changes to a team-based incentive scheme.

Ebitda from recycling operations increased by 11% to R2.7-billion, with the Ebitda margin improving to 13% from 5% in the first half of 2025.