Sibanye Gold Ltd ADR

Sibanye Stillwater reported a record first half on September 1, swinging to an R18.8 billion profit from a R3.9 billion loss a year earlier as revenue jumped 64% to R90 billion, or $5.5 billion, and headline earnings per share rocketed 216% to R6.01 from R1.90. Higher platinum group metals and gold prices drove the result, and management used the windfall to cut gross debt 18% to R32.1 billion, pulling net debt to just 0.18 times adjusted EBITDA, while adjusted EBITDA more than doubled to R31.8 billion. The board declared a R2.01 per share interim dividend, the top of its 25% to 35% payout policy, for a total of R5.7 billion, and approved two growth projects: Burnstone, a shallow gold project receiving $98 million for 2026 and targeted at 130,000 ounces a year over a 25-year life from 2029, and Mt Lyell, a Tasmanian copper project with a net present value above $1 billion at current spot prices. Underlying operations were weaker, with South African PGM production down 2% to 789,647 4E ounces and all-in sustaining cost up 10% to R26,252 per ounce, gold production down 2% and its all-in sustaining cost up 14% to R1,638,089 per kilogram, and US PGM output down 2%. Executive Vice President Charles Carter said the US workforce has resisted incentive changes tied to the Stillwater mechanization plan, and CEO Richard Stewart warned the operation may eventually have to close if mechanization fails to push costs toward $1,000 an ounce.

Sibanye Stillwater reported record revenue and more than doubled EBITDA for the first half of 2026, driven by higher commodity prices and solid operational performance, while also declaring an interim dividend and approving two new growth projects. Adjusted EBITDA rose 111% to ZAR 31.8 billion, with revenue up 64% to just under ZAR 90 billion, and headline earnings per share surged 216% to ZAR 6.01. The company declared an interim dividend of ZAR 5.7 billion, or ZAR 2.01 per share, at the upper end of its policy, implying an annualized yield of 8%. Gross debt fell 18% to ZAR 32.1 billion, and the board approved the Burnstone gold project in South Africa and the Mt Lyell copper-gold project in Tasmania, with combined initial capital of about ZAR 98 million and USD 7.5 million for 2026. CEO Richard Stewart noted that the company lost three colleagues to safety incidents in its mines and three to crime, emphasizing that all such losses are preventable and appealing for stakeholder cooperation.

Sibanye Gold reported record first-half financial results, with revenue up 64% year over year to nearly ZAR 90 billion and adjusted EBITDA more than doubling to ZAR 31.8 billion. Operating cash flow surged 551% to almost ZAR 21 billion, supporting an interim dividend of ZAR 5.7 billion, or 201 cents per share. The company reduced gross debt 18% to ZAR 32.1 billion, while South African PGM and gold operations generated significant cash flow amid higher commodity prices. PGM adjusted EBITDA rose 302% and gold adjusted EBITDA reached a record ZAR 9 billion. The board approved the Burnstone gold project in South Africa and Mt Lyell copper-gold project in Tasmania, with production targeted from 2029. At the Keliber lithium project in Finland, mining and concentrator commissioning are progressing, with refinery startup dependent on operating performance and lithium-market conditions.

Sibanye-Stillwater reported first-half GAAP earnings per share of $0.34, with revenue of $5.48 billion, up 83.9% year-over-year and beating expectations by $570 million. The company's results were driven by higher gold and platinum group metals prices, as highlighted in its press release. This performance follows an analyst day and a recent upgrade to Buy at Citi, reflecting reduced historical headwinds.