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we are one Sibanye Stillwater COMMITMENT ACCOUNTABILITY RESPECT ENABLING SAFETY OPERATING AND FINANCIAL RESULTS SIX MONTHS ENDED 30 JUNE 2021 Sibanye Stillwater CARES about oui ... JOHANNESBURG , 26 August 2021 : Sibanye Stillwater Limited ( Sibanye - Stillwater or the Group ) ( JSE : SSW and NYSE : SBSW ) is pleased to report operating results and condensed consolidated interim financial statements for the six months ended 30 June 2021 . SALIENT FEATURES FOR THE SIX MONTHS ENDED 30 JUNE 2021 • Profit attributable to shareholders of R24.8bn ( US $ 1.7bn ) • • Record Adjusted Free Cash Flow ( AFCF ) of R17.3bn ( US $ 1.2bn ) - a 59 % increase from R10.9bn ( US $ 655m ) for H1 2020 Interim dividend of ~ R8.5bn ( US $ 565m ) - 292 SA cps ( 77.21 US cents per ADR ) . Annualised dividend yield of 10 % * Continued capital allocation discipline Borrowings ( excl . non - recourse ) ** reduced by R12.2bn ( US $ 508m ) to R15.9bn ( US $ 1.1bn ) at the end of H1 2021 ( vs H1 2020 ) Further R5.0bn ( US $ 354m ) reduction from corporate bond buyback on 2 August 2021 Share buyback program ( 5 % of issued share capital ) returning ~ R9.6bn ( US $ 700m ) surplus cash to shareholders , once completed , will further enhance shareholder returns * Based on the closing share price of R59.66 at 30 June 2021 ** Refer note 10.2 ( footnote 1 ) of the condensed consolidated interim financial statements US dollar Six months ended SA rand Jun 2021 Six months ended Dec 2020 Jun 2020 Jun 2020 Dec 2020 Jun 2021 297,740 1,837 305,327 298,301 oz 1,970 2,286 US $ / 2Eoz 332 409 437 US $ m 60 63 65 % 866 882 973 US $ / 2Eoz 397,472 442,698 402,872 oz 2,238 2,236 3,159 US $ / 3Eoz 27 26 50 US $ m 3 4 4 % 4 7 12 US $ m 31 33 62 US $ m KEY STATISTICS UNITED STATES ( US ) OPERATIONS PGM underground operations 1,2 2E PGM production² Average basket price Adjusted EBITDA³ Adjusted EBITDA margin³ All - in sustaining cost PGM recycling1,2 3E PGM recycling² Average basket price Adjusted EBITDA³ Adjusted EBITDA margin³ Net interest received Profit before tax kg R / 2Eoz 9,278 9,497 9,261 33,261 32,026 30,621 Rm 6,358 6,660 5,544 % 65 63 60 R / 2Eoz 14,153 14,342 14,429 kg 12,531 13,769 12,363 R / 3Eoz 45,963 36,357 52,661 Rm 733 421 458 % 4 4 3 Rm 171 113 68 Rm 903 532 523 SOUTHERN AFRICA ( SA ) OPERATIONS PGM operations 2 630,912 2,002 544 42 1,126 895,459 2,396 1,223 894,165 oz 4E PGM production2.5 kg 27,812 27,852 19,624 3,686 US $ / 4Eoz 2,154 US $ m Average basket price R / 4Eoz 53,629 38,954 33,375 Adjusted EBITDA³ Rm 31,338 20,025 9,049 60 1,053 66 % Adjusted EBITDA margin³ % 1,163 US $ / 4Eoz All - in sustaining cost4 R / 4Eoz 66 16,921 60 17,123 42 18,771 Gold operations 403,621 578,939 518,848 oz Gold produced kg 1,613 100 16 1,850 1,792 US $ / oz Average gold price R / kg 16,138 838,088 372 162 US $ m Adjusted EBITDA³ Rm 36 18 % Adjusted EBITDA margin³ % 2,351 18 1,493 1,347 1,691 US $ / oz All - in sustaining cost4 R / kg 791,171 18,007 967,229 6,087 36 704,355 12,554 864,679 1,684 16 800,048 563 1,218 1,707 US $ m 562 1,209 1,707 US $ m 990 2,010 2,787 US $ m 16.67 16.26 14.55 R / US $ GROUP Basic earnings Headline earnings Adjusted EBITDA³ Average exchange rate using daily closing rate 1 The US PGM operations ' underground production is converted to metric tonnes and kilograms , and performance is translated to SA rand ( rand ) . In addition to the US PGM operations ' underground production , the operation treats recycling material which is excluded from the 2E PGM production , average basket price and All - in sustaining cost statistics shown . PGM recycling represents palladium , platinum , and rhodium ounces fed to the furnace 2 Platinum Group Metals ( PGM ) production in the SA operations is principally platinum , palladium , rhodium and gold , referred to as 4E ( 3PGM + Au ) , in the US underground operations is principally platinum and palladium , referred to as 2E ( 2PGM ) and US PGM recycling is principally platinum , palladium and rhodium referred to as 3E ( 3PGM ) 3 The Group reports adjusted earnings before interest , taxes , depreciation and amortisation ( EBITDA ) based on the formula included in the facility agreements for compliance with the debt covenant formula . Adjusted EBITDA may not be comparable to similarly titled measures of other companies . Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity . For a reconciliation of profit / loss before royalties and tax to adjusted EBITDA , see note 10.2 of the condensed consolidated interim financial statements . Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue 4 See " Salient features and cost benchmarks -Six months " for the definition of All - in sustaining cost ( AISC ) and the " Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM , Total SA PGM and Marikana - Six Months " 5 The SA PGM production excludes the production associated with the purchase of concentrate ( POC ) from third parties . For a reconciliation of the production including third party PoC , refer to page 45 of this report Rm Rm Rm 24,836 24,833 40,549 19,927 19,785 32,871 9,385 9,361 16,514 Sibanye - Stillwater Operating and financial results | Six months ended 30 June 2021 1