Sibanye Stillwater's Q1 adjusted EBITDA surges 89% on diversification

Sibanye Stillwater (JSE: SSW) reported a significant improvement in its financial performance for the quarter ended March 31, 2025, with adjusted EBITDA jumping 89% to ZAR 4.1 billion (USD 222 million) compared to Q1 2024. The increase was attributed to the company's diversified operations, restructuring efforts, and leverage to higher gold prices, which drove a 178% surge in adjusted EBITDA to ZAR 1.8 billion (USD 98 million) for its SA gold operations. Restructuring initiatives underpinned a 74% increase in adjusted EBITDA to ZAR 2.5 billion (USD 137 million) for its SA PGM operations. The Century zinc retreatment operation contributed ZAR 178 million (USD 10 million). The company highlighted its continued focus on safety, achieving its lowest-ever Group LDIFR and TRIFR. Keliber lithium project capital for 2025 is forecast to be EUR 300 million (USD 326 million). The refinery hot commissioning is scheduled for H1 2026.