Johannesburg, August 28, 2026, 11:40 (EDT)
- Sibanye-Stillwater ADRs were up 1.6% at $12.46 as of 11:18 a.m. EDT.
- Earnings per share for the first half headline are forecast to rise over 200% compared to the prior year.
- Adjusted EBITDA for South African PGM surged roughly 300%, driven by a 67% increase in basket prices.
- Comprehensive interim results will be released September 1 at 6:00 a.m. EDT.
Sibanye-Stillwater shares advanced on Friday as the miner projected a significant rebound in first-half earnings. The uptick is attributed to higher gold and platinum-group-metal prices, not to a widespread increase in production.
Shares of Sibanye-Stillwater Limited NYSE:SBSW traded in the U.S. rose 1.6% to $12.46 as of 11:18 a.m. EDT. Trading volume stood at 4.45 million, compared with a 65-day average of roughly 5.32 million shares.
The company forecasts headline earnings per share between 571 and 631 South African cents, up from 190 cents for the prior year. Basic earnings per share are projected at 597 to 658 cents, turning around from a loss of 127 cents company trading statement.
The midpoint for HEPS stands at 601 cents, representing a 216% increase from the previous year. The basic EPS midpoint comes in at 627.5 cents.
| H1 operating signal | Change | Investor read-through |
|---|---|---|
| SA gold adjusted EBITDA | Up roughly 85% | Stronger gold prices balanced lower production and increased costs |
| SA PGM adjusted EBITDA | Up close to 300% | Earnings highly responsive to a 67% rise in basket price |
| Recycling adjusted EBITDA | Up about 10% | Solid performance even without repeat of U.S. tax credits |
| Century zinc adjusted EBITDA | Up about 50% | Firm pricing offset softer volumes and higher costs |
The South African PGM segment delivered the most notable operating leverage, with its basket price climbing 67% and PGM sales up 12%. Output remained largely unchanged at 831,307 ounces.
Gold was another positive factor. The rand gold price received grew by 35%, with sales up by 5%. Despite a 2% drop in production, adjusted EBITDA from South African gold operations surged approximately 85%.
Recycling delivered a boost that was less reliant on commodity prices. Recycled and sold precious metal ounces surged 142% to 2.79 million. The company attributed this to an improved feed mix along with the integration of its site in North Carolina.
Revenue minus cost of sales, before accounting for depreciation and amortization, is set to more than double. The measure reflects the impact of higher prices across the portfolio, following the application of operating costs.
Analysts maintain a positive stance but differ on potential gains. According to WSJ market data, there were three buy ratings and one overweight rating. The stock’s average price target was $14.09, representing a 13% premium over Friday’s listed price, while the median target of $12.78 suggested just a 2.6% increase ratings data.
Risks continue to be significant. Gold production decreased, while all-in sustaining costs climbed by 14%. U.S. PGM output slipped 2%, and reported adjusted EBITDA was down 56%, impacted by the absence of tax credits recorded in the previous year.
The next challenge approaches soon. Sibanye-Stillwater is set to release its complete H1 results on September 1 at 6:00 a.m. EDT. Investors’ attention will be on cash flow, debt levels, and if prevailing metal prices are sufficient to uphold profit margins investor calendar.
Related articles: Earnings
