Sibanye-Stillwater update on the Keliber lithium project

The construction phase including cold commissioning of the fully integrated project remains on track for completion in Q1 2026. The total capital investment to complete the construction phase is estimated to be approximately EUR 783 million.

Based on the outcomes of the multidisciplinary assessment, Sibanye-Stillwater and its strategic partner in the Keliber lithium project, the Finnish Minerals Group, have agreed that a staged start-up of the Keliber lithium project is the optimal way forward, given current market conditions.

The staged commissioning of the various elements of the project (mine, concentrator, and refinery) reduces project ramp up risk, by initially ensuring operational readiness in the mining and concentrating stages, before making a decision on the timing of the commissioning of the refinery. This staged approach also maintains project financing flexibility by enabling capital expenditures and refining ramp-up costs to be deferred, based on lithium prices and other market factors and conditions.

Concurrently with the staged commissioning of the mine and concentrator, several value engineering opportunities were identified from the comprehensive assessment and will be progressed, focusing on unit cost reduction and optimising processes.

The Finnish Minerals Group is making preparations to participate pro rata to its equity stake in the project (20%) for additional financing required to sustain the project through the ramp-up period.

The Keliber lithium project is Europe’s (EU) most advanced integrated lithium project, with planned battery-grade lithium hydroxide monohydrate (LiOH) production of around 15,000 tonnes per annum for over 18 years¹. As the EU’s most advanced integrated mine-to-market lithium project and one of the few LiOH refineries outside China, the project is strategically significant and has been classified as a Strategic project by the EU, aligned with the EU’s strategic initiative for critical minerals, the Critical Raw Materials Act (CRMA).

Sibanye-Stillwater CEO Richard Stewart commented: "The staged ramp-up we have agreed on with our strategic partner ensures that the Keliber lithium project advances responsibly, derisking the commissioning phase to ensure an optimal technical and commercial approach, balancing market realities with stakeholder interests. We have invested significant capital through the price cycle to complete the construction phase of the Keliber lithium project, ensuring this strategic asset is ready to deliver local supply into the EU battery value chain.  Together, with our partners, we will continue to assess key milestones as we advance the Keliber project during its pre-operational phase and will continue to engage with potential strategic off-takers and EU stakeholders to ensure the value of this strategic asset is fully realised for the benefit of all stakeholders."

1. As per the Mineral Reserves and Mineral Resources declaration on 31 December 2024

Note: Sibanye-Stillwater will host its Group Strategy update on Thursday, 29 January 2026. The Strategy update will be held at 14h00 (CAT) / 12h00 (GMT) / 07h00 (EST) / 05h00 (MST) at the JSE in Sandton, Johannesburg and will also be accessible via webcast and conference call. Please confirm your attendance, whether in person or virtually, at https://www.sibanyestillwater.com/features/2026/strategy-update/.

About Sibanye-Stillwater 

Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations, projects and investments across five continents. The Group is also one of the foremost global recyclers of a suite of metals and has interests in leading mine tailings retreatment operations. 

Sibanye-Stillwater is one of the world’s largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has also diversified into battery metals mining and processing and has increased its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. For more information, see www.sibanyestillwater.com. 

Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
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Sponsor: J.P. Morgan Equities South Africa Proprietary Limited  

In Europe:
Swiss Resource Capital AG
Marc Ollinger
info@resource-capital.ch
www.resource-capital.ch

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