Sibanye-Stillwater's Q3 Profit Triples, Driven by Significant Gains in PGMs
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 06 2025
0mins
Should l Buy SBSW?
Source: SeekingAlpha
Q3 Financial Performance: Sibanye-Stillwater reported a significant increase in Q3 group EBITDA, tripling to 9.9 billion rand, driven by improved platinum group metal prices and strong performance from its South African operations.
Capital Expenditure Growth: The company saw a 7% year-over-year increase in gold capital spending, with a notable rise in sustaining capital, reflecting investments in infrastructure and upgrades at its Beatrix operation.
Market Outlook: CEO Richard Stewart highlighted the uncertain macroeconomic environment as supportive for gold, a safe haven asset, while the recent rise in PGM prices is attributed to increased investment demand amid global uncertainties.
Long-term Fundamentals: Despite current challenges, the long-term outlook for Sibanye-Stillwater remains positive, supported by strong market fundamentals in the precious metals sector.
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Analyst Views on SBSW
Wall Street analysts forecast SBSW stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 16.030
Low
18.00
Averages
18.00
High
18.00
Current: 16.030
Low
18.00
Averages
18.00
High
18.00
About SBSW
Sibanye Stillwater Limited is a multinational mining and metals processing group with a diverse portfolio of mining and processing operations, projects and investments across five continents. The Company is the recycler of platinum group metals (PGMs) and is interests in mine tailings retreatment operations. It is a primary producer 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 Company has also diversified into battery metals mining and processing. Its portfolio consists of platinum group metal operations in the United States (US), South Africa (SA) and Zimbabwe; gold operations and projects in SA; copper, gold and PGM exploration properties in North and South America, and zinc retreatment facility and copper property in Australia; recycling operations in the Americas region, and Keliber lithium project in Finland and the GalliCam project in France.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Sibanye-Stillwater Seeks US Tariffs on Russian Palladium Imports
- Preliminary Support for Tariffs: Sibanye-Stillwater's stock rose 8.1% on Friday after the company announced that its call for U.S. tariffs on Russian palladium imports received preliminary support from the U.S. Commerce Department, although a final decision is not expected until mid-2026.
- Dumping Investigation Findings: The Commerce Department stated this week that its preliminary investigation found evidence of dumping, with a preliminary weighted-average dumping rate margin of 132.83% for palladium from Russia, providing strong backing for Sibanye's tariff request.
- Competitive Disadvantage: CEO Richard Stewart expressed encouragement from the government's preliminary finding, noting that
See More
Analysis of Sibanye Stillwater's Shareholder Structure
- Institutional Ownership: Sibanye Stillwater's institutional investors hold 85% of the shares, indicating strong confidence in the company's prospects, but also suggesting that stock price may be vulnerable to their trading decisions.
- Market Performance Review: The company reached a market cap of R192 billion, with a one-year return to shareholders of 281%, showcasing robust market performance that attracts more investor attention.
- Major Shareholder Analysis: The Public Investment Corporation is the largest shareholder with 20% ownership, while the top seven shareholders collectively own over half of the shares, reflecting a balance of interests among larger and smaller shareholders.
- Insider Ownership Situation: Insiders own less than 1% of the company, which, while common in large firms, may lead to excessive concentration of decision-making power, potentially impacting corporate governance.
See More
Platinum Prices to Remain Volatile but Not Revisit Last Year's Lows
- Platinum Price Outlook: Sibanye Stillwater CEO Richard Stewart stated that platinum prices will remain volatile but will not revisit last year's lows, which were deemed unsustainable, indicating that a new price floor has been established in the market.
- Stillwater West Mine Restart Assessment: Sibanye is evaluating when to restart its Stillwater West mine in Montana, which was placed on care and maintenance in 2024, with the decision hinging on a long-term view of the palladium market rather than short-term price fluctuations.
- Lithium Project Progress: The company is executing the phased commissioning of its Keliber lithium project in Finland this year, with technical-grade lithium hydroxide production expected in Q4, while battery-grade lithium production will depend on metal prices and offtake agreements.
- Market Dynamics Analysis: Stewart noted that platinum prices exceeded $2,918.80/oz in 2025, and although they have decreased by 1.6% so far in 2026, the demand and supply dynamics for platinum will significantly influence future price trends.
See More
Sibanye Stillwater Signs Renewable Energy Agreement
- Renewable Energy Agreement: Sibanye Stillwater has signed a renewable energy power purchase agreement with EtaPREMIUM, marking a significant step in the company's sustainability efforts, which is expected to lower operational costs and enhance environmental responsibility.
- Strategic Partnership: The signing of this agreement not only demonstrates Sibanye Stillwater's commitment to green energy but may also pave the way for future renewable energy projects, thereby strengthening the company's competitive position in the market.
- Environmental Impact: By implementing renewable energy solutions, Sibanye anticipates a reduction in greenhouse gas emissions, aligning with the growing global focus on sustainability and enhancing the company's image among investors and consumers.
- Market Outlook: The completion of this agreement could attract more investor interest in Sibanye Stillwater, especially against the backdrop of increasing global demand for renewable energy, further driving the company's long-term growth potential.
See More
Sibanye Stillwater's Renewable Energy Portfolio Expected to Produce 2.036 TWh of Clean Energy Annually Starting in 2028
Renewable Energy Portfolio: The focus is on the renewable energy portfolio of CO, which has been generating clean energy since 2028.
Annual Clean Energy Generation: CO's renewable energy efforts are projected to generate 2.036 THOF of clean energy annually.
See More
Sibanye Stillwater Expands Renewable Energy Portfolio with New 220MW Power Purchase Agreement
- Renewable Energy Expansion: The company is increasing its renewable energy portfolio by securing an additional 220 MW power purchase agreement.
- Strategic Growth: This move is part of a broader strategy to enhance sustainable energy sources and reduce reliance on non-renewable resources.
See More
Sibanye-Stillwater Seeks US Tariffs on Russian Palladium Imports
- Preliminary Support for Tariffs: Sibanye-Stillwater's stock rose 8.1% on Friday after the company announced that its call for U.S. tariffs on Russian palladium imports received preliminary support from the U.S. Commerce Department, although a final decision is not expected until mid-2026.
- Dumping Investigation Findings: The Commerce Department stated this week that its preliminary investigation found evidence of dumping, with a preliminary weighted-average dumping rate margin of 132.83% for palladium from Russia, providing strong backing for Sibanye's tariff request.
- Competitive Disadvantage: CEO Richard Stewart expressed encouragement from the government's preliminary finding, noting that
See More
Analysis of Sibanye Stillwater's Shareholder Structure
- Institutional Ownership: Sibanye Stillwater's institutional investors hold 85% of the shares, indicating strong confidence in the company's prospects, but also suggesting that stock price may be vulnerable to their trading decisions.
- Market Performance Review: The company reached a market cap of R192 billion, with a one-year return to shareholders of 281%, showcasing robust market performance that attracts more investor attention.
- Major Shareholder Analysis: The Public Investment Corporation is the largest shareholder with 20% ownership, while the top seven shareholders collectively own over half of the shares, reflecting a balance of interests among larger and smaller shareholders.
- Insider Ownership Situation: Insiders own less than 1% of the company, which, while common in large firms, may lead to excessive concentration of decision-making power, potentially impacting corporate governance.
See More
Platinum Prices to Remain Volatile but Not Revisit Last Year's Lows
- Platinum Price Outlook: Sibanye Stillwater CEO Richard Stewart stated that platinum prices will remain volatile but will not revisit last year's lows, which were deemed unsustainable, indicating that a new price floor has been established in the market.
- Stillwater West Mine Restart Assessment: Sibanye is evaluating when to restart its Stillwater West mine in Montana, which was placed on care and maintenance in 2024, with the decision hinging on a long-term view of the palladium market rather than short-term price fluctuations.
- Lithium Project Progress: The company is executing the phased commissioning of its Keliber lithium project in Finland this year, with technical-grade lithium hydroxide production expected in Q4, while battery-grade lithium production will depend on metal prices and offtake agreements.
- Market Dynamics Analysis: Stewart noted that platinum prices exceeded $2,918.80/oz in 2025, and although they have decreased by 1.6% so far in 2026, the demand and supply dynamics for platinum will significantly influence future price trends.
See More
Sibanye Stillwater Signs Renewable Energy Agreement
- Renewable Energy Agreement: Sibanye Stillwater has signed a renewable energy power purchase agreement with EtaPREMIUM, marking a significant step in the company's sustainability efforts, which is expected to lower operational costs and enhance environmental responsibility.
- Strategic Partnership: The signing of this agreement not only demonstrates Sibanye Stillwater's commitment to green energy but may also pave the way for future renewable energy projects, thereby strengthening the company's competitive position in the market.
- Environmental Impact: By implementing renewable energy solutions, Sibanye anticipates a reduction in greenhouse gas emissions, aligning with the growing global focus on sustainability and enhancing the company's image among investors and consumers.
- Market Outlook: The completion of this agreement could attract more investor interest in Sibanye Stillwater, especially against the backdrop of increasing global demand for renewable energy, further driving the company's long-term growth potential.
See More
Sibanye Stillwater's Renewable Energy Portfolio Expected to Produce 2.036 TWh of Clean Energy Annually Starting in 2028
Renewable Energy Portfolio: The focus is on the renewable energy portfolio of CO, which has been generating clean energy since 2028.
Annual Clean Energy Generation: CO's renewable energy efforts are projected to generate 2.036 THOF of clean energy annually.
See More
Sibanye Stillwater Expands Renewable Energy Portfolio with New 220MW Power Purchase Agreement
- Renewable Energy Expansion: The company is increasing its renewable energy portfolio by securing an additional 220 MW power purchase agreement.
- Strategic Growth: This move is part of a broader strategy to enhance sustainable energy sources and reduce reliance on non-renewable resources.
See More
