Sibanye’s Recycling Operations Lift PGM Volumes and Generate US$164m in Cash Flow

[SMM Flash] Sibanye-Stillwater’s recycling operations delivered strong earnings and cash generation in the first half of 2026, supported by higher recycled volumes and an expanded regional supply chain. The business recycled and sold 2.8 million oz of precious metals, up 142% year on year, including 195,000 oz of 5E PGMs, 95,000 oz of gold and 2.5 million oz of silver.

Adjusted EBITDA reached US$103 million (R1.7 billion), up 11% year on year and 536% excluding the Section 45X tax credit recorded in the prior-year period. Notional free cash flow stood at US$164 million (R2.7 billion), with a 63% adjusted EBITDA conversion rate. Feed volumes also increased significantly, with the Pennsylvania site's volumes more than doubling to 2.2 million oz while the North Carolina acquisition contributed a further 0.5 million oz.

The results highlight the growing contribution of recycling as a source of secondary PGM supply, while providing Sibanye with a capital-light earnings stream. The company's US recycling platform processed material containing platinum, palladium, iridium and ruthenium alongside gold, silver and copper, strengthening its exposure to diversified precious-metal flows.