Name of the Project
K4 platinum group metals (PGMs) project.

Location
North West, in South Africa.

Project Owner/s
Primary producer of platinum Sibanye-Stillwater.

Project Description
The K4 project is a tier one, low-cost, brownfield PGMs expansion project at the Marikana mine operations.

The project entails the completion of the project, which was significantly advanced by previous owner Lonmin before it suspended the project, owing to capital constraints.

K4 will access the Merensky and upper group two (UG2) reefs to average 250 000 oz/y at steady state, with its main shaft extending down 1 332 m and its vertical shaft to a depth of 1 078 m.

Associated surface infrastructure is largely in place, with only minor refurbishments required and K4’s concentrator plant fully operational at a nameplate capacity of 130 000 t a month of Merensky and UG2 reef.

About 11.5-million 4E ounces are expected to be produced over a 50-year life-of-mine.

Potential Job Creation
4 380 jobs will be created at steady state.

Net Present Value/Internal Rate of Return
The project has an estimated net present value (NPV), at a 15% discount rate, of R3-billion and an internal rate of return (IRR) of 33%, with a six-year payback using conservative project price assumptions. The NPV increases sevenfold to R21-billion, with an IRR of 80% and a four-year payback at current 2021 spot metal prices.

Capital Expenditure
R3.9-billion over eight years. Lonmin invested R4.4-billion in the project before it suspended the development of the project.

Planned Start/End Date
The project was approved in February 2021 and is expected to be brought into production within 12 months.

Latest Developments
The first ore tonnes have been hoisted at the K4 project. K4 joins operations such as K3, Rowland, Saffy, 4Belt and E3.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Sibanye-Stillwater senior VP: investor relations James Wellsted, tel +27 10 493 6923 or email ir@sibanyestillwater.com.