Name of the Project
Marikana 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 a project significantly advanced by previous owner Lonmin before it suspended it 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 PGM 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.

More than 1 000 employees were on site as December 31, 2022, which is set to double in the next year.

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 and IRR to 80%, with 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
Not stated.

Latest Developments
The Marikana K4 project is on schedule with the first reef tonnes hoisted in May 2022.

Sibanye reported in its results for the six months and year ended December 31, 2022, that K4 development build-up, in support of the steady-state operation, is increasing.

Meanwhile, Merensky ore pass rehabilitation is progressing in line with schedule and surface infrastructure is well advanced.

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.