Sibanye-Stillwater Updates 2025 Mineral Resources and Reserves, Sharpening Focus on Core PGM Assets

Sibanye Stillwater ( (SBSW) ) has issued an update.

Sibanye-Stillwater on 17 February 2026 reported its attributable Mineral Resources and Mineral Reserves as at 31 December 2025, reflecting an updated picture of its underlying asset base. The annual life-of-mine planning process shows stable to growing reserves in key PGM franchises, but notable reductions in some gold, uranium, lithium and copper resources due to feasibility-driven reclassification, asset disposals and partner earn-ins.

At its South African PGM operations, 4E PGM Mineral Resources fell 4.5% to 138.2 Moz while Mineral Reserves rose 4.7% to 29.4 Moz, helped by adding 2.9 Moz from the Marikana E4 mechanised UG2 project after a feasibility study. U.S. PGM operations posted modest growth, with 2E PGM Mineral Resources up 2.8% to 57.5 Moz and Mineral Reserves up 2.1% to 19.4 Moz, reinforcing PGMs as the group’s core long-life pillar.

In contrast, South African gold operations and projects saw Gold Mineral Resources drop 31.7% to 25.2 Moz and Mineral Reserves decline 6.3% to 9.4 Moz, with Kloof’s economic viability hit by geotechnical constraints that drove a 1.4 Moz reserve writedown. Uranium resources halved to 33.1 Mlb as material was converted into a maiden 25.2 Mlb Mineral Reserve at the Cooke tailings facility after a feasibility study, improving reserve quality but shrinking headline resource figures.

Battery metal exposure was reshaped, as lithium Mineral Resources fell 38.0% to 263 kt LCE while Mineral Reserves remained 248 kt, with the drop driven mainly by disposing of the group’s stake in Ioneer and partly offset by a 40 kt resource increase at Finland’s Keliber project after successful drilling. Zinc Mineral Resources stayed flat at 568 kt, but Mineral Reserves decreased 44.2% to 308 kt, reflecting ongoing depletion at the Century operation, which now has about 18 months of reserve life left and therefore a shortening mine horizon.

Copper Mineral Resources slid 37.3% to 5,006 kt while Mineral Reserves of 478 kt now include a maiden reserve at the Mt Lyell project in Tasmania following completion of a feasibility study, indicating progress towards potential future production. However, Sibanye-Stillwater’s attributable copper resources at the Altar project in Argentina were cut after its ownership dropped from 40% to 20% due to an additional earn-in by partner Aldebaran Resources, reducing the group’s exposure to that large-scale copper opportunity.

The most recent analyst rating on (SBSW) stock is a Hold with a $18.00 price target. To see the full list of analyst forecasts on Sibanye Stillwater stock, see the SBSW Stock Forecast page.

Spark’s Take on SBSW Stock

According to Spark, TipRanks’ AI Analyst, SBSW is a Neutral.

The score is held back mainly by weak financial performance (recent losses, pressured free cash flow, and rising leverage) and limited valuation support (negative P/E and no dividend). Offsetting these, technicals are relatively constructive and the latest earnings call showed strong EBITDA improvement and low leverage, though operational, safety, and impairment-related risks keep the outlook moderate.

To see Spark’s full report on SBSW stock, click here.

More about Sibanye Stillwater

Sibanye-Stillwater is a South African-based multinational mining and metals group with primary listings in Johannesburg and New York. The company operates platinum group metals, gold and diversified battery and base metal assets across Southern Africa and the Americas, supplying PGMs, gold, uranium, lithium, zinc and copper to global industrial and automotive markets.

Average Trading Volume: 7,130,398

Technical Sentiment Signal: Buy

Current Market Cap: $12B

For a thorough assessment of SBSW stock, go to TipRanks’ Stock Analysis page.