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Sibanye anticipates continued volatility in platinum and palladium prices but believes a new higher price floor has been established. Spot platinum surged by 127% in 2025, hitting a record of $2,918.80 per ounce on January 26, 2026, but is down 1.6% in 2026 so far.

The company is assessing the reactivation of the Stillwater West Mine, with decisions contingent on long-term palladium market trends. Preliminary results regarding a U.S. tariff on Russian palladium imports are expected this month or early March. Additionally, Sibanye is progressing with its Keliber lithium project in Finland, aiming for lithium hydroxide production in Q4 2026, while emphasizing the importance of long-term offtake agreements.