When divided by PGM ounces produced in the respective period, Total Combined Cash Costs, net of by-products and recycling income credits Non-GAAP , measured for each mine or combined, provides an indication of the level of combined cash costs incurred per PGM ounce produced in that period. Factset as of 8 December Note: Broker research, FactSet, Bloomberg Note: Transaction summary issue Source: NAV accretive Broker target share price for Stillwater vs. Market data as of 30 January Notes:

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Value analysis and financing plan.

Recoverable PGM ounces from produ ction are an indication of the amount of PGM product extracted through mining in any period. Industry leading relative dividend yield Current dividend yield last twelve months LTM dividends paid 5. These forward-looking statements speak only as of the date of this presentation. Total Combined Cash Costs is a measure of extraction efficiency.

This non-GAAP financial measure is used as an indicator from period to period of the level of total cash required by the company to maintain and operate the existing mines, including corporate administrative costs and replacement capital. Company filings, FactSet Note: Market data as of 30 January Notes: Near-term, low-cost growth Gold equivalent production1 koz In addition, Stillwater recycled c.

Dividend yield calculated using actual dividend paid and average share price for the period, since public listing Cumulative R3. Sibanye EBITDA annualised for the year ended 30 June and Pro forma for full year Rustenburg contribution Excludes Burnstone debt and cash, as per mid year results presentation January average price based on January 1st to January 30thPF net debt as of year end excludes Burnstone debt and cash and pro forma for transaction.


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Factset and Broker research. Company guidance Complementary gold and PGM production profiles Factset and company filings.

For Sibanye, Transaction conditional on approval of the acquisition and the rights issue Expected closing in Q2 following customary regulatory and stakeholder approvals 14 Post-Closing 1HY Disclaimer Additional Information and Where to Find It This presentation does not constitute the solicitation of any vote, proxy or approval.

Broker research, FactSet, Bloomberg Note: Because the objective of PGM mining ac tivity is to extract PGM material, the all-in cash costs per PGM mined ounce to produce PGM material, administer the business and sustain the operating capacity of the mines is a useful measure for comparing overall extraction efficiency between periods.

seller’s appraisal

When divided by PGM ounces produced in the respective period, Total Combined Cash Costs, net of by-products and recycling income credits Non-GAAPmeasured for each mine or combined, provides an indication of the level of combined cash costs incurred per Mbcp-02 ounce produced in that period. Such risks, uncertainties and other factors include, without limitation: Any securities referred to herein have not been, and will not be, registered under the U.

Market data as of 30 January Note: Non-GAAP financial measure, please refer to appendix for definition Balanced acquisition funding plan preserves future flexibility Securities Act of and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements.

The measure is calculated beginning with costs of metal sold mmathey Mine Production, the Company’s most directly comparable GAAP financial measure and adding to it the change in mined inventories, and adjusting for the by-product and recycling income credits, domestic corporate general and administrative costs excluding any depreciation and matgey and administrative costs of foreign subsidiaries and that portion of mathfy capital expenditures associated with sustaining the current level of mining operations.


Project profile is based on pre-feasibility and feasibility studies as at December Based on Reserves declared as at 31 December Assumptions: Neither Sibanye nor Stillwater undertake mzthey obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.

From this calculation, the Company deducts by-product and recycling income credits to arrive at Total Combined Cash Costs, net of by-product and recycling income credits.

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No Offer or Solicitation This presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States or any other jurisdiction. Capital expendi tures, however, for Blitz and certain other one-time projects are not included in the calculation.

Au-eq production figures for Rustenburg, Aquarius and Stillwater calculated using average prices for illustration; Au: Includes growth projects and assumes sustained operational efficiencies Sibanye diligence suggests NAV opportunity beyond the average broker target price 29 Stillwater PGM reserves 2, Based on Stillwater guidance and approximate mwthey split year to date 2. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction is included in the proxy statement that Stillwater has filed with the SEC.

Intervals are Estimated True Widths.