Investment Idea: Sibanye Stillwater - 27 February 2025

The recent transaction and events from Sibanye Stillwater:

• The long-term platinum price is expected to range between $900 and $1 100 due to an increasing demand for Electric Vehicles (EVs) making up a larger percentage of global car sales.

• Lower prices Platinum Group Metals will reduce supply, supporting prices.

• The ZAR platinum price has shown consistent growth over the long term, indicating a favourable price trend that is likely to support local PGM producers.

• The intrinsic value is R23.23 with a 36% upside but Sibanye remains a HOLD because of the following risks and recent events:

A probability of 35% that the platinum price will decline to unsustainable operating levels, resulting from:

• A strong uptick in EV demand resulting in an increased share of tota ...