# Sibanye Stillwater Limited (SBSW)

> Source: Nexqual · https://nexqual.com/SBSW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Sibanye Stillwater Limited (SBSW), nexqual.com/SBSW" · informational, not investment advice.

**Price:** USD 9.32 (-4.61% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.77 · day 9.21–9.38 · 52w 7.87–21.29 · market cap $6.74B · NYQ

## Key facts
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $481K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (5 analysts), mean target USD 13.4 (range 10.3–15.08).
- Total return with dividends: 1Y -10.3% vs S&P 500 +14.9%; 5Y -22.8% vs S&P 500 +80.3%.
- Next earnings: 2026-09-01, EPS estimate USD —, revenue estimate $0K.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $481K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-30 | Menell Richard Peter | Director | 15,000 | $33K | 2.19 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-26 | Keyter Charl | Chief Financial Officer | 200,000 | $448K | 2.24 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 5 analysts; mean target USD 13.4 (low 10.3, high 15.08).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-16 | RBC Capital | Target lowered | Outperform | $16.5 → $15 |
| 2026-08-13 | Citigroup | Initiated | Buy | $13.5 |
| 2026-07-14 | BMO Capital | Target lowered | Market Perform | $14 → $12 |
| 2026-06-29 | RBC Capital | Target lowered | Outperform | $17 → $16.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -10.3% | -22.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -10.3% | -5.0% |
| Volatility (annualized) | 65.2% | 59.9% |
| Max drawdown | -61.0% (Jan 2026→Jul 2026) | -82.3% (Feb 2022→Feb 2025) |

## Peers (Other Precious Metals & Mining)
BVN (Buenaventura Mining Company Inc) USD 28.49 -6.41% · TFPM (Triple Flag Precious Metals Cor) USD 29.37 -4.52% · HL (Hecla Mining Company) USD 14.11 -6.80% · PPTA (Perpetua Resources Corp.) USD 17.26 -7.90% · SIND (Sinda Ltd.) USD 11.46 -0.09% · SLSR (Solaris Resources Inc.) USD 6.58 -7.06%

## More
Full page: https://nexqual.com/SBSW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SBSW's own 20-F filed 2026-04-24 (https://www.sec.gov/Archives/edgar/data/1786909/000162828026026991/sbsw-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | DRDGOLD LTD (DRD) | "Revenue from DRDGOLD increased by 29% to R9,129 million (2024: R7,068 million) mainly due to a 40% higher rand gold price received of" |
| Partner | FRANCO NEVADA Corp (FNV) | "On 19 December 2024 Sibanye-Stillwater entered into a US$500 million streaming agreement with Franco-Nevada in exchange for the sale" |

Other companies that name SBSW in their own reports (relationship from SBSW's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ioneer Ltd (IONR) | 20-F 2026-04-29 | "We had targeted to close the transactions encompassing a joint venture with Sibanye Stillwater Limited ("Sibanye") in the first quarter of calendar year 2025." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year (ends 2026-12-31) | $38.14 | $46.86 | -18.6% | $166.90B | 2 |
| Next fiscal year (ends 2027-12-31) | $40.48 | $61.12 | -33.8% | $185.38B | 2 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 48.9% | ±11.3% |
| 2026-12-18 | 56 | 51.6% | ±16.3% |
| 2027-01-15 | 84 | 45.9% | ±17.7% |
| 2027-03-19 | 147 | 53.4% | ±27.9% |
| 2027-04-16 | 175 | 58.0% | ±31.6% |
| 2027-06-17 | 237 | 60.4% | ±37.8% |
| 2027-09-17 | 329 | 52.5% | ±41.5% |