[6-K] Sibanye-Stillwater American Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Schedule 13D/A (Am. 6) – Newegg Commerce (NEGG)

Husband-and-wife investors Vladimir & Angelica Galkin disclose joint beneficial ownership of 3,194,576 common shares, equal to 16.4 % of NEGG’s 19.48 m shares outstanding as of 12/31/24. All shares are held in a joint cash account with shared voting and dispositive power and are not pledged or margined.

• Stake originated from the Galkin Revocable Trust’s purchase of 2,222,222 shares; on 10 Jul 2025 those shares were transferred to the couple’s joint account, after which they bought an additional 972,354 shares.
• Total cash deployed ≈ $54.7 m to acquire 3,355,850 shares; $2.39 m received from selling 161,274 shares, leaving the current net position.
• No other persons have dividend or disposition rights. No new contracts, pledges or arrangements were reported.
• All recent transactions (60-day look-back) were open-market and are listed in Schedule A.

The filing elevates the Galkins to a large, potentially influential shareholder bloc but contains no explicit activism or takeover intentions.

Positive

• 16.4 % ownership demonstrates significant insider-style commitment and potential alignment with minority shareholders.
• No margin or pledges reduce forced-sale risk, suggesting a long-term investment horizon.

Negative

• Concentrated stake may limit free float and concentrate governance power in one family.
• Potential overhang if the Galkins elect to monetize their sizeable position, adding share-price uncertainty.

Insights

Securities Analyst

TL;DR — 16.4 % joint stake signals alignment; impact neutral pending activism.

The amendment confirms the couple’s net purchase of almost 1 m additional shares, pushing their ownership to 16.4 %. With over 3.2 m shares, they are among NEGG’s largest holders and can materially influence shareholder votes. Absence of leverage or pledges lowers liquidity risk, yet the filing offers no strategy change under Item 4. Market impact is therefore governance-oriented rather than operational. Rating: neutral.

Corporate Governance Expert

TL;DR — Concentrated family stake merits monitoring for future control moves.

By consolidating more than 16 % of the float, the Galkins become a credible swing-vote bloc. Given historically low NEGG turnout, they could sway director elections or strategic actions without launching a full proxy contest. The absence of standstill or lock-up clauses leaves flexibility to increase—or exit—the position, introducing potential volatility. Investors should watch for subsequent amendments or Item 4 changes signaling activism.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

Dated 21 July 2025
Commission File Number 333-234096

Sibanye Stillwater Limited

(Translation of registrant's name into English)

Constantia Office Park
Cnr 14th Avenue and Hendrik Potgieter Road
Bridgeview House, Ground Floor
Weltevreden Park, 1709
South Africa
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X      Form 40-F

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Sibanye Stillwater Limited

Date: 21 July 2025

By:          /s/ Charl Keyter
Name:    Charl Keyter
Title:       Chief Financial Officer

EXHIBIT INDEX

Exhibit          Description
99.1               Market release

FAQ

How many Newegg (NEGG) shares do Vladimir & Angelica Galkin own?

They report 3,194,576 common shares, representing 16.4 % of the company.

What was the total cash outlay for the Galkins’ NEGG stake?

Approximately $54.7 million was spent acquiring shares; $2.39 million was received from partial sales.

Are the Galkins’ NEGG shares pledged or held on margin?

No. The filing states the shares are not margin-financed and carry no pledges.

Did the Schedule 13D/A disclose any agreements affecting the shares?

The filing states no contracts, arrangements or pledges exist beyond joint ownership.

Why was Amendment No. 6 filed so soon after Amendment No. 5?

To update beneficial ownership following additional open-market purchases and one sale completed after 17 Jul 2025.