Giovanni Agnelli B.V., Exor N.V. and related Lingotto entities reported beneficial ownership of 150,688,684 ordinary shares of Sibanye Stillwater Ltd, representing 5.32% of the class.
The filing states the stake includes (i) 72,384,940 ordinary shares and (ii) 78,303,744 ordinary shares represented by 19,575,936 American Depositary Shares; one ADS represents four ordinary shares. The percent of class is calculated from 2,830,567,264 ordinary shares outstanding reported in the issuer's Form 20-F filed April 24, 2026. Lingotto Investment Management LLP is 99.7% owned by Lingotto Investment Management (UK) Limited, a wholly owned subsidiary of Exor N.V., which is controlled by Giovanni Agnelli B.V.
Sibanye-Stillwater reports a much stronger Q1 2026, with group adjusted EBITDA rising 371% year-on-year to R19.4 billion (US$1.2 billion), helped by higher metals prices and stable operations.
South African PGM mines delivered 2% higher 4E production and flat all-in sustaining costs at R24,629/4Eoz (US$1,507/4Eoz), lifting adjusted EBITDA 393% to R12.4 billion (US$762 million). SA gold operations kept production broadly stable but benefited from a 49% stronger gold price, driving a 160% increase in adjusted EBITDA to R4.7 billion (US$288 million) despite higher costs.
US PGM operations saw higher AISC of US$1,291/2Eoz as mechanisation investment and lower volumes weighed on unit costs, but an 88% stronger 2E basket price and Section 45X credits supported adjusted EBITDA of US$48 million (R777 million). Recycling EBITDA jumped to US$98 million (R1.6 billion) on a 138% increase in precious metals sold, while the Century zinc retreatment business lifted adjusted EBITDA to US$29 million (R467 million) despite lower production. Construction of the Keliber lithium project is complete, with 42.1kt of ore stockpiled and staged ramp-up underway.