Sibanye-Stillwater is a South Africa-headquartered multinational mining and metals processing group. Its core business is mining and producing platinum group metals (PGMs) — primarily platinum, palladium, and rhodium — and gold. PGMs are the dominant earnings driver; demand is largely tied to autocatalysts used in combustion engine vehicles. Sibanye-Stillwater mines PGMs at two major locations: large underground operations at Marikana and Rustenburg in South Africa, and the Stillwater and East Boulder underground mines in Montana, which sit on the J-M Reef — one of the only significant PGM-bearing ore bodies outside South Africa and Russia. Gold is the second major earnings driver, produced from four underground and surface mines in South Africa (Kloof, Driefontein, Beatrix, and Cooke), plus a ~50% stake in DRDGOLD, which runs large-scale gold tailings retreatment operations. Sibanye-Stillwater sells refined metals at prevailing spot prices, so revenues are directly driven by production volumes and commodity prices. The cost base is largely fixed and dominated by labor, making unit costs sensitive to production levels. The company also runs a recycling business — purchasing spent catalytic converters and industrial scrap through its Columbus, Reldan, and Metallix operations, recovering PGMs and other precious metals, and selling them. Recycling margins are more stable than mining since feed purchase prices are correlated with metal prices and metal ounces are price-hedged at feed purchase. Sibanye-Stillwater also has streaming arrangements on its Stillwater and SA PGM operations, exchanging upfront cash for below-market metal offtake rights.