Metals miner Sibanye-Stillwater expects to report an increase of more than 360% in its headline earnings per share (HEPS) for the year ended December 31, 2025.

The NYSE- and JSE-listed group says its HEPS will be at least 3.6 times higher compared with the HEPS of $0.04, or 64c, in the prior year.

In turn, its basic loss a share will narrow from $0.14, or R2.58, in the prior year to between $0.097 and $0.10, or R1.74 and R1.94 apiece.

This represents an improvement of between 24% and 32%.

The company’s earnings have been boosted by higher precious metals prices in the reporting year, which have prevailed into this year.

Sibanye-Stillwater says the expected basic loss a share is mostly owing to the recognition of impairments of R14-billion, or $783-million, which are noncash items and are excluded from HEPS.

The impairments include R7.8-billion, or $446-million, for the Keliber lithium project; R3.7-billion, or $217-million, for the Kloof mine; and R4.3-billion, or $230-million, for the US platinum group metals (PGM) operations.

These were partially offset by impairment reversals of R1.9-billion, or $111-million, for the Burnstone project, as well as the Beatrix and Driefontein mines in the period under review.

Sibanye-Stillwater explains that the Keliber impairment was owing to a further decrease in the long-term lithium hydroxide price forecast in the second half of the year compared with the first half and an extended startup assumption following the assessment in the second half.

The Kloof impairment was owing to a decrease in the life-of-mine, which resulted from logistical constraints, seismicity and safety concerns related to accessing higher-grade areas.

The impairment of the US PGM operations was a consequence of the One Big Beautiful Bill Act, which is a major legislative package focusing on tax cuts, deregulation and spending in the US.

However, the substantial increase in HEPS and reduced basic loss for the year under review are on the back of improved profitability at Sibanye-Stillwater’s South African gold and PGM operations as prices increased, and a financial turnaround at the US PGM operations after successful restructuring in 2024.

Sibanye-Stillwater will release its full results on or about February 20.