Operator: Sibanye-Stillwater

Location: USA

Term of Stream: Life of Mine

Stream Parameters: 100% of gold production and 4.5% of palladium production, decreasing to 2.25% and then 1% based on defined delivery thresholds

Upfront Consideration: US$500M

Cost Quartile: 1st

Stream: Gold and palladium

Primary Metal: Platinum Group Metals

Project Overview

Stillwater is the only US-based mine for platinum group metals ("PGM"s) and the largest primary producer of PGMs outside of South Africa and the Russian Federation. Located in Montana, USA, Stillwater's operations consist of two underground PGM mines (the Stillwater Mine and East Boulder Mine), the Blitz Project and the Columbus metallurgical complex.

The Stillwater Mine and East Boulder Mine have been in operation since 1986 and 2002, respectively. The mines produce from the J-M Reef, the world's highest-grade PGM deposit. Each mine has its own mill and concentrator infrastructure on site. The Columbus metallurgical complex is a state-of-the-art operation that is capable of providing smelting and refining processes for the mine concentrates. The complex produces a PGM-rich filter cake that is shipped to a third-party precious metal refinery.