Sibanye Stillwater (SBSW) Builds Momentum as Debt Declines and Palladium Outlook Improves

Sibanye Stillwater Limited (NYSE:SBSW) is one of the 12 cheap gold stocks to buy now.

On November 17, 2025, The Fly reported that Sibanye Stillwater Limited’s (NYSE:SBSW) price target was raised by RBC Capital from $10.50 to $12, while it reiterating an “Outperform” rating. While the firm’s near-term price target remains below the current price level, it expects the company’s valuation gap with peers to narrow due to its de-leveraging efforts, a more defined strategic direction under its new CEO, and a continued commitment to capital returns. Furthermore, RBC Capital sees the company benefiting most if the U.S. imposes tariffs on palladium imports, building the case for the stock’s long-term upside.

While Sibanye Stillwater Limited (NYSE:SBSW) will report the most recent debt levels in its full-year 2025 results in 2026, the company saw a sustained decline in net debt-to-adjusted EBITDA to 0.89x, well below its target. During its Q2 2025 earnings call, management emphasized its focus on reducing gross debt, including plans to refinance its $675 million 2026 notes through a small issuance next year. As major projects near completion and cash conversion is expected to improve, management expressed confidence in successfully executing its debt-reduction plans. The de-risking trajectory is further supported by a strong liquidity position and expected future inflows, including U.S. Section 45X tax credits. The quarter also marked management’s reaffirmation of its dividend policy, with payouts expected to resume at year-end.

Meanwhile, on the palladium front, Sibanye Stillwater Limited (NYSE:SBSW) sees the outlook improving, as the company, alongside the United Steelworkers union, filed antidumping and countervailing duty petitions against Russian palladium imports. This move holds significance, as U.S. palladium imports from Russia have seen a sharp rise. The imports are up 34% from 2021 to 2024, and 2025 imports are up another 30% year-to-date as of October 17, 2025, according to the World Platinum Investment Council.

Looking ahead, Sibanye Stillwater Limited (NYSE:SBSW) appears well-positioned to benefit if tariffs are imposed, with investigations underway and the potential for duties to restrict imports.

Sibanye Stillwater Limited (NYSE:SBSW), a global precious metals producer, operates across South Africa, the U.S., Europe, and Australia. The company mines gold, PGMs, battery metals, and other resources.

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Disclosure: None.