v3.26.1
Goodwill and other intangibles (Tables)
12 Months Ended
Dec. 31, 2025
Disclosure of reconciliation of changes in goodwill [abstract]  
Schedule of changes in goodwill and intangibles
Figures in million – SA rand
Notes
2025
Revised
2024
2023
Goodwill
Balance at beginning of the year
878
499
8,241
Goodwill on acquisition of subsidiaries
16.1
9
379
Impairment
10
(8,435)
Foreign currency translation
(44)
693
Carrying value at end of the year1
843
878
499
Other intangibles
Cost
Balance at beginning of the year
1,496
98
86
Intangible assets acquired on acquisition of subsidiaries
16.1
162
1,397
Additions
1
4
Foreign currency translation
(174)
(3)
12
Balance at end of the year
1,485
1,496
98
Accumulated amortisation and impairment
Balance at beginning of the year
220
95
5
Impairment
10
86
Foreign currency translation
(27)
(1)
Charge for the year
161
126
4
Balance at end of the year
355
220
95
Carrying value at end of the year2
1,130
1,276
3
Total goodwill and other intangibles
1,973
2,154
502
1The goodwill arose on the acquisition of the below subsidiaries:
SFA (Oxford), amounting to R123 million allocated to the Stillwater (R60 million), Rustenburg (R44 million) and Kroondal (R18 million) CGUs, where it is tested for
impairment. During 2023, the R60 million goodwill allocated to Stillwater was impaired (see note 10). The remaining carrying value of goodwill related to the SFA (Oxford)
acquisition amounts to R63 million at 31 December 2023
Qinisele Resources, amounting to R54 million and fully impaired by 31 December 2020
Cooke, amounting to R737 million which was fully impaired by 31 December 2020
Aquarius Platinum (South Africa) Proprietary Limited (Aquarius), amounting to R401 million allocated to the Kroondal (R134 million) and the Rustenburg operation (R267
million) CGUs, where it is tested for impairment. No impairment has been recognised
Stillwater, amounting to US$450 million (R5,874 million), at the exchange rate on the acquisition effective date) allocated to the Stillwater CGU. During 2023, the entire
goodwill amount allocated to the Stillwater CGU with a carrying value of R8,352 million was impaired (see note 10)
DRDGOLD, amounting to R35 million allocated to the DRDGOLD CGU, where it is tested for impairment. No impairment has been recognised
Sandouville, amounting to R23 million allocated to the Sandouville CGU. During 2023, the entire goodwill amount allocated to the Sandouville CGU was impaired (see
note 10)
Reldan, amounting to R283 million allocated to the Reldan CGU, where it is tested for impairment. During 2025, the PPA was revised which resulted in additional
goodwill of R96 million, resulting in a total goodwill R379 million (see note 16.2). Additional goodwill of R9 million was recognised on the acquisition of Metallix (see note
16.1) which is reported with Reldan
2Included in the balance at 31 December 2025, is an intangible asset at the Pennsylvania recycling operation in respect of vendor relationships - manufacturers amounting
to R902 million (2024: R1,146 million) with a remaining amortisation period of approximately eight years. Also included is an intangible asset at the North Carolina recycling
operation in respect of vendor relationships amounting to R106 million with a remaining amortisation period of approximately eight years
Schedule of estimates and assumptions used in calculation of impairment of goodwill The Group’s estimates and assumptions used in the 31 December 2025 impairment testing include:
Gold operations1
PGM operations
Europe
(Sandouville
nickel
refinery)2
AUS
operations*
Pennsylvania
site recycling
2025
2024
2023
2025
2024
2023
2023
2023
2025
2024
Average gold price3,5
R/kg
1,903,056
1,324,530
1,072,364
Average PGM (4E) basket
price4,5
R/4Eoz
28,890
26,963
29,124
Average PGM (2E) basket
price5
US$/2E
oz
1,134
1,120
1,281
Average nickel price5
US$/lbs
8.9
Average cobalt price5
US$/lbs
15.8
Average zinc price5
A$/t
3,873
Average gold price5
US$/oz
3,562
2,329
Average silver price5
US$/oz
44
29
Nominal discount rate —
South Africa6,7
%
11.7% -
13.5%
14.3% -
15.7%
13.7% -
15.8%
13.9% -
16.3%
21.3% -
21.5%
22.5% -
22.7%
Nominal discount rate — US7
%
11.6
13.0
12.0
13.1
15.3
Nominal discount rate —
Europe7
%
7.4
Nominal discount rate —
Australia7
%
9.3
Inflation rate — South
Africa3,8
%
3.5
5.0
6.0
3.5
5.0
6.0
Inflation rate — US8
%
2.2
2.1
2.5
2.2
2.1
Inflation rate — Europe8
%
1.6
Inflation rate — Australia8
%
2.9
Life-of-mine3,9
years
1 - 11
4 - 10
4 - 11
1 - 66
13 - 45
14 - 47
23
4
N/A
N/A
*No impairment assessment performed at 31 December 2024 and 2025 as carrying values reduced to nil due to change in the rehabilitation provision
1Includes the operating gold mines Driefontein, Kloof and Beatrix
2The Keliber impairment assessment at 31 December 2025 applied an average lithium hydroxide price of US$17,475/t (2024: US$18,640/t, 2023: US$22,933/t), nominal
discount rate of 10.1% (2024: 9.9%, 2023: 10.1%), inflation rate of 2% (2024: 2%, 2023: 2%) and a life-of-mine of 20 years (2024: 23 years, 2023:24 years)
3The estimates and assumptions used in the impairment assessment of the Burnstone project include an average gold price of R1,670,512/kg (2024: R1,189,493/kg, 2023:
R1,012,625/kg), inflation rate of 3.5% (2024: 5.0%, 2023: 6.0%) and life-of-mine of 23 years (2024: 25 years, 2023: 25 years)
4No impairment assessment was performed for Mimosa at 31 December 2025. The average PGM basket price used on the Mimosa equity-accounted joint venture at 31
December 2024 was R25,433/4Eoz (2023: R26,632/4Eoz)
5The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts
6Nominal discount rate for the Burnstone project is 15.2% (2024: 17.5%, 2023: 18.9%) and for the equity-accounted joint venture Mimosa at 31 December 2024 was 22.7%
(2023: 31.2%)
7The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs
8The inflation rate is based on the expected forecast inflation rate in the geographical region which most affects the CGU's cash flows
9Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash
flows over the life of each mine based on the available reserves