Sibanye Stillwater, a mining group led by South African executive Richard Stewart, has disclosed that JPMorgan Chase & Co. now holds a 5.04% stake in the South African mining group, representing approximately $360 million based on its current market value.

The disclosure comes as the platinum, palladium and gold producer continues to strengthen its financial position following a sharp improvement in earnings in the first half of 2026.

JPMorgan’s latest holding makes it one of the institutional investors with a stake above the 5% disclosure threshold in Sibanye Stillwater, alongside major asset managers and investment firms including BlackRock, UBS Group and Ninety One.

The US banking giant previously disclosed a 5.66% interest in Sibanye Stillwater in April, before its reported holding fell to 5.04% in the latest notification.

JP Morgan’s Sibanye Stake declined from 5.66% to 5.04%

Previously holding more than $477 million in the company, JP Morgan has seen its investment declined to roughly $360 million, shortly after Ninety One’s notification that its stake equivalent to over 141 million shares is worth R7.58 billion ($473.77 million) on September 15, 2026.

According to regulatory filings published on the Johannesburg Stock Exchange, JPMorgan now holds a 5.04% stake in the Richard Stewart-led group, down from 5.66% on April 28, 2026. The disclosure was made under South Africa’s Companies Act and JSE Listings Requirements, which require notification when a shareholder’s beneficial interest crosses the prescribed threshold.

Sibanye Stillwater, a top producer of platinum, palladium, and gold, has recorded a 31.9% share price decline this year following years of financial challenges, including asset impairments and leadership transitions that befell the mining company. As a result of the double-digit decline in Sibanye shares this year 2026, Sibanye Stillwater now ranks as 28th most valuable stock on the Johannesburg Stock Exchange, with a market capitalization of R117 billion ($7.13 billion), shedding over $2 billion in its market value this year.

Sibanye Stillwater delivers record H1 earnings

The change in JPMorgan’s holding comes as Sibanye Stillwater reports a sharp improvement in its financial performance. For the six months ended June 30, 2026, Sibanye Stillwater reported record revenue of R90 billion ($5.5 billion), up 64% year-on-year, while adjusted EBITDA more than doubled to R31.8 billion ($1.9 billion). Net profit reached R18.8 billion ($1.1billion) compared with a net loss of R3.9 billion (211 million) in the first half of 2025. Net cash generated from operating activities also reached a record R19.6 billion ($1.2 billion).

The stronger cash generation supported an interim dividend of R5.7 billion ($352 million), equivalent to 201 South African cents per share. The group also reduced gross debt by 20% year-on-year to R32.1 billion ($2 billion), while net debt more than halved to R9.7 billion (593 million). Net debt to adjusted EBITDA improved to 0.18x.

US PGM operations remain under pressure

Despite the stronger group-wide performance, Sibanye-Stillwater’s US platinum-group-metals operations continue to face operational and cost pressures.

US PGM production declined 2% year-on-year in H1 2026, while all-in sustaining costs increased 12% to $1,347 per 2E ounce as the group continued investing in its transition towards full mechanisation.

The company is targeting an AISC of approximately $1,000 per 2E ounce by the end of 2028 as mechanisation and changes to its operating model progress.

For JPMorgan, the latest disclosure marks a change in the size of its reported interest in Sibanye-Stillwater as the mining group moves through a period of stronger earnings, lower debt and continued investment in its international portfolio.