Pandora (PGM)

Location: South Africa, Rest of World
Operator: Sibanye-Stillwater
Royalty: NPI: 5%

The Pandora property forms part of the Bushveld complex approximately 40 km east of the town of Rustenburg, South Africa and is 100% owned by Sibanye-Stillwater following its acquisition of Lonmin plc (“Lonmin”) in June 2019. Franco-Nevada has a 5% NPI royalty that includes a small minimum annual payment of ZAR 100,000. The underground mining operation exploits the UG2 reef horizon with access via a decline from surface. A deepening of the decline was completed in 2013, accessing the 9 and 10 levels. The majority of planned future mining is covered by Franco-Nevada’s 5% NPI royalty and Sibanye-Stillwater has listed Pandora as part of its portfolio of brownfields PGM projects that could extend mine life for the company in the Bushveld complex.