1. Sibanye Stillwater Limited's ADRs have returned over 30% YTD, outperforming global and South African stocks. 2. Rising macro-level tensions and ongoing palladium headwinds are impacting the company's growth. 3. Despite supportive gold prices and smooth operations, mine impairments have affected Sibanye's profitability. 4. RBC upgraded Sibanye, setting a price target of $5.30, but the author's model suggests a best-case target of $3.75.