# EDGAR Filing Document

**Accession Number:** 0001786909
**File Stem:** 0001628280-25-051312
**Filing Date:** 2025-11
**Character Count:** 139318
**Document Hash:** fb92a5021e9fc5fd45d9d9c2372fc612
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-051312.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001628280-25-051312

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sibanye Stillwater Ltd
- **CENTRAL INDEX KEY:** 0001786909
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** T3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-234096
- **FILM NUMBER:** 251468811

**BUSINESS ADDRESS:**
- **STREET 1:** BRIDGEVIEW HSE, BLD 11,CONSTANTIA OFFICE
- **STREET 2:** GRND FL, CNR 14TH AVE&HENDRIK POTIETER
- **CITY:** WELTEVREDEN PARK
- **STATE:** T3
- **ZIP:** 1709
- **BUSINESS PHONE:** 01127112789600

**MAIL ADDRESS:**
- **STREET 1:** BRIDGEVIEW HSE, BLD 11,CONSTANTIA OFFICE
- **STREET 2:** GRND FL, CNR 14TH AVE&HENDRIK POTIETER
- **CITY:** WELTEVREDEN PARK
- **STATE:** T3
- **ZIP:** 1709

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

![image_1.jpg](image_1.jpg)

**FORM 6-K**

![image_1.jpg](image_1.jpg)

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**Dated 12 November 2025**

**Commission File Number 333-234096**

![image_1.jpg](image_1.jpg)

**Sibanye Stillwater Limited**

(Translation of registrant's name into English)

![image_1.jpg](image_1.jpg)

**Constantia Office Park**

**Cnr 14th Avenue and Hendrik Potgieter Road**

**Bridgeview House, Ground Floor**

**Weltevreden Park, 1709**

**South Africa**

(Address of principal executive office)

![image_1.jpg](image_1.jpg)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒ Form 20-F ☐ Form 40-F

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](form6-kq3.htm)</u> | Operating update for the quarter ended 30 September 2025 |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | Sibanye Stillwater Limited | Sibanye Stillwater Limited | Sibanye Stillwater Limited |
| Date: 12 November 2025 | By: | /s/ Charl Keyter | /s/ Charl Keyter |
|  |  | Name: | Charl Keyter |
|  |  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 20251

**```Exhibit 99.1**

![sibanye-stillwater_quartera.jpg](sibanye-stillwater_quartera.jpg)

**Johannesburg, 6 November 2025:** Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to

provide an operating update for the quarter ended 30 September 2025. Comparisons include year-on-year (Q3 2025 on Q3 2024), year-

to-date (YTD) from 1 January 2025 to 30 September 2025, and Q3 2025 compared with the previous Q2 2025 quarter (quarter-on-quarter

or Q3-on-Q2) where appropriate. Group financial results are only provided on a six-monthly basis.

**SALIENT FEATURES – QUARTER ENDED30 SEPTEMBER 2025 (Q32025)** 

**•**Safe production: continued improvement in lagging indicators (YTD TRIFR <4, SIFR of 2.25) but elimination of fatal incidents remains our

priority

• Unique exposure to both gold and PGMs, underpinned by improved operational performance, ensures leverage to increasing precious

metal prices

–Group adjusted EBITDA (including S45X<sup>10</sup> credits), increased by 198% to R9.9bn (US$560m) year-on-year

–Group adjusted EBITDA (excluding S45X<sup>10</sup> credits) of R9.5bn (US$541m) was 53% higher Q3-on-Q2

• Operations stable or improving relative to Q3 2024 and H1 2025 and all on track to achieve annual guidance

• SA PGM operations: consistent delivery combined with commendable cost control and 36% higher basket price underpinned earnings

–213% increase in adjusted EBITDA to R5.0bn (US$281m)

• US PGM operations: consistent operational delivery post restructuring optimises value from higher PGM prices

–Adjusted EBITDA of US$33m (R579m) (including US$10m (R181m) S45X<sup>1</sup><sup>0</sup> credits), increased more than 100% year-on-year

• SA gold operations (including DRDGOLD): improved operating performance and 35% higher average gold price

–177% increase in adjusted EBITDA to R3.7bn (US$212m) year-on-year

• US recycling (excl. Metallix) contributed US$27m (R475m) to Group adjusted EBITDA, including US$8m (R148m) S45X<sup>10</sup> credit for US PGM

recycling

• Decarbonisation strategy advancing - two renewable energy projects achieved commercial operation in 2025, generating 99 GWh

energy with direct cost savings of R45m and 107ktCO2e avoided<sup>11</sup>

**KEY STATISTICS – GROUP**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **US dollar** | **US dollar** | **US dollar** | | | | **SA rand** | **SA rand** | **SA rand** |
| **Quarter ended** | **Quarter ended** | **Quarter ended** | | | | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| **Sep 2024**<br>| **Jun 2025**<br>| **Sep 2025**<br>| | **KEY STATISTICS**<br>**GROUP** | | **Sep 2025**<br>| **Jun 2025**<br>| **Sep 2024**<br>|
| 184 | 596 | **560** | US$m | Adjusted EBITDA<sup>1,8</sup> | Rm | **9872** | 10964 | 3312 |
| 17.96 | 18.29 | **17.64** | R/US$ | Average exchange rate using daily closing rate |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **TABLE OF CONTENTS** | **Page** | **Stock data for the Quarter ended 30 September 2025** | **Stock data for the Quarter ended 30 September 2025** |
| [Key statistics by region](#i44e361f4b6be4886ab9dc4d6d49f1f86_18383) | [2](#i44e361f4b6be4886ab9dc4d6d49f1f86_18383) | **Number of shares in issue** |  |
| [Overview of quarterly operating results](#i67fbd2d07b7e4f59985a4adc95ff9a1f_447723) | [3](#i67fbd2d07b7e4f59985a4adc95ff9a1f_447723) | - at 30 September 2025 | 2830567264 |
| [Salient features – operational tables – quarterly statistics](#id4df201629f84f939fc76e4e35c42b0b_70934) | [8](#id4df201629f84f939fc76e4e35c42b0b_70934) | - weighted average | 2830567264 |
| [All-in cost (reconciliation) – quarters](#i6dc9e3cb9baa4df69bec9a65a44819d3_10) | [12](#i6dc9e3cb9baa4df69bec9a65a44819d3_10) | Free Float | 99% |
| Unit operating cost – quarters | [16](#i6dc9e3cb9baa4df69bec9a65a44819d3_52226802319501) | Bloomberg/Reuters | SSWSJ/SSWJ.J |
| [Adjusted EBITDA reconciliation – quarters](#ib750531af8e54d27aea4b847ab67b3e7_4213) | [18](#ib750531af8e54d27aea4b847ab67b3e7_4213) | **JSE Limited - (SSW)** |  |
| [Non-IFRS measures](#i6dc9e3cb9baa4df69bec9a65a44819d3_183) | [19](#i6dc9e3cb9baa4df69bec9a65a44819d3_183) | Price range per ordinary share (High/Low) | R32.64 to R49.57 |
| [Administration and corporate information](#i6dc9e3cb9baa4df69bec9a65a44819d3_19) | [20](#i6dc9e3cb9baa4df69bec9a65a44819d3_19) | Average daily volume | 28326857 |
| [Disclaimer and forward-looking statements](#i6dc9e3cb9baa4df69bec9a65a44819d3_22) | [21](#i6dc9e3cb9baa4df69bec9a65a44819d3_22) |  |  |
|  |  | **NYSE - (SBSW); one ADR represents four ordinary shares** |  |
|  |  | Price range per ADR (High/Low) | US$7.27 to US$11.24 |
|  |  | Average daily volume | 8437421 |

---

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 20252

**KEY STATISTICS BY REGION**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **US dollar** | **US dollar** | **US dollar** | | | | **SA rand** | **SA rand** | **SA rand** |
| **Quarter ended** | **Quarter ended** | **Quarter ended** | | | | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| **Sep 2024**<br>| **Jun 2025**<br>| **Sep 2025**<br>| | **KEY STATISTICS**<br>**AMERICAS REGION** | | **Sep 2025**<br>| **Jun 2025**<br>| **Sep 2024**<br>|
| | | | | **US PGM underground operations** | | | | |
| 111976 | 69133 | **73171** | oz | 2E PGM production<sup>2,3</sup> | kg | **2276** | 2150 | 3483 |
| 983 | 999 | **1184** | US$/2Eoz | Average basket price | R/2Eoz | **20886** | 18272 | 17663 |
| (6) | 160 | **33** | US$m | Adjusted EBITDA<sup>8</sup> | Rm | **579** | 2947 | (108) |
| 1157 | 1278 | **1165** | US$/2Eoz | All-in sustaining cost<sup>4,8,9</sup> | R/2Eoz | **20555** | 23375 | 20771 |
|  |  |  |  | **US PGM recycling** |  |  |  |  |
| 81762 | 75153 | **82503** | oz | 3E PGM recycling<sup>2,3</sup> | kg | **2566** | 2338 | 2543 |
| 1293 | 1233 | **1319** | US$/3Eoz | Average basket price | R/3Eoz | **23267** | 22552 | 23231 |
| 5 | 125 | **11** | US$m | Adjusted EBITDA<sup>8</sup> | Rm | **202** | 2307 | 98 |
|  |  |  |  | **US Reldan operations** |  |  |  |  |
| 8 | 11 | **15** | US$m | Adjusted EBITDA<sup>8</sup> | Rm | **273** | 203 | 149 |
|  |  |  |  | **SOUTHERN AFRICA (SA) REGION** |  |  |  |  |
|  |  |  |  | **PGM operations** |  |  |  |  |
| 473938 | 428129 | **493863** | oz | 4E PGM production<sup>3,5</sup> | kg | **15361** | 13316 | 14741 |
| 1331 | 1489 | **1839** | US$/4Eoz | Average basket price | R/4Eoz | **32438** | 27240 | 23909 |
| 88 | 123 | **281** | US$m | Adjusted EBITDA<sup>8</sup> | Rm | **4961** | 2251 | 1584 |
| 1182 | 1271 | **1278** | US$/4Eoz | All-in sustaining cost<sup>4,8</sup> | R/4Eoz | **22537** | 23250 | 21228 |
|  |  |  |  | **Gold operations** |  |  |  |  |
| 179465 | 159082 | **175929** | oz | Gold produced | kg | **5472** | 4948 | 5582 |
| 2470 | 3249 | **3402** | US$/oz | Average gold price | R/kg | **1929491** | 1910621 | 1426290 |
| 75 | 162 | **212** | US$m | Adjusted EBITDA<sup>8</sup> | Rm | **3731** | 2998 | 1347 |
| 2250 | 2466 | **2442** | US$/oz | All-in sustaining cost<sup>4,8</sup> | R/kg | **1385189** | 1450218 | 1298923 |
|  |  |  |  | **EUROPEAN REGION** |  |  |  |  |
|  |  |  |  | **Sandouville nickel refinery** |  |  |  |  |
| 2039 | 163 | **—** | tNi | Nickel production | tNi | **—** | 163 | 2039 |
| (8) | (7) | **(7)** | US$m | Adjusted EBITDA<sup>8</sup> | Rm | **(126)** | (129) | (152) |
|  |  |  |  | **AUSTRALIAN REGION** |  |  |  |  |
|  |  |  |  | **Century zinc retreatment operation** |  |  |  |  |
| 27 | 26 | **24** | ktZn | Payable zinc production<sup>6</sup> | ktZn | **24** | 26 | 27 |
| 3093 | 2585 | **2696** | US$/tZn | Average equivalent zinc concentrate price<sup>7</sup> | R/tZn | **47562** | 47276 | 55553 |
| 31 | 26 | **28** | US$m | Adjusted EBITDA<sup>8</sup> | Rm | **486** | 479 | 565 |
| 1809 | 1787 | **2015** | US$/tZn | All-in sustaining cost<sup>4,8</sup> | R/tZn | **35539** | 32679 | 32486 |

---

<sup>1</sup>*The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt*

*covenant. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in*

*addition to and not as a substitute for any other measure of financial performance and liquidity. For a reconciliation of profit before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA*

*reconciliation - Quarters"*

<sup>2</sup>*The US PGM operations' underground production is converted to metric tonnes and kilograms, and financial performance is translated to SA rand (rand). In addition to the US PGM operations'* 

*underground production, the operation treats various recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM* 

*recycling represents palladium, platinum and rhodium ounces fed to the furnace*

<sup>3</sup>*The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) and measured at the concentrator, and in* 

*the US underground operations is principally platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)*

<sup>4</sup>*See "Salient features and cost benchmarks - Quarters" for the definition of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes the production and costs associated with the*

*purchase of concentrate (PoC) from third parties*

<sup>5</sup>*The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to*

*the "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters"*

<sup>6</sup>*Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions*

<sup>7</sup>*Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc*

*metal sold*

<sup>8</sup>*Adjusted EBITDA and AISC are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial performance prepared in* 

*accordance with IFRS. See "<u>[Non-IFRS measures](#i6dc9e3cb9baa4df69bec9a65a44819d3_183)</u>" for more information on the Non-IFRS metrics presented by Sibanye-Stillwater*

<sup>9</sup>*The US PGM operations' All-in sustaining cost for the quarter ended 30 September 2024 was adjusted to include the Section 45X (S45X) Advance Manufacturing Production Credits. During the*

*quarter ended 30 June 2025 the US PGM operations recognised R237 million (US$13 million) which related to mining costs for the quarter ended 30 September 2024* 

<sup>10</sup> *The adjusted EBITDA for Q3 2025 includes S45X for both the US underground and recycling operations totalling R329 million ($19 million). The adjusted EBITDA for Q2 2025 includes S45X credits for* 

*both the US underground and recycling operations for FY2023 (R*2.5 *billion, US$*140 *million), FY2024 (R*1.9 *billion, US$*109 *million), Q1 2025 (R*305 *million, US$*17 *million) and Q2 2025 (R*344 *million,* 

*US$*19 *million) totalling R*5.1 *billion (US$*285 *million)*

<sup>11</sup>*Conversion factor used of 1.08 tCO2e/MWh*

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 20253

**STATEMENT BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER** 

This is my first official update to the investment market and to other stakeholders as CEO of Sibanye-Stillwater, since assuming the mantle

from Neal Froneman on 1 October 2025. As such, I am really pleased to present this positive operating update for the third quarter of 2025

(Q3 2025) as my inaugural report.

The Group's operating performance for Q3 2025 was pleasing, reflecting greater operational stability post the restructuring undertaken in

2023 and 2024, and with the quarter-on-quarter (Q3-on-Q2) performance reflecting improved operational output and cost control across

all our major operations, which are all on track to deliver on annual guidance for 2025. This continued improvement, combined with

higher precious metal prices, delivered a significantly enhanced financial performance across the Group, with all operations contributing

positively on an operating cost and all-in sustaining cost (AISC) basis, except for the Sandouville refinery which is currently ramping down

production to be placed on care and maintenance.

Safe production is our first priority. The improvement in leading and lagging indicators at our operations continued in Q3 2025, reflecting

progress in real risk reduction. Several operations are achieving global leading safety rates, reflected in the 2025 year-to-date total

recordable injury frequency rate (TRIFR) remaining below 4 and the serious injury frequency rate (SIFR) at 2.25. The positive lagging

indicator trends were maintained during Q3 2025, with continued improvements recorded in Group safety indicators when compared to

Q3 2024. The Group SIFR (per million hours worked) for the Q3 2025 of 2.24 improved by 9%, with the lost day injury frequency rate (LDIFR)

of 3.43 and TRIFR of 4.09, improving by 14% and 12% respectively, year-on-year. The Group fatal injury frequency rate (FIFR) for Q3 2025

improved by 35% (from 0.074 to 0.048) when compared to the corresponding period in 2024.

However, safety for us is not about statistics; it is about eliminating harm. Tragically, during the quarter, we lost two colleagues. The Board

and management of Sibanye-Stillwater extend their heartfelt condolences to the families and friends of Mr. Phaswisi Ramaila and Mr.

Brian Hanson, who are deeply mourned. On 26 July 2025, Mr. Hanson, an electrician at the Stillwater mine, was fatally injured after

contacting energised switchgear. On 28 August 2025, Mr. Ramaila, a miner at Driefontein Khomanane shaft, sustained serious injuries

during a seismic-related fall of ground and sadly passed away on 6 September 2025. Our commitment to preventing fatalities through our

Fatality elimination strategy is unwavering and remains our highest priority.

The stable operating performance from all Group operations underpinned a strong financial performance, which, combined with

increasing commodity prices, resulted in a 198% increase in Group adjusted EBITDA to R9.9 billion (US$560 million), from R3.3 billion (US$184

million) for Q3 2024. Adjusted EBITDA for Q2 2025 of R11.0 billion (US$596 million) includes R4.7 billion (US$266 million) S45X credits for 2023,

2024 and Q1 2025. Adjusted EBITDA for Q2 2025 excluding these credits, of R6.3 billion (US$330 million) was 53% lower than adjusted EBITDA

for Q3 2025, illustrating the significant leverage of the Group to higher precious metal prices, which have continued to rise in Q4 2025.

In an uncertain macro economic and socio-political environment, change is inevitable and heightened commodity price volatility should

be expected in the near term. Despite the volatility, the outlook for precious metal prices remains constructive for the balance of 2025

and into 2026. The uncertain current macroeconomic and sociopolitical outlook and disruptive global changes are supportive for gold,

the perennial safe haven asset. The recent rally in PGM prices has largely been driven by increased investment demand and restocking,

driven by similar macro uncertainty, but longer term are supported by positive market fundamentals.

The SA PGM operations delivered a pleasing production performance which, combined with good cost management, resulted in unit

costs increasing by less than mining inflation year-on-year. Unit operating cost increased by 3% year-on-year but was 5% lower Q3-on-Q2,

with AISC (excluding purchase of concentrate (PoC)) 6% higher year-on-year but 3% lower Q3-on-Q2. This consistent delivery of safe

production and cost management continues to drive the SA PGM operations down the industry cost curve, improving their competitive

position relative to industry peers.

On 1 November 2025, Sibanye-Stillwater implemented strategic enhancements to the historical Marikana contract between Lonmin and

the Glencore Merafe (GM) Venture, and began implementing the new Chrome Management Agreement (CMA) at our SA PGM

operations, as announced on 19 February 2025. The closure of the GM Venture agreements marked a pivotal step in unlocking long-term

value from significant chrome by-product potential at our SA PGM operations, which will further reduce costs and increase operating

margins, enhancing the commercial viability, and laying the foundation for long term sustainability, of the SA PGM operations.

Production from the US PGM operations for Q3 2025 was in-line with the planned outcomes of the Q4 2024 restructuring and increased by

6% Q2-on-Q3, with a corresponding decline in unit operating costs. This operating improvement, combined with the Section 45X credits

and recent PGM price increases, have contributed to a significant increase in adjusted EBITDA from the US PGM operations. The return to

profitability by the US PGM operations validates our decision to restructure these strategic operations in discrete phases since mid-2022.

While the recent increase in PGM prices and S45X credits provide welcome relief for the US PGM operations, management's priority is to

assess opportunities to further reduce AISC, targeting US$1,000/2Eoz, in the medium term.

The SA gold operations delivered improved results for Q3 2025, with the Driefontein and Beatrix operations recovering from challenges

which affected H1 2025. Production from the Driefontein operation, increased by 21% year-on-year, and by 25% Q3-on-Q2, with AISC

benefiting from the increase in production, declining by 2% year-on-year and by 6% Q3-on-Q2. Production from the Beatrix operation

improved by 13% Q3-on-Q2, with AISC 8% lower Q3-on-Q2. Significant progress has been made addressing challenges in the Beatrix

processing plant, which constrained throughput during H1 2025, affecting processing and sales during Q3 2025. An estimated, 78 kt of ore

on surface stockpiles at the end of Q3 2025 is expected to be processed over the next two quarters, boosting gold sales and revenue

from the Beatrix operation. Production from the Kloof operation stabilised quarter-on-quarter, following the decision to cease operations

at Kloof 7 shaft and reduce exposure to seismically active areas. A sustainable production plan for Kloof is currently under assessment with

a revised production profile expected in Q1 2026.

Earnings from the recycling operations benefitted from increased metal prices and, at the US PGM recycling operations, S45X credits,

which resulted in the recycling contribution to Group adjusted EBITDA doubling year-on-year. The integration of Metallix and realisation of

synergies is expected to further increase the financial contribution from the recycling operations.

Steady production from the Century reprocessing operations, despite the rescheduling of annual plant maintenance from Q4 to Q3 2025

and a favourable price environment, led to a consistent financial contribution from from the Century reprocessing operations, which is

expected to be maintained in 2026.

It has been extremely satisfying to advance our renewable energy projects in South Africa, adding 164 MW of capacity year-to-date

toward a long-term target of 600 MW, marking a major step towards our target of carbon neutrality by 2040. The Castle Wind Farm

(commissioned in March 2025), with an 89 MW capacity, has generated 140 GWh to date, avoiding 151ktCO₂e and delivering R62 million

in savings. During Q3 2025, Sibanye-Stillwater also benefited from its first solar project—the Springbok solar project (operational since

September 2025)—a 150 MW plant, of which Sibanye-Stillwater plans to procure 75 MW for 10 years. Together, these projects delivered

R45 million in Q3 2025 savings and avoided 107ktCO₂e emissions for the quarter, and year to date generated, 156GWh energy, avoided

168ktCO2e emissions and saved R67 million.

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 20254

The antidumping and countervailing duty petitions on imports of unwrought palladium from Russia filed on 30 July 2025, by Sibanye-

Stillwater and the United Steelworkers, supported by 70% of US palladium industry participants (domestic palladium mining and recycling

companies), with the US Department of Commerce and the US International Trade Commission (ITC) is under consideration. A preliminary

hearing was held in mid-August, and on 12 September 2025, the ITC issued an unanimous preliminary determination that there is a

reasonable indication that the US palladium industry is materially injured by reason of imports of unwrought palladium from Russia. The US

Department of Commerce's final determination is expected to be announced at the end of March 2026 at the earliest and the ITC

hearing to occur in the same timeframe. The ITC's final phase investigation should conclude in late May 2026. It should be noted that

these deadlines may be extended in the event of a prolonged shutdown of the US government.

**Operating review**

**Southern Africa (SA) region**

**SA PGM operations**

The SA PGM operations continue to deliver consistent and reliable operating results. PGM production for Q3 2025 of 493,863 4Eoz

(including attributable production from Mimosa and excluding third-party PoC was 4% higher year-on-year and 15% higher quarter-on-

quarter (Q3-on-Q2). Underground production increased by 8% to 464,803 4Eoz, due to increased production from both the Rustenburg

and Marikana operations for Q3 2025, while production from the surface operations declined by 31% to 29,060 4Eoz year-on-year,

primarily due to depletion of the Waterval West Tailings Storage Facility, and lower throughput from the ETD1 facility at the Marikana

operation, which is reaching the end of life. Third-party PoC production of 17,189 4Eoz was 32% lower, in line with annual contractual

agreements.

Unit operating cost for Q3 2025 of R24,094/4Eoz (US$1,366/4Eoz) was 3% higher year-on-year, well within historical annual mining inflation

rates. This is particularly pleasing considering the higher tolling costs incurred by the Kroondal operation following the change from a PoC

to toll processing arrangement from 1 September 2024. AISC (excluding PoC) increased by 6% year-on-year to R22,537/4Eoz

(US$1,278/4Eoz), primarily due to a 26% increase in sustaining capital expenditure, a significant increase in royalty tax due to higher PGM

prices and tolling costs at Kroondal. AISC (excluding PoC) was 3% lower Q3-on-Q2 mainly due to the 15% increase in production, which

was partially offset by higher royalty tax, ore reserve development capital and sustaining capital expenditure.

Total capital expenditure for Q3 2025 of R1.5 billion (US$82 million), was 6% higher year-on-year. Sustaining capital increased by 26% to

R656 million (US$37 million) primarily on upgrading the rhodium, iridium and ruthenium plants at the Precious Metals Refinery (PMR). Capital

expenditure to upgrade these plants is forecast to continue until 2029. ORD capital expenditure decreased by 7% to R644 million (US$37

million) due to lower off-reef development at the Marikana operation. Growth project capital decreased by 4% to R154 million (US$9

million) as capital for the K4 project tapers down in line with the production build-up.

Adjusted EBITDA for Q3 2025 increased by 213% year-on-year to R5.0 billion (US$281million), driven by increased production output and a

36% year-on-year increase in the average 4E basket price to R32,438/4Eoz (US$1,839/4Eoz) for Q3 2025.

The average 4E PGM basket price increased by 19% quarter-on-quarter which, coupled with the 20% increase in 4E PGM sold quarter-on-

quarter, resulted in adjusted EBITDA increasing by 120% Q3-on-Q2.

Attributable PGM production from Mimosa for Q3 2025 of 29,646 4Eoz was 6% lower year-on-year. AISC increased by 16% to US$1,327/4Eoz

(R23,410/4Eoz) for Q3 2025 due to lower production, exacerbated by higher royalty tax expenses and lower by-product metal credits,

partially offset by the 41% decrease in sustaining capital to US$4 million (R75 million) following the commissioning of the new tailings

storage facility in April 2024.

Total chrome production from the SA PGM operations for Q3 2025 of 673kt was 5% lower year-on-year, primarily due to the ETD1 dam

nearing the end of its reserve life. Total chrome sales of 514kt for Q3 2025 were 26% lower than sales of 694kt year-on-year, mainly due to

loading constraints which resulted in the accumulation of 156kt of stockpile at port that will be sold during Q4 2025. Chrome revenue of

R917 million (US$52 million) for Q3 2025 was 43% lower year-on-year, due to lower sales volumes and a 12% lower average chrome market

price of US$270/t for Q3 2025 compared to US$305/t for Q3 2024.

**SA gold operations**

Production from the SA gold operations (excluding DRDGOLD) for Q3 2025 of 4,281kg (137,637oz), was in line with production for Q3 2024.

As guided in the H1 2025 results, the operating results from the Driefontein and Beatrix operations, having largely addressed the issues

which impacted H1 2025, were notably improved Q3-on-Q2. Production of 2,263kg (72,757oz) from the Driefontein underground operation

increased by 21% year-on-year and by 25% Q3-on-Q2. Production of 873kg (28,068oz) from the Beatrix operation for Q3 2025 was relatively

stable year-on-year (2% lower than for Q3 2024), but was notably improved Q3-on-Q2, increasing by 13%. Throughput constraints at the

Beatrix plant resulted in the accumulation of ore stockpile. By the end of September 2025 approximately 78kt of the stockpiled ore

remained, of which approximately 80% is expected to be processed by year-end.

Underground production from the Kloof operation for Q3 2025 of 874kg (28,100oz) was stable compared to Q2 2025, but 19% lower year-

on-year. Production at the Kloof operations stabilised during Q3 2025 following the decision to cease operations at Kloof 7 shaft

(Manyano) and reduce exposure to seismically active areas. These are primarily higher grade VCR stopes at Kloof 1 shaft. While the

closure of Kloof 7 shaft was planned for 2025, the suspension of mining, for safety reasons, in high grade areas impacted by seismicity, will

negatively impact the Kloof operations. All opportunities to optimise the mine plan for commercial viability are being considered within

the context of our steadfast commitment to safe production practices. The outcome of this Kloof operational replanning exercise will be

shared in Q1 2026.

Gold production (including DRDGOLD) for Q3 2025 of 5,472kg (175,929oz) was 2% lower year-on-year, primarily due to a 10% decline in

DRDGOLD production.

Costs for the SA gold operations (excluding DRDGOLD) were well managed despite the challenges. AISC for the SA gold operations

(excluding DRDGOLD) of R1,513,205/kg (US$2,668/oz) for Q3 2025 was 7% higher year-on-year, mainly due to above inflation increases in

primary cost drivers such as electricity and water. AISC (including DRDGOLD) of R1,385,189/kg (US$2,442/oz) also increased by 7% year-on-

year, but quarter-on-quarter, AISC was 4% lower, reflecting the improved operating performance in Q3 2025, compared with Q1 and Q2

2025. The significant leverage of the SA gold operations (excluding DRDGOLD) to the gold price is clearly evident from the 295% (R2.0 billion

(US$112 million)) increase in adjusted EBITDA (excluding DRDGOLD) for Q3 2025 to R2.6 billion (US$150 million,) primarily driven by the 30%

increase in the average rand gold price year-on-year, underpinned by a more stable operational performance. Adjusted EBITDA

(including DRDGOLD) of R3.7 billion (US$212 million) for Q3 2025 increased by 177% year-on-year and by 24% Q3-on-Q2.

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 20255

This marks the 12th consecutive quarter since Q4 2022, that adjusted EBITDA from the SA gold operations (including DRDGOLD) has been

positive for a sustained period. Over that period, the average quarterly gold price increased by 99% from R971,623/kg (US$1,716/oz) for

Q4 2022, to R1,929,491/kg (US$3,402/oz) for Q3 2025. Comparatively, over the same period, adjusted EBITDA from the SA gold operations

increased by a factor of 10 (10x) from R371 million (US$21 million) for Q4 2022 to R3.7 billion (US$212 million) for Q3 2025.

Capital expenditure for Q3 2025 (excluding DRDGOLD) of R1.0 billion (US$58 million) was 7% higher than for Q3 2024. ORD increased 10%

to R821 million (US$47 million) and sustaining capital increased by 11% to R202 million (US$11 million) reflecting increased expenditure on

winder upgrades, infrastructure and metallurgical plant refurbishment at the Beatrix operation. Capital expenditure from DRDGOLD

increased by 165% year-on-year to R833 million (US$47 million), with planned capital investment for the phase 2 expansion of the Far West

Gold Recoveries (FWGR) and recommencement of deposition at Ergo's tailing storage facility accounting for 94% of the total capital

expenditure.

The wage negotiations for the South African gold operations are currently in progress and are being conducted under the auspices of the

Commission for Conciliation, Mediation and Arbitration (CCMA). The previous wage agreement expired in June 2025.

DRDGOLD production decreased to 1,191kg (38,292oz) for Q3 2025, primarily driven by a 9% decline in yield reflecting Ergo's transition to

reclaim lower grade material. Consequently, gold sales decreased by 10% to 1,158kg (37,231oz). AISC increased to R1,045,769/kg

(US$1,844/oz), primarily due to lower gold production and gold sold. The solar power plant and battery energy storage system (BESS)

commissioned on 1 November 2024, is expected to reduce costs in Q4 2025.

**Americas (US) region**

**US PGM operations**

Due to the restructuring of the US PGM operations during Q4 2024, Q3 2025 is not directly comparable to Q3 2024 on most measures.

Production for 2025 is forecast to be at the top end of annual guidance, with AISC forecast to be at the bottom-end of the guided range.

The US PGM operations continued to deliver consistent production and cost in line with the planned outcomes of the restructuring

implemented in Q4 2024. Mined 2E PGM production of 73,171 2Eoz for Q3 2025 was in line with the restructuring plan, but increased Q3-

on-Q2. Planned restructuring outcomes and 2E PGM sales of 78,340 2Eoz was 5,169 2Eoz higher than produced, due to the release in Q3

2025 of inventory accumulated during the transition to the refurbished EF2 Furnace in Q2 2025.

Costs were well managed, with AISC 1% higher year-on-year and 9% lower Q3-on-Q2, primarily due to higher quarter-on-quarter

production, lower capital expenditure and favourable inventory net realisable value adjustments. The US PGM operations generated a

positive AISC margin of US$19/2Eoz or 2% compared to average 2E PGM basket price received for Q3 2025, a commendable turnaround

year-on-year.

Total capital expenditure decreased by 38% year-on-year to US$22 million (R396 million). ORD capital declined by 36% to US$15 million

(R263 million) and sustaining capital decreased by 43% to US$3 million (R57 million) in line with the restructuring plans Capital expenditure

for Q4 2025 is forecast to increase due to delivery of new mining and support fleet during the quarter. In addition, the Stillwater East mine

has begun implementing vertical infrastructure development to improve ore handling, which is expected to increase ORD expenditure for

12-to-18 months. This infrastructure development and capital investment is part of the strategic initiative to reduce AISC to US$1,000/2Eoz

(in 2024 real terms) over the medium-term.

Project capital declined to US$4 million (R76 million) from US$7 million (R131 million) year-on-year, focused on the construction of the East

Boulder tailings storage facility.

The restructuring has significantly reduced losses compared with losses incurred in previous periods, and stabilised the financial position of

the US PGM operations. This has enabled the realisation of tangible benefits from higher PGM prices and S45X credits.

Underpinned by this solid operational performance, the 20% increase in the average 2E PGM basket price year-on-year to US$1,184/2Eoz

(R20,886/2Eoz) for Q3 2025, resulted in a substantial increase in adjusted EBITDA to US$33 million (R579 million) (including US$10 million (R181

million) S45X credits). This return to profitability for the US PGM operations is a significant turnaround for the US PGM operations, after an

extended period of sustained losses, following the palladium price collapse during H1 2023.

**US recycling operations**

Global automotive market demand has been stable during 2025, with promising signs of increased global vehicle sales recently

emerging. The recent rally in PGM prices and recent interest rate cut by the Federal Reserve Bank are other notable factors with positive

implications for the recycling industry and margins. While these are encouraging fundamentals, they are expected to take time to

translate into any meaningful increase in spent autocatalyst volumes or recycling supply in the medium term.

The US PGM recycling operation's average daily feed of spent autocatalysts for Q3 2025 was 11.2 tonnes per day (tpd), representing a 6%

increase from an average of 10.6 tpd in Q3 2024. This was primarily due to processing of inventory which had built up during Q2 2025

following the transition to the EF2 furnace in Q2 2025 at the Columbus metallurgical facility. Recycling production of 82,503 3Eoz for Q3

2025 was 10% higher than for Q2 2025 as a result, with inventory of approximately 147 tonnes at the end of Q2 2025 declining to

approximately 73 tonnes at the end of Q3 2025.

The average 3E PGM recycling basket price of US$1,319/3Eoz (R23,267/3Eoz) for Q3 2025 was 2% higher than Q3 2024. Adjusted EBITDA of

US$11 million (R202 million) for the US PGM recycling operation includes S45X credits of US$8 million (R148 million) for Q3 2025.

For Q3 2025, Reldan processed 4.3 million lb (5.6 million lb for Q3 2024) of mixed scrap and sold35.2 koz gold (Q3 2024: 31.0 koz), 433.8 koz

silver (Q3 2024: 433.0 koz), 5.3 koz platinum (Q3 2024:4.7 koz), 5.7 koz palladium (Q3 2024: 6.6 koz), and 0.8 million lb copper (Q3 2024: 0.8

million lbs). The variance between quarters reflects a strategic decision to recycle less post-consumer electronics recycling, which are

high volume but low margin sources, to focus on higher-margin industrial segment sources and other high margin materials. This resulted in

a 13% year-on-year growth in the higher-margin industrial segment and an 80% surge in post-consumer jewellery volumes. Revenues rose

51% on a weighted metal ounce sold basis, while tight control of non-metal costs further supported the 87% increase year-on-year in

adjusted EBITDA for Q3 2025 to US$15 million (R273 million) and 41% increase in adjusted EBITDA for Q3-on-Q2.

The acquisition of Metallix was successfully concluded on 4 September 2025 for an equity cash purchase consideration of US$78 million

(total purchase consideration of US$129 million on a debt-free basis). No financial information has been included from Metallix for Q3 2025

as management is in the process of assessing the purchase price allocation and incorporating Metallix into its reporting processes.

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 20256

**European (EU) region**

**Sandouville nickel refinery**

At the Sandouville facility in France, selected downstream process areas remained operational to facilitate nickel recovery from diluted

solutions generated during the ramp-down. A voluntary redundancy plan for 90 employees has been agreed with the unions and

approved by the French authorities. Negotiations for further headcount reductions are ongoing.

An adjusted EBITDA loss of US$7 million (R126 million) was incurred for Q3 2025. The Sandouville refinery is being placed on care and

maintenance (C&M), which is scheduled for completion by the end of 2025. Financial losses are forecast to reduce significantly in 2026.

The GalliCam project prefeasibility study is progressing, with completion now forecast for the end of 2026. GalliCam prefeasibility costs of

US$3 million (R49 million) were expensed in Q3 2025 against a forecast of US$11 million (R207 million) for 2025.

**Keliber lithium project**

The Keliber lithium project continued with final construction activities during Q3 2025. These activities included process electrification, as

well as the installation of instrumentation and information and communications technology (ICT) systems. Final equipment installation

works and the construction of the tailings storage facility also progressed at the concentrator site.

Capital expenditure for Q3 2025 (including capitalised interest and other capitalised expenditure outside the project's initial forecast

scope, such as exploration), of €75 million (R1.5 billion), was consistent with annual guidance of €300 million(R5.9 billion)\* for 2025. The

project capital expenditure for the construction phase of the project at the end of Q3 2025 is €645 million (R13.1 billion) (excluding

capitalised interest and exploration) which remains within the total revised capital forecast of €783 million (R15.9 billion) (2024 real terms,

excluding capitalised interest and exploration).

The Keliber lithium project is an advanced stage, fully integrated lithium hydroxide project in the EU region and has been designated a

"Strategic Project" in terms of the EU Critical Raw Materials Act (CRMA). The construction phase of the Keliber lithium project (mine site,

concentrator and refinery) is scheduled for completion in H1 2026, with the second phase comprising the hot commissioning of the

concentrator and refinery and the commencement of the production build up.

As guided in August 2025 in the H1 2025 results the lithium market has been in surplus since H1 2023, dampening lithium prices and resulting

in downward revisions to medium term lithium market fundamentals. As a result, we are currently assessing various scenarios to ensure a

responsible start up of the project considering market fundamentals.

\* The guidance has been translated where relevant at an average exchange rate of R19.80/€

**Australian region**

**Century zinc retreatment operation**

The Century operation delivered another solid, consistent operational performance for Q3 2025 and year to date.

Century operation produced 24 kilotonnes (kt) of payable zinc for Q3 2025, 10% lower than for Q3 2024 as production was impacted by

the planned five day annual plant maintenance shutdown, which had previously been conducted in Q4 2024.

Sales of payable zinc for Q3 2025 of 17kt were 16% lower than for Q3 2024, primarily due to the timing of shipments (Q3 2024: 20kt). AISC

for Q3 2025 of US$2,015/tZn (R35,539/tZn) increased by 11% compared to Q3 2024 of US$1,809/tZn (R32,559/tZn), primarily due to lower

payable zinc production. Sustaining capital for Q3 2025 was US$1 million (R11 million) due to completion of a number of projects during

the annual maintenance shutdown.

The decrease in payable zinc sales due to the plant maintenance and timing of shipments, together with the 13% lower zinc concentrate

price year-on-year, resulted in a12% decreasein adjusted EBITDA to US$28 million (R486 million) for Q3 2025.

The strong operational and financial performance year-to-date, coupled with continued favourable A$ zinc prices, low treatment

charges, and shipments scheduled to reduce inventory levels by year end supports a positive final quarter outlook for the Century

operation.

Options to leverage the existing infrastructure (processing plant, pipeline, and port facilities) and extend the life of the assets beyond the

current zinc retreatment operations continue to be actively explored. This includes opportunities to potentially utilise the Century

infrastructure to access the extensive, largely undeveloped phosphate resources in the region.

**Mt Lyell copper project**

The Mt Lyell feasibility study (AACE Class 2 Estimate) is progressing well and is expected to be completed during Q4 2025.

**OPERATING GUIDANCE FOR 2025\***

Annual operating guidance is unchanged with all operations anticipated to meet guidance for 2025 as in the table below. The US PGM

operations are expected to be at, or exceed, the upper end of the production range and the lower end of the AISC range.

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 20257

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2025 Annual guidance** | **2025 Annual guidance** | **Production**  | **All-in sustaining cost** | **Total capital**  |
| **US region** | **US PGM operations** <br>(2E mined)<br>| 255 - 270 koz | US$1,420 - 1,460/2E oz1<br>Incl. S45X credit: US$1,320 – 1,360/2E oz<br>| US$100m - US$110m<br>(R1.8bn – R2bn)<sup>2</sup><br>|
| **US region** | **US PGM recycling** <br>(3E)<br>| 300 - 350 koz | n/a | US$1.5m (R27m)² |
| **US region** | **Reldan recycling** <br>(e-waste and industrial waste)<br>| Gold 120 - 130 koz<br>Silver 2 - 2.3 moz<br>3E PGM 35 - 40 koz<br>Copper 3.0 - 3.2 mlbs<br>| n/a | US$2.8m (R51m)² |
| **SA region** | **SA PGM operations**<br>(4E PGMs)<br>| 1.75 - 1.85 moz<sup>3,4</sup> | R23,500 - 24,500/4E oz <br>(US$1,288 -1,343/4E oz)²<br>| R6.5bn (US$356m)²<br>(incl. R1.4bn (US$78m) <br>for project capital)<br>|
| **SA region** | **SA gold operations** <br>(excl. DRDGOLD)<br>| 15,000 - 16,000kg <br>(480 -514 koz)<br>| R1,450k - 1,550k/kg <br>(US$2,473 - 2,643/oz)²<br>| R3.5bn (US$192m)² |
| **EU region** | **Sandouville nickel refinery**<sup>5</sup> | n/a | n/a | GalliCam <br>study cost <br>€10m (R198m)²<br>|
| **EU region** | **Keliber lithium project** | n/a | n/a | €300m (R5.9bn)<sup>2</sup> |
| **AUS region** | **Century zinc operations** | 88.3k – 97.8k tonnes<br>(payable)<br>| A$3,400-3,700/t <br>(R39,678 - 43,179/t)² <br>(US$2,175 - 2,367/t)²<br>| A$8m <br>(US$5.7m/R93m)²<br>|
| **AUS region** | **Mount Lyell copper mine**<sup>6</sup><br>(under feasibility study)<br>| n/a | n/a | A$6m <br>(US$4.3/R70m)²<br>|

---

*Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events*

*\* As at 28 August 2025*

<sup>1.</sup>*US PGM AISC are impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$950/oz*

<sup>2.</sup>*Estimates are converted at an exchange rate of R18.24/US$, R19.80/€ and R11.67/A$* 

<sup>3.</sup>*SA PGM operations production guidance includes third party POC and 50% attributable production from Mimosa*

<sup>4.</sup>*SA PGM operations AISC excludes the purchase cost of third party POC and Mimosa costs and capital (equity accounted) and attributable production for both*

<sup>5.</sup>*The ramp down and preparation for care and maintenance will be complete by year end. The GalliCam prefeasibility study is being conducted to evaluate the* 

*viability of producing pCAM and is expected to be completed around the end of 2026. The GalliCam study cost excludes the care and maintenance costs of the* 

*refinery* 

<sup>6.</sup>*Mount Lyell was an operating copper mine which closed and is currently under care and maintenance. The feasibility study is expected to be completed during Q4* 

*2025*

**CLARIFICATION IN RESPECT OF THE REVISED EARNINGS PER SHARE AND HEADLINE EARNINGS PER SHARE FOR THE 6 MONTHS ENDED 30 JUNE**

**2024**

Sibanye-Stillwater wishes to clarify the revisions made to loss attributable to owners of Sibanye-Stillwater (loss), earnings per share (EPS) and

headline earnings per share (HEPS) for the six months ended 30 June 2024 (H1 2024), as disclosed in the Operating and Financial Results

released on the Stock Exchange News Service (SENS) on 21 February 2025.

During the six months period ended 31 December 2024, the loss, EPS and consequentially, the HEPS for H1 2024 were revised from that

previously reported in the Operating and Financial Results for H1 2024 and released on SENS on 12 September 2024. These revisions

resulted from additional information obtained within 12 months from the acquisition date in respect of the Reldan business combination, in

accordance with IFRS 3, Business Combinations.

The fair value gain relating to the metal borrowing liability assumed in the business combination was revised by R137 million, due to

changes in the acquisition value of this liability. Gain/loss on financial instruments for H1 2024 changed from R1,359 million (as reported on

12 September 2024) to R1,496 million (as reported on 21 February 2025). This change was also detailed in note 10.1 to the condensed

consolidated financial statements for the year ended 31 December 2024.

Accordingly, the loss and EPS for H1 2024 were revised from R7,472 million to R7,335 million, and 264 cents per share (loss) to 259 cents per

share (loss), respectively. Consequently, the HEPS for H1 2024 were also revised from 5 cents per share to 10 cents per share.

For more information, refer to the announcement on 21 February 2025 available on the website 2024 results page or at the direct

download link 2024 year-end results book.

**RICHARD STEWART** 

**CHIEF EXECUTIVE OFFICER**

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 20258

**SALIENT FEATURES AND COST BENCHMARKS – QUARTERS**

**US and SA PGM operations**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | **Total SA PGM operations**<sup>2</sup> | **Total SA PGM operations**<sup>2</sup> | **Total SA PGM operations**<sup>2</sup> | **Rustenburg including** <br>**Kroondal**<sup>10</sup> | **Rustenburg including** <br>**Kroondal**<sup>10</sup> | **Marikana**<sup>2</sup> | **Marikana**<sup>2</sup> | | |
| | | | **US PGM** <br>**operations**<br>Under-<br>ground<sup>1</sup><br>| **Total** | **Under-**<br>**ground**<br>| **Surface** | Under-<br>ground<br>| Surface | Under-<br>ground<br>| Surface | **Plat Mile**<br>Surface | **Mimosa**<br>Attribu-<br>table<br>|
| **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** |
| Tonnes milled/treated | kt | **Sep 2025** | **198** | **10343** | **5283** | **5061** | **3152** | **1407** | **1760** | **960** | **2694** | **370** |
|  |  | Jun 2025 | 181 | 9101 | 4612 | 4490 | 2711 | 1322 | 1525 | 841 | 2327 | 375 |
|  |  | Sep 2024 | 313 | 9750 | 4879 | 4871 | 2831 | 1337 | 1674 | 1043 | 2490 | 375 |
| Plant head grade | g/t | **Sep 2025** | **12.73** | **2.12** | **3.23** | **0.96** | **2.97** | **1.15** | **3.67** | **1.36** | **0.72** | **3.39** |
|  |  | Jun 2025 | 12.73 | 2.08 | 3.21 | 0.92 | 2.90 | 1.07 | 3.72 | 1.24 | 0.71 | 3.39 |
|  |  | Sep 2024 | 12.47 | 2.07 | 3.24 | 0.90 | 2.90 | 1.03 | 3.78 | 1.07 | 0.76 | 3.39 |
| Plant recoveries | % | **Sep 2025** | **90.61** | **70.05** | **84.73** | **18.60** | **84.77** | **22.55** | **86.68** | **20.52** | **13.98** | **73.42** |
|  |  | Jun 2025 | 90.44 | 70.34 | 84.30 | 20.27 | 84.26 | 28.98 | 86.29 | 19.71 | 13.43 | 75.28 |
|  |  | Sep 2024 | 89.17 | 73.04 | 84.91 | 30.05 | 84.91 | 46.22 | 86.72 | 26.32 | 20.45 | 76.88 |
| Yield | g/t | **Sep 2025** | **11.53** | **1.49** | **2.74** | **0.18** | **2.52** | **0.26** | **3.18** | **0.28** | **0.10** | **2.49** |
|  |  | Jun 2025 | 11.51 | 1.46 | 2.71 | 0.19 | 2.44 | 0.31 | 3.21 | 0.24 | 0.10 | 2.55 |
|  |  | Sep 2024 | 11.12 | 1.51 | 2.75 | 0.27 | 2.46 | 0.48 | 3.28 | 0.28 | 0.16 | 2.61 |
| PGM production<sup>3</sup> | 4Eoz - 2Eoz | **Sep 2025** | **73171** | **493863** | **464803** | **29060** | **255126** | **11731** | **180031** | **8612** | **8717** | **29646** |
|  |  | Jun 2025 | 69133 | 428129 | 401210 | 26919 | 212980 | 13176 | 157434 | 6609 | 7134 | 30796 |
|  |  | Sep 2024 | 111976 | 473938 | 431584 | 42354 | 223770 | 20465 | 176406 | 9448 | 12441 | 31408 |
| PGM sold<sup>4</sup> | 4Eoz - 2Eoz | **Sep 2025** | **78340** | **457197** |  |  | **195282** | **13760** | **200872** | **200872** | **8717** | **38566** |
|  |  | Jun 2025 | 75356 | 381761 |  |  | 165943 | 13383 | 175651 | 175651 | 7134 | 19650 |
|  |  | Sep 2024 | 99948 | 421351 |  |  | 183826 | 18741 | 176100 | 176100 | 12441 | 30243 |
| **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> | **Price and costs**<sup>5</sup> |
| Average PGM basket price<sup>6</sup> | R/4Eoz - R/2Eoz | **Sep 2025** | **20886** | **32438** |  |  | **32732** | **29629** | **32387** | **32387** | **29929** | **29172** |
|  |  | Jun 2025 | 18272 | 27240 |  |  | 27501 | 24748 | 27220 | 27220 | 25253 | 25152 |
|  |  | Sep 2024 | 17663 | 23909 |  |  | 24131 | 22382 | 23960 | 23960 | 22165 | 21937 |
|  | US$/4Eoz - US$/2Eoz | **Sep 2025** | **1184** | **1839** |  |  | **1856** | **1680** | **1836** | **1836** | **1697** | **1654** |
|  |  | Jun 2025 | 999 | 1489 |  |  | 1504 | 1353 | 1488 | 1488 | 1381 | 1375 |
|  |  | Sep 2024 | 983 | 1331 |  |  | 1344 | 1246 | 1334 | 1334 | 1234 | 1221 |
| Operating cost<sup>7,9</sup> | R/t | **Sep 2025** | **6706** | **1122** |  |  | **1942** | **197** | **1684** | **1684** | **77** | **1881** |
|  |  | Jun 2025 | 7653 | 1149 |  |  | 1984 | 269 | 1740 | 1740 | 75 | 1830 |
|  |  | Sep 2024 | 6232 | 1108 |  |  | 1923 | 277 | 1616 | 1616 | 75 | 1710 |
|  | US$/t | **Sep 2025** | **380** | **64** |  |  | **110** | **11** | **95** | **95** | **4** | **107** |
|  |  | Jun 2025 | 418 | 63 |  |  | 108 | 15 | 95 | 95 | 4 | 100 |
|  |  | Sep 2024 | 347 | 62 |  |  | 107 | 15 | 90 | 90 | 4 | 95 |
|  | R/4Eoz - R/2Eoz | **Sep 2025** | **18122** | **24094** |  |  | **23988** | **23613** | **24279** | **24279** | **23861** | **23511** |
|  |  | Jun 2025 | 20006 | 25233 |  |  | 25251 | 26943 | 25103 | 25103 | 24530 | 22308 |
|  |  | Sep 2024 | 17431 | 23481 |  |  | 24324 | 18080 | 23626 | 23626 | 15031 | 20409 |
|  | US$/4Eoz - US$/2Eoz | **Sep 2025** | **1027** | **1366** |  |  | **1360** | **1339** | **1376** | **1376** | **1353** | **1333** |
|  |  | Jun 2025 | 1094 | 1380 |  |  | 1381 | 1473 | 1373 | 1373 | 1341 | 1220 |
|  |  | Sep 2024 | 971 | 1307 |  |  | 1354 | 1007 | 1315 | 1315 | 837 | 1136 |
| All-in sustaining cost<sup>7,8,9</sup> | R/4Eoz - R/2Eoz | **Sep 2025** | **20555** | **22537** |  |  | **23241** | **23241** | **21697** | **21697** | **19961** | **23410** |
|  |  | Jun 2025 | 23375 | 23250 |  |  | 23568 | 23568 | 23122 | 23122 | 15980 | 23347 |
|  |  | Sep 2024 | 20771 | 21228 |  |  | 21238 | 21238 | 22265 | 22265 | 5546 | 20600 |
|  | US$/4Eoz - US$/2Eoz | **Sep 2025** | **1165** | **1278** |  |  | **1318** | **1318** | **1230** | **1230** | **1132** | **1327** |
|  |  | Jun 2025 | 1278 | 1271 |  |  | 1289 | 1289 | 1264 | 1264 | 874 | 1277 |
|  |  | Sep 2024 | 1157 | 1182 |  |  | 1183 | 1183 | 1240 | 1240 | 309 | 1147 |
| All-in cost<sup>7,8,9</sup> | R/4Eoz - R/2Eoz | **Sep 2025** | **21716** | **22869** |  |  | **23297** | **23297** | **22434** | **22434** | **19961** | **23410** |
|  |  | Jun 2025 | 24836 | 23668 |  |  | 23656 | 23656 | 24012 | 24012 | 15980 | 23347 |
|  |  | Sep 2024 | 21994 | 21610 |  |  | 21238 | 21238 | 23163 | 23163 | 5707 | 20600 |
|  | US$/4Eoz - US$/2Eoz | **Sep 2025** | **1231** | **1296** |  |  | **1321** | **1321** | **1272** | **1272** | **1132** | **1327** |
|  |  | Jun 2025 | 1358 | 1294 |  |  | 1293 | 1293 | 1313 | 1313 | 874 | 1277 |
|  |  | Sep 2024 | 1225 | 1203 |  |  | 1183 | 1183 | 1290 | 1290 | 318 | 1147 |
| **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> | **Capital expenditure**<sup>5</sup> |
| Ore reserve development | Rm | **Sep 2025** | **263** | **644** |  |  | **203** | **203** | **441** | **441** | **—** | **—** |
|  |  | Jun 2025 | 294 | 547 |  |  | 174 | 174 | 373 | 373 |  |  |
|  |  | Sep 2024 | 418 | 692 |  |  | 194 | 194 | 498 | 498 |  |  |
| Sustaining capital | Rm | **Sep 2025** | **57** | **656** |  |  | **367** | **367** | **278** | **278** | **11** | **75** |
|  |  | Jun 2025 | 75 | 649 |  |  | 288 | 288 | 356 | 356 | 5 | 76 |
|  |  | Sep 2024 | 102 | 521 |  |  | 318 | 318 | 198 | 198 | 5 | 129 |
| Project capital  | Rm | **Sep 2025** | **76** | **154** |  |  | **15** | **15** | **139** | **139** | **—** | **—** |
|  |  | Jun 2025 | 94 | 165 |  |  | 20 | 20 | 145 | 145 |  |  |
|  |  | Sep 2024 | 131 | 161 |  |  |  |  | 159 | 159 | 2 |  |
| Total capital expenditure | Rm | **Sep 2025** | **396** | **1454** |  |  | **585** | **585** | **858** | **858** | **11** | **75** |
|  |  | Jun 2025 | 463 | 1361 |  |  | 482 | 482 | 874 | 874 | 5 | 76 |
|  |  | Sep 2024 | 651 | 1374 |  |  | 512 | 512 | 855 | 855 | 7 | 129 |
|  | US$m | **Sep 2025** | **22** | **82** |  |  | **33** | **33** | **49** | **49** | **1** | **4** |
|  |  | Jun 2025 | 25 | 74 |  |  | 26 | 26 | 48 | 48 |  | 4 |
|  |  | Sep 2024 | 36 | 77 |  |  | 29 | 29 | 48 | 48 |  | 7 |

---

*Average exchange rate for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively*

*Figures may not add as they are rounded independently*

<sup>1</sup>*The US PGM operations' underground production is converted to metric tonnes and kilograms, and financial performance is translated into rand. In addition to the US PGM operations'*

*underground production, the operation treats recycling material which is excluded from the statistics shown above*

<sup>2</sup>*Total SA PGM operation and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC*

*and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters" and "Reconciliation of AISC and*

*AIC excluding third party PoC for Total SA PGM operations and Marikana – Quarters"*

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 20259

<sup>3</sup>*The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) and measured at the concentrator, and in*

*the US underground operations is principally platinum and palladium, referred to as 2E (2PGM)*

<sup>4</sup>*PGM sold includes the third party PoC ounces sold*

<sup>5</sup>*Total SA PGM operations' unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales*

<sup>6</sup>*The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment*

<sup>7</sup>*Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures* 

*of financial performance prepared in accordance with IFRS Accounting Standards. See "<u>[Non-IFRS measures](#i6dc9e3cb9baa4df69bec9a65a44819d3_183)</u>" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining*

*costs and All-in costs are considered pro-forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of* 

*Directors and is presented for illustration purposes only, and because of its nature, All-in sustaining costs and All-in costs should* not be considered as a representation of financial performance

<sup>8</sup>*All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to*

*normalise earnings. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"*

<sup>9</sup>*The US PGM operations' operating cost, AISC and AIC for the quarter ended 30 September 2024 was adjusted to include the Section 45X (S45X) Advance Manufacturing Production Credits.* 

*During the quarter ended 30 June 2025 the US PGM operations recognised R237 million (US$13 million)which relates to mining costs for the quarter ended 30 September 2024* 

<sup>10</sup>Rustenburg is now presented to include the underground production and costs for Kroondal for all metrics relating to the quarter ended 30 September 2024

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202510

**SALIENT FEATURES AND COST BENCHMARKS – QUARTERS** (continued)

**SA gold operations**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** |
|  |  |  | **Total SA gold** | **Total SA gold** | **Total SA gold** | **Driefontein** | **Driefontein** | **Kloof** | **Kloof** | **Beatrix** | **Beatrix** | **Cooke** | **DRDGOLD** |
|  |  |  | **Total** | **Under-**<br>**ground**<br>| **Surface** | Under-<br>ground<br>| Surface | Under-<br>ground<br>| Surface | Under-<br>ground<br>| Surface | Surface | Surface |
| **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** | **Production** |
| Tonnes milled/treated | kt | **Sep 2025** | **8408** | **864** | **7544** | **296** | **—** | **237** | **74** | **332** | **—** | **989** | **6481** |
|  |  | Jun 2025 | 8786 | 774 | 8012 | 282 |  | 189 | 130 | 303 | 1 | 1230 | 6651 |
|  |  | Sep 2024 | 8995 | 929 | 8066 | 308 | 4 | 289 | 337 | 332 | 16 | 1162 | 6547 |
| Yield | g/t | **Sep 2025** | **0.65** | **4.64** | **0.19** | **7.66** | **—** | **3.68** | **0.73** | **2.63** | **—** | **0.22** | **0.18** |
|  |  | Jun 2025 | 0.56 | 4.48 | 0.18 | 6.43 |  | 4.67 | 0.30 | 2.55 |  | 0.22 | 0.18 |
|  |  | Sep 2024 | 0.62 | 4.13 | 0.22 | 6.07 | 0.26 | 3.73 | 0.33 | 2.68 | 0.19 | 0.27 | 0.20 |
| Gold produced | kg | **Sep 2025** | **5472** | **4010** | **1462** | **2263** | **—** | **874** | **54** | **873** | **—** | **217** | **1191** |
|  |  | Jun 2025 | 4948 | 3469 | 1479 | 1814 |  | 884 | 39 | 771 |  | 267 | 1173 |
|  |  | Sep 2024 | 5582 | 3835 | 1747 | 1869 | 1 | 1079 | 112 | 887 | 3 | 312 | 1319 |
|  | oz | **Sep 2025** | **175929** | **128924** | **47004** | **72757** | **—** | **28100** | **1736** | **28068** | **—** | **6977** | **38292** |
|  |  | Jun 2025 | 159082 | 111531 | 47551 | 58321 |  | 28421 | 1254 | 24788 |  | 8584 | 37713 |
|  |  | Sep 2024 | 179465 | 123298 | 56167 | 60090 | 32 | 34691 | 3601 | 28518 | 96 | 10031 | 42407 |
| Gold sold | kg | **Sep 2025** | **5361** | **3911** | **1450** | **2258** | **—** | **831** | **30** | **822** | **—** | **262** | **1158** |
|  |  | Jun 2025 | 4811 | 3399 | 1412 | 1672 |  | 955 | 71 | 772 |  | 199 | 1142 |
|  |  | Sep 2024 | 5386 | 3654 | 1732 | 1732 | 1 | 1064 | 128 | 858 | 3 | 311 | 1289 |
|  | oz | **Sep 2025** | **172360** | **125742** | **46619** | **72596** | **—** | **26717** | **965** | **26428** | **—** | **8423** | **37231** |
|  |  | Jun 2025 | 154677 | 109280 | 45397 | 53756 |  | 30704 | 2283 | 24820 |  | 6398 | 36716 |
|  |  | Sep 2024 | 173164 | 117479 | 55685 | 55685 | 32 | 34208 | 4115 | 27585 | 96 | 9999 | 41442 |
| **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** | **Price and costs** |
| Gold price received | R/kg | **Sep 2025** | **1929491** |  |  | **1857396** | **1857396** | **1744483** | **1744483** | **1843066** | **1843066** | **1908397** | **1947323** |
|  |  | Jun 2025 | 1910621 |  |  | 1842703 | 1842703 | 1769981 | 1769981 | 1830311 | 1830311 | 1924623 | 1929072 |
|  |  | Sep 2024 | 1426290 |  |  | 1408540 | 1408540 | 1396812 | 1396812 | 1412311 | 1412311 | 1430868 | 1431342 |
|  | US$/oz | **Sep 2025** | **3402** |  |  | **3275** | **3275** | **3076** | **3076** | **3250** | **3250** | **3365** | **3434** |
|  |  | Jun 2025 | 3249 |  |  | 3134 | 3134 | 3010 | 3010 | 3113 | 3113 | 3273 | 3281 |
|  |  | Sep 2024 | 2470 |  |  | 2439 | 2439 | 2419 | 2419 | 2446 | 2446 | 2478 | 2479 |
| Operating cost<sup>1</sup> | R/t | **Sep 2025** | **757** | **5435** | **221** | **7055** | **—** | **6435** | **282** | **3276** | **—** | **450** | **186** |
|  |  | Jun 2025 | 685 | 5720 | 198 | 6691 |  | 7801 | 323 | 3514 |  | 325 | 172 |
|  |  | Sep 2024 | 691 | 4794 | 218 | 6047 |  | 5063 | 433 | 3397 | 387 | 348 | 184 |
|  | US$/t | **Sep 2025** | **43** | **308** | **13** | **400** | **—** | **365** | **16** | **186** | **—** | **26** | **11** |
|  |  | Jun 2025 | 37 | 313 | 11 | 366 |  | 427 | 18 | 192 |  | 18 | 9 |
|  |  | Sep 2024 | 38 | 267 | 12 | 337 |  | 282 | 24 | 189 | 22 | 19 | 10 |
|  | R/kg | **Sep 2025** | **1163743** | **1171571** | **1142271** | **921343** | **—** | **1747140** | **388889** | **1243986** | **—** | **2050691** | **1010915** |
|  |  | Jun 2025 | 1216047 | 1276737 | 1073698 | 1040243 |  | 1671946 | 1076923 | 1380026 |  | 1498127 | 976982 |
|  |  | Sep 2024 | 1113042 | 1161147 | 1007441 | 996790 |  | 1356812 | 1303571 | 1269448 | 2000000 | 1298077 | 912055 |
|  | US$/oz | **Sep 2025** | **2052** | **2066** | **2014** | **1625** | **—** | **3081** | **686** | **2193** | **—** | **3616** | **1782** |
|  |  | Jun 2025 | 2068 | 2171 | 1826 | 1769 |  | 2843 | 1831 | 2347 |  | 2548 | 1661 |
|  |  | Sep 2024 | 1928 | 2011 | 1745 | 1726 |  | 2350 | 2258 | 2198 | 3464 | 2248 | 1580 |
| All-in sustaining cost<sup>1,2</sup> | R/kg | **Sep 2025** | **1385189** |  |  | **1267936** | **1267936** | **2119628** | **2119628** | **1397810** | **1397810** | **1988550** | **1045769** |
|  |  | Jun 2025 | 1450218 |  |  | 1343301 | 1343301 | 1959064 | 1959064 | 1524611 | 1524611 | 1773869 | 1079685 |
|  |  | Sep 2024 | 1298923 |  |  | 1298327 | 1298327 | 1614094 | 1614094 | 1384437 | 1384437 | 1369775 | 931730 |
|  | US$/oz | **Sep 2025** | **2442** |  |  | **2236** | **2236** | **3737** | **3737** | **2465** | **2465** | **3506** | **1844** |
|  |  | Jun 2025 | 2466 |  |  | 2284 | 2284 | 3332 | 3332 | 2593 | 2593 | 3017 | 1836 |
|  |  | Sep 2024 | 2250 |  |  | 2248 | 2248 | 2795 | 2795 | 2398 | 2398 | 2372 | 1614 |
| All-in cost<sup>1,2</sup> | R/kg | **Sep 2025** | **1533483** |  |  | **1267936** | **1267936** | **2119628** | **2119628** | **1397810** | **1397810** | **1988550** | **1721071** |
|  |  | Jun 2025 | 1600707 |  |  | 1343301 | 1343301 | 1959064 | 1959064 | 1524611 | 1524611 | 1773869 | 1706655 |
|  |  | Sep 2024 | 1360750 |  |  | 1298327 | 1298327 | 1614094 | 1614094 | 1384437 | 1384437 | 1369775 | 1145849 |
|  | US$/oz | **Sep 2025** | **2704** |  |  | **2236** | **2236** | **3737** | **3737** | **2465** | **2465** | **3506** | **3035** |
|  |  | Jun 2025 | 2722 |  |  | 2284 | 2284 | 3332 | 3332 | 2593 | 2593 | 3017 | 2902 |
|  |  | Sep 2024 | 2357 |  |  | 2248 | 2248 | 2795 | 2795 | 2398 | 2398 | 2372 | 1984 |
| **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** | **Capital expenditure** |
| Ore reserve development | Rm | **Sep 2025** | **821** |  |  | **473** | **473** | **281** | **281** | **67** | **67** | **—** | **—** |
|  |  | Jun 2025 | 696 |  |  | 417 | 417 | 225 | 225 | 54 | 54 |  |  |
|  |  | Sep 2024 | 747 |  |  | 452 | 452 | 240 | 240 | 55 | 55 |  |  |
| Sustaining capital | Rm | **Sep 2025** | **253** |  |  | **112** | **112** | **64** | **64** | **26** | **26** | **—** | **51** |
|  |  | Jun 2025 | 313 |  |  | 99 | 99 | 61 | 61 | 32 | 32 |  | 121 |
|  |  | Sep 2024 | 220 |  |  | 106 | 106 | 60 | 60 | 16 | 16 |  | 38 |
| Project capital<sup>3</sup> | Rm | **Sep 2025** | **786** |  |  | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **782** |
|  |  | Jun 2025 | 716 |  |  |  |  |  |  |  |  |  | 716 |
|  |  | Sep 2024 | 309 |  |  |  |  |  |  |  |  |  | 276 |
| Total capital expenditure  | Rm | **Sep 2025** | **1860** |  |  | **585** | **585** | **345** | **345** | **93** | **93** | **—** | **833** |
|  |  | Jun 2025 | 1725 |  |  | 516 | 516 | 286 | 286 | 86 | 86 |  | 837 |
|  |  | Sep 2024 | 1276 |  |  | 558 | 558 | 300 | 300 | 71 | 71 |  | 314 |
|  | US$m | **Sep 2025** | **105** |  |  | **33** | **33** | **20** | **20** | **5** | **5** | **—** | **47** |
|  |  | Jun 2025 | 94 |  |  | 28 | 28 | 16 | 16 | 5 | 5 |  | 46 |
|  |  | Sep 2024 | 71 |  |  | 31 | 31 | 17 | 17 | 4 | 4 |  | 17 |

---

*Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively*

*Figures may not add as they are rounded independently*

<sup>1</sup>*Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial*

*performance prepared in accordance with IFRS. See "<u>[Non-IFRS measures](#i6dc9e3cb9baa4df69bec9a65a44819d3_183)</u>" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are*

*considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for*

*illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance*

<sup>2</sup>*All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to*

*normalise earnings. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see "All-in costs – Quarters"*

<sup>3</sup>*Project capital expenditure for the quarters ended 30 September 2025 and 30 September 2024 was R4 million (US$0 million) and R33 million (US$2 million) respectively, the majority of which*

*related to the Burnstone project (zero for the quarter ended June 2025)*

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202511

**SALIENT FEATURES AND COST BENCHMARKS – QUARTERS** (continued)

**Australian operations**

---

| | | | |
|:---|:---|:---|:---|
| **Century zinc retreatment operation** | **Century zinc retreatment operation** | **Century zinc retreatment operation** | **Century zinc retreatment operation** |
| **Production** | | | |
| Ore mined and processed | kt | **Sep 2025** | **2063** |
|  |  | Jun 2025 | 2114 |
|  |  | Sep 2024 | 2207 |
| Zinc ore grade processed | % | **Sep 2025** | **2.87** |
|  |  | Jun 2025 | 2.91 |
|  |  | Sep 2024 | 3.01 |
| Plant recoveries | % | **Sep 2025** | **49.97** |
|  |  | Jun 2025 | 51.77 |
|  |  | Sep 2024 | 50.07 |
| Concentrate produced<sup>1</sup> | kt | **Sep 2025** | **64** |
|  |  | Jun 2025 | 68 |
|  |  | Sep 2024 | 74 |
| Concentrate zinc grade<sup>2</sup> | % | **Sep 2025** | **46.11** |
|  |  | Jun 2025 | 47.00 |
|  |  | Sep 2024 | 44.69 |
| Zinc in concentrate produced<sup>3</sup> | kt | **Sep 2025** | **30** |
|  |  | Jun 2025 | 32 |
|  |  | Sep 2024 | 33 |
| Payable zinc production<sup>4</sup> | kt | **Sep 2025** | **24** |
|  |  | Jun 2025 | 26 |
|  |  | Sep 2024 | 27 |
| Payable zinc sales<sup>5</sup> | kt | **Sep 2025** | **17** |
|  |  | Jun 2025 | 36 |
|  |  | Sep 2024 | 20 |
| **Price and costs** |  |  |  |
| Average equivalent zinc concentrate price<sup>6</sup> | R/tZn | **Sep 2025** | **47562** |
|  |  | Jun 2025 | 47276 |
|  |  | Sep 2024 | 55553 |
|  | US$/tZn | **Sep 2025** | **2696** |
|  |  | Jun 2025 | 2585 |
|  |  | Sep 2024 | 3093 |
| All-in sustaining cost<sup>7,8</sup> | R/tZn | **Sep 2025** | **35539** |
|  |  | Jun 2025 | 32679 |
|  |  | Sep 2024 | 32486 |
|  | US$/tZn | **Sep 2025** | **2015** |
|  |  | Jun 2025 | 1787 |
|  |  | Sep 2024 | 1809 |
| All-in cost<sup>7,8</sup> | R/tZn | **Sep 2025** | **36560** |
|  |  | Jun 2025 | 32943 |
|  |  | Sep 2024 | 32559 |
|  | US$/tZn | **Sep 2025** | **2073** |
|  |  | Jun 2025 | 1801 |
|  |  | Sep 2024 | 1813 |
| **Capital expenditure** |  |  |  |
| Sustaining capital | Rm | **Sep 2025** | **11** |
|  |  | Jun 2025 | 8 |
|  |  | Sep 2024 | 30 |
| Project capital | Rm | **Sep 2025** | **25** |
|  |  | Jun 2025 | 7 |
|  |  | Sep 2024 |  |
| Total capital expenditure | Rm | **Sep 2025** | **36** |
|  |  | Jun 2025 | 15 |
|  |  | Sep 2024 | 30 |
|  | US$m | **Sep 2025** | **2** |
|  |  | Jun 2025 | 1 |
|  |  | Sep 2024 | 2 |

---

*Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively*

*Figures may not add as they are rounded independently*

<sup>1</sup>*Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product*

<sup>2</sup>*Concentrate zinc grade is the percentage of zinc contained in the concentrate produced*

<sup>3</sup>*Zinc in concentrate produced is the zinc metal contained in the concentrate produced*

<sup>4</sup>*Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions*

<sup>5</sup>*Payable zinc sales is the payable quantity of zinc metal sold after applying smelter content deductions*

<sup>6</sup>*Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc*

*sales*

<sup>7</sup>*All-in sustaining costs and all-in costs are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial performance prepared in*

*accordance with IFRS. See <u>["Non-IFRS measures](#i6dc9e3cb9baa4df69bec9a65a44819d3_183)</u>" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are considered pro forma performance*

*measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because*

*of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance*

<sup>8</sup>*All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to*

*normalise earnings. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"*

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202512

**ALL-IN COSTS – QUARTERS**

**US and SA PGM operations**

Figures are in rand millions unless otherwise stated

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **US PGM** <br>**operations**<sup>1</sup><br>| **Total SA** <br>**PGM** <br>**operations**<sup>2</sup><br>| **Rustenburg** <br>**including** <br>**Kroondal**<br>| **Marikana**<sup>2</sup> | **Plat Mile** | **Mimosa** | **Corporate** |
| Cost of sales, before amortisation and depreciation<sup>3</sup> |  | **Sep 2025** | **1259** | **10919** | **5435** | **5257** | **227** | **926** | **(926)** |
|  |  | Jun 2025 | (1406) | 10309 | 4711 | 5366 | 232 | 501 | (501) |
|  |  | Sep 2024 | 2033 | 10514 | 5442 | 4839 | 233 | 642 | (642) |
| Section 45X credit adjustment<sup>7</sup> |  | **Sep 2025** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
|  |  | Jun 2025 | 2654 |  | **—** | **—** | **—** | **—** | **—** |
|  |  | Sep 2024 | (237) |  | **—** | **—** | **—** | **—** | **—** |
| Royalties |  | **Sep 2025** | **—** | **267** | **229** | **38** | **—** | **51** | **(51)** |
|  |  | Jun 2025 |  | 53 | 49 | 4 |  | 23 | (23) |
|  |  | Sep 2024 |  | 37 | 10 | 27 |  | 36 | (36) |
| Carbon tax |  | **Sep 2025** | **—** | **1** | **—** | **1** | **—** | **—** | **—** |
|  |  | Jun 2025 |  | 1 |  | 1 |  |  |  |
|  |  | Sep 2024 |  |  |  |  |  |  |  |
| Community costs |  | **Sep 2025** | **—** | **67** | **21** | **46** | **—** | **—** | **—** |
|  |  | Jun 2025 |  | 69 | 20 | 49 |  |  |  |
|  |  | Sep 2024 |  | 53 | 34 | 20 |  |  |  |
| Inventory change |  | **Sep 2025** | **67** | **1220** | **1179** | **41** | **—** | **(229)** | **229** |
|  |  | Jun 2025 | 135 | 746 | 1311 | (565) |  | 186 | (186) |
|  |  | Sep 2024 | 156 | 984 | 702 | 282 |  | (1) | 1 |
| Share-based payments<sup>4</sup> |  | **Sep 2025** | **18** | **47** | **27** | **26** | **1** | **—** | **—** |
|  |  | Jun 2025 | 32 | 41 | 19 | 21 |  |  |  |
|  |  | Sep 2024 | 26 | 34 | 19 | 14 |  |  |  |
| Rehabilitation interest and amortisation<sup>5</sup> |  | **Sep 2025** | **8** | **47** | **37** | **10** | **—** | **2** | **(2)** |
|  |  | Jun 2025 | 9 | 48 | 37 | 11 |  | 2 | (2) |
|  |  | Sep 2024 | 11 | 20 | 21 | (1) |  | 2 | (2) |
| Leases |  | **Sep 2025** | **—** | **12** | **5** | **7** | **—** | **—** | **—** |
|  |  | Jun 2025 | 1 | 13 | 5 | 8 |  |  |  |
|  |  | Sep 2024 | 1 | 13 | 5 | 8 |  |  |  |
| Ore reserve development |  | **Sep 2025** | **263** | **644** | **203** | **441** | **—** | **—** | **—** |
|  |  | Jun 2025 | 294 | 547 | 174 | 373 |  |  |  |
|  |  | Sep 2024 | 418 | 692 | 194 | 498 |  |  |  |
| Sustaining capital expenditure |  | **Sep 2025** | **57** | **656** | **367** | **278** | **11** | **75** | **(75)** |
|  |  | Jun 2025 | 75 | 649 | 288 | 356 | 5 | 76 | (76) |
|  |  | Sep 2024 | 102 | 521 | 318 | 198 | 5 | 129 | (129) |
| Less: By-product credit |  | **Sep 2025** | **(168)** | **(2919)** | **(1301)** | **(1553)** | **(65)** | **(131)** | **131** |
|  |  | Jun 2025 | (178) | (2810) | (1284) | (1403) | (123) | (69) | 69 |
|  |  | Sep 2024 | (184) | (2965) | (1558) | (1238) | (169) | (161) | 161 |
| **Total All-in-sustaining costs**<sup>6</sup> |  | **Sep 2025** | **1504** | **10961** | **6202** | **4592** | **174** | **694** | **(694)** |
|  |  | Jun 2025 | 1616 | 9666 | 5330 | 4221 | 114 | 719 | (719) |
|  |  | Sep 2024 | 2326 | 9903 | 5187 | 4647 | 69 | 647 | (647) |
| Plus: Corporate cost, growth and capital expenditure |  | **Sep 2025** | **85** | **154** | **15** | **139** | **—** | **—** | **—** |
|  |  | Jun 2025 | 101 | 166 | 20 | 146 |  |  |  |
|  |  | Sep 2024 | 137 | 169 |  | 167 | 2 |  |  |
| **Total All-in-costs**<sup>6</sup> |  | **Sep 2025** | **1589** | **11115** | **6217** | **4731** | **174** | **694** | **(694)** |
|  |  | Jun 2025 | 1717 | 9832 | 5350 | 4367 | 114 | 719 | (719) |
|  |  | Sep 2024 | 2463 | 10072 | 5187 | 4814 | 71 | 647 | (647) |
| **PGM production** | 4Eoz - 2Eoz | **Sep 2025** | **73171** | **511052** | **266857** | **205832** | **8717** | **29646** | **—** |
|  |  | Jun 2025 | 69133 | 446170 | 226156 | 182084 | 7134 | 30796 |  |
|  |  | Sep 2024 | 111976 | 499056 | 244235 | 210972 | 12441 | 31408 |  |
|  | kg | **Sep 2025** | **2276** | **15895** | **8300** | **6402** | **271** | **922** | **—** |
|  |  | Jun 2025 | 2150 | 13877 | 7034 | 5663 | 222 | 958 |  |
|  |  | Sep 2024 | 3483 | 15522 | 7597 | 6562 | 387 | 977 |  |
| **All-in-sustaining cost**<sup>6</sup> | R/4Eoz - R/2Eoz | **Sep 2025** | **20555** | **22769** | **23241** | **22309** | **19961** | **23410** | **—** |
|  |  | Jun 2025 | 23375 | 23271 | 23568 | 23182 | 15980 | 23347 |  |
|  |  | Sep 2024 | 20771 | 21176 | 21238 | 22027 | 5546 | 20600 |  |
|  | US$/4Eoz - US$/2Eoz | **Sep 2025** | **1165** | **1291** | **1318** | **1265** | **1132** | **1327** | **—** |
|  |  | Jun 2025 | 1278 | 1272 | 1289 | 1267 | 874 | 1277 |  |
|  |  | Sep 2024 | 1157 | 1179 | 1183 | 1226 | 309 | 1147 |  |
| **All-in-cost**<sup>6</sup> | R/4Eoz - R/2Eoz | **Sep 2025** | **21716** | **23089** | **23297** | **22985** | **19961** | **23410** | **—** |
|  |  | Jun 2025 | 24836 | 23670 | 23656 | 23983 | 15980 | 23347 |  |
|  |  | Sep 2024 | 21994 | 21538 | 21238 | 22818 | 5707 | 20600 |  |
|  | US$/4Eoz - US$/2Eoz | **Sep 2025** | **1231** | **1309** | **1321** | **1303** | **1132** | **1327** | **—** |
|  |  | Jun 2025 | 1358 | 1294 | 1293 | 1311 | 874 | 1277 |  |
|  |  | Sep 2024 | 1225 | 1199 | 1183 | 1271 | 318 | 1147 |  |

---

*Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively*

*Figures may not add as they are rounded independently*

<sup>1</sup>*The US PGM operations' underground production is converted to metric tonnes and kilograms, and financial performance is translated into SA rand. In addition to the US PGM operations'* 

*underground production, the operation processes various recycling material, which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown. The US Reldan* 

*operations cost and performance are also excluded from the above table*

<sup>2</sup>*Total SA PGM operations and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC*

*and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters" and "Reconciliation of AISC and*

*AIC excluding third party PoC for Total SA PGM operations and Marikana – Quarters"*

<sup>3</sup>*Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs*

<sup>4</sup>*Share-based payments are calculated based on the fair value at grant date and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair*

*value*

<sup>5</sup>*Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related*

*to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production*

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202513

<sup>6</sup>*All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to*

*normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and*

*major capital expenditure associated with growth. All-in sustaining cost per ounce and All-in cost per ounce are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a*

*period by the total 4E/2E PGM produced (excluding Mimosa) in the same period* 

<sup>7</sup>*The Inflation Reduction Act Section 45X Advanced Manufacturing Production Credit provides credits to the US PGM operations equal to 10% of production costs incurred for critical minerals* 

*produced and sold after December 31, 2022. During the quarter ended 30 June 2025 the US PGM operations recognised R237 million (US$13 million) which relates to mining costs for the quarter* 

*ended 30 September 2024. Although the amount was recognised as a credit against the 30 June 2025 cost of sales, management believes that the cost of sales for the period ended 30 June* 

*2025 should be adjusted with the 2023 and 2024 credits against the period when the mining costs were accrued. It is expected that, because the required certification requirements were* 

*addressed in June 2025, the recognition of the credits will now match the related mining cost accruals. Accordingly, total All-in-sustaining costs and total All-in-costs were adjusted to reflect the* 

*appropriate amounts which relates to the periods presented above*

**ALL-IN COSTS – QUARTERS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters** |
|  |  | **Total SA PGM operations** | **Total SA PGM operations** | **Total SA PGM operations** | **Marikana** | **Marikana** | **Marikana** |
|  | Rm | **Sep 2025** | **Jun 2025** | **Sep 2024** | **Sep 2025** | **Jun 2025** | **Sep 2024** |
| Cost of sales, before amortisation and depreciation as reported per table above |  | 10919 | 10309 | 10514 | 5257 | 5366 | 4839 |
| Inventory change as reported per table above |  | 1220 | 746 | 984 | 41 | (565) | 282 |
| Less: Chrome cost of sales |  | (306) | (464) | (498) | (70) | (118) | (121) |
| **Total operating cost including third party PoC** |  | **11833** | **10591** | **11000** | **5228** | **4683** | **5000** |
| Less: Purchase cost of PoC |  | (648) | (565) | (609) | (648) | (565) | (609) |
| **Total operating cost excluding third party PoC** |  | **11185** | **10026** | **10391** | **4580** | **4118** | **4391** |
| PGM production as reported per table above | 4Eoz- 2Eoz | 511052 | 446170 | 499056 | 205832 | 182084 | 210972 |
| Less: Mimosa production  |  | (29646) | (30796) | (31408) |  |  |  |
| **PGM production excluding Mimosa** |  | **481406** | **415374** | **467648** | **205832** | **182084** | **210972** |
| Less: PoC production |  | (17189) | (18041) | (25118) | (17189) | (18041) | (25118) |
| **PGM production excluding Mimosa and third party PoC** |  | **464217** | **397333** | **442530** | **188643** | **164043** | **185854** |
| **PGM production including Mimosa and excluding third party PoC** |  | **493863** | **428129** | **473938** | **188643** | **164043** | **185854** |
| Tonnes milled/treated | kt | 10343 | 9101 | 9750 | 2720 | 2366 | 2717 |
| Less: Mimosa tonnes |  | (370) | (375) | (375) |  |  |  |
| **PGM tonnes excluding Mimosa and third party PoC** |  | **9973** | **8726** | **9375** | **2720** | **2366** | **2717** |
| **Operating cost including third party PoC** | R/4Eoz-R/2Eoz | **24580** | 25498 | 23522 | **25399** | 25719 | 23700 |
|  | US$/4Eoz-US$/2Eoz | **1393** | 1394 | 1310 | **1440** | 1406 | 1320 |
|  | R/t | **1187** | 1214 | 1173 | **1922** | 1979 | 1840 |
|  | US$/t | **67** | 66 | 65 | **109** | 108 | 102 |
| **Operating cost excluding third party PoC** | R/4Eoz-R/2Eoz | **24094** | 25233 | 23481 | **24279** | 25103 | 23626 |
|  | US$/4Eoz-US$/2Eoz | **1366** | 1380 | 1307 | **1376** | 1373 | 1315 |
|  | R/t | **1122** | 1149 | 1108 | **1684** | 1740 | 1616 |
|  | US$/t | **64** | 63 | 62 | **95** | 95 | 90 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters** | **Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters** |
|  |  | **Total SA PGM operations** | **Total SA PGM operations** | **Total SA PGM operations** | **Marikana** | **Marikana** | **Marikana** |
|  | Rm | **Sep 2025** | **Jun 2025** | **Sep 2024** | **Sep 2025** | **Jun 2025** | **Sep 2024** |
| Total All-in-sustaining cost as reported per table above |  | 10961 | 9666 | 9903 | 4592 | 4221 | 4647 |
| Less: Purchase cost of PoC |  | (648) | (565) | (609) | (648) | (565) | (609) |
| Add: By-product credit of PoC |  | 149 | 137 | 100 | 149 | 137 | 100 |
| **Total All-in-sustaining cost excluding third party PoC** |  | **10462** | **9238** | **9394** | **4093** | **3793** | **4138** |
| Plus: Corporate cost, growth and capital expenditure |  | 154 | 166 | 169 | 139 | 146 | 167 |
| **Total All-in-cost excluding third party PoC** |  | **10616** | **9404** | **9563** | **4232** | **3939** | **4305** |
| **PGM production excluding Mimosa and third party PoC** | 4Eoz- 2Eoz | **464217** | **397333** | **442530** | **188643** | **164043** | **185854** |
| **All-in-sustaining cost excluding third party PoC** | R/4Eoz-R/2Eoz | **22537** | 23250 | 21228 | **21697** | 23122 | 22265 |
|  | US$/4Eoz-US$/2Eoz | **1278** | 1271 | 1182 | **1230** | 1264 | 1240 |
| **All-in-cost excluding third party PoC** | R/4Eoz-R/2Eoz | **22869** | 23668 | 21610 | **22434** | 24012 | 23163 |
|  | US$/4Eoz-US$/2Eoz | **1296** | 1294 | 1203 | **1272** | 1313 | 1290 |

---

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202514

**ALL-IN COSTS – QUARTERS** (continued)

**SA gold operations**

Figures are in rand millions unless otherwise stated

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** | **SA OPERATIONS** |
|  |  |  | **Total SA** <br>**gold**<br>| **Driefontein** | **Kloof** | **Beatrix** | **Cooke** | **DRDGOLD** | **Corporate** |
| Cost of sales, before amortisation and depreciation<sup>1</sup> |  | **Sep 2025** | **6218** | **2130** | **1454** | **992** | **489** | **1153** | **—** |
|  |  | Jun 2025 | 5900 | 1739 | 1700 | 1031 | 321 | 1109 |  |
|  |  | Sep 2024 | 5915 | 1675 | 1598 | 1080 | 404 | 1158 |  |
| Royalties |  | **Sep 2025** | **38** | **135** | **8** | **38** | **2** | **—** | **(145)** |
|  |  | Jun 2025 | (17) | (18) | 10 | 33 | 2 |  | (44) |
|  |  | Sep 2024 | 28 | 12 | 8 | 6 | 2 |  |  |
| Carbon tax |  | **Sep 2025** | **(4)** | **—** | **—** | **(4)** | **—** | **—** | **—** |
|  |  | Jun 2025 |  |  |  |  |  |  |  |
|  |  | Sep 2024 |  |  |  |  |  |  |  |
| Community costs |  | **Sep 2025** | **7** | **—** | **—** | **—** | **—** | **7** | **—** |
|  |  | Jun 2025 | 4 |  |  |  |  | 4 |  |
|  |  | Sep 2024 | 2 |  |  |  |  | 2 |  |
| Share-based payments<sup>2</sup> |  | **Sep 2025** | **31** | **7** | **6** | **5** | **1** | **12** | **—** |
|  |  | Jun 2025 | 24 | 6 | 4 | 4 | 1 | 9 |  |
|  |  | Sep 2024 | 36 | 10 | 11 | 7 |  | 7 | 1 |
| Rehabilitation interest and amortisation<sup>3</sup> |  | **Sep 2025** | **59** | **6** | **10** | **22** | **29** | **(10)** | **2** |
|  |  | Jun 2025 | 58 | 5 | 10 | 21 | 29 | (9) | 2 |
|  |  | Sep 2024 | 49 | (1) | 6 | 26 | 20 | (4) | 2 |
| Leases |  | **Sep 2025** | **8** | **—** | **2** | **3** | **—** | **3** | **—** |
|  |  | Jun 2025 | 8 |  | 2 | 3 |  | 3 |  |
|  |  | Sep 2024 | 9 |  | 2 | 3 |  | 4 |  |
| Ore reserve development |  | **Sep 2025** | **821** | **473** | **281** | **67** | **—** | **—** | **—** |
|  |  | Jun 2025 | 696 | 417 | 225 | 54 |  |  |  |
|  |  | Sep 2024 | 747 | 452 | 240 | 55 |  |  |  |
| Sustaining capital expenditure |  | **Sep 2025** | **253** | **112** | **64** | **26** | **—** | **51** | **—** |
|  |  | Jun 2025 | 313 | 99 | 61 | 32 |  | 121 |  |
|  |  | Sep 2024 | 220 | 106 | 60 | 16 |  | 38 |  |
| Less: By-product credit |  | **Sep 2025** | **(5)** | **—** | **—** | **—** | **—** | **(5)** | **—** |
|  |  | Jun 2025 | (9) | (2) | (2) | (1) |  | (4) |  |
|  |  | Sep 2024 | (10) | (4) | (1) | (1) |  | (4) |  |
| **Total All-in-sustaining costs**<sup>4</sup> |  | **Sep 2025** | **7426** | **2863** | **1825** | **1149** | **521** | **1211** | **(143)** |
|  |  | Jun 2025 | 6977 | 2246 | 2010 | 1177 | 353 | 1233 | (42) |
|  |  | Sep 2024 | 6996 | 2250 | 1924 | 1192 | 426 | 1201 | 3 |
| Plus: Corporate cost, growth and capital expenditure |  | **Sep 2025** | **795** | **—** | **—** | **—** | **—** | **782** | **13** |
|  |  | Jun 2025 | 724 |  |  |  |  | 716 | 8 |
|  |  | Sep 2024 | 333 |  |  |  |  | 276 | 57 |
| **Total All-in-costs**<sup>4</sup> |  | **Sep 2025** | **8221** | **2863** | **1825** | **1149** | **521** | **1993** | **(130)** |
|  |  | Jun 2025 | 7701 | 2246 | 2010 | 1177 | 353 | 1949 | (34) |
|  |  | Sep 2024 | 7329 | 2250 | 1924 | 1192 | 426 | 1477 | 60 |
| **Gold sold** | kg | **Sep 2025** | **5361** | **2258** | **861** | **822** | **262** | **1158** | **—** |
|  |  | Jun 2025 | 4811 | 1672 | 1026 | 772 | 199 | 1142 |  |
|  |  | Sep 2024 | 5386 | 1733 | 1192 | 861 | 311 | 1289 |  |
|  | oz | **Sep 2025** | **172360** | **72596** | **27682** | **26428** | **8423** | **37231** | **—** |
|  |  | Jun 2025 | 154677 | 53756 | 32987 | 24820 | 6398 | 36716 |  |
|  |  | Sep 2024 | 173164 | 55717 | 38324 | 27682 | 9999 | 41442 |  |
| **All-in-sustaining cost**<sup>4</sup> | R/kg | **Sep 2025** | **1385189** | **1267936** | **2119628** | **1397810** | **1988550** | **1045769** | **—** |
|  |  | Jun 2025 | 1450218 | 1343301 | 1959064 | 1524611 | 1773869 | 1079685 |  |
|  |  | Sep 2024 | 1298923 | 1298327 | 1614094 | 1384437 | 1369775 | 931730 |  |
| All-in-sustaining cost | US$/oz | **Sep 2025** | **2442** | **2236** | **3737** | **2465** | **3506** | **1844** | **—** |
|  |  | Jun 2025 | 2466 | 2284 | 3332 | 2593 | 3017 | 1836 |  |
|  |  | Sep 2024 | 2250 | 2248 | 2795 | 2398 | 2372 | 1614 |  |
| **All-in-cost**<sup>4</sup> | R/kg | **Sep 2025** | **1533483** | **1267936** | **2119628** | **1397810** | **1988550** | **1721071** | **—** |
|  |  | Jun 2025 | 1600707 | 1343301 | 1959064 | 1524611 | 1773869 | 1706655 |  |
|  |  | Sep 2024 | 1360750 | 1298327 | 1614094 | 1384437 | 1369775 | 1145849 |  |
| All-in-cost | US$/oz | **Sep 2025** | **2704** | **2236** | **3737** | **2465** | **3506** | **3035** | **—** |
|  |  | Jun 2025 | 2722 | 2284 | 3332 | 2593 | 3017 | 2902 |  |
|  |  | Sep 2024 | 2357 | 2248 | 2795 | 2398 | 2372 | 1984 |  |

---

*Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively*

*Figures may not add as they are rounded independently*

<sup>1</sup>*Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs*

<sup>2</sup>*Share-based payments are calculated based on the fair value at grant date and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair*

*value*

<sup>3</sup>*Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related*

*to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production*

<sup>4</sup>*All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to*

*normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and*

*major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost*

*and All-in cost, respectively, in a period by the total gold sold over the same period*

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202515

**ALL-IN COSTS – QUARTERS** (continued)

**Australian operations**

Figures are in rand millions unless otherwise stated

---

| | | | |
|:---|:---|:---|:---|
| **Century zinc retreatment operation** | **Century zinc retreatment operation** | **Century zinc retreatment operation** | **Century zinc retreatment operation** |
| Cost of sales, before amortisation and depreciation<sup>1</sup> |  | **Sep 2025** | **392** |
|  |  | Jun 2025 | 1196 |
|  |  | Sep 2024 | 594 |
| Royalties |  | **Sep 2025** | **50** |
|  |  | Jun 2025 | 75 |
|  |  | Sep 2024 | 57 |
| Community costs |  | **Sep 2025** | **15** |
|  |  | Jun 2025 | 23 |
|  |  | Sep 2024 | 13 |
| Inventory change |  | **Sep 2025** | **425** |
|  |  | Jun 2025 | (374) |
|  |  | Sep 2024 | 201 |
| Share-based payments |  | **Sep 2025** | **5** |
|  |  | Jun 2025 | 6 |
|  |  | Sep 2024 | (2) |
| Rehabilitation interest and amortisation<sup>2</sup> |  | **Sep 2025** | **18** |
|  |  | Jun 2025 | 18 |
|  |  | Sep 2024 | 24 |
| Leases |  | **Sep 2025** | **24** |
|  |  | Jun 2025 | 26 |
|  |  | Sep 2024 | 26 |
| Sustaining capital expenditure |  | **Sep 2025** | **11** |
|  |  | Jun 2025 | 8 |
|  |  | Sep 2024 | 30 |
| Less: By-product credit |  | **Sep 2025** | **(70)** |
|  |  | Jun 2025 | (113) |
|  |  | Sep 2024 | (55) |
| **Total All-in-sustaining costs**<sup>3</sup> |  | **Sep 2025** | **870** |
|  |  | Jun 2025 | 865 |
|  |  | Sep 2024 | 888 |
| Plus: Corporate cost, growth and capital expenditure |  | **Sep 2025** | **25** |
|  |  | Jun 2025 | 7 |
|  |  | Sep 2024 | 2 |
| **Total All-in-costs**<sup>3</sup> |  | **Sep 2025** | **895** |
|  |  | Jun 2025 | 872 |
|  |  | Sep 2024 | 890 |
| **Payable zinc production** | kt | **Sep 2025** | **24** |
|  |  | Jun 2025 | 26 |
|  |  | Sep 2024 | 27 |
| **All-in-sustaining cost**<sup>3</sup> | R/tZn | **Sep 2025** | **35539** |
|  |  | Jun 2025 | 32679 |
|  |  | Sep 2024 | 32486 |
|  | US$/tZn | **Sep 2025** | **2015** |
|  |  | Jun 2025 | 1787 |
|  |  | Sep 2024 | 1809 |
| **All-in-cost**<sup>3</sup> | R/tZn | **Sep 2025** | **36560** |
|  |  | Jun 2025 | 32943 |
|  |  | Sep 2024 | 32559 |
|  | US$/tZn | **Sep 2025** | **2073** |
|  |  | Jun 2025 | 1801 |
|  |  | Sep 2024 | 1813 |

---

*Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively*

*Figures may not add as they are rounded independently*

<sup>1</sup>*Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs*

<sup>2</sup>*Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related*

*to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current zinc production*

<sup>3</sup>*All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to*

*normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and*

*major capital expenditure associated with growth. All-in sustaining cost per tonne and All-in cost per tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a*

*period by the total tonnes of payable zinc metal produced in the same period*

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202516

**UNIT OPERATING COST – QUARTERS**

**US and SA PGM operations**

Figures are in rand millions unless otherwise stated

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **US PGM** <br>**operations**<br>| **Total SA** <br>**PGM** <br>**operations**<sup>2,3</sup><br>| **Rustenburg including** <br>**Kroondal**<sup>3</sup> | **Rustenburg including** <br>**Kroondal**<sup>3</sup> | **Marikana**<sup>3</sup> | **Marikana**<sup>3</sup> | **Plat Mile**<sup>3</sup> | **Mimosa** |
|  |  |  | Under-<br>ground<sup>1</sup><br>| Total | Under-<br>ground<br>| Surface | Under-<br>ground<br>| Surface | Surface | Attribu-table |
| Cost of sales, before amortisation and <br>depreciation<br>|  | **Sep 2025** | **1259** | **10919** | **5077** | **358** | **5257** | **5257** | **227** | **926** |
|  |  | Jun 2025 | (1406) | 10309 | 4374 | 337 | 5366 | 5366 | 232 | 501 |
|  |  | Sep 2024 | 2033 | 10514 | 5081 | 361 | 4839 | 4839 | 233 | 642 |
| Section 45X credit adjustment<sup>6</sup> |  | **Sep 2025** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
|  |  | Jun 2025 | 2654 |  |  |  |  |  |  |  |
|  |  | Sep 2024 | (237) |  |  |  |  |  |  |  |
| Inventory change |  | **Sep 2025** | **67** | **1220** | **1260** | **(81)** | **41** | **41** | **—** | **(229)** |
|  |  | Jun 2025 | 135 | 746 | 1293 | 18 | (565) | (565) |  | 186 |
|  |  | Sep 2024 | 156 | 984 | 693 | 9 | 282 | 282 |  | (1) |
| Less: Chrome cost of sales |  | **Sep 2025** | **—** | **(306)** | **(217)** | **—** | **(70)** | **(70)** | **(19)** | **—** |
|  |  | Jun 2025 |  | (464) | (289) |  | (118) | (118) | (57) |  |
|  |  | Sep 2024 |  | (498) | (331) |  | (121) | (121) | (46) |  |
| Less: Purchase cost of PoC |  | **Sep 2025** | **—** | **(648)** | **—** | **—** | **(648)** | **(648)** | **—** | **—** |
|  |  | Jun 2025 |  | (565) |  |  | (565) | (565) |  |  |
|  |  | Sep 2024 |  | (609) |  |  | (609) | (609) |  |  |
| **Total operating cost excluding third party PoC** |  | **Sep 2025** | **1326** | **11185** | **6120** | **277** | **4580** | **4580** | **208** | **697** |
|  |  | Jun 2025 | 1383 | 10026 | 5378 | 355 | 4118 | 4118 | 175 | 687 |
|  |  | Sep 2024 | 1952 | 10391 | 5443 | 370 | 4391 | 4391 | 187 | 641 |
| **Tonnes milled/treated**  | kt | **Sep 2025** | **198** | **9973** | **3152** | **1407** | **1760** | **960** | **2694** | **370** |
|  |  | Jun 2025 | 181 | 8726 | 2711 | 1322 | 1525 | 841 | 2327 | 375 |
|  |  | Sep 2024 | 313 | 9375 | 2831 | 1337 | 1674 | 1043 | 2490 | 375 |
| **PGM production excluding third party PoC**<sup>4</sup> | 4Eoz | **Sep 2025** | **73171** | **464217** | **255126** | **11731** | **188643** | **188643** | **8717** | **29646** |
|  |  | Jun 2025 | 69133 | 397333 | 212980 | 13176 | 164043 | 164043 | 7134 | 30796 |
|  |  | Sep 2024 | 111976 | 442530 | 223770 | 20465 | 185854 | 185854 | 12441 | 31408 |
| **Operating cost**<sup>5</sup> | R/t | **Sep 2025** | **6706** | **1122** | **1942** | **197** | **1684** | **1684** | **77** | **1881** |
|  |  | Jun 2025 | 7653 | 1149 | 1984 | 269 | 1740 | 1740 | 75 | 1830 |
|  |  | Sep 2024 | 6232 | 1108 | 1923 | 277 | 1616 | 1616 | 75 | 1710 |
|  | US$/t | **Sep 2025** | **380** | **64** | **110** | **11** | **95** | **95** | **4** | **107** |
|  |  | Jun 2025 | 418 | 63 | 108 | 15 | 95 | 95 | 4 | 100 |
|  |  | Sep 2024 | 347 | 62 | 107 | 15 | 90 | 90 | 4 | 95 |
|  | R/4Eoz - R/2Eoz | **Sep 2025** | **18122** | **24094** | **23988** | **23613** | **24279** | **24279** | **23861** | **23511** |
|  |  | Jun 2025 | 20006 | 25233 | 25251 | 26943 | 25103 | 25103 | 24530 | 22308 |
|  |  | Sep 2024 | 17431 | 23481 | 24324 | 18080 | 23626 | 23626 | 15031 | 20409 |
|  | US$/4Eoz -<br> US$/2Eoz<br>| **Sep 2025** | **1027** | **1366** | **1360** | **1339** | **1376** | **1376** | **1353** | **1333** |
|  |  | Jun 2025 | 1094 | 1380 | 1381 | 1473 | 1373 | 1373 | 1341 | 1220 |
|  |  | Sep 2024 | 971 | 1307 | 1354 | 1007 | 1315 | 1315 | 837 | 1136 |

---

*Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively*

*Figures may not add as they are rounded independently*

<sup>1</sup>*The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations'*

*underground production, the operation treats various recycling material which is excluded from the statistics shown above. The US Reldan operations cost and performance are also excluded*

*from the above table*

<sup>2</sup>*Total SA PGM operations exclude the results of Mimosa (financial and production results), which is equity accounted*

<sup>3</sup>*Cost of sales, before amortisation and depreciation for Total SA PGM operations, Rustenburg (including Kroondal), Marikana and Platinum Mile includes the Chrome cost of sales which is* 

*excluded for operating unit cost calculation purposes as Chrome production is excluded from the concentrate production*

<sup>4</sup>*For a reconciliation of the production excluding Mimosa and third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana -*

*Quarters"*

<sup>5</sup>*Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation, adjusted for change in* 

*inventory, less chrome- and PoC cost of sales in a period by the tonnes milled/treated in the same period, and operating cost per ounce is calculated by dividing the cost of sales, before*

*amortisation and depreciation, adjusted for change in inventory, less chrome- and PoC cost of sales in a period, by the PGM produced in the same period*

<sup>6</sup> *The US PGM operations' operating cost for the quarter ended 30 September 2024 were adjusted to include the Section 45X (S45X) Advance Manufacturing Production Credits. During the quarter*

*ended 30 June 2025 the US PGM operations recognised R237 million (US$13 million) which relates to mining costs for the quarter ended 30 September 2024*

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202517

**UNIT OPERATING COST – QUARTERS** (continued)

**SA gold operations**

Figures are in rand millions unless otherwise stated

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Total SA gold operations** | **Total SA gold operations** | **Total SA gold operations** | **Driefontein** | **Driefontein** | **Kloof** | **Kloof** | **Beatrix** | **Beatrix** | **Cooke** | **DRDGOLD** |
|  |  |  | Total | Under-<br>ground<br>| Surface | Under-<br>ground<br>| Surface | Under-<br>ground<br>| Surface | Under-<br>ground<br>| Surface | Surface | Surface |
| Cost of sales, before <br>amortisation and depreciation<br>|  | **Sep 2025** | **6218** | **4561** | **1657** | **2130** | **—** | **1439** | **15** | **992** | **—** | **489** | **1153** |
|  |  | Jun 2025 | 5900 | 4403 | 1497 | 1739 |  | 1633 | 67 | 1031 |  | 321 | 1109 |
|  |  | Sep 2024 | 5915 | 4201 | 1714 | 1675 |  | 1452 | 146 | 1074 | 6 | 404 | 1158 |
| Inventory change |  | **Sep 2025** | **150** | **137** | **13** | **(45)** | **—** | **88** | **6** | **94** | **—** | **(44)** | **51** |
|  |  | Jun 2025 | 117 | 26 | 91 | 148 |  | (155) | (25) | 33 |  | 79 | 37 |
|  |  | Sep 2024 | 298 | 252 | 46 | 188 |  | 12 |  | 52 |  | 1 | 45 |
| **Total operating cost** |  | **Sep 2025** | **6368** | **4698** | **1670** | **2085** | **—** | **1527** | **21** | **1086** | **—** | **445** | **1204** |
|  |  | Jun 2025 | 6017 | 4429 | 1588 | 1887 |  | 1478 | 42 | 1064 |  | 400 | 1146 |
|  |  | Sep 2024 | 6213 | 4453 | 1760 | 1863 |  | 1464 | 146 | 1126 | 6 | 405 | 1203 |
| **Tonnes milled/treated** | kt | **Sep 2025** | **8408** | **864** | **7544** | **296** | **—** | **237** | **74** | **332** | **—** | **989** | **6481** |
|  |  | Jun 2025 | 8786 | 774 | 8012 | 282 |  | 189 | 130 | 303 | 1 | 1230 | 6651 |
|  |  | Sep 2024 | 8995 | 929 | 8066 | 308 | 4 | 289 | 337 | 332 | 16 | 1162 | 6547 |
| **Gold produced** | kg | **Sep 2025** | **5472** | **4010** | **1462** | **2263** | **—** | **874** | **54** | **873** | **—** | **217** | **1191** |
|  |  | Jun 2025 | 4948 | 3469 | 1479 | 1814 |  | 884 | 39 | 771 |  | 267 | 1173 |
|  |  | Sep 2024 | 5582 | 3835 | 1747 | 1869 | 1 | 1079 | 112 | 887 | 3 | 312 | 1319 |
|  | oz | **Sep 2025** | **175929** | **128924** | **47004** | **72757** | **—** | **28100** | **1736** | **28068** | **—** | **6977** | **38292** |
|  |  | Jun 2025 | 159082 | 111531 | 47551 | 58321 |  | 28421 | 1254 | 24788 |  | 8584 | 37713 |
|  |  | Sep 2024 | 179465 | 123298 | 56167 | 60090 | 32 | 34691 | 3601 | 28518 | 96 | 10031 | 42407 |
| **Operating cost**<sup>1</sup> | R/t | **Sep 2025** | **757** | **5435** | **221** | **7055** | **—** | **6435** | **282** | **3276** | **—** | **450** | **186** |
|  |  | Jun 2025 | 685 | 5720 | 198 | 6691 |  | 7801 | 323 | 3514 |  | 325 | 172 |
|  |  | Sep 2024 | 691 | 4794 | 218 | 6047 |  | 5063 | 433 | 3397 | 387 | 348 | 184 |
|  | US$/t | **Sep 2025** | **43** | **308** | **13** | **400** | **—** | **365** | **16** | **186** | **—** | **26** | **11** |
|  |  | Jun 2025 | 37 | 313 | 11 | 366 |  | 427 | 18 | 192 |  | 18 | 9 |
|  |  | Sep 2024 | 38 | 267 | 12 | 337 |  | 282 | 24 | 189 | 22 | 19 | 10 |
|  | R/kg | **Sep 2025** | **1163743** | **1171571** | **1142271** | **921343** | **—** | **1747140** | **388889** | **1243986** | **—** | **2050691** | **1010915** |
|  |  | Jun 2025 | 1216047 | 1276737 | 1073698 | 1040243 |  | 1671946 | 1076923 | 1380026 |  | 1498127 | 976982 |
|  |  | Sep 2024 | 1113042 | 1161147 | 1007441 | 996790 |  | 1356812 | 1303571 | 1269448 | 2000000 | 1298077 | 912055 |
|  | US$/oz | **Sep 2025** | **2052** | **2066** | **2014** | **1625** | **—** | **3081** | **686** | **2193** | **—** | **3616** | **1782** |
|  |  | Jun 2025 | 2068 | 2171 | 1826 | 1769 |  | 2843 | 1831 | 2347 |  | 2548 | 1661 |
|  |  | Sep 2024 | 1928 | 2011 | 1745 | 1726 |  | 2350 | 2258 | 2198 | 3464 | 2248 | 1580 |

---

*Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively*

*Figures may not add as they are rounded independently*

<sup>1</sup> *Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a*

*period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and*

*change in inventory in a period by the gold produced in the same period*

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202518

**ADJUSTED EBITDA RECONCILIATION – QUARTERS**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Sep 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Jun 2025** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** | **Quarter ended 30 Sep 2024** |
| | **Group** | **Americas region** | **Americas region** | **Americas region** | **Americas region** | **Americas region** | **Southern** <br>**Africa (SA)** <br>**region** | **Southern** <br>**Africa (SA)** <br>**region** | **European (EU)** <br>**region** | **European (EU)** <br>**region** | **Australian (AUS)** <br>**region** | **Australian (AUS)** <br>**region** | **Group** | **Group** | **Americas region** | **Americas region** | **Americas region** | **Americas region** | **Americas region** | **Southern** <br>**Africa (SA)** <br>**region** | **Southern** <br>**Africa (SA)** <br>**region** | **European (EU)** <br>**region** | **European (EU)** <br>**region** | **Australian (AUS)** <br>**region** | **Australian (AUS)** <br>**region** | **Group** | **Group** | **Americas region** | **Americas region** | **Americas region** | | **Southern Africa** <br>**(SA) region** | **Southern Africa** <br>**(SA) region** | **European (EU)** <br>**region** | **European (EU)** <br>**region** | **Australian (AUS)** <br>**region** | **Australian (AUS)** <br>**region** | **Group** |
| Figures in million - SA rand | **Group** | **Total US** <br>**operations**<br>| **Total US** <br>**PGM**<br>| **US Under-** <br>**ground** <br>**PGM**<br>| **US Recy-** <br>**cling**<br>| **Reldan** <br>**operations**<br>| **SA** <br>**PGM**<br>| **SA gold** | **Total EU** | **Sandouville** <br>**nickel** <br>**refinery**<br>| **Total AUS** | **Century** <br>**zinc** <br>**retreatment** <br>**operation**<br>| **Corpo-**<br>**rate**<br>| **Group** | **Total US** <br>**operations**<br>| **Total US** <br>**PGM**<br>| **US Under-** <br>**ground** <br>**PGM**<br>| **US** <br>**Recy-** <br>**cling**<br>| **Reldan** <br>**operations**<br>| **SA** <br>**PGM**<br>| **SA gold** | **Total EU** | **Sandouville** <br>**nickel** <br>**refinery**<br>| **Total AUS** | **Century** <br>**zinc** <br>**retreatment** <br>**operation**<br>| **Corpo-**<br>**rate**<br>| **Group** | **Total US** <br>**operatio**<br>**ns**<br>| **Total US** <br>**PGM**<br>| **US Recy-** <br>**cling**<br>| **Reldan** <br>**operations**<br>| **SA PGM** | **SA gold** | **Total EU** | **Sandouville** <br>**nickel** <br>**refinery**<br>| **Total AUS** | **Century** <br>**zinc** <br>**retreatment** <br>**operation**<br>| **Corpo-**<br>**rate**<br>|
| Profit/(loss) before royalties, <br>carbon tax and tax<br>| **4994** | **18** | **8** | **(193)** | **201** | **10** | **3453** | **2052** | **(419)** | **(255)** | **365** | **399** | **(475)** | (2844) | 119 | (19) | (2325) | 2306 | 138 | 267 | 2189 | (5535) | (242) | 549 | 586 | (433) | 630 | (963) | (1017) | 97 | 54 | 781 | 564 | 190 | 249 | 478 | 512 | (420) |
| *Adjusted for:* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortisation and <br>depreciation<br>| **2592** | **398** | **348** | **347** | **1** | **50** | **1172** | **1019** | **3** | **—** | **—** | **—** | **—** | 2316 | 441 | 391 | 390 | 1 | 50 | 1024 | 848 | 4 | 1 |  |  | (1) | 2170 | 371 | 321 | 1 | 50 | 971 | 777 | 10 | 8 | 41 | 41 |  |
| Interest income | **(316)** | **(11)** | **(10)** | **(10)** | **—** | **(1)** | **(93)** | **(133)** | **(14)** | **—** | **(2)** | **(2)** | **(63)** | (464) | (53) | (49) | (49) |  | (4) | (215) | (164) |  |  | (2) | (2) | (30) | (295) | (59) | (55) |  | (4) | (104) | (122) | (10) |  |  |  |  |
| Finance expense | **1265** | **453** | **442** | **442** | **—** | **11** | **201** | **252** | **25** | **3** | **55** | **51** | **279** | 1366 | 472 | 458 | 458 |  | 14 | 246 | 285 | 24 | 3 | 46 | 43 | 293 | 1192 | 455 | 445 |  | 10 | 174 | 329 | 75 | 17 | 63 | 59 | 96 |
| Share-based payments | **728** | **158** | **147** | **147** | **—** | **11** | **268** | **177** | **94** | **16** | **26** | **26** | **5** | 483 | 99 | 94 | 94 |  | 5 | 186 | 119 | 61 | 12 | 15 | 15 | 3 | 65 | 20 | 20 |  |  | 14 | 34 | (1) | 1 | (2) | (2) |  |
| Loss/(gain) on financial <br>instruments<br>| **757** | **80** | **—** | **—** | **—** | **80** | **66** | **557** | **26** | **—** | **28** | **28** | **—** | (222) | (14) |  |  |  | (14) | 69 | (23) | (178) |  | (97) | (97) | 21 | (442) | 37 |  |  | 37 | (546) | 31 | 61 | 30 | (25) | (25) |  |
| Loss/(gain) on foreign <br>exchange movements<br>| **(11)** | **14** | **8** | **8** | **—** | **6** | **27** | **(54)** | **(18)** | **(20)** | **10** | **8** | **10** | (73) | 8 | 2 | 2 |  | 6 | 79 | (67) | (111) | (107) | 20 | 19 | (2) | 33 | 7 | 7 |  |  | 245 | (191) | (58) | (10) | 6 | 5 | 24 |
| Share of results of equity-<br>accounted investees after <br>tax<br>| **(251)** | **2** | **5** | **5** | **—** | **(3)** | **(157)** | **(103)** | **—** | **—** | **—** | **—** | **7** | 466 | 9 |  |  |  | 9 | 563 | (110) |  |  |  |  | 4 | (95) | 2 |  |  | 2 | 17 | (117) |  |  |  |  | 3 |
| Change in estimate of <br>environmental rehabilitation <br>obligation, and right of <br>recovery liability and asset<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | (98) |  |  |  |  |  |  | (98) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Loss/(gain) on disposal of <br>property, plant and <br>equipment<br>| **32** | **2** | **2** | **2** | **—** | **—** | **45** | **(15)** | **—** | **—** | **—** | **—** | **—** | (4) | 23 | 23 | 23 |  |  | (10) | (17) |  |  |  |  |  | (30) | 1 | 1 |  |  | (11) | (20) |  |  |  |  |  |
| Impairments/(reversal of <br>impairments)<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | 9666 | 4230 | 4230 | 4230 |  |  | 64 |  | 5372 | 28 |  |  |  | (1) |  |  |  |  |  |  |  |  | (1) | (1) |  |
| Occupational healthcare <br>expense<br>| **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | 3 |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Restructuring costs | **2** | **—** | **—** | **—** | **—** | **—** | **—** | **2** | **—** | **—** | **—** | **—** | **—** | 206 |  |  |  |  |  | 2 | 34 | 170 | 170 |  |  |  | 363 | 264 | 264 |  |  | 39 | 60 |  |  |  |  |  |
| Onerous contract provision | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | (53) |  |  |  |  |  |  |  | (53) | (53) |  |  |  | (493) |  |  |  |  |  |  | (493) | (493) |  |  |  |
| Lease payments | **(65)** | **(1)** | **—** | **—** | **—** | **(1)** | **(21)** | **(12)** | **(7)** | **(5)** | **(24)** | **(24)** | **—** | (69) | (2) | (1) | (1) |  | (1) | (24) | (10) | (7) | (5) | (26) | (27) |  | (56) | (1) | (1) |  |  | (14) | (9) | (6) | (5) | (26) | (26) |  |
| Other non-recurring costs | **145** | **(59)** | **(169)** | **(169)** | **—** | **110** | **—** | **(11)** | **113** | **135** | **—** | **—** | **102** | 285 | 125 | 125 | 125 |  |  |  | 9 | 64 | 64 | (58) | (58) | 145 | 271 | 5 | 5 |  |  | 18 | 11 | 51 | 51 | 2 | 2 | 184 |
| **Adjusted EBITDA** | **9872** | **1054** | **781** | **579** | **202** | **273** | **4961** | **3731** | **(197)** | **(126)** | **458** | **486** | **(135)** | 10964 | 5457 | 5254 | 2947 | 2307 | 203 | 2251 | 2998 | (189) | (129) | 447 | 479 |  | 3312 | 139 | (10) | 98 | 149 | 1584 | 1347 | (181) | (152) | 536 | 565 | (113) |

---

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202519

**Non-IFRS measures**

Sibanye-Stillwater presents certain non-IFRS figures to provide readers with additional financial information that is regularly reviewed by

management to assess the operational performance of the Group and is the responsibility of the Group's Board of Directors. These non-

IFRS measures should not be considered as alternatives to IFRS Accounting Standards measures, including cost of sales, net operating

profit, profit before taxation, cash from operating activities or any other measure of financial performance presented in accordance with

IFRS Accounting Standards, and may not be comparable to similarly titled measures of other companies.

The non-IFRS financial measures discussed in this document are listed below:

---

| | | | |
|:---|:---|:---|:---|
| Non-IFRS measure | Definition  | Purpose why these non-IFRS measures are <br>reported<br>| Reconciled <br>on page<br>|
| Adjusted EBITDA | Adjusted earnings before interest, tax, <br>depreciation and amortisation, and is reported <br>based on the formula included in Sibanye-<br>Stillwater's facility agreements for compliance <br>with the debt covenant formula and involves <br>eliminating the effects of various one-time, <br>irregular, and non-recurring items from the <br>standard EBITDA calculation<br>| Used in the calculation of the debt covenant <br>ratio: net debt/(cash) to adjusted EBITDA <br>| [18](#ib750531af8e54d27aea4b847ab67b3e7_7752) |
| All-in sustaining <br>costs (AISC)<br>| Cost of sales before amortisation and <br>depreciation plus additional costs which <br>include community costs, inventory change <br>(PGM operations only), share-based payments, <br>royalties, carbon tax, rehabilitation, leases, ore <br>reserve development (ORD), sustaining capital <br>expenditure and deducting the by-product <br>credit<br>| Developed by the World Gold council for the <br>purpose of the gold mining industry, AISC <br>provides metrics and aims to reflect the full <br>cost to sustain the production and sale of our <br>commodities, and reporting this metric allows <br>for a meaningful comparisons across our <br>operations and different mining companies <br>| [12](#i51e3b12208074fc68edf1d694ed80a51_106275),[13](#i51e3b12208074fc68edf1d694ed80a51_106276),[14](#i51e3b12208074fc68edf1d694ed80a51_106277),[15](#i51e3b12208074fc68edf1d694ed80a51_106278) |
| All-in costs (AIC) | AISC plus additional costs relating to corporate <br>and major capital expenditure associated with <br>growth<br>| Developed by the World Gold council for the <br>purpose of the gold mining industry, AIC <br>provides metrics and aims to reflect the full <br>cost to sustain the production and sale of our <br>commodities, after including growth capital, <br>and reporting this metric allows for a <br>meaningful comparisons across our operations <br>and different mining companies<br>| [12](#i51e3b12208074fc68edf1d694ed80a51_106275),[13](#i51e3b12208074fc68edf1d694ed80a51_106276),[14](#i51e3b12208074fc68edf1d694ed80a51_106277),[15](#i51e3b12208074fc68edf1d694ed80a51_106278) |
| AISC/AIC per unit  | AISC/AIC divided by the total PGM produced/<br>gold sold/zinc produced (payable)<br>| Developed by the World Gold council for the <br>purpose of the gold mining industry, AISC/AIC <br>per unit provides a metric that aims to reflect <br>the full cost to sustain the production and sale, <br>after including growth capital (AIC), of an <br>ounce/kilogram/tonne of commodity and <br>reporting this metric allows for a meaningful <br>comparisons across our operations and <br>different mining companies<br>| [12](#i51e3b12208074fc68edf1d694ed80a51_106275),[13](#i51e3b12208074fc68edf1d694ed80a51_106276),[14](#i51e3b12208074fc68edf1d694ed80a51_106277),[15](#i51e3b12208074fc68edf1d694ed80a51_106278) |
| Operating costs | The average cost of production, and <br>operating cost per tonne is calculated by <br>dividing the cost of sales, before amortisation <br>and depreciation and change in inventory in a <br>period by the tonnes milled/treated in the <br>same period, and operating cost per ounce <br>(and kilograms) is calculated by dividing the <br>cost of sales, before amortisation and <br>depreciation and change in inventory in a <br>period by the gold kilograms produced or <br>PGM 2E and 4E ounces produced in the same <br>period<br>| Report a measure that aims to reflect the <br>operating cost to produce our commodities, <br>and reporting this metric allows for a <br>meaningful comparisons across our operations <br>and different mining companies<br>| [13](#i76683e4f9b24417897ca57a37459c598_0-0-1-8-2798058),[16](#i514c0b58af534054825afd3b49761d47_56052),[17](#i514c0b58af534054825afd3b49761d47_56053) |

---

**Pro-forma financial information**

Certain financial information, including non-IFRS measures, presented in this operating update constitutes pro forma financial information.

The responsibility for preparing and presenting the pro forma financial information for the completeness and accuracy of the pro forma

financial information is that of the directors of Sibanye-Stillwater. This pro forma financial information is presented for illustrative purposes

only. Because of its nature, the pro forma financial information may not fairly present Sibanye-Stillwater's financial position, changes in

equity, and results of operations or cash flows. This pro forma financial information has not been audited or reviewed or otherwise

reported on by Sibanye-Stillwater's external auditor.

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 2025 20

**ADMINISTRATION AND CORPORATE INFORMATION**

---

| | |
|:---|:---|
| **SIBANYE STILLWATER LIMITED**<br>**(SIBANYE-STILLWATER)**<br>Incorporated in the Republic of South Africa<br>Registration number 2014/243852/06<br>Share code: SSW and SBSW<br>Issuer code: SSW<br>ISIN: ZAE000259701<br>**LISTINGS** <br>JSE: SSW<br>NYSE: SBSW<br>**WEBSITE**<br>*www.sibanyestillwater.com*<br>**REGISTERED AND CORPORATE OFFICE**<br>Constantia Office Park<br>Bridgeview House, Building 11, Ground floor<br>Cnr 14th Avenue & Hendrik Potgieter Road<br>Weltevreden Park 1709<br>South Africa<br>Private Bag X5<br>Westonaria 1780<br>South Africa<br>*Tel:* +27 11 278 9600<br>*Fax:* +27 11 278 9863<br>**COMPANY SECRETARY**<br>**Lerato Matlosa**<br>*Email: lerato.matlosa@sibanyestillwater.com*<br>**DIRECTORS**<br>Dr Vincent Maphai<sup>\*</sup> (Chairman)<br>Dr Richard Stewart (CEO)<sup>+</sup><br>Charl Keyter (CFO)<br>Dr Elaine Dorward-King<sup>\*</sup><br>Harry Kenyon-Slaney<sup>\*^</sup><br>Prof Jeremiah Vilakazi<sup>#</sup><br>Dr Lindiwe Mthimunye<sup>++</sup><br>Keith Rayner<sup>#</sup><br>Dr Peter Hancock<sup>\*</sup><br>Philippe Boisseau<sup>\*</sup><br>Richard Menell<sup>#</sup><br>Dr Sindiswa Zilwa<sup>\*</sup><br>Dr Terence Nombembe<sup>\*</sup><br>Timothy Cumming<sup>#</sup><br><sup>\*</sup> Independent non-executive<br><sup>#</sup> Non-executive<br><sup>^</sup> Lead independent director<br><sup>+</sup> Appointed as executive director 1 March 2025 and as CEO 1 October 2025<br><sup>++</sup> Appointed as independent non-executive director 25 August 2025<br>**INVESTOR ENQUIRIES**<br>**James Wellsted**<br>Executive Vice President: Investor Relations and Corporate Affairs<br>*Mobile:* +27 83 453 4014<br>*Email: james.wellsted@sibanyestillwater.com*<br>*or ir@sibanyestillwater.com*<br>| **JSE SPONSOR**<br>**JP Morgan Equities South Africa Proprietary Limited**<br>Registration number 1995/011815/07<br>1 Fricker Road, Illovo<br>Johannesburg 2196<br>South Africa<br>Private Bag X9936<br>Sandton 2146<br>South Africa<br>**AUDITORS**<br>**BDO**<br>Wanderers Office Park<br>52 Corlett Drive<br>Illovo 2196<br>South Africa<br>Private Bag X60500<br>Houghton 2041<br>South Africa<br>*Tel:* +27 11 488 1700<br>**AMERICAN DEPOSITARY RECEIPTS**<br>**TRANSFER AGENT**<br>**BNY Mellon Shareowner Correspondence (ADSs)**<br>Mailing address of agent:<br>Computershare<br>PO Box 43078<br>Providence, RI 02940-3078<br>Overnight/certified/registered delivery:<br>Computershare<br>150 Royall Street, Suite 101<br>Canton, MA 02021<br>*US toll free:* + 1 888 269 2377<br>*Tel:* +1 201 680 6825<br>*Email: shrrelations@cpushareownerservices.com*<br>**Tatyana Vesselovskaya** <br>Relationship Manager - BNY Mellon<br>Depositary Receipts<br>*Email: tatyana.vesselovskaya@bnymellon.com*<br>**TRANSFER SECRETARIES SOUTH AFRICA**<br>**Computershare Investor Services Proprietary Limited**<br>Rosebank Towers<br>15 Biermann Avenue<br>Rosebank 2196<br>PO Box 61051<br>Marshalltown 2107<br>South Africa<br>*Tel:* +27 11 370 5000<br>*Fax:* +27 11 688 5248<br>|

---

**Sibanye-Stillwater** Operating update \| Quarter ended30 September 202521

**DISCLAIMER**

**Forward-looking statements**

The information in this report may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These

forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's (Sibanye-Stillwater or the Group) financial positions, business strategies, business prospects,

industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, plans and objectives of management for future operations, are necessarily estimates

reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from

those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this

report.

All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such as "will", "would", "expect",

"forecast", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty

because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to

place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking

statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans,

debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of

management for future operations; Sibanye-Stillwater's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and

other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater's ability to service its bond instruments; changes in assumptions underlying

Sibanye-Stillwater's estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in

connection with, and the ability to successfully integrate, past, ongoing and future acquisitions (including Metallix), as well as at existing operations; the ability of Sibanye-Stillwater to complete any

ongoing or future acquisitions; the success of Sibanye-Stillwater's business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the

battery metals or adjacent sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive

benefits to affected communities; changes in the market price of gold, silver, PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among

other commodities and supply requirements; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa's credit rating; the impact of

South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater's properties by claimants to land under restitution and other legislation; Sibanye-Stillwater's ability to implement

its strategy and any changes thereto; the outcome of legal challenges to the Group's mining or other land use rights; the occurrence of labour disputes, disruptions and industrial actions; the

availability, terms and deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental,

sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to

dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; failure to meet ethical

standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater's business; the concentration of

all final refining activity and a large portion of Sibanye-Stillwater's PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and

internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-

Stillwater's financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases;

supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater's operations; fluctuations in exchange rates, currency

devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or environmental

incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater's ability to hire and retain senior management and employees with sufficient technical and/or production

skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in

its management positions, or maintain required board gender diversity; failure of Sibanye-Stillwater's information technology, communications and systems, evolving cyber threats to Sibanye-

Stillwater's operations and the impact of cybersecurity incidents or breaches; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or natural or man-made disaster in

surrounding mining communities, including informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations; and the impact of contagious diseases, including

global pandemics.

Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities and

Exchange Commission, including the 2024 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2024 on Form 20-F filed with the United States Securities and

Exchange Commission on 25 April 2025 (SEC File no. 333-234096).

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement

(except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group's external auditors.

**Non-IFRS**<sup>1</sup>**measures**

The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted free cash flow, AISC and AIC. These measures may not be

comparable to similarly-titled measures used by other companies and are not measures of Sibanye-Stillwater's financial performance under IFRS Accounting Standards. These measures should not

be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation of the

forecast non-IFRS financial information presented in this report because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information

presented have not been reviewed or reported on by the Group's external auditors.

<sup>1</sup> IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)

**Websites**

References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of,

this report.