# EDGAR Filing Document

**Accession Number:** 0001786909
**File Stem:** 0001628280-26-026991
**Filing Date:** 2026-4
**Character Count:** 2314208
**Document Hash:** 600bf8c6ff643a2eaa99f277e039832e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-026991.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001628280-26-026991

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 625

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**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:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-234096
- **FILM NUMBER:** 26890410

**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

?xml version='1.0' encoding='ASCII'? sbsw-20251231

As filed with the Securities and Exchange Commission on 24 April 2026<br>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

---

| |
|:---|
| **Form 20-F** |
| **(Mark One)**<br>**☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**<br>**or**<br>**☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**<br>**For the fiscal year ended 31 December 2025**<br>**or**<br>**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**<br>**or**<br>**☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**<br>**Date of event requiring this shell company report**<br>**For the transition period from to**<br>**Commission file number: 333-234096** |
| **Sibanye Stillwater Limited** |
| (Exact name of registrant as specified in its charter) |

---

**Republic of South Africa**

(Jurisdiction of incorporation or organization)

**Constantia Office Park**

**Bridgeview House, Building 11, Ground Floor**

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

**Weltevreden Park, 1709**

**South Africa**

**011-27-11-278-9600**

(Address of principal executive offices)

*with copies to:* 

**Charl Keyter**

**Chief Financial Officer**

**Sibanye Stillwater Limited**

**Tel: 011-27-11-278-9700**

**Constantia Office Park**

**Bridgeview House, Building 11, Ground Floor**

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

**Weltevreden Park, 1709**

**South Africa**

**Igor Rogovoy**

**Linklaters LLP**

**Tel: 011-44-20-7456-3660**

**20 Ropemaker Street**

**London EC2Y 9AR**

**United Kingdom**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

**Securities registered or to be registered pursuant to Section 12(b) of the Act**

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| **American Depositary Shares, each representing four ordinary shares** | **SBSW** | **New York Stock Exchange** |
| **Ordinary shares of no par value each** |  | **New York Stock Exchange\*** |
| **\* Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.** | **\* Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.** | **\* Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.** |
| **Securities registered or to be registered pursuant to Section 12(g) of the Act**<br>**None**<br>(Title of Class)<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act**<br>**None**<br>(Title of Class)<br>**Indicate the number of outstanding shares of each of the issuer's classes of capital**<br>**or common stock as of the close of the period covered by the Annual Report**<br>**2,830,567,264 ordinary shares of no par value** | **Securities registered or to be registered pursuant to Section 12(g) of the Act**<br>**None**<br>(Title of Class)<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act**<br>**None**<br>(Title of Class)<br>**Indicate the number of outstanding shares of each of the issuer's classes of capital**<br>**or common stock as of the close of the period covered by the Annual Report**<br>**2,830,567,264 ordinary shares of no par value** | **Securities registered or to be registered pursuant to Section 12(g) of the Act**<br>**None**<br>(Title of Class)<br>**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act**<br>**None**<br>(Title of Class)<br>**Indicate the number of outstanding shares of each of the issuer's classes of capital**<br>**or common stock as of the close of the period covered by the Annual Report**<br>**2,830,567,264 ordinary shares of no par value** |

---

**Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☒ No ☐**

**If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of** 

**1934. Yes ☐ No ☒**

**Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations** 

**under those Sections.**

**Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12** 

**months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐**

**Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of** 

**this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐**

**Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large** 

**accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.** 

**Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐**

**If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended** 

**transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐**

**† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after** 

**April 5, 2012.**

**Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting** 

**under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒**

**If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction** 

**of an error to previously issued financial statements. ☒**

**Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the** 

**registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐**

**Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:** 

**U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐**

**If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐** 

**If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒**

**(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)**

**Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent** 

**to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐**

//ii

**FORM 20-F CROSS REFERENCE GUIDE**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Form 20-F Caption** | **Location in this document**  | **Page** |
| 1 | Identity of directors, senior management <br>and advisers<br>| NA | NA |
| 2 | Offer statistics and expected timetable | NA | NA |
| 3 | Key information |  |  |
|  | (1)Reserved | NA | NA |
|  | (2)Capitalisation and indebtedness | NA | NA |
|  | (c)Reasons for the offer and use of <br>proceeds<br>| NA | NA |
|  | (4)Risk factors | Additional information—Risk factors | 1 |
| 4 | Information on the Company |  |  |
|  | (1)History and development of the <br>Company<br>| Additional information—Memorandum of incorporation—General | 65 |
|  |  | Annual Financial Report—Administration and Corporate Information | AFR 173 |
|  |  | Integrated Report—About Sibanye-Stillwater and our leadership—Chairman <br>and Chief Executive Officer's review<br>| IR 16 |
|  |  | Integrated Report—Performance and strategy—Maintaining a profitable <br>business and optimising capital allocation—Chief Financial Officer's report<br>| IR 25 |
|  |  | Integrated Report—Performance and strategy—Chief Financial Officer's <br>report—Maintaining a profitable business and optimising capital allocation<br>—Summary of the annual financial statements—Capital expenditure<br>| IR 28 |
|  |  | Integrated Report—Chairman and Chief Executive Officer's review—<br>Operating context and our refreshed strategy<br>| IR 21 |
|  |  | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Factors affecting Sibanye-Stillwater's <br>performance—Capital expenditure<br>| AFR 18 |
|  |  | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Liquidity and capital resources<br>| AFR 34 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 16: Acquisitions<br>| AFR 110 |
|  |  | Integrated Report—Performance and strategy—How we create value: Our <br>business model<br>| IR 12 |
|  |  | Presentation of Financial and Other Information—Significant capital <br>expenditures and divestitures<br>| ix |
|  |  | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Ability to generate and obtain adequate cash <br>to meet its funding requirements<br>| AFR 38 |
|  |  | Annual Financial Report—Shareholder information | AFR 170 |
|  |  | Additional information—Documents on display | 80 |
|  | (2)Business overview | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements<br>| AFR 8 |
|  |  | Integrated Report—About Sibanye-Stillwater and our leadership—About <br>Sibanye-Stillwater<br>| IR 4 |
|  |  | Annual Financial Report—Four-year financial performance | AFR 2 |
|  |  | Integrated Report—Performance and strategy—Maintaining a profitable <br>business and optimising capital allocation—Chief Financial Officer's report—<br>2025 – A brief overview<br>| IR 26 |
|  |  | Integrated Report—Performance and strategy—How we create value: Our <br>business model<br>| IR 12 |

---

iii

---

| | | |
|:---|:---|:---|
|  | Integrated Report—Performance and strategy—Maintaining a profitable <br>business and optimising capital allocation—Chief Financial Officer's report—<br>Focus areas – 2026—Metal prices<br>| IR 29 |
|  | Integrated Reports—About Sibanye-Stillwater and our leadership—<br>Chairman's and Chief Executive Officer's review—Mineral resources and <br>| IR 17 |
|  | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Factors affecting Sibanye-Stillwater's <br>performance—Commodity prices<br>| AFR 11 |
|  | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Introduction<br>| AFR 8 |
|  | Integrated Report—About Sibanye-Stillwater and our leadership—<br>Chairman's and Chief Executive Officer's review<br>| IR 16 |
|  | Additional Information—Environmental and regulatory matters | 45 |
|  | Additional information—Refining and marketing | 81 |
|  | Integrated Report—About Sibanye-Stillwater and our leadership—<br>Chairman's and Chief Executive Officer's review—Operational and <br>| IR 16 |
|  | Integrated Report—About Sibanye-Stillwater and our leadership—Corporate <br>governance—Ethical leadership and compliance<br>| IR 56 |
| (3)Organisational structure | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 1.3: Consolidation<br>| AFR 62 |
| (4)Property, plant and equipment | Integrated Report—About Sibanye-Stillwater and our leadership—<br>Chairman's and Chief Executive Officer's review—Shared value to all <br>| IR 20 |
|  | Additional Information—Environmental and regulatory matters | 45 |
|  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 14: Property, plant and equipment<br>| AFR 103 |
|  | Mineral Resources and Reserves Report—Our business—Group summary of <br>mining properties—Encumbrances<br>| R&R 8 |
| Summary Disclosure (Item 1304)  | Mineral Resources and Reserves Report—Our business—Introduction | R&R 3 |
|  | Mineral Resources and Reserves Report—Our business—Group summary of <br>mining properties<br>| R&R 8 |
| Individual Property Disclosure (Item 1304) | Mineral Resources and Mineral Reserves Report—Americas—PGM <br>Operations—Stillwater and East Boulder<br>| R&R 71 |
|  | Mineral Resources and Mineral Reserves Report—Southern Africa—PGM <br>Operations—Marikana<br>| R&R 27 |
|  | Mineral Resources and Mineral Reserves Report—Southern Africa—PGM <br>Operations—Rustenburg<br>| R&R 33 |
|  | Mineral Resources and Mineral Reserves Report—Southern Africa—Gold <br>Operations—Kloof<br>| R&R 54 |
|  | Mineral Resources and Mineral Reserves Report—Southern Africa—Gold <br>Operations—Drienfontein<br>| R&R 46 |
|  | Mineral Resources and Mineral Reserves Report—Europe—Battery Metals <br>Development—Lithium—Keliber<br>| R&R 81 |
| Internal Controls Disclosure (Item 1305)  | Mineral Resources and Reserves Report—Our business—Corporate <br>Governance and Regulatory Compliance<br>| R&R 4 |
|  | Mineral Resources and Reserves Report—Americas—PGM Operations—<br>Internal Controls (QA/QC)<br>| R&R 73 |
|  | Mineral Resources and Reserves Report—Southern Africa—PGM Operations<br>—Internal Controls (QA/QC)<br>| R&R 25 |
|  | Mineral Resources and Reserves Report—Southern Africa—Gold Operations<br>—Overview—Internal Controls (QA/QC)<br>| R&R 44 |

---

iv

---

| | | | |
|:---|:---|:---|:---|
|  |  | Mineral Resources and Mineral Reserves Report—Europe—Battery Metals <br>Development—Internal Controls (QA/QC)<br>| R&R 83 |
| 4A | Unresolved staff comments | NA | NA |
| 5 | Operating and financial review and <br>prospects <br>|  |  |
|  | (1)Operating results | Annual Financial Report—Consolidated financial statements—Consolidated <br>income statement<br>| AFR 53 |
|  |  | Annual Financial Report—Consolidated financial statements—Consolidated <br>statement of financial position<br>| AFR 54 |
|  |  | Annual Financial Report—Consolidated financial statements—Consolidated <br>statement of cash flows<br>| AFR 55 |
|  |  | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Factors affecting Sibanye Stillwater's <br>performance<br>| AFR 11 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 1.2: Basis of preparation—<br>Significant accounting judgements and estimates<br>| AFR 61 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 27: Borrowings and derivative <br>financial instrument<br>| AFR 134 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 27: Borrowings and derivative <br>financial instrument—Note 27.9: Fair value of financial instruments and risk <br>management<br>| AFR 142 |
|  |  | Integrated Report—Performance and strategy—Chief Financial Officer's <br>report—Financial result<br>| IR 19 |
|  |  | Additional Information—Environmental and regulatory matters | 45 |
|  | (2)Liquidity and capital resources | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Liquidity and capital resources<br>| AFR 34 |
|  |  | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Statement of financial position<br>| AFR 54 |
|  |  | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Ability to generate and obtain adequate cash <br>to meet its funding requirements<br>| AFR 38 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 27: Borrowings and derivative <br>financial instrument<br>| AFR 134 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 36: Commitments<br>| AFR 164 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 29: Environmental rehabilitation <br>| AFR 147 |
|  | (3)Research and development, <br>patents and licences, etc.<br>| Integrated Report—Context, risk and opportunities—Unpacking the top 10 <br>group strategic risks <br>| IR 43 |
|  | (4)Trend information | Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements—Factors affecting Sibanye Stillwater's <br>performance<br>| AFR 11 |
|  | (5)Critical accounting estimates | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 1: Accounting policies<br>| AFR 57 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 1.2: Basis of preparation—<br>Significant accounting judgements and estimates<br>| AFR 61 |

---

v

---

| | | | |
|:---|:---|:---|:---|
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 3: Revenue—Significant <br>accounting judgements and estimates<br>| AFR 73 |
| | | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 3: Revenue—Accounting policy<br>| AFR 73 |
| 6 | Directors, senior management and <br>employees<br>|  |  |
|  | (1)Directors and senior management | Integrated Report—About Sibanye-Stillwater and our leadership—About our <br>board <br>| IR 6 |
|  |  | Additional Information—Directors and executive management | 38 |
|  | (2)Compensation | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 37: Related-party transactions<br>| AFR 164 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 6: Share-based payments<br>| AFR 80 |
|  |  | Integrated Report—Remuneration: Performance and Strategy—<br>Remuneration report, Part 3: Implementation report—Executive directors' <br>and prescribed officers' single figure of remuneration<br>| IR 99 |
|  |  | Integrated Report—Remuneration: Performance and Strategy—<br>Remuneration report, Part 3: Implementation report—Non-executive director <br>| IR 100 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 38: Directors' and prescribed <br>officers' remuneration<br>| AFR 165 |
|  | (3)Board practices | Integrated Report—Governance—Corporate governance—Functional <br>governance areas<br>| IR 62 |
|  |  | Integrated Report——Governance—Corporate governance—<br>Independence, tenure, diversity and inclusivity<br>| IR 59 |
|  |  | Integrated Report—Remuneration: Performance and Strategy—<br>Remuneration report, Part 2: Remuneration policy—Executive director <br>| IR 83 |
|  |  | Integrated Report—About Sibanye-Stillwater and our leadership—About our <br>board<br>| IR 6 |
|  |  | Integrated Report—Ancillary Information—Detail on board committees | IR 102 |
|  | (4)Employees | Integrated Report—Context, risk and opportunities—Employees and <br>organised labour<br>| IR 51 |
|  |  | Integrated Report—Ancillary Information—Four-year statistical review—<br>Sustainability statistics<br>| IR 108 |
|  | (5)Share ownership | Additional information—Memorandum of incorporation—Voting rights | 65 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 6: Share-based payments<br>| AFR 80 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 37: Related-party transactions<br>| AFR 164 |
| 7 | Major Shareholders and Related Party <br>Transactions<br>|  |  |
|  | (1)Major shareholders | Additional information—Material contracts—US holders | 74 |
|  |  | Additional information—Memorandum of incorporation—Voting rights | 65 |
|  |  | Annual Financial Report—Shareholder information | AFR 170 |
|  |  | Integrated Report—Ancillary information—Shareholder information | IR 119 |
|  | (2)Related party transactions | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 37: Related-party transactions<br>| AFR 164 |
|  |  | Additional information—Refining and marketing | 81 |

---

vi

---

| | | | |
|:---|:---|:---|:---|
| | <br>(3)Interests of experts and counsel | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 38: Directors' and prescribed <br>officers' remuneration<br>NA | AFR 165<br>NA |
| 8 | Financial information |  |  |
|  | (1)Consolidated statements and <br>other financial information<br>| Annual Financial Report—Overview—Management's discussion and analysis <br>of the financial statements<br>| AFR 8 |
|  |  | Annual Financial Report—Consolidated financial statements—Consolidated <br>income statement<br>| AFR 53 |
|  |  | Annual Financial Report—Consolidated financial statements—Consolidated <br>statement of financial position<br>| AFR 54 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 13: Dividends<br>| AFR 101 |
|  |  | Annual Financial Report—Directors' report—Litigation | AFR 47 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements<br>| AFR 57 |
|  |  | Annual Financial Report—Report of independent registered public <br>accounting firm<br>| AFR 49 |
|  |  | Additional information—Dividend policy and dividend distribution | 63 |
|  | (b)Significant changes | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 39: Events after reporting date<br>| AFR 167 |
| 9 | The Offer and listing |  |  |
|  | (1)Listing details | Additional information—The listing | 64 |
|  | (2)Plan of distribution | NA | NA |
|  | (3)Markets | Additional information—The listing | 64 |
|  | (d)Selling shareholders | NA | NA |
|  | (e)Dilution | NA | NA |
|  | (f)Expenses of the issue | NA | NA |
| 10 | Additional information |  |  |
|  | (1)Share capital | NA | NA |
|  | (2)Memorandum and articles of <br>association<br>| Additional information—Memorandum of incorporation | 65 |
|  |  | Additional information—Taxation—South African exchange control <br>limitations affecting security holders<br>| 76 |
|  | (3)Material contracts | Additional information—Material contracts | 71 |
|  | (4)Exchange controls | Additional information—Taxation—South African exchange control <br>limitations affecting security holders<br>| 76 |
|  |  | Additional information—Environmental and regulatory matters—Exchange <br>controls<br>| 52 |
|  | (5)Taxation | Additional information—Taxation | 75 |
|  | (6)Dividends and paying agents | NA | NA |
|  | (7)Statement by experts | NA | NA |
|  | (8)Documents on display | Additional information—Documents on display | 80 |
|  | (9)Subsidiary information | NA | NA |
|  | (j)Annual Report to Security Holders | NA | NA |

---

vii

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| | | | |
|:---|:---|:---|:---|
| 11 | Quantitative and qualitative disclosures <br>about market risk<br>| Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements—Note 35.2: Risk management activities<br>| AFR 159 |
| 12 | Description of securities other than equity <br>securities<br>| NA | NA |
|  | (1)Debt securities | NA | NA |
|  | (2)Warrants and rights | NA | NA |
|  | (3)Other securities | NA | NA |
|  | (4)American depositary shares | Additional information—Material contracts—Deposit agreement | 73 |
| 13 | Defaults, dividend arrearages and <br>delinquencies<br>| NA | NA |
| 14 | Material modifications to the rights of <br>security holders and use of proceeds<br>| NA | NA |
| 15 | Controls and procedures | Additional information—Item 15: Controls and procedures | 86 |
|  |  | Additional information—Item 15: Controls and procedures—Management's <br>report on internal control over financial reporting<br>| 86 |
|  |  | Additional information—Item 15: Controls and procedures—Changes in <br>internal control over financial reporting<br>| 87 |
|  |  | Annual Financial Report—Report of independent registered public <br>accounting firm<br>| AFR 49 |
| 16A | Audit Committee financial expert | Additional information—Directors and executive management—Terence <br>Nombembe<br>| 40 |
| 16B | Code of ethics | Integrated Report—Governance—Corporate governance | IR 56 |
|  |  | Integrated Report—Governance—Corporate governance—Ethical <br>leadership and compliance<br>| IR 56 |
| 16C | Principal accountant fees and services | Annual Financial Report—Auditor independence and fees | AFR 44 |
| 16D | Exemptions from the listing standards for <br>audit committees<br>| NA | NA |
| 16E | Purchase of equity securities by the issuer <br>and affiliated purchasers<br>| NA | NA |
| 16F | Change in registrant's certifying accountant | NA | NA |
| 16G | Corporate governance | Additional information—JSE corporate governance practices compared <br>with NYSE Listing Standards<br>| 82 |
| 16H | Mine safety disclosure | Additional information—Environmental and regulatory matters—Health and <br>safety<br>| 48 |
| 16I | Disclosure regarding foreign jurisdictions that <br>prevent inspections<br>| NA | NA |
| 16J | Insider trading policies | Additional Information—Sibanye-Stillwater Information and Securities <br>Transactions Policy<br>| 82 |
| 16K | Cybersecurity  | Integrated Report—Ancillary Information—2026: Planned areas of focus for <br>the combined Audit and Risk Committee<br>| IR 104 |
|  |  | Additional Information—Risk Factors | 1 |
|  |  | Additional Information—Cybersecurity | 83 |
| 17 | Financial statements | NA | NA |
| 18 | Financial statements | Annual Financial Report—Report of independent registered public <br>accounting firm (PCAOB ID: 1368)<br>| AFR 49 |
|  |  | Annual Financial Report—Consolidated financial statements—Notes to the <br>consolidated financial statements<br>| AFR 57 |
| 19 | Exhibits | Exhibits | 88 |

---

viii

**PRESENTATION OF FINANCIAL AND OTHER INFORMATION**

**Historical Consolidated Financial Statements**

Sibanye-Stillwater is a multinational mining and metals processing Group with a diverse portfolio of mining and processing operations, projects

and investments across five continents. The Group is one of the foremost global recyclers of a suite of metals and also has interests in leading

mine tailings retreatment operations (secondary mining).

Sibanye-Stillwater is one of the world's largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also

produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has also diversified into battery metals mining and

processing and has increased its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. The

books of account of Sibanye-Stillwater are maintained in South African Rand and Sibanye-Stillwater's annual financial statements are prepared

in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (IASB), hereafter

referred to as IFRS Accounting Standards, as prescribed by law. These annual financial statements are distributed to shareholders and are

submitted to the Johannesburg Stock Exchange (JSE) and the New York Stock Exchange (NYSE).

The consolidated annual financial statements of Sibanye-Stillwater as at and for the fiscal years ended 31 December 2025, 2024 and 2023 (the

Consolidated Financial Statements) have been prepared under the historical cost convention, except for certain financial assets and financial

liabilities (including derivative financial instruments), which are measured at fair value through profit or loss or through other comprehensive

income.

**Non-IFRS Measures** 

The financial information in this annual report includes certain measures that are not defined by IFRS Accounting Standards, including "adjusted

EBITDA", "notional free cash flow", "All-in sustaining costs", "All-in sustaining cost per kilogram and ounce (or per tonne)", "All-in costs", "All-in

cost per kilogram and ounce (or per tonne)", "headline earnings", "headline earnings per share", "diluted headline earnings per share",

"interest coverage ratio", "net debt/(cash)", "net debt/(cash) to adjusted EBITDA (ratio)", "normalised earnings", and "operating costs". These

measures are not measures of financial performance or cash flows under IFRS Accounting Standards and may not be comparable to similarly

titled measures of other companies. See pages AFR-39 to AFR-40 for more information on, including reconciliations of, the non-IFRS figures

presented by Sibanye-Stillwater. Sibanye-Stillwater also presents FTSE Russell green revenue factor, which is not calculated in accordance with

IFRS Accounting Standards.See page IR-4 for more information on this metric.

**Conversion Rates**

Certain information in this annual report presented in Rand has been translated into US dollars. Unless otherwise stated, the conversion rate for

these translations in the consolidated statement of financial position is R16.57/US$1.00, which was the closing rate on 31 December 2025 and the

conversion rate for translation in the consolidated income statement, consolidated statement of cash flows and for operating cost, average

basket price (2E,3E,4E), gold price, All-in-sustaining cost and All-in-cost is R17.88/US$1.00, which was the average rate for the fiscal year ended 31

December 2025. By including the US dollar equivalents, Sibanye-Stillwater is not representing that the Rand amounts actually represent the US

dollar amounts shown or that these amounts could be converted into US dollars at the rates indicated.

**Significant capital expenditures and divestitures** 

**Future-Facing Metals Projects** 

Since 2022 the Group has continued its expansion into the future-facing metals and recycling space with a number of strategic acquisitions and

investments in the United States and Europe. The transactions completed during the last three financial years are summarised below:

\*Keliber: Following on from its initial investment in the Keliber lithium project in 2021, between 2022 and 2023, Sibanye-Stillwater has

completed several transactions to augment its ownership in the project. In 2022, Sibanye-Stillwater increased its total shareholding in

Keliber to 85.9% at a total cost of EUR338 million. In 2023 the Finnish Minerals Group increased its holding in Keliber from 14% to 20% by

subscribing for EUR53.9 million of a EUR104 million rights issue. The Group's portion of the subscription (through wholly-owned subsidiary,

Keliber Lithium Proprietary Limited) amounted to EUR50.2 million. In addition to the rights issue, other minority shareholders in Keliber

(which held 0.79% of the total Keliber shareholding) for which the Group previously recognised an accelerated put option liability at 31

December 2022, received and accepted voluntary offers at the same share price (EUR157.28 per share) as the voluntary offer that

concluded in 2022. A total payment of EUR5.2 million was made by the Group to all the shareholders who accepted the voluntary

offers during June 2023. Following these transactions, the Finnish Minerals Group holds 20% in Keliber, the Group retained 79.82%, while

ix

other minority shareholders hold the balance of the shares in Keliber. See *– Annual Financial Report – Consolidated financial* 

*statements – Notes to the consolidated financial statements – Note 1.3: Consolidation and Note 26.1: Subsequent NCI transactions.*

\*Century: In February 2023, Sibanye-Stillwater obtained a controlling shareholding of 50.15% in New Century Resources Limited

(Century), an Australian tailings reprocessing business, following acquisition of an initial 19.9% stake in 2021, and further on-market

purchase of shares for a cash consideration of AUS$46 million. Subsequent to obtaining control, through on-and off-market trades for a

cash consideration of AUS$74 million, the Group obtained a 100% interest in Century by 10 May 2023. See *– Annual Financial Report –* 

*Consolidated financial statements – Notes to the consolidated financial statements – Note 1.3: Consolidation.* In November 2023, the

Group exercised its option, obtained through the acquisition of Century, to acquire 100% of the Mt Lyell Copper mine in Tasmania,

Australia for a cash consideration of US$10 million. See *– Annual Financial Report – Consolidated financial statements – Notes to the* 

*consolidated financial statements – Note 1.1: Reporting entity and Annual Financial Report – Consolidated financial statements –* 

*Notes to the consolidated financial statements – Note 1.3: Consolidation.*

\*Reldan: On 15 March 2024, the Group completed the acquisition of the Reldan Group of Companies (Reldan), a Pennsylvania-based

recycling group which reprocesses various waste streams, for a final cash purchase consideration of US$160.9 million. See *– Annual* 

*Financial Report – Consolidated financial statements – Notes to the consolidated financial statements – Note 16.2: Reldan business* 

*combination (revised).*

\*Metallix: In September 2025, the Group concluded the acquisition of Metallix Refining (Metallix), which operates two processing and

recycling operations in Greenville, North Carolina and produces recycled precious metals, including gold, silver and platinum group

metals, primarily from industrial waste streams, for a cash purchase consideration of US$129 million. See *– Annual Financial Report –* 

*Consolidated financial statements – Notes to the consolidated financial statements – Note 16.1: Metallix Refining (Metallix) business* 

*combination.*

**Scope 1, 2 and 3 GHG Emissions Data**

This annual report also contains data on Sibanye-Stillwater's Scope 1, 2 and 3 greenhouse gas emissions. Data for Scope 1 and 2 emissions relate

to Sibanye-Stillwater's own activities and supplied heat, power, and cooling which are measured using data from its own systems and

independently assured. Scope 3 emissions relate to other organisations' emissions and are therefore subject to a range of uncertainties and

challenges. At present Scope 3 data is not yet consistently available in many value chains and is calculated, collected, or estimated in different

ways. Sibanye-Stillwater's Scope 3 emissions data is aligned to the requirements of the GHG protocol (GHG Protocol), developed by the World

Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD). As value chain emissions data advances over

time, Sibanye-Stillwater expects to improve the quality of its Scope 3 data and data reporting.

**Market Information**

This annual report includes industry data about Sibanye-Stillwater's markets obtained from industry surveys, industry publications, market

research and other publicly available third-party information. Industry surveys and industry publications generally state that the information they

contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not

guaranteed. Sibanye-Stillwater and its advisers have not independently verified this data.

In addition, in many cases, statements in this annual report regarding the gold, PGM, lithium and other mining and metals industries, and

Sibanye-Stillwater's position in these industries have been made based on internal surveys, industry forecasts, market research, as well as

Sibanye-Stillwater's own experiences. While these statements are believed by Sibanye-Stillwater to be reliable, they have not been

independently verified.

**Mineral Resources and Mineral Reserves Estimations**

The financial and technical assumptions underlying the Mineral Resources and Mineral Reserves estimations contained in this report and in the

Technical Report Summaries included as exhibits in this report are current as at 31 December 2025, the period covered by each of the

respective reports. Such assumptions rely on various factors that may change after the reporting period, including as a result of operational

reviews which Sibanye-Stillwater undertakes from time to time and when necessary. Accordingly, the Mineral Reserves and Mineral Resources

estimations contained in this report and in the Technical Report Summaries included as exhibits in this report may be materially impacted by,

among other things, changes to the underlying financial and technical assumptions in the future. In the event there is a material change to the

Technical Report Summaries included as exhibits in this report, updated Technical Report Summaries will be filed by Sibanye-Stillwater with the

Securities and Exchange Commission pursuant to the requirements of subpart 1302 of Regulation S-K under the US Securities Act.

x

**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 annual report.

xi

**FORWARD-LOOKING STATEMENTS**

This annual report contains forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities

Litigation Reform Act of 1995 with respect to our financial condition, results of operations, business strategies, operating efficiencies, competitive

position, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters.

These forward-looking statements, including, among others, those relating to our future business prospects, revenues and income, ESG change-

related targets and metrics, the potential benefits of past and future acquisitions (including statements regarding growth, cost savings, benefits

from and access to international financing and financial re-ratings), gold, PGM, and lithium pricing expectations, levels of output, supply and

demand, information relating to Sibanye-Stillwater's new or ongoing development projects, any proposed, anticipated or planned expansions

into the battery metals or adjacent sectors and estimations or expectations of enterprise value, adjusted EBITDA and net asset values wherever

they may occur in this annual report and the exhibits to this annual report, are necessarily estimates reflecting the best judgment of our senior

management 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 annual 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", "could", "aim", "anticipates", "believes", "goal",

"may", "target", "vision", "forecast", "potential", "estimate", "expect" 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. Important factors

that could cause actual results 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, Australia 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, as well as at existing operations

\*the success of Sibanye-Stillwater's business strategy and exploration and development activities

\*the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions

\*the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected

communities

\*changes and volatility in the market price of gold, silver, PGMs, battery metals (e.g. 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 downgrade of South Africa's credit rating or the credit rating of Sibanye-Stillwater

\*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

xii

\*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 protectionist measures such as tariffs

\*the effect of US tax credits on Sibanye-Stillwater and its subsidiaries

\*the effect of adverse changes in tax laws, regulations and interpretations or challenges to Sibanye-Stillwater's tax positions

\*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

\*failure of Sibanye-Stillwater's information technology, communications and systems, 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

\*the impact of contagious diseases, including global pandemics

The foregoing factors and others described under *Additional information*—*Risk Factors* should not be construed as exhaustive. There may be

other factors that are unknown to us that may cause our actual results to differ materially from the forward-looking statements. Moreover, new

risk factors emerge from time to time and it is not possible for us to predict all such risk factors. We may not be able to assess the extent to which

any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.

These forward-looking statements speak only as of the date they are made. We undertake no obligation and do not intend to update publicly

or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect

the occurrence of unanticipated events, except as may be required by law.

xiii

**DEFINED TERMS AND CONVENTIONS**

In this annual report, all references to "we", "us" and "our" refer to the Sibanye-Stillwater and the Group, as applicable.

In this annual report, all references to "fiscal 2026" and "2026" are to the fiscal year ending 31 December 2026, and "fiscal 2025" and "2025" are

to the fiscal year ended 31 December 2025, "fiscal 2024" and "2024" are to the fiscal year ended 31 December 2024, and all references to

"fiscal 2023" and "2023" are to the fiscal year ended 31 December 2023.

In this annual report, all references to "limited assurance" refers to limited assurance in accordance with the International Standards on

Assurance Engagements (ISAE) 3000 (revised), issued by the International Auditing and Assurance Standards Board. The work performed for

limited assurance is substantially less than the work performed for a reasonable assurance opinion, such as that provided for financial

statements.

In this annual report, all references to "Argentina" are to the Republic of Argentina, all references to "Australia" are to the Commonwealth of

Australia, all references to "Canada" are to the Dominion of Canada, all references to "Finland" are to the Republic of Finland, all references to

"France" are to the French Republic, all references to "South Africa" and "SA" are to the Republic of South Africa, all references to the "United

Kingdom" and "UK" are to the United Kingdom of Great Britain and Northern Ireland, all references to the "United States" and "US" are to the

United States of America, its territories and possessions and any state of the United States and the District of Columbia and all references to

"Zimbabwe" are to the Republic of Zimbabwe.

In this annual report, production and figures are provided for platinum group metals, which are referred to as "PGM" collectively.

In this annual report, gold and PGM production figures are provided in kilograms, which are referred to as "kg", or in troy ounces, which are

referred as "ounces" or "oz", or in kilo troy ounces, which are referred to as "kilo ounces" or "koz". Mineral resource, mineral reserve and mined

ore grades are provided in grams per metric tonne for precious metals, which are referred to as "grams per tonne" or "g/t", or percentage in

case of base metals, which is referred to as "%". All references to "tonnes" or "t" in this annual report are to metric tonnes, and all references to

"tpm" are to tonnes per month and "ktpm" are to thousand tonnes per month.

In this annual report, nickel metal and nickel salts production figures are provided in tonnes, which are referred to as "tNi", or "tonnes".

In this annual report, zinc metal production figures are provided in thousand tonnes, which are referred to as "ktZn".

In this annual report, copper metal volume sold is provided in pounds, which are referred to as "Lbs". Silver and other volumes (rhodium,

ruthenium and iridium) sold is provided in troy ounces, which are referred to as "ounces" or "oz".

In this annual report, all references to "km" are to kilometres, "km<sup>2</sup>" are to square kilometres, "m" are to meters, and "cm" are to centimetres. All

references to "ha" are to hectares.

In this annual report, all references to "W" are to watts, which is a unit of power used to quantify the rate of energy and is defined as 1 joule per

second, and all references to "kW" are to kilowatts, which is a measure of one thousand watts of power.

In this annual report, "R", "Rand" and "rand" refer to the South African Rand and "Rand cents" and "SA cents" refers to subunits of the South

African Rand, "$", "US$", "US dollars" and "dollars" refer to United States dollars and "US cents" refers to subunits of the US dollar, "£", "GBP" and

"pounds sterling" refer to British pounds and "pence" refers to the subunits of the British pound, "€" and "EUR" refer to Euros, "CAD$" refers to

Canadian dollars and "AUS$" refers to Australian dollars.

This annual report contains references to the "total recordable injury frequency rate" (TRIFR), "serious injury frequency rate" (SIFR) and "lost time

injury frequency rate" (LITFR). TRIFR includes the total number of fatalities, lost time injuries, medically treated injuries and restricted work injuries

per million man hours. SIFR include the total number of serious injuries per million man hours. LITFR includes the total number of lost time injuries

per million man hours.

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DISCLAIMER FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION CONTAINED IN THIS DOCUMENT 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, 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 often use words such as "will", "would", "expect", "forecast", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar or comparable 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, 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 outcome of any disputes or litigation; 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; 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. Expectations in relation to sustainability matters, including what investors and stakeholders view as material, are fast-paced and can differ from those in respect of more traditional, financial reporting. In preparing the [sustainability-related information contained in this report/this report], Sibanye-Stillwater has made a number of key judgements, estimations and assumptions. The processes and issues involved are complex and may continue to evolve as our, and the industry's, understanding of sustainability matters, risks and opportunities continues to develop. The sustainability-related forward looking statements should be treated with special caution, as sustainability and climate data, models and methodologies are often relatively new, are rapidly evolving and are not of the same standard as those available in the context of other financial information, nor are they subject to the same or equivalent disclosure standards, historical reference points, benchmarks, market consensus or globally accepted accounting principles. In particular, it is not possible to rely on historical data as a strong indicator of future trajectories in the case of climate change and its evolution. Outputs of models, processed data and methodologies are also likely to be affected by underlying data quality, which can be hard to assess, and we expect industry guidance, standards, market practice, and regulations in this field to continue to evolve. There are also challenges faced in relation to the ability to access data on a timely basis and the lack of consistency and comparability between data that is available. This means the sustainability-related forward-looking statements and sustainability metrics discussed in this document

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carry an additional degree of inherent risk and uncertainty, and therefore, our actual results and developments could differ materially from those expressed or implied by the sustainability-related forward-looking statements in this report. In light of the uncertainty as to the nature of future policy and market responses to climate change, including between regions, and the effectiveness of any such responses, and as market practice and data quality and availability develops, Sibanye-Stillwater may have to re-evaluate its progress and adapt its approach towards its sustainability ambitions, commitments and targets in the future, update the models and/or methodologies it uses or alter its approach to sustainability and climate analysis and may be required to amend, update and recalculate its sustainability disclosures and assessments, its sustainability ambitions, goals, commitments and/or targets, or its evaluation of its progress towards its sustainability ambitions, goals, commitments and/or targets in the future. 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 2025 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2025 on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2026 (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-IFRS1 MEASURES The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted EBITDA margin, adjusted free cash flow, AISC, AIC, Nickel equivalent sustaining cost and normalised earnings. 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. The forecast non-IFRS financial information presented have not been reviewed or reported on by the Group's external auditors. 1 IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB) MINERAL RESOURCES AND MINERAL RESERVES Sibanye-Stillwater's Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by fluctuations in mineral prices, the exchange rates, operating costs, mining permits, changes in legislation and operating factors. Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in accordance with the rules and regulations promulgated by each of the United States Securities and Exchange Commission (SEC) and the JSE at all managed operations, development, and exploration properties. 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. IR 122

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ADMINISTRATIVE AND CORPORATE INFORMATION SIBANYE STILLWATER LIMITED (SIBANYE-STILLWATER) Incorporated in the Republic of South Africa Registration number 2014/243852/06 Share code: SSW and SBSW Issuer code: SSW ISIN: ZAE000259701 LISTINGS JSE: SSW NYSE: SBSW WEBSITE www.sibanyestillwater.com REGISTERED AND CORPORATE OFFICE Constantia Office Park Bridgeview House, Building 11, Ground floor Cnr 14th Avenue & Hendrik Potgieter Road Weltevreden Park 1709 South Africa Private Bag X5 Westonaria 1780 South Africa Tel: +27 11 278 9600 Fax: +27 11 278 9863 COMPANY SECRETARY LERATO MATLOSA Email: lerato.matlosa@sibanyestillwater.com DIRECTORS Dr Vincent Maphai\* (Chairman) Dr Richard Stewart (CEO)+ Charl Keyter (CFO) Dr Elaine Dorward-King\* Harry Kenyon-Slaney\* ^ Prof Jeremiah Vilakazi# Dr Lindiwe Mthimunye++ Keith Rayner# Dr Peter Hancock\* Philippe Boisseau\* Richard Menell# Sindiswa Zilwa\* Terence Nombembe\* Timothy Cumming# \* Independent non-executive # Non-executive ^ Lead independent director + Appointed as executive director 1 March 2025 and as CEO on 1 October 2025 ++ Appointed as independent non-executive director 25 August 2025 INVESTOR ENQUIRIES INVESTOR RELATIONS TEAM ir@sibanyestillwater.com JAMES WELLSTED Executive Vice President: Investor Relations and Corporate Affairs Mobile: +27 (0)83 453 4014 Email: james.wellsted@sibanyestillwater.com JSE SPONSOR J.P. MORGAN EQUITIES SOUTH AFRICA PROPRIETARY LIMITED Registration number 1995/011815/07 1 Fricker Road, Illovo Johannesburg 2196 South Africa Private Bag X9936 Sandton 2146 South Africa AUDITORS BDO SOUTH AFRICA INC. Wanderers Office Park 52 Corlett Drive Illovo 2196 South Africa Private Bag X60500 Houghton 2041 South Africa Tel: +27 11 488 1700 AMERICAN DEPOSITARY RECEIPTS TRANSFER AGENT BNY MELLON SHAREOWNER CORRESPONDENCE (ADSs) Mailing address of agent: Computershare PO Box 43078 Providence, RI 02940-3078 Overnight/certified/registered delivery: Computershare 150 Royal Street, Suite 101 Canton, MA 02021 US toll free: + 1 888 269 2377 Tel: +1 201 680 6825 Email: shrrelations@cpushareownerservices.com TATYANA VESSELOVSKAYA Relationship Manager - BNY Mellon Depositary Receipts Email: tatyana.vesselovskaya@bnymellon.com TRANSFER SECRETARIES SOUTH AFRICA COMPUTERSHARE INVESTOR SERVICES PROPRIETARY LIMITED Rosebank Towers 15 Biermann Avenue Rosebank 2196 PO Box 61051 Marshalltown 2107 South Africa Tel: +27 11 370 5000 Fax: +27 11 688 5248 FORMS OF PROXY TO MEETING SCRUTINEERS The Meeting Specialist Proprietary Limited JSE Building One Exchange Square 2 Gwen Lane Sandown Sandton, 2196 South Africa CONTACT Farhana Adam Tel: +27 84 433 4836 Izzy van Schoor Tel: +27 81 711 4255 Michael Wenner Tel: +27 61 440 0654 e-mail: proxy@tmsmeetings.co.za IR 123

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www.sibanyestillwater.com

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**AFR –**<sub>1</sub>

CONTENTS

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| | |
|:---|:---|
| Four-year financial performance | **AFR – 2** |
| Management's discussion and analysis of the financial statements | **AFR – 8** |
| Statement of responsibility by the Board of Directors | **AFR – 41** |
| Company secretary's confirmation | **AFR – 41** |
| Report of the Audit Committee | **AFR – 42** |
| Directors' report | **AFR – 46** |
| Report of independent registered public accounting firm | **AFR – 49** |
| Consolidated income statement | **AFR – 53** |
| Consolidated statement of other comprehensive income | **AFR – 53** |
| Consolidated statement of financial position | **AFR – 54** |
| Consolidated statement of cash flows | **AFR – 55** |
| Consolidated statement of changes in equity | **AFR – 56** |
| Notes to the consolidated financial statements | **AFR – 57** |
| Adjusted EBITDA reconciliations | **AFR – 168** |
| Notional free cash flow reconciliations | **AFR – 169** |
| Shareholder information | **AFR – 170** |
| Administration and corporate information | **AFR – 173** |
| The audited consolidated financial statements for the year ended 31 December 2025 have been prepared by Sibanye-Stillwater's group <br>financial reporting team headed by Henning Opperman CA (SA). This process was supervised by the Group's CFO, Charl Keyter and authorised <br>for issue by Sibanye-Stillwater's Board of Directors on 24 April 2026. | The audited consolidated financial statements for the year ended 31 December 2025 have been prepared by Sibanye-Stillwater's group <br>financial reporting team headed by Henning Opperman CA (SA). This process was supervised by the Group's CFO, Charl Keyter and authorised <br>for issue by Sibanye-Stillwater's Board of Directors on 24 April 2026. |

---

**AFR –**<sub>2</sub>

FOUR-YEAR FINANCIAL PERFORMANCE

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **2025** | **2024** | **2023** | **2022** |
| **Group financial statistics**<sup>1</sup> |  |  |  |  |  |
| **Income statement** |  |  |  |  |  |
| Revenue | Rm | **129677** | 112129 | 113684 | 138288 |
| Cost of sales, before amortisation and depreciation | Rm | **(88439)** | (96398) | (89756) | (94537) |
| Amortisation and depreciation | Rm | **(9367)** | (8810) | (10012) | (7087) |
| (Loss)/profit for the year | Rm | **(4739)** | (5710) | (37430) | 18980 |
| (Loss)/profit for the year attributable to owners of Sibanye-Stillwater | Rm | **(5171)** | (7297) | (37772) | 18396 |
| Basic earnings per share | cents | **(183)** | (258) | (1334) | 651 |
| Diluted earnings per share | cents | **(183)** | (258) | (1334) | 650 |
| Headline earnings per share | cents | **244** | 64 | 63 | 652 |
| Diluted headline earnings per share | cents | **235** | 64 | 63 | 651 |
| Dividend per share | cents | **131** |  | 53 | 260 |
| Weighted average number of shares | '000 | **2830567** | 2830567 | 2830528 | 2826085 |
| Diluted weighted average number of shares | '000 | **2830567** | 2830567 | 2830567 | 2830781 |
| Number of shares in issue at end of period | '000 | **2830567** | 2830567 | 2830567 | 2830370 |
| **Statement of financial position** |  |  |  |  |  |
| Property, plant and equipment | Rm | **64320** | 66906 | 61338 | 76909 |
| Cash and cash equivalents | Rm | **17178** | 16049 | 25560 | 26076 |
| Total assets | Rm | **149737** | 138088 | 142941 | 166631 |
| Net assets | Rm | **44167** | 48289 | 51607 | 91004 |
| Stated share capital | Rm | **21647** | 21647 | 21647 | 21647 |
| Borrowings<sup>2</sup> | Rm | **43257** | 41687 | 36618 | 22728 |
| Total liabilities | Rm | **105570** | 89799 | 91334 | 75627 |
| **Statement of cash flows** |  |  |  |  |  |
| Net cash from operating activities | Rm | **21407** | 10113 | 7095 | 15543 |
| Net cash used in investing activities | Rm | **(21692)** | (24338) | (22038) | (17374) |
| Net cash from/(used in) financing activities | Rm | **2756** | 4735 | 12976 | (3497) |
| Net increase/(decrease) in cash and cash equivalents | Rm | **2471** | (9490) | (1967) | (5328) |
| **Other financial data** |  |  |  |  |  |
| Adjusted EBITDA<sup>3</sup> | Rm | **37800** | 13088 | 20556 | 41111 |
| Net debt/(cash)<sup>4</sup> | Rm | **22123** | 23424 | 11918 | (5850) |
| Net debt/(cash) to adjusted EBITDA<sup>5</sup> | ratio | **0.59** | 1.79 | 0.58 | (0.14) |
| Net asset value per share<sup>6</sup> | R | **15.60** | 17.06 | 18.23 | 32.15 |
| Average exchange rate<sup>7</sup> | R/US$ | **17.88** | 18.32 | 18.42 | 16.37 |
| Closing exchange rate<sup>8</sup> | R/US$ | **16.57** | 18.76 | 18.57 | 17.03 |
| **Share data** |  |  |  |  |  |
| Ordinary share price – high | R | **64.70** | 27.17 | 51.68 | 75.40 |
| Ordinary share price – low | R | **14.08** | 14.10 | 18.70 | 35.74 |
| Ordinary share price at year end | R | **60.50** | 14.98 | 24.90 | 44.72 |
| Average daily volume of shares traded | '000 | **22193** | 14664 | 13533 | 12162 |
| Market capitalisation at year end | Rbn | **171** | 42 | 71 | 127 |

---

*1The selected historical consolidated financial data set out above have been derived from Sibanye-Stillwater's consolidated financial statements for those periods and as at* 

*those dates which have been prepared in accordance with IFRS Accounting Standards taking into account any changes in accounting principles. Headline earnings per* 

*share is calculated in terms of the guidance issued by the South African Institute of Chartered Accountants (SAICA), see – Consolidated financial statements – Notes to the* 

*consolidated financial statements – Note 12.3 Headline earnings per share*

*2This represents total borrowings as per the consolidated financial statements, see – Consolidated financial statements – Notes to the consolidated financial statements –* 

*Note 27 Borrowings and derivative financial instrument*

*3The adjusted EBITDA is based on the formula included in the facility agreements for compliance with the debt covenant formula. Adjusted EBITDA may not be comparable* 

*to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS Accounting Standards and should be considered in addition to,* 

*and not as a substitute for, other measures of financial performance and liquidity. For a reconciliation of (loss)/profit before royalties and tax to adjusted EBITDA, see –* 

*Consolidated financial statements – Notes to the consolidated financial statements – Note 27.10 Capital management*

*4Net debt/(cash) represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye- Stillwater,* 

*and, therefore, exclude the Burnstone Debt and include the derivative financial instrument. Net debt excludes cash of Burnstone. Where cash and cash equivalents exceed* 

*borrowings and bank overdraft this represents a net cash position and the negative amount is shown in brackets*

*5Net debt/(cash) to adjusted EBITDA (ratio) is defined as net debt/(cash) as at the end of a reporting period divided by adjusted EBITDA of the last 12 months ending on the* 

*same reporting date. Where a net cash position arises the Net debt/(cash) to adjusted EBITDA (ratio) is negative and the amount is shown in brackets*

*6Net asset value per share (ratio) is defined as total assets as at the end of a reporting period minus total liabilities as at the end of a reporting period divided by the total* 

*number of shares in issue on the same reporting date*

*7The average exchange rate during the relevant period as reported by Equity RT/IRESS. The average exchange rate for the period through 17 April 2026 was R16.38/US$. The* 

*table below sets forth the high and low exchange rates for each month during the previous six months*

**AFR –**<sub>3</sub>

FOUR-YEAR FINANCIAL PERFORMANCE continued

Table of high and low exchange rates for six months from October 2025 to April 2026

---

| | | |
|:---|:---|:---|
| **Month ended** | **High** | **Low** |
| 31 October 2025 | 17.38 | 17.24 |
| 28 November 2025 | 17.19 | 17.07 |
| 31 December 2025 | 16.62 | 16.52 |
| 30 January 2026 | 16.05 | 15.71 |
| 27 February 2026 | 16.00 | 15.87 |
| 31 March 2026 | 17.24 | 15.99 |
| Through 17 April 2026 | 17.05 | 16.14 |

---

 *The closing exchange rate at period end. The closing exchange rate on 17 April 2026, as reported by EquityRT, was R16.40/US$. Fluctuations in the exchange rate between* 

*the rand and the US dollar will affect the US dollar equivalent of the price of the ordinary shares on the JSE, which may affect the market price of the American Depositary* 

*Shares (ADSs) trading on the NYSE. These fluctuations will also affect the US dollar amounts received by owners of ADSs on the conversion of any dividends paid in rand on* 

*the ordinary share*s

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **2025** | 2024 | 2023 | 2022 |
| **Group operating statistics** |  |  |  |  |  |
| **US PGM operations**<sup>1</sup> |  |  |  |  |  |
| **Production** |  |  |  |  |  |
| Ore milled | '000t | **760** | 1129 | 1174 | 1154 |
| Platinum produced | '000oz | **64** | 97 | 98 | 97 |
| Palladium produced | '000oz | **220** | 329 | 330 | 325 |
| PGM produced | '000 2Eoz | **284** | 426 | 427 | 421 |
| PGM sold | '000 2Eoz | **284** | 462 | 425 | 419 |
| PGM recycled | '000 3Eoz | **309** | 316 | 310 | 599 |
| Price and costs |  |  |  |  |  |
| Average basket price | R/2Eoz | **21367** | 18097 | 22890 | 30482 |
|  | US$/2Eoz | **1195** | 988 | 1243 | 1862 |
|  | R/3Eoz | **24728** | 23189 | 42981 | 50202 |
|  | US$/3Eoz | **1383** | 1266 | 2334 | 3067 |
| Operating cost<sup>2</sup> | R/t | **6797** | 6727 | 6903 | 6811 |
|  | US$/t | **380** | 367 | 375 | 416 |
|  | R/2Eoz | **18193** | 17828 | 18970 | 18671 |
|  | US$/2Eoz | **1017** | 973 | 1030 | 1141 |
| Revenue | Rm | **13985** | 16781 | 23812 | 46090 |
| Adjusted EBITDA<sup>3</sup> | Rm | **7353** | 215 | 1317 | 7604 |
| All-in sustaining cost<sup>4</sup> | R/2Eoz | **21516** | 22096 | 31896 | 25951 |
|  | US$/2Eoz | **1203** | 1206 | 1732 | 1586 |
| All-in cost<sup>4</sup> | R/2Eoz | **22178** | 22838 | 33708 | 29145 |
|  | US$/2Eoz | **1240** | 1247 | 1830 | 1781 |
| Capital expenditure |  |  |  |  |  |
| Total capital expenditure | Rm | **1710** | 2822 | 6841 | 5416 |

---

**AFR –**<sub>4</sub>

FOUR-YEAR FINANCIAL PERFORMANCE continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **2025** | 2024 | 2023 | 2022 |
| **RECYCLING OPERATIONS (PA & NC SITE)**<sup>5</sup> |  |  |  |  |  |
| **Volume sold:** |  |  |  |  |  |
| Revenue | Rm | **13129** | 6306 |  |  |
| Adjusted EBITDA<sup>3</sup> | Rm | **1169** | 268 |  |  |
| Capital expenditure |  |  |  |  |  |
| Total capital expenditure | Rm | **46** | 10 |  |  |
| **SA PGM operations**<sup>6</sup> |  |  |  |  |  |
| **Production** |  |  |  |  |  |
| Ore milled | '000t | **36496** | 35842 | 36048 | 36644 |
| Platinum produced | '000oz | **1070** | 1090 | 1054 | 1028 |
| Palladium produced | '000oz | **536** | 549 | 526 | 517 |
| PGM produced | '000 4Eoz | **1725** | 1739 | 1673 | 1667 |
| PGM sold including PoC | '000 4Eoz | **1728** | 1807 | 1720 | 1662 |
| **Price and costs**<sup>7</sup> |  |  |  |  |  |
| Average basket price | R/4Eoz | **31110** | 24213 | 28979 | 42914 |
|  | US$/4Eoz | **1740** | 1322 | 1574 | 2622 |
| Operating cost<sup>2</sup> | R/t | **1185** | 1125 | 986 | 860 |
|  | US$/t | **66** | 61 | 54 | 53 |
|  | R/4Eoz | **25816** | 23933 | 21951 | 19543 |
|  | US$/4Eoz | **1444** | 1307 | 1192 | 1194 |
| Revenue | Rm | **60883** | 51257 | 55593 | 71665 |
| Adjusted EBITDA<sup>3</sup> | Rm | **16682** | 7399 | 17620 | 38135 |
| All-in sustaining cost<sup>4</sup> | R/4Eoz | **24193** | 21948 | 20054 | 19313 |
|  | US$/4Eoz | **1353** | 1198 | 1089 | 1180 |
| All-in cost<sup>4</sup> | R/4Eoz | **24610** | 22465 | 20726 | 19916 |
|  | US$/4Eoz | **1376** | 1226 | 1125 | 1217 |
| Capital expenditure |  |  |  |  |  |
| Total capital expenditure | Rm | **5886** | 5846 | 5647 | 5104 |
| **SA gold operations** |  |  |  |  |  |
| **Production** |  |  |  |  |  |
| Ore milled | '000t | **32815** | 33522 | 31941 | 36172 |
| Gold produced | kg | **19668** | 21915 | 25212 | 19301 |
|  | '000oz | **632** | 705 | 811 | 621 |
| Gold sold | kg | **19081** | 22239 | 25429 | 18859 |
|  | '000oz | **613** | 715 | 818 | 606 |
| **Price and costs** |  |  |  |  |  |
| Gold price | R/kg | **1942194** | 1400468 | 1146093 | 946073 |
|  | US$/oz | **3379** | 2378 | 1936 | 1798 |
| Operating cost<sup>2</sup> | R/t | **737** | 696 | 752 | 573 |
|  | US$/t | **41** | 38 | 41 | 35 |
|  | R/kg | **1230222** | 1065070 | 953118 | 1074400 |
|  | US$/oz | **2140** | 1809 | 1610 | 2042 |
| Revenue | Rm | **37059** | 31145 | 29143 | 17842 |
| Adjusted EBITDA<sup>3</sup> | Rm | **12505** | 5832 | 3523 | (3546) |
| All-in sustaining cost<sup>4</sup> | R/kg | **1442063** | 1251810 | 1127138 | 1268360 |
|  | US$/oz | **2509** | 2126 | 1904 | 2410 |
| All-in cost<sup>4</sup> | R/kg | **1581468** | 1411619 | 1230328 | 1341588 |
|  | US$/oz | **2751** | 2397 | 2078 | 2549 |
| Capital expenditure |  |  |  |  |  |
| Total capital expenditure | Rm | **6696** | 7253 | 6708 | 4559 |

---

**AFR –**<sub>5</sub>

FOUR-YEAR FINANCIAL PERFORMANCE continued

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **2025** | 2024 | 2023 | 2022 |
| **Sandouville nickel refinery**<sup>8</sup> |  |  |  |  |  |
| Revenue | Rm | **518** | 2784 | 3024 | 3140 |
| Adjusted EBITDA<sup>3</sup> | Rm | **(590)** | (723) | (1328) | (492) |
| Capital expenditure |  |  |  |  |  |
| Total capital expenditure | Rm | **28** | 173 | 248 | 90 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | 2025 | 2024 | 2023 | 2022 |
| **Century zinc retreatment operation**<sup>9</sup> | **Century zinc retreatment operation**<sup>9</sup> |  |  |  |  |
| **Production** |  |  |  |  |  |
| Ore mined and processed | kt | 8210 | 6807 | 6097 |  |
| Payable zinc production<sup>10</sup> | kt | 101 | 82 | 76 |  |
| Payable zinc sales<sup>11</sup> | kt | 91 | 82 | 77 |  |
| **Price and costs** |  |  |  |  |  |
| Average equivalent zinc concentrate price<sup>12</sup> | R/tZn | 48584 | 49046 | 31815 |  |
|  | US$/tZn | 2717 | 2678 | 1728 |  |
| Revenue | Rm | 4672 | 3983 | 2251 |  |
| Adjusted EBITDA<sup>3</sup> | Rm | 1582 | 641 | (285) |  |
| All-in sustaining cost<sup>4</sup> | R/tZn | 34356 | 42446 | 36361 |  |
|  | US$/tZn | 1921 | 2317 | 1975 |  |
| All-in cost<sup>4</sup> | R/tZn | 34912 | 42617 | 39359 |  |
|  | US$/tZn | 1953 | 2327 | 2137 |  |
| **Capital expenditure** |  |  |  |  |  |
| Total capital expenditure | Rm | 114 | 192 | 165 |  |

---

**AFR –**<sub>6</sub>

FOUR-YEAR FINANCIAL PERFORMANCE continued

*Figures in tables below may not add as they are rounded independently*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Unit operating cost**<sup>2</sup>**: US underground PGM operations** |  | **2025** | 2024 | 2023 | 2022 |
| Cost of sales, before amortisation and depreciation | Rm | 2146 | 9846 | 9680 | 7458 |
| Section 45X credit adjustment | Rm | 2466 | (1255) | (1098) |  |
| Inventory change | Rm | 556 | (999) | (477) | 405 |
| Total operating cost  | Rm | 5168 | 7592 | 8105 | 7863 |
| Tonnes milled/treated | 000't | 760 | 1129 | 1174 | 1154 |
| PGM production  | 000 2Eoz | 284 | 426 | 427 | 421 |
| Operating cost<sup>2</sup> | R/t | 6797 | 6727 | 6903 | 6811 |
|  | US$/t | 380 | 367 | 375 | 416 |
|  | R/2Eoz | 18193 | 17828 | 18970 | 18671 |
|  | US$/2Eoz | 1017 | 973 | 1030 | 1141 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Unit operating cost**<sup>2</sup>**: SA PGM operations (excluding Mimosa and** <br>**Purchase of Concentrate (PoC))**<br>|  | **2025** | 2024 | 2023 | 2022 |
| Cost of sales, before amortisation and depreciation | Rm | 43214 | 42964 | 36699 | 32281 |
| Inventory change | Rm | 2710 | 182 | 1938 | 2315 |
| Less: Chrome cost of sales | Rm | (1868) | (2056) | (1715) | (1528) |
| Less: Purchase cost of PoC  | Rm | (2550) | (2407) | (2753) | (2738) |
| Total operating cost excluding third party PoC | Rm | 41506 | 38683 | 34169 | 30330 |
| Tonnes milled/treated | 000't | 36496 | 35842 | 36048 | 36644 |
| Less: Mimosa tonnes (equity accounted) | 000't | (1457) | (1469) | (1392) | (1387) |
| PGM tonnes excluding Mimosa and third party PoC | 000't | 35039 | 34373 | 34656 | 35257 |
| PGM production (excluding PoC) | 000 4Eoz | 1725 | 1739 | 1673 | 1667 |
| Less: Mimosa production (equity accounted)  | 000 4Eoz | (117) | (123) | (116) | (116) |
| PGM production excluding Mimosa and third party PoC | 000 4Eoz | 1608 | 1616 | 1557 | 1552 |
| Operating cost<sup>2</sup> | R/t | 1185 | 1125 | 986 | 860 |
|  | US$/t | 66 | 61 | 54 | 53 |
|  | R/4Eoz | 25816 | 23933 | 21951 | 19543 |
|  | US$/4Eoz | 1444 | 1307 | 1192 | 1194 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Unit operating cost**<sup>2</sup>**: SA Gold operations** |  | **2025** | 2024 | 2023 | 2022 |
| Cost of sales, before amortisation and depreciation | Rm | 22988 | 23598 | 24080 | 20175 |
| Inventory change (Gold in process) | Rm | 1208 | (257) | (50) | 562 |
| Total operating cost | Rm | 24196 | 23341 | 24030 | 20737 |
| Tonnes milled/treated | 000't | 32815 | 33522 | 31941 | 36172 |
| Gold Production  | kg | 19668 | 21915 | 25212 | 19301 |
|  | 000'oz | 632 | 705 | 811 | 621 |
| Operating cost<sup>2</sup> | R/t | 737 | 696 | 752 | 573 |
|  | US$/t | 41 | 38 | 41 | 35 |
|  | R/kg | 1230222 | 1065070 | 953118 | 1074400 |
|  | US$/oz | 2140 | 1809 | 1610 | 2041 |

---

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

*operations' underground production, the operation processes recycling material at the Columbus recycling operation (US PGM Recycling) which is excluded from the 2E* 

*PGM production, 2E average basket price, operating cost, total capital expenditure, All-in sustaining cost and All-in cost statistics shown. PGM recycling represents* 

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

<sup>2</sup>*Operating cost is a non-IFRS measure see page AFR-40 for additional information. 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 in the same period, and operating* 

*cost per ounce and kilogram is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold kilograms* 

*produced or platinum group metals (PGM) 2E or 4E ounces produced in the same period* 

<sup>3</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 formula. Adjusted EBITDA is a non-IFRS measure see page AFR-39 for additional information. Adjusted EBITDA may not be comparable to similarly* 

*titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS Accounting Standards and should be considered in addition to, and not as* 

**AFR –**<sub>7</sub>

FOUR-YEAR FINANCIAL PERFORMANCE continued

*a substitute for, other measures of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and tax to adjusted EBITDA, see – Consolidated* 

*financial statements – Notes to the consolidated financial statements – Note 27.10 Capital management*

<sup>4</sup>*Sibanye-Stillwater presents the financial measures "All-in sustaining costs", "All-in costs", "All-in sustaining cost per kilogram", "All-in sustaining cost per ounce", "All-in* 

*sustaining cost per tonne","All- in cost per kilogram", "All-in cost per ounce" and "All-in cost per tonne", which were introduced during the year ended 31 December 2013 by* 

*the World Gold Council (the Council). The Council is a non-profit association of the world's leading gold mining companies established in 1987 to promote the use of gold* 

*from industry, consumers and investors and is not a regulatory organisation. The Council has worked with its member companies to develop a metric that expands on IFRS* 

*Accounting Standards measures such as cost of goods sold and currently accepted non-IFRS measures to provide relevant information to investors, governments, local* 

*communities and other stakeholders in understanding the economics of gold mining operations related to expenditures, operating performance and the ability to generate* 

*cash flow from operations. This is especially true with reference to capital expenditure associated with developing and maintaining gold mines, which has increased* 

*significantly in recent years and is reflected in this metric*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining cost per tonne, All-in cost per kilogram, All-in cost per* 

*ounce and All-in cost per tonne metrics are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS Accounting* 

*Standards and should not be considered in isolation or as alternatives to cost of sales, (loss)/profit before tax, (loss)/profit for the year, cash from operating activities or any* 

*other measure of financial performance presented in accordance with IFRS. All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per* 

*ounce, All-in sustaining cost per tonne, All-in cost per kilogram, All-in cost per ounce and All-in cost per tonne as presented in this document may not be comparable to* 

*other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying* 

*accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus* 

*development capital activities based upon each company's internal policies. All-in costs 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 costs is made up of All-in sustaining costs, being* 

*the cost to sustain current operations, given as a sub-total in the All-in costs calculation, together with corporate and major capital expenditure associated with growth. For* 

*a reconciliation of cost of sales, before amortisation and depreciation to All-in costs see – Overview – Management's discussion and analysis of the financial statements –* 

*2025 financial performance compared with 2024 – Cost of sales – All-in sustaining cost, All-in cost* 

<sup>5</sup>*Recycling includes Reldan Pennsylvania (PA) site and Metallix North Carolina (NC) site. The acquisition of the PA site was concluded on 15 March 2024 and the acquisition of* 

*NC site was concluded on 4 September 2025. The year ended 31 December 2024 only includes the results of the PA site since acquisition and the year ended December* 

*2025, includes the NC site results since acquisition*

<sup>6</sup>*SA PGM operations excludes the production and costs associated with the purchase of concentrate (PoC) from third parties from 1 January 2020 onwards. During 2025, the* 

*SA PGM operations produced 73,150 4Eoz (2024: 96,464; 2023: 96,403 4Eoz; 2022: 63,344 4Eoz;) of PoC at a cost of R2.6 billion (2024: R2.4 billion; 2023: R2.8 billion; 2022: R2.7* 

*billion)* 

<sup>7</sup>*The total SA PGM operations unit cost benchmarks (including capital expenditure) exclude the financial results of Mimosa, which is equity accounted, and excluded from* 

*revenue and cost of sales*

<sup>8</sup>*Amounts included since effective date of the acquisition on 4 February 2022*

<sup>9</sup>*Century is a leading tailings reprocessing and rehabilitation asset that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia.* 

*Century was acquired by the Group on 22 February 2023*

<sup>10</sup>*Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions*

<sup>11</sup>*Payable zinc sales is the payable quantity of zinc metal sold after applying smelter content deductions*

<sup>12</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*

**AFR –**<sub>8</sub>

MANAGEMENT'S DISCUSSION AND ANALYSIS

OF THE FINANCIAL STATEMENTS

*The following discussion and analysis should be read together with Sibanye Stillwater Limited's Group (the "Group" or "Sibanye-Stillwater")* 

*consolidated financial statements, including the notes. Certain information contained in the discussion and analysis set forth below includes* 

*forward-looking statements that involve risks and uncertainties. For a discussion of important factors that could cause actual results to differ* 

*materially from the results described in or implied by the forward-looking statements contained in this Annual Financial Report, see* –

*Disclaimer* – *Forward-looking statements. The comparison of the Group's 2024 financial performance to the Group's 2023 financial* 

*performance can be found on pages AFR-8 to AFR-40 of Sibanye Stillwater Limited's Annual Report on Form 20-F for the year ended* 

*31 December 2024 that was filed with United States Securities and Exchange Commission on 25 April 2025.*

**Introduction**

Sibanye-Stillwater is a multinational mining and metals processing Group with a diverse portfolio of operations, projects and investments

across five continents. The Group is one of the foremost global recyclers of a suite of metals and has interests in leading mine tailings

retreatment operations (secondary mining).

Sibanye-Stillwater is one of the world's largest primary producers of platinum, palladium and rhodium and is a top tier gold producer. It

produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has also diversified into battery metals mining

and processing and increased its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. The

Group's operations are discussed below and for information on the nature of the Group's business see – *Consolidated Financial Statements* –

*Notes to the consolidated financial statements* – *Note 1.1: Reporting entity*.

**Our operations**

**Southern Africa** 

**PGMs** 

The SA PGM operations comprise two managed underground operations (Marikana and Rustenburg). In addition, the Group has a 50%

attributable interest in a non-managed, underground operation (Mimosa) in Zimbabwe.

The Rustenburg (74% attributable) operation produces concentrate which is processed in terms of a toll-treatment agreement with

Rustenburg Platinum Mines Limited, a division of Valterra Platinum Limited.

The Marikana operation (80.64% attributable) processes its own as well as third-party concentrate via a metallurgical smelter and base

metals refinery situated at the operations, and a precious metals refinery complex located in Brakpan, to the east of Johannesburg.

Apart from the primary mining operations, significant secondary mining from tailings treatment operations exist:

• the Platinum Mile tailings retreatment facility 100% owned and managed) recovers PGMs from historic Rustenburg Tailings Storage

Facilities (TSF) as well as live tailings streams from the Rustenburg concentrator plants

• the Western Limb tailings retreatment (WLTR) plant recovers PGMs from historic TSFs at the Rustenburg operation

• the Bulk tailings treatment (BTT) facility recovers chrome and PGMs from the Eastern Platinum Tailings Dam Number 2 TSF at the Marikana

operation

• the Eastern tailings treatment project (ETTP) facility recovers PGMs from live tailings material from the Eastern Platinum Proprietary Limited

concentrator at the Marikana operation. Chrome recovery from EPL live tailings occurs at the EPL Glencore Chrome Recovery Plant

• at the Rustenburg, Kroondal and Marikana operations, chrome concentrate is recovered as a by-product from the UG2 tailings streams

The Akanani exploration project (80.13% attributable) is an exploration asset on the northern limb of the Bushveld Igneous Complex (BIC)

near the town of Mokopane. The Limpopo exploration project, located approximately 50km southeast of Mokopane, consists of the care

and maintenance Baobab operation (80.64% attributable), the Dwaalkop mining right (50:50 JV area with Northam, 40.32% attributable),

and the Doornvlei mining right (80.64% attributable).

**Gold**

The SA gold operations consists of four managed, producing, underground and surface operations in South Africa, namely the Kloof (100%

attributable), Driefontein (100% attributable) and Cooke (76% attributable) operations in the West Wits region, and Beatrix (100% attributable)

operation in the Free State province.

Burnstone (100% attributable) is a development project in the Mpumalanga province. In addition, and in support of its gold mining activities,

Sibanye-Stillwater owns and manages four metallurgical processing facilities where gold-bearing ore is processed and gold extracted.

Wholly-owned and managed projects in exploration phase include Bloemhoek and De Bron Merriespruit, which form part of the Southern

Free State (SOFS) exploration project.

The Group also reports Mineral Resources and Mineral Reserves on an attributable basis for DRDGOLD Limited (DRDGOLD) due to its 50.10%

equity interest. DRDGOLD operates the Far West Gold Recoveries (FWGR) and the Ergo Gold Recoveries operations.

**Uranium** 

Significant quantities of uranium are present in the historic TSFs of the Cooke operation, as well as in the Beisa project area, a combined gold

and uranium deposit at the Beatrix operation. These are considered exploration (Beisa) or development (Cooke) projects, even though they

occur within existing operational mining right areas.

The feasibility study (FS) into the exploitation of the Cooke dump has been completed, leading to the declaration of a maiden Mineral

Reserve. The Beisa Mineral Resource is reported subject to a pending transaction with Neo Energy Metals PLC, expected to close in 2026, for

the sale of the Beisa uranium asset in exchange for a consideration of R250 million in cash and R250 million in equity in Neo (approximately

40%).

**Americas** 

**PGMs** 

Sibanye-Stillwater wholly owns and operates PGM mining, processing and recycling operations located in Montana, US. These assets include

the Stillwater mine (inclusive of the Stillwater west and east mines), the East Boulder mine, two concentrator plants and PGM mining claims

**AFR –**<sub>9</sub>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

located near the town of Nye. In addition, the Group owns and operates a metallurgical smelter and base metals refinery complex situated

in the town of Columbus, Montana, which also serves as the base for our PGM recycling business that recovers PGMs from used catalytic

converters. The Group also has a 12.14% (2024: 13.85%) equity holding in Generation Mining Limited, the owners and operator of the

Marathon PGM project in Canada.

At 31 December 2025, the Group holds a 31.47%, non-managed interest in the Altar copper-gold porphyry exploration project in Argentina,

for which a preliminary economic assessment (PEA) was completed in 2025.

Sibanye-Stillwater also wholly owns the Reldan Group of Companies following its acquisition of Reldan (US Pennsylvania recycling site) in

March 2024 and Metallix (US North Carolina recycling sites) in September 2025. The Pennsylvania recycling site processes and refines a range

of precious metals recovered from scrap jewellery, industrial waste, and electronic scrap and the North Carolina recycling sites processes

and refines a range of precious metals recovered from mainly from industrial waste. These materials are transformed into various low- and

high-grade precious metal products. High-grade metals are then sent to third-party, downstream refineries, where they are refined to 99.9%

purity through chemical purification, then cast into ingots or bars and supplied to leading refiners worldwide. Lower-grade materials are sent

to major copper smelters for further processing.

Sibanye-Stillwater acquired Metallix Refining (Metallix US North Carolina recycling site) on 4 September 2025 by acquiring 100% of the Metallix

group of entities for a cash consideration of US$129 million. The North Carolina site produces recycled precious metals, including gold, silver

and platinum group metals (PGMs), primarily from industrial waste streams. It operates two processing and recycling operations in Greenville,

North Carolina. The North Carolina site has a global customer base, which it services from the United Kingdom and South Korea, in addition

to its customers in the United States.

**Battery metals** 

Following the Group's decision to withdraw from the Rhyolite Ridge joint venture agreement, the Group disposed of its investment in ioneer

Limited (ioneer) during H2 2025 with the proceeds on the sale amounting to R186 million.

**Europe**

**Battery metals**

The Group is developing the Keliber lithium project in Finland (79.82% attributable). During 2025, construction of the Keliber concentrator

plant and the lithium-hydroxide refinery were advanced as planned, both scheduled for completion in 2026. Ore extraction at the Syväjärvi

open pit mine commenced in February 2026 and the hot commissioning of the Keliber concentrator is expected to start in H1 2026. Hot

commissioning of the Keliber lithium refinery is expected to follow in H2 2026, pending final decision subject to market conditions. Exploration

activities are also ongoing at the extensive mineral title holdings.

**Australia**

**Green metals**

The Group owns 100% of the Century zinc operation in Queensland, which operates the largest tailings retreatment operation in Australia.

The Group is undertaking a feasibility study incorporating the mining of neighbouring phosphate deposits as an alternative use for the

considerable fixed infrastructure that would extend the life of the operation, post the TSF depletion.

The feasibility study into reopening the Mt Lyell copper mine in Tasmania (under care and maintenance), has been completed, leading to a

maiden Mineral Reserve being declared.

**Metals and Production Summary**

At our PGM operations in South Africa and Zimbabwe, the primary PGMs produced are platinum, palladium and rhodium, which together

with gold, are referred to as 4E (3 PGM+Au). 4E Production prill split ratio in 2025 was approximately 59% (2024: 59%) platinum (Pt), 30% (2024:

30%) palladium (Pd), 9% (2024: 9%) rhodium (Rh) and gold (Au) 2% (2024: 2%). Under the Toll arrangement Sibanye-Stillwater uses Valterra

Platinum Limited to smelt and refine concentrate from its Rustenburg operation and it retains ownership of the refined 4E metal produced. At

our Marikana operation all concentrate is smelted to produce furnace matte and is further refined by the base metal and precious metal

refineries. The final refined metals are produced as ingots or sponge and comprise platinum, palladium, rhodium, gold, iridium and

ruthenium which together are referred to as the 6E. Platinum Mile operations remain on a PoC agreement with Valterra Platinum Limited. The

Marikana operation has agreements in place to purchase PGM concentrate from third parties. The processing of third-party material allows

better utilisation of excess smelting and refining capacity.

The US PGM operations primarily produce 78% (2024: 77%) palladium and 22% (2024: 23%) platinum, referred to as 2E (or 2PGM) from primary

mining and 21% (2024: 21%) platinum, 71% (2024: 71%) palladium and 8% (2024: 8%) rhodium, referred to as 3E (or 3PGM) from the recycling

of spent autocatalytic converters. Ore extraction at its mines takes place within the J-M Reef. A mill at each of the mining operations

upgrades the mined production into a concentrated form. Sibanye-Stillwater operates a smelter and base metal refinery in Columbus,

Montana which further upgrades the mined concentrates into a PGM-rich filter cake. The filter cake is then shipped to a third-party refiner

for final refining before the PGMs are sold to third-parties.

Also based in the US, and complementing the US recycling operation at Montana, are the Reldan and Metallix recycling operations which

are located at Pennsylvania and North Carolina, respectively. Reldan processes and refines a range of precious metals recovered from

scrap jewellery, industrial waste, and electronic scrap. These materials are transformed into various low- and high-grade precious metal

products. Metallix operates two processing and recycling operations which produces recycled precious metals, including gold, silver and

platinum group metals, primarily from industrial waste streams

The major sources of demand for PGMs are for use in autocatalysts, various industrial applications and jewellery. Autocatalysts and jewellery

combined accounted for around 60% (2024: 61%) of gross platinum demand in 2025. Gross autocatalyst demand alone accounted for 42%

(2024: 43%) of platinum demand and for 84% (2024: 84%) of palladium demand in 2025. Sibanye-Stillwater sells PGM concentrate from its SA

PGM operations locally and it also sells refined PGMs to customers in the USA, UK, EU, Canada and Japan.

Sibanye-Stillwater mines, extracts and processes gold-bearing ore at its SA gold operations to produce a beneficiated product, doré, which

is then refined at Rand Refinery Proprietary Limited (Rand Refinery) to gold bars with a purity of at least 99.9% in accordance with the

London Bullion Market Association's standards of Good Delivery. Sibanye-Stillwater holds a 44% interest in Rand Refinery, one of the largest

**AFR –**<sub>10</sub>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

refiners of gold globally and the largest in Africa. Sibanye-Stillwater sells the refined gold to its customers who are international and local

banks based and a residual amount (below 5%) is sold to Rand Refinery. The main sources of demand for gold are as a store of value (such

as central bank holdings), as an investment (exchange traded funds, bars and coins), jewellery and for various industrial purposes.

The majority of the nickel product at Sandouville was sold to a commodity trading company. The balance of the nickel product was sold to

catalyst producers and plating product distributors.

Zinc concentrate was sold either through traders or directly to smelters in Australia, Korea and China for treatment into a refined 99.995% zinc

metal, ready for sale to end users. The main sources of demand for zinc are for use as a coating to protect iron and steel from corrosion

(galvanized metal), as alloying metal to make bronze and brass, as zinc-based die casting alloy and as rolled zinc.

In 2025, Sibanye-Stillwater delivered attributable PGM production of 1.80Moz (4E) (2024: 1.84Moz (4E)) and 0.28Moz (2E) (2024: 0.43Moz (2E)),

and produced 19,668kg (0.63Moz) (2024: 21,915kg or 0.70Moz) of gold, from its SA PGM, US PGM, SA gold operations respectively. Sibanye-

Stillwater also produced 1,109 tonnes of Nickel (tNi) (2024: 7,705tNi) at Sandouville and 122 kilotonnes (kt) of zinc in a 46.4% zinc concentrate

for 101kt of payable zinc metal at its Century zinc retreatment operation (2024: 100 kt of zinc in a 45.8% zinc concentrate for 82kt of payable

zinc metal).

During the 2025 year, Sibanye-Stillwater incurred a loss of R4,739 million (2024: R5,710 million), of which a R5,171 million loss (2024: R7,297

million) is attributable to the owners of Sibanye-Stillwater.

At 31 December 2025, Sibanye-Stillwater had the following attributable mineral reserves

• 2E PGM mineral reserves of 19.4Moz (2024: 19.0Moz)

• 4E PGM mineral reserves of 29.4Moz (2024: 28.1Moz)

• gold mineral reserves of 9.4Moz (2024: 10.0Moz)

• zinc mineral reserve of 308.2kt (2024: 552.6kt)

• lithium mineral reserve of 248.4kt (2024: 248.4kt)

• **Strategy and Outlook**

**Strategic Overview**

The Group's refreshed strategy, presented in January 2026, is focused on creating a high-performing, future-focused metals business by

unlocking unrealised value across its diversified portfolio of primary mining, secondary mining and recycling operations. The strategy is

designed to enhance returns through the cycle by strengthening operational performance, simplifying the portfolio, applying disciplined

capital allocation and advancing value-accretive growth opportunities aligned with the global energy transition.

The Group's strategy is underpinned by a continued emphasis on precious metals, complemented by selective exposure to battery and

energy-transition metals, supported by its geographic diversification across South Africa, the Americas, Europe and Australia.

**Strategic Pillars**

The refreshed strategy is structured around four core pillars:

**1. Simplification**

The Group is simplifying its operating model and asset portfolio to enhance accountability, agility and management focus. This includes

prioritising capital and management attention on assets with the highest return potential, while evaluating partnerships, harvesting strategies

or divestments for non-core assets to crystallise value and improve capital efficiency.

**2. Performance Excellence**

Performance excellence is targeted through operational discipline, cost efficiency, productivity improvements and safe, consistent delivery.

Initiatives include portfolio-wide productivity programmes, enhanced mine planning, digital and technology innovation, and a strong focus

on safety, sustainability and a values-driven performance culture. These initiatives are expected to support margin improvement, resource

optimisation and improved returns on capital employed.

**3. Growth**

Growth is focused primarily on organic, value-accretive projects, with an emphasis on unlocking inherent resource value through brownfield

extensions and low capital-intensity developments. Key growth areas include South African PGM projects, the transition of the South African

gold portfolio towards higher-margin production, and the staged start up of the Keliber lithium project in Europe. External growth

opportunities are assessed within a defined value framework, with continued focus on primary mining, secondary mining and recycling

assets aligned with the Group's core capabilities.

**4. Capital Allocation**

Capital allocation is governed by a disciplined framework prioritising returns, sustainability and balance sheet resilience. The Group targets

maintaining liquidity sufficient to cover at least two months of operating and capital expenditure, reducing gross debt over the medium

term, and allocating surplus capital between stakeholder returns, debt reduction and life-extension or growth projects. Capital deployment

decisions are subject to risk-adjusted hurdle rates and are evaluated on a internal rate of return, net present value and return-on-invested-

capital basis.

**Portfolio and Growth Initiatives**

Within South African PGM operations, the strategy focuses on unlocking resource value through integration benefits, mechanisation projects

and selective internal investments aimed at extending life of mine and increasing future production at relatively low capital intensity.

In the South African gold portfolio, the Group is transitioning towards a higher-margin, longer-life production profile, supported by its interest

in DRDGOLD and the evaluation of shallow underground and secondary mining opportunities, including the Burnstone project, subject to

feasibility outcomes and investment approval.

**AFR –**<sub>11</sub>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

The Keliber lithium project represents a key element of the Group's battery metals strategy. The project is being progressed through a staged

start-up approach, providing flexibility and optionality across the value chain, with defined holding points prior to committing to full

battery-grade lithium hydroxide production. This phased approach is intended to manage execution risk, capital intensity and market

uncertainty while positioning the Group within European critical minerals supply chains.

**Operating Model and Organisational Alignment**

The previous strategy was supported by a regionalised growth and capital allocation approach with decentralised operational

accountability. The updated strategy presented in January 2026 centralises Group oversight for strategic growth, capital allocation, portfolio

optimisation, project development and execution. This structure is intended to maximise return on capital employed, facilitate the

development of project execution as a core competency and allow for enterprise-wide alignment with the Group's strategic priorities.

**Strategic Outlook**

Management believes that the refreshed strategy positions the Group to remain resilient in a rapidly changing macroeconomic and

geopolitical environment, characterised by evolving demand dynamics for critical metals, increasing regulation and ongoing commodity

price volatility. By focusing on performance excellence, portfolio simplification, disciplined capital allocation and value-accretive growth,

the Group aims to improve margins, enhance returns on capital and deliver sustainable value for shareholders and other stakeholders over

the long term.

**Factors affecting Sibanye-Stillwater's performance**

**Commodity prices**

Sibanye-Stillwater's revenues are derived primarily from the sale of the PGMs and gold produced from its own mines and processed at its

recycling facilities, which include the U.S. Columbus (U.S. PGM recycling) PGM, Reldan and Metallix operations. At these facilities, the Group

generates revenue from the sale of gold, silver, copper, and PGMs recovered from reclaimed industrial manufacturing scrap, post-consumer

electronic scrap, and jewellery scrap, as well as from the sale of silver and mixed scrap. The Group also derives revenues from the sale of zinc

and silver in concentrate from the Century zinc retreatment operation. The Group also derived revenues from the sale of nickel metal and

nickel salts at the Sandouville nickel refinery which ramped down and ceased production during 2025. For mined production, Sibanye-

Stillwater does not generally enter into forward sales, commodity derivatives or other hedging arrangements in order to establish a price in

advance of the sale of its production, unless these derivatives are used for risk mitigation and project funding initiatives. As a result, Sibanye-

Stillwater is normally exposed to changes in commodity prices for its mined production.

However, Sibanye-Stillwater has policies in areas such as counterparty exposure, hedging practices and prudential limits, which have been

approved by Sibanye-Stillwater's Board of Directors (Board). Management of financial risk is centralised at Sibanye-Stillwater's treasury

department (Treasury), which acts as the interface between Sibanye-Stillwater's operations and counterparty banks. Treasury manages

financial risk in accordance with the policies and procedures established by the Board and executive committee. The Board has approved

dealing limits for money market, foreign exchange and commodity transactions, which Treasury is required to adhere to. Among other

restrictions, these limits describe which instruments may be traded and demarcate open position limits for each category as well as

indicating counterparty credit-related limits.

Metals recovered from recycled materials at the Columbus metallurgical facilities in Montana, the Reldan facilities in Pennsylvania, and the

Metallix facilities in North Carolina are normally price-hedged at the time the material is purchased. The recovered metal ounces are then

delivered against the hedge instrument once the metals are processed and recovered. This process mitigates exposure to commodity price

volatility during the outturn period, which is approximately sixty to ninety days for Columbus and thirty to one hundred and eighty days for

Pennsylvania and North Carolina sites.

As detailed previously, PGM, gold, nickel and zinc hedging is normally considered under one or more of the following circumstances: to

protect cash flows at times of significant capital expenditures; financing projects; or to safeguard the viability of higher cost operations. For a

list of commodity price hedges for the year ended 31 December 2025, see *– Consolidated financial statements – Notes to the consolidated* 

*financial statements – Note 35.2: Risk management activities.* 

Historically, platinum, palladium and rhodium prices have been subject to wide fluctuations and are affected by numerous factors beyond

Sibanye-Stillwater's control, including international macroeconomic conditions and outlook, levels of supply and/or demand, any actual or

potential threats to the stability of supply and/or demand, inventory levels maintained by users and producers, liquidity of above ground

excess inventories, actions of participants in the commodities markets and currency exchange rates, particularly the rand to the US dollar.

**Platinum**

The platinum price gained 125% in 2025. The price traded sideways until late May when it started to rally. The price rose to a record high of

$2,459/oz on 26 December before pulling back in the last few trading days of the year. In South Africa, supply disruptions in the first half of

the year, along with smelter maintenance which resulted in a build-up of partially processed material, reduced the supply of refined

platinum in 2025. China reported significantly higher platinum imports in the first half of the year. The potential for the US to impose tariffs on

imported precious metals resulted in significant transfer of platinum into the US, which reduced liquidity outside the US. The continued strong

rally in gold stretched relative valuations helping to lift platinum higher.

Without the disruptions that impacted 2025, primary production in South Africa is expected to rise in 2026. There are also three projects that

are ramping up production in South Africa and one in Russia. With a higher platinum price China's platinum imports could be lower than in

2025. A high platinum price may be detrimental to jewellery demand. With the platinum price now substantially higher than the palladium

price there may be some reduction of the platinum loading in gasoline tri-metal autocatalysts with the palladium loading being increased.

The volatility of the price of platinum is illustrated in the platinum price table below (which shows the annual high, low and average market

price of platinum). Over the period from 2023 to 2025, the platinum price fluctuated between a high price of US$2,539/oz and a low price

US$839/oz.

**AFR –**<sub>12</sub>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

---

| | | | |
|:---|:---|:---|:---|
| | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> |
| <br>**Platinum** | **High** | **Low** | **Average** |
| 2023 | 1132 | 839 | 962 |
| 2024 | 1105 | 865 | 956 |
| 2025 | 2539 | 852 | 1291 |
| **2026 (through 17 April 2026)** | **2880** | **1817** | **2173** |
| <sup>1</sup>*Rounded to the nearest US dollar* |  |  |  |
| <sup>2</sup>*Metal price sourced from EquityRT* |  |  |  |

---

The market price of platinum was US$2,056/oz at 31 December 2025 and was US$2,142/oz on 17 April 2026.

**Palladium**

The palladium price ended 2025 at $1,634/oz, a rise of 84%. The price reached a peak of $2,072/oz in December, its highest price for more

than three years. Reduced output from Stillwater and supply disruptions in South Africa contributed to a decline in primary palladium

production. Battery electric vehicles (BEVs) sales continued to grow, particularly in China and Europe, resulting in lower sales of combustion

engine light vehicles globally, reducing automotive palladium demand. Secondary supply of palladium increased as the rising palladium

price resulted in greater volumes of spent catalytic converters being recycled. Palladium also experienced some pre-emptive flows into the

US amid tariff-related trade uncertainty, particularly in response to anti-dumping investigations focused on Russian supply. However, these

movements were more limited and temporary than those observed in platinum, with a smaller impact on global liquidity.

South African palladium production is anticipated to recover from disruptions last year. A palladium rich project in Russia is ramping up

production and three projects in South Africa will also contribute some additional metal. Nornickel, the largest producer of palladium, has

released production guidance for 2026 that is ~300 koz (~10%) lower than the output achieved in 2025. Globally, production of battery

electric vehicles is predicted to rise faster than the overall market which reduces automotive palladium requirements.

The volatility in the price of palladium is illustrated in the palladium price table below (which shows the annual high, low and average market

price of palladium). Over the period from 2023 to 2025, the palladium price fluctuated between a high price of US$2,072/oz and a low price

US$808/oz.

---

| | | | |
|:---|:---|:---|:---|
| | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> |
| <br>**Palladium** | **High** | **Low** | **Average** |
| 2023 | 1840 | 920 | 1321 |
| 2024 | 1248 | 808 | 975 |
| 2025 | 2072 | 861 | 1161 |
| **2026 (through 17 April 2026)** | **2196** | **1344** | **1695** |
| <sup>1</sup> *Rounded to the nearest US dollar* |  |  |  |
| <sup>2</sup> *Metal price sourced from EquityRT* |  |  |  |

---

The market price of palladium was US$1,634/oz at 31 December 2025 and was US$1,601/oz on 17 April 2026.

**Rhodium**

The rhodium price increased by approximately 98% from the average of US$4,638/oz in 2025, ending the year at $9,175/oz. Primary rhodium

supply fell slightly in 2025 owing to disruptions to production in South Africa. Automotive demand for rhodium dipped as BEVs took market

share from combustion engine light vehicles.

A further decline in rhodium automotive demand is anticipated in 2026 because BEVs are forecast to gain greater market share.

The volatility of the price of rhodium is illustrated in the rhodium price table below (which shows the annual high, low and average market

price of rhodium). Over the period from 2023 to 2025, the rhodium price fluctuated between a high price of US$12,400/oz and a low price

US$4,000/oz.

---

| | | | |
|:---|:---|:---|:---|
| | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> |
| <br>**Rhodium** | **High** | **Low** | **Average** |
| 2023 | 12400 | 4000 | 6108 |
| 2024 | 4825 | 4325 | 4638 |
| 2025 | 9175 | 4575 | 6281 |
| **2026 (through 17 April 2026)** | **12250** | **9550** | **10656** |
| *1 Rounded to the nearest US dollar* |  |  |  |
| *2 Metal price sourced from EquityRT* |  |  |  |

---

The market price of rhodium was US$9,025/oz at 31 December 2025 and was US$10,100/oz on 17 April 2026.

**AFR –**<sub>13</sub>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**Gold**

The gold price rose by 65% in 2025, reaching a record high price of US$4,550/oz in December. The price began the year at $2,624/oz and

ended the year at $4,319/oz. There were several interrelated trends linked to the US economy and geopolitical events that caused investors

to increase their holdings of gold and a weaker US dollar also helped propel the gold price higher. Purchases of gold bars and coins were

higher year-on-year and gold held in ETFs increased significantly. In addition, central bank purchases of gold for their reserves remained at a

high level. However, the high price resulted in lower sales of gold jewellery.

The trend of central banks increasing their gold reserves has been in place for more than 10 years and is likely to continue in 2026, although

the amount purchased may not be as high as in 2025. Further interest rate cuts were projected by the US Federal Reserve, and if the US

dollar weakens that would typically be supportive of a higher gold price. If the gold price remains high gold jewellery demand could decline

further.

The volatility of the price of gold is illustrated in the gold price table below (which shows the annual high, low and average of the London

afternoon fixing price of gold). Over the period from 2023 to 2025, the gold price fluctuated between a high price of US$4,550/oz and a low

price US$1,804/oz.

---

| | | | |
|:---|:---|:---|:---|
| | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> |
| <br>**Gold** | **High** | **Low** | **Average** |
| 2023 | 2135 | 1804 | 1943 |
| 2024 | 2790 | 1984 | 2390 |
| 2025 | 4550 | 2615 | 3443 |
| **2026 (through 17 April 2026)** | **5608** | **4099** | **4834** |
| <sup>1</sup> *Rounded to the nearest US dollar* |  |  |  |
| <sup>2</sup>*Metal price sourced from EquityRT* |  |  |  |

---

The London afternoon fixing price of gold was US$4,319/oz at 31 December 2025 and was US$4,834/oz on 17 April 2026.

**Zinc**

Zinc prices weakened sharply in early 2025 but recovered strongly in the second half, ending the year higher, supported by low inventories

and supply-side constraints despite a broadly balanced-to-surplus market. Looking ahead to 2026, market consensus points to a more

subdued price environment, with increasing mine and smelter supply expected to result in a refined zinc surplus. As a result, zinc prices are

forecast to remain range-bound to slightly lower than late-2025 levels, with upside largely dependent on renewed supply disruptions or

stronger-than-expected demand growth.

The volatility of the price of zinc is illustrated in the zinc price table below (which shows the annual high, low and average market price of

zinc). Over the period from 22 February 2023 to 31 December 2025, the zinc price fluctuated between a high price of US$3,296/t and a low

price US$2,045/t.

---

| | | | |
|:---|:---|:---|:---|
|  | **US$/t**<sup>1,2</sup> | **US$/t**<sup>1,2</sup> | **US$/t**<sup>1,2</sup> |
| **Zinc** | **High** | **Low** | **Average** |
| 2023 | 3116 | 2045 | 2555 |
| 2024 | 3296 | 2301 | 2812 |
| 2025 | 3215 | 2518 | 2854 |
| **2026 (through 17 April 2026)** | **3579** | **3031** | **3274** |
| <sup>1</sup>*Rounded to the nearest US dollar* |  |  |  |
| <sup>2</sup>*Metal price sourced from EquityRT* |  |  |  |

---

The market price of zinc was US$3,122/t at 31 December 2025 and was US$3,436/t on17 April 2026.

**AFR –**<sub>14</sub>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**Silver**

Silver ended the 2025 year at $71.26, an increase of approximately 241% from the average of US$29.59/oz in 2025. During the year ended 31

December 2025, the silver price recorded a significant and sustained increase, reflecting a combination of supportive macroeconomic

conditions, strong industrial demand, and tightening supply fundamentals. At the beginning of 2025, silver traded in the low US$30/oz range,

remaining relatively stable through the first half of the year before entering a pronounced upward trend in the second half when the metal

entered an accelerated price rally. The rally was underpinned by robust industrial demand, particularly from the solar photovoltaic,

electronics, and electric vehicle sectors, combined with a persistent global supply deficit, as silver production remained constrained by its

by-product nature and limited new mine development.

The strong price performance reflected both fundamental supply-and-demand dynamics and increased investor participation, which

continued to support prices into early 2026.

The volatility of the price of silver is illustrated in the silver price table below (which shows the annual high, low and average market price of

silver). Over the period from 15 March 2024 to 31 December 2025, the silver price fluctuated between a high price of US$83.62/oz and a low

price US$24.32/oz.

---

| | | | |
|:---|:---|:---|:---|
| | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> | **US$/oz**<sup>1,2</sup> |
| <br>**Silver** | **High** | **Low** | **Average** |
| 2024 | 34.86 | 24.32 | 29.59 |
| 2025 | 83.62 | 28.43 | 40.18 |
| **2026 (through 17 April 2026)** | **121.64** | **60.94** | **81.86** |
| <sup>1</sup>*Rounded to the nearest US dollar* |  |  |  |
| <sup>2</sup> *Metal price sourced from EquityRT* |  |  |  |

---

The market price of silver was US$71.26/oz at 31 December 2025 and was US$80.76/t on17 April 2026.

**Lithium**

The battery grade lithium carbonate price fell to a low of $8,259/t in July 2025. The price then rebounded above $10,000/t during Q3 2025

and accelerated higher in Q4 2025 to end the year at $17,026/t, an increase of 65% over the year. The lithium hydroxide monohydrate

(lithium hydroxide) price was less volatile but followed the same trajectory as lithium carbonate, falling during the first half of the year and

then rebounding. The lithium hydroxide price reached a low of $8,144/t in June and then rallied to the end of year at $14,866/t. Battery

electric and plug-in hybrid vehicle production increased lifting lithium carbonate demand. Battery storage system growth accelerated

during 2025. A major Chinese mine closed down after the expiry of a mining licence in August 2025.

Further growth in battery electric and plug-in hybrid production is forecast which, combined with battery storage system growth, is projected

to lift lithium demand. Mine supply is projected to increase as five projects are scheduled to start up in 2026. Demand is expected to rise by

more than supply leading to a smaller surplus market in 2026.

The volatility of the price of lithium carbonate is illustrated in the table below (which shows the annual high, low and average market price of

lithium carbonate). Over the 2025 year, the lithium carbonate price fluctuated between a high price of US$17,026/t and a low price

US$8,259/t.

---

| | | | |
|:---|:---|:---|:---|
| | **US$/t**<sup>1,2</sup> | **US$/t**<sup>1,2</sup> | **US$/t**<sup>1,2</sup> |
| <br>**Lithium carbonate** | **High** | **Low** | **Average** |
| 2025 | 17027 | 8259 | 10471 |
| **2026 (through 17 April 2026)** | **24568** | **17027** | **21549** |
| <sup>1</sup>*Rounded to the nearest US dollar* |  |  |  |
| <sup>2</sup> *Metal price sourced from Bloomberg* |  |  |  |

---

The market price of lithium carbonate was US$17,438/t at 31 December 2025 and was US$24,568/t on17 April 2026.

The volatility of the price of lithium hydroxide is illustrated in the table below (which shows the annual high, low and average market price of

lithium hydroxide). Over the 2025 year, the lithium hydroxide price fluctuated between a high price of US$14,866/t and a low price

US$8,144/t.

---

| | | | |
|:---|:---|:---|:---|
| | **US$/t**<sup>1,2</sup> | **US$/t**<sup>1,2</sup> | **US$/t**<sup>1,2</sup> |
| <br>**Lithium hydroxide** | **High** | **Low** | **Average** |
| 2025 | 14866 | 8144 | 9891 |
| **2026 (through 17 April 2026)** | **24568** | **14866** | **21542** |
| <sup>1</sup>*Rounded to the nearest US dollar* |  |  |  |
| <sup>2</sup> *Metal price sourced from Bloomberg* |  |  |  |

---

The market price of lithium hydroxide was US$14,866/t at 31 December 2025 and was US$24,568/t on17 April 2026.

**Exchange rate**

Sibanye-Stillwater's SA PGM and gold operations (with the exception of Mimosa) are all located in South Africa, and its revenues are equally

sensitive to changes in the US dollar PGM (4E) basket and gold prices, and the rand/US dollar exchange rate (the exchange rate).

Depreciation of the rand against the US dollar results in Sibanye-Stillwater's revenues and operating margins increasing. Conversely, should

the rand appreciate against the US dollar, revenues and operating margins would decrease. The impact on profitability of any change in

the exchange rate can be substantial. Furthermore, the exchange rates obtained when converting US dollars to rand are set by foreign

---

| | |
|:---|:---|
| **AFR –** | *15* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

exchange markets, over which Sibanye-Stillwater has no control. The relationship between currencies and commodities, which includes the

PGM (4E) basket, gold, nickel, silver and zinc prices, is complex, and changes in exchange rates can influence commodity prices, and vice

versa.

**Costs**

Sibanye-Stillwater's cost of sales, before amortisation and depreciation comprise mainly labour and contractor costs, power and water,

processing and smelting and consumable stores which include, inter alia, explosives, timber, processing chemicals, steel and related

products and other consumables. Sibanye-Stillwater expects that its cost of sales, particularly the input costs noted above, are likely to

continue to increase in the near future and will be driven by inflation, general economic trends, market dynamics and other regulatory

changes. In order to restrict these cost inputs, there is a continuous programme driven by operational initiatives throughout the Group to

improve efficiencies and productivity.

Inflation moderated across key jurisdictions during 2025. In South Africa, CPI declined to an average of 3.2%, the lowest annual inflation rate

in over two decades (2024:4.4%), although mining-sector inflation continued to exceed headline CPI due to above-inflation wage increases,

electricity tariffs and higher input costs. In the US, inflation eased further to an average of approximately 2.7% in 2025 (2024: 2.9%), while in

Europe inflation declined significantly, with France recording approximately 0.8% (2024: 2.0%) and Finland approximately 0.2% (2024: 0.7%). In

Australia, CPI remained elevated at approximately 3.7% in 2025 (2024: 4.1%), reflecting persistent labour and energy cost pressures, despite

moderating headline inflation. Across all regions, cost pressures in energy-intensive and labour-dependent operations continued to exceed

general inflation trends.

Sibanye-Stillwater's operations are labour intensive. Labour represented 34% and 32% during 2025 and 2024, respectively, of Group cost of

sales, before amortisation and depreciation.

Sibanye-Stillwater concluded a five-year wage agreement for its Kroondal operation on 6 November 2023. The wage agreement was signed

with the National Union of Mineworkers (NUM) and the Association of Mineworkers and Construction Union (AMCU), in respect of wages and

conditions of service for a five-year period from 1 July 2023 to 30 June 2028. The basic wage increase for Category 4-8 employees is 6% per

annum over the five year period. Miners, artisans and officials will also receive 6% per annum over the five-year period.

The SA PGM operations concluded a five-year wage agreement on 28 October 2022, for its Rustenburg and Marikana PGM operations with

the AMCU. This agreement follows previous agreements reached with NUM and UASA (formerly known as United Association of South Africa)

on 30 September 2022. The final agreement with AMCU is consistent with the previous five-year, inflation-linked offer, with the first three years

still comprising fixed, average, annual wage increases of 6% and above for bargaining unit employees, but with increases for year four and

five fixed at R1,300 (or 6%) in year four and R1,400 (or 6%) in year five, compared with the previous offer's CPI-linked variable increases.

Miners and artisans will receive average annual wage increases of 6% per annum for each of the five years. The increases in other benefits

remain the same as the previous offer. The final agreement was extended to all unionised and non-unionised employees at these

operations.

Sibanye-Stillwater concluded a three-year wage agreement in December 2025 at its SA gold operations. The wage agreement was signed

with AMCU, NUM, UASA and Solidarity regarding annual wage and benefit increases for the SA gold employees. The agreement is effective

for three years from 1 July 2025 to 30 June 2028, with the estimated average three-year basic wage increase for the total bargaining-unit

wage bill, including all benefits, approximately 5.4% per annum. Category 4- 8 employees will receive an increase on the greater of the

standard rate of pay of R850 or 4.5% in year 1; R900 or 4.8% in year 2; and R1,000 or 5.0% in year 3 while miners, artisans and officials will

receive increases of 4.5% in year 1, 4.8% in year 2 and 5.0% in year 3 of the agreement.

Historically, the South African mining industry experienced union unrest. Unions such as AMCU and NUM are dominant in the industry and

engagements remain robust, but could result in disputes and industrial action, with the risk of disrupting Sibanye-Stillwater's business and

expose Sibanye-Stillwater to liability.

In the United States, Sibanye-Stillwater's employees located at the US PGM operations, which include the Stillwater and East Boulder mines

and the Metallurgical Complex are covered by two collective bargaining agreements with the United Steel Workers Local 11-001 (USW Local

11-0001). Sibanye-Stillwater and the United Steel Workers International Union (USW) agreed to one-year contract extensions in June 2025. The

Stillwater Mine and Columbus contract expires on May 31, 2026, and the East Boulder Mine contract expires on July 31, 2026. Sibanye-

Stillwater is subject to the risk of strikes and other labour disputes at its US PGM operations, and its ability to alter labour costs is restricted by

the fact that unionised employees are party to collective bargaining agreements.

Labour represented approximately 3.35% of Sibanye-Stillwater's Pennsylvania (Reldan) recycling operations costs for 2025 (2024: 3%).

Pennsylvania recycling site workforce is non-unionised and received an inflationary adjusted wage increase of approximately 4% for the

2025 financial year (2024: 4%).

Labour represented approximately 5.87% of Sibanye-Stillwater's North Carolina (Metallix) recycling operations costs for 2025 (since

acquisition: 4 September to 31 December 2025). North Carolina recycling site workforce is non-unionised and received an inflationary

adjusted wage increase of approximately 3.22% for the 2025 financial year.

In France, it is mandatory to engage with the Unions once a year to discuss compensation/ hours of work and this annual negotiation is

called "Négociation Annuelle Obligatoire" (NAO). This annual meeting ends up either with a signed agreement or with a signed

disagreement. At Sandouville, the negotiation period takes place early in the year and the provisions are effective backdated to 1January

of the same year. Following the stoppage of the matte processing in Sandouville an agreement on a voluntary leave plan was reached with

the unions in 2025 leading to 86 leavers until December 2025. In January 2026 another agreement was signed on partial unemployment for

all staff at a maximum of 40% unemployment per employee on average in order to reduce further the working headcount down to 62. This

plan was endorsed by the French Authorities on the 5th of January 2026 for 24 months subject to the conditions that the employer does not

make any redundancy (otherwise, the unemployment indemnities must be reimbursed) and that staff employees are trained and

developed to adapt to the future industrial environment.

The Australian labour market remained competitive in 2025, particularly in the mining sector, which continues to experience above-average

job vacancy rates and strong demand for skilled labour. Mining maintains one of the highest vacancy rates in the country at around 4.3%,

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| | |
|:---|:---|
| **AFR –** | *16* |

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

indicating sustained workforce pressure, and overall national employment is still growing - increasing 1.2% over the past year to January

2026. The Mt Lyell Project, which is currently in care and maintenance, has an existing, but expired, wage agreement which is in the process

of being renegotiated. For the Century and Karumba operations in far North Queensland and the Australian regional office, no wage

agreements are in place, preferencing a direct engagement with employees and wage increases are based on a paid for performance

approach, with the overall wage increase not exceeding 3% for 2026.

The purchasing costs of spent catalytic material incurred by the US PGM recycling operation are variable and correlated with the PGM

prices and comprised 17% and 7% of Group Cost of Sales, before amortisation and depreciation in 2025 and 2024 years, respectively.

Similarly, the purchasing costs of third-party concentrate at the SA PGM operations are variable and correlated with the PGM prices and

comprised 3% and 6% of the total SA PGM cost of Sales, before amortisation and depreciation in 2025 and 2024.

During 2025 electricity tariffs continued to increase above inflation. Power and water together accounted for 14% in 2025 and 12% in 2024 of

Group cost of sales before amortisation and depreciation. Notwithstanding this, operating costs at the Group's SA PGM and SA gold

operations increased during the year, driven primarily by above-inflation increases in labour, electricity and consumable input costs.

Labour costs were impacted by wage increases concluded through collective bargaining agreements, while electricity tariffs and

consumable prices continued to increase at rates exceeding headline inflation. Electricity supplied by Eskom increased by an average of

12.74% during 2025, while no increases were recorded for electricity supplied by independent power producers (IPPs), as these facilities only

commenced generation in March and September 2025, with future tariff increases expected to be CPI-linked.

During 2025, electricity consumption sourced from Eskom decreased to 94.4% (4,597,230 MWh), with renewable energy procured under

power purchase agreements accounting for 5.6% (293,042 MWh) of total consumption. Renewable energy supply is expected to increase

further during 2026. In addition, management expects approximately 20% cost savings on electricity supplied under IPP and trader contracts

relative to Eskom tariffs.

These cost pressures resulted in higher unit costs and adversely affected operating margins during the period. Although the SA PGM and SA

gold operations benefit from US dollar-linked revenues against predominantly rand-denominated cost structures, providing a partial natural

hedge, this did not fully mitigate the impact of sustained above-inflation cost increases during the period. As a result the Group's SA PGM

and SA gold operations remain sensitive to ongoing cost inflation, notwithstanding favourable movements in the ZAR/USD exchange rate.

**Production**

Sibanye-Stillwater's revenues are driven by its production levels and the price it realises from the sale of PGMs, gold, nickel, zinc and

associated co- and by- products, as discussed above. Production can be affected by a number of factors including mining grades, safety

related work stoppages, industrial action and other mining related incidents and any global grey elephant events including climate change

related events such as a flood and bush fires in some operations. These factors could have an impact on production levels in the future.

The SA PGM operations production of 1,797,928 4Eoz for 2025 (including attributable ounces from Mimosa and third-party PoC) was 2% lower

than 2024. The decrease in production from the SA PGM operations year-on-year was mainly due to underground production from the

Marikana operations which declined due to safety related stoppages (particularly at the high production Saffy shaft). 4E PGM PoC

production was 24% lower when compared to 2024 at 73,150 4Eoz for 2025, mainly due to heavy rainfall and the transition between tailings

storage facilities.

Gold production at the managed SA gold operations of 15,066 kg (484,383 oz) for 2025 was 11% lower than 2024, mainly resulting from

significant operational disruptions at the Kloof operation compounded by elevated seismicity in high grade Isolated Blocks of Ground.

Mined PGM production from the US PGM operations in 2025 of 284,069 2Eoz was 33% lower mainly due to the reduced production profile

following restructuring undertaken during 2024 in which the Stillwater West mine was placed on care and maintenance from the end of

2024. 3E PGM recycled production for 2025 decreased marginally by 2% to 308,617 3Eoz.

The Columbus (US PGM) recycling operations fed an average of 10.2 tonnes per day of spent autocatalyst for 2025, 4% lower than for 2024.

The Pennsylvania (Reldan) recycling operations sold 138,977 oz gold, 2,031,547 oz silver, 17,697 oz platinum, 24,103 oz palladium and 3.1

million lbs of copper and processed 8.9 million lbs of industrial scrap. For the four months ended 31 December 2025 the North Carolina

(Metallix) recycling operations contributed revenue of R1,590 million.

The Sandouville refinery produced 628 tonnes of nickel metal (tNi) in 2025 representing a decrease of 90% compared to 2024 and 481 tonnes

of nickel salts representing a decrease of 58% compared to 2024. The overall production of 1,109tNi was 86% lower year-on-year as the site

ramped down and ceased production during 2025.

The Century zinc tailings retreatment operation produced 101kt of payable zinc metal at an AISC of R34,356/tZn (2024: R42,446/tZn).

Production for 2025 increased by 22% due to positive weather conditions which enabled increased run time and plant stability with

increased throughput and favourable head grade and recoveries.

**Safety stoppages**

Stringent enforcement of mine health and safety legislation is increasing in South Africa. In certain instances, environmental conditions may

contribute to safety risks, which could also result in the issuance of safety-related stoppage instructions. Regulators, such as the Department

of Mineral Resources and Energy in South Africa, can and do issue in the ordinary course of operations, instructions, such as Section 54 work

stoppages, after routine visits or following safety incidents or accidents to partially or completely halt operations at affected mines until

corrective measures are agreed and implemented. In 2025, Sibanye-Stillwater's South African gold operations experienced 16 Section 54

work stoppages (2024: 24) and 21 Section 54 work stoppages at the South African PGM operations (2024: 27).

In the United States, underground mines, including the Stillwater and East Boulder Operations, are continuously inspected by the Mine Safety

and Health Administration (MSHA) which can lead to notices of violation. Any of Sibanye-Stillwater's US mines could be subject to a

temporary or extended shut down as a result of a violation alleged by the MSHA, known as "k-orders". In 2025 the US Region had 4 "k-orders"

issued (2024: 6).

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| | |
|:---|:---|
| **AFR –** | *17* |

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

The Sibanye-Stillwater Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations did not have any work stoppages as a result

of inspections by the Occupational Safety and Health Administration (OSHA) and the Environmental Protection Agency (EPA).

At the European region at Keliber there were no regulatory stoppages to the development of the project by the occupational authorities.

The Australian region did not have any work stoppages as a result of inspections by the relevant governing bodies, including Resources

Safety & Health Queensland and WorkSafe Tasmania.

**Royalties, carbon tax and mining tax**

The following is a summary of certain material tax considerations applicable to the Group and is not intended to be complete analysis of all

tax consequences. The summary below is based on laws and administrative practice in force as of the date hereof, which may be subject

to change, potentially with retrospective effect.

**South Africa**

Mining operations in South Africa are subject to a royalty payable to the South African government based on revenue, in terms of the

Mineral and Petroleum Resource Royalty Act 2008 (Royalty Act). The Royalty Act imposes a royalty on the transfer of mineral resources and

provides for different royalty formulae for refined and unrefined mineral resources. The Royalty Act imposes a royalty on the transfer of

mineral resources and provides for different royalty formulae for refined and unrefined mineral resources. Mineral resources are classified as

refined or unrefined with reference to the conditions prescribed in Schedule 1 (refined) and Schedule 2 (unrefined) of the Royalty Act. The

royalty rate is determined using a sliding-scale formula that takes into account (among other factors) gross sales and a profitability measure,

subject to statutory caps. Based on published guidance, the royalty rate ranges from a minimum of 0.5% up to a maximum of 5% for refined

minerals and up to a maximum of 7% for unrefined minerals.

The Carbon Tax Act, 2019 (the Carbon Tax Act), with effect from 1 June 2019, which imposes a tax on carbon dioxide equivalent (CO₂e)

emissions in excess of applicable tax-free allowances. Carbon tax liability is determined with reference to gross CO₂e emissions, reduced by

tax-free allowances and offsets available under the Carbon Tax Act and related regulations. As a result of these allowances, the effective

carbon tax burden may be significantly lower than the statutory carbon tax rate, depending on its emissions profile and eligibility for

allowances. The Carbon Tax Act was amended in 2022 to provide for progressive increases in the statutory carbon tax rate, which is

scheduled to increase from R236 per tonne in 2025 to R462 per tonne by 2030, with further increases to be announced thereafter. In parallel,

certain tax-free allowances are expected to be phased down over time, which is anticipated to result in a gradual increase in the Group's

effective carbon tax rate. Proposed amendments to the Carbon Tax Act provide for the introduction of a higher carbon tax rate of R640 per

tonne of CO₂e in respect of emissions exceeding an allocated carbon budget, to become effective once the mandatory carbon budget

system is operational and brought into force by notice of the Minister of Finance. The proposed exceedance rate would apply without

tax-free allowances and is intended to be punitive in nature. The previous 5% carbon budget-linked allowance under the Carbon Tax Act

ceased on 31 December 2025.

Under South African tax legislation, gold mining companies and non-gold mining companies are taxed at different rates. Sibanye- Stillwater's

SA gold operations are subject to the gold tax formula on their respective mining incomes. The formula calculating tax payable, is affected

by the profitability of the applicable gold mining operation. In addition, these gold mining operations are ring fenced from a capital

expenditure perspective. As a result, only taxable losses can be offset between the Beatrix, Kloof and Driefontein operations (as these are

separate mining operations under one legal entity, Sibanye Gold Proprietary Limited) to reduce taxable income from another operation.

Depending on the profitability of the operations, the tax rate can vary significantly from year to year. Sibanye-Stillwater's SA PGM operations

are subject to the tax at the South African corporate income tax (CIT) rate and the mining operations are also ring fenced from capital

expenditure. For 2024 and subsequent years a CIT rate of 27% applies to Sibanye-Stillwater and its South African subsidiaries, which apply a

CIT rate, but are reassessed by the government on an annual basis.

In the United States, there are no federal taxes specific to mineral extraction; mining companies are subject to general federal, state, county

and municipal taxes, including income, payroll, sales, property and use taxes. Sibanye-Stillwater's US PGM operations are subject to the US

federal corporate income tax rate of 21% and are subject to tax in the states of California, Colorado, Florida, Montana, North Carolina,

Pennsylvania and Utah. The Inflation Reduction Act (IRA) of 2022 added a new tax code, Section 45X, which allows for an advanced

manufacturing production tax credit for manufacturing of critical minerals within the US. Under the final rules issued in October 2024, the

company is eligible to claim a 10% production tax credit on costs associated with the production of primary (mined) and secondary

(recycled) applicable critical minerals. Due to the fact that the US PGM operations outsources the purification of platinum, palladium and

rhodium to an unrelated third party refinery, it is required that the US PGM operations must enter into an agreement with the third party that

identifies the US PGM operations as the sole party that may claim the credit and both the third party and the US PGM operations signs a

certification statement reflecting this agreement. During June 2025, the certification statements relating to the 31 December 2023 and

31 December 2024 financial years were signed by the US PGM operations and the third party refinery. The refining agreement was also

amended to address the certification for the remainder of the contract period. Accordingly, R2,472 million and R1,931 million were

recognised as income during the year ended 31 December 2025, but in respect of the 2023 and 2024 Section 45X credits, respectively.

These credits are expected to be received in 2026 or 2027 when the tax returns will be assessed by the relevant authority. There is no carbon

tax in the United States.

From 1 January 2024, private parties carrying out mining activities in Finland are subject to a separate tax on mined minerals under the Act

on Mined Minerals Tax (314/2023). The tax applies to minerals mined in Finland, excluding minerals obtained through gold panning, and is

payable by the entity holding the mining permit. Metallic minerals are subject to a value-based royalty of 0.6% of the taxable value of the

metal contained in the mined mineral. The taxable value is determined based on international market prices and applies to an exhaustively

listed group of metals, including precious metals (such as gold, silver, platinum and palladium), base metals (including copper, nickel,

cobalt, zinc and lead), as well as iron, lithium and uranium. The taxable values are confirmed annually by the Finnish Tax Administration.

Under current legislation, the mining tax applies in addition to corporate income tax and other generally applicable taxes. Amendments

approved by the Finnish Parliament in December 2025 will significantly increase the mining tax rates from 1 January 2026, including an

increase in the value-based royalty on metallic minerals and the volume-based royalty on industrial minerals. These increases are not

effective for 2024 or 2025. Under Finnish tax legislation, resident companies are subject to Finnish corporate income tax at a rate of 20% on

their taxable income. While the Finnish government has announced a reduction of the corporate income tax rate to 18% from 2027, this

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| | |
|:---|:---|
| **AFR –** | *18* |

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

change has not yet entered into force. Finland also levies a carbon tax on fossil fuels, calculated based on the amount of CO₂e emissions

rising from their use. The carbon tax rate applicable in 2024 and 2025 is approximately €93 per tonne of CO₂e, subject to fuel-specific

adjustments and interactions with the EU Emissions Trading System. Keliber is not paying any corporate income tax as it remains in the project

development phase and is currently incurring losses.

Australian tax legislation levies a 30% tax on corporate income and Australia does not levy a national carbon tax. There was no corporate

income tax liability for the Australian region at 31 December 2025. Royalty tax is payable on zinc concentrate produced in all states of

Australia. All royalty systems in Australia are value-based, and the rate applied depends on the form in which the mineral is sold and the

sales price. For concentrate material subject to substantial enrichment through a concentration plant, which is produced in Queensland,

the royalty rate is varies between 2.5 and 5.0 per cent of the sales value.

**Sensitivity Analysis**

The Group's financial performance is exposed to movements in commodity prices, exchange rates and operating costs. The following

sensitivity analysis illustrates the effect of reasonably possible changes in these key variables on adjusted EBITDA for the year ended

31 December 2025, assuming all other variables remain constant.

A 10% decrease or increase in the gold price, at the SA gold operations, would have resulted in an approximate increase or decrease,

respectively, of R3,199 million in adjusted EBITDA.

A 10% decrease or increase in the 4E PGM basket price, at the SA PGM operations, would have resulted in an approximate increase or

decrease, respectively, of R4,971 million in adjusted EBITDA.

A 10% decrease or increase in the 2E PGM basket price, the US PGM underground operations, would have resulted in an approximate

increase or decrease, respectively, of R539 million in adjusted EBITDA.

A 10% decrease or increase in the average equivalent zinc concentrate price price would have resulted in an approximate increase or

decrease, respectively, of R420 million in adjusted EBITDA.

A 10% decrease or increase in the price of all commodities of the Group i.e. gold, 2E PGM basket, 3E PGM basket, 4E PGM basket,

average equivalent zinc concentrate and nickel equivalent basket price would have resulted in an approximate decrease or increase in

adjusted EBITDA of R8,099 million and R9,898 million, respectively.

The above sensitivities ares based on attributable production for the year and excludes the impact of any hedging arrangements.

The Group's operating cost base is predominantly denominated in South African rand. A 10% strengthening of the rand against the US dollar

would have resulted in an approximate decrease in the Group adjusted EBITDA of R10,137 million and a 10% weakening of the rand against

the US dollar would have resulted in an approximate increase in the Group adjusted EBITDA of R10,531 million.

A 10% decrease or increase in operating costs would have resulted in an approximate decrease or increase, respectively, of R8,902 million in

adjusted EBITDA.

These sensitivities are intended to provide an indication of the potential impact of changes in key variables and do not reflect the effects of

any mitigating actions that management may take in response to such changes.

**Capital management outlook**

The Group's capital management objectives remain focused on maintaining balance sheet strength, preserving liquidity through the

commodity price cycle and ensuring ongoing compliance with financial covenants. Capital allocation priorities include sustaining capital

expenditure required to maintain safe and efficient operations, completion of committed growth projects, disciplined debt reduction and

shareholder returns.

**Capital expenditure**

Capital allocation falls under one of the Group's strategic essentials and under the refreshed strategy recently announced in January 2026,

the Group will ensure capital allocation through a disciplined framework prioritising returns, balance sheet and growth flexibility and securing

sustainability. Capital allocation priorities start with using the net cash from operating activities before dividends and ensuring that the non-

negotiable capital requirements of sustaining and ore reserve development capital, and a liquidity buffer of greater than 2 months of opex

and capex are covered. The remaining capital available for allocation is then available to be utilised with approximately one third going to

each of the following: Stakeholder returns, Debt reduction and Life extension and/or growth. Stakeholder returns are determined in line with

the Group's dividend policy with a payout ratio of between 25% to 35% of normalised earnings. The targeted outcomes of capital allocation

are to ensure that the Group is able to maintain a net debt:Adjusted EBITDA ratio of less than one times through the cycle and a targeted

reduction in gross debt over the next 2 to 3 years from existing levels.

Current capital projects include the K4 project at the SA PGM operations and Keliber lithium project in Finland, both of which are in their final

stages of completion. The Burnstone project remained on care and maintenance during 2024 and 2025. Due to the high gold price, the

options to continue development of the Burnstone project are being evaluated and the Group is following its internal approval process with

a decision expected by the end of Q2 2026 .

In 2025, Sibanye-Stillwater's total cash capital expenditure was R20,307 million (2024: R21,569 million), a decrease of 6%. Capital spend in

2025 remained stable on the Keliber project and the the decrease was mainly due to a reduction in capital expenditure spend at the US

PGM operations, following the restructuring in 2024 which placed Stillwater West mine on temporary care and maintenance.

Sibanye-Stillwater expects to spend approximately R19.3 billion on capital in 2026, which includes the capital expenditure of DRDGOLD

(R3.4 billion) and Mimosa (R0.3 billion). The actual amount of capital expenditure will depend on a number of factors, such as production

volumes, the commodity prices and general economic conditions and may differ from the amount forecast. Some of these factors are

outside of the control of Sibanye-Stillwater.

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| | |
|:---|:---|
| **AFR –** | *19* |

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**SA PGM operations**

Capital expenditure at the SA PGM operations increased by 1% from R5,845 million in 2024 to R5,886 million in 2025, with ore reserve

development 5% lower at R2,344 million (2024: R2,472 million), sustaining capital 12% higher at R2,867 million (2024: R2,566 million) and project

spend decreasing by 16% from R807 million in 2024 to R675 million in 2025. Sustaining capital of R2,867 million was 12% higher mainly due to

the replacement and upgrades of essential equipment at the mining operations and infrastructure upgrades at the Precious Metals Refinery

(PMR). Project capital of R675 million was 16% lower primarily due to deferred spending on the Marikana K4 and Siphumelele projects.

Project capital decreased by 16% to R675 million due to the completion of expenditure for a reflux classifier plant at Rustenburg during 2024,

and a 10% decline in project capital at K4 project to R590 million in line with the ramp-up plan.

**SA gold operations**

Total capital expenditure at the managed SA gold operations decreased by 4% from R3,882 million in 2024 to R3,721 million in 2025. Project

capital at the managed SA gold operations decreased by 96% to R14 million in 2025 (2024: R354 million) mainly due to the Burnstone project

being placed on care and maintenance during H1 2024. Capital expenditure at DRDGOLD remained elevated due to expenditure on the

Far West Gold Recoveries facility but decreased by 12% to R3.0 billion primarily due to a 15% decrease in project capital expenditure.

**US PGM operations**

Capital expenditure at the US PGM operations for 2025 was 40% lower at R1,713 million (2024: R2,834 million) with sustaining capital 41% lower

at R366 million (2024: R623 million) and ore reserve development (ORD) expenditure 37% lower at R1,212 million (2024: R1,920 million). This was

in line with the Q4 2024 restructuring plan mentioned previously. Project capital expenditure decreased by 54% to R135 million for 2025.

**US Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations**

Total sustaining capital expenditure at the US Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations was R46 million

(2024: R10 million).

**European region**

Total capital expenditure from the European region included project expenditure capitalised on the Keliber project of R5,756 million

(EUR296 million) and sustaining capital expenditure at Sandouville nickel refinery was R28 million. At the end of December 2025, total project

capital expenditure for the construction phase amounted to €693 million (R14.1 billion) (excluding capitalised interest and exploration) and

in line with the revised capital forecast of €783 million (R15.9 billion) in 2024 real terms.

**Australian region**

Total capital expenditure from the Century operation decreased by 39% from R192 million in 2024 to R114 million in 2025 and included

R59 million of sustaining capital expenditure and R55 million of growth projects. The decrease in sustaining capital expenditure was due to

once off infrastructure expenditure in 2024 post the bushfire recovery, and the five yearly scheduled maintenance overhaul for the Century

transhipment vessel, the Wunma. Sustaining capital expenditure during 2025 focused on maintaining asset integrity, strengthening

operational resilience and ensuring the long-term reliability of critical infrastructure. Project capital expenditure of R55 million was due to

spend and capitalisation of costs relating to the phosphate feasibility study that commenced in 2025.

**Mt Lyell copper project:**

The Mt Lyell feasibility study (AACE Class 2 Estimate) was completed at the end of 2025. The work undertaken during the year allowed the

declaration of a 1,053Mlb copper Mineral Reserve at 31 December 2025. Progression of any further study work and a final investment

decision to be evaluated in accordance with the Group's capital allocation framework and subject to final board approval.

Project capital amounted to R66 million in 2025 due to spend and capitalisation of the Mt Lyell feasibility study costs.

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| | |
|:---|:---|
| **AFR –** | *20* |

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**2025 financial performance compared with 2024**

Group loss for the year decreased from R5,710 million in 2024 to R4,739 million in 2025. The reasons for this decrease are discussed below. The

primary factors explaining the movement are set out in the table below.

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| | | | |
|:---|:---|:---|:---|
| Figures in million – SA rand | **2025** | **2024** | **% Change**<br>**2025/2024**<br>|
| Revenue | **129677** | 112129 | 16 |
| Cost of sales | **(97806)** | (105208) | (7) |
| Interest income | **1568** | 1337 | 17 |
| Finance expense | **(5000)** | (4571) | 9 |
| Share-based payment expenses | **(2114)** | (251) | 742 |
| (Loss)/gain on financial instruments | **(3794)** | 5433 | (170) |
| Gain/(loss) on foreign exchange differences | **155** | (215) | (172) |
| Share of results of equity-accounted investees after tax | **337** | 212 | 59 |
| Impairments | **(14007)** | (9173) | 53 |
| Occupational healthcare gain | **(49)** | 76 | (164) |
| Insurance proceeds | **274** | 875 | (69) |
| Onerous contract provision utilisation/change in estimate/(provision) | **124** | 817 | (85) |
| Restructuring costs | **(247)** | (550) | (55) |
| Transaction and project costs | **(4543)** | (851) | 434 |
| Care and maintenance | **(1761)** | (1609) | 9 |
| Change in estimate of environmental rehabilitation obligation, and right of recovery <br>receivable and payable<br>| **(495)** | (446) | 11 |
| Cost incurred on employee and community trusts | **(364)** | (204) | 78 |
| Corporate and social investment costs | **(352)** | (405) | (13) |
| Exploration costs | **(4)** | (36) | (89) |
| Non-mining royalties | **(20)** | (73) | (73) |
| Net other costs | **(845)** | (956) | (12) |
| **Profit/(loss) before royalties, carbon tax and tax** | **734** | (3669) | (120) |
| Royalties | **(1145)** | (543) | 111 |
| Carbon tax | **—** | (2) | (100) |
| **Loss before tax** | **(411)** | (4214) | (90) |
| Mining and income tax | **(4328)** | (1496) | 189 |
| **Loss for the year** | **(4739)** | (5710) | (17) |

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**Group financial performance**

Group revenue for 2025 increased by 16% to R129,677 million mainly due to higher commodity prices received at all operations except the

Century operations, partially offset by lower sales volumes at the SA gold, SA and US PGM operations and Sandouville nickel refinery. The

acquisition of North Carolina recycling operations (Metallix) was the primary reason for the 8% increase in Group cost of sales before

amortisation and depreciation to R88,439 million, partially offset by the S45X advanced manufacturing production credits of R5,885 million

recognised during 2025, but in respect of 2023, 2024 and 2025 reporting periods and lower cost of sales at the Sandouville nickel refinery.

Group loss before royalties, carbon tax and tax decreased by 120% or R4,403 million to R734 million profit in 2025, which is mainly attributable

to the increase in revenue of R17,548 million and reduction in cost of sales of R7,403 million, partially offset by a net adverse movement in loss

on financial instruments of R9,227 million, an in increase share based payment expenses of R1,863 million (a function of the share price), a

net increase in impairments recognised of R4,834 million, a decrease in other income of R1,250 million and an increase in transaction and

project costs of R3,692 million (mainly related to the Appian settlement of R3,607 million). Group adjusted EBITDA for 2025 increased by 189%

or R24,712 million to R37,800 million.

---

| | |
|:---|:---|
| **AFR –** | *21* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**Revenue**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | % Change<br>2025/2024<br>|
| **Southern African operations** |  |  |  |
| SA PGM operations | **60883** | 51257 | 19 |
| Managed SA gold operations | **27930** | 24077 | 16 |
| DRDGOLD | **9129** | 7068 | 29 |
| **International operations** |  |  |  |
| **US operations** |  |  |  |
| US PGM underground operations | **6718** | 9207 | (27) |
| Columbus recycling operation (US PGM Recycling)  | **7267** | 7574 | (4) |
| Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations<sup>2</sup> | **13129** | 6306 | 108 |
| **European operations** |  |  |  |
| Sandouville nickel refinery | **518** | 2784 | (81) |
| **Australian operations** |  |  |  |
| Century zinc retreatment operation | **4672** | 3983 | 17 |
| **Group Corporate and reconciling items**<sup>1</sup> | **(569)** | (127) | 348 |
| **Total revenue** | **129677** | 112129 | 16 |

---

*1 Included in Group Corporate and reconciling items is net revenue generated through the streaming arrangement with Wheaton International*

*2 The North Carolina (Metallix) recycling operations, acquired effective 4 September 2025 are included in cost of sales from September 2025 and the Pennsylvania (Reldan)* 

*recycling operations are included in cost of sales from March 2024*

Revenue from the SA PGM operations increased by 19% to R60,883 million in 2025 from R51,257 million in 2024, due to a 28% higher average

4E basket price received of R31,110/4Eoz, partially offset by a 4% or 71,074 4Eoz decrease in PGMs sold.

Revenue from the managed SA gold operations increased by 16% to R27,930 million (2024: R24,077 million) in 2025, mainly due to a 31%

higher rand gold price of R1,803,144/kg, partially offset by a 16% or 2,776 kg decrease in gold sold mainly due to lower production resulting

from significant operational disruptions at the Kloof operation compounded by elevated seismicity in high grade Isolated Blocks of Ground.

Revenue from DRDGOLD increased by 29% to R9,129 million (2024: R7,068 million) mainly due to a 40% higher rand gold price received of

R1,967,881/kg, partially offset by 8% lower sales volumes.

Revenue from the US PGM underground operations decreased by 27% to R6,718 million (2024: R9,207 million) in 2025 due to a 39% decrease

in mine ounces sold, which correlates with the lower production achieved. post the restructuring undertaken from Q4 2024 in which the

Stillwater West mine was placed on care and maintenance, partially offset by 21% higher average 2E basket price of US$1,195/2Eoz.

Revenue from the Columbus recycling operation (US PGM Recycling) decreased by 4% to R7,267 million (2024: R7,574 million) in 2025, mainly

due to 10% lower sales volumes, partially offset by a 9% higher average 3E basket price of US$1,383/3Eoz.

Revenue from the Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations increased due to higher commodity prices and

the inclusion of the North Carolina (Metallix) recycling operations acquired during September 2025, the results of which are consolidated into

the Reldan Group. This resulted in revenue increasing by 108% to R13,129 million (2024: R6,306 million), which included revenue from the

North Carolina (Metallix) recycling operations for 2025 of R1,590 million (2024 Rnil).

Revenue from the Sandouville nickel refinery decreased by 81% to R518 million (2024: R2,784 million) in 2025, mainly due to an 81% decrease

in sales volumes.

Revenue from the Century zinc retreatment operation increased by 17% to R4,672 million (2024: R3,983 million) in 2025, mainly due to an 11%

increase in sales volumes, partially offset by a 1% lower average equivalent zinc concentrate price of R48,584/tZn.

---

| | |
|:---|:---|
| **AFR –** | *22* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**Cost of sales**

The primary drivers of cost of sales are set out in the table below. The analysis that follows provides a more detailed discussion of cost of

sales, together with the total cash cost, All-in sustaining cost and All-in cost.

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | % Change<br>2025/2024<br>|
| Salaries and wages | **(30964)** | (31380) | (1) |
| Consumable stores | **(20772)** | (24685) | (16) |
| Utilities | **(12404)** | (11556) | 7 |
| Mine contracts | **(8694)** | (7109) | 22 |
| Recycling<sup>1</sup> | **(18357)** | (13280) | 38 |
| Section 45X credit (relating to 2023 and 2024) | **4403** |  |  |
| Section 45X credit (relating to 2025 primary mining) | **801** |  |  |
| Section 45X credit (relating to 2025 recycling) | **681** |  |  |
| Other | **(9621)** | (15617) | (38) |
| Ore reserve development costs capitalised | **6488** | 7229 | (10) |
| **Cost of sales, before amortisation and depreciation**<sup>2</sup> | **(88439)** | (96398) | (8) |
| **Southern Africa** |  |  |  |
| SA PGM operations | **(43214)** | (42963) | 1 |
| Managed SA gold operations | **(18339)** | (19113) | (4) |
| DRDGOLD | **(4649)** | (4484) | 4 |
| **International operations** |  |  |  |
| **US operations** |  |  |  |
| US PGM underground operations | **(2149)** | (9848) | (78) |
| Columbus recycling operation (US PGM Recycling)  | **(4358)** | (7248) | (40) |
| Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations<sup>3</sup> | **(11933)** | (6032) | 98 |
| **European operations** |  |  |  |
| Sandouville nickel refinery | **(767)** | (3384) | (77) |
| **Australian operations** |  |  |  |
| Century zinc retreatment operation | **(3061)** | (3326) | (8) |
| **Group Corporate and reconciling items**<sup>4</sup> | **31** |  |  |
| **Amortisation and depreciation** | **(9367)** | (8810) | 6 |
| **Southern Africa** |  |  |  |
| SA PGM operations | **(4203)** | (3647) | 15 |
| Managed SA gold operations<sup>5</sup> | **(3261)** | (2588) | 26 |
| DRDGOLD | **(392)** | (312) | 26 |
| **International operations** |  |  |  |
| **US operations** |  |  |  |
| US PGM underground operations | **(1246)** | (1929) | (35) |
| Columbus recycling operation (US PGM Recycling)  | **(6)** | (5) | 20 |
| Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations | **(237)** | (171) | 39 |
| **European operations** |  |  |  |
| Sandouville nickel refinery<sup>6</sup> | **(19)** | (38) | (50) |
| **Australian operations** |  |  |  |
| Century zinc retreatment operation<sup>7</sup> | **(1)** | (118) | (99) |
| **Group Corporate and reconciling items** | **(3)** | (2) | 50 |
| **Total cost of sales** | **(97806)** | (105208) | (7) |

---

*1Recycling cost consists of cost relating to the purchasing of spent catalytic material and the cost incurred to convert the spent catalytic material into finished PGMs*

*2Included in cost of sales, before amortisation and depreciation for the year ended 31 December 2025 is total write-down of inventory to net realisable value amounting to* 

*R1,477 million (2024: R4,784 million). The write-downs mainly relate to PGM in process and PGM finished goods of R1,171 million (2024: R3,843 million) and R306 million* 

*(2024:R844 million), respectively, as a result of the lower commodity price environment*

*3The North Carolina (Metallix) recycling operations, acquired effective 4 September 2025 are included in cost of sales from September 2025 and the Pennsylvania (Reldan)* 

*recycling operations are included in cost of sales from March 2024*

4*Cost of sales for Group corporate includes items related to the elimination of intercompany transactions between Stillwater Mining Company and Sibanye Reldan HoldCo* 

*Incorporated* 

*5Amortisation for the Managed SA gold operations includes amortisation related to corporate and reconciling items of R186 million (2024: R25 million)*

*6Included in amortisation for the Sandouville nickel refinery is amortisation related to corporate and reconciling items of R17 million (2024: R9 million)*

*7Included in amortisation for the Century zinc retreatment operation is amortisation related to corporate and reconciling items of R1 million (2024: R1 million)*

---

| | |
|:---|:---|
| **AFR –** | *23* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | % Change<br>2025/2024<br>|
| **Total cost of sales** | **(97806)** | (105208) | (7) |
| **Southern Africa** |  |  |  |
| SA PGM operations | **(47417)** | (46610) | 2 |
| Managed SA gold operations | **(21600)** | (21701) |  |
| DRDGOLD | **(5041)** | (4796) | 5 |
| **International operations** |  |  |  |
| **US operations** |  |  |  |
| US PGM underground operations | **(3395)** | (11777) | (71) |
| Columbus recycling operation (US PGM Recycling) | **(4364)** | (7253) | (40) |
| Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations | **(12170)** | (6203) | 96 |
| **European operations** |  |  |  |
| Sandouville nickel refinery | **(786)** | (3422) | (77) |
| **Australian operations** |  |  |  |
| Century zinc retreatment operation | **(3062)** | (3444) | (11) |
| **Group Corporate and reconciling items** | **28** | (2) | (1500) |

---

**Cost of sales, before amortisation and depreciation**

Cost of sales, before amortisation and depreciation at the SA PGM operations increased by 1% to R43,214 million due to above inflation

increases in cost of electricity and imported spares, partially offset by decrease of 4% in PGMs sold. Mined underground 4E PGM production

decreased by 2% to 1,499,526 4Eoz and surface production volumes excluding third-party PoC were 29% lower at 108,233 4Eoz. Third-party

concentrate purchased and processed at the Marikana smelting and refining operations decreased by 24% to 73,150 4Eoz, mainly due to

heavy rainfall and the transition between tailings storage facilities. Third-party PoC material is purchased at a higher cost, than own mined

ore, due to the direct correlation to the basket price of PGM's.

Cost of sales, before amortisation and depreciation at the managed SA gold operations decreased by 4% to R18,339 million due to a 16%

decrease sales volumes, partially offset by above inflationary increases in in electricity, support and consumables costs. Cost of sales, before

amortisation and depreciation from DRDGOLD increased by 4% to R4,649 million due to higher maintenance requirements for ageing plant

equipment, reagent and consumable cost increases.

Cost of sales, before amortisation and depreciation at the US PGM underground operations decreased significantly by 78% to R2,149 million

mainly due to the S45X advanced manufacturing production credits of R3,267 million recognised during 2025 for 2023, 2024 and 2025

reporting periods and the reduced production profile following restructuring undertaken during 2024. Cost of sales, before amortisation and

depreciation at the US PGM recycling operation decreased by 40% from R7,248 million to R4,358 million mainly due to the S45X advanced

manufacturing production credits of R2,618 million recognised during 2025 for 2023, 2024 and 2025 reporting periods and 2% lower volumes

fed. On a like for like basis without the S45X advanced manufacturing production credits recognised of R2,618 million cost of sales, before

amortisation and depreciation at the US PGM recycling operation decreased by 4%, in line with the decrease in revenue.

Cost of sales, before amortisation and depreciation at the Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations

increased mainly due to higher purchase costs of recycle material correlated with the higher commodity prices and the inclusion of the

North Carolina (Metallix) recycling operations acquired during September 2025. This resulted in cost of sales, before amortisation and

depreciation increasing by 98% to R11,933 million (2024: R6,032 million), which included cost of sales, before amortisation and depreciation

from the North Carolina (Metallix) recycling operations for 2025 of R1,281 million (2024 Rnil).

Cost of sales, before amortisation and depreciation at the Sandouville nickel refinery decreased by 77% to R767 million mainly due to lower

production volumes as the site ramped down and ceased production during 2025.

Cost of sales, before amortisation and depreciation at the Century zinc retreatment operation increased by 8% to R3,061 million mainly due

to a 11% increase in sales volumes.

**All-in sustaining cost and All-in cost**

All-in cost per ounce, was introduced in 2013 by the members of the World Gold Council. Sibanye-Stillwater has adopted the principle

prescribed by the Council. This non-IFRS measure provides transparency into the total costs associated with mining and reporting this metric

allows for a meaningful comparison across our operations and different mining companies. The All-in cost per ounce metric provides

relevant information to investors, governments, local communities and other stakeholders in understanding the economics of mining.

This is especially true with reference to capital expenditure associated with developing and maintaining mines, which has increased

significantly in recent years and is reflected in this metric. 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, ounce and tonne and All-in cost per

kilogram, ounce and tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total PGM

produced/gold sold over the same period.

*All-in sustaining cost and All-in cost are non-IFRS measures see page AFR-39 and AFR-40 for additional information. Non-IFRS measures such* 

*as All-in sustaining cost and All-in cost are considered as pro forma financial information as per the JSE Listings Requirements. The 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 cost and All-in cost should not be considered as a representation of financial performance.*

*This pro forma financial information has been reported on by BDO in terms of ISAE 3420 and their unmodified report is available for inspection* 

*at the Company's registered office or by emailing the Company Secretary (lerato.matlosa@sibanyestillwater.com)*

---

| | |
|:---|:---|
| **AFR –** | *24* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

The below tables set out a reconciliation of All-in-sustaining cost and All-in-cost to cost of sales before amortisation and depreciation.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | | **US PGM** <br>**operations**<sup>1</sup><br>| **Total** <br>**SA PGM** <br>**operations**<sup>2</sup><br>| **Rustenburg**<br>**including** <br>**Kroondal**<br>| **Marikana**<br>**operation**<sup>2</sup><br>| **Platinum**<br>**Mile**<br>| **Mimosa** | **Corporate**<br>**and re-**<br>**conciling**<br>**items**<br>| **Total** <br>**SA gold** <br>**operations**<br>| **Driefontein** | **Kloof** | **Beatrix** | **Cooke** | **DRDGOLD** | **Group** <br>**Corporate**<br>**and** <br>**reconciling**<br>**items**<br>|
| 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Cost of sales, before amortisation and** <br>**depreciation**<sup>3</sup><br>|  | **2146** | **43214** | 21921 | 20369 | 924 | 2531 | (2531) | **22988** | 6961 | 5594 | 4229 | 1555 | 4649 |  |
| Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Section 45X credit adjustment<sup>14</sup> |  | **2466** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Community costs<sup>4</sup> |  | **—** | **265** | 88 | 177 |  |  |  | **25** |  |  |  |  | 25 |  |
| Inventory change |  | **556** | **2710** | 2691 | 19 |  | 44 | (44) |  |  |  |  |  |  |  |
| Share-based payments<sup>5</sup> |  | **41** | **155** | 79 | 75 | 1 |  |  | **94** | 23 | 15 | 14 | 2 | 40 |  |
| Royalties<sup>6</sup> |  | **—** | **765** | 656 | 109 |  | 155 | (155) | **148** | 215 | 28 | 152 | 3 |  | (250) |
| Carbon tax<sup>7</sup> |  | **—** | **3** |  | 3 |  |  |  | **(3)** |  |  | (4) |  | 1 |  |
| Rehabilitation<sup>8</sup> |  | **34** | **207** | 157 | 50 |  | 8 | (8) | **245** | 23 | 36 | 90 | 117 | (28) | 7 |
| Leases<sup>9</sup> |  | **2** | **50** | 19 | 29 | 2 |  |  | **35** | 2 | 8 | 14 |  | 11 |  |
| ORD<sup>10</sup> |  | **1212** | **2344** | 747 | 1597 |  |  |  | **2931** | 1699 | 981 | 251 |  |  |  |
| Sustaining capital expenditure<sup>11</sup> |  | **363** | **2867** | 1479 | 1353 | 35 | 358 | (358) | **1079** | 414 | 251 | 111 |  | 303 |  |
| Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| By-product credit<sup>12</sup> |  | **(708)** | **(11714)** | (5535) | (5785) | (394) | (417) | 417 | **(26)** | (10) | (5) | (3) |  | (8) |  |
| **All-in sustaining cost**<sup>13</sup> |  | **6112** | **40866** | 22302 | 17996 | 568 | 2679 | (2679) | **27516** | 9327 | 6908 | 4854 | 1677 | 4993 | (243) |
| Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate cost, growth and other <br>capital expenditure<br>|  | **188** | **670** | 57 | 620 |  |  | (7) | **2660** |  |  |  |  | 2673 | (13) |
| **All-in cost**<sup>13</sup> |  | **6300** | **41536** | 22359 | 18616 | 568 | 2679 | (2686) | **30176** | 9327 | 6908 | 4854 | 1677 | 7666 | (256) |
| Gold sold/4E PGM produced/2E PGM <br>produced<br>| kg | **8836** | **55922** | 28695 | 22582 | 1005 | 3640 |  | **19081** | 6876 | 3257 | 3424 | 885 | 4639 |  |
|  | '000oz | **284** | **1798** | 923 | 726 | 32 | 117 |  | **613** | 221 | 105 | 110 | 28 | 149 |  |
| All-in sustaining cost<sup>13</sup> | R/kg |  |  |  |  |  |  |  | **1442063** | 1356457 | 2120970 | 1417640 | 1894915 | 1076310 |  |
|  | R/oz | **21516** | **24312** | 24174 | 24787 | 17584 | 22894 |  |  |  |  |  |  |  |  |
|  | US$/oz | **1203** | **1360** | 1352 | 1386 | 983 | 1280 |  | **2509** | 2360 | 3690 | 2466 | 3296 | 1872 |  |
| All-in cost<sup>13</sup> | R/kg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | R/oz | **22178** | **24710** | 24235 | 25641 | 17584 | 22894 |  | **1581468** | 1356457 | 2120970 | 1417640 | 1894915 | 1652511 |  |
|  | US$/oz | **1240** | **1382** | 1355 | 1434 | 983 | 1280 |  | **2751** | 2360 | 3690 | 2466 | 3296 | 2875 |  |

---

---

| | |
|:---|:---|
| **AFR –** | *25* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

---

| | | |
|:---|:---|:---|
| **Figures in million - SA rand** | | **Century zinc** <br>**retreatment** <br>**operation**<br>|
| **2025** |  |  |
| **Cost of sales, before amortisation and depreciation**<sup>3</sup> |  | **3061** |
| Royalties<sup>6</sup> |  | 231 |
| Community costs<sup>4</sup> |  | 62 |
| Inventory change |  | 198 |
| Share-based payments<sup>5</sup> |  | 17 |
| Rehabilitation interest and amortisation<sup>8</sup> |  | 73 |
| Leases<sup>9</sup> |  | 105 |
| Sustaining capital expenditure<sup>11</sup> |  | 59 |
| Less: By-product credit<sup>15</sup> |  | (346) |
| **Total All-in-sustaining costs**<sup>13</sup> |  | **3460** |
| Plus: Corporate cost, growth and capital expenditure |  | 56 |
| **Total All-in-costs**<sup>13</sup> |  | **3516** |
| Payable zinc production | kt | 101 |
| **All-in-sustaining cost**<sup>13</sup> | **R/tZn** | **34356** |
|  | **US$/tZn** | **1921** |
| **All-in-cost**<sup>13</sup> | **R/tZn** | **34912** |
|  | **US$/tZn** | **1953** |

---

---

| | |
|:---|:---|
| **AFR –** | *26* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | | **US PGM** <br>**operations**<sup>1</sup><br>| **Total** <br>**SA PGM** <br>**operations**<sup>2</sup><br>| **Rustenburg** <br>**including** <br>**Kroondal**<br>| **Marikana**<br>**operation**<sup>2</sup><br>| **Platinum**<br>**Mile**<br>| **Mimosa** | **Corporate**<br>**and re-**<br>**conciling**<br>**items**<br>| **Total** <br>**SA gold** <br>**operations**<br>| **Driefontein** | **Kloof** | **Beatrix** | **Cooke** | **DRDGOLD** | **Group** <br>**Corporate**<br>**and** <br>**reconciling**<br>**items**<br>|
| **2024** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Cost of sales, before** <br>**amortisation and depreciation**<sup>3</sup><br>|  | 9846 | 42964 | 21226 | 20912 | 826 | 2483 | (2483) | 23598 | 6949 | 6326 | 4260 | 1579 | 4484 |  |
| Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Section 45X credit adjustment<sup>14</sup> |  | (1255) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Community costs<sup>4</sup> |  |  | 338 | 106 | 232 |  |  |  | 13 |  |  |  |  | 13 |  |
| Inventory change |  | (999) | 182 | 1621 | (1439) |  | 8 | (8) |  |  |  |  |  |  |  |
| Share-based payments<sup>5</sup> |  | 89 | 204 | 103 | 95 | 2 |  |  | 121 | 39 | 33 | 18 |  | 27 | 4 |
| Royalties<sup>6</sup> |  |  | 212 | 94 | 117 |  | 131 | (130) | 115 | 49 | 34 | 56 | 6 |  | (30) |
| Carbon tax<sup>7</sup> |  |  | 1 |  | 1 |  |  |  |  |  |  |  |  |  |  |
| Rehabilitation<sup>8</sup> |  | 45 | 93 | 75 | 18 |  | 6 | (6) | 226 | (2) | 25 | 104 | 105 | (12) | 6 |
| Leases<sup>9</sup> |  | 4 | 63 | 24 | 38 | 2 |  | (1) | 33 |  | 9 | 6 |  | 18 |  |
| ORD<sup>10</sup> |  | 1920 | 2472 | 699 | 1773 |  |  |  | 2837 | 1663 | 932 | 242 |  |  |  |
| Sustaining capital expenditure<sup>11</sup> |  | 611 | 2567 | 1407 | 1118 | 42 | 548 | (548) | 931 | 380 | 247 | 64 |  | 240 |  |
| Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| By-product credit<sup>12</sup> |  | (852) | (11676) | (6245) | (5005) | (426) | (588) | 588 | (35) | (10) | (4) | (4) |  | (17) |  |
| **All-in sustaining cost**<sup>13</sup> |  | 9409 | 37420 | 19110 | 17860 | 446 | 2588 | (2588) | 27839 | 9068 | 7602 | 4746 | 1690 | 4753 | (20) |
| Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate cost, growth and <br>other capital expenditure<br>|  | 316 | 835 | 101 | 708 | 18 |  | 8 | 3554 |  |  |  |  | 3131 | 423 |
| **All-in cost**<sup>13</sup> |  | 9725 | 38255 | 19211 | 18568 | 464 | 2588 | (2580) | 31393 | 9068 | 7602 | 4746 | 1690 | 7884 | 403 |
| Gold sold/4E PGM produced/2E <br>PGM produced<br>| kg | 13245 | 57088 | 27712 | 24127 | 1434 | 3815 |  | 22239 | 7176 | 4952 | 3873 | 1217 | 5021 |  |
|  | '000oz | 426 | 1835 | 891 | 776 | 46 | 123 |  | 715 | 231 | 159 | 125 | 39 | 161 |  |
| All-in sustaining cost<sup>13</sup> | R/kg |  |  |  |  |  |  |  | 1251810 | 1263657 | 1535137 | 1225407 | 1388661 | 946624 |  |
|  | R/oz | 22096 | 21848 | 21449 | 23024 | 9674 | 21103 |  |  |  |  |  |  |  |  |
|  | US$/oz | 1206 | 1193 | 1171 | 1257 | 528 | 1152 |  | 2126 | 2146 | 2607 | 2081 | 2358 | 1607 |  |
| All-in cost<sup>13</sup> | R/kg |  |  |  |  |  |  |  | 1411619 | 1263657 | 1535137 | 1225407 | 1388661 | 1570205 |  |
|  | R/oz | 22838 | 22335 | 21562 | 23937 | 10065 | 21103 |  |  |  |  |  |  |  |  |
|  | US$/oz | 1247 | 1219 | 1177 | 1307 | 549 | 1152 |  | 2397 | 2146 | 2607 | 2081 | 2358 | 2666 |  |

---

---

| | |
|:---|:---|
| **AFR –** | *27* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

---

| | | |
|:---|:---|:---|
| **Figures in million - SA rand** | | **Century zinc retreatment** <br>**operation**<sup>17</sup><br>|
| **2024** |  |  |
| Cost of sales, before amortisation and depreciation<sup>3</sup> |  | **3326** |
| Royalties<sup>6</sup> |  | 216 |
| Community costs<sup>4</sup> |  | 54 |
| Inventory change |  | (348) |
| Share-based payments<sup>5</sup> |  | 7 |
| Rehabilitation interest and amortisation<sup>8</sup> |  | 156 |
| Leases<sup>9</sup> |  | 116 |
| Sustaining capital expenditure<sup>11</sup> |  | 186 |
| Less: By-product credit<sup>15</sup> |  | (218) |
| **Total All-in-sustaining costs**<sup>13</sup> |  | **3495** |
| Plus: Corporate cost, growth and capital expenditure |  | 14 |
| **Total All-in-costs**<sup>13</sup> |  | **3509** |
| Payable zinc production | kt | 82 |
| **All-in-sustaining cost**<sup>13</sup> | **R/tZn** | **42446** |
|  | **US$/tZn** | **2317** |
| **All-in-cost**<sup>13</sup> | **R/tZn** | **42617** |
|  | **US$/tZn** | **2327** |

---

The average exchange rate for the year ended 31 December 2025 was R17.88/US$(2024: R18.32/US$)

<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 processes various recycling material which* 

*is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown*

<sup>2</sup>*The total SA PGM and Marikana includes the production and costs associated with the third party PoC* 

<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>*Community costs includes costs related to community development*

<sup>5</sup>*Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value*

<sup>6</sup>*Royalties are the current royalty on refined and unrefined minerals payable to the South African government*

<sup>7</sup>*In South Africa the Carbon Tax Act of 2019 came into effect on 1 June 2019. The South African Government introduced Carbon tax based on a polluter-pays-principle and the aim of which is to help ensure that companies and consumers take the negative* 

*adverse costs (externalities) of climate change into account in their future production, consumption and investment decisions. The first phase of the Carbon Tax Act applies to the so-called "Scope 1" emissions from 1 June 2019 to 31 December 2022. Under* 

*the first phase, the introduction of the carbon tax is not expected to have an immediate impact on the price of electricity. Accordingly, although the statutory rate of carbon tax in 2025 was R236 per tonne (2024: R190 per tonne) of carbon dioxide equivalent* 

*(CO2e) emissions, allowances under the Carbon Tax Act resulted in an effective carbon tax rate of R12 to R94 per tonne of CO2e emissions (2024: R10 to R65). For fiscal 2025, due to the 60% basic tax-free allowance applicable under the Carbon Tax Act,* 

*Sibanye-Stillwater's maximum effective carbon tax rate was R94 per tonne, meaning the statutory rate of R236 was reduced by 60%* 

<sup>8</sup>*Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs recorded as an asset. The interest charge related to the environmental rehabilitation* 

*obligation and the amortisation of the capitalised rehabilitation costs do not reflect annual cash outflows and are calculated in accordance with IFRS Accounting Standards. The interest charge and amortisation reflect the periodic costs of rehabilitation* 

*associated with current production and are, therefore, included in the measure*

<sup>9</sup>*Leases represent the lease payment costs for the year*

---

| | |
|:---|:---|
| **AFR –** | *28* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

<sup>10</sup>*ORD are those capital expenditures that allow access to reserves that are economically recoverable in the future, including, but not limited to, crosscuts, footwalls, return airways and box holes which will avail production or reserves*

<sup>11</sup>*Sustaining capital expenditure are those capital expenditures that are necessary to maintain current production and execute the current mine plan. Sustaining capital costs are relevant to the All-in sustaining cost metric as these are needed to maintain* 

*Sibanye-Stillwater's current operations and provide improved transparency related to Sibanye-Stillwater's ability to finance these expenditures*

<sup>12</sup>*By-product credit - The All-in cost metric is focused on the cost associated with producing and selling a kilogram of gold or an ounce of 4E/2E PGMs, and therefore the metric captures the benefit of mining other metals when gold and 4E/2E PGMs are* 

*produced and sold. In determining the All-in cost, the costs associated with producing and selling a kilogram of gold or an ounce of 4E/2E PGMs are reduced by the benefit received from the sale of co-products and by-products, recognised as product sales,* 

*which is extracted and processed along with the gold and 4E/2E PGMs produced. At the SA gold operations, the sale of silver is recognised as product sales, and at the PGM operations in both regions, the minor PGMs – iridium and ruthenium – are produced* 

*as co-products, which together with the three primary PGMs, are referred to as 6E (5PGM+Au). In addition, nickel, copper and chrome, among other minerals, are by-products at these operations. This is relevant to the All-in cost metric as it aids in the investor's* 

*analysis of the profitability of producing a kilogram of gold or an ounce of 4E/2E PGMs, without the need to consider multiple metal prices*

<sup>13</sup>*For information on how Sibanye-Stillwater has calculated All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining cost per tonne, All-in cost per kilogram, All-in cost per ounce and All-in cost per tonne,* 

*see – Management's discussion and analysis of the financial statements - 2025 financial performance compared with 2024. All-in sustaining costs, All-in costs, All-in sustaining cost per kilogram, All-in sustaining cost per ounce, All-in sustaining cost per tonne, All-*

*in cost per kilogram, All-in cost per ounce and All-in cost per tonne are non-IFRS measures see page AFR-39 for additional information*

<sup>14</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 year ended* 

*31 December 2025 the US PGM operations recognised R2,466 million (US$139 million) which relates to mining costs incurred for the years ended 31 December 2024 and 31 December 2023, respectively . Although these amounts were recognised as a credit* 

*against the 30 June 2025 cost of sales, management believes that the cost of sales for the year ended 31 December 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*

<sup>15</sup>*The zinc equivalent sustaining cost is associated with the cost of producing and selling a tonne of zinc, and therefore the metric captures the benefit of other metals when zinc is produced and sold. In determining the zinc equivalent sustaining cost, the costs* 

*associated with producing and selling a tonne of zinc are reduced by the benefit received from the sale of co-products, recognised as product sales, which are extracted and processed along with the zinc produced. At Century, the sale of silver is* 

*recognised as a by-product sale.*

---

| | |
|:---|:---|
| **AFR –** | *29* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**Cost of production**

Despite disciplined cost containment measures, the AISC at the SA PGM operations of R24,312/4Eoz (including third-party PoC) increased by

11% from R21,848/4Eoz due to above inflation increases in costs of electricity and imported spares and 2% lower production volumes. The

AISC at the SA gold operations increased by 15% to R1,442,063/kg in 2025 and was mainly due to 10% lower production volumes resulting

from significant operational disruptions at the Kloof operation compounded by elevated seismicity in high grade Isolated Blocks of Ground

and above average inflationary increases in electricity, support and consumables costs. The All-in sustaining cost (AISC) at the US PGM

operations was flat at US$1,203/2Eoz in 2025 primarily due to the S45X advanced manufacturing production credits and the reduced

production profile following restructuring undertaken during 2024. The Century zinc retreatment operation, AISC of US$34,356/tZn for 2025

was 19% lower than 2024 levels as a result of 22% higher production and by-product credits which increased by 59% to R346 million as a result

of the higher prices of silver and increased sales.

**Adjusted EBITDA**

Group Adjusted EBITDA of R37,800 million in 2025 increased by R24,712 million or 189% from R13,088 million in 2024. Adjusted EBITDA for the SA

PGM operations increased by 125% to R16,682 million due to higher 4E PGM basket prices, which rallied in the second half of the year.

Adjusted EBITDA at the SA gold operations increased by 114% to R12,505 million in 2025, mainly due to a 39% increase in the rand gold price,

which reached an all time high in 2025. Negative adjusted EBITDA from the US PGM underground operations decreased by 4104% to swing

into a positive Adjusted EBITDA of R4,444 million mainly due to the S45X credits recognised in 2025, but in respect of the 2025, 2024 and 2023

years, and higher 2E PGM basket prices. Similarly for the Columbus recycling operations (US PGM) adjusted EBITDA increased by 792% to

R2,909 million mainly due to the S45X credits recognised in 2025 but in respect of the 2025, 2024 and 2023 years, and higher 3E PGM basket

prices. Adjusted EBITDA at the US Pennsylvania (PA) and North Carolina (NC) recycling operations (Reldan and Metallix) increased by 336%

to R1,169 million mainly due to increased commodity prices and the inclusion of the NC recycling site (Metallix acquired during September

2025) which is consolidated with the Reldan Group. Negative adjusted EBITDA from the Sandouville nickel refinery decreased by 18% to

negative R590 million, mainly due to the operation ramping down and ceasing production. Adjusted EBITDA at the Century zinc retreatment

operation increased by 247% to R1,582 million mainly due to higher sales volumes.

Adjusted EBITDA includes other cash costs, strike costs, care and maintenance costs, corporate and social investment costs and non-mining

royalties expenditures. The care and maintenance costs were R1,761 million in 2025 compared with R1,609 million in 2024. Corporate and

social investment costs (CSI) were R352 million in 2025 compared with R405 million in 2024. Non-mining royalties relating to royalties payable

to the Bafokeng nation were R20 million in 2025 compared with R73 million in 2024.

*Non-IFRS measures such as Adjusted EBITDA is considered as pro forma financial information as per the JSE Listings Requirements. The 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, Adjusted EBITDA should not be considered as a representation of financial performance see – Consolidated financial* 

*statements – Notes to the consolidated financial statements – Note 27.10: Capital management*

The (Loss)/profit and Adjusted EBITDA are shown in the graphs below:

![13743895501800](sbsw-20251231_g128.gif)

The (Loss)/profit in the graph above includes the impairment losses recognised/reversed during the 2025 year, which are discussed under the

impairments section further below.

---

| | |
|:---|:---|
| **AFR –** | *30* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

Adjusted EBITDA is shown in the graph below:

![13743895501851](sbsw-20251231_g129.gif)

The below table illustrates the reconciliation of (loss)/profit before royalties, carbon tax and tax to adjusted EBITDA:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **2025** |  |  |  |  |  |  |  |  |  |  |  |
| **Figures in million – SA rand** | **Total** | **Total US** <br>**PGM**<br>| **US PGM** | **Columbus** | **Pennsylvani**<br>**a site and** <br>**North** <br>**Carolina** <br>**site**<br>| **Total**<br>**SA PGM**<br>| **Total**<br>**SA gold**<br>| **Total** <br>**EU** <br>**operation**<br>**s**<br>| **Sandouvill**<br>**e nickel** <br>**refinery**<br>| **Total AUS** <br>**operatio**<br>**ns**<br>| **Century** <br>**zinc** <br>**retreatme**<br>**nt** <br>**operation**<br>| **Cor-**<br>**porate**<sup>1</sup><br>|
| (Loss)/profit before <br>royalties, carbon tax and <br>tax<br>| 734 | (36) | (3066) | 3030 | (120) | 10626 | 3472 | (9403) | (1631) | 1689 | 1833 | (5494) |
| *Adjusted for:* |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortisation and <br>depreciation<br>| 9367 | 1252 | 1246 | 6 | 237 | 4203 | 3652 | 19 | 2 | 1 |  | 3 |
| Interest income | (1568) | (351) | (224) | (127) | (10) | (481) | (547) | (21) |  | (7) | (6) | (151) |
| Finance expense | 5000 | 1762 | 1762 |  | 51 | 772 | 1094 | 93 | 13 | 185 | 172 | 1043 |
| Share-based payments | 2114 | 453 | 453 |  | 27 | 761 | 541 | 245 | 42 | 73 | 73 | 14 |
| (Gain)/loss on financial <br>instruments<br>| 3794 |  |  |  | 779 | 366 | 3255 | (451) | 4 | (177) | (177) | 22 |
| Loss/(gain) on foreign exchange <br>movements<br>| (155) | 16 | 16 |  | 28 | 228 | (243) | (183) | (175) | 41 | 34 | (42) |
| Share of results of equity-<br>accounted investees after tax<br>| (337) | 7 | 7 |  | 4 | 147 | (516) |  |  |  |  | 21 |
| Change in estimate of <br>environmental rehabilitation <br>obligation<br>| 495 |  |  |  |  | 50 | (90) | 729 | 729 | (194) | (184) |  |
| (Gain)/loss on disposal of <br>property, plant and equipment<br>| 14 | 52 | 52 |  |  | 19 | (57) |  |  |  |  |  |
| Impairments | 14007 | 4230 | 4230 |  |  | 63 | 1856 | 7832 | 28 |  |  | 26 |
| Gain on acquisition |  |  |  |  |  |  |  |  |  |  |  |  |
| Occupational healthcare gain | 49 |  |  |  |  |  | 49 |  |  |  |  |  |
| Restructuring costs | 247 | 2 | 2 |  |  | 9 | 66 | 170 | 170 |  |  |  |
| Transaction and project costs | 4543 | 14 | 14 |  | 175 | (1) |  | 373 | 373 | 4 |  | 3978 |
| Lease payments | (267) | (1) | (1) |  | (2) | (80) | (46) | (33) | (21) | (105) | (105) |  |
| Onerous contract provision | (124) |  |  |  |  |  |  | (124) | (124) |  |  |  |
| Corporate leadership costs | 50 |  |  |  |  |  | 50 |  |  |  |  |  |
| Compensation for losses <br>incurred<br>| (142) | (46) | (46) |  |  |  | (38) |  |  | (58) | (58) |  |
| Gain on increase in equity-<br>accounted investment<br>| (5) |  |  |  |  |  |  |  |  |  |  | (5) |
| Gain on assets held for sale | (16) | (1) | (1) |  |  |  | 7 | (22) |  |  |  |  |
| **Adjusted EBITDA** | **37800** | **7353** | **4444** | **2909** | **1169** | **16682** | **12505** | **(776)** | **(590)** | **1452** | **1582** | **(585)** |

---

1 *The SA rand amounts can be translated to US dollar at an average exchange rate of R17.88/US$*

*2 Included in total Group is Group corporate which comprises mainly the Wheaton Stream and Franco-Nevada transactions, corporate tax, interest and transaction costs*

*3 Adjusted EBITDA is a non-IFRS measure see page AFR-39 for additional information on this non-IFRS measure. This measure constitutes pro forma financial information in terms* 

*of the JSE Listings Requirements, and is not a measure of performance under IFRS Accounting Standards. As a result, it may not be comparable to similarly titled measures of* 

*other companies, and should not be considered in isolation or as alternatives to any other measure of financial performance presented in accordance with IFRS Accounting* 

*Standards, and is the responsibility of the Board. This pro forma financial information has been reported on by BDO in terms of ISAE 3420 and a copy of their unmodified* 

*report can be obtained from the Company's registered office, by emailing the Company Secretary (lerato.matlosa@sibanyestillwater.com)*

---

| | |
|:---|:---|
| **AFR –** | *31* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  | The below table illustrates the reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:  |
| **2024** | **2024** |  |  |  |  |  |  |  |  |  |  |  |
| **Figures in million – SA rand** | **Total** | **Total US** <br>**PGM**<br>| **US PGM** | **Columbus** | **Pennsylv**<br>**ania site**<br>| **Total**<br>**SA PGM**<br>| **Total**<br>**SA gold**<br>| **Total** <br>**EU** <br>**operation**<br>**s**<br>| **Sandouvill**<br>**e nickel** <br>**refinery**<br>| **Total AUS** <br>**operatio**<br>**ns**<br>| **Century** <br>**zinc** <br>**retreatme**<br>**nt** <br>**operation**<br>| **Cor-**<br>**porate**<sup>1</sup><br>|
| (Loss)/profit before <br>royalties, carbon tax and <br>tax<br>| (3669) | (10474) | (10795) | 321 | 20 | 5177 | 2954 |  | (531) | (179) | 77 | (1167) |
| *Adjusted for:* |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortisation and <br>depreciation<br>| 8810 | 1934 | 1929 | 5 | 171 | 3647 | 2900 | 38 | 29 | 118 | 117 | 2 |
| Interest income | (1337) | (305) | (305) |  | (8) | (468) | (498) | (53) | (1) | (2) | (1) | (3) |
| Finance expense | 4571 | 1761 | 1761 |  | 30 | 611 | 1337 | 204 | 70 | 302 | 288 | 326 |
| Share-based payments | 251 | 35 | 35 |  |  | 99 | 79 | 13 | 7 | 5 | 5 | 20 |
| (Gain)/loss on financial <br>instruments<br>| (5433) | (1733) | (1733) |  | (136) | (2341) | (787) | (772) | (7) | 269 | 269 | 67 |
| (Gain)/loss on foreign exchange <br>movements<br>| 215 | 5 | 5 |  | (2) | 53 | 21 | 97 | 110 | (12) | (10) | 53 |
| Share of results of equity-<br>accounted investees after tax<br>| (212) |  |  |  | 7 | 97 | (327) |  |  |  |  | 11 |
| Change in estimate of <br>environmental rehabilitation <br>obligation, and right of recovery <br>liability and asset<br>| 447 |  |  |  |  | 206 | 244 | 23 | 23 | (26) | (22) |  |
| (Gain)/loss on disposal of <br>property, plant and equipment<br>| (55) | 40 | 40 |  |  | (33) | (62) |  |  |  |  |  |
| Impairments | 9173 | 8824 | 8824 |  |  | 124 | (107) | 221 | 221 | 111 | 4 |  |
| Transaction and project costs | 851 | 26 | 26 |  | 187 |  |  | 193 | 193 | 21 |  | 424 |
| Lease payments | (244) | (5) | (5) |  | (1) | (62) | (35) | (25) | (20) | (116) | (116) |  |
| Cyber costs | 67 | 7 |  |  |  | 18 | 36 |  |  | 6 | 6 |  |
| Compensation for losses <br>incurred<br>| (26) | (26) |  |  |  |  |  |  |  |  |  |  |
| Provision for community costs <br>post closure<br>| 24 |  |  |  |  |  |  |  |  | 24 | 24 |  |
| Onerous contract provision | (817) |  |  |  |  |  |  | (817) | (817) |  |  |  |
| Gain/increase in equity-<br>accounted investment<br>| (2) |  |  |  |  |  |  |  |  |  |  | (2) |
| Gain on remeasurement of <br>previous interest in Kroondal<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| **Adjusted EBITDA**<sup>1</sup> | **13088** | **215** | **(111)** | **326** | **268** | **7399** | **5832** | **(878)** | **(723)** | **521** | **641** | **(269)** |

---

*1The SA rand amounts can be translated to US dollar at an average exchange rate of R18.32/US$*

*2Included in total Group is Group corporate which comprises mainly the Wheaton Stream transaction, corporate tax, interest and transaction costs*

*3Adjusted EBITDA is a non-IFRS measure see page AFR-39 for additional information on this non-IFRS measure. This measure constitutes pro forma financial information in terms* 

*of the JSE Listings Requirements, and is not a measure of performance under IFRS Accounting Standards. As a result, it may not be comparable to similarly titled measures of* 

*other companies, and should not be considered in isolation or as alternatives to any other measure of financial performance presented in accordance with IFRS Accounting* 

*Standards, and is the responsibility of the Board. This pro forma financial information has been reported on by BDO in terms of ISAE 3420 and a copy of their unmodified* 

*report can be obtained from the Company's registered office, by emailing the Company Secretary (lerato.matlosa@sibanyestillwater.com)*

**Interest income**

Interest income for 2025 increased by R231 million to R1,568 million (2024: R1,337 million) which was mainly due to Section 45X interest

accrued at the US PGM and Columbus recycling operations of R146 million and R127 million, respectively and higher interest on

rehabilitation obligation funds invested, partially offset by lower interest received on cash balances. Interest income mainly includes interest

received on cash deposits amounting to R849 million (2024: R882 million), interest received on rehabilitation obligation funds of R417 million

(2024: R404 million), and other interest earned of R29 million (2024: R51 million). For additional information on finance income see *–* 

*Consolidated financial statements – Notes to the consolidated financial statements – Note 5.1: Finance income.*

**Finance expense**

Finance expense for 2025 increased by R429 million to R5,000 million (2024: R4,571 million), primarily due to higher deferred revenue-related

finance costs and non-cash finance cost accretion.

The increase was mainly driven by a R750 million increase in the unwinding of the finance costs on the deferred revenue transactions, an R18

million increase in unwinding of the environmental rehabilitation obligation and a R5 million increase in interest on lease liabilities, partially

offset by lower interest on borrowings of R153 million and a R48 million decrease in the unwinding of amortised cost on borrowings, reflecting

a decrease in average outstanding borrowings during 2025. Further offsets included a R103 million decrease in the unwinding of the

Marikana dividend obligation, a R4 million decrease in interest on the occupational healthcare obligation and a R36 million decrease in

sundry interest. For additional information on finance expense see *– Consolidated financial statements – Notes to the consolidated financial* 

*statements – Note 5.2: Finance expense*.

Sibanye-Stillwater's gross debt outstanding, excluding the Burnstone Debt and including the derivative financial instrument was R39,252

million as at 31 December 2025 compared with approximately R39,426 million at 31 December 2024.

**Share-based payments**

The share-based payments expense increased by 742% to R2,114 million (2024: R251 million) in 2024. The share-based payments expense

includes R40 million (2024: R27 million) relating to the DRDGOLD equity-settled share options and R2,074 million (2024: R224 million) relating to

the cash-settled Sibanye-Stillwater Share Plan. For additional information on share-based payments see *– Consolidated financial statements* 

*– Notes to the consolidated financial statements – Note 6: Share-based payments.*

---

| | |
|:---|:---|
| **AFR –** | *32* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**Loss on financial instruments**

The loss on financial instruments for 2025 of R3,794 million, compared with a gain of R5,433 million in 2024, resulting in a year-on-year net

adverse movement of R9,227 million.

The net loss in 2025 was primarily driven by valuation-related losses on commodity-linked financial instruments and obligations. These

included a R1,805 million fair value loss on the Burnstone project debt, reflecting changes in estimated cash flows and valuation assumptions

following higher long-term gold price assumptions, and fair value losses of R1,736 million on gold hedge contracts as a result of record high

gold prices during the year, and fair value losses of R420 million on the (Rustenburg and Marikana operations BEE cash-settled) share-based

payment obligations. These losses were partially offset by gains of R156 million on hedge contracts for zinc, a R427 million gain arising from

reduced estimated cash flows on the Keliber dividend obligation and gains of R185 million on other investments. For additional information

on the gain on financial instruments see *– Consolidated financial statements – Notes to the consolidated financial statements – Note 7:* 

*(Loss)/gain on financial instruments.*

**Share of results of equity-accounted investees after tax**

The profit from share of results of equity-accounted investees of R337 million in 2025 (2024: R212 million) was primarily due to profit of R516

million (2024: R327 million) relating to Sibanye-Stillwater's 44% interest in Rand Refinery, partially offset by share of losses of R148 million

(2024: R97 million) relating to Sibanye-Stillwater's 50% attributable share in Mimosa and share of losses of R21 million (2024: R11 million) relating

to Sibanye-Stillwater's investment in Glint Incorporated. For additional information on the share of results of equity-accounted investees after

tax, see *– Consolidated financial statements – Notes to the consolidated financial statements – Note 18: Equity-accounted investments.*

**Impairments**

During 2025 the Group recognised impairment losses of R14,007 million compared with impairment losses R9,173 million recognised in 2024.

The impairment losses recognised mainly related to the following cash-generating units (CGU):

• Kloof CGU: An impairment loss of R3,779 million was recognised at 31 December 2025 following a decrease in the life of mine arising from

logistical constraints, seismicity and safety concerns to access higher grade areas, which adversely affected the recoverable amount.

• US PGM operations (Stillwater CGU): An impairment loss of R4,230 million was recognised at 30 June 2025 following the enactment of the

One Big Beautiful Bill Act in the US, which provided for the phase-out and termination of Section 45X credits for critical minerals produced

after 31 December 2030. The resulting reduction in future net cash flows from the US PGM operations led to a reduction in the

recoverable amount.

• Keliber CGU: An impairment loss of R2,460 million was recognised at 31 December 2025, in addition to R5,344 million recognised at

30 June 2025. The additional impairment reflected a further decrease in the long-term forecasted lithium hydroxide price assumptions

compared to 30 June 2025 and the decision to proceed with an extended start-up profile, which reduced expected future net cash

flows. The impairment loss recognised at 30 June 2025 was due to a decrease in the long-term forecasted lithium hydroxide price and an

increased discount rate which reduced expected future net cash flows.

• Reversals of impairment: Impairment reversals of R449 million, R168 million and R1,307 million million at 31 December 2025 were

recognised at Beatrix, Driefontein and Burnstone, respectively. The reversals of impairment resulted from the higher gold price outlook

and sustained operational improvements at the Beatrix and Driefontein operations which increased expected future net cash flows and

recoverable amounts.

The impairment losses recognised in 2024 were disclosed in the Group's 2024 Form 20-F and are not repeated here.

For additional information on the impairments see – *Consolidated financial statements – Notes to the consolidated financial statements –* 

*Note 10: Impairments and reversal of impairments.*

**Occupational healthcare gain**

At 31 December 2025 Sibanye-Stillwater provided R384 million (2024: R336 million) for its share of the settlement cost. The estimated costs at

31 December 2025 and 2024 was determined by an actuarial specialist and as a result, a change in estimate of R49 million loss was

recognised in profit or loss for the year (2024: R76 million gain). For additional information on the occupational healthcare expense, see *–* 

*Consolidated financial statements – Notes to the consolidated financial statements – Note 30: Occupational healthcare obligation.*

**Restructuring costs**

Restructuring costs of R247 million (2024: R550 million) were incurred during 2025 which mainly related to the SA gold operations (R65 million

(2024: R144 million)), SA PGM operations (R8 million (2024: R269 million)), Protection Services (R2 million (2024: R11 million)), US PGM operations

(R2 million (2024: R126 million)) and Sandouville (R170 million (2024: Rnil)).

**Transaction costs**

Transaction costs were R4,543 million in 2024 compared with R851 million in 2024. The transaction costs in 2025 mainly included the Appian

settlement R3,607 million (2024: Rnil), Appian legal fees R212 million (R115 million), project cost of the GalliCam pre-feasibility study R373

million (2024: R193 million), legal and advisory fees on merger and acquisition activities relating to Reldan Rnil (2024: R187 million) and Metallix

R175 million (2024: Rnil), acquisition related advisory and legal fees of R2 million (2024: R55 million), advisory fees on Franco Nevada stream

R104 million (2024: Rnil) and other transaction related general legal and advisory fees of R70 million (2024: R301 million).

**Care and maintenance costs**

Care and maintenance costs were R1,761 million in 2025 compared with R1,609 million in 2024. The care and maintenance costs included

R1,132 million (2024: R970 million) at Cooke, R10 million (2024: R14 million) at Beatrix, R69 million (2024: R340 million) at Kloof, R206 million

(2024: R194 million) at Burnstone, R103 million (2024: R69 million) at Marikana, R46 million (2024: R10 million) at Rustenburg, R1 million

(2024: R10 million) at Kroondal and R194 (2024: Rnil million) at Sandouville.

**Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable**

Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable was a net income of R495

million in 2025 (2024: R446 million). The income is mainly due to changes in gross closure cost estimates, changes in discount rates

---

| | |
|:---|:---|
| **AFR –** | *33* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

and changes in expected timing of rehabilitation for operations on care and maintenance and operations that are being rehabilitated

(recognised through profit or loss).

**Cost incurred on employee and community trusts**

Cost incurred on employee and community trusts were R364 million in 2025 compared with R204 million in 2024. These costs were incurred on

the Marikana R135 million (2024: R288 million) and SRPM employee Trusts R226 million (2024: R84 million credit).

**Corporate and social investment costs**

Corporate and social investment costs (CSI) were R352 million in 2025 compared with R405 million in 2024. CSI costs mainly related to the SA

gold operations (R25 million (2024: R13 million)), SA PGM operations (R265 million (2024: R337 million)) Century operation (R62 million

(2024: R54 million)) and Reldan operation (R62 million (2024: R47 million)).

**Onerous contract provision utilisation/change in estimate/(provision)**

The onerous contract provision utilisation/change in estimate included in Sandouville segment, decreased from R1,017 million in 2024 to R124

million in 2025 due to the realisation of onerous contract losses provided for at 31 December 2023. There was no additional onerous contract

provision recognised in 2025 (2024: R200 million). During 2024, the Group agreed with the supplier to terminate this supply contract with final

delivery made in January 2025 which resulted in additional provisions raised for onerous contracts amounting to R200 million in respect of the

Sandouville nickel refinery's production process, see *– Consolidated financial statements – Notes to the consolidated financial statements –* 

*Note 29.2: Other provisions.*

**Exploration costs**

Exploration costs were R4 million in 2025 compared with R36 million in 2024. The exploration costs in 2025 mainly related to the SA PGM

operations (R2 million (2024: R28 million)) and Century operation (R1 million (2024: R8 million)).

**Non-mining royalties**

Non-mining royalties relating to royalties payable to the Bafokeng nation were R20 million in 2025 compared with R73 million in 2024 and

decreased mainly due to higher capital expenditure spend in the royalty areas of Kroondal such that no royalty is payable on the total

combined calculation post the merger of Kroondal into the Rustenburg operations. The non-mining royalties were incurred at the Marikana

(R20 million (2024: R17 million)) and Rustenburg (Rnil (2024: R56 million)) operations.

**Royalty Tax**

Royalty tax increased by 111% to R1,145 million in 2025 from R543 million in 2024. The increase in 2025 was mainly due to the increased

revenue and profitability at the SA PGM and SA gold operations as a result of higher PGM basket prices and gold prices in 2025. The

decrease in 2024 was mainly due to the decreased revenue and profitability at the SA PGM operations as a result of continued lower PGM

basket prices in 2024, partially offset by the increase in royalties payable by New Century due to higher zinc concentrate prices in 2024.

**Mining and income tax**

Mining and income tax charge increased to R4,328 million in 2025 compared to R1,496 million in 2024. This was due to a higher current tax

charge of R2,418 million in 2025, of which mining tax increased by R1,323 million and higher deferred tax of R1,910 million, of which the

deferred tax charge increased by R1,463 million and the deferred tax rate adjustment increased by R467 million. The increase in mining tax

mainly related to higher current tax at the SA PGM Marikana and Rustenburg operations of R271 million and R1,056 million, respectively. The

increase in deferred tax charge mainly related to utilisation of capital expenditure at the Marikana operations and DRDGOLD Limited which

was redeemed due to higher profitability. The table below indicates Sibanye-Stillwater's effective tax expense rate in 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| | | **2025** | **2024** |
| Mining and income tax | Rm | **4328** | 1496 |
| Effective tax rate | % | **(1053)** | (36) |

---

In 2025, the tax charge on the loss before tax at the South African statutory company tax rate of 27%, or R111 million, compared with tax

charge of R4,328 million is mainly due to the impact on the statutory tax rate of the following

• R5,334 million unrecognised or derecognised deferred tax assets

• R1,048 million non-deductible transaction costs

• R169 million SA gold mining tax formula rate adjustment

• R103 million change in estimated deferred tax rate

• R101 million non-deductible finance expense

• R46 million tax adjustment in respect of prior periods

• R27 million US statutory tax rate adjustment

• R13 million non-taxable gain on foreign exchange differences

• R13 million non-deductible impairments

• R11 million non-deductible share-based payments

The above was partially offset by the following

• R1,670 million non-taxable Section 45X credit

• R592 million net other non-taxable income and non-deductible expenditure

• R94 million non-taxable share of results of equity-accounted investee

• R40 million non-deductible loss on fair value of financial instruments

---

| | |
|:---|:---|
| **AFR –** | *34* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

• R24 million US state tax adjustment

• R6 million non-taxable dividend received

The drivers of the Group's tax charge in 2024 were disclosed in the Group's 2024 Form 20-F and are not repeated here.

**Liquidity and capital resources**

**Liquidity position**

At 31 December 2025, the Group maintained a strong liquidity position supported by cash generated from operations and access to

committed revolving credit facilities. For the year ended 31 December 2025, the Group generated adjusted EBITDA of R37.8 billion, reflecting

a significant improvement in operating performance compared with the prior year. Net debt at 31 December 2025 amounted to

approximately R22.1 billion, resulting in a net debt to adjusted EBITDA ratio of 0.59 times.

The Group continues to actively manage liquidity through disciplined capital allocation, cost control initiatives and maintaining adequate

headroom under committed debt facilities to withstand periods of commodity price volatility.

**Cash flow analysis**

Net increase in cash and cash equivalents in 2025 was R2,471 million compared with a net decrease in cash and cash equivalents in 2024 of

R9,490 million.

**Net cash from operating activities**

Net cash from operating activities increased by R11,294 million to R21,407 million in 2025 from R10,113 million in 2024. The items contributing to

the increase in 2025 and 2024 are indicated in the table below.

---

| | | |
|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | **2024** |
| Increase/(decrease) in cash generated by operations¹ | **9278** | (14312) |
| Increase in deferred revenue advance received² | **7438** | 2372 |
| Decrease/(increase) in cash-settled share-based payments paid | **102** | (114) |
| (Decrease)/increase in change in working capital | **(4580)** | 5103 |
| Increase in interest paid | **(236)** | (797) |
| Increase/(decrease) in royalties and tax paid³ | **(1548)** | 1894 |
| Increase in royalties and tax refunded<sup>4</sup> | **920** | 0 |
| (Increase)/decrease in dividends paid<sup>5</sup> | **(129)** | 5145 |
| Decrease in additional deferred payments relating to acquisition of a business<sup>6</sup> | **44** | 3689 |
| Other | **5** | 37 |
| **Increase in net cash from operating activities** | **11294** | 3018 |

---

*1The increase in cash generated by operations in 2025 was mainly due to higher commodity prices at all operations with the exception of nickel and the acquisition of the* 

*Metallix recycling operation during September 2025 and includes a non-recurring cash payment of R3.6 billion in respect of the Appian Capital legal settlement. The* 

*decrease in cash generated by operations in 2024 was mainly due to continued lower average realised PGM basket prices at the SA PGM, US PGM and US Recycling* 

*operations partially offset by additional increases in the gold price for 2024* 

*2The amount received for the year ended 31 December 2025 of R10,745 million relates to the Franco-Nevada stream cash receipts amounting to R9,215 million and Century* 

*deferred proceeds, amounting to cash receipts of R1,097 million and Reldan deferred proceeds amounting R433 million. The amount received for the year ended 31* 

*December 2024 of R3,307 million relates to income received in advance from customers of Century of R366 million, Reldan deferred proceeds of R243 million and cash* 

*prepayments received in respect of the gold prepay and chrome prepay amounting to R1,793 million and R905 million, respectively*

*3The increase in royalties and tax paid in 2025 was due to the increase in revenue and taxable mining income as a result of higher commodity prices at all operations with the* 

*exception of nickel and the decrease in royalties and tax paid in 2024 was due to the decrease in revenue and taxable mining income as a result of lower average realised* 

*PGM basket prices at the SA PGM, US PGM and US Recycling operations, partially offset by an increase in the gold price for 2024* 

*4The increase in royalties and tax refunded in 2025 was due to refunds received on tax mainly at Eastern Platinum Proprietary Limited of R82 million and at Stillwater Mining* 

*Company of R298 million, and refunds received on royalties at Western Platinum Proprietary Limited of R292 million and Sibanye Rustenburg Mines Proprietary Limited of* 

*R96 million* 

*5There were no dividends paid by the Group during 2025 and dividends paid by subsidiary companies to their non-controlling shareholders was R302 million. There were no* 

*dividends paid by the Group during 2024 and dividends paid by subsidiary companies to their non-controlling shareholders was R173 million.*

*6The acquisition date fair value of deferred payments and contingent consideration relating to business combinations is part of the aggregate consideration for obtaining* 

*control of the underlying net assets. Therefore, unless the obligations are clearly part of the borrowing structure of the group, repayments of the acquisition date fair value* 

*are classified as investing activities. Additional deferred/contingent payments in excess of the grant date fair value are considered to be operating activity cash flows by* 

*nature and amounted to Rnil in 2025 and R44 million in 2024 mainly relating to the acquisition of the Pandora acquisition* 

---

| | |
|:---|:---|
| **AFR –** | *35* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**Cash flows from investing activities**

Net cash used in investing activities decreased to R21,692 million in 2025 from R24,338 million in 2024. The decrease in cash used in investing

activities was mainly due to a decrease in additions to property, plant and equipment of R20,307 million in 2025 compared to R21,569 million

in 2024 and a decrease in net cash used in investing activities mainly due to the acquisition of Metallix net of cash acquired for R1,894 million

and the final payment on the Reldan acquisition of R96 million (2024: R2,690 million relating to Redan acquisition), see *– Consolidated* 

*financial statements – Notes to the consolidated financial statements – Note 16: Acquisitions*. Net cash used in investing activities increased

to R24,338 million in 2024 from R22,038 million in 2023. The increase in the 2024 of net cash used in investing activities was mainly due to the

acquisition of Reldan net of cash acquired for R2,690 million (2023: R471 million net cash received from the Kroondal acquisition), partially

offset by a decrease in additions to property, plant and equipment of R21,569 million, compared to R22,411 million in 2023.

Cash additions to property, plant and equipment at the individual mines are shown in the table below.

---

| | | |
|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** |
| **Southern Africa** | **(12531)** | (12451) |
| **SA PGM operations** | **(5910)** | (5683) |
| Rustenburg operation | **(2228)** | (1678) |
| Marikana | **(3641)** | (3464) |
| Kroondal<sup>1</sup> | **—** | (477) |
| Platinum Mile | **(41)** | (56) |
| Corporate and reconciling items<sup>2</sup> | **(0)** | (8) |
| **SA gold operations** | **(6621)** | (6768) |
| Driefontein | **(2109)** | (2050) |
| Kloof | **(1235)** | (1182) |
| Beatrix | **(362)** | (312) |
| DRDGOLD | **(2901)** | (2870) |
| Corporate and reconciling items<sup>2</sup> | **(14)** | (354) |
| **International operations** |  |  |
| **US operations** | **(1825)** | (2998) |
| US PGM underground operations | **(1779)** | (2988) |
| Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations<sup>3</sup> | **(46)** | (10) |
| **European operations** | **(5762)** | (5905) |
| Sandouville | **(28)** | (173) |
| Corporate and reconciling items<sup>2</sup> | **(5734)** | (5732) |
| **Australian operations** | **(186)** | (217) |
| Century zinc retreatment operation | **(114)** | (207) |
| Corporate and reconciling items<sup>2</sup> | **(72)** | (10) |
| **Group Corporate and reconciling items** | **(3)** | 2 |
| **Total Capital Expenditure** | **(20307)** | (21569) |

---

*1Kroondal was included as part of the Rustenburg operation from 2025 and its corresponding cash additions to property, plant and equipment was therefore reported as* 

*part of the Rustenberg operations from 2025*

2*Corporate and reconciling items does not represent a separate segment as it does not generate revenue. Corporate and reconciling items for SA gold operations include* 

*the Burnstone project, total EU operations include the Keliber project and the Australian operations include the Mt Lyell project*

*3Capital expenditure at the Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations was R46 million compared to R10 million in 2024 which did not include* 

*the North Carolina (Metallix) recycling operations which were acquired in September 2025.* 

**Cash flows from financing activities**

Net cash from financing activities of R2,756 million in 2025 compared with R4,735 million in 2024. Net cash from financing activities comprised

loans raised of R7,912 million (2024: R8,278 million), partially offset by lease payments of R228 million (2024: R208 million), loans repaid of

R4,883 million (2024: R3,335 million) and reattribution of non-controlling interests (NCI) of R45 million l (2024: Rnil million).

**Net increase/(decrease) in cash and cash equivalents**

As a result of the above, net cash and cash equivalents (excluding the effect of exchange rate fluctuations on cash held) increased by

R2,471 million in 2025 compared with a decrease of R9,490 million in 2024.

Total Group cash and cash equivalents amounted to R17,178 million at 31 December 2025 (2024: R16,049 million).

**Notional free cash flow**

Sibanye-Stillwater defines notional free cash flow as adjusted EBITDA, less non cash revenue relating to streaming transactions and deferred

prepayments, non cash government grants and accrued taxes and royalties, and includes other non-routine cash items such as legal

dispute settlements and realised hedges.

---

| | |
|:---|:---|
| **AFR –** | *36* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

The table below shows a calculation of notional free cash flow:

---

| | | | |
|:---|:---|:---|:---|
| Figures in million - SA rand | **2025** | **2024** | **% Change**<br>**2025/2024**<br>|
| Adjusted EBITDA | **37800** | 13088 | 189 |
| *Adjusted for non-cash items:* |  |  |  |
| Deferred revenue released - Streaming | **(1132)** | (455) | 149 |
| Deferred revenue released - Prepays | **(1668)** | (406) | 311 |
| Section 45X grant not yet received | **(5885)** |  | 100 |
| Tax and royalties (accrued) | **(3562)** | (1961) | 82 |
| *Other non-routine cash items:* |  |  |  |
| Legal settlement payment to Appian | **(3565)** | (115) | 3000 |
| Early settlement payment on onerous contract | **(45)** | (665) | (93) |
| Realised hedges | **(1607)** | (314) | 412 |
|  | **20336** | 9172 | 122 |
| Property. plant and equipment additions | **(20307)** | (21569) | (6) |
| **Notional free cash flow** | **29** | (12397) | (100) |

---

*Non-IFRS measures such as notional free cash flow is considered as pro forma financial information as per the JSE Listing Requirements. The* 

*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, notional free cash flow should not be considered in isolation or as a substitute for measures of financial performance* 

*and cash flows prepared in accordance with IFRS Accounting Standards, namely net cash from operating activities. The pro forma financial* 

*information for the years ended 31 December 2025 and 31 December 2024 have been reported on by BDO SA in terms of ISAE 3420,* 

*respectively and a copy of their reporting accountants assurance report can be obtained from the Company's registered office, by* 

*emailing the Company Secretary (lerato.matlosa@sibanyestillwater.com)*

For a reconciliation between notional free cash flow and net cash from operating activities, see *– Consolidated financial statements –* 

*Reconciliation of notional free cash flow to net cash from operating activities.*

The table below shows a calculation of notional free cash flow:

---

| | | | |
|:---|:---|:---|:---|
| Figures in million - SA rand | **2025** | **2024** | **% Change**<br>**2025/2024**<br>|
| **Southern Africa** |  |  |  |
| SA PGM operations | **5846** | 136 | 4199 |
| SA gold operations | **3224** | (1608) | (300) |
| **International operations** |  |  |  |
| **US operations** |  |  |  |
| US PGM operations | **(831)** | (3375) | (75) |
| US PA & NC recycling operations | **1012** | 133 | 661 |
| **European operations** | **(6572)** | (7449) | 100 |
| **Australian operation** | **996** | 30 | 3220 |
|  | **3675** | (12133) | (130) |
| **Group corporate** | **(3646)** | (264) | 1281 |
| **Notional free cash flow** | **29** | (12397) | (100) |

---

The SA PGM operations generated notional free cash flow for 2025 of R5,846 million compared to notional free cash flow for 2024 of R136

million, due to a 28% higher 2E PGM basket price received during 2025 which resulted in R9,626 million higher revenue, partially offset by 4%

lower sales volumes and higher taxes and royalties accrued of R1,561 million due to higher profitability.

The SA gold operations generated notional free cash flow for 2025 of R3,224 million compared to negative notional free cash flow of

R1,608 million in 2024, mainly due to the 39% higher gold price received during 2025 which resulted in R5,914 million higher revenue, partially

offset by 10% lower volumes and the losses realised on the gold hedge contracts of R1,288 million.

The US PGM operations negative notional free cash flow for 2025 of R831 million compared to negative notional free cash flow for 2024 of

R3,375 million. The decrease in negative notional free cash flow for 2025 was mainly due an increase in adjusted EBITDA and lower cash

additions to property, plant and equipment of R1,208 million, partially offset by lower revenue of R2,796 million mainly due to 39% lower 2E

sales volumes in line with the restructured US PGM production profile.

The US Pennsylvania (Reldan) and North Carolina (Metallix) recycling operations generated notional free cash flow for 2025 of R1,012 million

compared to notional free cash flow for 2024 of R133 million, mainly due to higher commodity prices received and including 12 months of

the Pennsylvania results for 2025. Included in the notional cashflow was a net negative notional cashflow of R205 million arising from the

addition of the NC recycling site (Metallix) for four months since September 2025 (PPA negative notional cashflow of R503 million and

operational notional cashflow of R298 million).

The European operations incurred negative notional free cash flow for 2025 of R6,572 million compared to negative notional free cash flow

for 2024 of R7,449 million, mainly attributable to capital expenditure on the Keliber lithium project of R5,734 million (2024: R5,732 million), a

decrease in the Sandouville adjusted EBITDA loss to R590 million in 2025 (2024: R723 million) due to the Sandouville nickel refinery which

ramped down and ceased production during 2025 and the settlement of a key contract of R665 million paid during H2 2024.

---

| | |
|:---|:---|
| **AFR –** | *37* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

The Century operation generated notional free cash flow for 2025 of R996 million compared to notional free cash flow for 2024 of R30 million,

mainly due to 11% higher sales compared to 2024 year where production was impact by heavy rainfall during Q1 2024 and the bushfire,

partially offset by a 1% lower zinc concentrate price and lower sales recognised in December 2025 due to shipping constraints.

Group corporate generated negative notional free cash flow for 2025 of R3,646 million compared to negative notional free cash flow for

2024 of R264 million, mainly due to the legal settlement payment to Appian of R3,565 million.

**Statement of financial position**

**Borrowings**

Total borrowings (short- and long-term), excluding R4,005 million (2024: R2,260 million) attributable to Burnstone which has no recourse to

Sibanye-Stillwater's balance sheet, decreased modestly to R39,252 million at 31 December 2025 from R39,426 million at 31 December 2024.

Total gross debt increased by R1,570 million to R43,257 million (2024: R41,687 million) at 31 December 2025 and was mainly attributable to

remaining draw down on the Keliber Green loan facility of R3,851 million (2024: R5,618 million), partially offset by foreign exchange

movements on foreign denominated debt (mainly Burnstone, 2026 and 2029 Notes and the US$ Convertible Bond) amounting to a gain of

R4,020 million (2024: R344 million loss).

At 31 December 2025, Sibanye-Stillwater had committed undrawn facilities of R21,255 million (31 December 2024: R26,743 million) available

under the US$1 billion RCF, the R6.5 billion RCF and on other short-term borrowing facilities.

For a description of borrowings, see – Consolidated financial statements – Notes to the consolidated financial statements – Note 27:

Borrowings and derivative financial instrument.

**Working capital and going concern assessment**

For the year ended 31 December 2025, the Group incurred a loss of R4,739 million (2024: loss of R5,710 million and 2023: loss of

R37,430 million). As at 31 December 2025, the Group's current assets exceeded its current liabilities by R26,595 million (2024: R27,458 million

and 2023: R25,415 million) and the Group's total assets exceeded its total liabilities by R44,167 million (2024: R48,289 million and 2023:

R51,607 million). During the year ended 31 December 2025 the Group generated net cash from operating activities of R21,407 million (2024:

R10,113 million and 2023: R7,095 million).

The Group has committed undrawn debt facilities of R21,255 million at 31 December 2025 (2024: R26,743 million and 2023: R20,755 million)

and cash balances of R17,178 million (2024: R16,049 million and 2023: R25,560 million). The Group's leverage ratio (net debt/(cash) to

adjusted EBITDA) as at 31 December 2025 was 0.59:1 (2024 was 1.79:1 and 2023 was 0.58:1) and its interest coverage ratio (adjusted EBITDA

to net finance charges/(income)) was 25:1 (2024 was 11:1 and 2023 was 66:1). The maximum permitted leverage ratio up to 31 December

2025 is 3.0:1 and thereafter 2.5:1. The maximum required interest coverage ratio up to 31 December 2025 3.0:1 and 4.0:1 thereafter.

Included under current borrowings on the consolidated statement of financial position is the 2026 Notes, amounting to R11,185 million which

matures by November 2026. The Group has commenced its planning for the refinancing of these Notes and is expecting to conclude the

process before 30 June 2026. In addition, at the date of approving these consolidated financial statements for issue, the US$1 billion RCF and

R6.5 billion RCF were totally undrawn. There were no significant events which had a significant negative impact on the Group's strong

liquidity position.

Management believes that the cash forecasted to be generated by operations, cash on hand, the committed unutilised debt facilities as

well as additional funding opportunities will enable the Group to continue to meet its obligations as they fall due for a period of at least

eighteen months after the reporting date. The consolidated financial statements for the year ended 31 December 2025 have therefore

been prepared on a going concern basis.

**Credit facilities**

The Group has access to committed revolving credit facilities with a syndicate of international and South African banks, which are intended

to support general corporate purposes, including working capital requirements and refinancing of existing indebtedness.

At 31 December 2025, the Group's committed facilities comprised a US dollar-denominated revolving credit facility of US$1.0 billion and a

South African rand-denominated revolving credit facility of R6.5 billion, both maturing in 2028. These facilities were unsecured and subject to

customary representations, warranties and covenants. These facilities were undrawn at the date of this report, providing the Group with

substantial liquidity headroom.

**Financial Covenants**

The Group's revolving credit facilities are subject to financial covenants based primarily on a net debt to adjusted EBITDA ratio and an

interest cover ratio, each calculated in accordance with definitions set out in the relevant facility agreements. At 31 December 2025, the

Group was in compliance with all applicable financial covenants. Net debt to adjusted EBITDA was 0.59 times, which was well below the

applicable covenant limits of between 3.0 times and 3.5 times, depending on the relevant measurement period. Interest cover was also

comfortably in excess of the minimum covenant requirement. The Group had significant headroom against all covenant thresholds at

year-end.

Management continues to monitor covenant compliance on an ongoing basis, including under downside commodity price and exchange

rate scenarios, and considers the risk of covenant breach to be remote based on current forecasts.

---

| | |
|:---|:---|
| **AFR –** | *38* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**Ability to generate and obtain adequate cash to meet its funding requirements**

The various companies in the Group generate cash from the products they sell. The Group through its holding company is funded in general

through the receipt of dividends paid by operating subsidiaries from profits generated by those subsidiaries. Sibanye Stillwater Limited is also

a participant in the Group's US Dollar and Rand RCF's and has access to those facilities and it also has access and the ability to borrow

funds from subsidiaries with cash holdings, such as Stillwater Mining Company. Sibanye Stillwater Limited also has access to all products and

sources as noted above in the working capital and going concern assessment. Group Treasury prepares a cash forecast for periods longer

than 12 months and considers the projected cash required compared to the cash reserves and all available treasury products it intends to

use to meet its long term funding requirements and if additional funding is likely to be required then Group Treasury will proceed with a plan

to access the cash that will be required.

**Off balance sheet arrangements and contractual commitments**

At 31 December 2025, Sibanye-Stillwater had no off balance sheet items. For a description of Sibanye-Stillwater's contractual commitments,

see the following notes to the consolidated financial statements:

---

| | |
|:---|:---|
| **Contractual commitments** | **Note to the consolidated financial statements** |
| Environmental rehabilitation obligation and other provisions | 29 - Environmental rehabilitation obligation and other provisions |
| Occupational healthcare obligation | 30 - Occupational healthcare obligation |
| Commercial commitments | 36 - Commitments |
| Other receivables and other payables | 21 - Other receivables and other payables |
| Debt |  |
| - capital | 27 - Borrowings and derivative financial instrument |
| - interest | 27 - Borrowings and derivative financial instrument |
| Leases | 28 - Lease liabilities |

---

These contractual commitments for expenditure will be met from internal cash flow and, to the extent necessary, from the existing facilities.

**Critical accounting policies and estimates**

Sibanye-Stillwater's material accounting policies are fully described in the various notes to its consolidated financial statements. Some of the

Group's accounting policies require the application of significant judgements and estimates by management that can affect the amounts

reported in the consolidated financial statements.

These judgements and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to

previous experience, but actual results may differ from the amounts included in the consolidated financial statements.

For Sibanye-Stillwater's material accounting policies that are subject to significant judgements, estimates and assumptions, see the following

notes to the consolidated financial statements:

---

| | |
|:---|:---|
| **Accounting policy** | **Note to the consolidated financial statements** |
| Unconsolidated structured entities | 1 - Consolidation |
| Revenue | 3 - Revenue |
| Cash-settled share-based payment obligation | 6 - Share-based payments |
| Royalties, mining and income tax, and deferred tax | 11 - Royalties, mining and income tax, and deferred tax |
| Property, plant and equipment | 14 - Property, plant and equipment |
| Business combinations | 16 - Acquisitions |
| Goodwill  | 17 - Goodwill and other intangibles |
| Equity-accounted investments | 18 - Equity-accounted investments |
| Other investments | 19 - Other investments |
| Other receivables and other payables | 21 - Other receivables and other payables |
| Inventories | 22 - Inventories |
| Borrowings and derivative financial instrument | 27 - Borrowings and derivative financial instrument |
| Environmental rehabilitation obligation | 29 - Environmental rehabilitation obligation and other provisions |
| Occupational healthcare obligation | 30 - Occupational healthcare obligation |
| Deferred revenue | 31 - Deferred revenue |

---

---

| | |
|:---|:---|
| **AFR –** | *39* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

**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>| AFR 32,33 |
| Notional free cash <br>flow (FCF)<br>| Adjusted EBITDA, less non cash revenue relating to <br>streaming transactions and deferred <br>prepayments, non cash government grants and <br>accrued taxes and royalties, and includes other <br>non-routine cash items such as legal dispute <br>settlements and realised hedges.<br>| Report one of the drivers considered by <br>management to illustrate cash available for <br>dividends and other investing activities<br>| AFR 38 |
| All-in sustaining costs <br>(AISC)<br>| Cost of sales before amortisation and <br>depreciation plus additional costs which include <br>community costs, inventory change (PGM <br>operations only), share-based payments, royalties, <br>carbon tax, rehabilitation, leases, ore reserve <br>development (ORD), sustaining capital <br>expenditure and deducting the by-product credit<br>| Developed by the World Gold council for the <br>purpose of the gold mining industry, AISC provides <br>metrics and aims to reflect the full cost to sustain <br>the production and sale of our commodities, and <br>reporting this metric allows for a meaningful <br>comparisons across our operations and different <br>mining companies <br>| AFR <br>26,27,28,29<br>|
| 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 provides <br>metrics and aims to reflect the full cost to sustain <br>the production and sale of our commodities, after <br>including growth capital, and reporting this metric <br>allows for a meaningful comparisons across our <br>operations and different mining companies<br>| AFR <br>26,27,28,29<br>|
| 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 per <br>unit provides a metric that aims to reflect the full <br>cost to sustain the production and sale, after <br>including growth capital (AIC), of an ounce/<br>kilogram/tonne of commodity and reporting this <br>metric allows for a meaningful comparisons across <br>our operations and different mining companies<br>| AFR <br>26,27,28,29<br>|
| Headline earnings  | Calculated based on the requirements set out in <br>SAICA Circular 1/2023 <br>| Reported in compliance with the Johannesburg <br>Stock Exchange (JSE) Listings Requirements<br>| AFR 105 |
| Headline earnings <br>per share (HEPS)<br>| Headline earnings divided by the weighted <br>average number of ordinary shares in issue during <br>the year<br>| Reported in compliance with the JSE Listings <br>Requirements<br>| AFR 105 |
| Diluted headline <br>earnings per share<br>| Headline earnings divided by the diluted <br>weighted average number of ordinary shares in <br>issue during the year<br>| Reported in compliance with the JSE Listings <br>Requirements<br>| AFR 105,106 |
| Interest coverage <br>ratio <br>| Adjusted EBITDA divided by net contractual <br>finance charges/(income) settled in cash during <br>the period<br>| Report compliance with the debt covenant: <br>interest coverage ratio<br>| AFR 162 |
| Net debt/(cash) | Borrowings and bank overdraft less cash and cash <br>equivalents, excluding Burnstone debt, bank <br>overdraft and cash<br>| Used in the calculation of the debt covenant <br>ratio: net debt/(cash) to adjusted EBITDA <br>| AFR 145 |
| Net debt/(cash) to <br>adjusted EBITDA <br>(ratio) <br>| Net debt/(cash) as of the end of a reporting <br>period divided by adjusted EBITDA of the last 12 <br>months ended on the same reporting date<br>| Report compliance with the debt covenant: net <br>debt/(cash) to adjusted EBITDA ratio<br>| AFR 145 |

---

---

| | |
|:---|:---|
| **AFR –** | *40* |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS OF THE FINANCIAL STATEMENTS CONTINUED

---

| | | | |
|:---|:---|:---|:---|
| **Non-IFRS measure** | **Definition**  | **Purpose why these non-IFRS measures are** <br>**reported**<br>| **Reconciled** <br>**on page**<br>|
| Normalised earnings | Earnings attributable to the owners of Sibanye-<br>Stillwater excluding gains and losses on financial <br>instruments and foreign exchange differences, <br>impairments, gain/loss on disposal of PPE, <br>occupational healthcare expense, restructuring <br>costs, transactions costs, share-based payment on <br>BEE transactions, gain on acquisition, net other <br>business development costs, share of results of <br>equity-accounted investees, all after tax and the <br>impact of NCI, and changes in estimated <br>deferred tax rate<br>| Report the measure used by the Group to <br>determine dividend payments in line with our <br>dividend policy <br>| AFR 107 |
| Operating costs | The average cost of production, and operating <br>cost per tonne is calculated by dividing the cost <br>of sales, before amortisation and depreciation <br>and change in inventory in a period by the tonnes <br>milled/treated in the same period, and operating <br>cost per ounce (and kilograms) is calculated by <br>dividing the cost of sales, before amortisation and <br>depreciation and change in inventory in a period <br>by the gold kilograms produced or PGM 2E and <br>4E ounces produced in the same period<br>| Report a measure that aims to reflect the <br>operating cost to produce our commodities, and <br>reporting this metric allows for a meaningful <br>comparisons across our operations and different <br>mining companies<br>| AFR 7 |

---

**Pro-forma financial information**

Certain financial information, including non-IFRS measures, presented in these consolidated results 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.

---

| | |
|:---|:---|
| **AFR –** | *41* |

---

STATEMENT OF RESPONSIBILITY BY THE BOARD OF DIRECTORS

The directors are responsible for the preparation and fair presentation of the consolidated annual financial statements of Sibanye-Stillwater,

comprising the consolidated statement of financial position as at 31 December 2025, consolidated income statement and consolidated

statements of other comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the consolidated

financial statements, which include a summary of material accounting policies, and other explanatory notes. The consolidated financial

statements have been prepared on a going concern basis in accordance with IFRS Accounting Standards, as issued by the International

Accounting Standards Board (IASB), the South African Institute of Chartered Accountants Financial Reporting Guides issued by the Accounting

Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements

of the South African Companies Act and JSE Listings Requirements. The consolidated financial statements have been prepared under the

historical cost convention, except for certain financial assets and financial liabilities (including derivative instruments) which are measured at fair

value through profit or loss or other comprehensive income.

In addition, the directors are responsible for preparing the directors' report.

The directors consider that, in preparing the consolidated financial statements, they have used the most appropriate accounting policies,

consistently applied and supported by reasonable and prudent judgements and estimates, and that all IFRS Accounting Standards that they

consider to be applicable have been complied with for the financial year ended 31 December 2025. The directors are satisfied that the

information contained in the consolidated financial statements fairly presents the results of operations for the year and the financial position of

the Group at year end. The directors are responsible for the information included in the Annual financial report, and are responsible for both its

accuracy and its consistency with the consolidated annual financial statements.

The directors have a responsibility for ensuring that accounting records are kept. The accounting records should disclose with reasonable

accuracy the financial position of the Group to enable the directors to ensure that the consolidated annual financial statements comply with the

relevant legislation.

The Group operated in a well-established control environment, which is well documented and regularly reviewed. This incorporates risk

management and internal control procedures, which are designed to provide reasonable assurance that assets are safeguarded and that the

material risks facing the business are being controlled.

The directors have made an assessment of the ability of the Company and its subsidiaries to continue as going concerns and based on this

assessment concluded that the basis for preparation of the consolidated annual financial statements is appropriate to that of a going concern.

The Group's external auditors, BDO South Africa Inc. audited the consolidated annual financial statements. For their report, see – *Independent* 

*Auditor's Report*.

The consolidated annual financial statements were approved by the Board of Directors and are signed on its behalf by:

---

| | |
|:---|:---|
| ![Screenshot 2026-04-16 085348.jpg](sbsw-20251231_g130.jpg) | ![Charl_Keyter.jpg](sbsw-20251231_g131.jpg) |
| **Richard Stewart** | **Charl Keyter** |
| *Chief Executive Officer*  | *Chief Financial Officer* |

---

24 April 2026

COMPANY SECRETARY'S CONFIRMATION

In terms of section 88(2)(e) of the Companies Act, as amended, I certify that to the best of my knowledge, the Company has lodged with the

Companies and Intellectual Property Commission all such returns as are required to be lodged by a public company in terms of the Companies

Act, and that all such returns are true, correct and up to date.

---

| |
|:---|
| ![Lerato_Matlosa.jpg](sbsw-20251231_g132.jpg) |
| **Lerato Matlosa** |
| *Company Secretary* |
| 24 April 2026 |

---

---

| | |
|:---|:---|
| **AFR –** | *42* |

---

REPORT OF THE AUDIT COMMITTEE

**Introduction** 

The Audit Committee has formal terms of reference which are updated on an annual basis. The Board is satisfied that the Audit Committee has

complied with these terms, and with its legal and regulatory responsibilities as set out in the South African Companies Act (Companies Act), King

IV<sup>TM</sup>, the JSE Listings Requirements (JSE LR) and the requirements of the Securities and Exchange Commission (SEC).

There were some resignations, retirements and appointments of independent non-executive directors during the 2025 year which affected the

Audit Committee membership and Terence Nombembe assumed the role of Chairman of the audit committee from the 2025 annual general

meeting (AGM) (29 May 2025). The Audit Committee maintained a minimum of four independent non-executive directors for the period from 1

January 2025 to 31 December 2025. For membership, *see – Integrated report - About Sibanye-Stillwater and our leadership - Board and executive* 

*leadership.*

The Board believes that the members collectively possess the knowledge and experience to supervise Sibanye-Stillwater's financial

management, internal and external auditors, the quality of Sibanye-Stillwater's financial controls, the preparation and evaluation of Sibanye-

Stillwater's audited consolidated financial statements and Sibanye-Stillwater's periodic financial reporting.

The Board has established and maintains internal controls and procedures, which are reviewed on a continuous basis. Controls are designed to

manage the risk of business failures and to provide reasonable assurance against such failures. However, despite having these measures, this is

not a guarantee that such risks are eliminated.

**Responsibility**

It is the duty of the Audit Committee, inter alia, to monitor and review on a Company and Group (Company, Group or Company and Group)

basis:

• the effectiveness of the internal audit function and by extension, the effectiveness of Group internal controls, see – Internal Audit (below)

• external auditor suitability and recommendation for appointment, see – External Auditor suitability review (below)

• external auditor independence and fees, see – Auditor independence and fees (below)

• reports of both internal and external auditors

• evaluation of the expertise and experience of the Chief Financial Officer (CFO)

• financial reporting systems and ensure that Group reporting procedures are functioning properly

• the governance of information technology (IT) and the effectiveness of the Group's information systems

• interim results and report (Interim Report), quarterly operating reports, company and consolidated financial statements and all other widely

distributed financial documents

• the Form 20-F filing with the SEC

• accounting policies of the Company and Group and proposed revisions

• compliance with applicable legislation, requirements of appropriate regulatory authorities and Sibanye-Stillwater's Code of Ethics

• policies and procedures for preventing and detecting fraud

• the integrity of the content of the Interim Report, consolidated financial statements and the integrated report and associated reports

(Integrated report) and then recommending same to the Board for approval

**Access and meetings**

Internal and external auditors have unrestricted access to the Audit Committee, the Audit Committee Chairman and the Chairman of the Board,

ensuring that both internal and external auditors are able to maintain their independence. Both the internal and external auditors report at Audit

Committee meetings. The Audit Committee meets with internal audit and the SOX departments on a quarterly basis, without other invitees being

present, and the Audit Committee Chairman meets with the external auditors on a quarterly basis without other invitees being present.

Management attend Audit Committee meetings by invitation.

**Annual financial statements**

The Committee has reviewed and is satisfied that the consolidated financial statements (this term includes reference to "annual report", a term

newly defined in the JSE LR which includes consolidated and company separate financial statements), including accounting policies, are

appropriate and comply with IFRS Accounting Standards, as issued by the International Accounting Standards Board (IASB), the South African

Institute of Chartered Accountants (SAICA) Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting

Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the Companies Act, JSE LR and the

requirements of the SEC.

The significant audit and accounting matters in respect of the Group considered by the Committee during the financial year were:

• the physical quantities of Western Platinum Proprietary Limited's (WPL) platinum group metals (PGM) in process

• the impairment assessment of property, plant and equipment, right-of-use assets, goodwill, other intangible assets and equity-accounted

investments

• the Reldan business combination

---

| | |
|:---|:---|
| **AFR –** | *43* |

---

REPORT OF THE AUDIT COMMITTEE continued

The above matters were addressed by management and by the Audit Committee on a review basis as follows:

---

| | |
|:---|:---|
| **The physical quantities** <br>**of WPL's PGM in** <br>**process**<br>| For the year ended 31 December 2025, management determined the physical quantities of PGMs in process at <br>WPL as follows:<br>•performed physical inventory counts at the metal processing areas, attended by management and a <br>management appointed third party metallurgical specialist<br>•determined an allowance for estimation uncertainty depending on the degree to which the nature and state <br>of material allows for accurate measurement and sampling<br>•reconciled quantities per the physical inventory count to theoretical inventory quantities and adjust to physical <br>inventory quantities<br>•performed a mass balance reconciliation of inventory from the beginning of the year to the closing balance of <br>inventory<br>Management concluded that the PGMs in process are accurate and exist at 31 December 2025. <br>Significant accounting judgements and estimates are appropriately disclosed in note 22 to the <br>consolidated financial statements.<br>|
| **The impairment** <br>**assessment of** <br>**property, plant and** <br>**equipment, right-of-**<br>**use assets, goodwill,** <br>**other intangible assets** <br>**and equity-accounted** <br>**investments**<br>| For the year ended 31 December 2025, management performed an impairment assessment over the property, <br>plant and equipment, right-of-use assets, goodwill, other intangible assets and equity-accounted investments as <br>follows:<br>•assessed whether there is an indication, based on either internal or external sources of information, that an <br>asset or cash-generating unit (CGU) may be impaired<br>•where indications of impairment were identified and where the CGU has allocated goodwill, calculated the <br>recoverable amount of the CGU, based on expected discounted net forecast cash flows arising from the <br>expected mining of the ore reserves<br>•considered the excess of recoverable amount over the carrying value for each CGU<br>Management concluded that the carrying value of the Keliber project, US PGM operation and Kloof cash <br>generating units exceed their estimated recoverable amounts. As disclosed in note 10 to the consolidated <br>financial statements, total impairment and reversal of impairment losses of R14,007 million were recognised. <br>|
| **The Metallix Refining** <br>**business combination**<br>| For the year ended 31 December 2025, management prepared a provisional purchase price allocation of the <br>Metallix Refining business combination as follows:<br>•engaged an external valuation expert to determine the fair value of the property, plant and equipment mainly <br>based on the depreciated replacement costs method, and comparable transactions where appropriate<br>•engaged an external valuation expert to determine the fair value of identifiable intangible assets based on <br>appropriate methods supported by the expected discounted net cash flows<br>•determined the fair value of the remaining assets acquired and liabilities assumed using appropriate valuation <br>techniques<br>Management recognised goodwill on acquisition of R9 million, attributable to human capital and the premium <br>paid for the synergies and benefits expected to be derived from the Group's recycling business across the US.<br>|

---

**External Auditor suitability review**

In terms of section 90(1) of the Companies Act, each year at its AGM, the Company must appoint an external audit firm and designated

individual partner in compliance with the requirements of the Companies Act and the JSE LR, respectively.

In terms of the JSE LR, the Audit Committee has the responsibility to review the Company's appointed audit firm and designated individual

partner for appointment. After such review, the Audit Committee makes a recommendation to the Board, and the Board in turn considers same

and then makes a recommendation to shareholders in the notice of AGM.

Accordingly, in compliance with paragraph 5.7(h)(iii) the Simplified JSE LR, the Audit Committee assessed the suitability of BDO South Africa Inc.

for appointment as external auditors of the Group, and appointment of Servaas Kranhold as the designated individual partner (Auditor Suitability

Review).

The Auditor Suitability Review performed by the Audit Committee included an examination and review of

• the results of the most recent Independent Regulatory Board for Auditors (IRBA) inspections of BDO South Africa Inc., including the responses

of the firm on observations/findings on the firm and on selected audit files raised by IRBA

• the results of the most recent IRBA inspection of the designated individual audit partner

• a summary of the audit firms ISQM 1 internal inspection process and the process to analyse and conclude on the results of the internal

inspection (Internal Quality Review)

• a summary of the outcome of the designated individual partner's latest Internal Quality Review

• the results of the most recent Public Company Accounting Oversight Board (PCAOB) inspection review of BDO South Africa Inc.

• a summary and results of all legal and disciplinary proceedings, completed or pending, within the past five years, which were instituted in

terms of any legislation or by any professional body of which the audit firm and/or designated individual partner are a member or regulator to

whom they are accountable, including where the matter is settled by consent order or payment of a fine.

---

| | |
|:---|:---|
| **AFR –** | *44* |

---

REPORT OF THE AUDIT COMMITTEE continued

Based on the results of the Auditor Suitability Review and a review of the independence of BDO South Africa Inc. and the designated individual

partner, the Audit Committee has satisfied itself in terms of the JSE LR and recommended to the Board that BDO South Africa Inc. be re-

appointed as the auditors of the Company and that Servaas Kranhold be re-appointed as the designated individual partner. The Board

concurred with the recommendation.

**Auditor independence and fees**

The Audit Committee is also responsible for determining that the external audit firm and designated individual partner have the necessary

independence, experience, qualifications and skills, and that audit and other fees are reviewed and approved.

The Audit Committee has reviewed and assessed the independence of the external auditor, that has confirmed in writing that the criteria for

independence, as set out in the companies Act, the rules of IRBA, the PCAOB, and other relevant international bodies, have been followed. The

Audit Committee is satisfied that BDO South Africa Inc. is independent of the Company and Group. The audit fees, audit-related fees, tax fees

and all other non-audit fees were approved by the Audit Committee. The audit fees are disclosed below, as well as the audit-related fees billed

by BDO South Africa Inc. for 2025 (Ernst & Young Inc. for 2024 and 2023):

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | **2024** | **2023** |
| Audit fees<sup>1,2</sup> | **73.4** | 100.0 | 89.3 |
| Audit-related fees<sup>3</sup> | **0.7** | 2.1 | 2.9 |
| Tax fees<sup>4</sup> | **—** | 0.1 | 1.2 |
| **Total**<sup>5</sup> | **74.1** | 102.2 | 93.4 |

---

*1Audit fees consist of the aggregate fees for the annual audit of Sibanye-Stillwater's respective Company and Group consolidated financial statements, audit of the Group's* 

*internal control over financial reporting in accordance with section 404 of the Sarbanes-Oxley Act (SOX Act) and the audit of statutory financial statements of the Company's* 

*subsidiaries, including fees billed for assurance and related services that are reasonably related to the performance of the audit or reviews of the Company's financial statements* 

*that are services that only an external auditor can reasonably provide. The 2025 audit fees include an inflationary increase and fees for the review of the audit of the Metallix* 

*Group of Companies and additional statutory audits*

*2The 2025 audit fees includes the aggregate fees for the annual audit of DRDGOLD Limited who are also audited by the same auditors, BDO South Africa Inc. The DRDGOLD Limited* 

*audit fees for 2024 and 2023 were not included in the table above, as DRDGOLD Limited were audited by different auditors than Sibanye-Stillwater for those years.*

*3Audit-related fees consist of the aggregate fees billed in each fiscal year for factual findings reports and the review of documents filed with regulatory authorities. Also included for* 

*2025 were fees in respect of providing limited assurance by BDO Advisory Services Proprietary Limited on specified items in the Integrated Report for DRDGOLD Limited* 

*4Tax fees include the aggregate fees billed in each fiscal year for tax compliance, tax advice, tax planning and other tax-related services*

*5All fees quoted are exclusive of VAT*

The Audit Committee determines the nature and extent of non-audit services that the auditor can provide and pre-approves all permitted non-

audit assignments by the Group's external auditor. In accordance with the SEC rules regarding auditor independence, the Audit Committee has

established policies and procedures for audit and non-audit services provided by the Group's external auditor. The rules apply to Sibanye-

Stillwater and it's legally controlled unlisted subsidiaries engaging any accounting firms for audit services and the auditor who audits the

accounts filed with the SEC (the Group's independent external auditor) for permissible non-audit services. When engaging the Group's external

auditor for permissible non-audit services (audit related services, tax services, and all other services), pre-approval is obtained prior to the

commencement of the services.

The Audit Committee approves the respective annual audit plans presented by both the internal and external auditors and monitors progress

against the plans. These audit plans provide the Audit Committee with the necessary assurance on risk management, internal control

environments and IT governance.

**Internal Audit**

The internal control systems of the Group are monitored by the in-house Internal Audit function, which reports findings and recommendations to

the Audit Committee and to senior management. The Audit Committee determines the purpose, authority and responsibility of the Internal Audit

function in an Internal Audit Charter. The Internal Audit function is headed by the Vice President: Internal Audit, who may be appointed or

dismissed by the Audit Committee. The Audit Committee is satisfied that the incumbent Vice President: Internal Audit has the requisite skills and

experience and is supported by a sufficient staff complement with appropriate skills and training.

Sibanye-Stillwater's Internal Audit operates in accordance with the International Standards for the Professional Practice of Internal Auditing as

prescribed by the Institute of Internal Auditors. Internal Audit activities carried out during the year were identified and planned through a

combination of the Sibanye-Stillwater Risk Management framework and the risk-based methodologies adopted by Internal Audit. The Audit

Committee approves the annual internal audit assurance plan presented by Internal Audit and monitors progress against the plan.

Internal Audit reports deficiencies to the Audit Committee every quarter together with recommended remedial actions, which are then followed

up. Internal Audit provided the Audit Committee with a written report, which assessed the governance, risk management and control processes,

including internal controls over financial reporting, as generally adequate and effective during 2025.

---

| | |
|:---|:---|
| **AFR –** | *45* |

---

REPORT OF THE AUDIT COMMITTEE continued

**JSE LR**

In accordance with the JSE LR, the Audit Committee reports and confirms that it has:

• evaluated the expertise, experience and performance of the Group CFO during 2025 and is satisfied that he has the appropriate expertise

and experience to carry out his duties, and is supported by qualified and competent senior staff

• ensured that the Group has established appropriate financial reporting procedures and that those procedures are operating, this included

consideration of all entities consolidated into the group financial statements, ensuring that management had access to all the required

financial information to allow the effective preparation and report on the consolidated financial statements

• has performed the Auditor Suitability Review of both the appointed external audit firm and designated individual audit partner as detailed

above

• notwithstanding the provisions of Section 90(6) of the Companies Act, ensured that the proposed appointment of the audit firm and

designated individual partner is presented and included as a resolution in the notice of annual general meeting pursuant to Section 61(8) of

the Companies Act

• ensured that the Chief Executive Officer and Chief Financial Officer have complied with the requirements of the attestation statement as as

required by the JSE LR

• considered the JSE's report on proactive monitoring and implemented changes to the annual financial statements, as appropriate, based on

the findings

**IT and Cyber Security Governance**

The Audit Committee is responsible for IT governance on behalf of the Board and reviews the report of the Vice President: Group ICT at each

Audit Committee meeting. The Vice President: Group ICT reports to this committee quarterly, specifically on matters relating to IT risk and

cybersecurity.

Following the cyberattack experienced in July 2024, the Group continued to implement further enhancements during 2025, focussing on

strengthening its cybersecurity control environment, resilience and incident response capabilities. Management, together with the Audit

Committee and the Board, maintained active oversight of progress, with cybersecurity remaining a standing agenda item for relevant

governance forums.

Ongoing cybersecurity awareness and training programmes continued to be conducted across the Group during 2025, reinforcing employee

vigilance and preparedness. The Board continues to retain appropriate cybersecurity expertise and oversight structures to support effective

governance of cyber risk.

**Audit Committee statement**

Based on information from, and discussions with, management and external auditors, the Audit Committee has no reason to believe that there

were any material breakdowns in the design and operating effectiveness of internal financial controls of the Group during the year and is of the

opinion that the financial records may be relied upon as the basis for preparation of the consolidated financial statements.

With respect to the financial year ended 31 December 2025, no material weakness was identified due to control deficiencies. Management

strives to continuously improve the diligence in the identification and documentation of key controls.

The Audit Committee has considered and discussed the consolidated financial statements and associated reports with both management and

the external auditors. During this process, the Audit Committee

• evaluated significant judgements and reporting decisions

• determined that the going-concern basis of reporting is appropriate

• evaluated the material factors and risks that could impact on the consolidated financial statements

• evaluated the completeness of the financial and sustainability discussion and disclosures

• discussed the treatment of significant and unusual transactions with management and the external auditors

The Audit Committee considers that the Integrated report and consolidated financial statements comply in all material respects with all

compliance requirements detailed earlier in this report. In addition, the Audit Committee considers whether the company separate financial

statements comply in all material respects with all compliance requirements relevant to those financial statements (refer to the company

financial statements which include the Report of the Audit Committee dealing with the responsibilities of the Audit Committee relevant to the

Company financial statements). The Audit Committee recommended to the Board that the Integrated report and consolidated financial

statements be adopted and approved by the Board. The Board subsequently adopted and approved the Integrated report and consolidated

financial statements.

![Sibanye-Stillwater_TN_Sig.jpg](sbsw-20251231_g133.jpg)

**Terence Nombembe CA(SA)** 

*Chairman: Audit Committee*

24 April 2026

---

| | |
|:---|:---|
| **AFR –** | *46* |

---

DIRECTORS' REPORT

The directors have pleasure in submitting this report and the consolidated annual financial statements of Sibanye-Stillwater for the year ended 31

December 2025.

**Nature of business**

The company's primary listing is in South Africa on the JSE under the ticker symbol SSW. Sibanye-Stillwater's American Depositary Shares (ADSs) are

listed on the New York Stock Exchange under the ticker symbol SBSW.

For information on the nature of the Group's business see *– Consolidated Financial Statements – Notes to the consolidated financial statements –* 

*Note 1.1: Reporting entity*.

**Financial affairs**

**Results for the year**

For a review of the results for the year see *– Annual Financial Report – Management's discussion and analysis of the financial statements – 2025* 

*financial performance compared with 2024* and for confirmation of the financial statements see *– Annual Financial Report – Chief Executive* 

*Officer and Chief Financial Officer responsibility statement.*

**Dividends**

Sibanye-Stillwater's dividend policy is to return at least 25% to 35% of normalised earnings to shareholders and after due consideration of future

requirements the dividend may be increased beyond these levels. The Board, therefore, considers normalised earnings in determining what value

will be distributed to shareholders. The Board believes normalised earnings provides useful information to investors regarding the extent to which

results of operations may affect shareholder returns.

For the calculation of normalised earnings see – *Consolidated financial statements – Notes to the consolidated financial statements – Note 13:* 

*Dividends*

Consistent with Sibanye-Stillwater's dividend policy and Capital Allocation Framework, the Board of Directors resolved to declare a final dividend

for the year ended 31 December 2025 of 131 cents per share and did not declare an interim dividend for 2025 (no dividend was declared for the

year ended 2024).

**Borrowing powers**

In terms of Clause 4 of the Company's Memorandum of Incorporation, the borrowing powers of the Sibanye Stillwater Limited (the Company) are

unlimited. As at 31 December 2025, the borrowings of the Group, excluding the Burnstone Debt was R39,252 million (2024: R39,426 million), see –

*Consolidated financial statements – Notes to the consolidated financial statements – Note 27: Borrowings and derivative financial instrument*.

Sibanye-Stillwater is subject to financial and other covenants and restrictions under its credit facilities from time to time. Such covenants may

include restrictions on Sibanye-Stillwater incurring additional financial indebtedness and obligations to maintain certain financial covenant ratios

for as long as any amount is outstanding under such facilities.

At 31 December 2025, Sibanye-Stillwater had committed undrawn facilities of R21,255 million (31 December 2024: R26,743 million) available under

the US$1 billion RCF, the R6.5 billion RCF and on other short-term borrowing facilities.

**Working capital and going concern assessment**

The consolidated financial statements have been prepared using appropriate accounting policies, supported by reasonable judgements and

estimates. The directors believe that the Group has adequate resources to continue as a going concern, and therefore realise its assets and

settle its liabilities in the ordinary course of business for the foreseeable future.

The directors believe that the cash generated by its operations, cash on hand, the committed unutilised debt facilities as well as additional

funding opportunities will enable the Group to continue to meet its obligations as they fall due in the ordinary course of business for a period of at

least eighteen months after the reporting date. The consolidated financial statements for the year ended 31 December 2025, have been

prepared on a going concern basis, see – *Consolidated financial statements – Notes to the consolidated financial statements – Note 36.2: Risk* 

*management activities – Working capital and going concern assessmen*t.

**Changes to board Committees**

On 12 March 2026, Sibanye-Stillwater advised shareholders of the following governance developments approved by the Board which will be

effective on 28 May 2026:

• board committees reduced to five, including a combined Audit and Risk Committee to enhance integrated oversight of financial,

operational and strategic risks

• investment committee dissolved with material investment or divestment decisions moved directly to the Board

• remuneration committee chair changed following the retirement of director Timothy Cummings

• these committee changes are effective from AGM (28 May 2026)

• age-based retirement limit removed from governance framework for non-executive directors

• all directors will be subject to annual fit, proper and capability assessments, consistent with good corporate governance and the JSE Listings

Requirements

• the director retirement policy is effective immediately

---

| | |
|:---|:---|
| **AFR –** | *47* |

---

DIRECTORS' REPORT continued

**Directorate**

*\** 

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Date appointed** | **Date retired** |
| Vincent Maphai | Chairman and independent non-executive director | 24 February 2020 |  |
| Richard Stewart | Chief Executive Officer<sup>1</sup> | 01 March 2025 |  |
| Neal Froneman | Chief Executive Officer | 24 February 2020 | 30 September 2025 |
| Charl Keyter | Chief Financial Officer | 24 February 2020 |  |
| Elaine Dorward-King | Independent non-executive director | 27 March 2020 |  |
| Harry Kenyon-Slaney | Lead Independent and non-executive director | 24 February 2020 |  |
| Jeremiah Vilakazi | Non-executive director\* | 24 February 2020 |  |
| Keith Rayner | Non-executive director\* | 24 February 2020 |  |
| Lindiwe Mthimunye | Independent non-executive director | 26 August 2025 |  |
| Peter Hancock | Independent non-executive director | 06 May 2024 |  |
| Philippe Boisseau | Independent non-executive director | 08 April 2024 |  |
| Richard Menell | Non-executive director\* | 24 February 2020 |  |
| Sindiswa Zilwa | Independent non-executive director | 01 January 2021 |  |
| Terence Nombembe | Independent non-executive director | 11 September 2024 |  |
| Timothy Cumming | Non-executive director\*<sup>2</sup> | 24 February 2020 |  |

---

*Achieved 12-year tenures and with effect from 24 March 2025 no longer regarded as independent and classified as non-executive directors*

<sup>1</sup> *Appointed as CEO with effect from 1 October 2025*

<sup>2</sup> *Retirement from the Board effective at the next AGM on 28 May 2026 and is not available for re-election*

**Rotation of directors**

In accordance with Sibanye-Stillwater's Memorandum of Incorporation (MOI), one third of the directors shall retire from office at each annual

general meeting (AGM) and stand for election. The first to retire is the director appointed as an additional member of the Board, followed by the

longest-serving members. Retiring directors can be immediately re-elected by the shareholders at the AGM. The Board conducted a formal

fit-and-proper evaluation for all directors standing for election and re-election through an external board evaluation process. Dr L Mthimunye will

stand for election at the AGM and Dr V Maphai, Mr C Keyter, Mr R Menell and Prof J Vilakazi are to be re-elected at the AGM. These directors

were confirmed to be fit and proper to serve.

**Director changes**

The following director retirement have been announced since 31 December 2025:

• Timothy Cumming will retire from the Board at the next AGM and is not available for re-election

**Directors' and officers' disclosure of interest in contracts**

As of the date of this report, none of the directors, officers or major shareholders of Sibanye-Stillwater or, to the knowledge of Sibanye-Stillwater's

management, their families, had any interest, direct or indirect, in any transaction during the last fiscal year or in any proposed transaction which

has or will materially affect Sibanye-Stillwater or its investment interests or subsidiaries.

None of the directors or officers of Sibanye-Stillwater or any associate of such director or officer is currently or has been at any time during the

past fiscal year materially indebted to Sibanye-Stillwater.

For related party information, see *– Consolidated financial statements – Notes to the consolidated financial statements – Note 37: Related-party* 

*transactions.*

**Subsidiary companies**

For details of major subsidiary companies in which the Company has a direct or indirect interest, see – *Consolidated financial statements – Notes* 

*to the consolidated financial statements – Note 1.3: Consolidation*.

**Special resolutions passed by subsidiary companies**

Special resolutions were passed by certain subsidiary companies during the year in the ordinary course of business, including resolutions

authorising the provision of financial assistance in terms of section 45 of the Companies Act. These resolutions were passed in accordance with

applicable legal requirements.

**Litigation**

**Appian Capital legal settlement**

On 10 November 2025, before the Quantum Trial commenced, Sibanye-Stillwater and Appian agreed a commercial settlement of the dispute for

a total payment of US$215 million (R3,607 million) (including legal fees).

See *– Consolidated financial statements – Notes to the consolidated financial statements – Note 29.2: Other provisions.*

**Company Secretary**

Lerato Matlosa was appointed Company Secretary of Sibanye-Stillwater with effect from 1 June 2018.

---

| | |
|:---|:---|
| **AFR –** | *48* |

---

DIRECTORS' REPORT continued

**Auditors**

The Audit Committee has recommended to the Board that BDO South Africa Inc. continues in office in accordance with section 90(1) of the

Companies Act and in terms of the JSE Listings Requirements, subject to shareholders approving the resolution at the next annual general

meeting. For additional information see *– Accountability – Report of the Audit Committee – External Auditor suitability review*.

AFR - **49**

REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

**Shareholders and Board of Directors**

**Sibanye Stillwater Limited**

**Johannesburg, Republic of South Africa**

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statement of financial position of Sibanye Stillwater Limited (the "Company") as of

December 31, 2025, the related consolidated income statement, consolidated statements of other comprehensive income, changes in equity,

and cash flows for the year then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our

opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31,

2025, and the results of its operations and its cash flows for the year then ended, in conformity with IFRS Accounting Standards, as issued by the

International Accounting Standards Board (IASB).

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the

Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated

Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated April 24, 2026

expressed an unqualified opinion thereon.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the

Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company

Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the

U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to

error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding

the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and

significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe

that our audit provides a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that

were communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material

to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of

the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by

communicating the critical audit matters below, providing a separate opinions on the critical audit matters or on the accounts or disclosures to

which they relate.

**Impairment assessment of Cash Generating Units (CGUs)**

As described in Notes 10 and 14 to the consolidated financial statements, significant accounting judgments and estimates are made in relation

to the impairment assessment of CGUs. Management performs an impairment assessment for CGUs, whenever events or changes in

circumstances indicate that such carrying value may not be recoverable. Impairment indicators were identified in the current year in the

Stillwater, Keliber and Kloof (CGUs) and an aggregate impairment loss of R15,813m was recognized for the year ended December 31, 2025.

We identified the evaluation of CGUs related to Stillwater, Keliber and Kloof (the CGUs) impairment assessment as a critical audit matter. Auditing

management's CGU impairment assessments was complex due to the significant judgement required in determining the recoverable amounts of

the CGUs, including significant assumptions used to calculate the estimated future cash flows. The estimated future cash flows are sensitive to

changes in significant assumptions such as expected commodity prices, discount rates, life of mine plans and foreign exchange rates. The life of

mine plans include projected operating cash flows, sustaining capital expenditures and developmental capital expenditure, based on reserves

estimates and estimates of future production. Auditing these estimates and assumptions involved especially challenging and subjective auditor

judgement due to the nature and extent of audit effort required, including the extent of specialised skill or knowledge needed.

The primary procedures we performed to address this critical audit matter included:

• Testing the design and operating effectiveness of controls over the Company's CGU impairment assessment process, including controls

over management's review of the significant assumptions used in determining the recoverable amount.

• Assessing the reasonableness of management's methodologies used in the impairment assessments and cash flow models. Testing

management's projected operating cash flows, sustaining and developmental capital expenditures included in the life of mine plans,

against historical trends and other relevant data and performing trend analysis to evaluate the correlation of future production against

projected operating costs and capital expenditures.

• Utilising professionals with specialised skills and knowledge in valuation to assist in assessing the reasonableness of the discount rates

used in the CGU impairment assessments by calculating an independent range using available market information and comparing it

against management's discount rates and performing sensitivity analyses thereon. In addition, with the assistance of our valuation

AFR - **50**

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM continued

specialists, we compared management's projected future commodity price assumptions and foreign currency exchange rates to

observable market data and current industry and economic forecasts.

• Utilising professionals with specialised skills and knowledge in mining to assist in evaluating the impairment assessment of the CGUs and

evaluating the reasonableness of management's reserve estimation procedures, including application of management's

methodology and assessing the reasonableness of certain inputs used in the quantification of reserves, by comparing them against

industry practices and the regulatory reserves reporting requirements.

**Physical quantities of Marikana's Platinum Group Metals (PGM) inventory in process**

As described in Note 22 to the consolidated financial statements, the quantity of PGM inventory in process is determined by both metal content

and physical quantities. Marikana's PGM inventory in process amounted to R6,436 million as of December 31, 2025. PGM inventory in process is

sampled and assayed to determine the metal content. Due to inherent limitations in monitoring of recoverability levels, the process of

metallurgically balancing inputs and outputs is regularly monitored and metallurgical estimates are refined through reference to actual results.

Periodic inventory counts are conducted at refineries to assess the accuracy of inventory quantities. Where required, changes in metallurgical

estimates are factored into the measurement of metal inventory. Due to expected levels of estimation uncertainty, reasonable tolerances of

total metals are accepted in the measurement of PGM in process quantities.

We identified the auditing of the physical quantities of Marikana's PGM inventory in process as a critical audit matter because of the complex

judgments and assumptions used due to the technical nature of the management's process, the estimation uncertainty and the specialized

knowledge required in performing such procedures. Auditing these judgments and assumptions involved especially challenging and subjective

auditor judgement due to the nature and extent of audit effort required, including the extent of specialized skill or knowledge needed.

The primary procedures we performed to address this critical audit matter included:

• Assessing the reasonableness of the Company's estimation methodology and testing the data used by the Company from the

weighing, tank readings and assaying results to estimate the total amount of PGM inventory in process against relevant supporting

details.

• Utilising professionals with specialised skills and knowledge in mining to assist in testing inventory in process quantities, including

assistance of our metallurgical specialists with the following procedures: (i) observing inventory counts held at the interim date at the

metal inventory processing areas and evaluating management's sampling and assaying of the carrier material and quantity readings,

(ii) evaluating the reasonableness of the measurements performed by the Company during the stock count procedures and the

engineering estimates applied by comparing the methodologies used to industry practice and standards, and (iii) performing an

analysis on assay results during the period, including the roll forward period to assess if the results were within industry standards, within

acceptable standard deviation ranges and consistent with other results during the year.

• Performing roll-forward procedures from the interim inventory count date to December 31, 2025 including testing movements of inputs

received, and quantities produced and dispatched to relevant supporting details.

BDO South Africa Incorporated

We have served as the Company's auditor since 2025.

Johannesburg, Republic of South Africa

April 24, 2026

AFR - **51**

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM continued

**Shareholders and Board of Directors**

**Sibanye Stillwater Limited**

**Johannesburg, Republic of South Africa**

**Opinion on Internal Control Over Financial Reporting**

We have audited Sibanye Stillwater Limited's (the "Company's") internal control over financial reporting as of December 31, 2025, based on

criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway

Commission (the "COSO criteria"). In our opinion, the Company maintained, in all material respects, effective internal control over financial

reporting as of December 31, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the

consolidated statement of financial position of the Company as of December 31, 2025, the related consolidated income statement,

consolidated statements of other comprehensive income, changes in equity, and cash flows for the year then ended, and the related notes and

our report dated April 24, 2026 expressed an unqualified opinion thereon.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the

effectiveness of internal control over financial reporting, included in the accompanying Item 15(b), Management's Report on Internal Control

over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance

with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require

that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was

maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk

that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides

a reasonable basis for our opinion.

As indicated in the accompanying Item 15(b), Management's Report on Internal Control over Financial Reporting, management's assessment of

and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Metallix Refining Inc. group

of entities (Metallix) which was acquired on September 4, 2025, and which is included in the consolidated statement of financial position of the

Company as of December 31, 2025, consolidated income statement, consolidated statements of other comprehensive income, changes in

equity, and cash flows for the year then ended. Metallix constituted 1.38% of consolidated total assets as of December 31, 2025, 1.28% and 7.05%

of consolidated revenues and loss for the year, respectively, for the year then ended. Management did not assess the effectiveness of internal

control over financial reporting of Metallix because of the timing of the acquisition which was completed on September 4, 2025. Our audit of

internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of

Metallix.

**Definition and Limitations of Internal Control Over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A

company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in

reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance

that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting

principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and

directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any

evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or

that the degree of compliance with the policies or procedures may deteriorate.

BDO South Africa Incorporated

Johannesburg, Republic of South Africa

April 24, 2026

AFR - **52**

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM continued

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and the Board of Directors of Sibanye Stillwater Limited** 

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial position of Sibanye Stillwater Limited (the Company) as of 31

December 2024 and 2023, the related consolidated income statements, consolidated statements of other comprehensive income, changes in

equity and cash flows for each of the two years in the period ended 31 December 2024, and the related notes (collectively referred to as the

"consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial

position of the Company at 31 December 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the

period ended 31 December 2024, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's

financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with

respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and

Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to

obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits

included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and

performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis

for our opinion.

Ernst & Young Incorporated

We have served as the Company's auditor from 2019 to 2025.

Johannesburg, Republic of South Africa

25 April 2025, except as to Note 2 and Note 16.2, which is as of 24 April 2026.

AFR – **53**

CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Figures in million – SA rand | Notes | **2025** | **2024** | **2023** |
| Revenue | 3 | **129677** | 112129 | 113684 |
| Cost of sales | 4 | **(97806)** | (105208) | (99768) |
| Interest income | 5.1 | **1568** | 1337 | 1369 |
| Finance expense | 5.2 | **(5000)** | (4571) | (3299) |
| Share-based payment expenses | 6.6 | **(2114)** | (251) | (113) |
| (Loss)/gain on financial instruments | 7 | **(3794)** | 5433 | 235 |
| Gain/(loss) on foreign exchange differences |  | **155** | (215) | 1973 |
| Share of results of equity-accounted investees after tax |  | **337** | 212 | (1174) |
| Other costs | 8.1 | **(4809)** | (4722) | (5858) |
| Other income | 8.2 | **1380** | 2630 | 1232 |
| (Loss)/gain on disposal of property, plant and equipment |  | **(14)** | 55 | 105 |
| Impairments and reversal of impairments | 10 | **(14007)** | (9173) | (47454) |
| Gain on acquisition |  | **—** |  | 898 |
| Occupational healthcare (loss)/gain | 30 | **(49)** | 76 | 365 |
| Restructuring costs | 9 | **(247)** | (550) | (515) |
| Transaction and project costs | 29.2 | **(4543)** | (851) | (474) |
| **Profit/(loss) before royalties, carbon tax and tax** |  | **734** | (3669) | (38794) |
| Royalties | 11.1 | **(1145)** | (543) | (1050) |
| Carbon tax |  | **—** | (2) | (2) |
| **Loss before tax** |  | **(411)** | (4214) | (39846) |
| Mining and income tax | 11.2 | **(4328)** | (1496) | 2416 |
| **Loss for the year** |  | **(4739)** | (5710) | (37430) |
| **Attributable to:** |  |  |  |  |
| Owners of Sibanye-Stillwater |  | **(5171)** | (7297) | (37772) |
| Non-controlling interests (NCI) |  | **432** | 1587 | 342 |
| **Earnings per share attributable to owners of Sibanye-Stillwater** |  |  |  |  |
| Basic earnings per share — cents | 12.1 | **(183)** | (258) | (1334) |
| Diluted earnings per share — cents | 12.2 | **(183)** | (258) | (1334) |

---

CONSOLIDATED STATEMENT OF OTHER

COMPREHENSIVE INCOME

For the year ended 31 December 2025

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Loss for the year | **(4739)** | (5710) | (37430) |
| **Other comprehensive income (OCI), net of tax** | **906** | 538 | 2985 |
| Foreign currency translation adjustments<sup>1</sup> | **11** | 255 | 3569 |
| Fair value adjustment on other investments<sup>2</sup> | **895** | 283 | (582) |
| Re-measurement of defined benefit plan<sup>2</sup> | **—** |  | (2) |
| **Total comprehensive income** | **(3833)** | (5172) | (34445) |
| **Attributable to:** |  |  |  |
| Owners of Sibanye-Stillwater | **(4388)** | (6769) | (34847) |
| Non-controlling interests | **555** | 1597 | 402 |

---

<sup>1</sup> *These gains and losses will be reclassified to profit or loss in accordance with the accounting policy in note 1.4.* 

<sup>2</sup> *These gains and losses will never be reclassified to profit or loss*

AFR – **54**

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Figures in million – SA rand | Notes | **2025** | Revised <br>2024<sup>1</sup><br>| **2023** |
| **Assets** |  |  |  |  |
| **Non-current assets** |  | **88984** | 89679 | 81119 |
| Property, plant and equipment | 14 | **64320** | 66906 | 61338 |
| Right-of-use assets | 15 | **532** | 156 | 560 |
| Goodwill and other intangibles | 17 | **1973** | 2154 | 502 |
| Equity-accounted investments | 18 | **6560** | 7323 | 7148 |
| Other investments | 19 | **4271** | 3507 | 3179 |
| Environmental rehabilitation obligation funds | 20 | **7307** | 6691 | 5927 |
| Other receivables | 21.1 | **1928** | 491 | 523 |
| Deferred tax assets | 11.3 | **2093** | 2451 | 1942 |
| **Current assets** |  | **60753** | 48409 | 61822 |
| Inventories | 22 | **31480** | 25549 | 26363 |
| Trade and other receivables | 23 | **6811** | 5722 | 8900 |
| Other receivables | 21.1 | **4816** | 156 | 26 |
| Tax receivable | 11.4 | **438** | 863 | 973 |
| Cash and cash equivalents | 24 | **17178** | 16049 | 25560 |
| Assets held for sale | 1.5 | **30** | 70 |  |
| **Total assets** |  | **149737** | 138088 | 142941 |
| **Equity and liabilities** |  |  |  |  |
| Equity attributable to owners of Sibanye-Stillwater |  | **39526** | 43979 | 48730 |
| Stated share capital | 25 | **21647** | 21647 | 21647 |
| Other reserves |  | **36961** | 36149 | 35553 |
| Accumulated loss |  | **(19082)** | (13817) | (8470) |
| Non-controlling interests  | 26 | **4641** | 4310 | 2877 |
| **Total equity** |  | **44167** | 48289 | 51607 |
| **Non-current liabilities** |  | **71412** | 68848 | 54927 |
| Borrowings and derivative financial instrument | 27 | **31855** | 41135 | 24946 |
| Lease liabilities | 28 | **481** | 203 | 384 |
| Environmental rehabilitation obligation and other provisions | 29 | **14117** | 11922 | 12505 |
| Occupational healthcare obligation | 30 | **211** | 334 | 400 |
| Cash-settled share-based payment obligations | 6.5 | **2704** | 1686 | 2718 |
| Other payables | 21.2 | **1402** | 1815 | 3407 |
| Deferred revenue | 31 | **14158** | 6983 | 6327 |
| Tax, carbon tax and royalties payable | 11.4 | **14** | 13 | 64 |
| Deferred tax liabilities | 11.3 | **6470** | 4757 | 4176 |
| **Current liabilities** |  | **34158** | 20951 | 36407 |
| Borrowings and derivative financial instrument | 27 | **11402** | 552 | 15482 |
| Lease liabilities | 28 | **166** | 175 | 198 |
| Environmental rehabilitation obligation and other provisions | 29 | **161** | 327 | 832 |
| Occupational healthcare obligation | 30 | **173** | 2 |  |
| Cash-settled share-based payment obligations | 6.5 | **935** | 121 | 432 |
| Trade and other payables | 32 | **16756** | 15604 | 16464 |
| Other payables | 21.2 | **2279** | 1730 | 2015 |
| Deferred revenue | 31 | **1204** | 1660 | 305 |
| Tax, carbon tax and royalties payable | 11.4 | **602** | 329 | 679 |
| Liabilities associated with assets held for sale | 1.5 | **480** | 451 |  |
| **Total equity and liabilities** |  | **149737** | 138088 | 142941 |

---

*1Amount for 31 December 2024 was revised (see note 16.2)*

AFR – **55**

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 December 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |  |
| Cash generated by operations | 33 | **13692** | 4414 | 18726 |
| Deferred revenue advance received | 31 | **10745** | 3307 | 935 |
| Cash-settled share-based payments paid | 6.5 | **(649)** | (751) | (637) |
| Payment of Marikana dividend obligation | 21.2 | **—** | (38) | (191) |
| Additional deferred/contingent payments relating to acquisition of a business | 21.2 | **—** | (44) | (3733) |
| Change in working capital | 34 | **2273** | 6853 | 1750 |
|  |  | **26061** | 13741 | 16850 |
| Interest received | 5.2 | **849** | 882 | 998 |
| Interest paid | 5.2 | **(2337)** | (2101) | (1304) |
| Royalties and carbon tax paid | 11.4 | **(1320)** | (784) | (922) |
| Royalties and carbon tax refunded |  | **431** |  |  |
| Tax paid | 11.4 | **(2464)** | (1452) | (3209) |
| Tax refunded |  | **489** |  |  |
| Dividends paid | 13 | **(302)** | (173) | (5318) |
| **Net cash from operating activities** |  | **21407** | 10113 | 7095 |
| **Cash flow from investing activities** |  |  |  |  |
| Additions to property, plant and equipment |  | **(20307)** | (21569) | (22411) |
| Proceeds on disposal of property, plant and equipment |  | **163** | 129 | 168 |
| Acquisition of subsidiaries, net of cash acquired | 16.1,16.2 | **(1990)** | (2690) | 471 |
| Dividends received |  | **418** | 402 | 449 |
| Additions to other investments |  | **(850)** | (465) | (658) |
| Disposals of other investments |  | **765** | 457 | 202 |
| Loans advanced to investee |  | **—** | (26) |  |
| Repayment of loan from investee |  | **21** |  |  |
| Proceeds on sale of assets held for sale | 1.5 | **318** |  |  |
| Acquisition of equity-accounted investment | 18.4 | **(91)** | (35) | (396) |
| Contributions to environmental rehabilitation funds | 20 | **(158)** | (273) | (185) |
| Payment of deferred/contingent payment | 21.2 | **—** | (292) |  |
| Proceeds from environmental rehabilitation funds | 20 | **19** | 24 | 322 |
| **Net cash used in investing activities** |  | **(21692)** | (24338) | (22038) |
| **Cash flow from financing activities** |  |  |  |  |
| Loans raised | 27 | **7912** | 8278 | 14431 |
| Loans repaid | 27 | **(4883)** | (3335) | (1323) |
| Lease payments |  | **(228)** | (208) | (219) |
| Acquisition of NCI | 26.1 | **(45)** |  | (1009) |
| Proceeds from NCI on rights issue | 26.1 | **—** |  | 1096 |
| **Net cash from financing activities** |  | **2756** | 4735 | 12976 |
| Net increase/(decrease) in cash and cash equivalents |  | **2471** | (9490) | (1967) |
| Effect of exchange rate fluctuations on cash held |  | **(1342)** | (21) | 1451 |
| Cash and cash equivalents at beginning of the year |  | **16049** | 25560 | 26076 |
| **Cash and cash equivalents at end of the year** | 24 | **17178** | 16049 | 25560 |

---

AFR – **56**

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **Stated** <br>**share** <br>**capital**<br>| **Re-** <br>**organisation** <br>**reserve**<br>| **Share-based** <br>**payment** <br>**reserve**<br>| **Mark-to-** <br>**market** <br>**reserve**<br>| **Foreign** <br>**currency** <br>**translation** <br>**reserve**<br>| **Accumulated** <br>**profit/(loss)**<br>| **Equity** <br>**attributable** <br>**to owners of** <br>**Sibanye-**<br>**Stillwater**<br>| **Non-** <br>**controlling** <br>**interests**<br>| **Total** <br>**equity**<br>|
| **Balance at 31 December 2022** |  | 21647 | 23001 | 4184 | (298) | 5786 | 33781 | **88101** | 2903 | **91004** |
| Total comprehensive income for the year  |  |  |  |  | (642) | 3569 | (37774) | **(34847)** | 402 | **(34445)** |
| Loss for the year |  |  |  |  |  |  | (37772) | **(37772)** | 342 | **(37430)** |
| Other comprehensive income, net of tax  |  |  |  |  | (642) | 3569 | (2) | **2925** | 60 | **2985** |
| Equity-settled share-based payments |  |  |  | 24 |  |  |  | **24** | 24 | **48** |
| Dividends  | 13 |  |  |  |  |  | (4953) | **(4953)** | (365) | **(5318)** |
| Century business combination |  |  |  |  |  |  |  | **—** | 919 | **919** |
| Transaction with Keliber Oy (Keliber) shareholders | 26.1 |  |  |  |  | (66) | 463 | **397** | 700 | **1097** |
| Keliber dividend obligation | 21.2 |  |  |  |  |  |  | **—** | (792) | **(792)** |
| Transaction with Century shareholders | 26.1 |  |  |  |  | (5) | 13 | **8** | (914) | **(906)** |
| **Balance at 31 December 2023** |  | 21647 | 23001 | 4208 | (940) | 9284 | (8470) | **48730** | 2877 | **51607** |
| Total comprehensive income for the year  |  |  |  |  | 273 | 255 | (7297) | **(6769)** | 1597 | **(5172)** |
| Loss for the year |  |  |  |  |  |  | (7297) | **(7297)** | 1587 | **(5710)** |
| Other comprehensive income, net of tax  |  |  |  |  | 273 | 255 |  | **528** | 10 | **538** |
| Equity-settled share-based payments |  |  |  | 9 |  |  |  | **9** | 9 | **18** |
| Dividends  | 13 |  |  |  |  |  |  | **—** | (173) | **(173)** |
| Recognition of derivative financial instrument in equity | 27.5 |  |  |  |  |  | 2009 | **2009** |  | **2009** |
| Transfer between reserves |  |  |  |  | 59 |  | (59) | **—** |  | **—** |
| **Balance at 31 December 2024** |  | 21647 | 23001 | 4217 | (608) | 9539 | (13817) | **43979** | 4310 | **48289** |
| Total comprehensive income for the year |  |  |  |  | 772 | 11 | (5171) | **(4388)** | 555 | **(3833)** |
| Loss for the year |  |  |  |  |  |  | (5171) | **(5171)** | 432 | **(4739)** |
| Other comprehensive income, net of tax |  |  |  |  | 772 | 11 |  | **783** | 123 | **906** |
| Equity-settled share-based payments |  |  |  | 29 |  |  |  | **29** | 29 | **58** |
| Dividends | 13 |  |  |  |  |  |  | **—** | (302) | **(302)** |
| Transactions with DRDGOLD shareholders | 26.1 |  |  |  |  |  | (94) | **(94)** | 49 | **(45)** |
| **Balance at 31 December 2025** |  | 21647 | 23001 | 4246 | 164 | 9550 | (19082) | **39526** | 4641 | **44167** |

---

AFR – **57**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 December 2025

**1. Accounting policies**

The material accounting policies applied in the preparation of these consolidated financial statements are set out below. Where an

accounting policy is specific to a note, the policy is described in the note to which it relates. These policies have been consistently applied

to all the periods presented.

**1.1 Reporting entity**

Sibanye Stillwater Limited (the Company) and its subsidiaries (together referred to as the Group or Sibanye-Stillwater) is a multinational

mining and metals processing Group with a diverse portfolio of mining and processing operations, projects and investments across five

continents. The Group is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings

retreatment operations. Sibanye-Stillwater has established itself as one of the world's largest primary producers of platinum, palladium and

rhodium and is also a top tier gold producer. It also produces and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The

Group also built and diversified its asset portfolio into battery metals and green metals mining and processing, and increased its presence in

the circular economy by growing and diversifying its recycling and tailings reprocessing operations globally. Domiciled in South Africa,

Sibanye-Stillwater currently owns and operates a portfolio of high-quality operations and projects, which are grouped into four regions,

namely, Southern Africa (SA region), Americas, Europe and Australia.

The SA region houses the gold and PGM operations and projects located in South Africa and Zimbabwe. The underground and surface

gold mining operations in South Africa are the Driefontein, Kloof and Cooke operations in the West Witwatersrand (West Wits) region,

DRDGOLD Limited (DRDGOLD) with a surface tailings treatment plant in the East of Johannesburg in Gauteng and in the West Wits, and the

Beatrix operation in the southern Free State. Sibanye-Stillwater also owns and manages significant gold extraction and processing facilities

where ore is treated and beneficiated to produce gold doré. In addition, several organic projects currently underway are aimed at

sustaining these gold mining operations into the long term. Burnstone is a shallow developmental stage gold mine and processing

operation located in the South Rand Goldfield of the Witwatersrand Basin in the Mpumalanga province, and comprises two established

shaft complexes, a carbon-in-leach gold processing plant, tailings storage facility and related surface infrastructure and mining rights. In

line with the Group's capital allocation framework, it was decided to delay the Burnstone project, which is currently under care-and-

maintenance. The Southern Free State project is an advanced exploration stage project that includes the Bloemhoek, De Bron-Merriespruit,

Robijn and Hakkies areas. It is located adjacent to the Beatrix operation in the Free State province.

Beatrix, a conventional mining operation, comprises two operating vertical shafts and one metallurgical plant mining the Beatrix/VS5 reef,

the Aandenk/Kalkoenkrans reef as well as some historical surface rock dump material. During 2024, the Group agreed to sell the Beatrix 4

shaft which includes the Beisa uranium project. Driefontein is an established mine consisting of four operating vertical shaft complexes and

one metallurgical plant mining three different reefs as well as some historical surface rock dump material. Kloof is also an ongoing mine with

two operating vertical shaft complexes. Four reefs are extracted at Kloof, together with the mining of some historical surface rock dump

material. The Cooke underground operations consist of four vertical shafts, which currently are under care-and-maintenance. The surface

mining section, known as Randfontein Surface Operations, mines historical surface tailings facilities and surface rock dumps, processing

them at the Cooke and Ezulwini metallurgical plants.

The PGM assets in the SA region are the Kroondal operation, the Rustenburg operation (SRPM), the Marikana operation (Marikana) and the

tailings retreatment entity, Platinum Mile in the North West Province, and Mimosa (50%) in Zimbabwe. Marikana currently has five

contributing shafts namely K3, K4 (commenced production in 2023), Rowland, Saffy and E3 and the ore mined at the Marikana operations

is processed through four of the eight concentrators on site. The PGM concentrate produced is dispatched to the smelter where a sulphide-

rich matte is produced for further processing at the base metal refinery (BMR). At the BMR, base metals are removed and the resulting

PGM-rich product is sent to the precious metal refinery (PMR) for final treatment. Marikana therefore sells refined metals to customers. In

addition to underground operations, there is one tailings retreatment operation (Bulk Tailings Treatment (BTT) plant), which transitioned from

hydraulic remining to mechanical remining of a dormant tailings storage facility during the period and the tailings are retreated at the BTT

plant for the recovery of coarse chrome and PGMs.

The Rustenburg operation comprise of three operating vertical shafts (Siphumelele 1, Khuseleka 1 and Thembelani 1), two declines at

Bathopele, a concentrating plant at the Waterval UG2 concentrator and a chrome recovery plant, the Western Limb tailings retreatment

plant and related surface infrastructure and assets. In addition, remining operations are carried out on one dormant tailings storage facility

(Waterval West dam). Fresh ore is processed through the Waterval UG2 concentrator. Tailings are treated at the Western Limb Tailings

Retreatment Plant, Platinum Mile and at the Chrome retreatment plant where a saleable chromite concentrate is recovered. Tailings from

the Rustenburg operation are piped to Platinum Mile for further beneficiation and recovery of chrome and PGMs. The tailings from Platinum

Mile are pumped to an active tailings storage facility for final disposal. The Rustenburg operation has a tolling agreement with a third party

and currently sells refined metals as well as PGM concentrate to customers. In addition, Platinum Mile successfully commissioned a coarse

chrome recovery plant in 2023.

Kroondal, which now forms part of and reported under the Rustenburg operation, comprises of four operating decline shafts. Fresh ore is

processed at Kroondal through two concentrator plants (K1 and K2). Tailings from the K1 and K2 plants are piped to three adjacent tailings

storage facilities and at a fourth tailings storage facility at Marikana. Platinum Mile is a tailings retreatment facility located on the

Rustenburg lease area adjacent to our Kroondal operations. This facility recovers PGMs and chrome from the live tailings at our Rustenburg

operations. Kroondal and Platinum Mile currently only sells PGM concentrate and chrome to customers.

The US region houses the PGM operations located in the US and exploration-stage projects located in Canada and Argentina. The US PGM

operations include the East Boulder and Stillwater mining operations (including the Blitz project) in Montana. The assets in Montana also

include the Metallurgical complex in Columbus, Montana. This complex houses the smelter, BMR and an analytical laboratory which

AFR – **58**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

produces a PGM-rich filter cake that is further refined by a third-party precious metal refinery. These processing and metallurgical facilities

are also used to process recycled material such as spent autocatalytic convertors and petroleum refinery catalysts. The US region also

includes the Reldan Group of Companies (Reldan) (see note 16.2) which is a precious metals recycling group with facilities in Pennsylvania,

USA, as well as Mexico and India, processing primarily e-scrap to produce both green precious and base metals. Also included in the US

region is the newly acquired Metallix Refining (Metallix) which produces recycled precious metals, including gold, silver and PGMs, primarily

from industrial waste streams. It operates two processing and recycling operations in Greenville, North Carolina. Metallix has a global

customer base, which it services from the United Kingdom and South Korea, in addition to its customers in the United States (US).

Keliber, a Finnish mining and battery chemical company, owns the Keliber project, an advanced lithium hydroxide project located in the

Kaustinen region of Finland. Since the Sibanye-Stillwater Board of Directors approved the Keliber project and the immediate construction of

the Keliber Lithium Refinery in 2022, construction activities thereof have continued successfully after commencing in March 2023. Similarly,

the earthworks and selected infrastructure works commenced at the Päiväneva concentrator site in late 2023. Once developed, the

Keliber project will sustainably produce battery-grade lithium hydroxide. Following a detailed multidisciplinary assessment of various project

start up scenarios for Keliber during H2 2025, Sibanye-Stillwater and its partner, Finnish Minerals Group, agreed that a staged startup for the

Keliber lithium project was the most responsible approach, as staged commissioning of the mine, concentrator, and refinery reduces ramp-

up risk by prioritising operational readiness in the mining and concentrating stages before determining the appropriate timing for refinery

commissioning. The first stage of the project start up began during Q1 2026. The Group holds a 79.82% shareholding interest in Keliber. In

2022, the Group also acquired French mining group Eramet SA's Sandouville hydrometallurgical nickel processing facilities near Le Havre,

France's second largest industrial port. Sandouville's production was severely hampered by plant availability in 2023 and in 2025, the

production of nickel cathodes at the Sandouville nickel refinery ceased. The pre-feasibility study to assess the potential conversion of the

Sandouville plant to produce pCAM (the GalliCam project) is underway. The study will continue into 2026, with a decision on progressing on

the project to be evaluated by the end of H1 2026.

The Group's green metals investments also include the acquisition of a 100% stake in the Australian based entity, New Century Resources

Limited (Century), which owns a zinc tailings retreatment operation. The Group has also exercised an option to acquire a 100%

shareholding in Copper Mines of Tasmania Proprietary Limited, who owns the Mt Lyell Copper Mine in Australia .

**1.2 Basis of preparation**

The consolidated financial statements for the year ended 31 December 2025 have been prepared on a going concern basis in

accordance with IFRS Accounting Standards, as issued by the International Accounting Standards Board (IASB), the South African Institute

of Chartered Accountants Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting

Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act and

JSE Listings Requirements. The consolidated financial statements have been prepared under the historical cost convention, except for

certain financial assets and financial liabilities (including derivative instruments) which are measured at fair value through profit or loss or

other comprehensive income.

AFR – **59**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Standards, interpretations and amendments to published standards effective for the year ended 31 December 2025**

During the financial year, the following amendments to standards applicable to the Group became effective and had no material impact

on the Group's consolidated financial statements:

---

| | | |
|:---|:---|:---|
| **Pronouncement** | **Details of amendments** | **Effective date**<sup>1</sup> |
| Lack of Exchangeability <br>(Amendments to IAS 21)<br>| Under IAS 21 *The Effects of Changes in Foreign Exchange Rates* (IAS 21), a <br>spot exchange rate is used when translating a foreign currency transaction. In <br>some rare circumstances, it is possible that one currency cannot be <br>exchanged into another. Consequently, market participants are unable to <br>buy and sell currency to meet their needs at the official exchange rate and <br>turn instead to unofficial, parallel markets. The IASB amended IAS 21 to clarify <br>when a currency is exchangeable to another currency and how a spot rate <br>can be estimated when a currency lacks exchangeability. This amendment is <br>applicable to the Group's investment in Mimosa (domiciled in Zimbabwe), <br>however no material impact was identified. <br>| 1 January 2025 |
| Amendments to Illustrative <br>Examples on IFRS 7, IFRS 18, IAS 1, <br>IAS 8, IAS 36 and IAS 37- Disclosures <br>about Uncertainties in the Financial <br>Statements<br>| These amendments include examples illustrating how an entity applies the <br>requirements in IFRS Accounting Standards to disclose the effects of <br>uncertainties in its financial statements. The examples do not add to or <br>change requirements in IFRS Accounting Standards and therefore there are <br>no transition requirements.<br>| The examples <br>do not have an <br>effective date, <br>but may be <br>considered for <br>December 2025 <br>year-ends.<br>|

---

*1Effective date refers to annual period beginning on or after the effective date*

AFR – **60**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Standards, interpretations and amendments to published standards which are not yet effective** 

Certain new standards, amendments and interpretations to existing standards have been published that apply to the accounting periods

beginning on or after 1 January 2026 but have not been early adopted by the Group. The standards, amendments and interpretations that

are applicable to the Group are:

---

| | | |
|:---|:---|:---|
| **Pronouncement** | **Details of amendments** | **Effective date**<sup>1</sup> |
| Amendments to the <br>classification and <br>measurement of financial <br>instruments (Amendments <br>to IFRS 9 *Financial* <br>*Instruments* (IFRS 9) and <br>IFRS 7 *Financial Instruments:* <br>*Disclosures* (IFRS 7))<sup>2</sup><br>| The amendments provide guidance on the classification of financial assets with contingent <br>features. Under IFRS 9, it was unclear whether the contractual cash flows of some financial <br>assets with ESG-linked features represented the solely payments of principal and interest <br>(SPPI) criterion, which is a condition for measurement at amortised cost. The amendments <br>apply to all contingent features, not just ESG-linked features and introduce an additional <br>SPPI test for financial assets with contingent features that are not related directly to a <br>change in basic lending risks or costs. The amendments also include additional disclosures <br>for all financial assets and financial liabilities that have certain contingent features that are <br>not related directly to a change in basic lending risks or costs, and are not measured at fair <br>value through profit or loss. The amendments to IFRS 9 also clarifies when a financial asset <br>and financial liability is recognised and derecognised and provides an exception for certain <br>financial liabilities settled using an electronic payment system. The exception allows for <br>financial liabilities to be derecognised before the settlement date if certain criteria are met.<br>| 1 January 2026 |
| Annual improvements to <br>IFRS Accounting Standards <br>(Amendments to IFRS 7, <br>IFRS 9, IFRS 10 <br>C*onsolidated Financial* <br>*Statements*, and IAS 7 <br>*Statement of Cash Flows*)<sup>2</sup><br>| The IASB published annual improvements to IFRS Accounting Standards relating to various <br>standards applied by the Group in the consolidated financial statements. The amendments <br>are primarily clarifications, internal referencing updates and editorial changes to IFRS <br>Accounting Standards.<br>| 1 January 2026 |
| Contracts Referencing <br>Nature-dependent <br>Electricity (Amendments to <br>IFRS 9 and IFRS 7)<sup>2</sup><br>| The amendments address challenges in contracts referencing nature-dependent electricity, <br>referred to as renewable power purchase agreements (PPAs). The amendments include the <br>own-use exemption for purchasers in PPAs and hedge accounting requirements for <br>purchasers and sellers in PPAs. To apply the own-use exemption to a PPA, IFRS 9 currently <br>requires the contract to be for receipt of electricity in line with the entity's expected <br>purchase or usage requirements. The amendments allow an entity to apply the own-use <br>exemption to PPAs if the entity is, and expects to be, a net-purchaser of electricity for the <br>contract period.<br>| 1 January 2026 |
| IFRS 18 *Presentation and* <br>*Disclosure in Financial* <br>*Statements* (IFRS 18)<br>| IFRS 18 was issued to address the need for more relevant information in financial statements. <br>IFRS 18 will have no impact on net profit, however it will change how the Group's results are <br>presented on the consolidated income statement and information disclosed in the notes to <br>the consolidated financial statements. This also includes disclosure of certain non-GAAP <br>measures, which will form part of the audited consolidated financial statements. IFRS 18 <br>introduces a more structured income statement such as a newly defined subtotal for <br>operating profit and a requirement for entities to allocate all income and expenses <br>between three new distinct categories based on the entity's main business activities <br>(operating, investing, and financing activities). IFRS 18 also requires entities to analyse their <br>operating expenses directly on the income statement, which is either by nature, by function <br>or using a mixed presentation. IFRS 18 also requires entities to report some of their non-GAAP <br>measures in the financial statements. It introduces a narrow definition for management <br>performance measures (MPM) and requires MPMs to be a subtotal of income and expenses <br>that is used in public communications outside of the financial statements and reflective of <br>management's view of financial performance of an entity as a whole.<br>Management is in the process of assessing the potential impact on the Group's <br>consolidated financial statements.<br>| 1 January 2027 |

---

1*Effective date refers to annual period beginning on or after said date*

2*No material impact* expected

AFR – **61**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Significant accounting judgements and estimates**

The preparation of the consolidated financial statements requires the Group's management to make estimates and assumptions that

affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated

financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates

requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected

economic conditions, and in some cases valuation techniques. Actual results could differ from those estimates.

For material accounting policies that are subject to significant judgement, estimates and assumptions, see the following notes to the

consolidated financial statements:

---

| | |
|:---|:---|
| **Accounting policy** | **Note to the consolidated financial statements** |
| Unconsolidated structured entities | 1 - Consolidation |
| Revenue | 3 - Revenue |
| Cash-settled share-based payment obligation | 6 - Share-based payments |
| Royalties, mining and income tax, and deferred tax | 11 - Royalties, mining and income tax, and deferred tax |
| Property, plant and equipment | 14 - Property, plant and equipment |
| Business combinations | 16 - Acquisitions |
| Goodwill  | 17 - Goodwill and other intangibles |
| Equity-accounted investments | 18 - Equity-accounted investments |
| Other investments | 19 - Other investments |
| Other receivables and other payables | 21 - Other receivables and other payables |
| Inventories | 22 - Inventories |
| Borrowings and derivative financial instrument | 27 - Borrowings and derivative financial instrument |
| Environmental rehabilitation obligation | 29 - Environmental rehabilitation obligation and other provisions |
| Occupational healthcare obligation | 30 - Occupational healthcare obligation |
| Deferred revenue | 31 - Deferred revenue |

---

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of

future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the financial period are discussed under the relevant note of the item affected.

AFR – **62**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**1.3 Consolidation**

![Group structure diagram_v2_SL.jpg](sbsw-20251231_g134.jpg)

AFR – **63**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

1*The NCI in the statement of changes in equity at 31 December 2025, relates to the attributable share of accumulated profits of DRDGOLD, Group Technical Security* 

*Management Proprietary Limited (GTSM) and Keliber OY (see note* 26*)*

2*Witwatersrand Consolidated Gold Resources Proprietary Limited (Wits Gold) has ceded and pledged its shares in K2013164354 Proprietary Limited (K2013) (a dormant* 

*entity) and K2013 has ceded and pledged it shares in Sibanye Gold Eastern Operations Proprietary Limited (SGEO) in favour of the lenders of the Burnstone Debt (see note* 

27.6)

3*Rand Uranium Proprietary Limited (Rand Uranium) and Ezulwini Mining Company Proprietary Limited (Ezulwini) together own a number of underground and surface mining* 

*operations*

4*A* 26% *stake in Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM) was acquired through Newshelf 1335 Proprietary Limited (B-BBEE SPV) in terms of the* 

*Rustenburg operation transaction, The shareholders of B-BBEE SPV are Rustenburg Mine Employees Trust (*30.4%*), Rustenburg Mine Community Development Trust (*24.8%*),* 

*Bakgatla-Ba-Kgafela Investment Holdings (*24.8%*) and Siyanda Resources Proprietary Limited (*20.0%*). The Rustenburg Mine Employees Trust and the Rustenburg Mine* 

*Community Development Trust are controlled and consolidated by Sibanye-Stillwater and cash-settled share-based payment obligations amounting to* R986 million *and* 

R804 million*, respectively, are eliminated upon consolidation. During H2 2023, the sale transaction between Rustenburg Platinum Mines Limited (subsidiary of Anglo* 

*Platinum Mines Limited) and SRPM became effective, which resulted in SRPM assuming full ownership of Kroondal. Following the intercompany transfer of the Kroondal* 

*operations to SRPM in 2025, Kroondal is reported as part of the Rustenburg operation*

*5The Group has no current or contractual obligation to provide financial support to any of its structured entities*

6*Sibanye-Stillwater recognises no NCI in Western Platinum Proprietary Limited (WPL) and Eastern Platinum Proprietary Limited (EPL). The shareholding of Lonplats Employee* 

*Share Ownership Trust (Employee Trust) (*3.8%*,) the Bapo Ba Mogale Local Economic Development Trust (Bapo Trust) (*0.9%*) and Lonplats Marikana Community* 

*Development Trust (Community Trust) (*0.9%*) (together Marikana Trusts) is not considered since these trusts are controlled and consolidated by Sibanye-Stillwater. Cash-*

*settled share-based payment obligations amounting to* R905 million *relating to the Marikana Trusts are eliminated upon consolidation. In addition, as a result of the* 

*Marikana broad-based black economic empowerment (B-BBEE) transaction (see note* 6.4 *), the equity interests of shareholders in WPL and EPL, including all non-*

*controlling shareholders, were replaced with the right to receive dividends. As a result, the effective shareholding interests were replaced by a share-based payment* 

*obligation and dividend obligation for entities not forming part of the Group (see note* 6.4 *and* 21.2 *)* 

*7Sibanye-Stillwater recognises no NCI in Akanani on a similar basis as described for WPL and EPL below (see footnote 6 above), since a revised shareholders' agreement* 

*replaced the equity interests with a right to receive dividends*

*8The effective shareholding at 31 December 2025 was 50.10% (2024:* 50.23% *and 2023:* 50.28%*) after considering treasury shares held by DRDGOLD and new share issues* 

*and subscriptions during 2025 (see note* 26.1 *)*

*9At* 31 December 2025*, the Group had a* 20% *legal interest in Peregrine Metals Limited (Peregrine), as a result of completion of the Initial Earn-in arrangement of* 80% *by* 

*Aldebaran Resources Inc. (Aldebaran) during 2025 (see note* 18.3)

10*The Group has a* 76% *legal interest in the Newshelf 1114 Proprietary Limited (Newshelf 1114) group and the NCI can acquire a further* 2% *legal shareholding once they* 

*have implemented the necessary funding structure. However, no accounting NCI is recognised, since the NCI's vendor loan financing exceeds their proportionate* 

*interest in Newshelf 1114 and therefore no effective shareholding exists*

11*The Group has an effective shareholding of* 79.82% (2024: 79.82%, 2023: 79.82%*) in Keliber OY at 31 December 2025. Keliber Oy is incorporated in Finland* 

12*The Group acquired a* 100% *shareholding in the Century on 10 May 2023 and also exercised its option to acquire a* 100% *shareholding in Copper Mines of Tasmania* 

*Proprietary Limited which owns the Mt Lyell copper mine* 

13*The Group, through Sibanye Reldan Holdco Inc., acquired a* 100% *shareholding in the Reldan Group of Companies (Reldan) on 15 March 2024 (see note 16.2)*

*14The Group, through Sibanye Reldan Holdco Inc., acquired a 100% shareholding in Metallix Refining (Metallix) on 4 September 2025 (see note 16.1)*

*15During 2025, the Group disposed of its interest in Blue Ridge Platinum (Proprietary) Limited*

AFR – **64**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Subsidiaries**

Subsidiaries are all entities over which the Group exercises control. The Group controls an entity when it is exposed to, or has rights to,

variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries

are consolidated from the date on which control is obtained by the Group until the date on which control ceases. Control is reassessed if

facts and circumstances indicate that there are changes to one or more of the elements of control.

Inter-company transactions, balances and unrealised gains or losses on transactions between Group companies are eliminated on

consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by

the Group.

**Unconsolidated structured entities**

In assessing whether the Group controls a special purpose vehicle (SPV), significant judgements include the extent of the Group's

involvement in the setup and design of the power purchase agreement (PPA) including decisions related to the underlying infrastructure,

whether there is any financial recourse to the Group in relation to financing the SPV or any project-related risk, as well as terms and

conditions of any options to acquire the underlying power generating infrastructure.

During 2023, the Group entered into two substantially similar wind energy power purchase agreements. The PPA is a 89-megawatt (MW)

project entered into by Sibanye Energy Proprietary Limited (Sibanye Energy). This clean energy will be generated by the Castle Wind Farm

(Castle), located near the town of De Aar in the Northern Cape province of South Africa, and will supply the SA operations via a wheeling

agreement with Eskom. Under the terms of the 15-year PPA, Castle is funded, built, and operated by a project consortium. The Group has

an option to acquire the project company or plant at the end of the 15-year PPA in exchange for an additional payment incorporated into

the energy tariff as well as a nominal exercise price. Alternatively, the PPA can be extended for an additional period of five years,

whereafter it can be further extended for a period agreed between the parties. Other than in the event of default on electricity payments

to be made by the Group, there is no recourse to the Group for funding or project-related risk. Castle became operational during Q1 2025.

The Group will pay for all electricity produced based on a pre-determined tariff, adjusted for inflation over the term of the PPA. The

arrangement does not contain any fixed or minimum payments.

The second PPA is the Witberg wind energy project, located near Matjiesfontein in the Western Cape province with a contracted capacity

of 103MW (Witberg), also entered into by Sibanye Energy. The terms of the Witberg PPA are similar to Castle. Witberg will also supply the SA

operations via a wheeling agreement with Eskom. The project cost will be fully funded by Red Rocket, a South African Independent Power

Producer developing the project, together with its lenders. Similar to the Castle project, the Group committed to a 15-year PPA and also

has a purchase option on the same terms as the Castle project. There is also no recourse to the Group, except in the event of electricity

payment default. When Witberg becomes operational, the Group will also pay a pre-determined tariff for electricity produced, adjusted

for inflation over the term of the PPA. Similar to Castle, there are no fixed or minimum payments.

During 2024, Sibanye-Stillwater concluded an additional 140MW wind energy project, the Umsinde Emoyeni Wind Farm, located on the

border between the Northern Cape Province and the Western Cape Province near Murraysburg, South Africa. Commercial operation is

scheduled for Q4 2026. The project will supply Sibanye-Stillwater's SA operations utilising the national grid through a secured wheeling

agreement with Eskom. Under the terms of a twenty-year PPA with Sibanye-Stillwater, the project will be fully funded by a project

consortium which will build, own and operate the project. The arrangement does not contain any fixed or minimum payments and the

Group does not have an option to purchase the wind farm.

The Group holds no shareholding or voting interest in the project companies and did not provide a guarantee for any of the obligations of

these companies towards their shareholders or funders. Management concluded that the Group does not control the project companies

under IFRS 10 *Consolidated Financial Statements* (IFRS 10) since it does not have power over the relevant activities as contemplated in IFRS

10. At the reporting date, there were no assets or liabilities recognised by the Group relating to the project companies and no financial or

other support had been provided. There is also no intention to provide financial or other support to the project companies, other than

payment of the electricity tariff in future periods when electricity is produced.

**Transactions with shareholders**

Transactions with owners in the capacity as equity participants are not recognised in profit or loss, but instead are recognised in equity with

a corresponding change in assets or liabilities. Changes in a parent's ownership interest in a subsidiary that does not result in the parent

losing control of the subsidiary are equity transactions.

**1.4 Foreign currencies**

**Functional and presentation currency**

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic

environment in which the entity operates (the functional currency). The consolidated financial statements are presented in South African

rand (SA rand), which is the Group's presentation currency.

**Transactions and balances**

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the

transactions. Monetary assets and liabilities are translated into the functional currency at each reporting date. Foreign exchange gains and

losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign

currencies, are recognised in profit or loss.

AFR – **65**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Foreign operations**

The results and financial position of all the Group entities that have a functional currency different from the presentation currency are

translated into the presentation currency as follows:

• Assets and liabilities are translated at the exchange rate ruling at the reporting date. Equity items are translated at historical rates. The

income and expenses are translated at the average exchange rate for the year, unless this average is not a reasonable approximation

of the rates prevailing on the transaction dates, in which case these items are translated at the rate prevailing on the date of the

transaction. Exchange differences on translation are accounted for in other comprehensive income and accumulated in the foreign

currency translation reserve (FCTR) in the consolidated statement of changes in equity. These differences are recognised in profit or loss

upon realisation of the underlying operation

• Exchange differences arising from the translation of the net investment in foreign operations, which includes certain long-term

borrowings (i.e. the reporting entity's interest in the net assets of that operation), are taken to other comprehensive income. When a

foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as

part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant

proportion of the cumulative amount is reattributed to NCI. When the Group disposes of only part of an associate or joint venture while

retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. If a

company in the Group repays a portion of long-term borrowings forming part of a net investment in foreign operations, amounts

previously recorded in other comprehensive income are only recognised in profit or loss upon disposal of the relevant operation. These

amounts are reclassified to profit or loss through OCI, consistent with where the amounts were previously included

• Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign

operation and are translated at each reporting date at the closing rate

**1.5 Assets and associated liabilities classified as held for sale**

During H2 2024, the Group agreed to sell the Beatrix 4 shaft which forms part of the Beatrix gold operations and includes the Beisa uranium

project, to Neo Energy Metals Plc. (Neo Energy). The transaction will allow the Beisa project to be developed by Neo Energy, while Sibanye-

Stillwater will retain exposure to future uranium production. The Beatrix 4 shaft was placed on care and maintenance by Sibanye-Stillwater

in 2023 primarily due to declining gold reserves and a depressed uranium price, which has subsequently recovered. The transaction

includes total consideration of R500 million, comprising R250 million cash and R250 million in newly issued shares in Neo Energy (equalling

approximately 40% shareholding in Neo Energy at the time of signing the sale agreement). The transaction was subject to certain

outstanding conditions precedent at the reporting date, however the assets and liabilities associated with the transaction were classified as

held for sale in accordance with the requirements of IFRS 5 *Non-current Assets Held for Sale and Discontinued Operations* (IFRS 5). Neo

Energy will assume responsibility for all Beatrix 4 shaft rehabilitation and environmental liabilities, which amounts to a carrying value of

R480 million (2024: R451 million) at 31 December 2025. Property, plant and equipment of R30 million (2024: R30 million) relating to the Beatrix

4 shaft disposal, which is measured at the lower of its carrying value and fair value less cost to sell, is included in assets held for sale at 31

December 2025 and 31 December 2024.

During H1 2025, following the Group's decision to withdraw from the Rhyolite Ridge joint venture agreement, it was decided to sell its

investment in ioneer Limited (ioneer). The Group held 145,862,742 shares in ioneer representing 6.19% of their share capital. At 30 June 2025,

the investment (R164 million) was classified as held for sale in accordance with the requirements of IFRS 5. The sale of ioneer was effective

during H2 2025 with the proceeds on the sale amounting to R186 million. The initial fair value of the investment was R1,134 million when it

was acquired.

During H1 2025, DRDGOLD decided to sell its 50.25% share in Stellar, a renewable energy company developing a solar plant in Limpopo,

South Africa. The decision was based on DRDGOLD's decision to focus on its core operating activities. DRDGOLD's investment in Stellar was

classified as held for sale in accordance with the requirements of IFRS 5. Property, plant and equipment and capital prepayments of

R105 million and other net assets of R6 million was included in assets held for sale. The sale of Stellar was effective during H2 2025 with the

proceeds on the sale amounting to R132 million. At 31 December 2025, no other assets are classified as assets held for sale (2024:

R40 million).

AFR – **66**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**2. Segment reporting**

**Accounting Policy**<br>Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker and is based on individual mining operations (operating segments) per geographic <br>area. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team that makes <br>strategic decisions.<br>

During 2025, management updated the internal financial reporting to the chief operating decision maker by reporting adjusted EBITDA (previously net profit/loss) as the main and only measure of financial performance for operating segments. The Group therefore updated the structure of the segment reporting, including representation of all comparative information, to reflect this change in

internal reporting. See note 27.10 for a reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA.

The table below summarises the segmental information disclosed in note 2.1 and 2.2:

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2024** | **31 December 2024** | **31 December 2024** | **31 December 2024** | **31 December 2024** | **31 December 2024** | **31 December 2024** | **31 December 2024** | **31 December 2024** | **31 December 2023** | **31 December 2023** | **31 December 2023** | **31 December 2023** | **31 December 2023** | **31 December 2023** | **31 December 2023** | **31 December 2023** | **31 December 2023** |
| | **GROUP** | **SOUTHERN AFRICA** <br>**OPERATIONS** | **SOUTHERN AFRICA** <br>**OPERATIONS** | **SOUTHERN AFRICA** <br>**OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **GROUP** | **GROUP** | **SOUTHERN AFRICA OPERATIONS** | **SOUTHERN AFRICA OPERATIONS** | **SOUTHERN AFRICA OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **GROUP** | **GROUP** | **SOUTHERN AFRICA OPERATIONS** | **SOUTHERN AFRICA OPERATIONS** | **SOUTHERN AFRICA OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **INTERNATIONAL AND RECYCLING OPERATIONS** | **GROUP** |
| <br>**Figures in million –** <br>**SA rand**<br>| **Total** | **Total SA**<br>**operations**<br>| **Total**<br>**SA PGM**<br>| **Total**<br>**SA gold**<br>| **Total** <br>**internation**<br>**al** <br>**operations**<br>| **Total US** <br>**operations**<br>| **Total** <br>**EU** <br>**operations**<br>| **Total AUS** <br>**operation**<br>**s**<br>| **Corporate**<sup>1</sup> | **Total** | **Total SA** <br>**operations**<br>| **Total SA** <br>**PGM**<br>| **Total SA** <br>**gold**<br>| **Total** <br>**internation**<br>**al** <br>**operations**<br>| **Total US** <br>**operations**<br>| **Total** <br>**EU** <br>**operations**<br>| **Total AUS** <br>**operations**<br>| **Corporate**<sup>1</sup> | **Total** | **Total SA** <br>**operations**<br>| **Total SA** <br>**PGM**<br>| **Total SA** <br>**gold**<br>| **Total** <br>**internation**<br>**al** <br>**operations**<br>| **Total US** <br>**operations**<br>| **Total** <br>**EU** <br>**operations**<br>| **Total AUS** <br>**operations**<br>| **Corporate**<sup>1</sup> |
| Revenue | **129677** | **97942** | **60883** | **37059** | **32304** | **27114** | **518** | **4672** | **(569)** | 112129 | 82402 | 51257 | 31145 | **29854** | 23087 | **2784** | **3983** | (127) | 113684 | 84736 | 55593 | 29143 | **29087** | 23812 | **3024** | **2251** | (139) |
| Underground | **90364** | **84166** | **58381** | **25785** | **6718** | **6718** | **—** | **—** | **(520)** | 78867 | 69787 | 48314 | 21473 | **9207** | 9207 | **—** | **—** | (127) | 83612 | 73257 | 52375 | 20882 | **10494** | 10494 | **—** | **—** | (139) |
| Surface | **18448** | **13776** | **2502** | **11274** | **4672** | **—** | **—** | **4672** | **—** | 16598 | 12615 | 2943 | 9672 | **3983** |  | **—** | **3983** |  | 13730 | 11479 | 3218 | 8261 | **2251** |  | **—** | **2251** |  |
| Recycling/processing | **20865** | **—** | **—** | **—** | **20914** | **20396** | **518** | **—** | **(49)** | 16664 |  |  |  | **16664** | 13880 | **2784** | **—** |  | 16342 |  |  |  | **16342** | 13318 | **3024** | **—** |  |
| Cost of sales, before <br>amortisation and <br>depreciation<br>| **(88439)** | **(66202)** | **(43214)** | **(22988)** | **(22268)** | **(18440)** | **(767)** | **(3061)** | **31** | (96398) | (66560) | (42963) | (23597) | **(29838)** | (23128) | **(3384)** | **(3326)** |  | (89756) | (60780) | (36699) | (24081) | **(28976)** | (22391) | **(4329)** | **(2256)** |  |
| Underground | **(59899)** | **(57750)** | **(41137)** | **(16613)** | **(2149)** | **(2149)** | **—** | **—** | **—** | (67784) | (57936) | (40994) | (16942) | **(9848)** | (9848) | **—** | **—** |  | (62482) | (52802) | (34819) | (17983) | **(9680)** | (9680) | **—** | **—** |  |
| Surface | **(11513)** | **(8452)** | **(2077)** | **(6375)** | **(3061)** | **—** | **—** | **(3061)** | **—** | (11950) | (8624) | (1969) | (6655) | **(3326)** |  | **—** | **(3326)** |  | (10234) | (7978) | (1880) | (6098) | **(2256)** |  | **—** | **(2256)** |  |
| Recycling/processing | **(17027)** | **—** | **—** | **—** | **(17058)** | **(16291)** | **(767)** | **—** | **31** | (16664) |  |  |  | **(16664)** | (13280) | **(3384)** | **—** |  | (17040) |  |  |  | **(17040)** | (12711) | **(4329)** | **—** |  |
| Adjusted EBITDA | **37800** | **29187** | **16682** | **12505** | **9198** | **8522** | **(776)** | **1452** | **(585)** | 13088 | 13231 | 7399 | 5832 | **126** | 483 | **(878)** | **521** | (269) | 20556 | 21143 | 17620 | 3523 | **(428)** | 1317 | **(1459)** | **(286)** | (159) |
|  |  | *note 2.1* | *note 2.1* | *note 2.1* | *note 2.2* | *note 2.2* | *note 2.2* | *note 2.2* |  |  | *note 2.1* | *note 2.1* | *note 2.1* | *note 2.2* | *note 2.2* | *note 2.2* | *note 2.2* |  |  | *note 2.1* | *note 2.1* | *note 2.1* | *note 2.2* | *note 2.2* | *note 2.2* | *note 2.2* |  |

---

1*Group corporate includes items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations, the Wheaton Stream and Franco-Nevada transactions and mainly includes, corporate tax, interest and transaction costs*

AFR – **67**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**2.1 SA operations**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **SECONDARY** <br>**MINING**<br>| |
| **Figures in million – SA rand** | **Total SA**<br>**operations**<br>| **Total**<br>**SA PGM**<br>| **Rustenburg** | Marikana | **Platinum**<br>**Mile**<br>| Mimosa | Corporate<br>and reconciling<br>items<sup>1</sup><br>| **Total**<br>**SA gold**<br>| **Driefontein** | **Kloof** | Beatrix | **DRDGOLD** | Corporate<br>and reconciling<br>items<sup>1</sup><br>|
| **2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenue | **97942** | **60883** | 31292 | 28342 | 1249 | 3613 | (3613) | **37059** | 12610 | 5466 | 6278 | 9129 | 3576 |
| Underground | **84166** | **58381** | 29705 | 28342 | 334 | 3613 | (3613) | **25785** | 12603 | 5015 | 6278 |  | 1889 |
| Surface | **13776** | **2502** | 1587 |  | 915 |  |  | **11274** | 7 | 451 |  | 9129 | 1687 |
| Recycling/processing | **—** | **—** |  |  |  |  |  | **—** |  |  |  |  |  |
| Cost of sales, before amortisation and <br>depreciation<br>| **(66202)** | **(43214)** | (21921) | (20369) | (924) | (2531) | 2531 | **(22988)** | (6961) | (5594) | (4229) | (4649) | (1555) |
| Underground | **(57750)** | **(41137)** | (20564) | (20369) | (204) | (2531) | 2531 | **(16613)** | (6961) | (5423) | (4229) |  |  |
| Surface | **(8452)** | **(2077)** | (1357) |  | (720) |  |  | **(6375)** |  | (171) |  | (4649) | (1555) |
| Recycling/processing | **—** | **—** |  |  |  |  |  | **—** |  |  |  |  |  |
| Adjusted EBITDA | **29187** | **16682** | 9265 | 7452 | 179 | 1085 | (1299) | **12505** | 5607 | (190) | 2012 | 4438 | 638 |
| Capital expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining capital expenditure  | **(3946)** | **(2867)** | (1479) | (1353) | (35) | (358) | 358 | **(1079)** | (414) | (251) | (111) | (303) |  |
| Ore reserve development  | **(5275)** | **(2344)** | (747) | (1597) |  |  |  | **(2931)** | (1699) | (981) | (251) |  |  |
| Growth projects | **(3362)** | **(675)** | (57) | (618) |  |  |  | **(2687)** |  |  |  | (2673) | (14) |
| **Total capital expenditure** | **(12583)** | **(5886)** | (2283) | (3568) | (35) | (358) | 358 | **(6697)** | (2113) | (1232) | (362) | (2976) | (14) |
| The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards |
| **Cost of sales before amortisation and** <br>**depreciation consists of the following:**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and wages | **(26489)** | **(17445)** | (8913) | (8487) | (45) | (24) | 24 | **(9044)** | (3540) | (2320) | (2113) | (751) | (320) |
| Consumable stores | **(17752)** | **(12024)** | (5846) | (5946) | (232) |  |  | **(5728)** | (1427) | (1038) | (1116) | (1419) | (728) |
| Utilities | **(11334)** | **(5416)** | (3162) | (2251) | (3) | (205) | 205 | **(5918)** | (2512) | (1590) | (557) | (543) | (716) |
| Mine contracts | **(7797)** | **(4539)** | (2394) | (1929) | (216) |  |  | **(3258)** | (618) | (651) | (492) | (928) | (569) |
| Recycling | **—** | **—** |  |  |  |  |  | **—** |  |  |  |  |  |
| Other | **(2830)** | **(3790)** | (1606) | (1756) | (428) | (2302) | 2302 | **960** | 1136 | 5 | 49 | (1008) | 778 |
| **Total cost of sales before amortisation and** <br>**depreciation**<br>| **(66202)** | **(43214)** | (21921) | (20369) | (924) | (2531) | 2531 | **(22988)** | (6961) | (5594) | (4229) | (4649) | (1555) |
| Amortisation and depreciation  | **(7855)** | **(4203)** | (2007) | (2100) | (47) | (412) | 363 | **(3652)** | (1994) | (717) | (363) | (392) | (186) |
| Finance expense  | **(1866)** | **(772)** | (2284) | (424) |  | (58) | 1994 | **(1094)** | (140) | (186) | (122) | (69) | (577) |
| (Impairments)/reversal of impairments | **(1919)** | **(63)** |  |  |  | (599) | 536 | **(1856)** | 166 | (3779) | 449 |  | 1308 |

---

1*Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations. This does not represent a* 

*separate segment as it does not generate revenue*

AFR – **68**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **SECONDARY** <br>**MINING**<br>| |
| **Figures in million – SA rand** | **Total SA** <br>**operations**<br>| **Total SA PGM** | **Rustenburg** | **Marikana** | Kroondal | **Platinum Mile** | Mimosa | Corporate and <br>reconciling <br>items<sup>1</sup><br>| **Total SA gold** | **Driefontein** | **Kloof** | Beatrix | **DRDGOLD** | Corporate and <br>reconciling <br>items<sup>1</sup><br>|
| **2024** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenue | **82402** | **51257** | 19515 | 25311 | 5182 | 1249 | 3104 | (3104) | **31145** | 9848 | 6769 | 5329 | 7068 | 2131 |
| Underground | **69787** | **48314** | 17469 | 25311 | 5182 | 352 | 3104 | (3104) | **21473** | 9759 | 5970 | 5310 |  | 434 |
| Surface | **12615** | **2943** | 2046 |  |  | 897 |  |  | **9672** | 89 | 799 | 19 | 7068 | 1697 |
| Recycling | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  |
| Cost of sales, before amortisation and <br>depreciation<sup>2</sup><br>| **(66560)** | **(42963)** | (16601) | (20912) | (4624) | (826) | (2483) | 2483 | **(23597)** | (6948) | (6326) | (4260) | (4484) | (1579) |
| Underground | **(57936)** | **(40994)** | (15292) | (20912) | (4624) | (166) | (2483) | 2483 | **(16942)** | (6933) | (5774) | (4235) |  |  |
| Surface | **(8624)** | **(1969)** | (1309) |  |  | (660) |  |  | **(6655)** | (15) | (552) | (25) | (4484) | (1579) |
| Recycling | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  |
| Adjusted EBITDA | **13231** | **7399** | 2951 | 3752 | 441 | 187 | 619 | (551) | **5832** | 2840 | 68 | 1027 | 2542 | (645) |
| Capital expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining capital expenditure | **(3497)** | **(2566)** | (903) | (1118) | (503) | (42) | (548) | 548 | **(931)** | (380) | (247) | (64) | (240) |  |
| Ore reserve development | **(5309)** | **(2472)** | (699) | (1773) |  |  |  |  | **(2837)** | (1663) | (932) | (242) |  |  |
| Growth projects | **(4292)** | **(807)** | (101) | (680) |  | (18) |  | (8) | **(3485)** |  |  |  | (3131) | (354) |
| **Total capital expenditure** | **(13098)** | **(5845)** | (1703) | (3571) | (503) | (60) | (548) | 540 | **(7253)** | (2043) | (1179) | (306) | (3371) | (354) |
| The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards |
| Cost of sales before amortisation and <br>depreciation consists of the following:<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and wages | **(25546)** | **(16691)** | (5806) | (8533) | (2301) | (51) | (45) | 45 | **(8855)** | (3388) | (2438) | (2002) | (765) | (262) |
| Consumable stores | **(18789)** | **(13232)** | (3617) | (7653) | (1776) | (186) |  |  | **(5557)** | (1338) | (1239) | (938) | (1355) | (687) |
| Utilities | **(10362)** | **(4658)** | (1975) | (1937) | (744) | (2) | (259) | 259 | **(5704)** | (2228) | (1679) | (497) | (617) | (683) |
| Mine contracts | **(5529)** | **(2368)** | (693) | (379) | (1092) | (204) |  |  | **(3161)** | (700) | (654) | (429) | (867) | (511) |
| Recycling | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  |
| Other | **(6334)** | **(6014)** | (4510) | (2410) | 1289 | (383) | (2179) | 2179 | **(320)** | 706 | (316) | (394) | (880) | 564 |
| **Total cost of sales before amortisation and** <br>**depreciation**<br>| **(66560)** | **(42963)** | (16601) | (20912) | (4624) | (826) | (2483) | 2483 | **(23597)** | (6948) | (6326) | (4260) | (4484) | (1579) |
| Amortisation and depreciation | **(6547)** | **(3647)** | (1162) | (1884) | (487) | (43) | (334) | 263 | **(2900)** | (1380) | (788) | (395) | (312) | (25) |
| Finance expense | **(1948)** | **(611)** | (3240) | (392) | (131) |  | (45) | 3197 | **(1337)** | (260) | (294) | (193) | (78) | (512) |
| Reversal of impairments/(impairments) | **(17)** | **(124)** |  | (112) | 9 |  | (26) | 5 | **107** |  |  |  |  | 107 |

---

*1Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of* 

*equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue*

*2Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R954 million. This write-down mainly relates to PGM* 

*in process and PGM finished goods of R728 million and R185 million, respectively, of which R588 million, R264 million and R61 million relates to Rustenburg, Kroondal and Marikana,* 

*respectively, as a result of the lower commodity price environment*

AFR – **69**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **SECONDARY** <br>**MINING**<br>|  |
| **Figures in million – SA rand** | **Total SA** <br>**operations**<br>| **Total SA PGM** | **Rustenburg** | Marikana | Kroondal | **Platinum**<br>**Mile**<br>| Mimosa | Corporate and <br>reconciling <br>items<sup>1</sup><br>| **Total SA gold** | **Driefontein** | **Kloof** | Beatrix | DRDGOLD | Corporate and <br>reconciling <br>items<sup>1</sup><br>|
| **2023** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenue | **84736** | **55593** | 22722 | 27282 | 4563 | 1026 | 3217 | (3217) | **29143** | 8292 | 8833 | 4804 | 5816 | 1398 |
| Underground | **73257** | **52375** | 20530 | 27282 | 4563 |  | 3217 | (3217) | **20882** | 8106 | 8062 | 4714 |  |  |
| Surface | **11479** | **3218** | 2192 |  |  | 1026 |  |  | **8261** | 186 | 771 | 90 | 5816 | 1398 |
| Recycling | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  |
| Cost of sales, before amortisation and <br>depreciation<br>| **(60780)** | **(36699)** | (15147) | (16961) | (3950) | (641) | (2409) | 2409 | **(24081)** | (6567) | (8149) | (4059) | (4040) | (1266) |
| Underground | **(52802)** | **(34819)** | (13908) | (16961) | (3950) |  | (2409) | 2409 | **(17983)** | (6468) | (7552) | (3963) |  |  |
| Surface | **(7978)** | **(1880)** | (1239) |  |  | (641) |  |  | **(6098)** | (99) | (597) | (96) | (4040) | (1266) |
| Recycling | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  |
| Adjusted EBITDA | **21143** | **17620** | 7636 | 9759 | 485 | 103 | 781 | (1144) | **3523** | 1647 | 524 | 458 | 1736 | (842) |
| Capital expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining capital expenditure | **(3514)** | **(2057)** | (644) | (1097) | (286) | (30) | (1057) | 1057 | **(1457)** | (490) | (421) | (114) | (432) |  |
| Ore reserve development | **(5248)** | **(2551)** | (669) | (1882) |  |  |  |  | **(2697)** | (1461) | (912) | (324) |  |  |
| Growth projects | **(3591)** | **(1038)** |  | (893) | (20) | (125) |  |  | **(2553)** |  | (117) |  | (882) | (1554) |
| Total capital expenditure | **(12353)** | **(5646)** | (1313) | (3872) | (306) | (155) | (1057) | 1057 | **(6707)** | (1951) | (1450) | (438) | (1314) | (1554) |
| The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards |
| Cost of sales before amortisation and <br>depreciation consists of the following:<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and wages | **(24621)** | **(15157)** | (5628) | (8036) | (1446) | (47) | (25) | 25 | **(9464)** | (3229) | (3235) | (2049) | (706) | (245) |
| Consumable stores | **(18551)** | **(12569)** | (3359) | (7962) | (1069) | (179) |  |  | **(5982)** | (1395) | (1728) | (979) | (1212) | (668) |
| Utilities | **(9455)** | **(3943)** | (1835) | (1715) | (391) | (2) | (242) | 242 | **(5512)** | (1973) | (1740) | (584) | (620) | (595) |
| Mine contracts | **(5400)** | **(2346)** | (1234) | (227) | (668) | (217) |  |  | **(3054)** | (708) | (696) | (518) | (741) | (391) |
| Recycling | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  |
| Other | **(2753)** | **(2684)** | (3091) | 979 | (376) | (196) | (2142) | 2142 | **(69)** | 738 | (750) | 71 | (761) | 633 |
| **Total cost of sales before amortisation and** <br>**depreciation**<br>| **(60780)** | **(36699)** | (15147) | (16961) | (3950) | (641) | (2409) | 2409 | **(24081)** | (6567) | (8149) | (4059) | (4040) | (1266) |
| Amortisation and depreciation | **(5357)** | **(2975)** | (1135) | (1537) | (234) | (47) | (475) | 453 | **(2382)** | (1015) | (796) | (328) | (194) | (49) |
| Finance expense | **(1603)** | **(706)** | (4066) | (413) | (122) |  | (28) | 3923 | **(897)** | (116) | (126) | (113) | (72) | (470) |
| Impairments | **(3239)** | **(506)** | (2) |  | (21) |  | (2287) | 1804 | **(2733)** | (2) | (1616) |  |  | (1115) |

---

*1Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals, such as intercompany eliminations and share of results of* 

*equity-accounted investees after tax. This does not represent a separate segment as it does not generate revenue*

AFR – **70**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**2.2 International and recycling operations**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **PRIMARY MINING** | **RECYCLING** | **RECYCLING** | **RECYCLING** |  |  |  |  | **SECONDARY** <br>**MINING**<br>|  |
| **Figures in million – SA rand** | **Total international** <br>**operations**<br>| **Total US operations** | **Total US PGM** | US PGM | **Total US recycling** | Columbus | Pennsylvania site <br>and North <br>Carolina site<sup>1</sup><br>| **Total** <br>**EU operations**<br>| Sandouville nickel <br>refinery<br>| Corporate<br>and reconciling<br>items<sup>2</sup><br>| **Total AUS** <br>**operations**<br>| Century zinc <br>retreatment <br>operation<br>| Corporate and <br>reconciling items<sup>2</sup><br>|
| **2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenue | **32304** | **27114** | **13985** | 6718 | 20396 | 7267 | 13129 | **518** | 518 |  | **4672** | 4672 |  |
| Underground | **6718** | **6718** | **6718** | 6718 |  |  |  | **—** |  |  | **—** |  |  |
| Surface | **4672** | **—** | **—** |  |  |  |  | **—** |  |  | **4672** | 4672 |  |
| Recycling/processing | **20914** | **20396** | **7267** |  | 20396 | 7267 | 13129 | **518** | 518 |  | **—** |  |  |
| Cost of sales, before amortisation and <br>depreciation<sup>3</sup><br>| **(22268)** | **(18440)** | **(6507)** | (2149) | (16291) | (4358) | (11933) | **(767)** | (767) |  | **(3061)** | (3061) |  |
| Underground | **(2149)** | **(2149)** | **(2149)** | (2149) |  |  |  | **—** |  |  | **—** |  |  |
| Surface | **(3061)** | **—** | **—** |  |  |  |  | **—** |  |  | **(3061)** | (3061) |  |
| Recycling/processing | **(17058)** | **(16291)** | **(4358)** |  | (16291) | (4358) | (11933) | **(767)** | (767) |  | **—** |  |  |
| Adjusted EBITDA | **9198** | **8522** | **7353** | 4444 | 4078 | 2909 | 1169 | **(776)** | (590) | (186) | **1452** | 1582 | (130) |
| Capital expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining capital expenditure  | **(505)** | **(412)** | **(366)** | (363) | (49) | (3) | (46) | **(28)** | (28) |  | **(65)** | (59) | (6) |
| Ore reserve development  | **(1212)** | **(1212)** | **(1212)** | (1212) |  |  |  | **—** |  |  | **—** |  |  |
| Growth projects | **(6012)** | **(135)** | **(135)** | (135) |  |  |  | **(5756)** |  | (5756) | **(121)** | (55) | (66) |
| **Total capital expenditure** | **(7729)** | **(1759)** | **(1713)** | (1710) | (49) | (3) | (46) | **(5784)** | (28) | (5756) | **(186)** | (114) | (72) |
| The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards |
| **Cost of sales before amortisation and** <br>**depreciation consists of the following:**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and wages | **(4475)** | **(3647)** | **(3230)** | (3230) | (417) |  | (417) | **(193)** | (193) |  | **(635)** | (635) |  |
| Consumable stores | **(3020)** | **(1933)** | **(1852)** | (1852) | (81) |  | (81) | **(193)** | (193) |  | **(894)** | (894) |  |
| Utilities | **(1070)** | **(438)** | **(414)** | (414) | (24) |  | (24) | **(50)** | (50) |  | **(582)** | (582) |  |
| Mine contracts | **(897)** | **(494)** | **(494)** | (494) |  |  |  | **(88)** | (88) |  | **(315)** | (315) |  |
| Recycling | **(15769)** | **(15769)** | **(4358)** |  | (15769) | (4358) | (11411) | **—** |  |  | **—** |  |  |
| Other | **2963** | **3841** | **3841** | 3841 |  |  |  | **(243)** | (243) |  | **(635)** | (635) |  |
| **Total cost of sales before amortisation and** <br>**depreciation**<br>| **(22268)** | **(18440)** | **(6507)** | (2149) | (16291) | (4358) | (11933) | **(767)** | (767) |  | **(3061)** | (3061) |  |
| Amortisation and depreciation  | **(1509)** | **(1489)** | **(1252)** | (1246) | (243) | (6) | (237) | **(19)** | (2) | (17) | **(1)** |  | (1) |
| Finance expense  | **(2091)** | **(1813)** | **(1762)** | (1762) | (51) |  | (51) | **(93)** | (13) | (80) | **(185)** | (172) | (13) |
| Impairments | **(12062)** | **(4230)** | **(4230)** | (4230) |  |  |  | **(7832)** | (28) | (7804) | **—** |  |  |

---

*1Metallix's results are included for the four months ended 31 December 2025 since the effective date of acquisition (see note 16.1)*

2*Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not* 

*generate revenue. Corporate and reconciling items for total EU operations includes Keliber. The capital expenditure for Keliber relates to expenditure incurred in the course of* 

*construction of the Keliber mine, concentrator and refinery* 

*3Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R1,477 million. This write-down mainly relates to PGM* 

*in process and PGM finished goods of R1,171 million and R306 million, respectively, all relating to the US PGM operations as a result of the lower commodity price environment*

AFR – **71**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **PRIMARY MINING** | **RECYCLING** | **RECYCLING** | **RECYCLING** |  |  |  |  | **SECONDARY** <br>**MINING**<br>|  |
| Figures in million – SA rand | **Total international** <br>**operations**<br>| **Total US operations** | **Total US PGM** | US PGM | **Total US recycling** | Columbus | Pennsylvania site<sup>1</sup> | **Total** <br>**EU operations**<br>| Sandouville nickel <br>refinery<br>| Corporate<br>and reconciling<br>items<sup>2</sup><br>| **Total AUS** <br>**operations**<br>| Century zinc <br>retreatment <br>operation<br>| Corporate and <br>reconciling items<sup>2</sup><br>|
| **2024** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenue | **29854** | **23087** | 16781 | 9207 | 13880 | 7574 | 6306 | **2784** | 2784 |  | **3983** | 3983 |  |
| Underground | **9207** | **9207** | 9207 | 9207 |  |  |  | **—** |  |  | **—** |  |  |
| Surface | **3983** | **—** |  |  |  |  |  | **—** |  |  | **3983** | 3983 |  |
| Recycling/processing | **16664** | **13880** | 7574 |  | 13880 | 7574 | 6306 | **2784** | 2784 |  | **—** |  |  |
| Cost of sales, before amortisation and <br>depreciation<sup>3</sup><br>| **(29838)** | **(23128)** | (17096) | (9848) | (13280) | (7248) | (6032) | **(3384)** | (3384) |  | **(3326)** | (3326) |  |
| Underground | **(9848)** | **(9848)** | (9848) | (9848) |  |  |  | **—** |  |  | **—** |  |  |
| Surface | **(3326)** | **—** |  |  |  |  |  | **—** |  |  | **(3326)** | (3326) |  |
| Recycling/processing | **(16664)** | **(13280)** | (7248) |  | (13280) | (7248) | (6032) | **(3384)** | (3384) |  | **—** |  |  |
| Adjusted EBITDA | **126** | **483** | 215 | (111) | 594 | 326 | 268 | **(878)** | (723) | (155) | **521** | 641 | (120) |
| Capital expenditure |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining capital expenditure  | **(992)** | **(633)** | (623) | (611) | (22) | (12) | (10) | **(173)** | (173) |  | **(186)** | (186) |  |
| Ore reserve development  | **(1920)** | **(1920)** | (1920) | (1920) |  |  |  | **—** |  |  | **—** |  |  |
| Growth projects | **(6528)** | **(291)** | (291) | (291) |  |  |  | **(6221)** |  | (6221) | **(16)** | (6) | (10) |
| **Total capital expenditure** | **(9440)** | **(2844)** | (2834) | (2822) | (22) | (12) | (10) | **(6394)** | (173) | (6221) | **(202)** | (192) | (10) |
| The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards |
| The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards |
| **Cost of sales before amortisation and** <br>**depreciation consists of the following:**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Salaries and wages | **(5834)** | **(4947)** | (4687) | (4687) | (260) |  | (260) | **(350)** | (350) |  | **(537)** | (537) |  |
| Consumable stores | **(5897)** | **(2852)** | (2808) | (2808) | (44) |  | (44) | **(2276)** | (2276) |  | **(769)** | (769) |  |
| Utilities | **(1193)** | **(624)** | (613) | (613) | (11) |  | (11) | **(8)** | (8) |  | **(561)** | (561) |  |
| Mine contracts | **(1579)** | **(920)** | (920) | (920) |  |  |  | **(331)** | (331) |  | **(328)** | (328) |  |
| Recycling | **(13280)** | **(13280)** | (7248) |  | (13280) | (7248) | (6032) | **—** |  |  | **—** |  |  |
| Other | **(2055)** | **(505)** | (820) | (820) | 315 |  | 315 | **(419)** | (419) |  | **(1131)** | (1131) |  |
| **Total cost of sales before amortisation and** <br>**depreciation**<br>| **(29838)** | **(23128)** | (17096) | (9848) | (13280) | (7248) | (6032) | **(3384)** | (3384) |  | **(3326)** | (3326) |  |
| Amortisation and depreciation  | **(2261)** | **(2105)** | (1934) | (1929) | (176) | (5) | (171) | **(38)** | (29) | (9) | **(118)** | (117) | (1) |
| Finance expense  | **(2297)** | **(1791)** | (1761) | (1761) | (30) |  | (30) | **(204)** | (70) | (134) | **(302)** | (288) | (14) |
| Impairments | **(9156)** | **(8824)** | (8824) | (8824) |  |  |  | **(221)** | (221) |  | **(111)** | (4) | (107) |

---

*1Reldan's results are included for the nine and a half months ended 31 December 2024 since the effective date of acquisition (see note 16.2)*

2*Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not* 

*generate revenue. Corporate and reconciling items for total EU operations includes Keliber* 

3*Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R3,774 million. This write-down mainly relates to PGM* 

*in process and PGM finished goods of R3,115 million and R659 million, respectively, all relating to the US PGM operations, as a result of the lower commodity price environment*

AFR – **72**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **PRIMARY MINING** | **RECYCLING** |  |  |  |  | **SECONDARY MINING** |  |
| **Figures in million – SA rand** | **Total international** <br>**operations**<br>| **Total US operations** | **US PGM** | **Columbus** | **Total** <br>**EU operations**<br>| Sandouville nickel <br>refinery<br>| Corporate<br>and reconciling<br>items<sup>1</sup><br>| **Total AUS operations** | Century zinc retreatment <br>operation<br>| Corporate and <br>reconciling items<sup>1</sup><br>|
| **2023** |  |  |  |  |  |  |  |  |  |  |
| Revenue | **29087** | **23812** | 10494 | 13318 | **3024** | 3024 |  | **2251** | 2251 |  |
| Underground | **10494** | **10494** | 10494 |  | **—** |  |  | **—** |  |  |
| Surface | **2251** | **—** |  |  | **—** |  |  | **2251** | 2251 |  |
| Recycling/processing | **16342** | **13318** |  | 13318 | **3024** | 3024 |  | **—** |  |  |
| Cost of sales, before amortisation and <br>depreciation<sup>2</sup><br>| **(28976)** | **(22391)** | (9680) | (12711) | **(4329)** | (4329) |  | **(2256)** | (2256) |  |
| Underground | **(9680)** | **(9680)** | (9680) |  | **—** |  |  | **—** |  |  |
| Surface | **(2256)** | **—** |  |  | **—** |  |  | **(2256)** | (2256) |  |
| Recycling/processing | **(17040)** | **(12711)** |  | (12711) | **(4329)** | (4329) |  | **—** |  |  |
| Adjusted EBITDA | **(428)** | **1317** | 710 | 607 | **(1459)** | (1328) | (131) | **(286)** | (285) | (1) |
| Capital expenditure |  |  |  |  |  |  |  |  |  |  |
| Sustaining capital expenditure  | **(2542)** | **(2180)** | (2178) | (2) | **(248)** | (248) |  | **(114)** | (114) |  |
| Ore reserve development  | **(3889)** | **(3889)** | (3889) |  | **—** |  |  | **—** |  |  |
| Growth projects | **(3295)** | **(774)** | (774) |  | **(2470)** |  | (2470) | **(51)** | (51) |  |
| **Total capital expenditure** | **(9726)** | **(6843)** | (6841) | (2) | **(2718)** | (248) | (2470) | **(165)** | (165) |  |
| The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards | The following items are disclosed per segment in accordance with IFRS Accounting Standards |
| **Cost of sales before amortisation and** <br>**depreciation consists of the following:**<br>|  |  |  |  |  |  |  |  |  |  |
| Salaries and wages | **(5970)** | **(5108)** | (5108) |  | **(360)** | (360) |  | **(502)** | (502) |  |
| Consumable stores | **(7227)** | **(3467)** | (3467) |  | **(3015)** | (3015) |  | **(745)** | (745) |  |
| Utilities | **(1575)** | **(647)** | (647) |  | **(424)** | (424) |  | **(504)** | (504) |  |
| Mine contracts | **(2605)** | **(2076)** | (2076) |  | **(374)** | (374) |  | **(155)** | (155) |  |
| Recycling | **(12711)** | **(12711)** |  | (12711) | **—** |  |  | **—** |  |  |
| Other | **1112** | **1618** | 1618 |  | **(156)** | (156) |  | **(350)** | (350) |  |
| **Total cost of sales before amortisation and** <br>**depreciation**<br>| **(28976)** | **(22391)** | (9680) | (12711) | **(4329)** | (4329) |  | **(2256)** | (2256) |  |
| Amortisation and depreciation  | **(4655)** | **(3390)** | (3386) | (4) | **(206)** | (199) | (7) | **(1059)** | (1059) |  |
| Finance expense  | **(1385)** | **(1134)** | (1134) |  | **(67)** | (13) | (54) | **(184)** | (158) | (26) |
| Impairments | **(44215)** | **(38919)** | (38919) |  | **(1607)** | (1607) |  | **(3689)** | (3689) |  |

---

*1Corporate and reconciling items represent the items to reconcile segment data to consolidated financial statement totals. This does not represent a separate segment as it does not* 

*generate revenue. Corporate and reconciling items for total EU operations includes Keliber* 

2*Included in cost of sales, before amortisation and depreciation is total write-down of inventory to net realisable value amounting to R1,374 million. This write-down mainly relates to PGM* 

*in process and PGM finished goods of R996 million and R378 million, respectively, which relates to the US PGM operations as a result of the lower commodity price environment*

AFR – **73**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**3. Revenue**

**Significant accounting judgements and estimates**<br>**Revenue from PGM and zinc retreatment mining activities**<br>The determination of PGM and zinc concentrate sales revenue from the time of initial recognition of the sale on a provisional basis <br>through to final pricing requires management to continuously re-estimate the fair value of the price adjustment features. Management <br>determines this with reference to estimated forward prices using consensus forecasts. These adjustments are included in revenue as <br>adjustments to sale of PGM and zinc concentrate.<br>**Streaming and other forward sale and prepayment transactions**<br>Upon entering into a streaming or other forward sale/prepayment transaction, management applies judgement to determine the most <br>appropriate IFRS Accounting Standard applicable to the transaction. This includes an assessment of whether the transaction is revenue, <br>debt, a lease or the disposal of a portion of an operation. In performing this assessment, management also considers whether the <br>transaction will be settled through physical delivery of metals, including metal credits, and whether there are any embedded derivative <br>features to be accounted for separately.<br>**Accounting policy**<br>**Revenue from mining activities**<br>Revenue from gold sales is measured and recognised based on the consideration specified in a contract with a customer. The Group <br>recognises revenue from gold sales when the customer obtains control of the gold. These criteria are typically met when the gold is <br>credited to the customer's bullion account by Rand Refinery Proprietary Limited (Rand Refinery) and in the case of DRDGOLD, when the <br>gold is transferred to the bullion bank and the sales price is fixed per deal confirmation. The transaction price is determined based on the <br>agreed upon market price and number of ounces delivered.<br>Revenue from PGM concentrate and metal sales is recognised when the buyer, pursuant to a sales contract, obtains control of the <br>mined product, which is typically upon delivery. The sales price is determined on a provisional basis at the date of delivery (related to <br>sale of concentrate). Adjustments to the selling price occur based on changes in the metal content quantities and penalties, which <br>represents variable transaction price components, as well as changes in the metal market price up to the date of final pricing. Final <br>pricing is based on the monthly average market price in the month of settlement. For PGM metal sales, pricing is finalised within the <br>month of sale. For PGM concentrate sales, the period between provisional invoicing and final pricing is typically between one and four <br>months. Revenue on provisionally priced sales is initially recognised at the amount of consideration that the Group expects to be <br>entitled to.<br>Revenue from zinc concentrate sales is recognised when the buyer, pursuant to a sales contract, obtains control of the mined product <br>which is typically upon receipt of the bill of lading when the goods are loaded for shipment under Cost, Insurance and Freight (CIF) <br>Incoterms. The sales price is determined on a provisional basis at the date of loading. Adjustments to the selling price occur based on <br>changes in the metal market price up to the date of final pricing. Final pricing is based on the monthly average market price in the <br>month of settlement. For zinc concentrate sales, the period between provisional invoicing and final pricing is typically between one and <br>four months. Revenue on provisionally priced sales is initially recognised at the amount of consideration that the Group expects to be <br>entitled to.<br>The revenue adjustment mechanism relating to changes in metal market prices, embedded within provisionally priced PGM and zinc <br>concentrate sale arrangements, has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price <br>adjustment is re- estimated continuously and changes in fair value are recognised as an adjustment to revenue in profit or loss and trade <br>receivables in the statement of financial position. In all cases, fair value is determined with reference to estimated forward prices using <br>consensus forecasts. Revenue arising from these price adjustments is disclosed separately from revenue from contracts with customers.<br>Revenue from PGM recycling consists of the sales of recycled palladium, platinum and rhodium derived from spent catalytic material <br>and is recognised when control is transferred, which is when metal is transferred from the Group's metal account to the third party's <br>metal account. Revenue from PGM recycling also includes revenue from toll processing, which is recognised at the time the returnable <br>metals are returned to the supplier at a third-party refinery.<br>Revenue from e-scrap recycling consists primarily of the sale of precious metals to customers, typically downstream refiners, in the form <br>of bullion as well as partially refined or refined metals. Sales include low-grade and high-grade precious metals bearing material shipped <br>from the Group's refining facilities to downstream refiners, for which the Group is compensated by either returnable metal and/or cash. <br>The transaction price is determined with reference to market prices of the underlying precious metals, adjusted for refining and other <br>applicable charges where appropriate. In certain arrangements, the Group may receive advance payments from customers prior to <br>final settlement. Where such payments are received before control of the material transfers, the amounts received are recognised as <br>deferred revenue (see note 31).<br>Revenue is recognised when control of the material transfers to the customer at the consideration that the Group expects to be entitled <br>to. In assessing the transfer of control, the Group considers, amongst other factors, the point at which the customer obtains the ability to <br>direct the use of the material and obtain its economic benefits, including whether the Group retains exposure to price fluctuations in the <br>underlying metals and substantive decision-making rights over the ultimate sale of the material.<br>

AFR – **74**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

Revenue from sale of other metals produced in Europe, USA and Australia is measured and recognised based on the consideration <br>specified in a contract with a customer. The Group recognises revenue from these metal sales when the customer obtains control of the <br>product, which is typically upon delivery.<br>**Streaming revenue**<br>The Group enters into long-term metal streaming transactions whereby it receives advance payments as well as additional cash <br>payments for delivery of future ounces to streaming entities, typically over the entire life-of-mine of the operations subject to the stream. <br>These contracts are typically settled by the Group transferring metal credits, representing underlying refined metals, to the streaming <br>entity's metal account. These transactions provide for settlement in physical commodity ounces or metal credits. Each ounce is identified <br>as a separate performance obligation.<br>The transaction price under IFRS 15 *Revenue from Contracts with Customers* (IFRS 15), being the advance payment (see note 31) and <br>future cash payments to be received, is recognised as revenue each month when the commodity ounces or metal credits are <br>transferred to the streaming entity's account. It is from this date that the streaming entity has effectively accepted the metal, has physical <br>control of the related metal and has the risk and reward of the respective metal (i.e. control has transferred).<br>Revenue is recognised over the life-of-mine of the relevant operations in line with the timing of control transfer discussed above. To the <br>extent that the life-of-mine changes or other key inputs are changed (see note 31), these changes are recognised prospectively as a <br>cumulative catch-up in revenue in the year that the change occurs.<br>**Other forward sale and prepayment transactions** <br>The Group also enters into other forward sale or prepayment transactions with counterparties in which a cash payment is received in <br>advance for future delivery of metals to the relevant counterparty. Each metal unit is identified as a separate performance obligation.<br>The transaction price under IFRS 15, being the advance payment and further cash payments received, is recognised as revenue when <br>the metals are delivered or credited to the customer's account and Sibanye-Stillwater no longer has physical control of the metal, which <br>is also when the risk and rewards are transferred (i.e. control has transferred).<br>

The Group's sources of revenue are:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| **Primary mining:** |  |  |  |
| Gold mining activities | **27930** | 24077 | 23327 |
| PGM mining activities<sup>1</sup> | **65568** | 59682 | 66275 |
| Nickel refining activities | **518** | 2784 | 3024 |
| **Secondary mining:** |  |  |  |
| Zinc retreatment operation<sup>2</sup> | **4763** | 4220 | 2580 |
| Gold tailings retreatment | **9129** | 7068 | 5816 |
| **Recycling:** |  |  |  |
| Pennsylvania site and North Carolina site recycling activities | **13129** | 6306 |  |
| Columbus site recycling activities | **7218** | 7574 | 13318 |
| **Other:** |  |  |  |
| Stream<sup>1</sup> | **1299** | 581 | 509 |
| **Total revenue from contracts with customers** | **129554** | 112292 | 114849 |
| Adjustments relating to sales of PGM concentrate provisional pricing<sup>3</sup> | **214** | 74 | (836) |
| Adjustments relating to Zinc operation provisional pricing<sup>3</sup> | **(91)** | (237) | (329) |
| **Total revenue** | **129677** | 112129 | 113684 |

---

*1The difference between revenue from PGM mining activities presented above and total revenue from PGM mining activities presented on the segment* 

*report relates to the separate disclosure of revenue from the gold and palladium streaming arrangement with Wheaton Precious Metals International* 

*(Wheaton International) (Wheaton Stream) and the gold and platinum streaming arrangement with Franco-Nevada (Franco-Nevada stream) in the above.* 

*Revenue relating to the Wheaton Stream and Franco-Nevada stream is incorporated in the Group corporate segment as described in the segment report* 

*(see note 2)*

*2The difference between revenue from the zinc retreatment operation presented above and total revenue from zinc retreatment operation presented on the* 

*segment report relates to the separate disclosure of revenue related to adjustments on the provisional pricing on zinc sales*

*3These adjustments relate to provisional pricing arrangements resulting from subsequent changes to the amount of revenue recognised*

AFR – **75**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

Revenue per geographical region of the relevant operations:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Southern Africa (SA) | **97942** | 82402 | 84736 |
| United States (US) | **26545** | 22960 | 23673 |
| Europe (EU) | **518** | 2784 | 3024 |
| Australia (AUS) | **4672** | 3983 | 2251 |
| **Total revenue** | **129677** | 112129 | 113684 |

---

Percentage of revenue per segment based on the geographical location of customers purchasing from the Group

**SA Gold**

![13194139557347](sbsw-20251231_g135.gif)

![13194139557349](sbsw-20251231_g136.gif)

![13194139557351](sbsw-20251231_g137.gif)

**US and SA PGM**

![13194139557367](sbsw-20251231_g138.gif)

![13194139557369](sbsw-20251231_g139.gif)

![13194139557371](sbsw-20251231_g140.gif)

AFR – **76**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Nickel refining (Europe)**

![13194139557493](sbsw-20251231_g141.gif)

![13194139557495](sbsw-20251231_g142.gif)

![13194139557497](sbsw-20251231_g143.gif)

**Zinc retreatment (Australia)**

![13194139557529](sbsw-20251231_g144.gif)

![13194139557531](sbsw-20251231_g145.gif)

![13194139557533](sbsw-20251231_g146.gif)

**Pennsylvania site and North Carolina site recycling (US)**

![13194139557592](sbsw-20251231_g147.gif)

![13194139557594](sbsw-20251231_g148.gif)

AFR – **77**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

Revenue generated per product:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Gold | **47691** | 37138 | 30257 |
| PGMs | **68945** | 59547 | 71090 |
| Platinum | **25829** | 20573 | 19775 |
| Palladium | **19114** | 19919 | 25271 |
| Rhodium | **17973** | 14747 | 21991 |
| Iridium | **3781** | 2824 | 2883 |
| Ruthenium | **2248** | 1484 | 1170 |
| Chrome | **4824** | 6069 | 5165 |
| Nickel | **1332** | 3626 | 4334 |
| Zinc | **4326** | 3765 | 2126 |
| Silver | **2146** | 1008 | 152 |
| Other<sup>1</sup> | **413** | 976 | 560 |
| **Total revenue**  | **129677** | 112129 | 113684 |

---

1*Other primarily includes revenue from cobalt and copper sales*

**Major customers**

The table below illustrates the Group's major customers for the year ended:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
|  | **Customers** | **Customers** | **Customers** | **Customers** | **Customers** | **Customers** | **Customers** | **Customers** | **Customers** |
| **Operating segments** | **A** | **B** | **C** | **A** | **B** | **C** | **A** | **B** | **C** |
| US PGM, SA PGM and Pennsylvania site <br>recycling and North Carolina site recycling<br>| **26335** | **—** | **—** | 24719 |  |  |  |  |  |
| US PGM and SA PGM | **—** | **13088** | **—** |  | 12332 |  | 28764 | 13804 |  |
| SA gold | **—** | **—** | **14950** |  |  | 12183 |  |  | 14405 |

---

**Market risk**

**Foreign currency sensitivity**

The US, European and Australian regions' revenue (and expenses) are translated from their functional currencies (US dollars, Euros and

Australian dollars, respectively) to the Group's presentation currency (SA rand) and, therefore, the Group's "presentation currency"

earnings are sensitive to changes in the exchange rate. A one percentage point change in the SA rand average exchange rate for the

year ended 31 December 2025 of R17.88/US$, R20.17/EUR and R11.52/AUD would have changed profit or loss by approximately R80 million.

AFR – **78**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**4. Cost of sales**

---

| |
|:---|
| **Accounting policy**<br>Cost of sales include all costs generally associated with the production of inventory whereas other expenses are disclosed separately or <br>included in other costs. The carrying amount of metal inventory is recognised in cost of sales when the related sale is recognised. The cost <br>of consumable stores is included in cost of sales when consumed. The accounting policy relating to inventory is included in <br>note 23 and amortisation and depreciation in note 14 and note 15. <br>The following accounting policies relate to employee costs that are included in cost of sales:<br>|
| **Short-term employee benefits**<br>Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be <br>paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee <br>and the obligation can be reliably estimated.<br>|
| **Pension and provident funds**<br>The Group operates a defined contribution retirement plan and contributes to a number of industry-based defined contribution <br>retirement plans. The retirement plans are funded by payments from employees and Group companies.<br>Contributions to defined contribution funds are expensed as incurred.<br>**Government grants**<br>Government grants are recognised once there is reasonable assurance that the Group will comply with the conditions attached to them <br>and the grant will be received. For government grants compensating for expenditure incurred by the Group, the related expense is <br>presented net of the grant income.<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| Salaries and wages |  | **(30964)** | (31380) | (30591) |
| Consumable stores | 22 | **(20772)** | (24685) | (25778) |
| Utilities |  | **(12404)** | (11556) | (11029) |
| Mine contracts |  | **(8694)** | (7109) | (8005) |
| Recycling<sup>1</sup> |  | **(18357)** | (13280) | (12711) |
| Section 45X credit (relating to 2023 and 2024) |  | **4403** |  |  |
| Section 45X credit (relating to 2025 primary mining) |  | **801** |  |  |
| Section 45X credit (relating to 2025 recycling) |  | **681** |  |  |
| Other |  | **(9621)** | (15617) | (10779) |
| Ore reserve development costs capitalised |  | **6488** | 7229 | 9137 |
| Cost of sales, before amortisation and depreciation<sup>2</sup> |  | **(88439)** | (96398) | (89756) |
| Amortisation and depreciation | 141517 | **(9367)** | (8810) | (10012) |
| **Total cost of sales** |  | **(97806)** | (105208) | (99768) |

---

1*Recycling cost consists of cost relating to the purchasing of spent catalytic material and the cost incurred to convert the spent catalytic material into finished PGMs.* 

*Recycling costs also includes the purchase of electronic waste and other materials and the cost to convert the waste and materials into finished product at the* 

*Pennsylvania and North Carolina recycling sites*

2*Included in cost of sales, before amortisation and depreciation for the year ended 31 December 2025 is total write-down of inventory to net realisable value amounting to* 

R1,477 million *(2024:* R4,784 million *and 2023:* R1,694 million)*. The write-down mainly relates to PGM in process and PGM finished goods of* R1,171 million *(2024:* R3,843 million*,* 

*2023: R1,179 million) and* R306 million *(2024:* R844 million*, 2023: R423 million), respectively, as a result of the lower commodity prices during specific months*

The SA and European operations' employees are members of various defined contribution retirement plans. The cost of providing

retirement benefits for the year amounted to R1,769 million (2024: R1,774 million and 2023: R1,752 million).

**Section 45X Advance Manufacturing Production Credit**

The US PGM operations qualifies for an Advanced Manufacturing Production credit amount, equal to 10 percent of the costs incurred with

respect to production of certain qualifying critical minerals under the Inflation Reduction Act (IRA) in the US, more specifically the Section

45X Advanced Manufacturing Production ("AMP") credit. Due to the fact that the US PGM operations outsources the purification of

platinum, palladium and rhodium to an unrelated third party refinery, it is required that the US PGM operations must enter into an

agreement with the third party that identifies the US PGM operations as the sole party that may claim the credit and both the third party

and the US PGM operations signs a certification statement reflecting this agreement.

During June 2025, the certification statements relating to the 31 December 2023 and 31 December 2024 financial years were signed by the

US PGM operations and the third party refinery. The refining agreement was also amended to address the certification for the remainder of

the contract period. Accordingly, R2,472 million and R1,931 million were recognised as income during the year ended 31 December 2025,

but in respect of the 2023 and 2024 Section 45X credits, respectively. The related receivable is included in other receivables on the

consolidated statement of financial position. The Section 45X credits for 2023 amounted to R1,245 million and R1,227 million for primary

AFR – **79**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

mining operations (underground mining) and recycling operations, respectively, and the Section 45X credits for 2024 amounted to

R1,220 million and R711 million for primary mining operations and recycling operations, respectively.

**5. Interest income and finance expense**

**Accounting policy**<br>Interest income comprises interest income on cash deposits, rehabilitation obligation funds, the S45X grant receivable, the right of <br>recovery asset and other assets. Interest income is recognised using the effective interest method. Interest income on funds specifically <br>borrowed for the purpose of constructing a qualifying asset is offset against the related interest expense capitalised to the relevant item.<br>Finance expense comprises interest on borrowings, lease liabilities, environmental rehabilitation obligation, occupational healthcare <br>obligation, deferred payment, deferred revenue, deferred consideration, Marikana dividend obligation and other interest and is offset by <br>borrowing costs capitalised on qualifying assets where applicable.<br>Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Cash <br>flows from interest paid are classified under operating activities in the statement of cash flows.<br>The difference between interest income and finance expense in this note and the statement of cash flows is due to the exclusion of the <br>non-cash items. <br>

**5.1 Interest income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | **2024** | **2023** |
| Interest received on cash deposits |  | **849** | 882 | 998 |
| Interest received on rehabilitation obligation funds | 20 | **417** | 404 | 339 |
| Interest on S45X credit |  | **273** |  |  |
| Interest on right of recovery asset |  | **—** |  | 25 |
| Other |  | **29** | 51 | 7 |
| **Total interest income** | **Total interest income** | **1568** | 1337 | 1369 |

---

**5.2 Finance expense**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| Interest charge on: |  |  |  |  |
| Borrowings (interest) | 27 | **(1793)** | (1946) | (1192) |
| Borrowings (unwinding of amortised cost) | 27 | **(640)** | (688) | (359) |
| Lease liabilities | 28 | **(39)** | (34) | (43) |
| Environmental rehabilitation obligation | 29.1 | **(984)** | (966) | (758) |
| Occupational healthcare obligation | 30 | **(34)** | (38) | (70) |
| Deferred payment (related to the Rustenburg operation acquisition) |  | **—** |  | (85) |
| Deferred revenue<sup>1</sup> | 31 | **(1121)** | (371) | (327) |
| Deferred consideration (related to Pandora acquisition) | 21.2 | **—** |  | (3) |
| Marikana dividend obligation | 21.2 | **(85)** | (188) | (236) |
| Other |  | **(304)** | (340) | (226) |
| **Total finance expense** | **Total finance expense** | **(5000)** | (4571) | (3299) |

---

1*For the year ended* 31 December 2025*, interest expense includes non-cash interest of* R993 million *(*2024*:* R291 million*,* 2023*:* R299 million) *relating to the Wheaton Stream* 

*and from 2025, also the Franco-Nevada Stream. Although there is no cash financing cost related to these arrangements, IFRS 15 requires the Group to recognise a* 

*notional financing charge due to the significant time delay between receiving the upfront streaming payment and satisfying the related performance obligations (see* 

*note 31 for more information relating to the streaming transactions)*

**Net interest paid**

The table below provides a summary of the cash interest paid and received:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Interest paid<sup>1</sup> | **(2337)** | (2101) | (1304) |
| Interest received<sup>2</sup> | **849** | 882 | 998 |
| **Net interest paid** | **(1488)** | (1219) | (306) |

---

*1Interest paid primarily consist of accrued interest paid on borrowed funds (see note 27) and lease liabilities*

*2Interest received primarily consists of interest on cash deposits*

AFR – **80**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**6. Share-based payments**

**Significant accounting judgements and estimates**<br>For cash-settled share-based payment instruments issued to B-BBEE shareholders, the measurement of the share-based payment <br>obligations depend on various key inputs. These include estimates of future cash flows, which depend on inputs such as production <br>profiles, future metal prices, exchange rates, loan repayments as well as estimates of appropriate discount rates. The valuations relating <br>to the Group's cash-settled compensation plans make use of inputs such as the Sibanye-Stillwater share price and volatility estimates, risk <br>free interest rates and dividend yields. Changes in key inputs may result in changes in the recognised share-based payment obligations <br>and are therefore regarded as significant judgements and estimates.<br>**Accounting policy**<br>**Cash-settled share-based payments**<br>The Group operates cash-settled compensation plans in which certain employees of the Group participate. These awards entitle the <br>participants to cash payments based on a relevant share price. The fair value of the cash-settled instruments is measured by reference to <br>the fair value of the underlying shares using appropriate valuation models and assumptions, taking into account the terms and conditions <br>upon which the instruments were granted.<br>The fair value of the cash-settled instruments is recognised as share-based payment expenses over the vesting period based on the <br>Group's estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based payment <br>obligation. At each reporting date, the obligation is remeasured to the fair value of the instruments, to reflect the potential outflow of <br>cash resources to settle the liability, with a corresponding adjustment to the share-based payment expense. Vesting assumptions for <br>service and non-market performance conditions are reviewed at each reporting date to ensure they reflect current expectations.<br>The Group also issued cash-settled instruments to B-BBEE shareholders in terms of the Rustenburg operation B-BBEE transaction (see note <br>6.3) and the Marikana B-BBEE transaction (see note 6.4). The fair value of these instruments are determined using appropriate valuation <br>models and assumptions, taking into account the terms and conditions upon which the instruments were granted. At each reporting <br>date, the obligation is remeasured to the fair value of the instruments, to reflect the potential outflow of cash resources to settle the <br>liability. There are no vesting conditions and fair value changes are recognised as part of gains or losses on financial instruments in profit <br>or loss.<br>**Equity-settled share-based payments**<br>In prior periods, the Group operated equity-settled compensation plans in which certain employees of the Group participated. These <br>plans have subsequently been amended to cash-settled schemes, except for the DRDGOLD equity-settled scheme, as outlined in note <br>6.2. The fair value of DRDGOLD's equity-settled instruments is measured by reference to the fair value of the relevant equity instruments <br>granted, taking into account the terms and conditions upon which those equity-settled instruments were granted. The fair value of <br>DRDGOLD's equity-settled instruments granted is estimated using appropriate valuation models and appropriate assumptions at the <br>grant date. Service and non-market performance conditions are not taken into account when estimating the fair value of the equity-<br>settled instruments at grant date. Market conditions are taken into account in determining the fair value at grant date. <br>The grant date fair value of the equity-settled instruments is recognised as share-based payment expenses over the vesting period based <br>on the DRDGOLD's estimate of the number of instruments that will eventually vest, with a corresponding increase in the share-based <br>payment reserve. Vesting assumptions for service and non-market performance conditions are reviewed at each reporting date until <br>vesting to ensure they reflect current expectations.<br>**Modifications to share-based payment schemes**<br>Where the terms of an equity-settled or a cash-settled award are modified, the originally determined expense is recognised as if the terms <br>had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-<br>based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification.<br>

**6.1 Cash-settled share-based payments — Sibanye-Stillwater**

**2020 Share Plan** 

From the March 2020 remuneration cycle, long-term incentive awards are made on a cash-settled basis rather than equity-settled

(excluding DRDGOLD). This includes awards of both Forfeitable Share Units (FSUs) and Conditional Share Units (CSUs). The last awards issued

under the 2020 Share Plan, vested in 2024.

**FSUs**

The Remuneration Committee approved an annual award of FSUs to eligible participants as a share-based component of the short-term

incentive scheme. Annual FSU awards are granted to each eligible participant in March, valued at two-thirds of the cash Short-Term

Incentive (STI) paid in respect of the preceding incentive cycle for Vice President (VP) levels and above. The number of FSUs awarded is

determined by dividing the monetary value by the three-day volume-weighted average price (VWAP) of a Sibanye-Stillwater share listed

on the Johannesburg Stock Exchange (for South African participants), or the three-day VWAP of the Group's American Depositary Shares

(ADS) listed on the New York Stock Exchange (for United States participants) calculated immediately preceding the award date. For

participants employed in other jurisdictions, the award value is converted into South African rand using a representative exchange rate for

the three trading days preceding the award date before applying the relevant VWAP. FSUs vest in two equal tranches, nine months and 18

months after the award date and have the right to receive dividend equivalents.

AFR – **81**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**CSUs**

The Remuneration Committee also approved an annual award of CSUs to eligible participants as part of its long-term incentive (LTI)

scheme. The value of each CSU award is determined with reference to the participant's deemed guaranteed remuneration, applicable LTI

participation percentage (linked to job grade) and an individual performance modifier based on the preceding year's assessed

performance rating. The number of CSUs awarded is calculated by dividing this award value by the three-day VWAP immediately

preceding the award date of Sibanye-Stillwater's ordinary share listed on the JSE (for South African participants), or the ADS listed on the

New York Stock Exchange (for United States participants). For participants employed in other jurisdictions, the award value is converted into

South African rand using a representative exchange rate for the three trading days preceding the award date before applying the

relevant VWAP. The vesting of CSU awards under the 2020 Share Plan were subject to performance conditions as approved by the

Remuneration Committee. In particular, the number of cash-settled shares that vested depended on the extent to which Sibanye-Stillwater

performed over the intervening three-year period relative to two performance criteria, being a market vesting condition referred to as the

Total Shareholder Return (TSR), and a non-market vesting condition, the Return on Capital Employed (ROCE). In addition, at the sole

discretion of the Remuneration Committee, up to 20% of the determined number of vested shares using the two performance criteria was

liable to forfeiture in the event of any extreme environmental, social, and governance (ESG) incidents occurring during the vesting period.

The TSR and ROCE performance conditions for CSUs under the 2020 Share Plan are summarised below.

**Total Shareholder Return (TSR) — 70% Weighting**

The TSR performance condition was measured against a benchmark of eight peer group mining and resource companies that were

deemed to collectively represent an alternative investment portfolio for Sibanye-Stillwater's shareholders (Peer Group). The Peer Group

comprised similar market capitalisation companies that were reflective of the expected positioning of Sibanye-Stillwater over the medium

term as a value driven multi-commodity resources company with a specific focus on gold and platinum.

The Peer Group for the 2020 Share Plan was as follows:

---

| |
|:---|
| **Peer group companies for TSR comparison** |
| AngloGold Ashanti Limited |
| Anglo American Platinum Limited (now known as Valterra Platinum Limited) |
| Gold Fields Limited |
| Impala Platinum Holdings Limited |
| Northam Platinum Limited |
| Exxaro Resources Limited |
| Harmony Gold Mining Company Limited |
| African Rainbow Minerals Limited |

---

Sibanye-Stillwater's TSR over the vesting period was compared with the Peer Group TSR curve constructed on a market capitalisation

weighted basis. The annualised TSR over the vesting period (TSRANN) was determined for each of the companies in the Peer Group. The Peer

Group companies were sorted from lowest to highest TSRANN. The average market capitalisation based on daily closing price was

determined for each company, and each peer company was assigned its proportion of the overall average market capitalisation of the

Peer Group. The peer company TSR curve was plotted at the midpoint of each company's percentage of Peer Group market

capitalisation on a cumulative basis above the worst performing companies in the Peer Group. In the event that one or more of the Peer

Group companies became ineligible for comparison, the curve would be based on the companies remaining in the Peer Group.

The cumulative position of Sibanye-Stillwater's TSRANN was then mapped onto the TSR curve for the Peer Group to determine the percentile

at which Sibanye-Stillwater performed over the vesting period. The performance curve that governed vesting is set out in the table below

with linear interpolation applied between the indicated levels.

---

| | |
|:---|:---|
| **TSR element of performance conditions**<br>**Percentile on peer group TSR curve**<br>| **% vesting** |
| 0% | 0% |
| 10% | 0% |
| 20% | 0% |
| 30% | 5% |
| 40% | 20% |
| 50% | 35% |
| 60% | 55% |
| 70% | 75% |
| 80% | 90% |
| 90% | 100% |
| 100% | 100% |

---

AFR – **82**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Return On Capital Employed (ROCE) — 30% Weighting**

ROCE is a profitability metric that measures how efficiently a company generated profits from its capital employed. For Sibanye-Stillwater,

ROCE was evaluated against the company's cost of equity (Ke). A minimum threshold on the performance scale for ROCE was set as

equalling Ke, which would lead to the ROCE element contributing 0% towards the performance condition. Delivering a return that exceeds

Ke by 6% or more would be regarded as a superior return representing the maximum 100% on the performance scale and full vesting in

respect of the ROCE element. The performance curve that governed vesting is set out in the table below, with linear interpolation between

the indicated levels.

---

| | |
|:---|:---|
| **ROCE element of performance condition**<br>**Annual ROCE**<br>| **% vesting** |
| ≤Ke | 0% |
| Ke + 1% | 16.7% |
| Ke + 2% | 33.3% |
| Ke + 3% | 50.0% |
| Ke + 4% | 66.7% |
| Ke + 5% | 83.3% |
| Ke + 6% | 100.0% |

---

The overall vesting was determined by applying the TSR performance condition to 70% of awarded shares element and the ROCE

performance condition to 30% of awarded shares – plus any further discretionary reduction in the award based on the Remuneration

Committee's judgement regarding ESG matters mentioned above.

**2021 to 2025 Share Plans** 

Revisions were introduced to cash-settled awards from the March 2021 remuneration cycle for new awards granted (2021 Share Plan). The

2021 Share Plan was similar to the 2020 Share Plan as it remained cash-settled, consisted of FSU and CSU awards and had the same service

conditions as the 2020 Share Plan. The last awards issued under the 2021 Share Plan, vested during 2025.

The key revisions in the 2021 Share Plan included:

• an updated peer company group

• changes in the assessment of the TSR performance condition, now referred to as a relative TSR (rTSR)

• introduction of an ESG performance condition and a change from return on capital employed (ROCE) to a return on invested capital

(ROIC) performance condition

• the weighting of the performance conditions for the rTSR, ESG and ROIC measures are 50%, 20% and 30%, respectively

• the performance conditions also have super-stretch targets that could result in vesting of up to 250% of the relevant weighting

depending on the target achieved

AFR – **83**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The key terms of each performance condition relating to the 2021 Share Plan are as follows:

• rTSR: The performance condition is similar to the 2020 Share Plan, except that it is measured on a weighted average basis following an

index-like approach. Both platinum and gold companies are included in the peer group and performance is measured over the three-

year measurement period. In selecting the appropriate peer companies, factors such as market capitalisation, geographical exposure,

listing on multiple exchanges as well as gold and platinum commodity exposure are considered

• ROIC: Like ROCE, ROIC is a capital efficiency measure which calculates how efficiently the Group allocates its controllable capital to

profitable investments. It provides an indication of the Group's quality of earnings with reference to the risk categorisation of its

underlying asset portfolio. ROIC is calculated on an annualised basis over the three-year vesting period as net operating profit after tax

divided by invested capital, which is defined as total assets less current liabilities less cash

• ESG: Performance is assessed over the three-year performance period using an ESG scorecard, applicable to each year of the

performance period. The outcome of the performance condition on vesting is determined as the average performance over the three

years

Further revisions were introduced to new cash-settled awards granted from the March 2022 remuneration cycle (2022 Share Plan). The 2022

Share Plan is similar to the 2021 Share Plan. Key revisions included the replacement of the ESG override with additional malus and clawback

triggers and the deferral of the settlement of FSU dividend equivalents until vesting. In addition, for CSU awards, trailing years were phased

into the performance period with awards in 2022 having one trailing year for measurement purposes, which increased to two trailing years

from the 2023 award cycle. For example, performance conditions relating to the 2022 award cycle included 2021, 2022, 2023 and 2024 as

the performance period to measure the value of the awards upon vesting.

The 2023 to 2025 Share Plans are similar to the 2022 Share Plan, with key revisions such as FSU dividend equivalents no longer being deferred,

the share price used for making the awards changing from three-day VWAP to thirty-day VWAP as listed on the JSE and the NYSE

respectively, immediately preceding the award date and the introduction of a volatility adjustment to the VWAP used for making awards

and determining the settlement value of awards. The volatility adjustment incorporates a cap and floor price, which is to be applied to the

relevant VWAP and is calculated as 1.5 standard deviations in the average closing share prices over a trailing two hundred-day period.

From 2024, E-band employees, other than VPs and above, also receive FSU awards based on one third of their STIs paid in respect of the

preceding incentive cycle. The vesting conditions applied to these awards are the same as other FSUs, however the awards are not eligible

for dividend equivalent payments.

**Minimum Shareholding Requirement Plan**

The Minimum Shareholding Requirement Plan (MSR Plan) is aimed at encouraging executive leadership and senior management (Senior

Vice President level and above) to have personal exposure to the Group's share price through the holding of shares and/or ADSs in the

Group, thus reinforcing the alignment to shareholder interests. The MSR Plan will reward commitment of personal shares through the award

of Matching Share Units (MSUs).

To qualify for the award of MSUs, participants must achieve the target minimum shareholding of between 100% and 200% of their deemed

guaranteed remuneration expressed in shares and/or ADSs. The target minimum shareholding must be satisfied through committed shares.

Each committed share qualifies for one MSU once the target minimum shareholding is reached (1:1 ratio). Other than the requirement to

hold committed shares for the vesting period, the MSR Plan has the same terms as the 2022 to 2025 Share Plans. With effect from 1 April

2024, the MSR Plan ceased admitting new participants. Existing participants retain the five-year period to build up to the target minimum

shareholding, after which they may qualify for an award of MSUs based on their committed shareholding.

**Total Shareholder Return (rTSR) — 50% Weighting**

The peer companies under the 2021 to 2025 Share Plans and MSR Plan relating to the rTSR performance condition are as follows:

---

| |
|:---|
| **Peer group companies for rTSR comparison** |
| AngloGold Ashanti Limited |
| Valterra Platinum Limited (previously Anglo American Platinum Limited) |
| Gold Fields Limited |
| Impala Platinum Holdings Limited |
| Northam Platinum Limited |
| Fresnilo Plc |
| Harmony Gold Mining Company Limited |
| Kinross Gold Corporation |

---

AFR – **84**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Awards granted, exercised and forfeited under the 2020 Share Plan**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Conditional**<br>**Share Units** | **Conditional**<br>**Share Units** | **Conditional**<br>**Share Units** |  | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** |
| **2023** | **2024** | **2025** | Number of units | **2025** | **2024** | **2023** |
| 12578174 | 83646 | **—** | Outstanding at beginning of the year | **—** |  | 17955 |
|  |  |  | Movement during the year: |  |  |  |
| (4765694) | (80651) | **—** | Vested | **—** |  | (17955) |
| (7728834) | (2995) | **—** | Forfeited | **—** |  |  |
| 83646 |  | **—** | Outstanding at end of the year | **—** |  |  |

---

**Awards granted, exercised and forfeited under the 2021 Share Plan** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Conditional**<br>**Share Units** | **Conditional**<br>**Share Units** | **Conditional**<br>**Share Units** |  | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** |
| **2023** | **2024** | **2025** | Number of units | **2025** | **2024** | **2023** |
| 3281578 | 2940337 | **68573** | Outstanding at beginning of the year | **—** |  |  |
|  |  |  | Movement during the year: |  |  |  |
| 618 |  | **55578** | Granted during the year | **—** |  |  |
| (45104) | (2722274) | **(110712)** | Vested | **—** |  |  |
| (296755) | (149490) | **(13439)** | Forfeited | **—** |  |  |
| 2940337 | 68573 | **—** | Outstanding at end of the year | **—** |  |  |

---

**Awards granted, exercised and forfeited under the 2022 Share Plan and the MSR plan**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Conditional and matching** <br>**Share Units**<sup>1</sup> | **Conditional and matching** <br>**Share Units**<sup>1</sup> | **Conditional and matching** <br>**Share Units**<sup>1</sup> |  | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** |
| **2023** | **2024** | **2025** | Number of units | **2025** | **2024** | **2023** |
| 7196744 | 6897210 | **6750455** | Outstanding at beginning of the year | **—** |  | 670522 |
|  |  |  | Movement during the year: |  |  |  |
| 301388 |  | **21614** | Granted during the year | **—** |  | 9783 |
| (21485) | (84635) | **(5425636)** | Vested | **—** |  | (626241) |
| (579437) | (62120) | **(516214)** | Forfeited | **—** |  | (54064) |
| 6897210 | 6750455 | **830219** | Outstanding at end of the year | **—** |  |  |

---

1*Includes matching share units under the MSR plan with effect from the March 2022 remuneration cycle*

**Awards granted, exercised and forfeited under the 2023 Share Plan and the MSR plan**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Conditional and**<br> **matching Share Units**<sup>1</sup> | **Conditional and**<br> **matching Share Units**<sup>1</sup> | **Conditional and**<br> **matching Share Units**<sup>1</sup> |  | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** |
| **2023** | **2024** | **2025** | Number of units | **2025** | **2024** | **2023** |
|  | 8934250 | **8846013** | Outstanding at beginning of the year | **—** | 1232760 |  |
|  |  |  | Movement during the year: |  |  |  |
| 9598092 | 257534 | **362** | Granted during the year | **—** |  | 2722393 |
| (8024) | (63791) | **(90684)** | Vested | **—** | (1196886) | (1269811) |
| (655818) | (281980) | **(928047)** | Forfeited | **—** | (35874) | (219822) |
| 8934250 | 8846013 | **7827644** | Outstanding at end of the year | **—** |  | 1232760 |

---

1*Includes matching share units under the MSR plan with effect from the March 2023 remuneration cycle*

AFR – **85**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Awards granted, exercised and forfeited under the 2024 Share Plan and the MSR plan**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Conditional and**<br> **Matching Share Units**<sup>1</sup> | **Conditional and**<br> **Matching Share Units**<sup>1</sup> | **Conditional and**<br> **Matching Share Units**<sup>1</sup> |  | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** |
| **2023** | **2024** | **2025** | Number of units | **2025** | **2024** | **2023** |
|  |  | **13606802** | Outstanding at beginning of the year | **4685668** |  |  |
|  |  |  | Movement during the year: |  |  |  |
|  | 13817578 | **423321** | Granted during the year | **—** | 9736035 |  |
|  |  | **(32375)** | Vested | **(4305957)** | (4770248) |  |
|  | (210776) | **(1804653)** | Forfeited | **(379711)** | (280119) |  |
|  | 13606802 | **12193095** | Outstanding at end of the year | **—** | 4685668 |  |

---

1*Includes matching share units under the MSR plan with effect from the March 2024 remuneration cycle*

**Awards granted, exercised and forfeited under the 2025 Share Plan and the MSR plan**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Conditional and**<br> **Matching Share Units**<sup>1</sup> | **Conditional and**<br> **Matching Share Units**<sup>1</sup> | **Conditional and**<br> **Matching Share Units**<sup>1</sup> |  | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** |
| **2023** | **2024** | **2025** | Number of units | **2025** | **2024** | **2023** |
|  |  | **—** | Outstanding at beginning of the year | **—** |  |  |
|  |  |  | Movement during the year: |  |  |  |
|  |  | **17278978** | Granted during the year | **14756085** |  |  |
|  |  | **—** | Vested | **(7006155)** |  |  |
|  |  | **(969899)** | Forfeited | **(833647)** |  |  |
|  |  | **16309079** | Outstanding at end of the year | **6916283** |  |  |

---

*1Includes matching share units under the MSR plan with effect from the March 2025 remuneration cycle*

**Valuation model and inputs**

At each reporting date, vesting date and settlement date, the liability for the cash payment relating to the FSUs, CSUs and MSUs awarded is

measured/remeasured at fair value. A Monte Carlo Simulation model is used to value cash-settled share-based payment awards. The

inputs to the valuation model for share awards granted were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Conditional and Matching**<br>**Share Units** | **Conditional and Matching**<br>**Share Units** | **Conditional and Matching**<br>**Share Units** | | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** | **Forfeitable**<br>**Share Units** |
| **2023** | **2024** | **2025** | <br>**MONTE CARLO SIMULATION** | **2025** | **2024** | **2023** |
| 49.47 - 60.64 | 52.57 - 59.87 | **58.12 - 62.26** | Weighted average historical volatility<sup>1</sup> % | **n/a** | n/a | n/a |
| 2 - 35 | 2 - 35 | **2 - 35** | Expected term (months) | **8** | 8 | 8 |
| 0 - 4.44 | 0 - 3.24 | **0 - 4.16** | Expected dividend yield (US/SA) % | **1.66/0.99** | 5.95/0.29 | 2.98/2.81 |
| 7.67 - 8.30 | 7.30 - 7.68 | **6.30 - 6.67** | Risk-free interest rate (US/SA) % | **3.45/6.54** | 4.15/7.44 | 2.22/8.17 |
| R24.90 | R14.98 | **R60.50** | Weighted average share price (ADSs/JSE) | **US$14.25/R60.50** | US$3.30/R14.98 | US$5.43/R24.9 |
| 15.45 | 8.60 | **49.27** | Weighted average fair value (SA rand) | **67.98** | 16.00 | 29.51 |

---

1*Based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option*

AFR – **86**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Directors' and prescribed officers' cash-settled instruments**

The directors and prescribed officers of Sibanye-Stillwater held the following cash-settled instruments as at 31 December 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Cash-settled instruments vested during the year** | **Cash-settled instruments vested during the year** | **Cash-settled instruments vested during the year** | | |
| | **2024**<br>**Number of** <br>**instruments**<br>| **Instruments** <br>**granted**<br>**Number of** <br>**instruments**<br>| **Number of** <br>**instruments**<br>| **Average price** | **Cash proceeds** <br>**(rand)¹**<br>| **Instruments** <br>**forfeited**<br>**Number of** <br>**instruments**<br>| **2025**<br>**Number of** <br>**instruments**<br>|
| **Executive directors** |  |  |  |  |  |  |  |
| Richard Stewart | 1188497 | 719936 | 366149 | 30.74 | 11254733 |  | **1542284** |
| Neal Froneman<sup>2</sup> | 3292036 | 1866819 | 1859822 | 21.81 | 40561218 |  | **3299033** |
| Charl Keyter | 1328571 | 814023 | 613731 | 25.17 | 15444673 |  | **1528863** |
| **Prescribed officers** |  |  |  |  |  |  |  |
| Charles Carter | 1854900 | 1261772 | 459884 | 40.34 | 18553217 |  | **2656788** |
| Mika Seitovirta | 982584 | 779712 | 263581 | 44.57 | 11746482 |  | **1498715** |
| Themba Nkosi | 796552 | 539652 | 374938 | 30.56 | 11458183 |  | **961266** |
| Melanie Naidoo-Vermaak | 305552 | 563930 | 98443 | 49.61 | 4884171 |  | **771039** |
| Richard Cox<sup>3</sup> | 402413 | 416395 | 179512 | 33.36 | 5987827 |  | **639296** |
| Laurent Charbonnier | 1311129 |  |  |  |  | 1311129 | **—** |
| Lerato Legong | 534569 | 522653 | 97108 | 14.29 | 1387526 | 960114 | **—** |
| Mdu Bhulose |  | 27215 |  |  |  |  | **27215** |
| Robert van Niekerk | 1100374 | 724754 | 352134 | 31.91 | 11236405 |  | **1472994** |

---

*1Amounts represents pre-tax earnings paid to participants. For South African participants, these amounts were calculated by taking the Company's VWAP share price on* 

*vesting date multiplied by the number of vested units*

*2Numbers include ADSs and JSE listed shares as a result of the dual service contract*

*3The balance at 31 December 2024 includes instruments prior to appointment as a prescribed officer on 1 July 2025*

**6.2 Equity-settled share-based payments - DRDGOLD**

On 2 December 2019, the shareholders of DRDGOLD approved an equity-settled long-term incentive scheme (DRDGOLD ELTI Scheme).

Under the DRDGOLD ELTI Scheme, qualifying employees are awarded conditional shares on an annual basis, comprising performance

shares (80% of the total conditional shares awarded) and retention shares (20% of the total conditional shares awarded). Conditional shares

will vest three years after grant date and will be settled in the form of DRDGOLD shares at a zero-exercise price. The last grant in terms of

the DRDGOLD ELTI Scheme was made on 22 October 2024 which will vest in October 2027.

The key conditions are as follows:

• Retention shares: 100% of the retention shares will vest if the employee remains in the employ of DRDGOLD at vesting date, is not under

notice period and individual performance criteria are met.

• Performance shares: 50% of the performance shares vests based on the total shareholder return measured against a hurdle rate of 15%

referencing DRDGOLD's weighted average cost of capital and 50% vests based on total shareholder return measured against peer

group companies.

The DRDGOLD ELTI Scheme is replaced by the Single Incentive Plan ("DRDGOLD SIP"), incorporating the Deferred Share Plan ("DRDGOLD

DSP"), which was approved by the shareholders on 29 November 2023. The first grant under the DRDGOLD DSP was made on 13 August

2025. The DRDGOLD SIP comprises a cash payment (short-term incentive component) and a deferred share award (long-term incentive

component). Deferred Shares granted are registered in the name of the participant, the vesting of which is subject to continued

employment with the company (Employment Condition) until the vesting date. Deferred Shares vest over five years at 20% per annum for F-

band participants and over three years at 33% per annum for E and D band participants. Dividends declared on shares granted per the

DRDGOLD DSP accrue and are paid to the employees.

**6.3 Cash-settled share-based payments — Rustenburg B-BBEE transaction**

In terms of the Rustenburg operation transaction, a 26% equity stake in SRPM was acquired by B-BBEE SPV (the Rustenburg B-BBEE

Transaction) by a vendor financed facility from Sibanye Platinum Proprietary Limited (Sibanye Platinum), on the following terms:

• Interest at up to 0.2% above Sibanye-Stillwater's highest cost of debt. Once the capped amount is reached, interest ceases to accrue

so that the capped amount is not exceeded. However, once the facility reduces below R3.5bn, interest starts to accrue again

• Post payment of the annual deferred payment to Rustenburg Platinum Mines Limited (RPM) and in respect of any repayment by SRPM

of shareholder loans or the distribution of dividends, 74% will be paid to Sibanye Platinum and 26% to B-BBEE SPV

• Of the 26% payment to B-BBEE SPV, 85% will be used to service the facility owing by B-BBEE SPV to Sibanye Platinum

• The remaining 15% of any such payment or 100%, once the facility owing by B-BBEE SPV to Sibanye Platinum is repaid, will be declared

by B-BBEE SPV as a dividend to the B-BBEE SPV shareholders

• The facility was capped at R3,500 million (fully settled by the dividend payment made by SRPM in H1 2023)

AFR – **87**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

On 31 January 2025, the Group entered into an amalgamation transaction, whereby the assets of Kroondal Operations Proprietary Limited

(Kroondal) were transferred to SRPM in exchange for SRPM assuming the liabilities of Kroondal. Since 26% of SRPM is held by B-BBEE parties

through the B-BBEE SPV, the transfer of Kroondal's net assets to SRPM resulted in a value increase for the relevant B-BBEE parties. In order to

fund the additional value attributable to the B-BBEE parties, Sibanye Platinum, being the holding company of SRPM, subscribed for new

class B preference shares in the B-BBEE SPV at a nominal subscription price of R100. Until the payment of a capped preference dividend of

R350 million, the lesser of 85% of any dividends paid by SRPM and R175 million will be paid as preference dividends by the B-BBEE SPV,

whereafter the preference shares will be fully redeemed. The capped preference dividend of R350 million increases annually based on an

agreed rate.

The IFRS 2 expense is based on 44.8% of the 26% interest relating to Bakgatla-Ba-Kgafela Investment Holdings and Siyanda Resources

Proprietary Limited, as the Rustenburg Mine Community Trust and Rustenburg Mine Employees Trust are controlled and consolidated by

Sibanye-Stillwater. Cash-settled share-based payment obligations to the Rustenburg Mine Community Trust and Rustenburg Mine

Employees Trust amounting to R804 million (2024: R705 million and 2023: R1,365 million) and R986 million (2024: R864 million and 2023:

R1,673 million), respectively, are eliminated upon consolidation. The calculation of the expense and obligation relating to 44.8% of the 26%

interest is based on the expected discounted future cash flows of the expected PGM reserves and costs to extract the PGMs.

**6.4 Cash-settled share-based payments — Marikana B-BBEE transaction**

Effective 13 April 2021, the Group restructured the previously highly indebted Lonmin Limited (changed to Sibanye UK Limited on 25 March

2021) B-BBEE structure in relation to WPL and EPL (collectively referred to as "Marikana"), so as to ensure the sustainability of the B-BBEE

shareholding in Marikana and facilitate the realisation of value to the B-BBEE shareholders (Restructuring Transaction).

The Restructuring Transaction resulted in the cancellation of the previous preference share funding provided to a special purpose vehicle

(Phembani SPV) held by the Phembani Group Proprietary Limited group (Phembani Group). As replacement, the Group subscribed for new

preference shares at a nominal amount in Phembani SPV. These preference shares will earn dividends capped to R2.6 billion and will be

funded through 90% of the dividends attributable to the Phembani Group as and when paid by Marikana. In addition, while the Sibanye UK

Limited (Sibanye UK) loans to WPL are still outstanding, REO will subscribe for additional preference shares as an additional funding

mechanism to ensure Phembani SPV receives a minimum level of cash flows (as determined in terms of a formula).

The new arrangement provides the Marikana shareholders with access to distributable Marikana profits in the short and medium term

through the introduction of a 10% trickle dividend while any Marikana shareholder loans or loans from Sibanye UK to WPL are outstanding.

Once the loans from Sibanye UK have been settled and while there are no Marikana shareholder loans outstanding, the Marikana

shareholders will have a right to participate fully in their attributable portion of Marikana's dividends over the remaining life-of-mine.

However, a 90% portion of the Phembani Group's attributable dividends will continue to be applied against the preference dividends until

the preference shares have been redeemed.

The obligations to pay dividends to entities controlled by the Group, being REO and the Marikana Trusts, eliminate on consolidation.

Cash-settled share-based payment obligations amounting to R905 million (2024: R631 million and 2023: R1,481 million) relating to the

Marikana Trusts are eliminated upon consolidation.

Marikana's obligation to pay dividends to the Phembani Group through an intermediate company holding structure, is recognised as a

cash-settled share-based payment liability measured at fair value. Changes in fair value is recognised in profit or loss.

The following assumptions were applied in the 31 December 2025 calculation:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Long-term PGM (4E) basket price | **27404** | 26380 | 28656 |
| Real discount rate — South Africa | **12.4** | 15.7 | 15.7% - 15.8% |
| Inflation rate — South Africa | **3.5** | 5.0 | 6.0 |
| Life-of-mine | **15 - 45** | 17 - 45 | 17 - 47 |

---

AFR – **88**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**6.5 Cash-settled share-based payment obligations**

The following table shows a reconciliation of the total cash-settled share-based payment obligation of the Group for the year ended 31

December 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| **Reconciliation of the cash-settled share-based payment obligations** |  |  |  |  |
| Balance at beginning of the year |  | **1807** | 3150 | 5275 |
| Share-based payment obligation on acquisition of subsidiary |  | **—** |  | 31 |
| Derecognition with deemed disposal of interest in joint operation |  | **—** |  | (15) |
| Cash-settled share-based payments expense<sup>1</sup> |  | **2074** | 224 | 77 |
| Cash-settled share-based payments expense capitalised |  | **4** |  |  |
| Fair value loss/(gain) on obligations<sup>2</sup> | 7 | **420** | (814) | (1589) |
| Cash-settled share-based payments paid<sup>3</sup> |  | **(649)** | (751) | (637) |
| Foreign currency translation |  | **(17)** | (2) | 8 |
| **Balance at end of the year** |  | **3639** | 1807 | 3150 |
| **Reconciliation of the cash-settled share-based payment obligations in the Group** |  |  |  |  |
| Cash-settled share-based payment — Rustenburg B-BBEE transaction |  | **1453** | 1286 | 2466 |
| Cash-settled share-based payment — Marikana B-BBEE transaction |  | **494** | 241 | 415 |
| Cash-settled share-based payment — Employee incentive schemes |  | **1692** | 280 | 269 |
| **Balance at end of the year** |  | **3639** | 1807 | 3150 |
| Current portion of cash-settled share-based payment obligations |  | **(935)** | (121) | (432) |
| **Non-current portion of cash-settled share-based payment obligations** |  | **2704** | 1686 | 2718 |

---

1*Included in the amount is a cash-settled share-based payment expense for the year ended* 31 December 2025 *relating to the 2021 to 2025 and MSR Share Plans* 

*amounting to R2,074 million (2024: R224 million relating to the 2020 to 2024 and MSR Share Plans, 2023: R88 million relating to the 2020 to 2023 and MSR Share Plans)*

2*The fair value loss relates to the Rustenburg and Marikana B-BBEE transactions amounting to a loss of R167 million (2024:* gain of *R649 million, 2023: gain of R346 million) and* 

*a loss of R253 million (2024:* gain of *R165 million, 2023: gain of R1,243 million), respectively, and is included in the loss/gain on financial instruments in profit or loss*

3*Payments made during the year relate to vesting of cash-settled awards to employees and payments made on the Rustenburg and Marikana B-BBEE transactions*

**6.6 Share-based payment expenses**

Share based payment expenses for the year consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| Sibanye-Stillwater 2020 to 2025 Share Plans (cash-settled scheme) | 6.1 | **(2074)** | (224) | (88) |
| DRDGOLD (equity-settled scheme) | 6.2 | **(40)** | (27) | (25) |
| **Total share-based payment expense** |  | **(2114)** | (251) | (113) |
| **Reconciliation of the cash-settled and equity-settled share-based payment expense:** |  |  |  |  |
| Cash-settled share-based payment expense<sup>1</sup> |  | **(2074)** | (224) | (88) |
| Equity-settled share-based payment expense |  | **(40)** | (27) | (25) |
| **Total share-based payment expense** |  | **(2114)** | (251) | (113) |

---

*1Included in the cash-settled share-based payment expense for the year ended 31 December 2025 is the grant date fair value portion of the expense amounting to* 

*R327 million (2024: R558 million, 2023: R372 million) and fair value loss after grant date of R1,746 million (2024: gains of R341 million, 2023: gains of R293 million) relating to the* 

*2020 to 2025 Share Plans and MSR Share Plans*

AFR – **89**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**7. (Loss)/gain on financial instruments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| Fair value loss on gold hedge contracts<sup>1</sup> |  | **(1736)** | (448) | (140) |
| Fair value gain/(loss) on palladium hedge contract |  | **—** |  | 72 |
| Fair value gain/(loss) on zinc hedge contracts<sup>2</sup> |  | **156** | (234) | 491 |
| Fair value (loss)/gain on cash-settled share-based payment obligations (Rustenburg <br>and Marikana B-BBEE transactions)<br>| 6.5 | **(420)** | 814 | 1589 |
| Loss on the revised cash flow of the Rustenburg operation deferred payment |  | **—** |  | (4) |
| Fair value gain/(loss) on derivative instrument | 27.5 | **—** | 1733 | (2136) |
| (Loss)/gain on the revised cash flow of the Burnstone Debt | 27.6 | **(1805)** | 1053 | 32 |
| Gain on the revised cash flow of the Marikana dividend obligation | 21.2 | **5** | 1046 | 548 |
| Fair value gain/(loss) on contingent consideration (Kroondal acquisition) | 21.2 | **—** | 396 | (137) |
| Fair value gain/(loss) on Keliber dividend obligation | 21.2 | **427** | 811 | (287) |
| Fair value gain/(loss) on other investments |  | **185** | (24) | 116 |
| Other |  | **(606)** | 286 | 91 |
| **Total (loss)/gain on financial instruments**<sup>3</sup> |  | **(3794)** | 5433 | 235 |

---

1*On 3 May 2023, Sibanye Gold Proprietary Limited (SGL) concluded a gold hedge agreement which commenced on 4 May 2023. The agreement is structured at monthly* 

*average prices, comprising the delivery of* 154,320 *ounces of gold over* 12 months *(*12,860 *ounces per month) with a zero cost collar which establishes a floor and cap of* 

R34,214 *and* R46,050 per ounce, respectively. The hedge agreement concluded in April 2024. On 17 November 2023, SGL concluded two additional gold hedge

agreements which commenced on 17 November 2023. The agreements are structured at monthly average prices, comprising the delivery of 120,000 *and* 240,000 *ounces* 

*of gold over* 12 months*, respectively. The agreements have a zero cost collar which establishes a floor of* R34,214 *per ounce for both agreements and cap of* R43,545 *and* 

R43,800 *per ounce, respectively. On 4 November 2024, SGL concluded a new gold hedge agreement which commenced on 2 December 2024. The agreement is* 

*structured at monthly average prices, comprising the delivery of* 182,000 *ounces of gold over* 13 months *(*14,000 *ounces per month) with a zero cost collar which* 

*establishes a floor and cap of* R45,000 *and* R58,500 *per ounce, respectively. On 9 December 2024, SGL concluded an additional gold hedge agreement, which* 

*commenced on 2 January 2025. The agreement is structured at monthly average prices, comprising the delivery of* 168,000 *ounces of gold over* 12 months *(*14,000 *ounces* 

*per month) with a zero cost collar which establishes a floor and cap of* R45,000 *and* R54,400 *per ounce, respectively. As hedge accounting is not applied, resulting gains* 

*or losses are accounted for as gains or losses on financial instruments in profit or loss. The fair value loss is included in the corporate and reconciling items of the SA gold* 

*section of the segment report*

2*Century mine concluded a hedge agreement on 15 June 2021 for* 90,000 *tonnes of payable zinc over* three years *which commenced July 2021 to June 2024 in equal* 

*monthly deliveries (*2,500 *tonnes per month) at a fixed monthly price of* A$3,717*/t net of all fees and costs. In November 2021, Century mine concluded an additional* 

*hedge agreement for* 90,000 *tonnes of payable zinc for* two years *(*3,750 *tonnes per month) which commenced January 2022 to December 2023 at a fixed price of* 

A$3,938*/t net of all fees and costs. During June 2024, Century concluded* two *additional zinc hedge agreements, which both commenced on 1 July 2024. The first* 

*agreement is structured at monthly average prices, comprising the delivery of* 5,940 *tonnes of zinc over* 18 months *(*330 *tonnes per month) with a zero cost collar which* 

*establishes a floor and cap of* A$4,300 *and* A$4,830 *per tonne, respectively. The second zinc hedge agreement is structured at monthly average prices, comprising the* 

*delivery of* 30,060 *tonnes of zinc over* 18 months *(*1,670 *tonnes per month) with a zero cost collar which establishes a floor and cap of* A$4,100 *and* A$4,340 *per tonne,* 

*respectively. During November 2024, Century concluded* two *additional zinc hedge agreements, which both commenced in January 2025. The first agreement* 

*comprises the delivery of* 6,000 *tonnes of zinc in January 2025 with a zero cost collar which establishes a floor and cap of* A$4,150 *and* A$4,500 *per tonne, respectively. The* 

*second zinc hedge agreement is structured at monthly average prices, comprising the delivery of* 12,000 *tonnes of zinc over* 12 months *(*1,000 *tonnes per month) with a* 

*zero cost collar which establishes a floor and cap of* A$4,200 *and* A$4,780 *per tonne, respectively. During March 2025, Century concluded an additional zinc hedge* 

*agreement, which commenced in April 2025. The agreement comprises the delivery of 5,112 tonnes of zinc over 9 months (568 tonnes per month) with a zero cost collar* 

*which establishes a floor and cap of A$4,200 and A$4,950 per tonne, respectively. During H2 2025, Century concluded four additional hedge agreements which all* 

*commenced on 1 January 2026. The first agreement comprises the delivery of 3,300 tonnes of zinc over 6 months (550 tonnes per month) with a zero cost collar which* 

*established a floor and cap of A$4,250 and A$4,800 per tonne. The second agreement comprises the delivery of 6,000 tonnes of zinc over 6 months (1,000 tonnes per* 

*month) with a zero cost collar which established a floor and cap of A$4,200 and A$4,750 per tonne. The third agreement comprises the delivery of 2,700 tonnes of zinc* 

*over 6 months (450 tonnes per month) with a zero cost collar which established a floor and cap of A$4,250 and A$4,800 per tonne. The fourth agreement comprises the* 

*delivery of 12,000 tonnes of zinc over 6 months (2,000 tonnes per month) with a zero cost collar which established a floor and cap of A$4,300 and A$4,900 per tonne. As* 

*hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses on financial instruments in profit or loss*

*3The unrealised loss for the purpose of the statement of cash flows amounted to R2,509 million (2024: gain of R5,574 million and 2023: gain of R101 million)*

AFR – **90**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**8. Other costs and other income**

**8.1 Other costs**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | **2024** | **2023** |
| Care and maintenance<sup>1</sup> |  | **(1761)** | (1609) | (1378) |
| Change in estimate of environmental rehabilitation obligation, and right of <br>recovery receivable and payable<br>|  | **(798)** | (486) |  |
| Corporate and social investment costs |  | **(352)** | (405) | (149) |
| Cost incurred on employee and community trusts |  | **(364)** | (204) | (469) |
| Onerous contract provision | 29.2 | **—** | (200) | (1865) |
| Exploration costs |  | **(4)** | (36) | (183) |
| Non-mining royalties |  | **(20)** | (73) | (84) |
| Strike related costs |  | **—** |  | (3) |
| Service entity costs |  | **(370)** | (466) | (366) |
| Other |  | **(1140)** | (1243) | (1361) |
| **Total other costs** |  | **(4809)** | (4722) | (5858) |

---

*1Care and maintenance costs mainly includes Cooke (included in the gold corporate and reconciling segment) amounting to R1,132 million (2024: R970 million, 2023:* 

*R883 million), Burnstone (included in the gold corporate and reconciling segment) amounting to R206 million (2024: R194 million) and Sandouville amounting to* 

*R194 million. Care and maintenance costs for the year ended 31 December 2024 also included R340 million (2023: R117 million) and R69 million (2023: R103 million) related* 

*to Kloof and Marikana, respectively*

**8.2 Other income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | **2024** | **2023** |
| Change in estimate of environmental rehabilitation obligation, and right of <br>recovery receivable and payable<br>|  | **303** | 40 | 45 |
| Service entity income |  | **322** | 307 | 497 |
| Gain on remeasurement of previous interest in Kroondal |  | **—** |  | 298 |
| Sundry income |  | **336** | 389 | 387 |
| Insurance proceeds<sup>1</sup> |  | **274** | 875 |  |
| Onerous contract provision utilisation/change in estimate | 29.2 | **124** | 1017 |  |
| Gain on assets held for sale |  | **16** |  |  |
| Gain on increase in equity-accounted investment |  | **5** | 2 | 5 |
| **Total other income** |  | **1380** | 2630 | 1232 |

---

*1Insurance claims for 2025 relates mainly to business interruption and property damage claims lodged at the Australian operations (R139 million), Kloof (R64 million) and the* 

*US PGM operations (R46 million). The total value of the property damage claim for the Group amounts to R142 million. Insurance claims for 2024 related mainly to the* 

*business interruption insurance claim lodged by the Group at its US PGM operations resulting from the flood event which occurred during June 2022 amounting to* 

*R838 million, also included R26 million received as compensation for losses incurred in respect of a property damage claim lodged by the Group*

**9. Restructuring costs**

Restructuring costs of R247 million (2024: R550 million, 2023: R515 million) were incurred in 2025 and included voluntary separation packages.

The restructuring costs at the SA gold operations and the SA PGM operations amounted to R60 million (2024: R43 million, 2023: R113 million)

and R8 million (2024: R269 million, 2023: R351 million), respectively. Restructuring costs incurred at Sandouville amounted to R170 million.

Also included in the restructuring costs for the year ended 31 December 2024 was restructuring costs incurred at Stillwater and Burnstone

amounting to R126 million and R77 million, respectively.

AFR – **91**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**10. Impairments and reversal of impairments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| Impairment of mining assets | 14 | **(15825)** | (9113) | (38492) |
| Impairment of right-of-use assets — mining assets | 15 | **(16)** | (60) |  |
| Impairment reversal of mining assets  | 14 | **1924** |  |  |
| Impairment of intangible assets | 17 | **—** |  | (86) |
| Impairment of goodwill | 17 | **—** |  | (8435) |
| Impairment of investment in equity-accounted investee<sup>1</sup> | 18.2 | **(64)** |  | (423) |
| Impairment of loan to equity-accounted investee | 18.3 | **—** |  | (18) |
| Other impairment |  | **(26)** |  |  |
| **Total impairments and reversal of impairments** |  | **(14007)** | (9173) | (47454) |

---

<sup>1</sup>*Mimosa's updated life-of-mine at 30 June 2025 indicated above US dollar inflationary increases in working costs and capital costs, and included a Zimbabwean* 

*beneficiation tax which resulted in a decrease in the expected future net cash flows from Mimosa. The lower value in use led to an after tax equity-accounted* 

*impairment of property, plant and equipment amounting to R535 million and the impairment of the investment in the equity-accounted investee of R64 million, before the* 

*impact of deferred tax (net an impairment of R461 million) (see note 12.3) (included in SA PGM on the segment report — see note 2). The weighted average PGM (4E)* 

*basket price, nominal discount rate and life-of-mine used in the Mimosa impairment assessment was R25,745/4Eoz, 20.67% and 8 years, respectively. The recoverable* 

*amount at 30 June 2025 was determined as R2,208 million*

**31 December 2025**

The carrying value of the Kloof cash-generating unit (CGU) was impaired by R3,779 million and the carrying value of the Keliber CGU was

impaired by R2,460 million at 31 December 2025 in addition to the R5,344 million recognised at 30 June 2025.

• The impairment recognised at Kloof was due to a decrease in the life of mine as a result of logistical constraints, seismicity and safety

concerns to access higher grade areas, that resulted in a decrease in the recoverable amount at 31 December 2025.

• The impairment of Keliber was due to a further decrease in the consensus long-term forecasted lithium hydroxide price compared to 30

June 2025 and the decision to proceed with an extended start-up profile resulting in a decrease in the recoverable amount as at 31

December 2025.

At 30 June 2025, an impairment of R4,230 million was recognised at the US PGM operations (Stillwater CGU) from the One Big Beautiful Bill

Act that was signed into US law and indicates a phase out and termination of Section 45X credits. Under the phase out and termination

rules, any applicable critical mineral produced after 31 December 2030 is phased out with 25% over a period of 4 years commencing from

2031. This resulted in decreased future net cash flows from the US PGM operations and a reduction in value in use at 30 June 2025, and

consequently to an impairment of property, plant and equipment of R4,230 million. The impairment recognised on Keliber at 30 June 2025

was due to a decrease in the consensus long-term forecasted lithium hydroxide price and an increased discount rate that resulted in a

decrease in the expected future net cash flows from Keliber and the value in use at 30 June 2025, and resulted in an impairment of

property, plant and equipment.

The carrying values of Beatrix, Driefontein and Burnstone were increased at 31 December 2025 by a reversal of previously recognised

impairment losses of R449 million, R168 million and R1,307 million, respectively. The reversals of impairment resulted from the higher gold

price outlook and sustained operational improvements at the Beatrix and Driefontein operations and translated to an increase in the

expected future net cash flows and recoverable amounts at Beatrix, Driefontein and Burnstone.

The impairment of mining assets for the year ended 31 December 2025 related to the following classes of assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | **US PGM** <br>**operations**<br>| **Keliber** | **Kloof** | **Other** | **Total** |
| Mine development, infrastructure and other | **(4230)** | **(6700)** | **(3470)** | **(28)** | **(14428)** |
| Land, mineral rights and rehabilitation | **—** | **(1104)** | **(293)** | **—** | **(1397)** |
| Right-of-use assets | **—** | **—** | **(16)** | **—** | **(16)** |
| **Total impairment** | **(4230)** | **(7804)** | **(3779)** | **(28)** | **(15841)** |

---

The impairment reversals of mining assets for the year ended 31 December 2025 related to the following classes of assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | **Beatrix** | **Driefontein** | **Burnstone** | **Total** |
| Mine development, infrastructure and other | **418** | **152** | **1307** | **1877** |
| Land, mineral rights and rehabilitation | **31** | **16** | **—** | **47** |
| **Total impairment reversals** | **449** | **168** | **1307** | **1924** |

---

The assumptions applied in the 30 June 2025 and 31 December 2025 recoverable amount calculations for each of the CGU impacted by

the impairments are set out below:

AFR – **92**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **30 June 2025** | **30 June 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** | **31 December 2025** |
| | **US PGM** <br>**operations**<br>| **Keliber** | **Kloof** | **Beatrix** | **Driefontein** | **Burnstone** | **Keliber** |
| Average PGM (2E) basket price<sup>1</sup> | 1118 |  | **—** | **—** | **—** | **—** | **—** |
| Average lithium hydroxide price<sup>1</sup> |  | 17972 | **—** | **—** | **—** | **—** | **17475** |
| Average gold price<sup>1</sup> |  |  | **2295754** | **1983927** | **1856994** | **1670512** | **—** |
| Inflation rate<sup>2</sup> | 2.1 | 2.0 | **3.5** | **3.5** | **3.5** | **3.5** | **2.0** |
| Nominal discount rate<sup>3</sup> | 10.56 | 11.19 | **11.68** | **12.76** | **13.52** | **15.22** | **10.14** |
| Life-of-mine<sup>4,5</sup>  | 67 | 20 | **1** | **6** | **11** | **23** | **20** |
| Recoverable amount<sup>6</sup> | 9361 | 9359 | **—** | **9341** | **20581** | **13039** | **8925** |

---

*1The weighted average commodity prices and exchange rate were derived by considering various bank and commodity broker consensus forecasts*

*2The inflation rate is based on the expected forecast inflation rate for the geographic region which most affects the CGU's cash flows*

*3The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs*

*4Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash* 

*flows over the life of each mine based on the available reserves*

*5 In respect of Keliber, if the life-of-mine is not extended meaningfully, it is estimated that the concentrator and refinery will continue with external purchases of spodumene* 

*concentrate. A minimum of 6 years post life-of-mine were assumed for external purchase of spodumene concentrate*

*6 The recoverable amount (fair value less cost of disposal) was estimated using discounted cash flows. The fair value measurement was categorised as a Level 3 fair value* 

*based on the inputs in the valuation technique used* 

**31 December 2024**

The carrying value of the US PGM operations was impaired by R1,292 million at 31 December 2024, in addition to the R7,499 million

recognised at 30 June 2024. The impairment is due to the resulting recoverable amount determined from the updated life-of-mine plan

which incorporates the restructure of the US PGM operations announced after 30 June 2024, and includes suspending the operations at the

Stillwater West Mine for a period of time and reducing mining at East Boulder Mine. Many of the actions relating to the restructure were

implemented towards the end of the financial year. There was also a further decrease in the expected long-term palladium and platinum

prices which resulted in a decrease in the expected future net cash flows from the Stillwater CGU, and contributed to the reduced value in

use at 31 December 2024. The impairment recognised at 30 June 2024 was due to the decrease in medium to long-term forecast palladium

and platinum prices which also resulted in a decrease in the expected future net cash flows from the Stillwater CGU.

Specific asset impairment for the year ended 31 December 2024 related to the Sandouville nickel refinery which was impaired by

R221 million resulting from the settlement agreement concluded during the six months ended 31 December 2024, in terms of which the last

nickel matte was delivered early January 2025 and the remaining inventory was scheduled to be processed by the end of March 2025. The

outcome of the pre-feasibility study to assess the potential conversion of the Sandouville plant to produce pCAM is expected by the end of

2025. A further R34 million specific asset impairment was recognised at Stillwater related to assets classified as held for sale and written

down to fair value. Specific asset impairments recognised for the six months ended 30 June 2024 related to shaft 4B at Marikana which was

impaired by R112 million due to closure and the Klipfontein open cast assets by R11 million due to the mining area not being economically

viable.

The impairment of mining assets for the year ended 31 December 2024 related to the following classes of assets:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **US PGM** <br>**operations**<br>| **Other** | **Total** |
| Mine development, infrastructure and other | **(8825)** | **(288)** | **(9113)** |
| Right-of-use assets | **—** | **(60)** | **(60)** |
| **Total impairment** | **(8825)** | **(348)** | **(9173)** |

---

The assumptions applied in the 30 June 2024 and 31 December 2024 value in use impairment calculation as well as the recoverable

amount for each of the CGU impacted by the impairments are set out below:

---

| | | |
|:---|:---|:---|
|  | **US PGM operations** | **US PGM operations** |
| | **30 June 2024** | **31 Dec 2024** |
| Weighted average PGM (2E) basket price<sup>1</sup> | 1206 | **1120** |
| Inflation rate<sup>2</sup> | 2.5 | **2.1** |
| Nominal discount rate<sup>3</sup> | 11.5 | **13.0** |
| Life-of-mine<sup>4</sup>  | 45.5 | **35** |
| Recoverable amount | 15224 | **13682** |

---

1*The weighted average commodity prices and exchange rate were derived by considering various bank and commodity broker consensus forecasts*

2*The inflation rate is based on the expected forecast inflation rate for the geographic region which most affects the CGU's cash flows*

3*The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs*

4*Periods longer than* five years *are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash* 

*flows over the life of each mine based on the available reserves*

AFR – **93**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**31 December 2023**

The impairment of mining assets and goodwill for the year ended 31 December 2023 related to the following classes of assets:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | **US PGM** <br>**operations**<sup>1</sup><br>| **Sandouville** <br>**nickel** <br>**refinery**<sup>2</sup><br>| **Century** <br>**retreatment** <br>**operation**<sup>3</sup><br>| **Burnstone**<sup>4</sup> | **Kloof**<sup>5</sup> | **Other**<sup>1</sup> | **Total** |
| Mine development, infrastructure and other | **(10222)** | **(1430)** | **(2434)** | **(1115)** | **(1616)** | **(27)** | **(16844)** |
| Land, mineral rights and rehabilitation | **(20326)** | **(67)** | **(843)** | **—** | **—** | **—** | **(21236)** |
| Exploration and evaluation assets | **—** | **—** | **(412)** | **—** | **—** | **—** | **(412)** |
| Intangible assets | **—** | **(86)** | **—** | **—** | **—** | **—** | **(86)** |
| Goodwill | **(8352)** | **(23)** | **—** | **—** | **—** | **(60)** | **(8435)** |
| **Total impairment** | **(38900)** | **(1606)** | **(3689)** | **(1115)** | **(1616)** | **(87)** | **(47013)** |

---

1*Various operational constraints, as previously reported, in the ramp-up of the Blitz project, coupled with higher than inflation increases in operating costs and a decrease* 

*in medium to long-term forecast palladium prices, resulted in a decrease in the expected future net cash flows from the US PGM operation. The higher weighted average* 

*cost of capital, driven by a higher beta, in combination with the aforementioned factors, contributed to the reduced value in use at 31 December 2023, which led to an* 

*impairment of property, plant and equipment and goodwill amounting to* R38,900 million*. In addition, goodwill allocated to the US PGM operation amounting to* 

R60 million *pertaining to the acquisition of SFA (Oxford) was impaired*

2*An onerous supply contract (see note* 29.2 *), higher fixed and variable costs, significantly reduced expected sustainable production volumes and higher than initially* 

*expected sustaining capital expenditure, resulted in the decrease in expected future net cash flows from the Sandouville nickel refinery. This, together with lower nickel* 

*prices, reduced the value in use at 31 December 2023 and led to an impairment of property, plant and equipment, intangible assets and goodwill amounting to* 

R1,606 million

3*Lower than expected production volumes, above inflationary increases in operating costs, higher sustaining capital, the approaching end of life-of-mine and the* 

*diminishing window of opportunity to develop and operate the expansion projects concurrent with the ongoing operation, resulted in a decrease in the expected future* 

*net cash flows from the Century zinc retreatment operation. The lower value in use at 31 December 2023 led to an impairment of property, plant and equipment* 

*amounting to* R3,689 million

4*Consistent with the requirements of the Group's capital allocation framework, the Burnstone project (included in the SA Gold corporate and reconciling items reportable* 

*segment) was delayed and was expected to ramp-up again during 2025. The additional costs during the delay, the deferral of mine ramp-up and higher weighted* 

*average cost of capital due to an increase in the beta, risk free rate and cost of debt, resulted in a decrease in the expected future net cash flows from Burnstone. The* 

*lower value in use at 31 December 2023 led to an impairment of property, plant and equipment amounting to* R1,115 million

5*Operational constraints, including seismicity and cooling, at the Kloof 4 shaft, compounded by the shaft incident during H2 2023 that damaged the shaft infrastructure,* 

*resulted in a severe deterioration in productivity that negatively impacted the financial viability of the Kloof 4 shaft. Consequently, during 2023, following a consultative* 

*process, the Group announced the closure of Kloof 4 shaft, which led to the specific impairment of property, plant and equipment amounting to* R1,616 million

The assumptions applied in the 31 December 2023 value in use impairment calculation as well as the recoverable amount for each of the

CGU impacted by the impairments are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **US PGM** <br>**operations**<br>| **Sandouville** <br>**nickel refinery**<br>| **Century zinc** <br>**retreatment** <br>**operation**<br>| **Burnstone** |
| Weighted average PGM (2E) basket price<sup>1</sup> | **1281** |  |  |  |
| Weighted average nickel price<sup>1</sup> |  | **8.9** |  |  |
| Weighted average cobalt price<sup>1</sup> |  | **15.8** |  |  |
| Weighted average zinc price<sup>1</sup> |  |  | **3873** |  |
| Weighted average gold price<sup>1</sup> |  |  |  | **1012625** |
| Inflation rate<sup>2</sup> | **2.5** | **1.6** | **2.9** | **6.0** |
| Nominal discount rate<sup>3</sup> | **12.0** | **7.4** | **9.3** | **18.9** |
| Life-of-mine<sup>4</sup> (life-of-refinery) | **46** | **23** | **4** | **25** |
| Recoverable amount | **22246** | **—** | **—** | **3799** |

---

1*The weighted average commodity prices and exchange rate were derived by considering various bank and commodity broker consensus forecasts*

2*The inflation rate is based on the expected forecast inflation rate for the geographic region which most affects the CGU's cash flows*

3*The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs*

4Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash

flows over the life of each mine based on the available reserves

**Impairment of investment in equity-accounted investee**

A 5.3% decrease in the expected life-of-mine average recovered grade due to plant recoveries being affected by a change in the

mineralogy of the ore, combined with above inflationary increases in working costs, resulted in a decrease in the expected future net cash

flows from Mimosa. The lower value in use at 31 December 2023 led to an after tax equity accounted impairment of property, plant and

equipment amounting to R1,384 million (see note 12.3) and the further impairment of the investment in the equity-accounted investee of

R423 million (included in SA PGM in the segment report — see note 2). The weighted average PGM (4E) basket price, nominal discount rate

and life-of-mine used in the 31 December 2023 Mimosa impairment assessment was R26,632/4Eoz, 31.2% and 11 years, respectively. The

recoverable amount at 31 December 2023 was determined as R2,757 million.

AFR – **94**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**11. Royalties, mining and income tax, and deferred tax**

**Significant accounting judgements and estimates**<br>The Group, directly and indirectly, is subject to income tax in South Africa, Zimbabwe, the United Kingdom (UK), France, Finland, Australia, <br>India, Mexico, South Korea and the US. Significant judgement is required in determining the liability for income tax due to the complexity <br>of legislation. During the ordinary course of business, transactions and calculations may occur for which the ultimate tax determination is <br>uncertain. The Group recognises liabilities for anticipated tax audit issues based on the best estimates of whether additional taxes will be <br>due. The Group reassesses its judgements and estimates if facts and circumstances change. To the extent required, these transactions <br>are disclosed in accordance with management's probability assessment. Where the facts and circumstances change or when the final <br>tax outcome of these matters are different from the amounts that were initially recorded, such differences will impact the income tax and <br>deferred tax provisions in the period in which such determination is made.<br>The Group recognises the net future tax benefit related to deferred tax assets to the extent that it is probable that the deductible <br>temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred tax assets requires the Group to make <br>significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash <br>flows from operations and the application of existing tax laws. To the extent that future cash flows and taxable income differ significantly <br>from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted.<br>The Group's gold mining operations are taxed on a variable rate that increases as the profitability of the operation increases. The <br>deferred tax rate used to calculate deferred tax is based on the current estimate of future profitability when the temporary differences <br>will reverse based on tax rates and laws that have been enacted or substantively enacted at the reporting date. Depending on the <br>profitability of the operations, the deferred tax rate can consequently be significantly different from year to year. Calculating the future <br>profitability of the operations is inherently uncertain and could materially change over time.<br>Additionally, future changes in tax laws in South Africa, Zimbabwe, the UK, France, Finland, Australia, India, Mexico, South Korea and the <br>US could limit the ability of the Group to obtain tax deductions in future periods.<br>**Accounting policy**<br>Income tax comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it <br>relates to a business combination, or items recognised directly in equity or in other comprehensive income.<br>Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date and <br>is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any.<br>Deferred tax is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and <br>their carrying amounts and reflects uncertainty related to income taxes, if any. Enacted and substantively enacted tax rates are used to <br>determine future anticipated effective tax rates which in turn are used in the determination of deferred tax.<br>These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods <br>when the carrying amount of the asset is recovered or the liability is settled. The principal temporary differences arise from depreciation <br>of property, plant and equipment, provisions, unutilised capital allowances and tax losses carried forward. <br>Deferred tax is not recognised for:<br>•temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination, that affects <br>neither accounting nor taxable profit or loss and at the time of the transaction does not give rise to equal taxable and deductible <br>temporary differences<br>•temporary differences related to investments in subsidiaries, and interests in associates and joint ventures to the extent that the Group <br>is able to control the timing of the reversal of the temporary differences and it is probable that these will not reverse in the foreseeable <br>future<br>•taxable temporary differences arising on the initial recognition of goodwill<br>Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and relate to <br>taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but intend to settle current tax liabilities and <br>assets on a net basis or their tax assets and liabilities will be realised simultaneously.<br>Deferred tax assets relating to the carry forward of unutilised tax losses and/or unutilised capital allowances are recognised to the extent <br>it is probable that future taxable profit will be available against which the unutilised tax losses and/or unutilised capital allowances can <br>be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable. Unrecognised <br>deferred tax assets are reassessed at each reporting date and recognised to the extent that it has become probable that future taxable <br>profits will be available against which they can be utilised.<br>

AFR – **95**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**11.1 Royalties**

Revenue from mineral resources in South Africa are subject to the Mineral and Petroleum Resource Royalty Act 2008 (Royalty Act).

The Royalty Act imposes a minimum 0.5% royalty on refined (mineral resources that have undergone a comprehensive level of

beneficiation such as smelting and refining as defined in Schedule 1 of the Royalty Act) and unrefined (mineral resources that have

undergone limited beneficiation as defined in Schedule 2 of the Royalty Act) minerals payable to the State. The royalty percentage in

respect of refined and unrefined minerals (which includes gold refined to 99.5% and above, and PGMs refined to 99.9%) is calculated by

dividing earnings before interest and taxes (EBIT) by the product of 12.5 times, in respect of refined, and 9 times, in respect of unrefined,

gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as

no deduction for interest payable and foreign exchange gains or losses not relating to the sale of the mineral) before assessed losses but

after capital expenditure. A maximum royalty of 5% of mining revenue has been introduced on refined minerals and 7% on unrefined

minerals. The Group is also exposed to a royalty tax in Queensland, Australia on sales of Zinc from the Century mine depending on average

metal prices. The Group is not exposed to royalty taxes in the US, France and Finland, however the Finnish government has introduced a

mineral royalty tax which became effective in 2024. Since the Group does not yet produce minerals from the Keliber operations, no

royalties were paid for the years ended 31 December 2024 and 31 December 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Current charge | **(1219)** | (543) | (1050) |
| SA gold royalties | **(202)** | (115) | (115) |
| SA PGM royalties | **(785)** | (212) | (804) |
| Australian royalties | **(232)** | (216) | (131) |
| Prior year royalty tax adjustment | **74** |  |  |
| **Total royalties** | **(1145)** | (543) | (1050) |

---

**11.2 Mining and income tax**

**South African statutory tax rates**

**Gold mining, mining and non-mining tax**

Gold mining tax is determined according to a formula which takes into account the profit and revenue attributable to gold mining

operations. Mining taxable income (SA PGM and SA gold) is determined after the deduction of all mining capital expenditure, with the

provision that this cannot result in an assessed loss. Capital expenditure amounts not deducted in a particular year are carried forward as

unredeemed capital expenditure to be deducted from future mining income. Accounting depreciation is disregarded for the purpose of

calculating mining tax. In the gold mining tax formula, the percentage rate of tax payable and the ratio of gold mining profit, after the

deduction of redeemable capital expenditure, to gold mining revenue is expressed as a percentage.

Non-mining income consists primarily of interest income, third party gold processing and rental income and was taxed at the South African

company tax rate of 27%.

**Company tax rate**

Companies, other than gold mining companies, are subject to the maximum South African company tax rate of 27%.

**US statutory tax rates**

The US PGM operations are subject to tax at the statutory tax rate in the states of Montana (6.75%), Pennsylvania (8.49%) and Florida (5.5%)

as well as the federal statutory rate (21%). Effective 1 January 2025, all apportionable income in Montana is apportioned using a single sales

factor formula, while it previously used a three-factor apportionment formula. The estimated impact of this change was incorporated in the

Group's mining and income tax provision to the extent appropriate, which includes any related deferred tax impacts. The Recycling

operations are subject to tax at the statutory tax rate in the state of Pennsylvania (7.99%), in the state of North Carolina (2.25%) as well as

the federal statutory tax rate (21%).

**France, Finland and Australia statutory tax rates**

Sandouville, Keliber and Century mine are subject to tax at a corporate income tax rate of 25%, 20% and 30%, respectively.

**International tax reform - Pillar Two Model Rules exposure**

The Organisation for Economic Co-operation and Development (OECD) published the Pillar Two model rules designed to address the tax

challenges arising from the digitalisation of the global economy. It is unclear if the Pillar Two model rules will create additional temporary

differences, whether it will result in the remeasurement of deferred taxes and which tax rate should be used to measure deferred taxes. The

Group applied the temporary exception issued as part of the amendments to IAS 12 *Income Taxes* to not recognise or disclose information

about deferred tax assets and liabilities related to the proposed Pillar Two model rules.

Pillar Two legislation is enacted or substantively enacted in certain jurisdictions where the Group operates, namely, South Africa, Australia,

Barbados, Canada, France, Finland, Gibraltar, Guernsey, Mauritius, South Korea, the United Kingdom and Zimbabwe and was effective in

these jurisdictions for the Group's financial year beginning 1 January 2025 for purposes of the Income Inclusion Rule (IIR), Undertaxed Profits

Rule (UTPR) and/or Qualified Domestic Minimum Top-up Tax (QDMTT). The Group performed an assessment of the potential exposure arising

from Pillar Two legislation for jurisdictions where Pillar Two requirements are effective for the year ended 31 December 2025. Based on the

assessment performed by the Group and application of the available transitional safe harbours, there is no impact on mining and income

tax for jurisdictions where Pillar Two legislation is effective.

AFR – **96**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

In the remaining jurisdictions where the Group operates, Pillar Two legislation is not yet effective for the year ended 31 December 2025. The

Group performed an assessment of the potential exposure to Pillar Two income taxes based on the financial information for 2025 and

based on the assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Group operates are above 15%, being

the minimum proposed tax rate, or the jurisdiction will meet one of the transitional safe harbours and management is not currently aware of

any circumstances under which this might change. Therefore, the Group does not expect a potential significant exposure to Pillar Two top-

up taxes for the year ended 31 December 2025.

**Mining and income tax**

The components of mining and income tax are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | **2024** | **2023** |
| Current tax |  | **(2418)** | (1418) | (3178) |
| Mining tax |  | **(2075)** | (752) | (2960) |
| Non-mining tax |  | **(157)** | (427) | (370) |
| Company and withholding tax |  | **(186)** | (239) | 152 |
| Deferred tax | 11.3 | **(1910)** | (78) | 5594 |
| Deferred tax charge |  | **(1796)** | (333) | 6277 |
| Prior year adjustment |  | **(11)** | (109) | 43 |
| Deferred tax rate adjustment<sup>1</sup> |  | **(103)** | 364 | (726) |
| **Total mining and income tax** |  | **(4328)** | (1496) | 2416 |

---

1*The deferred tax rate adjustment in South Africa and the US was:*

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| *South Africa* | ***(102)*** | *570* | *(731)* |
| *United States* | ***(1)*** | *(206)* | *5* |
| *Deferred tax rate adjustment* | ***(103)*** | *364* | *(726)* |

---

*The change in the estimated long-term deferred tax rate at which the temporary differences are expected to reverse as a result of applying the mining tax formula at the* 

*SA gold operations amounted to a deferred tax* charge *of* R102 million *for the year ended* 31 December 2025 *(*2024*:* benefit *of* R570 million*, 2023:* charge *of* R731 million*,* 

*which included a partial offset resulting from the change in the South African corporate tax rate from* 28% *to* 27% *from 1 January 2023)*

AFR – **97**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

Reconciliation of the Group's mining and income tax to the South African statutory company tax rate of 27%.

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Tax on loss/(profit) before tax at maximum South African statutory company tax rate (27%) | **111** | 1138 | 10758 |
| South African gold mining tax formula rate adjustment | **(169)** | 41 | 236 |
| US state tax adjustment | **24** | 365 | 1121 |
| US statutory tax rate adjustment | **(27)** | (40) | (2176) |
| Non-taxable Section 45X credit | **1670** |  |  |
| Non-deductible amortisation and depreciation | **—** |  | (2) |
| Non-taxable dividend received | **6** |  | 1 |
| Non-deductible finance expense | **(101)** | (320) | (180) |
| Non-deductible share-based payments | **(11)** | (7) | (7) |
| Non taxable gain/(non-deductible loss) on fair value of financial instruments | **40** | 1196 | (101) |
| Non-taxable gain on acquisition | **—** |  | 243 |
| (Non-deductible loss)/non-taxable gain on foreign exchange differences | **(13)** | (10) | 463 |
| Non-taxable share of results of equity-accounted investees | **94** | 59 | (317) |
| (Non-deductible impairments)/non-taxable reversal of impairments | **(13)** |  | (2392) |
| Non-deductible transaction and project costs | **(1048)** | (62) | (158) |
| Tax adjustment in respect of prior periods | **(46)** | (81) | 10 |
| Net other non-taxable income and non-deductible expenditure | **592** | (210) | (272) |
| Change in estimated deferred tax rate | **(103)** | 364 | (726) |
| Unrecognised or derecognised deferred tax assets<sup>1</sup> | **(5334)** | (3929) | (4085) |
| **Mining and income tax** | **(4328)** | (1496) | 2416 |
| **Effective tax rate** | **(1053%)** | (36%) | 6% |

---

*1The amount for the year ended 31 December 2025 relates mainly to unrecognised deferred tax assets at the Stillwater of R1,709 million, Keliber of R2,189 million,* 

*Sandouville of R447 million, Burnstone of R304 million and Cooke of R319 million. The amount for the year ended 31 December 2024 related mainly to unrecognised* 

*deferred tax assets at the US PGM operations of R3,503 million and Cooke of R344 million. The amount for the year ended 31 December 2023 related mainly to* 

*unrecognised deferred tax assets at Sandouville nickel refinery of R1,358 million, Century of R1,319 million, Burnstone of R436 million, Cooke of R278 million and SGL of* 

*R384 million*

**11.3 Deferred tax**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| **Included in the statement of financial position as follows:** |  |  |  |  |
| Deferred tax assets |  | **(2093)** | (2451) | (1942) |
| Deferred tax liabilities |  | **6470** | 4757 | 4176 |
| **Net deferred tax liabilities** |  | **4377** | 2306 | 2234 |
| Reconciliation of the deferred tax balance: |  |  |  |  |
| Balance at beginning of the year |  | **2306** | 2234 | 6918 |
| Deferred tax on acquisition of subsidiaries | 16.1 | **197** |  | 348 |
| Loss on remeasurement of previous interest in joint operation |  | **—** |  | 21 |
| Derecognition with deemed disposal of interest in joint operation |  | **—** |  | (142) |
| Deferred tax recognised in profit or loss | 11.2 | **1910** | 78 | (5594) |
| Deferred tax recognised in other comprehensive income |  | **(51)** | 7 | 58 |
| Foreign currency translation |  | **15** | (13) | 625 |
| **Balance at end of the year** |  | **4377** | 2306 | 2234 |

---

The detailed components of the net deferred tax liabilities which result from the differences between the amounts of assets and liabilities

recognised for financial reporting and tax purposes are:

AFR – **98**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| **Deferred tax liabilities** |  |  |  |
| Mining assets | **14409** | 12821 | 9387 |
| Environmental rehabilitation obligation funds | **667** | 888 | 973 |
| US$ Convertible bond | **—** |  | 349 |
| Other | **939** | 692 | 939 |
| **Gross deferred tax liabilities**<sup>1</sup> | **16015** | 14401 | 11648 |
| **Deferred tax assets** |  |  |  |
| Environmental rehabilitation obligation | **(1509)** | (1724) | (1583) |
| Occupational healthcare obligation | **(105)** | (86) | (91) |
| Other payables and provisions<sup>2</sup> | **(2917)** | (2432) | (2047) |
| Derivative financial instrument | **—** |  | (349) |
| Financial instruments | **—** | (307) | (416) |
| Tax losses and unredeemed capital expenditure | **(6769)** | (7473) | (4857) |
| Share-based payment obligation | **(338)** | (73) | (71) |
| **Gross deferred tax assets**<sup>3</sup> | **(11638)** | (12095) | (9414) |
| **Net deferred tax liabilities** | **4377** | 2306 | 2234 |

---

1*The aggregate amount of temporary differences associated with investments in subsidiaries, for which no deferred tax liabilities have been recognised under the IAS 12.39* 

*exemption at* 31 December 2025*, amounts to* zero *(*2024*:* R956 million *and* 2023*:* R811 million*)*

2*This includes other payables such as lease liabilities as well as employee-related liabilities. No deferred tax asset was recognised for the onerous contract provision due to* 

*the low probability of future taxable profits for the Sandouville nickel refinery* 

3*The amount of deductible temporary differences, unused tax losses as well as unredeemed capital expenditure for which no deferred tax asset is recognised, amounted* 

*to* R99,496 million *(*2024*:* R87,331 million *and* 2023*:* R68,868 million *). The amount of capital losses for which no deferred tax asset was recognised amounted to* R7,425 million

*(2024:* R5,686 million*, 2023:* R6,157 million*). Tax losses are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity* 

*concerned ceases to operate for a period of longer than one year for the South African operations. Under South African mining tax ring-fencing legislation, each tax* 

*entity is treated separately and as such these deductions can only be utilised by the tax entities in which the deductions have been generated. Tax losses are also* 

*available to be utilised against income generated by the relevant tax entity in France and Australia and do not expire. In Canada, tax losses expire after 20 years*

**11.4 Net tax, carbon tax and royalties payable/(receivable)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | **2024** | **2023** |
| **Included in the statement of financial position as follows:** |  |  |  |  |
| Tax, carbon tax and royalties receivable |  | **(438)** | (863) | (973) |
| Tax, carbon tax and royalties payable |  | **616** | 342 | 743 |
| Non-current portion of tax, carbon tax and royalties payable |  | **14** | 13 | 64 |
| Current portion of tax, carbon tax and royalties payable |  | **602** | 329 | 679 |
| **Net tax, carbon tax and royalties receivable** |  | **178** | (521) | (230) |
| **Reconciliation of the net tax, carbon tax and royalties receivable balance:** |  |  |  |  |
| Balance at beginning of the year |  | **(521)** | (230) | (619) |
| Royalties, carbon tax and current tax |  | **3563** | 1963 | 4230 |
| Royalties, carbon tax and tax paid |  | **(2864)** | (2236) | (4131) |
| Royalties and carbon tax paid |  | **(1320)** | (784) | (922) |
| Royalties and carbon tax refunded |  | **431** |  |  |
| Tax paid |  | **(2464)** | (1452) | (3209) |
| Tax refunded |  | **489** |  |  |
| Tax payable on acquisition of subsidiaries | 16.1 | **38** |  | 285 |
| Other |  | **(61)** |  | 10 |
| Foreign currency translation |  | **23** | (18) | (5) |
| **Balance at end of the year** |  | **178** | (521) | (230) |

---

AFR – **99**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**12. Earnings per share**

**Accounting policy**<br>Headline earnings is presented as an additional earnings number allowed by IAS 33 *Earnings per Share* (IAS 33) and is calculated based <br>on the requirements set out in SAICA Circular 1/2023. Earnings, as determined in IAS 33, is the starting point and certain remeasurements <br>net of related tax (current and deferred) and NCI are excluded. A remeasurement is an amount recognised in profit or loss relating to <br>any change (whether realised or unrealised) in the carrying amount of an asset or liability that arose after the initial recognition of such <br>asset or liability.<br>

**12.1 Basic earnings per share**

Basic earnings per share (EPS) is calculated by dividing the profit or loss attributable to owners of Sibanye-Stillwater by the weighted

average number of ordinary shares in issue during the year.

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Weighted average number of shares |  |  |  |
| Ordinary shares in issue ('000) | **2830567** | 2830567 | 2830567 |
| Adjustment for weighting of ordinary shares in issue ('000) | **—** |  | (39) |
| Weighted average number of shares ('000) | **2830567** | 2830567 | 2830528 |
| Loss attributable to owners of Sibanye-Stillwater (SA rand million) | **(5171)** | (7297) | (37772) |
| Basic EPS (cents) | **(183)** | (258) | (1334) |

---

**12.2 Diluted earnings per share**

Diluted EPS is calculated by dividing the profit attributable to owners of Sibanye-Stillwater by the diluted number of ordinary shares in issue

during the year.

Dilutive shares are the number of potentially dilutive ordinary shares that could be issued. The vesting of equity-settled share options issued

by DRDGOLD and the assumed conversion of the US$ Convertible Bond could potentially dilute basic earnings per share in future through

the dilution of earnings attributable to the Group and the increase in ordinary shares in issue, respectively. However, these instruments were

anti-dilutive for all years presented.

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Diluted weighted average number of shares |  |  |  |
| Weighted average number of shares ('000) | **2830567** | 2830567 | 2830528 |
| Potential ordinary shares ('000)1 | **—** |  | 39 |
| Diluted weighted average number of shares ('000) | **2830567** | 2830567 | 2830567 |
| Diluted basic EPS (cents) | **(183)** | (258) | (1334) |

---

*1This related to a historical equity-settled share-based payment scheme of which the last awards vested in Q1 2023*

AFR – **100**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**12.3 Headline earnings per share**

Headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the weighted average number

of ordinary shares in issue during the year.

Reconciliation of profit attributable to owners of Sibanye-Stillwater to headline earnings:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand unless otherwise stated** | Notes | **Gross** | **Net of tax** <br>**and NCI**<br>|
| **2025** |  |  |  |
| Loss attributable to owners of Sibanye-Stillwater |  |  | **(5171)** |
| Loss on disposal of property, plant and equipment |  | **14** | **12** |
| Impairments and reversal of impairments | 10 | **14007** | **11730** |
| Impairment recognised by equity-accounted investee, net of tax |  | **461** | **461** |
| Compensation for losses incurred |  | **(142)** | **(122)** |
| Gain on assets held for sale |  | **(16)** | **(15)** |
| Foreign exchange movement recycled through profit or loss |  | **17** | **17** |
| **Headline earnings** |  |  | **6912** |
| **Weighted average number of shares ('000)** |  |  | **2830567** |
| **Headline EPS (cents)** |  |  | **244** |
| **2024** |  |  |  |
| Loss attributable to owners of Sibanye-Stillwater |  |  | (7297) |
| Gain on disposal of property, plant and equipment |  | (55) | (38) |
| Impairments and reversal of impairments | 10 | 9173 | 9098 |
| Impairment recognised by equity-accounted investee, net of tax |  | 19 | 19 |
| Compensation for losses incurred |  | (26) | (20) |
| Foreign exchange movement recycled through profit or loss |  | 55 | 55 |
| Re-measurement items, attributable to NCI |  |  |  |
| **Headline earnings** |  |  | 1817 |
| **Weighted average number of shares ('000)** |  |  | 2830567 |
| **Headline EPS (cents)** |  |  | 64 |
| **2023** |  |  |  |
| Loss attributable to owners of Sibanye-Stillwater |  |  | (37772) |
| Gain on disposal of property, plant and equipment |  | (105) | (79) |
| Impairments and reversal of impairments | 10 | 47454 | 41106 |
| Gain on acquisition |  | (898) | (898) |
| Gain on remeasurement of previous interest in Kroondal |  | (298) | (298) |
| Impairment recognised by equity-accounted investee, net of tax | 10 | 1384 | 1384 |
| Foreign exchange movement recycled through profit or loss |  | (1663) | (1663) |
| Re-measurement items, attributable to NCI |  |  | 4 |
| **Headline earnings** |  |  | 1784 |
| **Weighted average number of shares ('000)** |  |  | 2830528 |
| **Headline EPS (cents)** |  |  | 63 |

---

AFR – **101**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**12.4 Diluted headline earnings per share**

Diluted headline EPS is calculated by dividing the headline earnings attributable to owners of Sibanye-Stillwater by the diluted weighted

average number of ordinary shares in issue during the year. The assumed conversion of the US$ Convertible Bond was dilutive in respect of

headline earnings per share for the year ended 31 December 2025, however the convertible bonds were anti-dilutive for all other years

presented.

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand unless otherwise stated** | **2025** | **2024** | **2023** |
| Headline earnings | **6912** | 1817 | 1784 |
| Adjusted for impact of the US$ Convertible bond: | **613** |  |  |
| Interest charge and unwinding of amortised cost | **698** |  |  |
| Tax effect | **(85)** |  |  |
| **Diluted headline earnings** | **7525** | 1817 | 1784 |
| Adjusted weighted average number of shares ('000) | 2830567 | 2830567 | 2830567 |
| Potential ordinary shares - US$ Convertible bond ('000) | **374056** |  |  |
| **Diluted ordinary shares - US$ Convertible bond ('000)** | **3204623** | 2830567 | 2830567 |
| **Diluted headline EPS (cents)** | **235** | 64 | 63 |

---

**13. Dividends**

**Accounting policy**<br>Dividends are recognised as a liability on the date on which such dividends are declared.<br>Dividend withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid which are subject to dividend <br>withholding tax based on the relevant tax requirements. The Group withholds dividend tax on behalf of its shareholders at a rate of 20% on <br>dividends paid. Amounts withheld are not recognised as part of the Group's tax charge but rather as part of the dividend paid, recognised <br>in equity.<br>Cash flows from dividends paid are classified under operating activities in the statement of cash flows.<br>

The table below illustrates the dividends declared and paid:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand unless stated otherwise** | **2025** | **2024** | **2023** |
| Dividend declared and paid (interim) | **—** |  | 1501 |
| Dividend declared after 31 December (final) | **3708** |  |  |
| **Total dividends declared for the year** | **3708** |  | 1501 |
| Dividend per share (interim) — cents | **—** |  | 53 |
| Dividend per share (final) — cents | **131** |  |  |
| Dividends paid during the financial year | **—** |  | 4953 |
| Dividends paid to NCI of subsidiaries during the financial year | **302** | 173 | 365 |
| **Total dividends paid for the year**<sup>1</sup> | **302** | 173 | 5318 |

---

1*The dividends paid is impacted by the number of shares in issue at the time of payment*

**Dividend policy**

Sibanye-Stillwater's dividend policy is to return at least 25% to 35% of normalised earnings to shareholders and after due consideration of

future requirements the dividend may be increased beyond these levels. The Board, therefore, considers normalised earnings in

determining what value will be distributed to shareholders. The Board believes normalised earnings provides useful information to investors

regarding the extent to which results of operations may affect shareholder returns.

Normalised earnings is defined as earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial

instruments and foreign exchange differences, impairments and related compensation, gain/loss on disposal of property, plant and

equipment, occupational healthcare expenses, restructuring costs, transactions costs, share-based payment expenses on B-BBEE

transactions, gain on acquisitions, net other business development costs, share of results of equity-accounted investees, all after tax and

the impact of NCI, and changes in estimated deferred tax rate.

Consistent with Sibanye-Stillwater's dividend policy and Capital Allocation Framework, the Board of Directors resolved to declare a final

dividend of 131 SA cents per share for the year ended 2025. Other than an interim dividend in 2023, no dividend was declared for the years

ended 2024 and 2023. The dividend amounts to a payout of 35% of normalised earnings for the year ended 31 December 2025.

AFR – **102**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

Reconciliation of profit attributable to the owners of Sibanye-Stillwater to normalised earnings

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Loss attributable to the owners of Sibanye-Stillwater | **(5171)** | (7297) | (37772) |
| Adjusted for: |  |  |  |
| Loss/(gain) on financial instruments | **3794** | (5433) | (235) |
| (Gain)/loss on foreign exchange differences | **(155)** | 215 | (1973) |
| Loss/(gain) on disposal of property, plant and equipment | **14** | (55) | (105) |
| Impairments and reversal of impairments | **14007** | 9173 | 47454 |
| Gain on acquisition | **—** |  | (898) |
| Restructuring costs | **247** | 550 | 515 |
| Transaction costs | **4543** | 851 | 474 |
| Occupational healthcare loss/(gain) | **49** | (76) | (365) |
| Gain on remeasurement of previous interest in Kroondal | **—** |  | (298) |
| Gain on increase in equity-accounted investment | **(5)** | (2) | (5) |
| Change in estimated deferred tax rate | **103** | (364) | 726 |
| Share of results of equity-accounted investees after tax | **(337)** | (212) | 1174 |
| Provision for community costs post closure | **—** | 24 |  |
| Section 45X credits recognised for 2023 and 2024 | **(4403)** |  |  |
| Cyber security costs | **—** | 67 |  |
| Compensation for losses incurred | **(142)** | (26) |  |
| Corporate leadership costs | **50** |  |  |
| Gain on assets held for sale | **(16)** |  |  |
| Tax effect of the items adjusted above | **(875)** | 332 | (6664) |
| NCI effect of the items listed above | **(1140)** | 793 | (276) |
| **Normalised earnings**<sup>1</sup> | **10563** | (1460) | 1752 |

---

*1Non-IFRS measures such as normalised earnings is the responsibility of the Group's Board of Directors and presented for illustration purposes only, and because of its* 

*nature, normalised earnings should not be considered as a representation of financial performance under IFRS Accounting Standards* 

AFR – **103**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**14. Property, plant and equipment**

**Significant accounting judgements and estimates**<br>**Carrying value of property, plant and equipment**<br>All mining assets are amortised using the units-of-production method where the mine operating plan calls for production from proved and <br>probable mineral reserves.<br>Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life based on <br>proved and probable mineral reserves.<br>The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is <br>different from current forecast production based on proved and probable mineral reserves. This would generally result from the extent that <br>there are significant changes in any of the factors or assumptions used in estimating mineral reserves.<br>These factors could include:<br>•changes in proved and probable mineral reserves<br>•differences between actual commodity prices and commodity price assumptions<br>•unforeseen operational issues at mine sites<br>•conversion of resources into proven and probable mineral reserves<br>•changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates<br>•changes in mineral reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are <br>limited to the life of the mine<br>The recoverable amounts of CGUs and individual assets are determined based on the higher of value in use calculations and fair value less <br>cost to sell. These calculations require the use of estimates and assumptions. It is reasonably possible that the gold, PGM, nickel, zinc and <br>cobalt price assumptions may change which may then impact the Group estimated life-of-mine determinant and may then require a <br>material adjustment to the carrying value of property, plant and equipment.<br>The Group reviews and tests the carrying value of assets when events or changes in circumstances suggest that the carrying amount may <br>not be recoverable by comparing expected future cash flows to these carrying values. Assets are grouped at the lowest level for which <br>identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment may <br>have occurred, estimates are prepared of expected future cash flows of each group of assets. Expected future cash flows used to <br>determine the value in use and fair value less costs to sell of property, plant and equipment are inherently uncertain and could materially <br>change over time. They are significantly affected by a number of factors including reserves and production estimates, together with <br>economic factors such as spot and future gold, PGM, nickel, zinc and cobalt prices, discount rates, foreign currency exchange rates, <br>estimates of costs to produce reserves and future capital expenditure (see note 10).<br>**Pre-production**<br>The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage. The criteria <br>used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various <br>relevant criteria to assess when the mine is substantially complete, ready for its intended use and moves into the production stage. Some of <br>the criteria would include, but are not limited to the following:<br>•the level of capital expenditure compared to the construction cost estimates<br>•ability to produce metal in saleable form (within specifications)<br>•ability to sustain commercial levels of production of metal<br>When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs <br>are expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development or ore <br>reserve development.<br>**Mineral reserves estimates**<br>Mineral reserves are estimates of the amount of product that can be economically and legally extracted from the Group's properties. In <br>order to calculate the reserves, estimates and assumptions are required about a range of geological, technical and economic factors, <br>including but not limited to quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity <br>demand, commodity prices and exchange rates.<br>Estimating the quantity and grade of the mineral reserves requires the size, shape and depth of ore bodies to be determined by analysing <br>geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements <br>and calculations to interpret the data.<br>The Group is required to determine and report, inter alia, on the mineral reserves in accordance with the South African Code for Reporting <br>of Exploration Results, mineral resources and mineral reserves (SAMREC Code).<br>

AFR – **104**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

Estimates of mineral reserves may change from period to period due to the change in economic assumptions used to estimate mineral <br>reserves and due to additional geological data becoming available during the course of operations. Changes in reported proven and <br>probable reserves may affect the Group's financial results and position in a number of ways, including the following:<br>•asset carrying values may be affected due to changes in estimated cash flows<br>•depreciation and amortisation charges to profit or loss may change where these are calculated on the units-of production method, or <br>where the useful lives of assets change<br>•decommissioning site restoration and environmental provisions may change where changes in ore reserves affect expectations about <br>the timing or cost of these activities<br>•the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits<br>**Accounting policy**<br>**Mineral and surface rights**<br>Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little <br>likelihood of a mineral right being exploited, or the carrying amount has exceeded its recoverable amount, impairment is recognised in <br>profit or loss in the year that such determination is made.<br>**Mine development and infrastructure**<br>Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost, which includes <br>capitalised borrowing costs for qualifying assets, less accumulated depreciation and accumulated impairment losses.<br>Costs include the purchase price of assets used in the construction of the mine, expenditure incurred to evaluate and develop new ore <br>bodies, as well as expenditure to define mineralisation in existing ore bodies and to establish or expand productive capacity. These costs <br>are capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below.<br>Development of ore bodies includes the development of shaft systems and waste rock removal that allows access to reserves that are <br>economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met. Access <br>to individual ore bodies exploited by the Group is limited to the time span of the respective mining leases.<br>**Land**<br>Land is shown at cost and is not depreciated.<br>**Other assets**<br>Non-mining assets are recorded at cost less accumulated depreciation and accumulated impairment losses. These assets include the <br>assets of the mining operations that are not included in mine development and infrastructure. It also includes borrowing costs for qualifying <br>assets, mineral and surface rights, land and all the assets of the non-mining operations.<br>**Amortisation and depreciation of mining assets**<br>Amortisation and depreciation is determined to give a fair and systematic charge in profit or loss taking into account the nature <br>of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used:<br>•Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the <br>life of the mine using the units-of-production method, based on estimated proved and probable mineral reserves<br>•Proved and probable mineral reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in <br>future from known mineral deposits<br>•Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over their <br>estimated useful lives<br>•For certain shafts, which have a short life and/or are marginal, the depreciation is accelerated based on an adjustment to the reserves <br>for accounting purposes<br>

AFR – **105**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Depreciation of non-mining assets**<br>Non-mining assets are recorded at cost and depreciated on a straight-line basis over their current expected useful lives to their residual <br>values as follows:<br>•Vehicles: 5 years<br>•Computers: 3 - 5 years<br>•Furniture and equipment: 1 - 10 years<br>•Buildings and improvements: 5 - 39 years<br>The assets' useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate.<br>**Impairment**<br>Recoverability of the carrying values of long-term assets or CGUs of the Group are reviewed whenever events or changes in circumstances <br>indicate that such carrying value may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of <br>value in use (defined as: the present value of future cash flows expected to be derived from an asset or CGU) or fair value less costs to sell <br>(defined as: the price that would be received to sell an asset in an orderly transaction between market participants at the measured rate, <br>less the costs of disposal) is compared to the carrying value of the CGU.<br>A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the <br>cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines <br>which are part of a larger mine complex. The costs attributable to individual shafts of a mine are impaired if the shaft is closed.<br>Impairment losses are recognised in profit or loss. Impairment recognised in respect of a CGU is allocated first to goodwill allocated/<br>attributable to that particular CGU and thereafter to the individual assets in the CGU.<br>When any infrastructure is closed down or placed on care and maintenance during the year, any carrying value attributable to that <br>infrastructure is tested for impairment and any impairment loss attributable to infrastructure is recognised. Expenditure incurred on care and <br>maintenance is recognised in profit or loss.<br>When the review of the events or changes in circumstances of an asset or CGU that was previously impaired indicate that such historical <br>carrying value is recoverable, the impairment is reversed. The reversal is limited so that the carrying value of the asset does not exceed its <br>recoverable amount, nor exceed what the historical carrying amount would have been should the asset not have been impaired. Reversal <br>of impairment losses are recognised in profit or loss. Reversal of impairment recognised in respect of a CGU is allocated to the individual <br>assets in the CGU.<br>**Derecognition of property, plant and equipment**<br>Property, plant and equipment is derecognised on disposal or closure of a shaft when no future economic benefits are expected from its <br>use or disposal. Any gain or loss on derecognition of an item of property, plant and equipment (calculated as the net proceeds from <br>disposal and the carrying amount of the item) is recognised in profit or loss.<br>**Exploration and evaluation expenditure**<br>All exploration and evaluation expenditure, prior to obtaining the legal rights to explore a specific area, is recognised in profit or loss. After <br>the legal rights to explore are obtained, exploration and evaluation expenditure, comprising the costs of acquiring prospecting rights and <br>directly attributable exploration expenditure, is capitalised as a separate class of property, plant and equipment or intangible assets, on a <br>project-by-project basis, pending determination of the technical feasibility and commercial viability.<br>The technical feasibility and commercial viability of extracting a mineral resource is generally considered to be determinable through a <br>feasibility study and when proven reserves are determinable to exist. Upon determination of proven reserves, exploration and evaluation <br>assets attributable to those reserves are first tested for impairment and then reclassified from exploration and evaluation assets to another <br>appropriate class of property, plant and equipment. Subsequently, all cost directly incurred to prepare an identified mineral asset for <br>production is capitalised to mine development assets. Amortisation of these assets commences once these assets are available for use, <br>which is expected to be when the mine is in commercial production. These assets will be measured at cost less accumulated amortisation <br>and impairment losses.<br>

AFR – **106**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **Total** | **Mine** <br>**development,** <br>**infrastructure** <br>**and other**<br>| **Land, mineral** <br>**rights and** <br>**rehabilitation**<br>| **Exploration** <br>**and evaluation** <br>**assets**<br>|
| **2025** |  |  |  |  |  |
| **Cost** |  |  |  |  |  |
| Balance at beginning of the year |  | **195461** | **161652** | **30827** | **2982** |
| Additions |  | **19923** | **19774** | **27** | **122** |
| Borrowings costs capitalised |  | **393** | **393** | **—** | **—** |
| Change in estimates of rehabilitation assets |  | **1221** | **8** | **1213** | **—** |
| Disposals |  | **(1492)** | **(1413)** | **(79)** | **—** |
| Derecognition of property, plant and equipment<sup>1</sup> |  | **(2381)** | **(2378)** | **(1)** | **(2)** |
| Transfers between classes of property, plant and equipment |  | **—** | **(37)** | **37** | **—** |
| Transfer from assets held for sale |  | **28** | **28** | **—** | **—** |
| Assets acquired on acquisition of subsidiaries | 16 | **653** | **637** | **16** | **—** |
| Foreign currency translation |  | **(9477)** | **(6389)** | **(3030)** | **(58)** |
| **Balance at end of the year** |  | **204329** | **172275** | **29010** | **3044** |
| **Accumulated depreciation, amortisation and impairment** |  |  |  |  |  |
| Balance at beginning of the year |  | **128555** | **97438** | **29029** | **2088** |
| Amortisation and depreciation | 4 | **9096** | **8955** | **141** | **—** |
| Impairment and reversal of impairment | 10 | **13901** | **12551** | **1350** | **—** |
| Disposals |  | **(1319)** | **(1299)** | **(20)** | **—** |
| Derecognition of property, plant and equipment<sup>1</sup> |  | **(2377)** | **(2376)** | **(1)** | **—** |
| Depreciation capitalised to inventory |  | **48** | **48** | **—** | **—** |
| Foreign currency translation |  | **(7895)** | **(4835)** | **(3020)** | **(40)** |
| **Balance at end of the year** |  | **140009** | **110482** | **27479** | **2048** |
| **Carrying value at end of the year** |  | **64320** | **61793** | **1531** | **996** |

---

1*Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2022 and fully depreciated by 2024, and* 

*was derecognised, as well as other items of property, plant and equipment derecognised as no future economic benefits are expected from these assets' use*

AFR – **107**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Figures in million – SA rand | Notes | Total | Mine <br>development, <br>infrastructure <br>and other<br>| Land, mineral <br>rights and <br>rehabilitation<br>| Exploration <br>and <br>evaluation <br>assets<br>|
| **2024** |  |  |  |  |  |
| **Cost** |  |  |  |  |  |
| Balance at beginning of the year |  | 177016 | 144102 | 30145 | 2769 |
| Borrowings costs capitalised |  | 64 | 64 |  |  |
| Additions |  | 22471 | 22378 | 72 | 21 |
| Change in estimates of rehabilitation assets |  | 220 | 35 | 185 |  |
| Disposals |  | (573) | (570) | (3) |  |
| Derecognition of property, plant and equipment<sup>1</sup> |  | (4355) | (4345) | (10) |  |
| Transfers between classes of property, plant and equipment |  |  | (347) | 114 | 233 |
| Transfers to/from right-of-use assets | 15 | 241 | 123 | 118 |  |
| Transfer to assets held for sale |  | (169) | (169) |  |  |
| Assets acquired on acquisition of subsidiaries |  | 542 | 489 | 53 |  |
| Foreign currency translation |  | 4 | (108) | 153 | (41) |
| **Balance at end of the year** |  | 195461 | 161652 | 30827 | 2982 |
| **Accumulated depreciation, amortisation and impairment** |  |  |  |  |  |
| Balance at beginning of the year |  | 115678 | 84832 | 28728 | 2118 |
| Amortisation and depreciation | 4 | 8575 | 8432 | 143 |  |
| Impairment | 10 | 9113 | 9113 |  |  |
| Disposals |  | (500) | (497) | (3) |  |
| Derecognition of property, plant and equipment<sup>1</sup> |  | (4355) | (4345) | (10) |  |
| Transfer to asset held for sale |  | (130) | (130) |  |  |
| Depreciation capitalised to inventory |  | (60) | (60) |  |  |
| Foreign currency translation |  | 234 | 93 | 171 | (30) |
| **Balance at end of the year** |  | 128555 | 97438 | 29029 | 2088 |
| **Carrying value at end of the year** |  | 66906 | 64214 | 1798 | 894 |

---

*1Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2021 and fully depreciated by 2024, and* 

*was derecognised, as well as other items of property, plant and equipment as no future economic benefits are expected from its use*

AFR – **108**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Figures in million – SA rand | Notes | Total | Mine <br>development, <br>infrastructure <br>and other<br>| Land, mineral <br>rights and <br>rehabilitation<br>| Exploration and <br>evaluation <br>assets<br>|
| **2023** |  |  |  |  |  |
| **Cost** |  |  |  |  |  |
| Balance at beginning of the year |  | 148893 | 119545 | 27563 | 1785 |
| Additions |  | 22092 | 21849 | 190 | 53 |
| Change in estimates of rehabilitation assets |  | (415) | 27 | (441) | (1) |
| Disposals |  | (688) | (676) | (12) |  |
| Derecognition of property, plant and equipment<sup>1</sup> |  | (3156) | (2552) | (511) | (93) |
| Transfers between classes of property, plant and equipment |  |  | (703) | 56 | 647 |
| Transfers to right-of-use assets | 15 | (15) | (15) |  |  |
| Gain on remeasurement of previous interest in joint operation |  | 320 | 320 |  |  |
| Derecognition with deemed disposal of interest in joint operation<sup>2</sup> |  | (3465) | (3465) |  |  |
| Assets acquired on acquisition of subsidiaries |  | 7259 | 5760 | 1144 | 355 |
| Foreign currency translation |  | 6191 | 4012 | 2156 | 23 |
| **Balance at end of the year** |  | 177016 | 144102 | 30145 | 2769 |
| **Accumulated depreciation, amortisation and impairment** |  |  |  |  |  |
| Balance at beginning of the year |  | 71984 | 63446 | 6753 | 1785 |
| Amortisation and depreciation | 4 | 9798 | 8894 | 904 |  |
| Impairment | 10 | 38492 | 16844 | 21236 | 412 |
| Disposals |  | (630) | (618) | (12) |  |
| Derecognition of property, plant and equipment<sup>2</sup> |  | (3151) | (2547) | (511) | (93) |
| Derecognition with deemed disposal of interest in joint operation<sup>3</sup> |  | (2438) | (2438) |  |  |
| Depreciation capitalised to inventory |  | 96 | 96 |  |  |
| Foreign currency translation |  | 1527 | 1155 | 358 | 14 |
| **Balance at end of the year** |  | 115678 | 84832 | 28728 | 2118 |
| **Carrying value at end of the year** |  | 61338 | 59270 | 1417 | 651 |

---

*1Included in the derecognition during the year, is short-term ore reserve development, which was capitalised up to 31 December 2022 and fully depreciated by 2023, and* 

*was derecognised, as well as other items of property, plant and equipment as no future economic benefits are expected from its use*

*2The carrying value of property, plant and equipment derecognised with disposal of interest in a joint operation amounts to R1,027 million* 

AFR – **109**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**15. Right-of-use assets**

**Accounting policy**<br>Right-of-use assets comprise land and related infrastructure, mining equipment, vehicles and office rentals (included in the mine <br>development, infrastructure and other asset class) of which none meet the definition of investment property. These right-of-use assets <br>comprise the initial measurement of the corresponding lease liability, any initial direct costs incurred by the lessee, and an estimate of costs <br>to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the <br>underlying asset.<br>Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses if applicable. The assets are <br>depreciated over the shorter period of the lease term and useful life of the underlying asset.<br>If a lease transfers ownership of the underlying asset, or the cost of the right-of-use asset reflects that the Group expects to exercise a <br>purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the <br>commencement date of the lease.<br>See note 28 for additional detail.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| Balance at beginning of the year |  | **156** | 560 | 279 |
| Additions and modifications |  | **510** | 10 | 164 |
| Right-of-use assets acquired on acquisition of subsidiaries  | 16 | **—** | 3 | 297 |
| Assets derecognised with deemed disposal of interest in joint operation |  | **—** |  | (2) |
| Impairment of right-of-use assets - mining assets | 10 | **(16)** | (60) |  |
| Depreciation |  | **(110)** | (109) | (210) |
| Transfers and other movements |  | **—** | (244) | 15 |
| Foreign currency translation |  | **(8)** | (4) | 17 |
| **Balance at end of the year** |  | **532** | 156 | 560 |

---

AFR – **110**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**16. Acquisitions**

**Significant accounting judgements and estimates**<br>Expected future cash flows used to determine the fair value of, inter alia, property, plant and equipment and contingent consideration are <br>inherently uncertain and could materially change over time. The fair value is significantly affected by a number of factors including <br>reserves and production estimates, together with economic factors such as the expected commodity price, foreign currency exchange <br>rates, and estimates of production costs, future capital expenditure and discount rates.<br>Acquisitions are assessed to determine if they qualify as business combinations or asset acquisitions in terms of the requirements of IFRS 3 <br>*Business Combinations* (IFRS 3) where the Group obtains control over an entity. In order to apply IFRS 3, the assets acquired and liabilities <br>assumed, should constitute a business as defined in IFRS 3. Accordingly, management assesses whether the activities consist of inputs and <br>processes applied to those inputs that have the ability to contribute to the creation of outputs. If a transaction is not deemed to be a <br>business combination, it is accounted for as an asset acquisition outside of the scope of IFRS 3. The IFRS 3 scope assessment could <br>significantly impact the accounting treatment applied.<br>**Accounting policy**<br>**Business combinations**<br>The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the <br>acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The <br>consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Any <br>contingent consideration is measured at fair value at the date of acquisition. Acquisition-related costs are expensed as incurred.<br>Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair <br>values at the acquisition date.<br>If a business combination is achieved in stages, any previously held equity interest is re-measured at its acquisition-date fair value, and any <br>resulting gain or loss is recognised in profit or loss or other comprehensive income, as appropriate. The fair value of the previously held <br>interest is then considered in the determination of goodwill. The same approach is applied where the previous interest was held in a joint <br>operation.<br>On an acquisition-by-acquisition basis, the Group recognises any NCI in the acquiree either at fair value or at the NCI's proportionate share <br>of the acquiree's net assets. Subsequently, the carrying amount of NCI is the amount of the interest at initial recognition plus the NCI's share <br>of the subsequent changes in equity, plus or minus changes in the portion of interest of the equity of the subsidiary not attributable, directly <br>or indirectly, to Sibanye-Stillwater shareholders.<br>The excess of the consideration transferred, the amount of any NCI in the acquiree and the acquisition-date fair value of any previous <br>equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair <br>value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is a gain recognised directly in profit or <br>loss.<br>**Asset acquisitions**<br>For acquisitions outside the scope of IFRS 3, the purchase consideration is allocated to identifiable assets and liabilities based on their <br>relative fair values. Assets and liabilities that are initially measured at an amount other than cost are recognised at their respective carrying <br>amounts as specified in the applicable accounting standards. To the extent that contingent consideration is payable in an asset <br>acquisition based on future production, such variable payments are only recognised as expenses as and when incurred.<br>

AFR – **111**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**16.1 Metallix Refining (Metallix) business combination**

Sibanye-Stillwater concluded the acquisition of Metallix on 4 September 2025 (effective date) by acquiring 100% of the Metallix group of

entities for a cash consideration of US$129 million. Metallix operates two processing and recycling operations in Greenville, North Carolina

and produces recycled precious metals, including gold, silver and platinum group metals, primarily from industrial waste streams. Metallix

has a global customer base, which it services from the UK and South Korea, in addition to its customers in the US. Metallix will complement

the Group's US recycling operations in Montana and Reldan in Pennsylvania, adding processing capacity, proprietary technology and

knowledge and experience.

Metallix's financial results were consolidated from the effective date. For the four months ended 31 December 2025, Metallix contributed

revenue of R1,658 million and a loss of R334 million to the Group's results. Ignoring the depreciation of fair value adjustments relating to

property, plant and equipment and intangible assets, as well as the fair value adjustment relating to inventory recognised in cost of sales for

the four months ended 31 December 2025, Metallix would have contributed approximately R50 million profit. Total revenue and total net

loss of the Group for the year ended 31 December 2025 would have been R132,810 million and R4,513 million had the acquisition been

effective from 1 January 2025, after taking into account amortisation of fair value adjustments to property, plant and equipment, intangible

assets and the cost of sales adjustment relating to inventory. In determining these amounts, management assumed that the fair value

adjustments that arose on the date of acquisition would be the same if the acquisition occurred on 1 January 2025. The functional currency

of Metallix is the US dollar.

The purchase price allocation (PPA) on the effective date was prepared on a provisional basis in accordance with IFRS 3 for, amongst

others, inventory, accounts receivable and accounts payable, contingent liabilities, provisions, as well as any resultant deferred tax

implications. If new information obtained within one year of the acquisition date, about facts and circumstances that existed at the

acquisition date, identifies adjustments to the below amounts or any additional provisions that existed at the date of acquisition, then the

accounting for the acquisition will be revised.

**Consideration**

The fair value of the consideration is as follows:

---

| | |
|:---|:---|
| Figures in million **–** SA rand | **2025** |
| Consideration paid | **2277** |
| **Total consideration** | **2277** |

---

**Metallix acquisition related costs**

The Group incurred total acquisition related costs of R175 million for the year ended 31 December 2025 on advisory and legal fees. These

costs are recognised as transaction costs in profit or loss during the period in which incurred.

**Identified assets acquired and liabilities assumed**

The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date:

---

| | | |
|:---|:---|:---|
| Figures in million **–** SA rand | Notes | **2025** |
| Property, plant and equipment<sup>2</sup> | 14 | **653** |
| Intangible assets<sup>2</sup> | 17 | **162** |
| Other receivables |  | **107** |
| Inventories<sup>2</sup> |  | **1161** |
| Trade and other receivables |  | **134** |
| Cash and cash equivalents<sup>3</sup> |  | **383** |
| Other payables |  | **(38)** |
| Deferred tax | 11.3 | **(197)** |
| Tax and royalties payable | 11.4 | **(38)** |
| Trade and other payables |  | **(59)** |
| **Fair value of identifiable net assets acquired**<sup>1</sup> |  | **2268** |

---

<sup>1</sup>*Carrying value approximates fair value, except as detailed in footnote 2 below* 

<sup>2</sup> *Fair value of assets and liabilities for which the carrying value does not approximate fair value, excluding those not within the IFRS 3 measurement scope, were* 

*determined as follows:*

*•The fair value of property, plant and equipment was determined based on a combination of valuation approaches for specific asset classes. The valuation techniques* 

*includes using a market approach (sales comparables)and an indirect cost approach based on indexed historical costs (depreciated replacement cost)*

*•The fair value of intangible assets was determined based on the relief-from-royalty method which considers the discounted estimated royalty payments that are* 

*avoided as a result of ownership as well as an income approach (multi-period excess earnings method) which considers the present value of future net cash flows to* 

*value the vendor relationships. A cost approach was used for the valuation of Metallix software as it does not generate cash flows independently*

*•The fair value of inventories was based on an assessment of net realisable value*

<sup>3</sup> *The transaction results in net cash paid of R1,894 million based on cash and cash equivalents acquired of R383 million and cash consideration paid of R2,277 million*

AFR – **112**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Goodwill**

Goodwill arising from the business combination is as follows:

---

| | |
|:---|:---|
| Figures in million **–** SA rand | **2025** |
| Consideration paid | **2277** |
| Fair value of identifiable net assets acquired | **(2268)** |
| **Goodwill** | **9** |

---

The goodwill is attributable to the human capital and the premium paid for the synergies and benefits expected to be derived from the

Group's recycling business across the US.

The table below provides a summary of the net cash paid on the acquisition of Metallix during the year ended 31 December 2025:

---

| | |
|:---|:---|
| **Figures in million – SA rand** | **2025** |
| **Metallix acquisition, net of cash acquired** | **(1894)** |
| Cash consideration paid  | **(2277)** |
| Cash and cash equivalents acquired  | **383** |

---

**16.2 Reldan business combination (revised)**

Sibanye-Stillwater successfully concluded the acquisition of the Reldan on 15 March 2024 by acquiring 100% of the shares and voting

interest. Reldan is a recycling group which reprocesses various waste streams to recycle precious metals and is based in Pennsylvania, US. In

addition to Reldan's US operations, it has also established a presence in Mexico and India where it has forged strategic joint ventures with

local partners. The acquisition complements the Group's US PGM recycling business in Montana and enhances its exposure to the circular

economy. Reldan's financial results were consolidated from the effective date and the functional currency of Reldan is the US dollar.

The PPA for the six months ended 30 June 2024, and year ended 31 December 2024, was prepared on a provisional basis in accordance

with IFRS 3. During the 12-month measurement period commencing on the acquisition date, management provisionally revised the initial

PPA previously recognised at 30 June 2024 and at 31 December 2024 due to new information obtained in accordance with IFRS 3. During

the six months ended 30 June 2025, a final payment amounting to US$5 million (R96 million) was made to the sellers. This relates to a process

completed by March 2025, whereby the sellers determined that an additional amount was due to them in terms of the purchase and sales

agreement relating to their tax obligations. Goodwill and other payables was revised for 31 December 2024 as a result of the additional

payment.

The following table summarises the differences from amounts reported at 31 December 2024 due to the final revised PPA:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2025** | **2025** |
|  | **As previous** | **Final** <br>**payment**<br>| **As revised** |
| Fair value of identifiable net assets acquired | **2769** | **—** | **2769** |
| Consideration paid<sup>1</sup> | **2943** | **96** | **3039** |
| Fair value of NCI put liability<sup>2</sup> | **109** | **—** | **109** |
| Total consideration | **3052** | **96** | **3148** |
| Goodwill<sup>3,4,5</sup> | **283** | **96** | **379** |

---

<sup>1</sup> *Cash consideration amounted to US$155.9 million (R2,920 million) paid in 2024. Due to new information obtained, cash consideration paid on the Reldan acquisition* 

*increased by US$5 million (R96 million) which was paid by 31 March 2025*

<sup>2</sup> *Related to an NCI put option in respect of an intermediate Reldan holding company which holds an interest in the Indian joint venture operations, and may require the* 

*Group to purchase shares from the non-controlling shareholders of Reldan if exercised by the NCI. The put option can be exercised by the NCI between three and five* 

*years after the effective date at market price*

<sup>3</sup> *The goodwill is attributable to the human capital and the premium paid for the synergies and benefits expected to be derived from enhancing the Group's recycling* 

*business across the US, Mexico and India*

<sup>4</sup> *US tax legislation requires the purchase consideration to be allocated in order to determine future tax deduction. An amount of R1,188 million (US$63 million) is estimated* 

*to be deductible for tax purposes in the future*

<sup>5</sup> *The calculation of goodwill, previously amounting to R283 million as revised at 31 December 2024, was finalised at 31 March 2025 based on new information obtained* 

*before the 12 months remeasurement period in terms of IFRS 3 was completed. The net adjustments based on the new information obtained resulted in additional* 

*goodwill of R96 million recognised in the prior year*

AFR – **113**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**17. Goodwill and other intangibles**

**Significant accounting judgements and estimates**<br>Goodwill is tested for impairment on an annual basis and whenever impairment indicators are identified. Expected future cash flows used <br>to determine the recoverable amount of property, plant and equipment and goodwill are inherently uncertain and could materially <br>change over time. The recoverable amount is significantly affected by a number of factors including reserves and production estimates, <br>together with economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production <br>costs, future capital expenditure and discount rates (see note 10).<br>An individual operating mine does not have an indefinite life because of the finite life of its reserves. The allocation of goodwill to an <br>individual mine will result in an eventual goodwill impairment due to the depleting nature of the mine.<br>**Accounting policy**<br>Goodwill is stated at cost less accumulated impairment losses. Goodwill is not amortised. In accordance with the requirements of IAS 36 <br>*Impairment of Assets*, the Group performs its annual impairment review of goodwill at each financial year end or whenever there are <br>impairment indicators to establish whether there is any indication of impairment to goodwill. Goodwill is allocated to CGUs for the purpose <br>of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination <br>in which the goodwill arose. An impairment is made if the carrying amount exceeds the recoverable amount. The recoverable amount is <br>determined as the higher of "value in use" and "fair value less cost to sell", based on the cash flows over the life of the CGUs and <br>discounted to a present value at an appropriate discount rate. Impairment losses on goodwill are not reversed. Gains and losses on the <br>disposal of an entity include the carrying amount of goodwill allocated to the entity sold. Other intangible assets, including customer <br>relationships, software, patents and trademarks that are acquired by the Group and have finite useful lives, are measured at cost less <br>accumulated amortisation and any accumulated impairment losses.<br>Amortisation on intangible assets is calculated on a straight-line method over the estimated useful lives, and is generally recognised in profit <br>or loss. The estimated useful lives for intangible assets are as follows:<br>•Vendor relationships - 5 - 10 years<br>•Brand: 5 years<br>•Software: 3 years <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **Revised**<br>**2024**<br>| **2023** |
| **Goodwill** |  |  |  |  |
| Balance at beginning of the year |  | **878** | 499 | 8241 |
| Goodwill on acquisition of subsidiaries | 16.1 | **9** | 379 |  |
| Impairment | 10 | **—** |  | (8435) |
| Foreign currency translation |  | **(44)** |  | 693 |
| **Carrying value at end of the year**<sup>1</sup> |  | **843** | 878 | 499 |
| ***Other intangibles*** |  |  |  |  |
| **Cost** |  |  |  |  |
| Balance at beginning of the year |  | **1496** | 98 | 86 |
| Intangible assets acquired on acquisition of subsidiaries | 16.1 | **162** | 1397 |  |
| Additions  |  | **1** | 4 |  |
| Foreign currency translation |  | **(174)** | (3) | 12 |
| **Balance at end of the year** |  | **1485** | 1496 | 98 |
| **Accumulated amortisation and impairment** |  |  |  |  |
| Balance at beginning of the year |  | **220** | 95 | 5 |
| Impairment | 10 | **—** |  | 86 |
| Foreign currency translation |  | **(27)** | (1) |  |
| Charge for the year |  | **161** | 126 | 4 |
| **Balance at end of the year** |  | **355** | 220 | 95 |
| **Carrying value at end of the year**<sup>2</sup> |  | **1130** | 1276 | 3 |
| **Total goodwill and other intangibles** |  | **1973** | 2154 | 502 |

---

1*The goodwill arose on the acquisition of the below subsidiaries:*

• *SFA (Oxford), amounting to* R123 million *allocated to the* Stillwater *(*R60 million), Rustenburg (R44 million*) and* Kroondal (R18 million*) CGUs, where it is tested for* 

*impairment. During 2023, the* R60 million *goodwill allocated to Stillwater was impaired (see note* 10). The remaining carrying value of goodwill related to the SFA (Oxford)

acquisition amounts to R63 million at 31 December 2023

• *Qinisele Resources, amounting to* R54 million *and fully impaired by 31 December 2020* 

• Cooke, amounting to R737 million *which was fully impaired by 31 December 2020*

• *Aquarius Platinum (South Africa) Proprietary Limited (Aquarius), amounting to* R401 million *allocated to the* Kroondal (R134 million*) and the* Rustenburg *operation (*R267

million) CGUs, where it is tested for impairment. No impairment has been recognised

• *Stillwater, amounting to* US$450 million (R5,874 million), at the exchange rate on the acquisition effective date) allocated to the Stillwater CGU. During 2023, the entire

goodwill amount allocated to the Stillwater CGU with a carrying value of R8,352 million was impaired (see note 10*)*

• *DRDGOLD, amounting to* R35 million allocated to the DRDGOLD CGU, where it is tested for impairment. No impairment has been recognised

AFR – **114**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

• *Sandouville, amounting to* R23 million *allocated to the Sandouville CGU. During 2023, the entire goodwill amount allocated to the Sandouville CGU was impaired (see* 

*note* 10)

• *Reldan, amounting to* R283 million allocated to the Reldan CGU, where it is tested for impairment. *During 2025, the PPA was revised which resulted in additional* 

*goodwill of R96 million, resulting in a total goodwill R379 million (see note 16.2). Additional goodwill of R9 million was recognised on the acquisition of Metallix (see note* 

*16.1) which is reported with Reldan* 

*2Included in the balance at 31 December 2025, is an intangible asset at the Pennsylvania recycling operation in respect of vendor relationships - manufacturers amounting* 

*to R902 million (2024: R1,146 million) with a remaining amortisation period of approximately eight years. Also included is an intangible asset at the North Carolina recycling* 

*operation in respect of vendor relationships amounting to R106 million with a remaining amortisation period of approximately eight years*

The recoverable amount of goodwill was calculated based on the fair value less cost of disposal of the CGUs to which to goodwill was

allocated.

Goodwill amounting to R1,188 million (US$63 million) is estimated to be deductible for tax purposes in respect of the Reldan acquisition (see

note 16.2).

The Group's estimates and assumptions used in the 31 December 2025 impairment testing include:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Gold operations**<sup>1</sup> | **Gold operations**<sup>1</sup> | **Gold operations**<sup>1</sup> | **PGM operations** | **PGM operations** | **PGM operations** | | | **Pennsylvania** <br>**site recycling** | **Pennsylvania** <br>**site recycling** |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** | **Europe** <br>**(Sandouville** <br>**nickel** <br>**refinery)**<sup>2</sup><br>**2023** | AUS <br>operations\*<br>**2023** | **2025** | **2024** |
| Average gold price<sup>3,5</sup> | **1903056** | 1324530 | 1072364 |  |  |  |  |  |  |  |
| Average PGM (4E) basket <br>price<sup>4,5</sup><br>|  |  |  | **28890** | 26963 | 29124 |  |  |  |  |
| Average PGM (2E) basket <br>price<sup>5</sup><br>|  |  |  | **1134** | 1120 | 1281 |  |  |  |  |
| Average nickel price<sup>5</sup> |  |  |  |  |  |  | 8.9 |  |  |  |
| Average cobalt price<sup>5</sup> |  |  |  |  |  |  | 15.8 |  |  |  |
| Average zinc price<sup>5</sup> |  |  |  |  |  |  |  | 3873 |  |  |
| Average gold price<sup>5</sup> |  |  |  |  |  |  |  |  | **3562** | **2329** |
| Average silver price<sup>5</sup> |  |  |  |  |  |  |  |  | **44** | **29** |
| Nominal discount rate — <br>South Africa<sup>6,7</sup><br>| **11.7% -** <br>**13.5%**<br>| 14.3% - <br>15.7%<br>| 13.7% - <br>15.8%<br>| **13.9% -** <br>**16.3%**<br>| 21.3% - <br>21.5%<br>| 22.5% - <br>22.7%<br>|  |  |  |  |
| Nominal discount rate — US<sup>7</sup> |  |  |  | **11.6** | 13.0 | 12.0 |  |  | **13.1** | **15.3** |
| Nominal discount rate — <br>Europe<sup>7</sup><br>|  |  |  |  |  |  | 7.4 |  |  |  |
| Nominal discount rate — <br>Australia<sup>7</sup><br>|  |  |  |  |  |  |  | 9.3 |  |  |
| Inflation rate — South <br>Africa<sup>3,8</sup><br>| **3.5** | 5.0 | 6.0 | **3.5** | 5.0 | 6.0 |  |  |  |  |
| Inflation rate — US<sup>8</sup> |  |  |  | **2.2** | 2.1 | 2.5 |  |  | **2.2** | **2.1** |
| Inflation rate — Europe<sup>8</sup> |  |  |  |  |  |  | 1.6 |  |  |  |
| Inflation rate — Australia<sup>8</sup> |  |  |  |  |  |  |  | 2.9 |  |  |
| Life-of-mine<sup>3,9</sup> | **1 - 11** | 4 - 10 | 4 - 11 | **1 - 66** | 13 - 45 | 14 - 47 | 23 | 4 | **N/A** | **N/A** |

---

*\*No impairment assessment performed at 31 December 2024 and 2025 as carrying values reduced to nil due to change in the rehabilitation provision*

1*Includes the operating gold mines Driefontein, Kloof and Beatrix*

2*The Keliber impairment assessment at 31 December 2025 applied an average lithium hydroxide price of* US$17,475*/t (2024: US$18,640/t, 2023:* US$22,933*/t), nominal* 

*discount rate of* 10.1% *(2024: 9.9%, 2023:* 10.1%), inflation rate of 2% *(2024: 2%, 2023:* 2%*) and a life-of-mine of* 20 years *(2024: 23 years, 2023:*24 years*)*

3*The estimates and assumptions used in the impairment assessment of the Burnstone project include an average gold price of* R1,670,512*/kg (2024:* R1,189,493*/kg, 2023:* 

R1,012,625*/kg), inflation rate of* 3.5% *(2024:* 5.0%*, 2023:* 6.0%*) and life-of-mine of* 23 *years (2024:* 25 *years, 2023:* 25 *years)*

4*No impairment assessment was performed for Mimosa at 31 December 2025. The average PGM basket price used on the Mimosa equity-accounted joint venture at 31* 

*December 2024 was* R25,433*/4Eoz (2023:* R26,632*/4Eoz)*

5*The average prices and the exchange rate were derived by considering various bank and commodity broker consensus forecasts*

6*Nominal discount rate for the Burnstone project is* 15.2% (2024: 17.5%, 2023: 18.9%*) and for the equity-accounted joint venture Mimosa at 31 December 2024 was* 22.7%

(2023: 31.2%)

7*The nominal discount rate is calculated as the weighted average cost of capital of the respective CGUs*

8*The inflation rate is based on the expected forecast inflation rate in the geographical region which most affects the CGU's cash flows*

9*Periods longer than five years are considered appropriate based on the nature of the operations since a formally approved life-of-mine plan is used to determine cash* 

*flows over the life of each mine based on the available reserves*

AFR – **115**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The cash flows are based on the annual life-of-mine plans that takes into account the following:

• Proved and probable ore reserves of the CGU and conversion of resources where appropriate

• Revenue based on the consensus forecast commodity prices and operating costs

• Sustaining capital expenditure estimates over the life-of-mine plan

• Developmental capital expenditure, where applicable

**Results of impairment assessments for the Group's CGUs and goodwill allocated to CGUs**

Other than the impairment recognised in note 10, no further impairment was recognised at 31 December 2025 for the Group's CGUs, or any

CGUs with allocated goodwill.

AFR – **116**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**18. Equity-accounted investments**

**Significant accounting judgements and estimates**<br>**Joint arrangements**<br>Judgement is required to determine when the Group has joint control, which requires an assessment of the relevant activities and when the <br>decisions in relation to those activities require unanimous consent. The Group has determined that the relevant activities for its joint <br>arrangements are those relating to the operating and capital decisions of the arrangement, such as the approval of the budget and the <br>capital expenditure programme for each year, and appointing, remunerating and terminating the key management personnel or service <br>providers of the joint arrangement. The considerations made in determining joint control are similar to those necessary to determine control <br>over subsidiaries.<br>Judgement is also required to classify a joint arrangement as either a joint operation or a joint venture. Classifying the arrangement requires <br>the Group to assess their rights and obligations arising from the arrangement. Specifically, it considers:<br>•The structure of the joint arrangement – whether it is structured through a separate vehicle<br>•When the arrangement is structured through a separate vehicle, the Group also considers the rights and obligations arising from:<br>–the legal form of the separate vehicle<br>–the terms of the contractual arrangement<br>This assessment often requires significant judgement, and a different conclusion on joint control and also whether the arrangement is a joint <br>operation or a joint venture may materially impact the accounting.<br>**Carrying value of Mimosa and related mineral reserves and mineral resources estimates**<br>The Group reviews and tests the carrying value when events or changes in circumstances suggest that the carrying amount may not be <br>recoverable by comparing expected future cash flows to the carrying value. Expected future cash flows used to determine the value in <br>use and fair value less costs to sell of Mimosa are inherently uncertain and could materially change over time. These are significantly <br>affected by a number of factors including reserves and production estimates, together with economic factors such as spot and future <br>PGM prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure. <br>**Mimosa functional currency**<br>The functional currency of Mimosa, which is domiciled in Zimbabwe, has been determined as US dollar. During 2024, the Zimbabwean <br>government introduced a new gold-backed currency replacing the Zimbabwean dollar, referred to as the Zimbabwe Gold (ZiG). As a <br>result of this change, management reassessed whether there is a change in the functional currency of Mimosa. This assessment depends <br>on the primary economic environment in which the company operates, which is considered to be the environment in which it generates <br>and expends cash. These considerations include the currency primarily influencing sales prices, the country whose competitive forces and <br>regulations mainly determine sales prices and the currency that influences labour, material and other costs of production. Judgements and <br>assumptions made in determining the functional currency may have a significant impact on the results presented for the Group.<br>The determining factors in the above assessment were:<br>•The currency that mainly influences sales prices: Sales are invoiced and settled in US dollar<br>•The currency of the country whose competitive forces and regulations mainly determine the sales prices: The competitive forces and <br>regulations of the US primarily influences sales prices<br>•The currency that mainly influences labour, material and other costs: The majority of operating costs are settled in US dollar<br>**Accounting policy**<br>The Group's interest in equity-accounted investees comprise interests in associates and joint ventures.<br>Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating <br>policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the <br>arrangement, rather than rights to its assets and obligations for its liabilities.<br>Interests in associates and joint ventures are accounted for using the equity method. The interests are initially recognised at cost using the <br>same principles as with business combinations. Subsequent to initial recognition, the consolidated financial statements include the Group's <br>share of profit or loss and other comprehensive income of equity-accounted investees until the date on which significant influence or joint <br>control ceases. For so-called farm-in/farm-out arrangements where another party is earning into a joint venture, the Group does not <br>recognise any expenses incurred by the other participant to the arrangement and no equity accounted earnings are recognised until the <br>farm-in/farm-out arrangement is completed.<br>

AFR – **117**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

Results of associates and joint ventures are equity-accounted using the results of their most recent audited annual financial statements or <br>unaudited management accounts. Any losses from associates are brought to account in the consolidated financial statements until the <br>interest in such associates is written down to zero. The interest includes any long-term interests that in substance form part of the entity's net <br>investment in the equity-accounted investee, for example long-term receivables for which settlement is neither planned nor likely to occur <br>in the foreseeable future. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such <br>associates.<br>The carrying value of an equity-accounted investment represents the cost of the investment, including goodwill, the proportionate share of <br>the post-acquisition retained earnings and losses, any other movements in reserves, any impairment losses and loans to or from the equity-<br>accounted investee. The carrying value together with any long-term interests that in substance form part of the net investment in the <br>equity-accounted investee is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is <br>compared to the recoverable amount, being the higher of value in use or fair value less costs to sell. If an impairment in value has <br>occurred, it is recognised in the period in which the impairment arose. Indicators of impairment include a significant or prolonged decline <br>in the investments fair value below its carrying value.<br>

The Group holds the following equity-accounted investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | 2024 | 2023 |
| Rand Refinery<sup>1</sup> | 18.1 | **1282** | 766 | 660 |
| Mimosa<sup>2</sup> | 18.2 | **3784** | 4920 | 5146 |
| Peregrine<sup>2</sup> | 18.3 | **1191** | 1260 | 1247 |
| Other equity-accounted investments<sup>3</sup> |  | **303** | 377 | 95 |
| **Total equity-accounted investments** |  | **6560** | 7323 | 7148 |

---

1*Associate*

2*Joint venture*

3*Includes the Group's investment in Glint Incorporated (associate) acquired during 2022. The investment has a carrying value of* R77 million *(2024:* R118 million*, 2023:* 

R92 million*) at 31 December 2025. The balance also includes the Group's equity-accounted investments in Mexico and India, acquired through the Reldan business* 

*combination (see note 16.2) which has a combined carrying value of* R223 million *(2024: R258 million) at 31 December 2025*

**18.1 Rand Refinery**

Sibanye-Stillwater has a 44.4% interest in Rand Refinery Proprietary Limited (Rand Refinery), a company incorporated in South Africa, which

is involved in the refining of bullion and by-products sourced from, inter alia, South African and foreign gold producing mining companies.

Rand Refinery is accounted for using the equity method.

The movement in the equity-accounted investment in Rand Refinery for the year is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Balance at beginning of the year | **766** | 660 | 578 |
| Share of results of equity-accounted investee after tax<sup>1</sup> | **516** | 327 | 315 |
| Dividends received | **—** | (221) | (233) |
| **Balance at end of the year** | **1282** | 766 | 660 |

---

1*Since Rand Refinery has a 31 August year end, it is equity-accounted based on its latest management accounts for the period ended 30 November* 

AFR – **118**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The Group's interest in the summarised financial statements of Rand Refinery is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| **Revenue** | **2644** | 2129 | 1738 |
| Total comprehensive income | **1140** | 735 | 708 |
| Non-current assets | **923** | 803 | 761 |
| Current assets | **2956** | 2238 | 1890 |
| Non-current liabilities | **(103)** | (117) | (44) |
| Current liabilities | **(752)** | (529) | (688) |
| **Net assets (100%)** | **3024** | 2395 | 1919 |
| **Reconciliation of the total investment in Rand Refinery with attributable net assets:** |  |  |  |
| Net assets (44.4%) | **1344** | 1065 | 853 |
| Dividend received<sup>1</sup> | **—** | (221) | (116) |
| Fair value adjustment<sup>2</sup> | **(36)** | (36) | (36) |
| Reconciling items<sup>3</sup> | **(26)** | (42) | (41) |
| **Total investment in Rand Refinery** | **1282** | 766 | 660 |

---

*1The dividend received relates to the dividend received from Rand Refinery after 30 November. The total dividend received for 2024 amounted to R221 million (2023:* 

*R233 million)*

*2The investment in equity-accounted investee was fair valued at 1 July 2002, the date when significant influence was obtained*

*3Reconciling items relate to adjustments on consolidation of DRDGOLD's interest in Rand Refinery*

**18.2 Mimosa**

Sibanye-Stillwater has a 50% interest in Mimosa Investments Limited (Mimosa), which owns and operates the Mimosa mine. The mine

produces platinum and is situated in Zimbabwe.

The movement in the equity-accounted investment in Mimosa for the year is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | 2024 | 2023 |
| Balance at the beginning of the year |  | **4920** | 5146 | 6650 |
| Share of results of equity-accounted investee after tax |  | **(148)** | (97) | (1479) |
| Impairment  | 10 | **(64)** |  | (423) |
| Dividends received |  | **(359)** | (180) | (208) |
| Foreign currency translation |  | **(565)** | 51 | 606 |
| **Balance at end of the year** |  | **3784** | 4920 | 5146 |

---

AFR – **119**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The Group's interest in the summarised financial statements of Mimosa is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Revenue | **7225** | 6207 | 6433 |
| Amortisation and depreciation | **(824)** | (667) | (951) |
| Interest income | **28** | 12 | 64 |
| Finance expense | **(116)** | (89) | (56) |
| Income and royalty tax | **(400)** | (374) | 554 |
| Income tax | **(90)** | (112) | 820 |
| Royalty tax | **(310)** | (262) | (266) |
| Profit or loss | **(296)** | (194) | (2957) |
| Other comprehensive income | **(1129)** | 101 | 1213 |
| Total comprehensive income | **(1425)** | (93) | (1744) |
| Non-current assets | **4268** | 6062 | 5675 |
| Property, plant and equipment<sup>1</sup> | **4268** | 6062 | 5675 |
| Right-of-use assets | **—** |  |  |
| Current assets | **6323** | 6406 | 6997 |
| Cash and cash equivalents | **878** | 274 | 770 |
| Other current assets | **5445** | 6132 | 6227 |
| Non-current liabilities | **(1106)** | (1216) | (1037) |
| Non-current financial liabilities<sup>2</sup> | **—** |  |  |
| Other non-current liabilities | **(1106)** | (1216) | (1037) |
| Current liabilities | **(942)** | (573) | (403) |
| Current financial liabilities<sup>2</sup> | **(942)** | (573) | (403) |
| Other current liabilities | **—** |  |  |
| **Net assets (100%)** | **8543** | 10679 | 11232 |
| **Reconciliation of the total investment in Mimosa with attributable net assets:** |  |  |  |
| Net assets (50%) | **4272** | 5340 | 5616 |
| Impairment of investment in Mimosa | **(64)** |  | (423) |
| Reconciling items<sup>3</sup> | **(424)** | (420) | (47) |
| **Total investment in Mimosa** | **3784** | 4920 | 5146 |

---

*1The Group impaired the property, plant and equipment of Mimosa at 31 December 2025 (see note 10) which amounted to R1,071 million (2023:* R3,728 million *of which the* 

*Group's* 50% *share amounted to R535 million (2023:* R1,864 million*) amounting to R461 million (2023:*R1,384 million) *net of tax (see note* 12.3 *))* 

2*Non-current and current financial liabilities (excluding trade and other payables and provisions) were* zero *for all periods presented*

3*The reconciling items include the difference between the carrying amount and fair value of the Mimosa's identifiable assets and liabilities on acquisition less accumulated* 

*amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign joint venture*

Repatriation of funds from Zimbabwe is subject to regulatory approval in Zimbabwe.

**18.3 Peregrine**

On 29 June 2018, Sibanye-Stillwater announced that it had entered into an agreement with Regulus Resources Inc. (Regulus) and a newly

formed subsidiary of Regulus, Aldebaran, creating a strategic partnership in order to unlock value at its Altar copper-gold project in San

Juan Province, Argentina (Altar Project), currently held in the US PGM operations. Under the terms of the agreement, Stillwater Canada LLC,

an indirect, wholly-owned subsidiary of Sibanye-Stillwater (Stillwater Canada), entered into an option and joint venture agreement with

Aldebaran, whereby Aldebaran has the option to earn into a maximum 80% interest in a wholly-owned subsidiary of Stillwater Canada,

Peregrine Metals Limited (Peregrine) which owns the Altar Project (Arrangement Agreement).

The consideration for Aldebaran to acquire up to an 80% interest in the Altar Project, included:

• An upfront cash payment of US$15 million to Sibanye-Stillwater on closing of the Arrangement Agreement

• 19.9% of the shares of Aldebaran

• A commitment from Aldebaran to carry the next US$30 million of exploration spend at the Altar Project over a maximum of five

years(inclusive of 2018 drilling that was conducted between February and May of 2018) as an initial earn-in of a 60% interest in the Altar

Project (the Initial Earn-in)

Pursuant to the Arrangement Agreement, Aldebaran also received the right to elect to earn-in an additional 20% interest in the Altar

Project by spending an additional US$25 million exploration expenditure over a three-year period following the Initial Earn-in.

AFR – **120**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

Peregrine was a subsidiary of Stillwater Canada. On 25 October 2018, Aldebaran issued an aggregate of 15,449,555 Aldebaran shares to

Sibanye-Stillwater, representing 19.9% of the current 77,635,957 issued and outstanding Aldebaran shares, and made an upfront cash

payment of US$15 million to Sibanye-Stillwater in accordance with the Arrangement Agreement. From this date, Stillwater Canada and

Aldebaran act together to direct the relevant activities of and, therefore, collectively control Peregrine. As a result of the loss of control,

Peregrine was derecognised as a subsidiary and accounted for as an equity-accounted investment. On 14 August 2023, Aldebaran

successfully completed the Initial Earn-in and elected to earn-in an additional 20% in Peregrine over a three-year period for an additional

exploration expenditure of US$25 million. On 15 April 2025, the additional earn-in process was completed which meant that the farm-in/

farm-out arrangement ceased and the Group commenced equity-accounting its remaining 20% share in Peregrine prospectively from this

date.

On 7 November 2024, Aldebaran announced that they have entered into a joint venture agreement with Nuton Holdings Limited (Nuton),

which has subsequently been terminated at the end of 2025. Under the terminated agreement, Nuton could have acquired a 20% indirect

interest in the Altar Project by making staged payments totalling US$250 million. Final payment in terms of the agreement was expected to

be made in 2026 if Nuton agreed to proceed. At 31 December 2025, the Group had a 20% (2024: 40%, 2023: 40%) legal interest in Peregrine.

The equity-accounted investment in Peregrine movement for the year is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | **2024** | **2023** |
| Balance at the beginning of the year |  | **1260** | 1247 | 1160 |
| Additions |  | **91** |  |  |
| Share of results of equity-accounted investee after tax |  | **(7)** |  |  |
| Impairment of loan to Peregrine | 10 | **—** |  | (18) |
| Foreign currency translation |  | **(153)** | 13 | 105 |
| **Balance at end of the year** |  | **1191** | 1260 | 1247 |

---

The Group's interest in the summarised financial statements of Peregrine is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Non-current assets | **596** | 2859 | 2830 |
| Current assets | **74** |  |  |
| Non-current liabilities | **(679)** | (10) | (9) |
| Current liabilities | **(46)** |  |  |
| **Net assets (100%)** | **(55)** | 2849 | 2821 |
| **Reconciliation of the total investment in Peregrine with attributable net assets:** |  |  |  |
| Net assets (20%)<sup>1</sup> | **(11)** | 570 | 564 |
| Reconciling items<sup>2</sup> | **1202** | 690 | 683 |
| **Total investment in Peregrine** | **1191** | 1260 | 1247 |

---

1*For comparative periods, disclosed on the basis that Aldebaran would successfully complete their earn-in obligation in terms of the agreement as described above. The* 

*earn-in was successfully completed during 2025*

2*The reconciling items include the difference between the carrying amount and fair value of the Peregrine's identifiable assets and liabilities on acquisition less* 

*accumulated amortisation, and foreign exchange differences on translation of assets and liabilities of the foreign equity-accounted investment. This also includes the* 

*dilution in the interest resulting from the earn-in requirements as well as movements in net assets during the farm-in/farm-out period during which equity-accounting was* 

*suspended*

**18.4 Cash additions to equity-accounted investments**

The table below summarises the cash paid during the year for investments in equity-accounted investees:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Century | **—** |  | (373) |
| Peregrine | **(91)** |  |  |
| Glint | **—** | (35) | (23) |
| **Total cash paid** | **(91)** | (35) | (396) |

---

AFR – **121**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**19. Other investments**

---

| |
|:---|
| **Significant accounting judgements**<br>Where the Group holds less than 20% interest in a company, the assessment of whether there is significant influence and hence an equity-<br>accounted investment may involve judgement. These judgements typically include the extent of representation on the board of directors, <br>other involvement in the company such as technical committee, any other contractual arrangements as well as the effective influence <br>that the particular shareholding interest provides. A different conclusion could have a significant impact on the measurement, <br>presentation and disclosure of the particular investment.<br>|
| **Accounting policy**<br>On initial recognition of an equity investment that is not held for trading, the Group may make an irrevocable election to present <br>subsequent changes in the investment's fair value in other comprehensive income (FVTOCI). This election is made on an investment-by-<br>investment basis. These investments are subsequently measured at fair value, with dividends recognised in profit or loss unless the dividend <br>clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI (in the mark-to-market <br>reserve) and are never reclassified to profit or loss.<br>Investments, other than investments in equity instruments, are measured at amortised cost if not measured at fair value through profit or loss <br>(FVTPL), and is held with the objective to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows <br>that are solely payments of principal or interest on the principal amount outstanding.<br>All investments not classified as measured at amortised cost or at FVTOCI as described above are measured at FVTPL, with subsequent <br>changes in the investment's fair value recognised in profit or loss. In addition, on initial recognition, the Group may irrevocably designate an <br>investment that otherwise meets the requirements to be measured at amortised cost as measured at FVTPL if doing so eliminates or <br>significantly reduces an accounting mismatch that would otherwise arise.<br>|

---

The Group holds the following investments:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| ***Designated at FVTOCI investments:*** |  |  |  |
| Rand Mutual Assurance Company Limited | **329** | 197 | 166 |
| Furuya Metal Company Limited<sup>1</sup> | **444** | 515 | 500 |
| Aldebaran<sup>2</sup> | **1080** | 608 | 304 |
| Generation Mining Limited<sup>3</sup> | **325** | 64 | 106 |
| ioneer Limited<sup>4</sup> | **—** | 272 | 277 |
| Other | **12** | 8 | 22 |
| ***Mandatorily measured at FVTPL investments:*** |  |  |  |
| Verkor S.A. (Verkor)<sup>5</sup> | **933** | 904 | 951 |
| EnHyWhere | **18** | 41 | 107 |
| Other | **865** | 562 | 452 |
| ***Amortised cost investments*** | **265** | 336 | 294 |
| **Total other investments** | **4271** | 3507 | 3179 |

---

1The Group holds approximately 4.88% *in Furuya Metal Company Limited which is incorporated in Japan and listed on the Tokyo Stock Exchange. Its main business is the* 

*manufacture/sale of industrial-use precious metals*

2*The Group holds* 14.34% *in Aldebaran which is incorporated in Canada and listed on the Toronto Stock Exchange (TSX). Aldebaran is a mineral exploration company.* 

*Subsequent to the reporting date, the Group's shareholding in Aldebaran reduced to 13.2% due to a capital raising transaction executed by Aldebaran*

3*The Group holds* 12.14% *in Generation Mining Limited which is incorporated in Canada and listed on the TSX. Generation Mining Limited is in the process of developing the* 

*Marathon copper-palladium project. Subsequent to the reporting date, the Group's shareholding in Generation Mining Limited reduced to 10.2% due to a capital raising*

*4During 2025, the Group successfully disposed of its investment in ioneer through a block trade on the Australian Stock Exchange at AUD0.11 per share with total proceeds* 

*amounting to R186 million* 

5*On 22 March 2022, the Group, through its wholly-owned subsidiary, Sibanye Battery Metals Proprietary Limited, invested in Verkor by subscribing for a* €25 million

(R409 million) *convertible bond. Verkor is a French Gigafactory project aiming to enter the European battery materials market as a manufacturer of low-carbon footprint* 

*batteries for application in electric vehicles and large-scale stationary storage markets. The convertible bond was converted into preference shares during September* 

*2023. The convertible bond was recognised as an investment measured at fair value, with net gains and losses recognised in profit or loss. Subsequent to conversion, the* 

*preference shares continue to be measured at fair value through profit or loss. During September 2023, the Group also subscribed for a further* €15 million *(*R303 million*)* 

*preference share investment, which is measured at fair value through profit or loss. The fair value of the total investment in Verkor amounted to* R933 million *at 31* 

*December 2025 (2024:* R904 million*, 2023:* R951 million*), with* R29 million *(2024:* R46 million *loss, 2023:* R93 million gain) *recognised as a fair value gain for the year ended 31* 

*December 2025*

**Fair value of other investments**

Other investments consists primarily of listed investments and other short-term investment products, which are measured at fair value or

have carrying amounts that approximates fair value. The fair values of non-listed investments included in other investments are determined

through valuation techniques that include inputs that are not based on observable market data. Fair value measurements of listed

investments are categorised as level 1 under the fair value hierarchy and non-listed investments as level 3 (see note 35.1).

**Other market price risk**

The primary goal of the Group's investments in equity securities is to hold the investments for long-term strategic purposes in line with the

Group's investment strategy. These investments are continuously assessed by management, assisted by the Group's business development

processes, to determine the appropriate outcome in respect of these investments based on changes in share prices and other available

AFR – **122**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

information (see note 35.2 for further market risk information). A one percentage point change in the various stock exchange prices would

have impacted other comprehensive income by R22 million.

AFR – **123**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**20. Environmental rehabilitation obligation funds**

In order to offset the environmental effects of the Group's mining activities, the Group sets aside funds for rehabilitation of the

environmental impacts of its operations, in order to fund rehabilitation according to the expected closure and rehabilitation plans.

**Accounting policy**<br>The Group's rehabilitation obligation funds consist of investments measured at FVTPL and those measured at amortised cost. Rehabilitation <br>obligation funds measured at fair value include a fixed income portfolio of bonds, rehabilitation policies and cell captive investments. <br>These funds are measured at fair value at each reporting date. The fair value is determined with reference to underlying bond prices using <br>industry valuation techniques and appropriate models. Rehabilitation obligation funds measured at amortised cost mainly comprise term <br>and notice deposits. These financial instruments are measured at amortised cost, using the effective interest method. <br>Contributions are made to dedicated environmental rehabilitation obligation funds to fund the estimated cost of rehabilitation during and <br>at the end of the life of the relevant mine. The amounts contributed to these funds are included under non-current assets and are <br>measured at fair value through profit or loss. Interest earned on monies paid to rehabilitation funds is accrued on a time proportion basis <br>and is recorded as interest income where relevant.<br>In addition, funds are set aside to serve as collateral against the guarantees made to regulatory authorities for environmental rehabilitation <br>obligations.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | 2024 | 2023 |
| Balance at beginning of the year |  | **6691** | 5927 | 5306 |
| Assets acquired on acquisition of subsidiary |  | **—** |  | 616 |
| Assets derecognised with deemed disposal of interest in joint operation |  | **—** |  | (260) |
| Contributions made |  | **158** | 273 | 185 |
| Payments received |  | **(19)** | (24) | (322) |
| Interest income | 5.1 | **417** | 404 | 339 |
| Transfer to other financial assets |  | **—** |  | (22) |
| Fair value gain<sup>1</sup> |  | **63** | 112 | 80 |
| Foreign currency translation |  | **(3)** | (1) | 5 |
| **Balance at end of the year** |  | **7307** | 6691 | 5927 |
| Environmental rehabilitation obligation funds are measured as follows: |  |  |  |  |
| FVTPL |  | **3915** | 3750 | 3212 |
| Amortised cost |  | **3392** | 2941 | 2715 |
| Environmental rehabilitation obligation funds comprise of the following: |  |  |  |  |
| Restricted funds<sup>2</sup> |  | **2457** | 2134 | 1850 |
| Other funds |  | **4850** | 4557 | 4077 |

---

1*The environmental rehabilitation trust fund includes a fixed income portfolio of bonds that are fair valued at each reporting date*

2*The funds are set aside to serve as collateral against the guarantees made to the Department of Minerals, Resources and Energy for environmental rehabilitation* 

*obligations*

**Fair value of environmental rehabilitation obligation funds**

Environmental rehabilitation obligation funds comprise fixed income portfolio of bonds, rehabilitation policies, investment in a cell captive

as well as fixed and notice deposits. A portion of the environmental rehabilitation obligation funds are measured at FVTPL as stated above,

while the carrying values of those measured at amortised cost, approximate fair value based on the nature and terms of the investments

(see note 35.1).

**Credit risk**

The Group is exposed to credit risk on the total carrying value of the investments held in the environmental rehabilitation obligation funds.

The Group has reduced its exposure to credit risk by investing in funds with a limited number of major financial institutions.

AFR – **124**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**21. Other receivables and other payables**

**Significant accounting judgements and estimates**<br>Expected future cash flows used to determine the carrying value of the other payables (namely the Rustenburg operation deferred <br>payment, right of recovery payable, Marikana dividend obligation and contingent consideration), the right of recovery receivable and the <br>fair value of hedge instruments are inherently uncertain and could materially change over time. The expected future cash flows are <br>significantly affected by a number of factors including reserves and production estimates, together with economic factors such as the <br>expected commodity price, currency exchange rates, and estimates of production costs, future capital expenditure and discount rates.<br>**Accounting policy**<br>Financial instruments included in other receivables are categorised as financial assets measured at amortised cost and those included in <br>other payables are categorised as other financial liabilities as applicable. These assets and liabilities are initially recognised at fair value. <br>Subsequent to initial recognition, financial instruments included in other receivables and other payables are measured at amortised cost, <br>except where fair value through profit or loss measurement is appropriate. Contingent consideration, and derivative financial instruments <br>such as the metals borrowings liability and hedges are measured at fair value through profit or loss.<br>Reimbursements, such as rehabilitation reimbursements from other parties are not financial instruments, and are recognised as a separate <br>asset where recovery is virtually certain. The amount recognised is limited to the amount of the relevant rehabilitation provision. If the party <br>that will make the reimbursement cannot be identified, then the reimbursement is generally not virtually certain and cannot be recognised. <br>If the only uncertainty regarding the recovery relates to the amount of the recovery, the reimbursement amount often qualifies to be <br>recognised as an asset.<br>Other receivables and payables that do not arise from contractual rights and obligations, such as receivables on rates and taxes, are <br>recognised and measured at the amount expected to be received or paid.<br>**Statement of cash flows**<br>The acquisition date fair value of deferred payments and contingent consideration relating to business combinations is part of <br>the aggregate consideration for obtaining control of the underlying net assets. Therefore, unless the obligations are clearly part of the <br>borrowing structure of the group, repayments of the acquisition date fair value are classified as investing activities. Additional deferred/<br>contingent payments in excess of the acquisition date fair value are considered to be operating activity cash flows by nature.<br>

**21.1 Other receivables**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | **2024** | **2023** |
| Rates and taxes receivable |  | **93** | 94 | 74 |
| Pre-paid royalties  |  | **282** | 296 | 310 |
| Section 45X credit receivable | 4 | **5858** |  |  |
| Other |  | **511** | 257 | 165 |
| **Total other receivables** |  | **6744** | 647 | 549 |
| **Reconciliation of the non-current and current portion of the other receivables:** |  |  |  |  |
| Other receivables |  | **6744** | 647 | 549 |
| Current portion of other receivables |  | **(4816)** | (156) | (26) |
| **Non-current portion of other receivables** |  | **1928** | 491 | 523 |

---

**21.2 Other payables**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **Revised** <br>**2024**<br>| **2023** |
| Contingent consideration (Kroondal acquisition) | **—** |  | 1570 |
| Deferred/contingent consideration (Pandora acquisition) | **—** |  | 44 |
| Marikana dividend obligation | **810** | 730 | 1626 |
| Keliber dividend obligation | **—** | 388 | 1147 |
| Metals borrowings liability | **1667** | 855 |  |
| NCI put liability | **96** | 109 |  |
| Gold and zinc hedge derivative liability | **468** | 494 | 173 |
| Other<sup>1</sup> | **640** | 969 | 862 |
| **Total other payables** | **3681** | 3545 | 5422 |
| **Reconciliation of the non-current and current portion of the other receivables:** |  |  |  |
| Other payables | **3681** | 3545 | 5422 |
| Current portion of other payables | **(2279)** | (1730) | (2015) |
| **Non-current portion of other payables** | **1402** | 1815 | 3407 |

---

*1The revised 2024 balance includes the additional payment in respect of the Reldan business combination amounting to R96 million (see note 16.2)*

AFR – **125**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Contingent consideration (Kroondal acquisition)**

The Group (through SRPM) assumed full ownership of Kroondal on 1 November 2023 (effective date) by acquiring RPM's 50% in the

Kroondal PSA. The Group agreed to pay RPM a contingent consideration based on a percentage of the cumulative pre-tax cash flows of

the Kroondal PSA until a total of 1,350,000 4E ounces (on a 100% basis) was delivered to RPM (agreed PSA ounces). At the effective date,

approximately 204,517 4E ounces were still outstanding in terms of the Kroondal PSA and continued to be delivered under the terms of the

PoC arrangement. The percentage was determined based on a sliding scale/specific ranges of the PGM basket price included in the sale

agreement. The Group would not make any payment to RPM if the cumulative pre-tax cash flows of the Kroondal PSA was negative. The

remaining ounces were delivered during 2024 and resulted in the Group settling this portion of the contingent consideration amounting to

cash payments of R292 million. The Group also agreed to pay RPM an amount equal to 50%of the amount receivable from RPM at the end

of the final measurement period in respect of the agreed PSA ounces (agreed PSA ounces receivable). The Group determined the

contingent consideration at the effective date as 50% of the agreed PSA ounces receivable. RPM withheld 50% of each payment of the

agreed PSA ounces receivable until the payment of R882 million was paid in full. This payment is a non-cash transaction for the Group, as

the contingent consideration was offset with the 50% of the PSA ounces. During 2025, the assets and liabilities of Kroondal were transferred

to SRPM (see note 1.1).

The Kroondal contingent consideration movement for the year is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | 2024 | 2023 |
| Balance at the beginning of the year |  | **—** | 1570 |  |
| Contingent consideration on acquisition of subsidiary |  | **—** |  | 1433 |
| Payment made |  | **—** | (1174) |  |
| (Gain)/loss on revised estimated cash flows | 7 | **—** | (396) | 137 |
| **Balance at end of the year** |  | **—** |  | 1570 |

---

**Deferred/contingent consideration (Pandora acquisition)**

The Lonmin group acquired the remaining 50% stake in Pandora Joint Venture in 2017. The purchase price included a deferred and

contingent consideration element. The deferred payment element represented a minimum consideration of R400 million, which was settled

through a cash payment based on 20% of the distributable free cash flows generated from the Pandora E3 operations on an annual basis

for a period of 6 years, ended on 30 November 2023. The fair value of the deferred consideration at acquisition of Lonmin by the Group

was determined using the present value of the future cash flows at a discount rate of 12.5%. The contingent consideration element was

based on the extent to which 20% of the distributable free cash flows exceeded R400 million. This element was valued at R44 million at 31

December 2023. The distributable free cash flow was derived from forecast cash flow models. These models used several key assumptions,

including estimates of future sales volumes, PGM prices, operating costs and capital expenditure. The Group settled the remaining

R44 million liability on 1 February 2024.

The Pandora deferred consideration movement for the year is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | 2024 | 2023 |
| Balance at the beginning of the year |  | **—** | 44 | 128 |
| Interest charge  | 5.2 | **—** |  | 3 |
| Loss on revised estimated cash flows |  | **—** |  | 39 |
| Payment made |  | **—** | (44) | (126) |
| **Balance at end of the year** |  | **—** |  | 44 |

---

**Marikana dividend obligation**

The Marikana dividend obligation relates to amounts payable to external shareholders through an intermediate company holding

structure. The obligation is classified as a financial liability measured at amortised cost. At year end, the dividend obligation was measured

applying the same assumptions as set out in note 6.4, except for the discount rates of 11.64% (EPL) and 11.71% (WPL), which remains

consistent over the life of the obligation (see note 6.4 for additional detail regarding the Marikana B-BBEE transaction).

The following table summarises the changes in the Marikana dividend obligation:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | 2024 | 2023 |
| Balance at the beginning of the year |  | **730** | 1626 | 2129 |
| Interest — unwinding of amortised cost | 5.2 | **85** | 188 | 236 |
| Gain on revised estimated cash flows | 7 | **(5)** | (1046) | (548) |
| Payments made |  | **—** | (38) | (191) |
| **Balance at end of the year** |  | **810** | 730 | 1626 |

---

AFR – **126**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Keliber dividend obligation**

During April 2023, Sibanye-Stillwater (through its wholly-owned subsidiary, Keliber Lithium Proprietary Limited) signed a revised shareholders'

agreement with the Finnish Minerals Group, which resulted in a contractual obligation to declare dividends amounting to 40% of the free

cash flow of Keliber. A dividend obligation was recognised for the NCI of Keliber on the effective date of the agreement (25 April 2023) at

R792 million, with a corresponding reduction in NCI (see note 26.1 for other NCI changes). The Group's attributable portion of the dividend

obligation eliminates on consolidation. The dividend obligation is a financial liability and was initially measured at fair value less any directly

attributable costs, and subsequently measured at amortised cost.

At 31 December 2025 the following assumptions were applied in measuring the Keliber dividend obligation:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | 2024 | 2023 |
| Average lithium hydroxide price | **17475** | 18640 | 22933 |
| Real discount rate | **9.83** | 9.83 | 9.83 |
| Inflation rate  | **2.5** | 2.5 | 2.5 |
| Life-of-mine | **20** | 23 | 24 |

---

The following table summarises the changes in the Keliber dividend obligation:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | 2024 | 2023 |
| Balance at the beginning of the year |  | **388** | 1147 |  |
| Initial recognition of the Keliber dividend obligation |  | **—** |  | 792 |
| (Gain)/loss on revised estimated cash flows<sup>1</sup> | 7 | **(427)** | (811) | 287 |
| Interest — unwinding of amortised cost |  | **34** | 109 | 52 |
| Foreign currency translation reserve |  | **5** | (57) | 16 |
| **Balance at end of the year** |  | **—** | 388 | 1147 |

---

1*The gain on revised estimated cash flow for the year ended 31 December 2025 is primarily as a result of a decrease in the long term lithium hydroxide price, which resulted* 

*in decreased expected future cash flows from Keliber*

AFR – **127**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Metals borrowings liability**

The metals borrowings liability relates to precious metals that are borrowed and repaid under a consignment arrangement with a financial

institution for working capital cash management purposes, by the Pennsylvania recycling site. The precious metals traded are gold, silver,

platinum and palladium, and transactions with the lender are recorded at the daily market prices on the day the metals are traded.

Settlement of transactions is usually within two to three business days after the trade date. The liability is measured at fair value according to

the market borrowing position, with fair value movements recognised in profit or loss.

The following table summarises the changes in the metals borrowings liability:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Balance at the beginning of the year | **855** |  |  |
| Initial recognition on acquisition of subsidiary | **—** | 956 |  |
| Cash advances received | **7985** | 4337 |  |
| Non-cash advances received | **1222** |  |  |
| Settlements (cash) | **(1129)** |  |  |
| Settlements through delivery of metals (non-cash) | **(7645)** | (4308) |  |
| Loss/(gain) on commodity price movements | **534** | (136) |  |
| Foreign currency translation reserve | **(155)** | 6 |  |
| **Balance at end of the year** | **1667** | 855 |  |

---

**Deferred/contingent payments made**

The table below summarises the cash deferred/contingent payments made during the year on the obligations set out above:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Deferred payment (Rustenburg operation) | **—** |  | 3607 |
| Deferred/contingent consideration (Pandora acquisition) | **—** | 44 | 126 |
| Contingent consideration (Kroondal acquisition) | **—** | 292 |  |
| **Total cash payments made** | **—** | 336 | 3733 |
| Payments in excess of the original fair value (operating cash flows) | **—** | 44 | 3733 |
| **Payments up to initial fair value (investing cash flows)** | **—** | 292 |  |

---

**Fair value of other receivables and other payables**

Due to the approaches applied in calculating the carrying values as described above, the fair values approximate the respective carrying

values, except for the Marikana dividend obligation and the Keliber dividend obligation. At 31 December 2025, the fair value (level 3) of

the Marikana dividend obligation amounted to R777 million (2024: R559 million, 2023: R1,257 million) and the fair value of the Keliber

dividend obligation (level 3) at 31 December 2024 amounted to R532 million (2023: R1,434 million). The fair values were calculated by

applying a market-related discount rate to expected future cash flows available for dividends at each year end (see note 35.1).

**Market risk**

The deferred/contingent consideration relating to Pandora (up to 31 December 2023), Kroondal contingent consideration (up to 31

December 2023) and the Marikana dividend obligation are sensitive to changes in the 4E basket price. A one percentage point increase in

the 4E basket price would have impacted profit/loss before tax by R38 million (2024: R34 million, 2023: R70 million). The Keliber dividend

obligation (up to 31 December 2024) was sensitive to changes in the lithium hydroxide price. A one percentage point increase in the lithium

hydroxide price would have impacted profit/loss before tax by R26 million at 31 December 2024 (2023: R27 million).

**Credit risk**

The carrying value of the other receivables represents the maximum credit risk exposure of the Group in relation to these receivables. The

Group has reduced its exposure to credit risk by dealing with a limited number of approved counterparties (see note 35.2).

AFR – **128**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**22. Inventories**

**Significant accounting judgements and estimates**<br>Inventory is held in a wide variety of forms across the value chain reflecting the stage of refinement. Prior to production as final metal, the <br>inventory is always contained within a carrier material. As such, inventory is typically sampled and assays taken to determine the metal <br>content and how this is split by metal. Measurement and sampling accuracy can vary quite significantly depending on the nature of the <br>vessels and the state of the material. An allowance for estimation uncertainty is applied to the various categories of inventory and is <br>dependent on the degree to which the nature and state of material allows for accurate measurement and sampling. The range used for <br>the estimation allowance varies based on the stage of refinement. The range is based on independent metallurgists' level of confidence <br>obtained from the outcome of the stocktake. Those results are applied in arriving at the appropriate quantities of inventory. <br>**Metals in process quantities**<br>Recoverable metal quantities are reconciled to ore input and actual metal recoveries. Due to inherent limitations on precise monitoring <br>of recoverability levels, the process of metallurgically balancing inputs and outputs is regularly monitored and metallurgical estimates are <br>refined through reference to actual results. Periodic inventory counts are conducted at refineries to assess the accuracy of inventory <br>quantities. Where required, changes in metallurgical estimates are factored into the measurement of metal inventory. Due to expected <br>levels of estimation uncertainty, reasonable tolerances of total metals are accepted in the measurement of PGM in process quantities.<br>**Accounting policy**<br>Inventory is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary <br>course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Prior to physical separation <br>and while metals are still in the production process, the combined net realisable value of the metals in process is compared to the <br>combined costs of the metals in process for purposes of measuring "in process" inventory at the lower of cost and net realisable value.<br>The Group recognises the cost of ore stockpiles and metal-in-process when it can be reliably measured. Production cost is allocated to <br>these inventories from the stage where the cost becomes reliably measurable. Cost is determined on the following basis:<br>•Gold reef ore stockpiles and gold-in-process are valued using weighted average cost. Cost includes production, amortisation, <br>depreciation and related administration costs<br>•PGM and battery metals inventory is valued using weighted average cost by allocating cost, based on the joint cost of production, <br>apportioned according to the relative sales value of each of the PGMs and battery metals produced. The Group recognises the <br>metal produced in each development phase in inventory with an appropriate proportion of cost. Cost includes production, <br>amortisation, depreciation and related administration costs<br>•By-product metals are identified based on the relative importance and materiality of the relevant metals in relation to the basket of <br>metals mined or produced at each operation. By-product metals are generally valued at the incremental cost of production from the <br>point of split-off from the joint products in the relevant processing stream, considering the nature and objective of the operation<br>•Consumable stores are valued at weighted average cost after appropriate provision for surplus and slow-moving items<br>•Scrap metal acquired for processing and resale are valued using the weighted average cost method. Cost includes purchase price <br>and other directly attributable costs incurred to bring the inventory to its present location and condition, including transport, sampling <br>and assay costs <br>

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Consumable stores<sup>1</sup> | **3076** | 3420 | 3317 |
| PGM ore and mill inventory | **361** | 134 | 276 |
| PGM in process | **17748** | 14241 | 13292 |
| PGM finished goods | **7028** | 6160 | 6948 |
| Gold in process | **730** | 371 | 320 |
| Gold bullion | **1549** | 665 | 959 |
| Sandouville metals in process | **38** | 244 | 327 |
| Sandouville raw materials | **—** | 140 | 168 |
| Sandouville finished goods | **26** | 94 | 292 |
| Zinc concentrate inventory | **205** | 19 | 345 |
| Other | **719** | 61 | 119 |
| **Total inventories** | **31480** | 25549 | 26363 |

---

1*The cost of consumable stores consumed during the year and included in operating cost amounted to* R20,772 million *(*2024*:* R24,685 million *and* 2023*:*R25,778 million*)*

Inventories were reduced during 2025 by R1,477 million (2024: R4,784 million and 2023: R1,694 million) due to write-down to net realisable

value. The write-downs mainly relate to PGM in process and PGM finished goods of R1,171 million (2024: R3,843 million, 2023: R1,179 million)

and R306 million (2024: R844 million, 2023: R423 million), respectively, as a result of the lower commodity price environment. The write-downs

are included in cost of sales (see note 4).

AFR – **129**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**23. Trade and other receivables**

**Accounting policy**<br>Trade and other receivables, excluding trade receivables for PGM and zinc concentrate sales, prepayments and value added tax, are <br>non-derivative financial assets categorised as financial assets measured at amortised cost.<br>The above non-derivative financial assets are initially recognised at fair value and subsequently carried at amortised cost less allowance <br>for impairment. Estimates made for impairment are based on a review of all outstanding amounts at year end in line with the impairment <br>policy described in note 35. Irrecoverable amounts are written off during the period in which they are identified based on the write-off <br>policy included in note 35.<br>In addition to other types of PGM sales, trade receivables include actual invoiced sales of PGM concentrate, as well as sales not <br>yet invoiced for which deliveries have been made and the control has transferred. This is similar for sales of zinc concentrate also included <br>in trade receivables. The PGM and zinc concentrate receivables are financial assets measured at fair value through profit or loss, as the <br>solely payments of principle and interest criteria is not met. The receivable amount calculated for the PGM and zinc concentrate delivered <br>but not yet invoiced is recorded at the fair value of the consideration receivable at the date of delivery. At each subsequent reporting <br>date the receivable is remeasured to reflect the fair value movements in the pricing mechanism which are recognised in revenue. Foreign <br>exchange movements on foreign currency denominated receivables are recognised as a foreign exchange gain or loss in profit or loss <br>subsequent to the recognition of a sale.<br>

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Trade receivables — gold operations | **—** | 56 |  |
| Trade receivables — PGM operations | **3305** | 2099 | 5353 |
| PGM sales concentrate | **1286** | 965 | 3407 |
| PGM sales other | **2019** | 1134 | 1946 |
| Trade receivables — zinc concentrate sales | **84** | 356 | 108 |
| Trade receivables — Sandouville metals sales | **31** | 122 | 261 |
| Trade receivables — e-scrap recycling | **531** | 249 |  |
| Other trade and non-trade receivables<sup>1</sup> | **881** | 783 | 947 |
| Payroll debtors | **219** | 192 | 273 |
| Interest receivable | **46** | 42 | 90 |
| **Financial assets** | **5097** | 3899 | 7032 |
| Prepayments<sup>2</sup> | **660** | 793 | 1219 |
| Value added tax | **1054** | 1030 | 649 |
| **Total trade and other receivables** | **6811** | 5722 | 8900 |

---

1*These receivables arise from the Group's non-core activities such as services rendered by service entities to third parties, scrap metal and diesel sales, recovery of water* 

*and electricity and other miscellaneous items, and therefore do not include the Group's proceeds from the sale of products*

2*Prepayments for the year ended 31 December 2024 includes prepayments of DRDGOLD made towards capital projects amounting to* R113 million *(2023: R610 million)*

**Fair value of trade and other receivables**

The fair value of trade receivables for PGM concentrate sales are determined based on ruling market prices, volatilities and interest rates,

and constitutes level 2 on the fair value hierarchy (see note 35.1).

The fair value of trade and other receivables measured at amortised cost approximate the carrying value due to the short maturity.

**Credit risk**

The Group is exposed to credit risk on the total carrying value of trade and other receivables (see note 35.2).

Trade receivables measured at amortised cost are reviewed on a regular basis and an allowance for impairment is raised when they are

not considered recoverable based on an expected credit loss assessment. The Group transacts exclusively with a limited number of large

international institutions and other organisations with strong credit ratings and the negligible historical level of customer default. Trade

receivables, including trade receivables from metal sales such as chrome, silver, cobalt, zinc and copper, are currently in a sound financial

position and no impairment allowance has been recognised.

AFR – **130**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The table below summarises the impairment allowance raised on other non-trade receivables that are considered to be impaired:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Balance at beginning of the year | **253** | 101 | 214 |
| Impairment allowance recognised in profit or loss for the year | **92** | 161 | 21 |
| Financial assets written off | **(129)** | (6) | (132) |
| Impaired financial assets recovered during the year | **(8)** | (3) | (2) |
| **Balance at end of the year**<sup>1</sup> | **208** | 253 | 101 |

---

1*The impairment allowance mainly relates to payroll receivables, property rentals and certain supplier loans. During 2024, an impairment allowance related to a receivable* 

*balance from Blue Ridge Platinum Proprietary Limited (Blue Ridge) was recognised amounting to* R118 million*. The remaining impairment allowance recognised for 2024* 

*also relates to non-core activity receivables of the Group*

**Commodity price risk**

The Group is exposed to commodity price risk on PGM concentrate receivables that are still subject to provisional pricing adjustments after

the reporting date. A change in the 4E basket price of one percent would impact revenue and the related PGM concentrate receivables

by R10 million.

**Foreign currency sensitivity**

Certain of the Group's components with SA rand as their functional currency have trade and other receivables which are settled in

US dollars. The balances are sensitive to changes in the rand/US dollar exchange rate. A one percentage point change in the SA rand

closing exchange rate of R16.57/US$ would have impacted profit/loss before tax by R18 million.

**24. Cash and cash equivalents**

**Accounting policy**<br>Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments readily convertible to <br>known amounts of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held to meet short-term <br>cash commitments. Cash and cash equivalents are measured at amortised cost, which is deemed to be fair value due to its short maturity.<br>

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Cash at the bank, on hand and cash equivalents | **17178** | 16049 | 25560 |
| **Total cash and cash equivalents** | **17178** | 16049 | 25560 |

---

**Fair value of cash and cash equivalents**

The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of the balances.

**Credit risk**

The Group is exposed to credit risk on the total carrying value of cash and cash equivalents. The Group has reduced its exposure to credit

risk by dealing and investing with a number of major financial institutions (see note 35.2).

AFR – **131**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**25. Stated share capital**

**Accounting policy**<br>Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction <br>from equity, net of any tax effects.<br>

**Authorised and issued**

The roll forward below shows the movement of the legally issued shares of the Company for the periods indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Figures in thousand** | **2025** | 2024 | 2023 |
| **Authorised number of shares** | **10000000** | 10000000 | 10000000 |
| **Reconciliation of issued number of shares:** |  |  |  |
| Number of shares in issue at beginning of the year | **2830567** | 2830567 | 2830370 |
| Shares issued under Sibanye-Stillwater/SGL share plan | **—** |  | 197 |
| **Number of shares in issue at end of the year** | **2830567** | 2830567 | 2830567 |

---

The Company's ordinary no par value shares rank pari passu in all respects, there being no conversion or exchange rights attached

thereto, and all of the ordinary shares will have equal rights to participate in capital, dividend and profit distributions by the Company.

**26. Non-controlling interests**

**Accounting policy**<br>**Non-controlling interests**<br>The Group recognises any NCI in an acquiree either at fair value or at the NCI's proportionate share of the acquiree's net assets on an <br>acquisition-by-acquisition basis. Subsequently, the carrying amount of NCI is the amount of the interest at initial recognition plus the NCI's <br>subsequent share of changes in equity.<br>**Transactions with non-controlling interests**<br>The Group treats transactions with NCI as transactions with equity owners of the Group. For purchases from NCI, the difference between <br>any consideration paid and the relevant share of the carrying value of the net assets acquired, is recognised in equity. Gains or losses on <br>disposals of NCI where control is not lost are also recognised in equity. Where control over a subsidiary is lost, the gains or losses are <br>recognised in profit or loss.<br>

The Group's NCI relates to the following subsidiaries:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | **2024** | **2023** |
| NCI of DRDGOLD | 26.1 | **4916** | 3396 | 2634 |
| NCI of Keliber | 26.1 | **(282)** | 908 | 237 |
| NCI of Group Technical Security Management |  | **7** | 6 | 6 |
| **Total NCI** |  | **4641** | 4310 | 2877 |

---

The summarised financial information of DRDGOLD and Keliber is provided below. This information is based on amounts before

intercompany eliminations.

AFR – **132**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| **DRDGOLD Limited** |  |  |  |
| Revenue | **9129** | 7068 | 5816 |
| Profit for the year | **3199** | 1713 | 1333 |
| Total comprehensive income | **3510** | 1707 | 1348 |
| Profit attributable to NCI | **1593** | 852 | 662 |
| Net increase/(decrease) in cash and cash equivalents | **1073** | (868) | (863) |
| Dividends paid | **301** | 171 | 363 |
| Non-current assets | **11697** | 8673 | 5523 |
| Current Assets | **2951** | 1620 | 2751 |
| Non-current liabilities | **(2988)** | (2021) | (1329) |
| Current liabilities | **(981)** | (672) | (730) |
| Net assets | **10679** | 7600 | 6215 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| **Keliber Oy** |  |  |  |
| Revenue | **—** |  |  |
| (Loss)/profit for the year | **(7750)** | 552 | (429) |
| Total comprehensive income | **(7437)** | 329 | 3 |
| (Loss)/profit attributable to NCI | **(1250)** | 672 | (352) |
| Net (decrease)/increase in cash and cash equivalents | **(1215)** | (116) | 145 |
| Dividends paid | **—** |  |  |
| Non-current assets | **9266** | 10995 | 5000 |
| Current Assets | **1235** | 2782 | 2511 |
| Non-current liabilities | **(9814)** | (6152) | (1219) |
| Current liabilities | **(2092)** | (1586) | (582) |
| Net (liabilities)/assets | **(1405)** | 6039 | 5710 |

---

**26.1 Subsequent NCI transactions**

**DRDGOLD transaction**

DRDGOLD is a company incorporated in South Africa with its head office in Johannesburg. DRDGOLD's primary listing is on the JSE Limited

and its secondary listing is on the New York Stock Exchange. DRDGOLD's production is derived from retreatment of surface tailings in South

Africa. Following Sibanye-Stillwater's exercise of its option to acquire an additional 12.05% in DRDGOLD effective 10 January 2020, NCI held

a 49.90% at 31 December 2025 (2024: 49.90% and 2023: 49.90%) with an effective holding of 49.90% at 31 December 2025 (2024: 49.77% and

2023: 49.72%) after considering the impact of treasury shares held by DRDGOLD. In calculating the reattribution to NCI, the Group used the

net asset value of DRDGOLD at the effective date of the option exercise, including the consideration paid for the subscription, and

determined a reattribution between NCI and the Group.

During 2025, the Group subscribed for 1,400,000 newly issued shares by DRDGOLD at an average price of R32.18 per share, amounting to a

total purchase consideration of R45 million.

**Keliber transactions**

**2023**

On 25 April 2023 the Finnish Minerals Group increased its holding in Keliber from 14% to 20% by subscribing for EUR53.9 million (R1,096 million)

of a EUR104 million rights issue. The Group's portion of the subscription (through wholly-owned subsidiary, Keliber Lithium Proprietary Limited)

amounted to EUR50.2 million (R1,009 million), which is eliminated on a Sibanye-Stillwater Group level. In addition to the rights issue, other

minority shareholders in Keliber (which held 0.79% of the total Keliber shareholding) for which the Group previously recognised an

accelerated put option liability at 31 December 2022, received and accepted voluntary offers at the same share price (EUR157.28 per

share) as the voluntary offer that concluded in 2022. A total payment of EUR5.2 million (R103 million) was made by the Group to all the

shareholders who accepted the voluntary offers during June 2023. Following these transactions, the Finnish Minerals Group holds 20% in

Keliber, the Group retained 79.82%, while other minority shareholders hold the balance of the shares in Keliber.

The table below summarises the above transactions that occurred during 2023 and the impact thereof on the equity attributable to the

owners of Sibanye-Stillwater:

AFR – **133**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | |
|:---|:---|
| **Figures in million – SA rand** | **2023** |
| **Rights issue and voluntary offers** |  |
| Cash consideration paid on rights issue subscription by the Group | **(1009)** |
| Payment eliminated on consolidation | **1009** |
| Cash consideration received from rights issue subscription by NCI | **1096** |
| Cash consideration paid by the Group to NCI on voluntary offer | **(103)** |
| Net cash received by the Group | **993** |
| Net reattribution of equity (accumulated profit and foreign currency translation reserve) | **(596)** |
| Net increase in equity attributable to the owners of Sibanye-Stillwater as a result of the transactions with Keliber <br>shareholders<br>| **397** |
| Increase in accumulated profit | **463** |
| Decrease in foreign currency translation reserve | **(66)** |
| Increase in NCI | **700** |
| **Net increase in total equity as a result of the transactions with Keliber shareholders** | **1097** |

---

Effective 25 April 2023, the Group also recognised a dividend obligation of R792 million with a corresponding reduction of the NCI of Keliber

as a result of the revised shareholders agreement (see note 21.2). This transaction did not result in a cash flow.

**Century transactions**

Sibanye-Stillwater acquired additional shares in Century through its original take-over offer subsequent to the effective date of the

acquisition. On 10 May 2023, Sibanye-Stillwater, through on-and off-market trades, obtained a 100% interest in Century through cash

consideration paid of A$74 million (R906 million) for the additional 49.85% interest in Century.

The table below illustrates the effect of the remaining interest acquired in Century on equity attributable to the owners of Sibanye-Stillwater

for the year ended 31 December 2023:

---

| | |
|:---|:---|
| **Figures in million – SA rand** | **2023** |
| Consideration paid for acquiring the remaining 49.85% interest in Century | **(906)** |
| Carrying value of NCI | **914** |
| **Total impact on equity attributable to owners of Sibanye-Stillwater**<sup>1</sup> | **8** |

---

1*The amount includes* R13 million *increase on accumulated profit and* R5 million *decrease on other reserves in respect of foreign currency translation reserve*

AFR – **134**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**27. Borrowings and derivative financial instrument**

**Significant accounting judgements and estimates**<br>**Borrowings**<br>Expected future cash flows used to determine the carrying amount of the Burnstone Debt are inherently uncertain and could materially <br>change over time. They are significantly affected by a number of factors including reserves and production estimates, together with <br>economic factors such as the expected commodity price, foreign currency exchange rates, and estimates of production costs, future <br>capital expenditure and discount rates, and ultimately the timing and amount of capital and interest that are expected to be repaid, as <br>well as the timing and repayment on Sibanye-Stillwater funding provided to date.<br>**Derivative financial instrument**<br>Gains and losses on the derivative financial instrument are attributable to changes in various valuation inputs, including the movement in <br>the Company's share price, change in US dollar/rand exchange rate, the volatility of the Company's shares, the Company's credit risk <br>spreads, and the market value of the US$ Convertible Bond. Although many inputs into the valuation are observable, the valuation method <br>separates the fair value of the derivative from the quoted fair value of the US$ Convertible Bond by adjusting certain observable inputs. <br>These adjustments require the application of judgement and certain estimates. Changes in the relevant inputs impact the fair value gains <br>and losses recognised.<br>**Accounting policy**<br>**Borrowings**<br>Borrowings are non-derivative financial liabilities categorised as other financial liabilities. Borrowings are recognised initially at fair value, net <br>of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method.<br>Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 <br>months after the reporting date. For borrowings that can be settled in shares, the Group disregards conversion options that are recognised <br>as equity when assessing the host liability's classification as current or non-current.<br>**Derivative financial instruments**<br>Derivatives are initially recognised at fair value that is determined by using appropriate option pricing methodologies. Any directly <br>attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair <br>value, and changes are recognised in profit or loss.<br>For assets and liabilities that are recognised at fair value in the financial statements on a recurring basis, the Group determines whether <br>transfers have occurred between levels in the fair value hierarchy by re-assessing categorisation (based on the lowest level input that is <br>significant to the fair value measurement as a whole) at the end of each reporting period.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | 2024 | 2023 |
| Borrowings |  | **43257** | 41687 | 36618 |
| Derivative financial instrument | 27.5 | **—** |  | 3810 |
| **Balance at end of the year** |  | **43257** | 41687 | 40428 |
| Current portion of borrowings and derivative financial instrument |  | **(11402)** | (552) | (15482) |
| **Non-current portion of borrowings and derivative financial instrument** |  | **31855** | 41135 | 24946 |

---

AFR – **135**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Borrowings**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | 2024 | 2023 |
| US$1 billion RCF | 27.1 | **—** |  |  |
| R5.5 billion RCF | 27.2 | **—** |  | 4000 |
| R6.5 billion RCF | 27.3 | **2500** | 3000 |  |
| 2026 and 2029 Notes | 27.4 | **19824** | 22354 | 22042 |
| US$ Convertible Bond | 27.5 | **7291** | 7921 | 7538 |
| Burnstone Debt | 27.6 | **4005** | 2260 | 2991 |
| Keliber loan facilities | 27.7 | **9547** | 5724 |  |
| Other borrowings | 27.8 | **88** | 424 | 40 |
| Franco-Nevada liability |  | **2** | 4 | 3 |
| Stillwater Convertible Debentures |  | **—** |  | 4 |
| **Total borrowings** |  | **43257** | 41687 | 36618 |
| **Reconciliation of the non-current and current portion of the borrowings:** |  |  |  |  |
| Borrowings |  | **43257** | 41687 | 36618 |
| Current portion of borrowings |  | **(11402)** | (552) | (11672) |
| **Non-current portion of borrowings** |  | **31855** | 41135 | 24946 |

---

The current portion of borrowings will be repaid out of operational cash flows or it will be refinanced by utilising available Group facilities.

Included in the current portion of borrowings at 31 December 2023 is the US$ Convertible Bond, which was subject to approval by a

general meeting of Sibanye-Stillwater shareholders to be convertible into ordinary shares of Sibanye-Stillwater. Following the shareholder

approval in 2024, the bond component of the US$ Convertible Bond was reclassified to non-current and the derivative component

derecognised (see note 27.5).

The roll forward of borrowings in the current year is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | Notes | **2025** | 2024 | 2023 |
| Balance at beginning of the year |  | **41687** | 36618 | 22728 |
| Borrowings acquired on acquisition of subsidiary |  | **—** | 84 | 6 |
| Loans raised<sup>1</sup> |  | **7912** | 8278 | 12758 |
| Loans repaid |  | **(4883)** | (3335) | (1323) |
| Unwinding of loans recognised at amortised cost | 5.2 | **640** | 688 | 359 |
| Accrued interest<sup>2</sup> | 5.2 | **1793** | 1946 | 1192 |
| Accrued interest paid |  | **(2086)** | (1947) | (1175) |
| Borrowing costs capitalised |  | **409** | 64 |  |
| Loss/(gain) on the revised cash flow of the Burnstone Debt | 27.6 | **1805** | (1053) | (32) |
| Loss on foreign exchange differences and foreign currency translation |  | **(4020)** | 344 | 2105 |
| **Balance at end of the year** |  | **43257** | 41687 | 36618 |

---

1*Total loans raised per the statement of cash flows for the year ended 31 December 2023 included the initial recognition of the derivative element of the US$ Convertible* 

*Bond of* R1,673 million *(see note 27.5)*

2*Relates to the 2022 and 2025 Notes, 2026 and 2029 Notes, US$ Convertible Bond and the RCFs*

AFR – **136**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**27.1 US$1 billion RCF**

Sibanye-Stillwater concluded the refinancing of its undrawn US$600 million RCF on 6 April 2023. The facility will be used in financing of the

Group's ongoing capital expenditure, working capital and general corporate expenditure requirements, which may include the financing

of future acquisitions or business combinations. The RCF is linked to a Secured Overnight Financing Rate (SOFR), which is a recently effective

interest rate published as part of the interbank offered rate (IBOR) reform initiative.

**Terms of the US$1 billion RCF**

---

| | |
|:---|:---|
| Facility: | US$1 billion |
| Interest rate: | Linked term SOFR |
| Interest rate margin: | 1.60% if net debt to adjusted EBITDA is equal to or less than 1.0x |
|  | 1.80% if net debt to adjusted EBITDA is greater than 1.0x and less than or equal to 2.0x |
|  | 2.00% if net debt to adjusted EBITDA is greater than 2.0x and less than or equal to 3.0x |
|  | 2.20% if net debt to adjusted EBITDA is greater than 3.0x |
| Term of facility: | Three years, subject to two optional one-year extensions depending on lenders' approval. During April 2025, <br>all facility lenders approved the second extension with the facility now maturing on 6 April 2028<br>|
| Borrowers: | The Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL and Sibanye Stillwater UK Financing PLC (Sibanye UK <br>Financing)<br>|
| Security and/or <br>guarantors:<br>| The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Sibanye <br>UK Financing, Keliber Technology Oy and Keliber<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Balance at beginning of the year | **—** |  |  |
| Loans raised | **—** |  |  |
| Loans repaid | **—** |  |  |
| Accrued interest<sup>1</sup> | **233** | 185 | 73 |
| Accrued interest paid | **(233)** | (185) | (73) |
| Loss on foreign exchange differences | **—** |  |  |
| **Balance at end of the year** | **—** |  |  |
| Current portion of balance | **—** |  |  |
| Non-current portion of balance | **—** |  |  |

---

*1Includes commitment fees* 

**27.2 R5.5 billion RCF**

The purpose of the facility was to refinance facilities, finance ongoing capital expenditure and general corporate expenditure

requirements. This facility was refinanced by the Group through a new R6.5 billion RCF (see note 27.3).

---

| | |
|:---|:---|
| **Terms of the R5.5 billion RCF** | **Terms of the R5.5 billion RCF** |
| Facility: | R5.5 billion |
| Interest rate: | JIBAR |
| Interest rate margin: | 2.4% if net debt to adjusted EBITDA is equal to or less than 2.0x |
|  | 2.6% if net debt to adjusted EBITDA is greater than 2.0x |
| Term of facility: | Three years, subject to two optional one-year extensions depending on lenders' approval. All facility lenders <br>have approved the first and second extension with the loan facility matured on 11 November 2024.<br>|
| Borrowers: | The Company, SGL, Kroondal, SRPM, EPL and WPL |
| Security and/or guarantors: | The facility was unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL and WPL |

---

AFR – **137**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million –SA rand** | Note | **2025** | 2024 | 2023 |
| Balance at beginning of the year |  | **—** | 4000 |  |
| Loans raised |  | **—** |  | 5000 |
| Loans repaid |  | **—** |  | (1000) |
| Accrued interest<sup>1</sup> |  | **—** | 319 | 125 |
| Accrued interest paid |  | **—** | (319) | (125) |
| Inter bank transfer | 27.3 | **—** | (4000) |  |
| **Balance at end of the year** |  | **—** |  | 4000 |
| Current portion of balance |  | **—** |  | (4000) |
| Non-current portion of balance |  | **—** |  |  |

---

*1Includes commitment fees* 

**27.3 R6.5 billion RCF**

Sibanye-Stillwater refinanced its R5.5 billion RCF on 16 August 2024, which was to mature on 11 November 2024, by entering into a new

R6 billion RCF including an option for Sibanye-Stillwater to increase the RCF by a further R1 billion during the term through inclusion of

additional lenders. The Group executed a R500 million increase in the facility on 6 December 2024. The purpose of the facility is to refinance

facilities, finance ongoing capital expenditure and general corporate expenditure requirements.

**Terms of the R6.5 billion RCF**

---

| | |
|:---|:---|
| Facility: | R6.5 billion |
| Interest rate: | JIBAR<sup>1</sup> |
| Interest rate margin: | 2.2% if net debt to adjusted EBITDA is equal to or less than 1.0x |
|  | 2.4% if net debt to adjusted EBITDA is greater than 1.0x but less than or equal to 2.0x |
|  | 2.6% if net debt to adjusted EBITDA is greater than 2.0x but less than or equal to 3.0x |
|  | 2.8% if net debt to adjusted EBITDA is greater than 3.0x  |
| Term of facility: | Three years, subject to two optional one-year extensions depending on lenders' approval. During H2 2025, all <br>facility lenders have approved the first one-year extension resulting in the facility now maturing in August 2028 |
| Borrowers: | The Company, SGL, Kroondal, SRPM, EPL and WPL |
| Security and/or <br>guarantors:<br>| The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Sibanye UK <br>Financing, Keliber and Keliber Technology Oy |

---

1*The facility will transfer to the newly published interest rate ((South African Rand Overnight Index Average) (ZARONIA)) in accordance with IBOR reform amendments prior* 

*to the date on which the JIBAR will no longer be available for use*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | 2024 | 2023 |
| Balance at beginning of the year |  | **3000** |  |  |
| Inter bank transfer | 27.2 | **—** | 4000 |  |
| Loans raised |  | **3000** | 1000 |  |
| Loans repaid |  | **(3500)** | (2000) |  |
| Accrued interest<sup>1</sup> |  | **248** | 97 |  |
| Accrued interest paid |  | **(248)** | (97) |  |
| **Balance at end of the year** |  | **2500** | 3000 |  |
| Current portion of balance |  | **—** |  |  |
| Non-current portion of balance |  | **2500** | 3000 |  |

---

*1Includes commitment fees* 

AFR – **138**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**27.4 2026 and 2029 Notes**

On 16 November 2021 the Group completed a two-tranche corporate bond offering 4.0% Notes (US$675 million) due 16 November 2026

(the 2026 Notes) and 4.5% Notes (US$525 million) due 16 November 2029 (the 2029 Notes) (together the 2026 and 2029 Notes). The

proceeds were applied towards the redemption of the 2025 Notes and will also be applied for general corporate purposes, including

advancing the Group's green metals strategy through investments and accretive acquisitions. The bonds were issued through the Group's

wholly-owned subsidiary Stillwater.

**Terms of the 2026 and 2029 Notes**

---

| | |
|:---|:---|
| Facility: | US$675 million 4.0% Senior Notes due 2026 |
|  | US$525 million 4.5% Senior Notes due 2029 |
| Interest rate: | 2026 Notes: 4.0% |
|  | 2029 Notes: 4.5% |
| Term of the Notes: | 2026 Notes: Five years |
|  | 2029 Notes: Eight years |
| Issuer: | Stillwater Mining Company |
| Guarantors: | Each of the Notes are fully and unconditionally guaranteed, jointly and severally by the Guarantors (the <br>Company, SGL, Kroondal, SRPM, EPL, WPL, Sibanye UK Financing, Keliber Technology Oy and Keliber). The <br>guarantees rank equally in right of payment to all existing and future senior debt of the Guarantors. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Balance at beginning of the year | **22354** | 22042 | 20140 |
| Interest charge | **905** | 928 | 932 |
| Unwinding of amortised cost | **101** | 98 | 80 |
| Accrued interest paid | **(911)** | (932) | (951) |
| (Gain)/loss on foreign exchange differences | **(2625)** | 218 | 1841 |
| **Balance at end of the year** | **19824** | 22354 | 22042 |
| Current portion of balance | **(11241)** | (118) | (116) |
| Non-current portion of balance | **8583** | 22236 | 21926 |

---

**27.5 US$ Convertible Bond**

Sibanye-Stillwater (through its wholly-owned subsidiary Stillwater) launched an offering of US$500 million senior, unsecured, guaranteed

bonds, due in November 2028 and subject to the receipt of the requisite approval by a general meeting of the shareholders of Sibanye-

Stillwater, will be convertible into new and/or existing Sibanye-Stillwater ordinary shares (Convertible Bonds). Prior to, and/or absent of such

approval, holders of the Convertible Bonds would, on conversion, receive a cash amount equal to the value of the underlying ordinary

shares. The proceeds of the bonds will be applied to the advancement of the Group's growth strategy including the funding of future

acquisitions, whilst preserving the current balance sheet for funding existing operations and projects through a lower commodity price

environment.

**Terms of the US$500 million Convertible Bond**

---

| | |
|:---|:---|
| Issue size: | US$500 million |
| Coupon: | 4.25% |
| Maturity date: | 28 November 2028 (five years) |
| Conversion premium: | 32.5% |
| Reference share price: | US$1.0088 (R18.55), being the volume weighted average price of Sibanye-Stillwater's shares listed on the JSE <br>Limited between opening of trading and close of trading on 21 November 2023, converted into US$ at <br>R18.388/US$|
| Initial conversion price: | US$1.3367 |
| Issuer: | Stillwater Mining Company |
| Guarantors: | The Company, SGL, Kroondal, SRPM, EPL, WPL |

---

The US$ Convertible Bond consisted of two components. The option component was recognised as a derivative financial instrument

(financial liability), measured at fair value, with changes in fair value recognised in profit or loss. The non-derivative host instrument (i.e.

bond component) was recognised as a financial liability measured at amortised cost using the effective interest method. On 28 May 2024,

Sibanye-Stillwater shareholder approval was obtained for the US$ Convertible Bond to be convertible into ordinary shares of the Company

at the option of the holders. The share conversion start date was 28 June 2024, with the last day that cash conversion could be requested

being 26 June 2024. The derivative element was transferred to equity on 26 June 2024 as a result of the removal of the cash conversion

option. At 31 December 2023, the bond component and derivative financial instrument was fully classified as current liabilities while

shareholder approval for the conversion option remained outstanding. Upon removal of the cash conversion option, the bond component

was reclassified as a non-current liability.

AFR – **139**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Convertible bond at amortised cost**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Balance at beginning of the year | **7921** | 7538 |  |
| Loans raised | **—** |  | 7455 |
| Interest charge | **380** | 389 | 36 |
| Interest paid | **(376)** | (385) |  |
| Unwinding of amortised cost | **318** | 298 | 27 |
| (Gain)/loss on foreign exchange differences | **(952)** | 81 | 20 |
| **Balance at end of the year** | **7291** | 7921 | 7538 |
| Current portion of balance | **(33)** | (37) | (7538) |
| Non-current portion of balance | **7258** | 7884 |  |

---

**Derivative financial instrument**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | 2024 | 2023 |
| Balance at beginning of the year |  | **—** | 3810 |  |
| Initial recognition of derivative instrument |  | **—** |  | 1673 |
| Transfer to equity |  | **—** | (2009) |  |
| (Gain)/loss on financial instruments<sup>1</sup> | 7 | **—** | (1733) | 2136 |
| Loss on foreign exchange differences |  | **—** | (68) | 1 |
| **Balance at end of the year** |  | **—** |  | 3810 |
| Current portion of balance |  | **—** |  | (3810) |
| Non-current portion of balance |  | **—** |  |  |

---

1*The fair value gain for 2024 on the derivative financial instrument is mainly due to a decrease in the Sibanye-Stillwater share price since the previous reporting date*

**27.6 Burnstone Debt**

Sibanye Gold Eastern Operations (SGEO) has bank debt of US$178 million (the Burnstone Debt) outstanding as part of the net assets

acquired on 1 July 2014.

**Terms of the Burnstone Debt**

---

| | |
|:---|:---|
| Facility: | A1: US$0.2 million |
|  | A2: US$7.8 million |
|  | A3: US$51.0 million |
|  | A4: US$119.1 million |
| Interest rate: | A1 and A2: Interest free |
|  | A3 and A4: Interest free until 1 July 2017, then at term Secured Overnight Financing Rate (SOFR) |
| Interest rate margin: | A3 and A4: 4% from 1 July 2017 |
| Term of loan: | No fixed term |
| Repayment period: | A1: Repaid on 1 July 2014 |
|  | A2: From 1 July 2017 the first 50% of Burnstone's free cash flow (as defined in the settlement agreement) will be <br>used to repay the intercompany Wits Gold Shareholder Loan and the balance of 50% to repay A2.<br>|
|  | A3 and A4: On settlement of A2, 90% of Burnstone's free cash flow will be used to repay the intercompany Wits <br>Gold Shareholder Loan and the balance of 10% to repay the Burnstone Debt. On settlement of the <br>intercompany Wits Gold Shareholder Loan and interest, 30% of Burnstone's free cash flow will be used to repay <br>the Burnstone Debt and the balance will be distributed to Wits Gold.<br>|
|  | The Bank Lenders will continue to participate in 10% of Burnstone's free cash flow after the Burnstone Debt has <br>been repaid in full to a maximum amount of US$63.0 million under a revenue participation agreement.<br>|
| Security: | The Burnstone Debt is fully secured against the assets of Burnstone (of R2.0 billion) and there is no recourse to the <br>Group. The security package includes a cession over the bank accounts, insurance policies' proceeds, special <br>and general notarial bonds over movable assets and mortgage bonds over property. Wits Gold has ceded and <br>pledged its shares in K2013 (a dormant entity) and K2013 has ceded and pledged it shares in SGEO in favour of <br>the lenders of the Burnstone Debt.<br>|

---

AFR – **140**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Note | **2025** | 2024 | 2023 |
| Balance at beginning of the year |  | **2260** | 2991 | 2540 |
| Unwinding of amortised cost |  | **221** | 284 | 252 |
| Loss/(gain) on revised estimated cash flows<sup>1</sup> | 7 | **1805** | (1053) | (32) |
| (Gain)/loss on foreign exchange differences |  | **(281)** | 38 | 231 |
| **Balance at end of the year** |  | **4005** | 2260 | 2991 |
| Current portion of balance |  | **—** |  |  |
| Non-current portion of balance |  | **4005** | 2260 | 2991 |

---

1.*At* 31 December 2024*, the expected free cash flows to repay the loan as detailed above were revised as a result of updated estimated cash flows over the life-of-mine* 

*plan due to a change in the allocation between SGL and the financial institutions in terms of the shareholder loan agreement and the terms of the loan agreement. The* 

*cash flows over the life of mine were also revised at 31 December 2025 due to:*

• Revised forecast costs and capital expenditure

• Revised weighted average gold prices 2025: R1,670,512/kg (2024: R1,189,493/kg and 2023: R1,012,625/kg) and long term exchange rates 2025: R17.25/US$(2024:

R18.00/US$ and 2023: R18.50/US$) based on a LOM of 23 years. A2 is discounted using a 5.9% discount rate and A3 and A4 is discounted at 9.5%

• *In line with the Group's Capital Allocation Framework, the Burnstone project was delayed and a decision to complete the development is expected to later in the 2026* 

*financial year. The loss recognised in 2025 results from a significantly higher gold price outlook which resulted in increased expected future cash flows from Burnstone.* 

*The gain recognised in 2024 resulted from the additional costs during the delay and the deferral of mine ramp-up which resulted in a decrease in the expected future* 

*net cash flows from Burnstone, offsetting the impact of the increase in the weighted average gold price. The amount is included in the corporate and reconciling items* 

*of the SA gold section of the segment report*

**27.7 Keliber loan facilities**

Sibanye-Stillwater executed a EUR500 million green loan financing facility (Green loan) for the Keliber lithium project, through the Group's

subsidiary, Keliber Technology Oy. The Green loan secures capital expenditure funding required for the construction and development

Keliber's lithium mining, processing and refining facilities. The Green loan is a distinctive credit facility, comprising a bank financed

EUR250 million export credit agency (ECA) guaranteed tranche, a EUR150 million tranche provided by the European Investment Bank (EIB)

and a EUR100 million syndicated commercial bank tranche.

**Terms of the EUR250 million ECA facility**

---

| | |
|:---|:---|
| Facility: | EUR250 million |
| Interest rate: | EURIBOR |
| Interest rate margin: | 1.30% |
| Term of facility: | Seven years, with final payment on 20 August 2031 |
| Borrowers: | Keliber Technology Oy |
| Security and/or <br>guarantors:<br>| The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber <br>and Sibanye UK Financing |

---

**Terms of the EUR150 million EIB facility**

---

| | |
|:---|:---|
| Facility: | EUR150 million |
| Interest rate: | EURIBOR |
| Interest rate margin: | 2.05% |
| Term of facility: | Eight years, with final payment on 20 August 2032 |
| Borrowers: | Keliber Technology Oy |
| Security and/or <br>guarantors:<br>| The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber <br>and Sibanye UK Financing |

---

**Terms of the EUR100 million commercial bank facility**

---

| | |
|:---|:---|
| Facility: | EUR100 million |
| Interest rate: | EURIBOR |
| Interest rate margin: | 2.1% if net debt to adjusted EBITDA is less than 2.5x |
|  | 2.3% if net debt to adjusted EBITDA is greater than 2.5x but less than or equal to 3.0x |
|  | 2.5% if net debt to adjusted EBITDA is greater than 3.0x  |
| Term of facility: | Seven years, with final payment on 20 August 2031 |
| Borrowers: | Keliber Technology Oy |
| Security and/or <br>guarantors:<br>| The facility is unsecured and guaranteed by the Company, SGL, Stillwater, Kroondal, SRPM, EPL, WPL, Keliber <br>and Sibanye UK Financing |

---

AFR – **141**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | **2024** | **2023** |
| Balance at beginning of the year | **5724** |  |  |
| Loans raised | **3851** | 5618 |  |
| Unwinding of amortised cost | **60** | 8 |  |
| Accrued interest | **350** | 64 |  |
| Interest paid | **(293)** |  |  |
| (Gain)/loss on foreign exchange differences | **(145)** | 34 |  |
| **Balance at end of the year** | **9547** | 5724 |  |
| Current portion of balance | **(116)** | (66) |  |
| **Non-current portion of balance** | **9431** | 5658 |  |

---

**27.8 Other borrowings**

**Short-term credit facilities and other borrowings**

Sibanye-Stillwater has committed and uncommitted short term loan facilities with various banks to fund capital expenditure, general

corporate expenses as well as provide financing flexibility at its operations. These facilities have no fixed terms, are short-term in nature and

interest rates are market related. Other borrowings also include borrowings acquired on and after acquisition of Sandouville, Keliber,

Century and Reldan.

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million – SA rand** | **2025** | 2024 | 2023 |
| Balance at beginning of the year | **424** | 40 | 42 |
| Loans raised | **1061** | 1660 | 303 |
| Loans repaid | **(1383)** | (1335) | (323) |
| Accrued interest | **27** | 28 | 6 |
| Accrued interest paid | **(25)** | (29) | (6) |
| Borrowings acquired on acquisition of subsidiary | **—** | 84 | 6 |
| (Gain)/loss on foreign exchange differences | **(16)** | (24) | 12 |
| **Balance at end of the year** | **88** | 424 | 40 |
| Current portion of balance | **(12)** | (328) | (11) |
| Non-current portion of balance | **76** | 96 | 29 |

---

AFR – **142**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**27.9 Fair value of financial instruments and risk management**

**Fair value of borrowings**

The carrying amounts of variable interest rate borrowings approximates fair value as the interest rates charged are considered market

related. The fair value of fixed interest rate borrowings was determined through reference to ruling market prices and interest rates.

The table below shows the fair value and carrying amount of borrowings where the carrying amount does not approximate fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value** | **Fair value** | **Fair value** |
| <br>**Figures in million - SA rand** | **Carrying value**<br>| **Level 1** | **Level 2** | **Level 3** |
| **31 December 2025** |  |  |  |  |
| 2026 and 2029 Notes<sup>1</sup> | **19824** | **19367** | **—** | **—** |
| Burnstone Debt<sup>2</sup> | **4005** | **—** | **—** | **4395** |
| US$ Convertible Bond<sup>3</sup> | **7291** | **23003** | **—** | **—** |
| **Total** | **31120** | **42370** | **—** | **4395** |
| **31 December 2024** |  |  |  |  |
| 2026 and 2029 Notes<sup>1</sup> | 22354 | 20327 |  |  |
| Burnstone Debt<sup>2</sup> | 2260 |  |  | 2235 |
| US$ Convertible Bond<sup>3</sup> | 7921 | 8734 |  |  |
| **Total** | 32535 | 29061 |  | 2235 |
| **31 December 2023** |  |  |  |  |
| 2026 and 2029 Notes<sup>1</sup> | 22042 | 18949 |  |  |
| Burnstone Debt<sup>2</sup> | 2991 |  |  | 2509 |
| US$ Convertible Bond<sup>3</sup> | 7538 |  | 7471 |  |
| **Total** | 32571 | 18949 | 7471 | 2509 |

---

1*The fair value is based on the quoted market prices of the notes*

2*The fair value of the Burnstone Debt is derived from discounted cash flow models. These models use several key assumptions, including estimates of future sales volumes,* 

*gold prices, operating costs, capital expenditure and discount rate. See note* 27.6 *for the key assumptions used, except for the discount rate applied in the fair value* 

*disclosure above of* 8.69% *(2024:* 9.55%*, 2023:* 10.74%*), which was adjusted to a market-related rate. The fair value estimate is sensitive to changes in the key assumptions,* 

*for example, increases in the market related discount rate would decrease the fair value if all other inputs remain unchanged. The extent of the fair value changes would* 

*depend on how inputs change in relation to each other*

3*The fair value at 31 December 2025 represents the quoted price of the US$ Convertible Bond. The fair value of the amortised cost component amounts to* R7,990 million

*(2024: R8,231 million) (level 2) at 31 December 2025 and is calculated by deducting the fair value of the share conversion option from the quoted price. Following the* 

*transfer of the derivative component to equity (see note 27.5), it is no longer remeasured to fair value through profit or loss. The fair value at 31 December 2023 represents* 

*the fair value of the amortised cost component of the US$ Convertible Bond, which was calculated based on the quoted price of the instrument after separating the fair* 

*value of the derivative component*

**Liquidity risk**

The Group's liquidity risk management and maturity analysis of financial liabilities are disclosed in note 35.2.

**Market risk**

**Foreign currency sensitivity**

Certain of the Group's foreign currency borrowing facilities are repayable by companies with SA rand as their functional currency,

therefore some of the Group's borrowings are sensitive to changes in the rand/US dollar exchange rate. The Group is also exposed to

foreign currency risk on intercompany loans denominated in USD, EUR and AUD to the extent that foreign exchange differences are

recognised in profit or loss. A one percentage point change in the SA rand closing exchange rate of R16.57/US$(2024: R18.76/US$ and

2023: R18.57/US$), R19.44/€ (2024: R19.53/€, 2023: R20.53/€) and R11.05/A$(2024: R11.67/A$, 2023: R12.66/A$) would have changed profit

or loss before tax by R31 million (2024: R13 million and 2023: R25 million).

**Interest rate sensitivity**

As at 31 December 2025, the Group's total borrowings amounted to R43,257 million (2024: R41,687 million and 2023: R36,618 million). The

Group generally does not undertake any specific action to cover its exposure to interest rate risk, although it may do so in specific

circumstances.

The portion of Sibanye-Stillwater's interest-bearing borrowings at period end that is exposed to interest rate fluctuations is R15,944 million

(2024: R10,898 million and 2023: R6,873 million). This debt is normally rolled for periods between one and three months and is therefore

exposed to the rate changes in this period. See the Group's exposure to interest rate changes presented further in this note.

AFR – **143**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The Burnstone debt and the R6.5 billion RCF are affected by the amendments to IFRS 9 relating to interest rate benchmark reform, in

particular the replacement of IBORs, which came into effect on 1 January 2021. However, the R6.5 billion RCF is linked to JIBAR and is only

expected to be impacted by the IBOR reform at a later stage when it will transition to the ZARONIA prior to the last publication of the JIBAR.

Any impact thereof can only be considered when this occurs since it is unknown if the RCF will be drawn down at that stage. The Burnstone

Debt was linked to a US LIBOR at 31 December 2023 and on 1 March 2024, the Group transitioned the Burnstone Debt to a term SOFR

(consistent with the US$1 billion RCF). Management performed an assessment on the transition of the Burnstone Debt to the new interest

rate and there was no material impact on the Group.

The table below summarises the effect of a change in finance expense on the Group's profit or loss before tax had JIBAR, term SOFR,

EURIBOR or LIBOR (up to 2023) differed as indicated. The analysis is based on the assumption that the applicable interest rate increased/

decreased with all other variables remaining constant. All financial instruments with fixed interest rates that are carried at amortised cost

are not subject to the interest rate sensitivity analysis.

**Interest rate sensitivity analysis**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Change in interest expenses for a change in interest rate**<sup>1</sup> | **Change in interest expenses for a change in interest rate**<sup>1</sup> | **Change in interest expenses for a change in interest rate**<sup>1</sup> | **Change in interest expenses for a change in interest rate**<sup>1</sup> | **Change in interest expenses for a change in interest rate**<sup>1</sup> |
| <br>**Figures in million - SA rand** | **(1.5)%** | **(1.0)%** | **(0.5)%** | **1.0%** | **1.5%** |
| **31 December 2025** |  |  |  |  |  |
| - JIBAR | **(38)** | **(25)** | **(13)** | **25** | **38** |
| - Term SOFR | **(58)** | **(39)** | **(19)** | **39** | **58** |
| - EURIBOR | **(143)** | **(95)** | **(48)** | **95** | **143** |
| **Change in finance expense** | **(239)** | **(159)** | **(80)** | **159** | **239** |
| **31 December 2024** |  |  |  |  |  |
| - JIBAR | (45) | (30) | (15) | 30 | 45 |
| - Term SOFR | (33) | (22) | (11) | 22 | 33 |
| - EURIBOR | (86) | (57) | (29) | 57 | 86 |
| **Change in finance expense** | (164) | (109) | (55) | 109 | 164 |
| **31 December 2023** |  |  |  |  |  |
| - JIBAR | (60) | (40) | (20) | 40 | 60 |
| - LIBOR | (43) | (29) | (14) | 29 | 43 |
| **Change in finance expense** | (103) | (69) | (34) | 69 | 103 |

---

1*Interest rate sensitivity analysis is performed on the borrowings balance at* 31 December

**The exposure to interest rate changes and the contractual repricing dates**

The exposure of the Group's borrowings to interest rate changes and the contractual repricing dates at the reporting dates is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | 2024 | 2023 |
| Floating rate with exposure to change in JIBAR | **2500** | 3000 | 4000 |
| Floating rate with exposure to change in term SOFR | **3897** | 2174 |  |
| Floating rate with exposure to change in LIBOR | **—** |  | 2873 |
| Floating rate with exposure to change in EURIBOR | **9547** | 5724 |  |
| **Non-current borrowings exposed to interest rate changes** | **15944** | 10898 | 6873 |
| **The Group has the following undrawn borrowing facilities:** |  |  |  |
| Committed | **21255** | 26743 | 20755 |
| Uncommitted | **1673** | 2933 | 3274 |
| **Total undrawn facilities** | **22928** | 29676 | 24029 |
| **All of the above facilities have floating rates. The undrawn committed facilities have the** <br>**following expiry dates:**<br>|  |  |  |
| - within one year | **685** | 685 | 2185 |
| - later than one year and not later than two years | **—** |  |  |
| - later than two years and not later than three years | **20570** | 22260 | 18570 |
| - later than three years | **—** | 3798 |  |
| **Total undrawn committed facilities** | **21255** | 26743 | 20755 |

---

AFR – **144**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**27.10 Capital management**

The Group's primary objective relating to managing its capital, is to ensure that there is sufficient capital available to support the funding

requirements of the Group, including capital expenditure, in a way that: optimises the cost of capital; maximises shareholders' returns; and

ensures that the Group remains in a sound financial position.

The Group manages and makes adjustments to the capital structure as and when borrowings mature or as and when funding is required.

This may take the form of raising equity, market or bank debt or hybrids thereof. Opportunities in the market are also monitored closely to

ensure that the most efficient funding solutions are implemented.

The Group monitors capital using the ratio of net debt/(cash) to adjusted earnings before interest, taxes, depreciation and amortisation

(EBITDA), but does not set absolute limits for this ratio.

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | 2024 | 2023 |
| Adjusted borrowings<sup>1</sup> | **39252** | 39426 | 37437 |
| Adjusted cash and cash equivalents<sup>2</sup> | **17129** | 16002 | 25519 |
| Net debt<sup>3</sup> | **22123** | 23424 | 11918 |
| Adjusted EBITDA<sup>4</sup> | **37800** | 13088 | 20556 |
| Net debt to adjusted EBITDA (ratio)<sup>5</sup> | **0.59** | 1.79 | 0.58 |

---

1*Adjusted borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Adjusted borrowings, therefore, exclude the Burnstone Debt and include the* 

*derivative financial instrument relating to the US$ Convertible Bond, until it was derecognised on 26 June 2024*

2*Adjusted cash and cash equivalents exclude cash of Burnstone*

3*Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and,* 

*therefore, exclude the Burnstone Debt and include the derivative financial instrument relating to the US$ Convertible Bond, until it was derecognised on 26 June 2024. Net* 

*debt excludes cash of Burnstone*

4*The adjusted EBITDA calculation is based on the definitions included in the facility agreements for compliance with the debt covenant formula, except for impact of new* 

*accounting standards and acquisitions, where the facility agreements allow the results from the acquired operations to be annualised. Adjusted EBITDA may not be* 

*comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS Accounting Standards and should be* 

*considered in addition to, and not as a substitute for, other measures of financial performance and liquidity*

5Net debt to adjusted EBITDA ratio is defined as net debt as of the end of a reporting period divided by adjusted EBITDA of the 12 months ended on the same reporting

date. Non-IFRS measures such as net debt to adjusted EBITDA is presented for illustration purposes only, and because of its nature, net debt to adjusted EBITDA should not

be considered as a representation of financial performance under IFRS Accounting Standards and should be considered in addition to, and not as a substitute for, other

measures of financial performance and liquidity

AFR – **145**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

Reconciliation of profit/(loss) before royalties, carbon tax and tax to adjusted EBITDA:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | **2024** | **2023** |
| Profit/(loss) before royalties, carbon tax and tax | **734** | (3669) | (38794) |
| Adjusted for: |  |  |  |
| Amortisation and depreciation | **9367** | 8810 | 10012 |
| Interest income | **(1568)** | (1337) | (1369) |
| Finance expense | **5000** | 4571 | 3299 |
| Share-based payments | **2114** | 251 | 113 |
| Loss/(gain) on financial instruments | **3794** | (5433) | (235) |
| (Gain)/loss on foreign exchange differences | **(155)** | 215 | (1973) |
| Share of results of equity-accounted investees after tax | **(337)** | (212) | 1174 |
| Change in estimate of environmental rehabilitation obligation, and right of recovery <br>receivable and payable<br>| **495** | 447 | (45) |
| Gain on disposal of property, plant and equipment | **14** | (55) | (105) |
| Impairments and reversal of impairments | **14007** | 9173 | 47454 |
| Onerous contract provision | **(124)** | (817) | 1865 |
| Gain on acquisition | **—** |  | (898) |
| Cyber security costs | **—** | 67 |  |
| Provision for community costs post closure | **—** | 24 |  |
| Corporate leadership costs | **50** |  |  |
| Gain on remeasurement of previous interest in Kroondal | **—** |  | (298) |
| Gain on increase in equity-accounted investment | **(5)** | (2) | (5) |
| Restructuring costs | **247** | 550 | 515 |
| Transaction costs | **4543** | 851 | 474 |
| Gain on assets held for sale | **(16)** |  |  |
| IFRS 16 lease payments | **(267)** | (244) | (263) |
| Compensation for losses incurred | **(142)** | (26) |  |
| Occupational healthcare loss/(gain) | **49** | (76) | (365) |
| **Adjusted EBITDA** | **37800** | 13088 | 20556 |

---

AFR – **146**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**28. Lease liabilities**

**Accounting policy**<br>At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the <br>contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.<br>Lease liabilities are initially measured at the present value of the future lease payments at the commencement date, discounted using the <br>interest rate implicit in the lease or, if that rate cannot be readily determined, the relevant incremental borrowing rate.<br>Subsequently, lease liabilities are measured at amortised cost using the effective interest method. Lease liabilities are remeasured when <br>there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's estimate of the <br>amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a <br>purchase, extension or termination option.<br>When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is <br>recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.<br>The Group also elected to apply the recognition exemptions for lease contracts that, at the commencement date, have a lease term of <br>12 months or less and do not contain a purchase option, and lease contracts for which the underlying asset is of low value. The Group <br>recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term to the extent <br>applicable.<br>In addition, certain variable lease payments are not permitted to be recognised as lease liabilities and are expensed as incurred.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | **Note** | **2025** | 2024 | 2023 |
| Balance at beginning of the year |  | **378** | 582 | 319 |
| New leases and modifications |  | **508** | 25 | 144 |
| Lease liabilities on acquisition of subsidiaries |  | **—** | 3 | 315 |
| Repayment of lease liabilities (including interest) |  | **(267)** | (244) | (263) |
| Interest charge | 5.2 | **39** | 34 | 43 |
| Foreign currency translation |  | **(11)** | (22) | 24 |
| **Balance at end of the year** |  | **647** | 378 | 582 |
| Current portion of lease liabilities |  | **(166)** | (175) | (198) |
| **Non-current lease liabilities** |  | **481** | 203 | 384 |

---

**Lease payments not recognised as a liability but expensed during the year**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | 2024 | 2023 |
| Short-term leases | **98** | 179 | 69 |
| Leases of low value assets | **33** | 55 | 48 |
| Variable lease payments | **321** | 235 | 248 |
| **Total** | **452** | 469 | 365 |

---

**Maturity Analysis**

The lease liabilities are secured by the related underlying assets. The undiscounted maturity analysis of lease liabilities at 31 December is as

follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | **Total** | **Within one** <br>**year**<br>| **Between one** <br>**and five years**<br>| **After five years** |
| Contractual undiscounted cash flows — 2025 | **806** | **217** | **296** | **293** |
| Contractual undiscounted cash flows — 2024 | 422 | 190 | 149 | 83 |
| Contractual undiscounted cash flows — 2023 | 625 | 221 | 330 | 74 |

---

AFR – **147**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**29. Environmental rehabilitation obligation and other provisions**

**Significant accounting judgements and estimates**<br>**Environmental rehabilitation obligation**<br>The Group's mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The <br>Group recognises a provision for management's best estimate for asset retirement and environmental obligations in the period in which <br>they are incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to <br>environmental laws and regulations, life-of-mine estimates and discount rates could affect the carrying amounts of these provisions.<br>The estimated cost of remediating environmental disturbances is based on the Group's best estimate of the actual future expenditure to <br>settle the present obligation at the end of the reporting period, as required by environmental regulations to remediate the current damage <br>caused, and depends on the nature and management's use of the relevant operation.<br>

---

| | | | |
|:---|:---|:---|:---|
| These provisions are calculated using the following assumptions: | These provisions are calculated using the following assumptions: | These provisions are calculated using the following assumptions: | These provisions are calculated using the following assumptions: |
|  | **Inflation rate** | **Discount rate** | **Discount period** |
| **2025** |  |  |  |
| SA gold operations  | 6.5% | 6.3% – 9.1% | 1 – 26 years |
| SA PGM operations | 6.5% | 6.3% – 8.9% | 1 – 45 years |
| US PGM operations | 3.5% | 4.8% | 31 – 66 years |
| European operations | 2.5% | 2.1% – 3.8% | 1 – 26 years |
| Australian operations | 2.5% | 4.3% | 1 – 18 years |
| **2024** |  |  |  |
| SA gold operations  | 7.0% | 8.3% – 11.1% | 1 – 25 years |
| SA PGM operations | 7.0% | 8.3% – 11.1% | 1 – 45 years |
| US PGM operations | 3.5% | 4.8% | 25 – 35 years |
| European operations | 2.5% | 2.3% – 3.0% | 2 – 23 years |
| Australian operations | 2.5% | 3.9% | 5 – 19 years |
| **2023** |  |  |  |
| SA gold operations  | 7.0% | 8.9% – 12.3% | 1 – 25 years |
| SA PGM operations | 7.0% | 8.9% – 12.3% | 1 – 48 years |
| US PGM operations | 3.5% | 4.0% | 31 – 46 years |
| European operations | 2.1% | 3.1% | 23 years |
| Australian operations | 2.8% | 3.7% | 40 months |
| **Onerous contract**<br>The measurement of the onerous contract provision is subject to various inputs such as estimated revenue to be generated from the <br>contract, which is impacted by pricing and volume assumptions, as well as estimated costs to be incurred such as production costs, which <br>include overheads, labour and manufacturing input cost. Changes to these inputs could materially impact the cash flows included in the <br>measurement of the onerous contract provision.  | **Onerous contract**<br>The measurement of the onerous contract provision is subject to various inputs such as estimated revenue to be generated from the <br>contract, which is impacted by pricing and volume assumptions, as well as estimated costs to be incurred such as production costs, which <br>include overheads, labour and manufacturing input cost. Changes to these inputs could materially impact the cash flows included in the <br>measurement of the onerous contract provision.  | **Onerous contract**<br>The measurement of the onerous contract provision is subject to various inputs such as estimated revenue to be generated from the <br>contract, which is impacted by pricing and volume assumptions, as well as estimated costs to be incurred such as production costs, which <br>include overheads, labour and manufacturing input cost. Changes to these inputs could materially impact the cash flows included in the <br>measurement of the onerous contract provision.  | **Onerous contract**<br>The measurement of the onerous contract provision is subject to various inputs such as estimated revenue to be generated from the <br>contract, which is impacted by pricing and volume assumptions, as well as estimated costs to be incurred such as production costs, which <br>include overheads, labour and manufacturing input cost. Changes to these inputs could materially impact the cash flows included in the <br>measurement of the onerous contract provision.  |

---

AFR – **148**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Accounting Policy**<br>Provisions are recognised when the Group has a present obligation, legal or constructive, resulting from past events and it is probable that <br>an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the <br>amount of the obligation. Provisions are measured by discounting the expected future cash flows at a pre-tax rate that reflects current <br>market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance <br>cost.<br>**Environmental rehabilitation obligation**<br>Long-term environmental obligations are based on the Group's environmental management plans, in compliance with applicable <br>environmental and regulatory requirements. The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for <br>changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of <br>assets or from plant clean up at closure. Based on disturbances to date, the net present value of expected rehabilitation cost estimates is <br>recognised and provided for in full in the financial statements. The estimates are reviewed annually and are discounted using a risk-free <br>rate that is adjusted to reflect the current market assessments of the time value of money.<br>Annual changes in the provision consist of notional finance costs relating to the change in the present value of the provision and <br>inflationary increases in the provision estimate, as well as changes in estimated cost of rehabilitation, remediation and decommissioning. <br>Changes in estimates are capitalised or reversed against the related asset to the extent that it meets the definition of dismantling and <br>removing the item and restoring the site on which it is located. Costs that relate to an existing condition caused by past operations and do <br>not have a future economic benefit are recognised in profit or loss. If a decrease in the liability exceeds the carrying amount of the asset, <br>the excess is recognised immediately in profit or loss. The present value of environmental disturbances created are capitalised to mining <br>assets against an increase in the environmental rehabilitation obligation. Rehabilitation projects undertaken, included in the estimates, are <br>charged to the provision as incurred. The cost of ongoing current programmes to prevent and control environmental disturbances is <br>recognised in profit or loss as incurred. The unwinding of the discount due to the passage of time is recognised as finance cost, and the <br>capitalised cost is amortised over the remaining lives of the mines.<br>**Onerous contract provision**<br>Onerous contract provisions are measured at the present value of the lower of the expected cost of terminating the contract and the <br>expected net cost of continuing with the contract, which is determined based on the incremental cost of fulfilling the obligation under the <br>contract and an allocation of other cost directly related to fulfilling the contract. Before a provision is established, the Group recognises <br>any impairment loss on the assets associated with the contract.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | Notes | **2025** | 2024 | 2023 |
| Environmental rehabilitation obligation | 29.1 | **14000** | 11805 | 11355 |
| Other provisions | 29.2 | **278** | 444 | 1982 |
| **Balance at end of the year** |  | **14278** | 12249 | 13337 |
| Current portion of environmental rehabilitation obligation and other provisions |  | **(161)** | (327) | (832) |
| **Non-current portion of environmental rehabilitation obligation and other provisions** |  | **14117** | 11922 | 12505 |

---

**29.1 Environmental rehabilitation obligation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | Note | **2025** | **2024** | **2023** |
| Balance at beginning of the year |  | **11805** | 11355 | 8435 |
| Interest charge | 5.2 | **984** | 966 | 758 |
| Utilisation of environmental rehabilitation obligation<sup>1</sup> |  | **(227)** | (488) | (274) |
| Change in estimates charged to profit or loss<sup>2</sup> |  | **477** | 433 | (82) |
| Change in estimates capitalised<sup>2</sup> |  | **1220** | 204 | (419) |
| Environmental rehabilitation obligation on acquisition of subsidiaries |  | **—** |  | 3576 |
| Derecognition with deemed disposal of interest in joint operation |  | **—** |  | (818) |
| Liabilities associated with assets held for sale |  | **(29)** | (451) |  |
| Foreign currency translation |  | **(230)** | (214) | 179 |
| **Balance at end of the year** |  | **14000** | 11805 | 11355 |
| **Reconciliation of the non-current and current portion of the environmental** <br>**rehabilitation obligation:**<br>|  |  |  |  |
| Environmental rehabilitation obligation |  | **14000** | 11805 | 11355 |
| Current portion of environmental rehabilitation obligation |  | **—** |  |  |
| **Non-current portion of environmental rehabilitation obligation** |  | **14000** | 11805 | 11355 |

---

1*The cost of ongoing current programmes to prevent and control environmental disturbances, including reclamation activities, is charged to cost of sales as incurred*

2*Changes in estimates result from changes in reserves and corresponding changes in life-of-mine, changes in discount rates, changes in closure cost estimates, including* 

*new information obtained through further studies completed and changes in laws and regulations governing environmental matters*

The Group's mining operations are required by law to undertake rehabilitation works as part of their ongoing operations. The Group makes

contributions into environmental rehabilitation obligation funds (see note 20) and holds guarantees to fund the estimated costs.

AFR – **149**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The Group's environmental rehabilitation obligation is sensitive to changes in certain assumptions applied in the calculation of the balance

of the obligation at 31 December 2025. The table below illustrates the impact of certain changes to the assumptions on the balance of the

obligation at 31 December 2025, holding all other assumptions constant:

---

| | | |
|:---|:---|:---|
| **Key assumption** | **Change to key assumption** | **Impact on the environmental rehabilitation obligation (SA rand millions)** |
| Discount rate | 1% | R1,394 million |
| Inflation rate | 1% | R1,878 million |
| Discount period | 1 year | R241 million |

---

**29.2 Other provisions**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | Notes | **2025** | **2024** | **2023** |
| Balance at beginning of the year |  | **444** | 1982 | 117 |
| Onerous contract provision recognised<sup>1</sup> | 8.1 | **—** | 200 | 1865 |
| Legal settlement provision raised |  | **3607** |  |  |
| Finance expense |  | **—** | 58 |  |
| Change in onerous contract provision recognised through profit or loss<sup>2</sup> | 8.2 | **(124)** | (1017) |  |
| Payments made - cash<sup>3</sup> |  | **(3610)** | (665) |  |
| Foreign currency translation |  | **(39)** | (114) |  |
| **Balance at end of the year** |  | **278** | 444 | 1982 |
| Other provisions consists of: |  |  |  |  |
| Onerous contract provisions<sup>4</sup> |  | **161** | 327 | 1865 |
| Other |  | **117** | 117 | 117 |
| **Other provisions** |  | **278** | 444 | 1982 |
| **Reconciliation of the non-current and current portion of other provisions:** |  |  |  |  |
| Other provisions |  | **278** | 444 | 1982 |
| Current portion of other provisions<sup>5</sup> |  | **(161)** | (327) | (832) |
| **Non-current portion of other provisions** |  | **117** | 117 | 1150 |

---

1*This is an onerous supply contract provision relating to the raw material used in the Sandouville nickel refinery's production process, which is purchased under a single* 

*supply contract previously maturing on 31 December 2027. Due to sustained losses incurred at the operation, the Group assessed whether the supply contract is onerous* 

*at 31 December 2023. Consequently, the Group determined whether the unavoidable costs of meeting the obligations under the contract exceed the economic* 

*benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of* 

*fulfilling it and any compensation or penalties arising from failure to fulfil it. Based on this assessment, the Group recognised an onerous contract provision amounting to* 

R1,865 million*, which represents the present value at 31 December 2023 of the penalty payable on early exiting the supply contract and the unavoidable losses to be* 

*incurred in meeting Sandouville's obligations under the contract during the notice period. Before the separate provision for the onerous contract was established, the* 

*Group recognised an impairment loss on assets, partially dedicated to the contract (see note* 10*). The onerous contract provision was calculated based on an* 

*expectation of terminating the contract in line with the required notice period and discounted at a pre-tax rate of* 5.75%*, reflecting the risks specific to the provision.* 

*During 2024, the Group agreed with the supplier to terminate this supply contract with final delivery made in January 2025. During 2024, additional provisions were raised* 

*for onerous contracts amounting to* R200 million *in respect of the Sandouville nickel refinery's production process*

2*The provision, included in Sandouville segment, decreased due to the realisation of onerous contract losses provided for at 31 December 2023*

*3A payment made for R45 million (2024: R665 million) was in respect of a penalty resulting from early exiting the supply contract. The remaining payment was in respect of* 

*the legal settlement with Appian*

4*Included in the 2024 balance is the onerous contract provision relating to the raw material used in the Sandouville nickel refinery's production amounting to* R121 million

*and the balance relates to additional provisions raised for onerous contracts in respect of the Sandouville nickel refinery's production process*

5*The current portion at 31 December 2025, 31 December 2024 and 31 December 2023 relates to the onerous contract provisions*

**Post closure water management liability**

The Sibanye-Stillwater SA Region continues to monitor the potential risk of long-term acid and non-acidic mine impacted water and other

groundwater pollution challenges, also experienced by peer mining groups operating in similar geological settings.

Acid mine drainage (AMD) specifically relates to the acidification and contamination of naturally occurring water resources by pyrite-

bearing rock/ ore contained in underground mines, rock dumps, tailings facilities and pits on surface. The SA Region has made progress in

reliably determining the financial impact that AMD and groundwater pollution may have on the Group. The quantification of any post-

closure latent environmental impacts is affected by the proposed Financial Provisioning Regulations (2015, as amended), as well as

determining and finalising a workable solution, and approval of management's plans and strategies to prepare a sufficiently reliable

estimate. The effective date of the regulations is yet to be announced.

All water-related risks, whether operational or post-closure, are dealt with as part of our enterprise risk management framework. As at 31

December 2025, closure liability assessments make financial provision of R3,123 million (undiscounted) for what it specifically termed "Post-

closure aspects". This includes but is not limited to amongst others, post-closure water management aspects such as initial and post-decant

surface and groundwater monitoring, wetlands, biomonitoring and aquatics monitoring and care-and-maintenance monitoring.

This value also includes a revised post-closure water treatment scenario for the Marikana operations. During the operational life-of-mine,

pre-closure, the Group aims to investigate, identify and implement practical, sustainable and cost-effective solutions that, where possible,

reduces post-closure impacts as effectively as possible, whilst also promoting the establishment and implementation of self-sustaining

AFR – **150**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

ecosystems and processes, respectively, that would require very limited or no ongoing active management by the operation, in a post-

closure scenario. This is directly aligned to the Group's long-term vision of full water stewardship maturity by 2033.

**Appian Capital legal settlement**

Included in the transaction and project costs of R4,543 million on the income statement, is the settlement amount of R3,607 million relating

to the Appian Capital legal settlement during 2025.

On 26 October 2021, Sibanye-Stillwater entered into share purchase agreements (the Atlantic Nickel SPA and the MVV SPA, respectively

(together, the SPAs)) to acquire the Santa Rita nickel mine and Serrote copper mine (together, the Assets) from affiliates of Appian Capital

Advisory LLP (Appian). On 9 November 2021, a geotechnical event occurred at the Santa Rita Mine. After becoming aware of the

geotechnical event, Sibanye-Stillwater assessed the event and its effect and concluded that the event was and was reasonably expected

to be material and adverse to the business, financial condition, results of operations, the properties, assets, liabilities or operations of the

Santa Rita Mine. Sibanye-Stillwater therefore considered that a condition to closing under the Atlantic Nickel SPA had not been satisfied.

Accordingly, Sibanye-Stillwater gave notice of termination of the Atlantic Nickel SPA on 24 January 2022. As the MVV SPA was conditional

on the closing of the Atlantic Nickel SPA, Sibanye-Stillwater also gave notice of termination of the MVV SPA on the same day. On 3 February

2022, Appian sent a letter to Sibanye-Stillwater indicating that it was terminating the SPAs by reason of Sibanye-Stillwater's wrongful

repudiation and/or renunciation of the SPAs.

Legal proceedings commenced in 2024. The first phase of the proceedings related to whether the geotechnical event was, or could

reasonably be expected to be, material and adverse (the Liability Trial). In a judgment handed down on 10 October 2024, the Court ruled

that the geotechnical event was not, and was not reasonably expected to be, material and adverse, such that Sibanye-Stillwater was not

entitled to terminate the SPAs. However, the Court dismissed Appian's claim of wilful misconduct, ruling that the management of Sibanye-

Stillwater genuinely believed that it was entitled to terminate the SPAs in the best interests of Sibanye-Stillwater.

The second phase of the proceedings was scheduled to proceed to trial in November 2025 (the Quantum Trial), at which the Court would

have determined the damages that Sibanye-Stillwater may be required to pay to Appian. On 10 November 2025, before the Quantum Trial

commenced, Sibanye-Stillwater and Appian agreed a commercial settlement of the dispute for a total payment of US$215 million

(R3,607 million) (including legal fees). The Group recognised the settlement of the dispute under transaction and project costs of R4,543

million on the income statement and included it in Group corporate on the segment report. Some of the legal fees were already settled

after the Liability Trial, with the remaining payment, after foreign exchange movements, amounting to R3,565 million settled on 9 December

2025, after South African Reserve Bank approval.

AFR – **151**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**30. Occupational healthcare obligation**

**Significant accounting judgements and estimates**<br>The Group recognises management's best estimates to settle any occupational healthcare claims against the Group's operations. The <br>ultimate outcome of the number, timing and amount of successful claims to be paid out remains uncertain. The provision is consequently <br>subject to adjustment in the future and actual costs incurred in future periods could differ materially from the estimates.<br>Estimates that were used in the assessment include value of benefits per claimant, disease progression rates, required contributions, <br>timing of payments, tracing pattern, period discount rates, period inflation rates and a 60% take-up rate (2024: 60% and 2023: 66%). These <br>estimates were informed by a professional opinion. Management discounted the possible cash outflows using a discount rate of 8.37% <br>(2024: 10.31% and 2023: 9.44%).<br>In assessing whether the Group has control, joint control or significant influence over the trust that administers the claim settlement <br>process (see below), judgement was applied in determining whether voting rights are relevant to determine power over the key activities <br>of the trust, as well as analysing the influence of the various parties. No control, joint control or significant influence was identified, <br>however should any key considerations change in future periods, these conclusions will be reassessed.<br>**Accounting policy**<br>Provisions are recognised when the Group has a present obligation, legal or constructive resulting from past events and it is probable that <br>an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of <br>the amount of the obligation.<br>The estimated costs of settlement claims are reviewed at least annually and adjusted as appropriate for changes in cash flow predictions <br>or other circumstances.<br>Based on estimates to date, the net present value of expected settlement claims is recognised and provided for in full in the financial <br>statements. The estimated cash flows are discounted using a risk-free rate with similar terms to the obligation to reflect the current market <br>assessments of the time value of money.<br>Annual changes in the provision consist of finance costs relating to the change in the present value of the provision and changes in <br>estimates.<br>

On 3 May 2018, the Occupational Lung Disease Working Group (the Working Group), including Sibanye-Stillwater, agreed to an

approximately R5 billion class action settlement with the claimants (Settlement Agreement). On 26 July 2019 the Gauteng High Court in

Johannesburg approved the R5 billion Settlement Agreement in the silicosis class action suit. This Settlement Agreement provides

compensation to all eligible workers suffering from silicosis and/or tuberculosis who worked in the Occupational Lung Disease Working

Group companies' mines from 12 March 1965 to the date of the Settlement Agreement.

The Settlement Agreement required the formation of the Tshiamiso Trust (the Trust) to administer the claim settlement process, which

includes tracing claimants, assessing and processing submitted claims and paying benefits to eligible claimants. The Trust will be funded by

the participants to the Working Group through contributions determined in accordance with the Settlement Agreement. In addition, a

special purpose vehicle was created with the objective of performing certain functions on behalf of the Working Group as set out in the

deed of the Trust and Settlement Agreement. The special purpose vehicle and Trust are not controlled by the Group.

On 19 December 2019 Sibanye-Stillwater provided a guarantee for an amount not exceeding R1,372 million in respect of administration

contributions, initial benefit contributions and benefit contributions to the Trust as required by the trust deed. At 31 December 2025, the

value of the guarantee amounted to R400 million (2024: R958 million, 2023: R992 million).

Sibanye-Stillwater's current provision for its share of the settlement cost amounts to R384 million. The provision is subject to adjustment in the

future based on the number of eligible workers and changes in other assumptions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | Note | **2025** | 2024 | 2023 |
| Balance at beginning of the year |  | **336** | 400 | 825 |
| Interest charge | 5.2 | **34** | 38 | 70 |
| Change in estimate recognised in profit or loss<sup>1</sup> |  | **49** | (76) | (365) |
| Payments made |  | **(35)** | (26) | (130) |
| **Balance at the end of the year** |  | **384** | 336 | 400 |
| **Reconciliation of the non-current and current portion of the occupational healthcare** <br>**obligation:**<br>|  |  |  |  |
| Occupational healthcare obligation |  | **384** | 336 | 400 |
| Current portion of occupational healthcare obligation |  | **(173)** | (2) |  |
| **Non-current portion of occupational healthcare obligation** |  | **211** | 334 | 400 |

---

1*The gain is mainly due to the decrease in the take-up rate and an increase in the discount rate*

AFR – **152**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

DRDGOLD is not a party to the Working Group's mediated settlement agreement and DRDGOLD maintains the view that it is too early to

consider settlement of the matter, mainly for the following reasons:

• the applicants have as yet not issued and served a summons (claim) in the matter to DRDGOLD

• there is no indication of the number of potential claimants that may join the class action against the DRDGOLD respondents

• many principles upon which legal responsibility may be founded, are required to be substantially developed by the trial court (and

possibly subsequent courts of appeal) to establish liability on the bases alleged by the applicants

In light of the above, there is inadequate information for DRDGOLD to determine if a sufficient legal and factual basis exists to establish

liability, and to quantify such potential liability.

**31. Deferred revenue**

**Significant accounting judgements and estimates**<br>Upfront cash deposits received for streaming transactions have been accounted for as contract liabilities (deferred revenue) in the <br>scope of IFRS 15. These contracts are not financial instruments because they will be satisfied through the delivery of non-financial items <br>(i.e. delivering of metal ounces) as part of the Group's expected sale requirements, rather than cash or financial assets. It is the intention <br>to satisfy the performance obligations under these streaming arrangements through the Group's production, and revenue will be <br>recognised over duration of the contracts as the Group satisfies its obligation to deliver metal ounces. Where these contracts are of a <br>long-term nature and the Group received a portion of the consideration at the inception, these contracts contain a significant financing <br>component under IFRS 15. In these instances, the Group therefore makes a critical estimate of the discount rate that should be applied to <br>the contract liabilities over the life of contracts where applicable.<br>**Inputs to the model to unwind the Wheaton International advance received to revenue**<br>The advance received has been recognised on the statement of financial position as deferred revenue. The deferred revenue will be <br>recognised as revenue in profit or loss based on the metal ounces/credits in relation to the expected total amount of metal credits to be <br>delivered over the term of the arrangement.<br>

---

| | | |
|:---|:---|:---|
| Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, <br>recognised as revenue. Key inputs into the model are: | Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, <br>recognised as revenue. Key inputs into the model are: | Each period management estimates the cumulative amount of the deferred revenue obligation that has been satisfied and, therefore, <br>recognised as revenue. Key inputs into the model are: |
| **Key input** | **Estimate at year end** | **Further information** |
| Estimated financing rate <br>over life of arrangement<br>| 4.6% - 5.2% | Rate applied to discount the palladium and gold stream |
| Remaining life of stream | Approximately 66 years | The life of the stream is based on the approved life-of-mine for the US PGM <br>operations, plus a determined number of resources. The resources included were <br>determined based on an evaluation of specific mining areas and possible projects <br>at the mining areas.<br>|
| Palladium entitlement <br>percentage<br>| 4.5% | The palladium entitlement percentage will be either 4.5%, 2.25% or 1% over the life <br>of the mine, depending on whether or not the advance has been fully reduced, <br>and a certain number of contractual ounces have been delivered (375,000 ounces <br>for the first trigger drop down to 2.25%and 550,000 ounces for the second trigger <br>drop down rate to 1%).<br>|
| Gold entitlement <br>percentage<br>| 100% | The gold entitlement percentage will be 100% over the life of the mine. |
| Monthly cash <br>percentage<br>| 18% | The monthly cash payment to be received is 18%, 16%, 14% or 10% of the market <br>price of the metal credit delivery to Wheaton International while the advance is not <br>fully reduced. After the advance has been fully reduced, the cash percentage is <br>22%, 20%, 18% or 14%. The percentage applicable depends on the investment <br>grade of the Group and its leverage ratio. As long as Sibanye-Stillwater's current <br>investment grade condition as stipulated in the contract remains, the monthly cash <br>percentage decreases if the Group's leverage ratio increases above 3.5:1. The <br>balance of the ounces in the monthly delivery (i.e. 100%-18%= 82%) is then used to <br>determine the utilisation of the deferred revenue balance.<br>|
| Commodity prices | Five day simple average <br>calculated the day <br>before delivery<br>| The value of each metal credit delivery is determined in terms of the contract. |

---

AFR – **153**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

---

| | | |
|:---|:---|:---|
| **Inputs to the model to unwind the Franco-Nevada advance received to revenue** | **Inputs to the model to unwind the Franco-Nevada advance received to revenue** | **Inputs to the model to unwind the Franco-Nevada advance received to revenue** |
| **Key input** | **Estimate at year end** | **Further information** |
| Estimated financing rate <br>over life of the <br>arrangement<br>| 8.76% | Rate applied at initial recognition to discount the platinum and gold stream, based <br>on the expected gold and platinum to be delivered (including a determined <br>number of resources).<br>|
| Remaining life of stream | Marikana - 84 years<br>Rustenburg - 106 years<br>| The life of the stream is based on the approved life-of-mine for Marikana, <br>Rustenburg (excluding Kroondal) and Kroondal plus a determined number of <br>resources. The resources included were determined based on an evaluation of <br>specific mining areas and possible projects at the mining areas.<br>|
| Platinum entitlement <br>percentage<br>| 1% of platinum <br>production<br>| 1% of refined platinum ounces up to delivery of 48,000 ounces, after which it <br>increases to 2.1% of refined platinum ounces up to delivery of 294,000 ounces in <br>aggregate, after which the platinum stream is completed.<br>|
| Gold entitlement <br>percentage<br>| 1.1% of 4E PGM <br>production<br>| 1.1% of 4E PGM ounces produced up to delivery of 87,500 ounces of refined gold, <br>after which it decreases to 0.75% of 4E PGM ounces produced up to delivery of <br>237,000 ounces of refined gold in aggregate, after which it is 80% of refined gold <br>production.<br>|
| Monthly cash <br>percentage<br>| 5% of spot gold and <br>spot platinum price<br>| The gold cash payment is 5% until 237,000 refined ounces is delivered after which it <br>increases to 10%. Platinum is fixed at 5% over the life of the stream.<br>|
| Allocation of stream <br>between commodities <br>over the expected life of <br>the arrangement<br>| Gold - 69%<br>Platinum - 31%<br>| The US$500 million prepayment was allocated between gold and platinum at <br>inception of the stream based on forward commodity consensus prices.<br>|
| Covenants reduction <br>date<br>| 28 February 2034 | The covenant reduction date is the date on which the aggregate gold and <br>platinum deliveries under the terms of the stream exceeds US$600 million. Once the <br>covenant reduction date is reached, certain limitations on incurring debt and <br>encumbrances on assets fall away and instances where the production payments <br>are limited to a nominal fixed amount per ounce no longer apply.<br>|
| Any changes to the above key inputs could significantly change the quantum of the cumulative revenue amount recognised in profit or <br>loss. Any changes in the life-of-mine are accounted for prospectively as a cumulative catch-up in the year that the life-of-mine estimate <br>above changes, or the inclusion of resources changes. | Any changes to the above key inputs could significantly change the quantum of the cumulative revenue amount recognised in profit or <br>loss. Any changes in the life-of-mine are accounted for prospectively as a cumulative catch-up in the year that the life-of-mine estimate <br>above changes, or the inclusion of resources changes. | Any changes to the above key inputs could significantly change the quantum of the cumulative revenue amount recognised in profit or <br>loss. Any changes in the life-of-mine are accounted for prospectively as a cumulative catch-up in the year that the life-of-mine estimate <br>above changes, or the inclusion of resources changes. |

---

**Accounting policy**<br>Consideration received in advance is recognised as a contract liability (deferred revenue) under IFRS 15 as control has not yet <br>transferred.<br>Where a significant financing component is identified as a result of the difference in the timing of advance consideration received and <br>when control of the metal promised transfers, interest expenses on the deferred revenue balance are recognised in finance costs.<br>Where a contract has a period of a year or less between receiving advance consideration and when control of the metal promised <br>transfers, the Group may elect on a contract-by-contract basis to apply the IFRS 15 practical expedient not to adjust for the effects of a <br>significant financing component.<br>

**Wheaton Stream**

In July 2018, the Group entered into a gold and palladium supply arrangement with Wheaton International in exchange for an upfront

advance payment of R6,555 million (US$500 million) (Wheaton Stream). 100% of refined mined gold and currently 4.5% of refined mined

palladium from the Stillwater operations will be delivered to Wheaton International over the life-of-mine of the US PGM operations. In

addition to the advance payment, Wheaton International currently pays the Group 18% cash based on the value of gold and palladium

deliveries each month. The arrangement has been accounted for as a contract in the scope of IFRS 15 whereby the advance payment

has been recorded as deferred revenue. The revenue from the advance payment is recognised as the gold and palladium is allocated to

the appropriate Wheaton International account. An interest cost, representing the significant financing component of the upfront deposit

on the deferred revenue balance, is also recognised as part of finance costs. This finance cost increases the deferred revenue balance,

ultimately resulting in revenue when the deferred revenue is recognised over the life of the stream.

**Franco-Nevada stream**

On 19 December 2024 Sibanye-Stillwater entered into a US$500 million streaming agreement with Franco-Nevada in exchange for the sale

of gold and platinum streams with reference to the Marikana, Kroondal, and Rustenburg operations. The last condition precedent was

completed during February 2025, after which US$500 million (R9,215 million) upfront cash payment was received on 28 February 2025. The

arrangement is accounted as a contract in the scope of IFRS 15 whereby the advance payment has been recorded as deferred revenue.

The revenue from the advance payment is recognised as the gold and platinum is allocated to the appropriate Franco-Nevada account.

An interest cost, representing the significant financing component of the upfront deposit on the deferred revenue balance, is also

recognised as part of finance costs. This finance cost increases the deferred revenue balance, ultimately resulting in revenue when the

deferred revenue is recognised over the life of the stream.

AFR – **154**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Gold prepay**

On 21 August 2024, Sibanye-Stillwater, through its subsidiary SGL, concluded a gold prepayment arrangement whereby the Group received

a cash prepayment of R1,793 million in exchange for delivery of 1,497 kilograms of gold in equal monthly tranches (1,851 ounces per

month) from October 2024 to November 2026. The revenue from the prepayment will be recognised in equal parts on delivery of the gold.

The gold price delivered under the prepayment is hedged with a cap price of R1,736,000 per kilogram and a floor price of R1,350,000 per

kilogram. Sibanye-Stillwater receives, and recognises, the difference between the floor price and the spot price (subject to a maximum of

the cap price) on delivery of the gold.

**Chrome prepay**

On 1 December 2024, Sibanye-Stillwater, through its subsidiary SRPM, commenced a chrome prepayment arrangement whereby the

Group received a cash prepayment of US$50 million (R905 million) for delivery of chrome concentrate. The delivery will be made monthly of

minimum 40,000 tonnes (up to a maximum of 70,000 tonnes) of chrome concentrate until the prepaid amount (including interest) is settled

in full. The prepayment is amortised over an estimated period of six months in accordance with the chrome price per tonne stipulated in

the agreement.

The following table summarises the changes in deferred revenue:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | Note | **2025** | **2024** | **2023** |
| Balance at beginning of the year |  | **8643** | 6632 | 6420 |
| Deferred revenue recognised on acquisition of subsidiary |  | **—** | 120 | 198 |
| Deferred revenue advance received<sup>1</sup> |  | **10745** | 3307 | 935 |
| Deferred revenue recognised during the period<sup>2</sup> |  | **(4221)** | (1768) | (1252) |
| Interest charge | 5.2 | **1121** | 371 | 327 |
| Foreign currency translation |  | **(926)** | (19) | 4 |
| **Balance at the end of the year** |  | **15362** | 8643 | 6632 |
| **Reconciliation of the deferred revenue transactions balance at year end:** |  |  |  |  |
| Wheaton Stream |  | **6174** | 6164 | 6327 |
| Gold prepay |  | **819** | 1626 |  |
| Franco-Nevada stream |  | **8151** |  |  |
| Chrome prepay |  | **—** | 733 |  |
| Century deferred proceeds<sup>3</sup> |  | **101** |  | 305 |
| Reldan deferred proceeds<sup>3</sup> |  | **117** | 120 |  |
| **Balance at the end of the year** |  | **15362** | 8643 | 6632 |
| **Reconciliation of the non-current and current portion of the deferred revenue:** |  |  |  |  |
| Deferred revenue |  | **15362** | 8643 | 6632 |
| Current portion of deferred revenue |  | **(1204)** | (1660) | (305) |
| **Non-current portion of deferred revenue** |  | **14158** | 6983 | 6327 |

---

*1The amount received for the year ended 31 December 2025 relates to the Franco-Nevada stream cash receipts amounting to R9,215 million, Century deferred proceeds,* 

*amounting to cash receipts of* R1,097 million *(2024:* R366 million*, 2023: R935 million)) and Reldan deferred proceeds amounting* R433 million *(2024: R243 million). The* 

*amount received in 2024 also includes the cash prepayments received in respect of the gold prepay and chrome prepay amounting to* R1,793 million *and* R905 million*,* 

*respectively. The amount received for 31 December 2022 relates to the toll treatment arrangement entered into by Marikana, representing cash receipts of* R24 million

2*Revenue recognised during the year of* R4,221 million *relates to* R281 million *recognised on the Wheaton Stream (*2024*:* R455 million*,* 2023*:* R392 million*), R851 million related* 

*to the Franco-Nevada stream,* R1,001 million *(2024: R662 million, 2023:* R860 million*) recognised in respect of Century deferred proceeds,* R420 million *(2024: R245 million)* 

*recognised in respect of Reldan deferred proceeds,* R935 million *(2024: R234 million) recognised on the gold prepay and* R733 million *(2024: R172 million) recognised on* 

*the chrome prepay*

3*The deferred proceeds relate to agreements with limited customers of Century and Reldan where proceeds for products are received in advance. Delivery of sold* 

*product to customers is made between* one *and* two *months after receipt of the proceeds*

AFR – **155**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**32. Trade and other payables**

**Accounting policy**<br>Trade and other payables, excluding payroll creditors, leave pay accruals and VAT payable are non-derivative financial liabilities <br>categorised as other financial liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at <br>amortised cost using the effective interest method.<br>Provision is made for employee entitlement benefits accumulated as a result of employees rendering services up to the reporting date. <br>Liabilities arising in respect of wages and salaries, annual leave and other benefits due to be settled within 12 months of the reporting date <br>are measured at rates which are expected to be paid when the liability is settled. Termination benefits are expensed and an accrual <br>raised at the earlier of when the Group can no longer withdraw the offer of those benefits and when the Group recognises costs for a <br>restructuring. If benefits are not expected to be settled wholly within 12 months of the reporting date, they are discounted.<br>All other employee entitlement liabilities are measured at the present value of estimated payments to be made in respect of services <br>rendered up to reporting date.<br>

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | 2024 | 2023 |
| Trade creditors | **3406** | 3983 | 4278 |
| Accruals and other creditors | **6102** | 5524 | 6609 |
| Other | **1198** | 867 | 791 |
| **Financial liabilities** | **10706** | 10374 | 11678 |
| Payroll creditors | **3338** | 2640 | 3014 |
| Leave pay accrual | **2616** | 2516 | 1686 |
| VAT payable | **96** | 74 | 86 |
| **Total trade and other payables** | **16756** | 15604 | 16464 |

---

**Fair value of trade and other payables**

The carrying value of trade and other payables approximate the fair value due to the short maturity of the amounts payable.

**Liquidity risk**

Trade and other creditors are expected to be settled within 12 months from the reporting date (see note 35.2).

AFR – **156**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**33. Cash generated by operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | Notes | **2025** | **2024** | **2023** |
| Loss for the year |  | **(4739)** | (5710) | (37430) |
| Royalties | 11.1 | **1145** | 543 | 1050 |
| Carbon tax |  | **—** | 2 | 2 |
| Mining and income tax | 11.2 | **4328** | 1496 | (2416) |
| Interest income | 5.1 | **(1568)** | (1337) | (1369) |
| Finance expense | 5.2 | **5000** | 4571 | 3299 |
| **Profit/(loss) before interest, royalties, carbon tax and tax** |  | **4166** | (435) | (36864) |
| *Non-cash adjusting items:* |  |  |  |  |
| Amortisation and depreciation | 4 | **9367** | 8810 | 10012 |
| Section 45X credits | 4 | **(5885)** |  |  |
| Share-based payments | 6.6 | **2114** | 251 | 113 |
| Loss/(gain) on financial instruments | 7 | **2509** | (5574) | (101) |
| Foreign currency exchange adjustment |  | **(454)** | 168 | (1647) |
| Share of results of equity-accounted investees after tax |  | **(337)** | (212) | 1174 |
| Impairments and reversal of impairments | 10 | **14007** | 9173 | 47454 |
| Provision for legal settlement cost | 29.2 | **3607** |  |  |
| Gain on acquisition |  | **—** |  | (898) |
| Gain on remeasurement of previous interest in Kroondal | 8.2 | **—** |  | (298) |
| Onerous contract provision | 29.2 | **(124)** | (817) | 1865 |
| Occupational healthcare loss/(gain) | 30 | **49** | (76) | (365) |
| Change in estimate of environmental rehabilitation obligation |  | **477** | 433 | (56) |
| Settlement of metals borrowings liability | 21.2 | **(7645)** | (4308) |  |
| Deferred revenue recognised | 31 | **(4221)** | (1768) | (1252) |
| *Cash adjusting items:* |  |  |  |  |
| Early termination penalty relating to onerous contract provision | 29.2 | **(45)** | (665) |  |
| Payment of settlement of dispute | 29.2 | **(3565)** |  |  |
| Payment of occupational healthcare liability | 30 | **(35)** | (26) | (130) |
| *Other non-cash and cash adjusting items* |  | **(293)** | (540) | (281) |
| **Total cash generated by operations** |  | **13692** | 4414 | 18726 |

---

**34. Change in working capital**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | 2024 | 2023 |
| Inventories | **(5623)** | 2153 | 1513 |
| Trade and other receivables | **(1496)** | 1767 | 1328 |
| Trade and other payables | **9392** | 2933 | (1091) |
| **Total change in working capital** | **2273** | 6853 | 1750 |

---

AFR – **157**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**35. Financial instruments and risk management**

**Accounting policy**<br>On initial recognition, a financial asset is classified as measured at either amortised cost, fair value through other comprehensive income, <br>or fair value through profit or loss.<br>The Group initially recognises debt instruments issued and trade and other receivables, on the date these are originated. All other <br>financial assets and financial liabilities are recognised initially when the Group becomes a party to the contractual provisions of the <br>instrument.<br>The classification of financial assets at initial recognition that are debt instruments depends on the financial asset's contractual cash flow <br>characteristics and the Group's business model for managing them. In order for a financial asset to be classified and measured at <br>amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount <br>outstanding. This assessment is performed at an instrument level. Financial assets that are debt instruments with cash flows that are not <br>SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.<br>The Group's business model for managing financial assets that are debt instruments refers to how it manages its financial assets in order to <br>generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the <br>financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to <br>hold financial assets in order to collect contractual cash flows.<br>The Group recognises an allowance for expected credit losses (ECLs) on all debt instruments not held at fair value through profit or loss to <br>the extent applicable. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and <br>all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.<br>ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial <br>recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month <br>ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is <br>required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).<br>For trade and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted <br>by IFRS 9. The Group considers customers with balances 60 days past due an appropriate indicator of default. These balances are <br>investigated to establish the probability that the funds will be received. The Group Legal Department determines whether to proceed <br>with a collection process through external attorneys and where considered appropriate, a collection process is initiated to secure <br>payment. Following this process, trade and other receivables are written off when there is no reasonable expectation of recovering the <br>contractual cash flows. Impairment losses are recognised through profit or loss.<br>The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the <br>rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial <br>asset are transferred. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of <br>recovering a financial asset in its entirety or a portion thereof. The Group derecognises a financial liability when its contractual obligations <br>are discharged, cancelled or expired.<br>Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The <br>particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item.<br>On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is <br>recognised in profit or loss.<br>

AFR – **158**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**35.1 Accounting classifications and measurement of fair values**

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:

• **Level 1:** unadjusted quoted prices in active markets for identical asset or liabilities

• **Level 2:** inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly

(derived from prices)

• **Level 3:** inputs for the asset or liability that are not based on observable market data (unobservable inputs)

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

• **Other receivables and other payables**

Due to the methods applied in calculating the carrying values as described in note 21, the carrying values approximate fair value,

except for the Marikana dividend obligation and the Keliber dividend obligation (see note 21). The fair value at 31 December 2023 of

the contingent consideration relating to the Kroondal acquisition was derived from discounted cash flow models. The models used

several key assumptions, including estimates of future production volumes, PGM basket prices, operating costs, capital expenditure and

market related discount rate (see note 21). The extent of the fair value changes would depend on how inputs change in relation to

each other. The fair value of the metals borrowing liability was calculated based on spot prices of the relevant metals owed to the

financial institution.

**•Trade and other receivables/payables, and cash and cash equivalents**

The carrying amounts approximate fair values due to the short maturity and/or the method applied in calculating the carrying value of

these instruments for financial instruments measured at amortised cost. The fair value for trade receivables measured at fair value

through profit or loss (PGM concentrate sales and zinc provisional price sales) are determined based on ruling market prices, volatilities

and interest rates.

• **Environmental rehabilitation obligation funds**

Environmental rehabilitation obligation funds comprise a fixed income portfolio of bonds, rehabilitation policies, investment in a cell

captive as well as fixed and notice deposits. The environmental rehabilitation obligation funds, not measured at amortised cost, are

stated at fair value based on the nature of the fund's investments. For investments measured at fair value classified as level 2, the fair

value is determined through valuation techniques that include inputs other than quoted prices in level 1 that are observable for the

asset, either directly or indirectly. The valuation techniques applied make reference to the net asset value of the underlying assets in

the relevant policy or cell captive, adjusted for any entity-specific risk. These underlying assets comprise predominantly money-market

and similar highly liquid investments for which the carrying values approximate fair value.

**•Other investments**

The fair values of listed investments are based on the quoted prices available from the relevant stock exchanges. The carrying amounts

of other short-term investment products with short maturity dates approximate fair value. The fair values of non-listed investments are

determined through valuation techniques that include inputs that are not based on observable market data. These inputs include

price/book ratios as well as marketability and minority shareholding discounts which are impacted by the size of the shareholding. The

level 3 balance consists primarily of an investment in Verkor, the value of which is supported by a range of values determined through

multi-criteria valuation analysis which includes valuation techniques such as an income valuation approach which indicates the value

of Verkor based on its expected future cash flows and trading multiples. These valuation techniques use several key assumptions,

including discount rate (8.8%), growth rate (2.5%) and EV multiples. The fair value estimate of Verkor is sensitive to changes in the key

assumptions, for example, increases in the market related discount rate and decreases in the growth rate and EV multiples would

decrease the fair value if all other inputs remain unchanged. The extent of the fair value changes would depend on how inputs change

in relation to each other. The difference between other investments in the statement of financial position and note 19, relates to

investments measured at amortised cost, with carrying amounts that approximate fair value.

**•Borrowings**

The carrying value of variable interest rate borrowings approximates fair value as the interest rates charged are considered marked

related. However, since there are also fixed interest rate borrowings, fair values are disclosed in note 27.

**•Derivative financial instruments**

The fair value of derivative financial instruments is estimated based on ruling market prices, volatilities and interest rates, and option

pricing methodologies based on observable quoted inputs. All derivatives are carried on the statement of financial position at fair

value. The fair value of the gold, platinum, palladium and silver hedges are determined using a Monte Carlo simulation model based

on market forward prices, volatilities and interest rates. Since the SA gold hedge contracts ceased in December 2025, majority of the

gold hedge value relates to the contract liability at 31 December 2025, rather than a valuation of existing hedge contracts. The fair

value of the zinc hedge is determined by using a Monte Carlo simulation model based on historical zinc market spot and forward

prices, volatilities and interest rates and the relevant foreign exchange forward curve data.

AFR – **159**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The following table sets out the Group's significant financial instruments measured at fair value by level within the fair value hierarchy:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
|  | **Level 1** | **Level 2** | **Level 3** | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 |
| **Financial assets measured at fair value** |  |  |  |  |  |  |  |  |  |
| Environmental rehabilitation obligation funds | **—** | **3915** | **—** |  | 3750 |  |  | 3212 |  |
| Trade receivables — PGM concentrate sales | **—** | **1286** | **—** |  | 965 |  |  | 3407 |  |
| Trade receivables — Zinc provisional price sales | **—** | **84** | **—** |  | 356 |  |  | 108 |  |
| Other investments | **1968** | **752** | **1287** | 1517 | 504 | 1151 | 1241 | 411 | 1233 |
| **Financial liabilities measured at fair value** |  |  |  |  |  |  |  |  |  |
| Derivative financial instrument | **—** | **—** | **—** |  |  |  |  | 3810 |  |
| Gold hedge contracts | **—** | **453** | **—** |  | 282 |  |  | 140 |  |
| Zinc hedge contracts | **—** | **15** | **—** |  | 208 |  |  | 33 |  |
| Other hedge contracts | **—** | **80** | **—** |  |  |  |  |  |  |
| Metals borrowing liability | **1667** | **—** | **—** | 855 |  |  |  |  |  |
| Contingent consideration | **—** | **—** | **—** |  |  |  |  |  | 1570 |

---

The table below summarises the movement in financial assets and financial liabilities classified as level 3 in the table above:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | 2024 | 2023 |
| ***Financial assets measured at fair value*** |  |  |  |
| Balance at beginning of the year | **1151** | 1233 | 855 |
| Fair value movement recognised in profit or loss | **5** | (113) | 108 |
| Fair value movement recognised in other comprehensive income | **131** | 31 | (59) |
| Additions | **—** |  | 323 |
| Foreign currency translation | **—** |  | 6 |
| **Balance at end of the year** | **1287** | 1151 | 1233 |
| ***Financial liabilities measured at fair value*** |  |  |  |
| Balance at beginning of the year | **—** | 1570 |  |
| Initial recognition | **—** |  | 1433 |
| Fair value movement recognised in profit or loss | **—** | (396) | 137 |
| Payment made | **—** | (1174) |  |
| **Balance at end of the year** | **—** |  | 1570 |

---

**35.2 Risk management activities**

**Controlling and managing risk in the Group**

In the normal course of its operations, the Group is exposed to market risks, including commodity price, equity price risk, foreign currency,

interest rate, liquidity and credit risk associated with underlying assets, liabilities and anticipated transactions. In order to manage these risks,

the Group has developed a comprehensive risk management process to facilitate the control and monitoring of these risks.

Sibanye-Stillwater has policies in areas such as counterparty exposure, hedging practices and prudential limits, which are approved by

Sibanye-Stillwater's Board of Directors (the Board) on an annual basis, or more frequent if changes are required. Management of financial

risk is centralised at Sibanye-Stillwater's treasury department (Treasury). Treasury manages financial risk in accordance with the policies and

procedures established by the Board and the Audit Committee.

The Board has approved dealing limits for money market, foreign exchange and commodity transactions, which Treasury is required to

adhere to. Among other restrictions, these limits describe which instruments may be traded and demarcate open position limits for each

category as well as indicating counterparty credit-related limits. The dealing exposure and limits are checked and controlled each day

and any breaches of these limits and exposures are reported to the CFO.

The objective of Treasury is to manage all significant financial risks arising from the Group's business activities in order to protect profit and

cash flows. Treasury activities of Sibanye-Stillwater and its subsidiaries are guided by the Treasury Policy, the Treasury Framework as well as

domestic and international financial market regulations. Treasury activities are currently performed within the Treasury Framework with

appropriate resolutions from the Board, which are reviewed and approved annually by the Audit Committee.

AFR – **160**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The financial risk management objectives of the Group are defined as follows:

• **Counterparty exposure:** the objective is to only deal with a limited number of approved counterparts that are of a sound financial

standing and who have an official credit rating. The Group is limited to a maximum investment of 2.5% of the financial institutions'

equity, which is dependent on the institutions' credit rating. Credit ratings from reputable credit rating agencies are used for financial

institutions.

• **Liquidity risk management:** the objective is to ensure that the Group is able to meet its short-term commitments through the effective

and efficient management of cash and usage of credit facilities.

• **Funding risk management:** the objective is to meet funding requirements timeously and at competitive rates by adopting reliable

liquidity management procedures.

• **Currency risk management:** the objective is to maximise the Group's profits by minimising currency fluctuations.

• **Commodity price risk management:** commodity risk management takes place within limits and with counterparts as approved in the

Treasury Framework.

• **Interest rate risk management:** the objective is to identify opportunities to prudently manage interest rate exposures.

• **Investment risk management:** the objective is to achieve optimal returns on surplus funds at acceptable risk.

**Credit risk**

Credit risk represents risk that an entity will suffer a financial loss due to the other party of a financial instrument not discharging its

obligations.

The Group manages its exposure to credit risk by dealing with a limited number of approved counterparties. The Group approves these

counterparties according to its risk management policy and ensures that they are of good credit quality.

The carrying value of the financial assets represents the combined maximum credit risk exposure of the Group. Concentration of credit risk

on cash and cash equivalents and non-current assets is considered minimal due to the above mentioned investment risk management

and counterparty exposure risk management policies (see notes 20, 21, 23 and 24).

The credit risk exposure on the Group's financial assets is further expressed through the credit ratings of the Group's counterparties (source

– Fitch ratings, S&P Global and Global Credit Ratings):

• Cash and cash equivalents: the Group's cash and cash equivalents are held with a small number of financial institutions and banks

which are rated between BB- and AA+ (long term issuer default ratings). The high credit ratings support a low probability of default and

indicates that the Group's exposure to credit risk is minimal

• Environmental rehabilitation funds: these funds are invested with financial institutions and banks that are rated between BB- and AA+

(long term issuer default ratings) and therefore do not expose the Group to material credit risk

• Trade receivables: the Group's trade and other receivables consist largely of gold, PGM, chrome, silver, cobalt, nickel and zinc metals

sales. The Group's exposure to credit risk on these sales is limited due to payment terms of the agreements as well as dealings with a

small number of reputable customers. External credit ratings on these customers range between BBB- and A+, therefore exposure to

credit risk is minimal. The risk of default on other receivables is low due to the Group's approval process followed when entering into

these transactions.

There has been no significant increase in credit risk on the Group's financial assets since initial recognition.

**Liquidity risk**

In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital

expenditure requirements. The cash is managed to ensure surplus funds are invested to maximise returns whilst ensuring that capital is

safeguarded to the maximum extent possible by investing only with top financial institutions.

Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group's normal and contingency

funding requirements (see note 21.2, 27.9 and 32).

AFR – **161**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The following are contractually due, undiscounted cash flows resulting from maturities of financial liabilities including interest payments:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Figures in million – SA rand** | **Total** | **Within one**<br>**year**<br>| **Between** <br>**one and** <br>**two years**<br>| **Between** <br>**two and** <br>**three years**<br>| **Between** <br>**three and** <br>**five years**<br>| **After five** <br>**years**<br>|
| **31 December 2025** |  |  |  |  |  |  |
| Other payables | **4982** | **2205** | **224** | **111** | **212** | **2230** |
| Trade and other payables | **10706** | **10706** | **—** | **—** | **—** | **—** |
| Borrowings |  |  |  |  |  |  |
| - Capital |  |  |  |  |  |  |
| R6.5 billion RCF | **2500** | **—** | **—** | **2500** | **—** | **—** |
| US$ Convertible Bond | **8285** | **—** | **—** | **8285** | **—** | **—** |
| 2026 and 2029 Notes | **19884** | **11185** | **—** | **—** | **8699** | **—** |
| Burnstone Debt | **2707** | **—** | **—** | **—** | **129** | **2578** |
| Keliber loan facilities | **9720** | **—** | **700** | **1868** | **4167** | **2985** |
| Other borrowings | **97** | **12** | **12** | **12** | **26** | **35** |
| Franco-Nevada liability | **2** | **2** | **—** | **—** | **—** | **—** |
| - Interest | **15553** | **1734** | **1340** | **1184** | **1609** | **9686** |
| **Total** | **74436** | **25844** | **2276** | **13960** | **14842** | **17514** |
| **31 December 2024** |  |  |  |  |  |  |
| Other payables | 6758 | 1644 | 94 | 175 | 245 | 4600 |
| Trade and other payables | 10374 | 10374 |  |  |  |  |
| Borrowings |  |  |  |  |  |  |
| - Capital |  |  |  |  |  |  |
| R6.5 billion RCF | 3000 |  |  | 3000 |  |  |
| US$ Convertible Bond | 9380 |  |  |  | 9380 |  |
| 2026 and 2029 Notes | 22512 |  | 12663 |  | 9849 |  |
| Burnstone Debt | 146 |  |  |  |  | 146 |
| Keliber loan facilities | 5858 |  |  | 422 | 2314 | 3122 |
| Other borrowings | 438 | 331 | 12 | 13 | 28 | 54 |
| Franco-Nevada liability | 4 | 4 |  |  |  |  |
| - Interest | 17407 | 1930 | 1880 | 1317 | 1680 | 10600 |
| **Total** | 75877 | 14283 | 14649 | 4927 | 23496 | 18522 |
| **31 December 2023** |  |  |  |  |  |  |
| Other payables | 12757 | 2203 | 188 | 277 | 477 | 9612 |
| Trade and other payables | 11678 | 11678 |  |  |  |  |
| Borrowings |  |  |  |  |  |  |
| - Capital |  |  |  |  |  |  |
| R5.5 billion RCF | 4000 | 4000 |  |  |  |  |
| US$ Convertible Bond | 9285 | 9285 |  |  |  |  |
| 2026 and 2029 Notes | 22284 |  |  | 12535 |  | 9749 |
| Burnstone Debt | 145 |  |  |  | 145 |  |
| Other borrowings | 40 | 11 | 5 | 5 | 10 | 9 |
| Franco-Nevada liability | 3 | 3 |  |  |  |  |
| Stillwater Convertible<br>Debentures<br>| 4 | 4 |  |  |  |  |
| - Interest | 17328 | 1339 | 941 | 876 | 1049 | 13123 |
| **Total** | 77524 | 28523 | 1134 | 13693 | 1681 | 32493 |

---

AFR – **162**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Working capital and going concern assessment**

For the year ended 31 December 2025, the Group incurred a loss of R4,739 million (2024: loss of R5,710 million and 2023: loss of

R37,430 million). As at 31 December 2025, the Group's current assets exceeded its current liabilities by R26,595 million (2024: R27,458 million

and 2023: R25,415 million) and the Group's total assets exceeded its total liabilities by R44,167 million (2024: R48,289 million and 2023:

R51,607 million). During the year ended 31 December 2025 the Group generated net cash from operating activities of R21,407 million (2024:

R10,113 million and 2023: R7,095 million).

The Group has committed undrawn debt facilities of R21,255 million at 31 December 2025 (2024: R26,743 million and 2023: R20,755 million)

and cash balances of R17,178 million (2024: R16,049 million and 2023: R25,560 million). The Group's leverage ratio (net debt/(cash) to

adjusted EBITDA) as at 31 December 2025 was 0.59:1 (2024 was 1.79:1 and 2023 was 0.58:1) and its interest coverage ratio (adjusted EBITDA

to net finance charges/(income)) was 25.4:1 (2024 was 11:1 and 2023 was 66:1). The maximum permitted leverage ratio up to 31

December 2025 is 3.0:1 and thereafter 2.5:1. The maximum required interest coverage ratio up to 31 December 2025 is 3.5:1 and 4.0:1

thereafter.

Included under current borrowings on the consolidated statement of financial position is the 2026 Notes, amounting to R11,185 million

which matures by November 2026. The Group has commenced its planning for the refinancing of these Notes and is expecting to

conclude the process before 30 June 2026. In addition, at the date of approving these consolidated financial statements for issue, the

US$1 billion RCF and R6.5 billion RCF were totally undrawn. There were no significant events which had a significant negative impact on the

Group's strong liquidity position.

Management believes that the cash forecasted to be generated by operations, cash on hand, the committed unutilised debt facilities as

well as additional funding opportunities will enable the Group to continue to meet its obligations as they fall due for a period of at least

eighteen months after the reporting date. The consolidated financial statements for the year ended 31 December 2025 have therefore

been prepared on a going concern basis.

**Market risk**

The Group is exposed to market risks, including foreign currency, commodity price, and interest rate risk associated with underlying assets,

liabilities and anticipated transactions. The Group is also exposed to changes in share prices in respect of listed investments (see note 19).

Following periodic evaluation of these exposures, the Group may enter into derivative financial instruments to manage some of these

exposures.

The effects of reasonable possible changes of relevant risk variables on profit or loss or shareholders' equity are determined by relating the

reasonable possible change in the risk variable to the balance of financial instruments at period end date.

The amounts generated from the sensitivity analyses are forward-looking estimates of market risks assuming certain adverse or favourable

market conditions occur. Actual results in the future may differ materially from those projected results and therefore should not be

considered a projection of likely future events and gains/losses.

**Foreign currency risk**

Sibanye-Stillwater's operations are located in South Africa, US, Zimbabwe, Finland, France, Mexico, India, UK, South Korea and Australia. The

Group's revenues are sensitive to changes in the US dollar gold and PGM price and the SA rand/US dollar and to a lesser extent Euro/US

dollar and AUD/US dollar exchange rates (the exchange rates). Depreciation of the SA rand against the US dollar results in Sibanye-

Stillwater's revenues and operating margin increasing. Conversely, should the rand appreciate against the US dollar, revenues and

operating margins would decrease. The impact on profitability of any change in the exchange rate can be substantial. Furthermore, the

exchange rates obtained when converting US dollars to rand are set by foreign exchange markets over which Sibanye-Stillwater has no

control. The relationship between currencies and commodities, which includes the gold price, is complex and changes in exchange rates

can influence commodity prices and vice versa.

In the ordinary course of business, the Group enters into transactions, such as gold, PGM and other metal sales, denominated in foreign

currencies, primarily US dollar. Although this exposes the Group to transaction and translation exposure from fluctuations in foreign currency

exchange rates, the Group does not generally hedge this exposure. However, hedging could be considered for significant expenditures

based in foreign currency or those items which have long lead times to produce or deliver. Also, the Group on occasion undertakes

currency hedging to take advantage of favourable short-term fluctuations in exchange rates when management believes exchange rates

are at unsustainably high levels.

Currency risk also exists on account of financial instruments being denominated in a currency that is not the functional currency and being

of a monetary nature. This includes but is not limited to US$1 billion RCF, to the extent drawn (see note 27.1), Burnstone Debt (see note 27.6)

and the Franco-Nevada liability.

For additional disclosures, see notes 3 and 27.

**Foreign currency economic hedging exposure**

During 2025, 2024 and 2023 a number of intra month (i.e. up to 21 days) forward exchange rate contracts were executed to hedge a

known currency inflow.

At 31 December 2025, the Group had no material outstanding foreign currency contract positions.

AFR – **163**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Commodity price risk**

The market price of commodities has a significant effect on the results of operations of the Group and the ability of the Group to pay

dividends and undertake capital expenditures. The gold and PGM basket prices, nickel, zinc and copper prices have historically fluctuated

widely and are affected by numerous industry factors over which the Group does not have any control (see note 23). The aggregate

effect of these factors on the gold and PGM basket prices, nickel, zinc and copper prices, all of which are beyond the control of the

Group, is difficult for the Group to predict.

***Commodity price hedging policy***

As a general rule, the Group does not enter into forward sales, derivatives or other hedging arrangements to establish a price in advance

for future gold, PGM, nickel and zinc production. Commodity hedging are considered under the following circumstances: to protect cash

flows at times of significant capital expenditure, financing projects or to safeguard the viability of higher cost operations.

To the extent that it enters into commodity hedging arrangements, the Group seeks to use different counterparty banks consisting of local

and international banks to spread risk. None of the counterparties is affiliated with, or related to parties of the Group.

**Commodity price hedging exposure**

At 31 December 2025, Sibanye-Stillwater had the following outstanding and future commodity price hedges:

• zinc for a total of 3,300t zinc at a floor price of A$4,250/t and a cap price of A$4,800/t, which commenced in January 2026 and matures

in June 2026

• zinc for a total of 6,000t zinc at a floor price of A$4,200/t and a cap price of A$4,750/t, which commenced in January 2026 and matures

in June 2026

• zinc for a total of 2,700t zinc at a floor price of A$4,250/t and a cap price of A$4,800/t, which commenced in January 2026 and matures

in June 2026

• zinc for a total of 12,000t zinc at a floor price of A$4,300/t and a cap price of A$4,900/t, which commenced in January 2026 and

matures in June 2026

• gold for a total of 3,400oz gold at an average purchase price of US$4,206/oz, which matured in February 2026

• silver for a total of 195,000oz silver at an average purchase price of US$57/oz, which matured in March 2026

• platinum for a total of 5,850oz platinum at an average purchase price of US$1,918/oz, which matures in April 2026

• palladium for a total of 9,600oz palladium at an average purchase price of US$1,501/oz, which matured in March 2026

**Commodity price contract position**

As of 31 December 2025, Sibanye-Stillwater had no outstanding commodity forward sale contracts for mined production other than the

gold and chrome prepays (see note 31).

**Interest rate risk**

The Group's income and operating cash flows are impacted by changes in market interest rates. The Group's interest rate risk arises from

long-term borrowings.

For additional disclosures, see note 27.9.

AFR – **164**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**36. Commitments**

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | 2024 | 2023 |
| **Capital expenditure** |  |  |  |
| Authorised | **20326** | 18931 | 26439 |
| Kloof | **5261** | 946 | 1104 |
| Driefontein | **1558** | 693 | 664 |
| Beatrix | **1221** | 131 | 144 |
| SGL corporate | **327** | 297 | 359 |
| Cooke | **178** |  |  |
| Burnstone | **9** |  | 199 |
| Kroondal | **—** | 661 | 581 |
| Platinum Mile | **26** | 28 | 30 |
| Rustenburg operation | **567** | 2514 | 2280 |
| Marikana | **5433** | 5232 | 3138 |
| Sandouville nickel refinery | **—** | 11 | 164 |
| Keliber | **1430** | 4404 | 13470 |
| Other<sup>1</sup> | **4316** | 4014 | 4306 |
| **Contracted for** | **9866** | 6983 | 8162 |
| **Other guarantees**<sup>2</sup> | **6287** | 3918 | 3647 |

---

1*Includes authorised capital expenditure relating to DRDGOLD of* R4,000 million (2024: R3,700 million, 2023: R3,700 million)

2*Included in the amount are guarantees related to the Marikana operations of* R2.3 billion *(2024:* R2.3 billion*, 2023:* R2.2 billion*). The Group has an insurance policy over* 

*these guarantees which includes a pledge of non-financial and financial assets of Sibanye UK, WPL, EPL, Messina Limited and Messina Platinum Mines Limited (collectively* 

*the insured entities) in the event that the insured entities enter liquidation. At 31 December 2025, the insured entities' total assets amounted to* R36,085 million *which* 

*includes property, plant and equipment of* R12,704 million*, trade receivables of* R2,242 million*, inventory of* R9,323 million *and cash and cash equivalents of* R2,187 million*.* 

*Management does not expect the policy to be triggered due to the financial position and liquidity of the Group*

Commitments will be funded from internal sources and to the extent necessary from borrowings. This expenditure primarily relates to mining

activities, infrastructure, hostel upgrades as well as the development of K4 and Keliber.

**37. Related-party transactions**

Sibanye-Stillwater entered into related-party transactions with Rand Refinery, and its subsidiaries during the year. The transactions with these

related parties are generally conducted with terms comparable to transactions with third parties, however in certain circumstances such as

related-party loans between South African entities, the transactions were not at arm's length.

See note 1.3 for the Group structure, which provides further detail on the relationship between the parent and subsidiary companies.

**Blue Ridge**

During 2024, an impairment allowance related to a receivable balance from Blue Ridge was recognised amounting to R118 million (see

note 23).

**Reldan Mexico S. de R.L. de C.V. (Reldan Mexico)**

During 2024, the Group acquired a 72% investment in Reldan Mexico, through its wholly-owned subsidiary, Reldan International Holding

Company LLC (see note 16.2). For the year ended 31 December 2025, the Group purchased post-consumer e-scrap from Reldan Mexico

amounting to R484 million (2024: R372 million).

**Rand Refinery**

Rand Refinery, in which Sibanye-Stillwater holds a 44.4% interest, has an agreement with the Group whereby it refines all of the Group's gold

production. For the year ended 31 December 2025, the Group received no dividend (2024: R221 million and 2023: R233 million) from Rand

Refinery, and sold gold and paid refining fees to Rand Refinery. See note 18.1 for additional information in respect of the Group's

investment in Rand Refinery.

The table below details the transactions and balances between the Group and its related parties:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in million - SA rand** | **2025** | 2024 | 2023 |
| ***Rand Refinery*** |  |  |  |
| Gold sales | **1196** | 818 | 710 |
| Refining fees paid | **(46)** | (40) | (44) |
| Trade payable | **(6)** | (9) | (6) |

---

AFR – **165**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

**Key management remuneration**

Total key management personnel compensation recognised under IFRS Accounting Standards:

---

| | | | |
|:---|:---|:---|:---|
| **Figures in thousands - SA rand** | **2025** | 2024 | 2023 |
| Short-term employee benefits<sup>1</sup> | **172681** | 194057 | 138209 |
| Post-employment benefits | **10301** | 10072 | 9397 |
| Share-based payment | **592064** | 44047 | 34578 |
| **Total** | **775046** | 248176 | 182184 |

---

*1The amount for 2024 includes termination benefits of R29,590,540 (2023: R3,663,146)*

**38. Directors' and prescribed officers' remuneration**

The disclosure below incorporates remuneration for services rendered to various companies within the Group during the year.

The executive directors and prescribed officers were paid the following remuneration during the year:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Figures in thousands - SA rand** | **Salary** | **Cash bonus** <br>**accrued for** <br>**2025 paid in** <br>**2026**<br>| **Accrual of** <br>**share-based** <br>**payment** <br>**benefits**<br>| **Pension** <br>**scheme total** <br>**contributions**<br>| **Expense** <br>**allowance** <br>**and other** <br>**benefits**<br>| **2025** | **2024** | **2023** |
| **Executive directors** |  |  |  |  |  |  |  |  |
| Neal Froneman<sup>1</sup> | 12413 | 11740 | 27386 | 1171 | 4467 | **57177** | 50856 | 56334 |
| Richard Stewart<sup>2</sup> | 10163 | 9987 | 9101 | 1129 |  | **30380** | 20564 | 19947 |
| Charl Keyter | 8002 | 8325 | 11246 | 1143 |  | **28716** | 23541 | 25701 |
| **Prescribed officers** |  |  |  |  |  |  |  |  |
| Dawie Mostert |  |  |  |  |  | **—** |  | 14513 |
| Themba Nkosi | 5290 | 5583 | 8824 | 868 |  | **20565** | 14570 | 14369 |
| Robert van Niekerk | 9988 | 11210 | 9704 | 1847 | 473 | **33222** | 23202 | 21856 |
| Laurent Charbonnier<sup>3</sup> | 1029 |  |  |  | 14 | **1043** | 43821 | 23548 |
| Lerato Legong | 2178 |  | 1388 | 297 | 1124 | **4987** | 14016 | 10760 |
| Mika Seitovirta<sup>4</sup> | 9646 | 6432 | 4288 | 1841 | 6415 | **28622** | 26654 | 23971 |
| Charles Carter<sup>5</sup> | 13852 | 10756 | 11299 | 1057 | 1314 | **38278** | 33980 | 24322 |
| Melanie Naidoo-Vermaak | 6044 | 5820 | 3880 | 403 |  | **16147** | 16496 |  |
| Richard Cox<sup>6</sup> | 3263 | 3179 | 2119 | 362 |  | **8923** |  |  |
| Mdu Bhulose<sup>7</sup> | 1036 | 938 | 625 | 183 | 2000 | **4782** |  |  |
| **Total** | 82904 | 73970 | 89860 | 10301 | 15807 | **272842** | 267700 | 235321 |

---

1*Remuneration paid by Stillwater in US dollars was converted at the average exchange rate of* R17.88 */US$(2024:* R18.32 */US$ and 2023:* R18.42 */US$) for the year ended 31* 

*December 2025. Neal Froneman retired as the Group's CEO and executive director effective 30 September 2025*

*2Richard Stewart succeeded Neal Froneman as CEO and executive director on 30 September 2025 after appointed as CEO designate and executive director on 1 March* 

*2025*

3*Remuneration paid in GBP was converted at the average exchange rate of* R23.55 */GBP (2024:*R23.40 */GBP and 2023:* R22.93 */GBP) for the year ended 31 December 2025.* 

*Laurent ceased performing a prescribed officer role on 31 January 2025*

4*Remuneration paid in Euros was converted at the average exchange rate of* R20.17 */Euro (2024:* R19.82 */Euro, 2023:* R19.94 */Euro) for the year ended 31 December 2025*

5*Remuneration paid in US dollars converted at the average exchange rate of* R17.88 */US$(2024:* R18.32 */US$, 2023:*R18.42/US$)

6*Appointed as prescribed officer on 1 July 2025*

*7Appointed as prescribed officer on 1 October 2025*

AFR – **166**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The non-executive directors were paid the following fees during the year:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Figures in thousands - SA rand** | **Directors** <br>**fees**<br>| **Committee** <br>**fees**<br>| **Expense** <br>**allowance**<br>| **2025** | **2024** | **2023** |
| Timothy Cumming | 1288 | 1114 | 111 | **2513** | 2594 | 2535 |
| Savannah Danson<sup>1</sup> |  |  |  | **—** | 488 | 2229 |
| Harry Kenyon-Slaney | 3688 | 888 | 818 | **5394** | 5432 | 3371 |
| Richard Menell | 1244 | 1248 | 171 | **2663** | 2710 | 3610 |
| Nkosemntu Nika<sup>2</sup> |  |  |  | **—** | 660 | 1927 |
| Keith Rayner | 1244 | 1660 |  | **2904** | 3336 | 2655 |
| Susan van der Merwe<sup>2</sup> |  |  |  | **—** | 835 | 2037 |
| Jeremiah Vilakazi | 1244 | 989 |  | **2233** | 2201 | 1994 |
| Vincent Maphai | 3757 | 460 | 9 | **4226** | 3872 | 3714 |
| Elaine Dorward-King | 1566 | 1864 | 1399 | **4829** | 4201 | 2799 |
| Sindiswa Zilwa | 1244 | 1034 |  | **2278** | 2354 | 2146 |
| Philipe Boisseau | 1586 | 1657 | 954 | **4197** | 2490 |  |
| Peter Hancock | 1601 | 1697 | 930 | **4228** | 3451 |  |
| Terence Nombembe | 1288 | 1121 | 148 | **2557** | 675 |  |
| Lindiwe Mthimunye<sup>3</sup> | 422 | 169 |  | **591** |  |  |
| **Total** | 20172 | 13901 | 4540 | **38613** | 35299 | 29017 |

---

1*Resigned as non-executive director on 11 March 2024*

2*Resigned as non-executive director on 28 May 2024*

3*Appointed on 26 August 2025*

AFR – **167**

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

For the year ended 31 December 2025

The directors' and prescribed officers' (including their associates) direct and indirect share ownership at 31 December 2025 was:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Number of shares\* | Number of shares\* | Number of shares\* | % | % | % |
| | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| **Executive directors**<sup>1</sup> |  |  |  |  |  |  |
| Neal Froneman<sup>2</sup> | **1829452** | 1829452 | 3284428 | **0.06** | 0.06 | 0.12 |
| Richard Stewart<sup>3</sup> | **788771** | 788771 | 788771 | **0.03** | 0.03 | 0.03 |
| Charl Keyter | **1826481** | 1776481 | 1776481 | **0.06** | 0.06 | 0.06 |
| **Non-executive directors**<sup>1</sup> |  |  |  |  |  |  |
| Timothy Cumming | **20000** | 20000 | 20000 | **—** |  |  |
| Richard Menell | **10125** | 10125 | 10125 | **—** |  |  |
| Keith Rayner | **78992** | 78992 | 73992 | **—** |  |  |
| Susan van der Merwe | **—** |  | 1028 | **—** |  |  |
| Jeremiah Vilakazi | **2000** | 2000 | 4220 | **—** |  |  |
| Vincent Maphai | **232813** | 228224 | 228224 | **0.01** | 0.01 | 0.01 |
| Savannah Danson | **—** |  | 16519 | **—** |  |  |
| Harry Kenyon-Slaney<sup>4</sup> | **16852** | 16852 | 16852 | **—** |  |  |
| **Total share ownership by directors** | **4805486** | 4750897 | 6220640 | **0.17** | 0.14 | 0.22 |
| **Prescribed officers**<sup>1</sup> |  |  |  |  |  |  |
| Dawie Mostert | **—** |  | 136302 | **—** |  |  |
| Themba Nkosi<sup>5</sup> | **251583** | 251583 | 251583 | **0.01** | 0.01 | 0.01 |
| Robert van Niekerk | **180000** | 490429 | 490429 | **0.01** | 0.02 | 0.02 |
| Laurent Charbonnier<sup>6</sup> | **—** | 151012 | 151012 | **—** | 0.01 | 0.01 |
| Charles Carter<sup>7</sup> | **680000** | 680000 | 580000 | **0.02** | 0.02 | 0.02 |
| Melanie Naidoo-Vermaak | **146858** | 146858 |  | **0.01** | 0.01 |  |
| **Total** | **6063927** | 6470779 | 7829966 | **0.21** | 0.23 | 0.28 |

---

\*This is the shareholding at the reporting date unless otherwise stated

*1Share ownership (including shares held by associates) in the Company at the date of this report was unchanged, except for the following directors:*

*•Charl Keyter - 2,010,300*

*•Richard Menell - 20,125*

*•Charles Carter - 720,000*

*2Neal Froneman and his associates held 388,863 ADSs (2024 and 2023: 388,863), which converted to 1,555,452 (2024 and 2023: 1,555,452) ordinary shares in the Company* 

*at 30 September 2025,which was the last known shareholding at resignation as CEO*

*3Appointed as CEO and executive director at 1 October 2025*

*4Harry Kenyon-Slaney and his associates hold 4,213 ADSs at 31 December 2025 (2024 and 2023:4,213) which convert to 16,852 (2024 and 2023: 16,852) ordinary shares in the* 

*Company*

*5Themba Nkosi and his associates hold 5,300 ADSs at 31 December 2025 (2024 and 2023: 5,300) which convert into 21,200 (2024 and 2023: 21,200) ordinary shares in the* 

*Company*

*6Laurent Charbonnier and his associates held 37,753 ADSs at 31 December 2024 (2023: 37,753) which converted to 151,012 (2023: 151,012) ordinary shares in the* 

*Company. The ordinary shares held by Laurent and his associates represented the last known shareholding when he ceased performing a prescribed officer role on 31* 

*January 2025*

*7Charles Carter and his associates hold 170,000 ADSs at 31 December 2025 (2024: 170,000, 2023: 145,000) which convert to 680,000 (2024: 680,000, 2023: 580,000) ordinary* 

*shares in the Company*

**39. Events after reporting date**

There were no events that could have a material impact on the financial results of the Group after 31 December 2025 up to the date on

which the consolidated financial statements for the year ended 31 December 2025 were authorised for issue.

AFR – **168**

ADJUSTED EBITDA RECONCILIATIONS

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  |  | **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** |  | **AMERICAS** |  |  |  |  |  | **EUROPE** |  |  | **AUSTRALIA** |  |  |  |
|  | **GROUP** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **SECONDARY** <br>**MINING**<br>|  |  |  |  | **PRIMARY** <br>**MINING**<br>| **RECYCLING** |  |  |  |  |  |  | **SECONDARY** <br>**MINING**<br>|  | **GROUP** |
| **SA rand** | **Total** | **Total SA**<br>**Operations**<br>| **Total**<br>**SA PGM**<br>| **Rusten**<br>**burg**<br>| **Marikana** | **Platinum**<br>**Mile**<br>| **Mimosa** | **Corporate**<br>**and re-**<br>**conciling**<br>**items**<sup>1</sup><br>| **Total**<br>**SA gold**<br>| **Drie-**<br>**fontein**<br>| **Kloof** | **Beatrix** | **DRD-**<br>**GOLD**<br>| **Corporate**<br>**and re-**<br>**conciling**<br>**items**<sup>1</sup><br>| **Total** <br>**international** <br>**operations**<br>| **Total US** <br>**operations**<br>| **Total US** <br>**PGM**<br>| **US PGM** | **Total US** <br>**recycling**<br>| **Columbus** | **Pennsylvani**<br>**a site and** <br>**North** <br>**Carolina site**<br>| **Total** <br>**EU** <br>**operations**<br>| **Sandouville** <br>**nickel** <br>**refinery**<br>| **Corporate**<br>**and re-**<br>**conciling**<br>**items**<sup>1</sup><br>| **Total AUS** <br>**operations**<br>| **Century** <br>**zinc** <br>**retreatmen**<br>**t operation**<br>| **Corporate**<br>**and re-**<br>**conciling**<br>**items**<sup>1</sup><br>| **Cor-**<br>**porate**<sup>1</sup><br>|
| Reconciliation of profit before <br>royalties, carbon tax and tax to <br>adjusted EBITDA:<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (Loss)/profit before royalties, carbon <br>tax and tax<br>| **734** | **14098** | **10626** | 7066 | 4563 | 102 | (8) | (1097) | **3472** | 3650 | (4843) | 1976 | 4242 | (1553) | **(7870)** | **(156)** | **(36)** | (3066) | **2910** | 3030 | (120) | **(9403)** | (1631) | (7772) | **1689** | 1833 | (144) | **(5494)** |
| Adjusted for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortisation and depreciation | **9367** | **7855** | **4203** | 2007 | 2100 | 47 | 412 | (363) | **3652** | 1994 | 717 | 363 | 392 | 186 | **1509** | **1489** | **1252** | 1246 | **243** | 6 | 237 | **19** | 2 | 17 | **1** |  | 1 | **3** |
| Interest income | **(1568)** | **(1028)** | **(481)** | (132) | (287) | (18) | (14) | (30) | **(547)** | (99) | (80) | (47) | (182) | (139) | **(389)** | **(361)** | **(351)** | (224) | **(137)** | (127) | (10) | **(21)** |  | (21) | **(7)** | (6) | (1) | **(151)** |
| Finance expense | **5000** | **1866** | **772** | 2284 | 424 |  | 58 | (1994) | **1094** | 140 | 186 | 122 | 69 | 577 | **2091** | **1813** | **1762** | 1762 | **51** |  | 51 | **93** | 13 | 80 | **185** | 172 | 13 | **1043** |
| Share-based payments | **2114** | **1302** | **761** | 398 | 361 | 5 |  | (3) | **541** | 142 | 111 | 83 | 40 | 165 | **798** | **480** | **453** | 453 | **27** |  | 27 | **245** | 42 | 203 | **73** | 73 |  | **14** |
| (Gain)/loss on financial instruments | **3794** | **3621** | **366** | (2463) | 233 |  | 23 | 2573 | **3255** | (25) | (21) | (14) | (25) | 3340 | **151** | **779** | **—** |  | **779** |  | 779 | **(451)** | 4 | (455) | **(177)** | (177) |  | **22** |
| Loss/(gain) on foreign exchange <br>movements<br>| **(155)** | **(15)** | **228** | 84 | 94 | 44 | 14 | (8) | **(243)** |  |  |  |  | (243) | **(98)** | **44** | **16** | 16 | **28** |  | 28 | **(183)** | (175) | (8) | **41** | 34 | 7 | **(42)** |
| Share of results of equity-accounted <br>investees after tax<br>| **(337)** | **(369)** | **147** |  |  |  |  | 147 | **(516)** |  |  |  |  | (516) | **11** | **11** | **7** | 7 | **4** |  | 4 | **—** |  |  | **—** |  |  | **21** |
| Change in estimate of <br>environmental rehabilitation <br>obligation<br>| **495** | **(40)** | **50** | 53 | (4) |  |  | 1 | **(90)** |  |  | (8) | (98) | 16 | **535** | **—** | **—** |  | **—** |  |  | **729** | 729 |  | **(194)** | (184) | (10) | **—** |
| (Gain)/loss on disposal of property, <br>plant and equipment<br>| **14** | **(38)** | **19** | (26) | (7) |  | 1 | 51 | **(57)** | (33) | (13) | (14) | 4 | (1) | **52** | **52** | **52** | 52 | **—** |  |  | **—** |  |  | **—** |  |  | **—** |
| Impairments | **14007** | **1919** | **63** |  |  |  | 599 | (536) | **1856** | (166) | 3779 | (449) |  | (1308) | **12062** | **4230** | **4230** | 4230 | **—** |  |  | **7832** | 28 | 7804 | **—** |  |  | **26** |
| Occupational healthcare gain | **49** | **49** | **—** |  |  |  |  |  | **49** |  |  |  |  | 49 | **—** | **—** | **—** |  | **—** |  |  | **—** |  |  | **—** |  |  | **—** |
| Restructuring costs | **247** | **75** | **9** | 4 | 4 |  |  | 1 | **66** | 6 | 9 | 15 |  | 36 | **172** | **2** | **2** | 2 | **—** |  |  | **170** | 170 |  | **—** |  |  | **—** |
| Transaction and project costs | **4543** | **(1)** | **(1)** |  |  |  |  | (1) | **—** |  |  |  |  |  | **566** | **189** | **14** | 14 | **175** |  | 175 | **373** | 373 |  | **4** |  | 4 | **3978** |
| Lease payments | **(267)** | **(126)** | **(80)** | (19) | (29) | (1) |  | (31) | **(46)** | (2) | (8) | (14) | (11) | (11) | **(141)** | **(3)** | **(1)** | (1) | **(2)** |  | (2) | **(33)** | (21) | (12) | **(105)** | (105) |  | **—** |
| Onerous contract provision | **(124)** | **—** | **—** |  |  |  |  |  | **—** |  |  |  |  |  | **(124)** | **—** | **—** |  | **—** |  |  | **(124)** | (124) |  | **—** |  |  | **—** |
| Corporate leadership costs | **50** | **50** | **—** |  |  |  |  |  | **50** |  |  |  |  | 50 | **—** | **—** | **—** |  | **—** |  |  | **—** |  |  | **—** |  |  | **—** |
| Compensation for losses incurred | **(142)** | **(38)** | **—** |  |  |  |  |  | **(38)** |  | (27) | (1) |  | (10) | **(104)** | **(46)** | **(46)** | (46) | **—** |  |  | **—** |  |  | **(58)** | (58) |  | **—** |
| Other | **—** | **—** | **—** | 9 |  |  |  | (9) | **—** |  |  |  |  |  | **—** | **—** | **—** |  | **—** |  |  | **—** |  |  | **—** |  |  | **—** |
| Gain on increase in equity-<br>accounted investment<br>| **(5)** | **—** | **—** |  |  |  |  |  | **—** |  |  |  |  |  | **—** | **—** | **—** |  | **—** |  |  | **—** |  |  | **—** |  |  | **(5)** |
| Gain on assets held for sale | **(16)** | **7** | **—** |  |  |  |  |  | **7** |  |  |  | 7 |  | **(23)** | **(1)** | **(1)** | (1) | **—** |  |  | **(22)** |  | (22) | **—** |  |  | **—** |
| **Adjusted EBITDA** | **37800** | **29187** | **16682** | 9265 | 7452 | 179 | 1085 | (1299) | **12505** | 5607 | (190) | 2012 | 4438 | 638 | **9198** | **8522** | **7353** | 4444 | **4078** | 2909 | 1169 | **(776)** | (590) | (186) | **1452** | 1582 | (130) | **(585)** |

---

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  |  | **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** |  | **AMERICAS** |  |  |  |  |  | **EUROPE** |  |  | **AUSTRALIA** |  |  |  |
|  | **GROUP** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **PRIMARY MINING** | **SECONDAR**<br>**Y MINING**<br>|  |  |  |  | **PRIMARY** <br>**MINING**<br>| **RECYCLING** |  |  |  |  |  |  | **SECONDAR**<br>**Y MINING**<br>|  | **GROUP** |
| **SA rand** | **Total** | **Total SA**<br>**Operations**<br>| **Total**<br>**SA PGM**<br>| **Rusten-**<br>**burg**<br>| **Marikana** | **Kroondal** | **Platinum**<br>**Mile**<br>| **Mimosa** | **Corporate**<br>**and re-**<br>**conciling**<br>**items**<sup>1</sup><br>| **Total**<br>**SA gold**<br>| **Drie-**<br>**fontein**<br>| **Kloof** | **Beatrix** | **DRD-**<br>**GOLD**<br>| **Corporate**<br>**and re-**<br>**conciling**<br>**items**<sup>1</sup><br>| **Total** <br>**internationa**<br>**l operations**<br>| **Total US** <br>**operations**<br>| **Total US** <br>**PGM**<br>| **US PGM** | **Total US** <br>**recycling**<br>| **Columbus** | **Pennsylvani**<br>**a site** <br>**recycling**<br>| **Total** <br>**EU** <br>**operations**<br>| **Sandouville** <br>**nickel** <br>**refinery**<br>| **Corporate**<br>**and re-**<br>**conciling**<br>**items**<sup>1</sup><br>| **Total AUS** <br>**operations**<br>| **Century** <br>**zinc** <br>**retreatme**<br>**nt** <br>**operation**<br>| **Corporate**<br>**and re-**<br>**conciling**<br>**items**<sup>1</sup><br>| **Cor-**<br>**porate**<sup>1</sup><br>|
| Reconciliation of profit before <br>royalties, carbon tax and tax to <br>adjusted EBITDA:<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (Loss)/profit before royalties, carbon <br>tax and tax<br>| **(3669)** | **8131** | **5177** | 10480 | 2572 | (270) | 170 | 90 | (7865) | **2954** | 1284 | (906) | 520 | 2405 | (349) | **(10633)** | **(10454)** | **(10474)** | (10795) | **341** | 321 | 20 | **—** | (531) | 531 | **(179)** | 77 | (256) | **(1167)** |
| Adjusted for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **—** | **—** |  |  | **—** |  |  |  |  |  |  |  |  |  |
| Amortisation and depreciation | **8810** | **6547** | **3647** | 1162 | 1884 | 487 | 43 | 334 | (263) | **2900** | 1380 | 788 | 395 | 312 | 25 | **2261** | **2105** | **1934** | 1929 | **176** | 5 | 171 | **38** | 29 | 9 | **118** | 117 | 1 | **2** |
| Interest income | **(1337)** | **(966)** | **(468)** | (86) | (224) | (135) | (23) | (6) | 6 | **(498)** | (81) | (82) | (46) | (230) | (59) | **(368)** | **(313)** | **(305)** | (305) | **(8)** |  | (8) | **(53)** | (1) | (52) | **(2)** | (1) | (1) | **(3)** |
| Finance expense | **4571** | **1948** | **611** | 3240 | 392 | 131 |  | 45 | (3197) | **1337** | 260 | 294 | 193 | 78 | 512 | **2297** | **1791** | **1761** | 1761 | **30** |  | 30 | **204** | 70 | 134 | **302** | 288 | 14 | **326** |
| Share-based payments | **251** | **178** | **99** | 31 | 47 | 18 | 1 |  | 2 | **79** | 17 | 12 | 7 | 27 | 16 | **53** | **35** | **35** | 35 | **—** |  |  | **13** | 7 | 6 | **5** | 5 |  | **20** |
| (Gain)/loss on financial instruments | **(5433)** | **(3128)** | **(2341)** | (11878) | (1249) | 2 |  |  | 10784 | **(787)** | (19) | (18) | (12) | (19) | (719) | **(2372)** | **(1869)** | **(1733)** | (1733) | **(136)** |  | (136) | **(772)** | (7) | (765) | **269** | 269 |  | **67** |
| (Gain)/loss on foreign exchange <br>movements<br>| **215** | **74** | **53** | (66) | 31 | 73 | (3) | 129 | (111) | **21** |  |  |  | (11) | 32 | **88** | **3** | **5** | 5 | **(2)** |  | (2) | **97** | 110 | (13) | **(12)** | (10) | (2) | **53** |
| Share of results of equity-accounted <br>investees after tax<br>| **(212)** | **(230)** | **97** |  |  |  |  |  | 97 | **(327)** |  |  |  |  | (327) | **7** | **7** | **—** |  | **7** |  | 7 | **—** |  |  | **—** |  |  | **11** |
| Change in estimate of <br>environmental rehabilitation <br>obligation, and right of recovery <br>liability and asset<br>| **447** | **450** | **206** | 52 | 12 | 142 |  |  |  | **244** |  |  | (13) |  | 257 | **(3)** | **—** | **—** |  | **—** |  |  | **23** | 23 |  | **(26)** | (22) | (4) | **—** |
| (Gain)/loss on disposal of property, <br>plant and equipment<br>| **(55)** | **(95)** | **(33)** | (17) | (15) | (1) |  | 1 | (1) | **(62)** | (18) | (17) | (24) | (1) | (2) | **40** | **40** | **40** | 40 | **—** |  |  | **—** |  |  | **—** |  |  | **—** |
| Impairments | **9173** | **17** | **124** |  | 112 | (9) |  | 26 | (5) | **(107)** |  |  |  |  | (107) | **9156** | **8824** | **8824** | 8824 | **—** |  |  | **221** | 221 |  | **111** | 4 | 107 | **—** |
| Occupational healthcare gain | **(76)** | **(76)** | **—** |  |  |  |  |  |  | **(76)** |  |  |  |  | (76) | **—** | **—** | **—** |  | **—** |  |  | **—** |  |  | **—** |  |  | **—** |
| Restructuring costs | **550** | **424** | **271** | 47 | 218 | 4 |  |  | 2 | **153** | 14 | 3 | 10 |  | 126 | **126** | **126** | **126** | 126 | **—** |  |  | **—** |  |  | **—** |  |  | **—** |
| Transaction and project costs | **851** | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  | **427** | **213** | **26** | 26 | **187** |  | 187 | **193** | 193 |  | **21** |  | 21 | **424** |
| Lease payments | **(244)** | **(97)** | **(62)** | (20) | (38) | (3) | (1) |  |  | **(35)** |  | (9) | (5) | (19) | (2) | **(147)** | **(6)** | **(5)** | (5) | **(1)** |  | (1) | **(25)** | (20) | (5) | **(116)** | (116) |  | **—** |
| Cyber costs | **67** | **54** | **18** | 6 | 10 | 2 |  |  |  | **36** | 3 | 3 | 2 |  | 28 | **13** | **7** | **7** | 7 | **—** |  |  | **—** |  |  | **6** | 6 |  | **—** |
| Compensation for losses incurred | **(26)** | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  | **(26)** | **(26)** | **(26)** | (26) | **—** |  |  | **—** |  |  | **—** |  |  | **—** |
| Provision for community costs post <br>closure<br>| **24** | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  | **24** | **—** | **—** |  | **—** |  |  | **—** |  |  | **24** | 24 |  | **—** |
| Onerous contract provision | **(817)** | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  | **(817)** | **—** | **—** |  | **—** |  |  | **(817)** | (817) |  | **—** |  |  | **—** |
| Gain/increase in equity-accounted <br>investment<br>| **(2)** | **—** | **—** |  |  |  |  |  |  | **—** |  |  |  |  |  | **—** | **—** | **—** |  | **—** |  |  | **—** |  |  | **—** |  |  | **(2)** |
| **Adjusted EBITDA**<sup>1</sup> | **13088** | **13231** | **7399** | 2951 | 3752 | 441 | 187 | 619 | (551) | **5832** | 2840 | 68 | 1027 | 2542 | (645) | **126** | **483** | **215** | (111) | **594** | 326 | 268 | **(878)** | (723) | (155) | **521** | 641 | (120) | **(269)** |

---

AFR – **169**

NOTIONAL FREE CASH FLOW RECONCILIATIONS

RECONCILIATION OF NOTIONAL FREE CASH FLOW TO NET CASH FROM OPERATING ACTIVITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Figures in million - SA rand | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
|  | **Group** | **Total of** <br>**operations**<br>| **Southern** <br>**Africa** <br>**Operations**<br>| **Internationa**<br>**l Operations**<br>| **Total SA** <br>**PGM** <br>| **Total SA** <br>**gold** <br>| **Total US** <br>**PGM** <br>**(including** <br>**Columbus** <br>**recycling)**<br>| **Pennsylvani**<br>**a site and** <br>**North** <br>**Carolina** <br>**site**<br>| **Total EU** <br>**operations** <br>| **Total AUS** <br>**operations** <br>| **Corporate**  |
| Notional free cash flow | **29** | 3675 | 9070 | (5395) | 5846 | 3224 | (831) | 1012 | (6572) | 996 | (3646) |
| *Adjusted for:* |  |  |  |  |  |  |  |  |  |  |  |
| Property, plant and equipment <br>additions<br>| **20307** | 20304 | 12531 | 7773 | 5910 | 6621 | 1779 | 46 | 5762 | 186 | 3 |
| Net royalties, carbon tax and tax <br>paid<br>| **(2865)** | (2855) | (2675) | (180) | (2285) | (390) | 286 | (130) | 12 | (348) | (10) |
| Add back of accrued tax and <br>royalties<br>| **3562** | 3550 | 3167 | 383 | 3015 | 152 | 46 | 112 | (7) | 232 | 12 |
| Cash-settled share-based payments <br>made<br>| **(649)** | (643) | (433) | (210) | (279) | (154) | (111) | (8) | (71) | (20) | (6) |
| Dividends paid | **(302)** | (4760) | (4669) | (91) | (3289) | (1380) |  |  | (91) |  | 4458 |
| Net interest (including <br>intercompany)<br>| **(1488)** | (1644) | 36 | (1680) | 17 | 19 | (1008) | (204) | (413) | (55) | 156 |
| Net working capital (including <br>intercompany)<br>| **2273** | 2276 | (4234) | 6510 | (5315) | 1081 | (1293) | 7417 | 578 | (192) | (3) |
| Movement on metals consignment <br>line<br>| **(7645)** | (7645) |  | (7645) |  |  |  | (7645) |  |  |  |
| Deferred revenue recognised | **(1421)** | (1421) |  | (1421) |  |  |  | (420) |  | (1001) |  |
| Deferred revenue received in <br>advance<br>| **10745** | 1530 |  | 1530 |  |  |  | 433 |  | 1097 | 9215 |
| Re-allocation of stream revenue and <br>costs<br>| **—** | 1652 | 1177 | 475 | 1177 |  | 475 |  |  |  | (1652) |
| Other items | **(1139)** | (651) | (435) | (216) | (196) | (239) | (621) | 306 | (78) | 177 | (488) |
| **Net cash from operating activities** | **21407** | 13368 | 13535 | (167) | 4601 | 8934 | (1278) | 919 | (880) | 1072 | 8039 |

---

Non-IFRS measures such as notional free cash flow is considered as pro forma financial information as per the JSE Listing Requirements.

The 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, notional free cash flow should not be considered in isolation or as a substitute for measures of financial

performance and cash flows prepared in accordance with IFRS Accounting Standards, namely net cash from operating activities.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Figures in million - SA rand | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Group** | **Total of** <br>**operations**<br>| **Southern** <br>**Africa** <br>**Operations**<br>| **Internationa**<br>**l Operations**<br>| **Total SA** <br>**PGM**<br>| **Total SA** <br>**gold**<br>| **Total US** <br>**PGM** <br>**(including** <br>**Columbus** <br>**recycling)**<br>| **Pennsylvani**<br>**a site and** <br>**North** <br>**Carolina** <br>**site**<br>| **Total EU** <br>**operations**<br>| **Total AUS** <br>**operations**<br>| **Corporate** |
| Notional free cash flow | **(12397)** | (12133) | (1472) | (10661) | 136 | (1608) | (3375) | 133 | (7449) | 30 | (264) |
| *Adjusted for:* |  |  |  |  |  |  |  |  |  |  |  |
| Property, plant and equipment <br>additions<br>| **21569** | 21571 | 12451 | 9120 | 5683 | 6768 | 2988 | 10 | 5905 | 217 | (2) |
| Net royalties, carbon tax and tax paid | **(2235)** | (2215) | (1849) | (366) | (1597) | (252) | 15 | (78) |  | (303) | (20) |
| Add back of accrued tax and <br>royalties<br>| **1961** | 1951 | 1587 | 364 | 1456 | 131 | 21 | 125 | 2 | 216 | 10 |
| Cash-settled share-based payments <br>made<br>| **(751)** | (742) | (680) | (62) | (626) | (54) | (37) |  | (24) | (1) | (9) |
| Dividends paid | **(173)** | (47530) | (47530) |  | (39191) | (8339) |  |  |  |  | 47357 |
| Net interest (including intercompany) | **(1219)** | (1187) | (75) | (1112) | 680 | (755) | (847) | (120) | (52) | (93) | (32) |
| Net working capital (including <br>intercompany)<br>| **6853** | 6755 | 1305 | 5450 | 16888 | (15583) | 668 | 4473 | 79 | 230 | 98 |
| Movement on metals consignment <br>line<br>| **(4308)** | (4308) |  | (4308) |  |  |  | (4308) |  |  |  |
| Deferred revenue recognised | **(907)** | (907) |  | (907) |  |  |  | (245) |  | (662) |  |
| Deferred revenue received in <br>advance<br>| **3307** | 3307 | 2698 | 609 | 905 | 1793 |  | 243 |  | 366 |  |
| Re-allocation of stream revenue and <br>costs<br>| **—** | 582 |  | 582 |  |  | 582 |  |  |  | (582) |
| Other items | **(1587)** | (1356) | (863) | (493) | (382) | (481) | (110) | (171) | (242) | 30 | (231) |
| **Net cash from operating activities** | **10113** | (36212) | (34428) | (1784) | (16048) | (18380) | (95) | 62 | (1781) | 30 | 46325 |

---

AFR – **170**

SHAREHOLDER INFORMATION

**Registered shareholder spread at 31 December 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of** <br>**holders**<br>| **% of total** <br>**shareholders**<br>| **Number of** <br>**shares**<sup>1</sup><br>| **% of shares in** <br>**issue**<sup>2,3</sup><br>|
| 1-1,000 shares | 40232 | 82.51 | 4974135 | 0.18 |
| 1,001-10,000 shares | 6311 | 12.95 | 20526961 | 0.72 |
| 10,001-100,000 shares | 1456 | 2.99 | 45938058 | 1.62 |
| 100,001-1,000,000 shares | 564 | 1.16 | 173753228 | 6.14 |
| 1,000,001 shares and above | 189 | 0.39 | 2585374882 | 91.34 |
| **Total** | **48752** | **100.00** | **2830567264** | **100.00** |

---

*1As of 27 March 2026, the issued share capital of Sibanye-Stillwater consisted of 2,830,567,264 ordinary shares*

*2Figures may not add due to rounding*

*3To our knowledge: (1) Sibanye-Stillwater is not directly or indirectly owned or controlled (a) by another entity or (b) by any foreign government; and (2) there are no arrangements* 

*the operation of which may at a subsequent date result in a change in control of Sibanye-Stillwater. To the knowledge of Sibanye-Stillwater's management, there is no controlling* 

*shareholder of Sibanye-Stillwater*

**Public and non-public shareholdings at 31 December 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shareholder type | **Number of** <br>**holders**<br>| **% of total** <br>**shareholders**<br>| **Number of**<br>**shares**<br>| **% of shares** <br>**in issue**<br>|
| Non-public shareholders | 14 | 0.03 | 7886937 | 0.27 |
| Directors and associates<sup>1</sup> | 9 | 0.02 | 6260462 | 0.22 |
| Prescribed Officers and associates | 4 | 0.01 | 1258441 | 0.04 |
| Share trust<sup>2</sup> | 1 | 0.00 | 368034 | 0.01 |
| Public shareholders | 48738 | 99.97 | 2822680327 | 99.73 |
| **Total** | **48752** | **100.00** | **2830567264** | **100.00** |

---

*1 Included in the number of prescribed officers and associates was shareholdings for Neal Froneman the previous CEO until his retirement on 30 September 2025*

*2Included in the number of non-public shareholders for the Share trust are trustees who are beneficiaries of this trust*

**Foreign custodians of 5% or more at 31 December 2025**

---

| | | |
|:---|:---|:---|
| | **Number of**<br>**shares**<br>| **% of shares in** <br>**issue**<br>|
| Bank of New York Mellon (ADSs Sponsor) | 896697906 | 31.68 |
| State Street Bank & Trust Co. | 781865240 | 27.62 |
| JPMorgan Chase & Co. | 163466128 | 5.78 |

---

AFR – **171**

SHAREHOLDER INFORMATION continued

**Beneficial shareholder categories at 31 December 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of** <br>**holders**<br>| **% of** <br>**shareholders**<br>| **Number of** <br>**shares**<sup>1</sup><br>| **% of shares in** <br>**issue**<sup>1</sup><br>|
| American Depository Receipts | 175 | 0.35 | 894652646 | 31.61 |
| Black Economic Empowerment | 2 |  | 1302135 | 0.05 |
| Corporate Holding | 4 | 0.01 | 10431768 | 0.37 |
| Custodians | 62 | 0.13 | 105597428 | 3.73 |
| ESG | 2 |  | 167163 | 0.01 |
| Exchange-Traded Fund | 50 | 0.10 | 101545194 | 3.59 |
| Foreign Government | 3 | 0.01 | 403807 | 0.01 |
| Hedge Fund | 23 | 0.05 | 94014367 | 3.32 |
| Insurance Companies | 19 | 0.04 | 41238761 | 1.46 |
| Investment Trust | 2 |  | 596187 | 0.02 |
| Medical Aid Scheme | 5 | 0.01 | 4045605 | 0.14 |
| Mutual Fund | 166 | 0.34 | 287613466 | 10.16 |
| Other managed funds | 47520 | 97.48 | 140687285 | 4.97 |
| Pension Funds | 259 | 0.53 | 756362695 | 26.72 |
| Private Equity | 1 |  | 442970 | 0.02 |
| Private Investor | 138 | 0.28 | 67763813 | 2.39 |
| Sovereign Wealth | 27 | 0.06 | 78544229 | 2.77 |
| Stock Brokers | 3 | 0.01 | 670026 | 0.02 |
| Trading Position | 26 | 0.05 | 124971738 | 4.42 |
| Unit Trusts | 42 | 0.09 | 48644020 | 1.72 |
| University | 223 | 0.46 | 248301205 | 8.77 |
| **Total** | **48752** | **100.00** | **3007996508** | **106.27** |

---

<sup>1</sup> *The number of shares and percentage shares in issue in the beneficial shareholder category table above, are over the shares in issue of 2,830,567,264 at 31 December 2025 due to* 

*stock lending* 

AFR – **172**

SHAREHOLDER INFORMATION continued

The tables below show the change in the percentage ownership of Sibanye-Stillwater's major shareholders, to the knowledge of Sibanye-

Stillwater's management, between 2023 and 2025.

**Investment management shareholdings of 5% or more at 31 December**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| | **Number of** <br>**shares**<br>| **% of shares** <br>**in issue**<br>| **Number of** <br>**shares**<br>| **% of shares** <br>**in issue**<br>| **Number of** <br>**shares**<br>| **% of shares** <br>**in issue**<br>|
| PIC | **509595527** | **18.00** | 393904882 | 13.92 | 488960260 | 17.27 |
| Lingotto Investment Management, LLP | **226051562** | **7.99** | 214319720 | 7.57 | 157104510 | 5.55 |
| BlackRock Inc | **144770708** | **5.11** | 142494663 | 5.03 | 132257343 | 4.67 |
| Allan Gray | **427088** | **0.02** | 116811664 | 4.13 | 181546600 | 6.41 |

---

*1A list of the investment managers holding, to the knowledge of Sibanye-Stillwater's management, directly or indirectly, 5% or more of the issued share capital of Sibanye-Stillwater* 

*as of 27 March 2026 is set forth below:*

---

| | | |
|:---|:---|:---|
| | ***Number of shares*** | ***% of shares in*** <br>***issue***<br>|
| *Government Employees Pension Fund (PIC)*<sup>2</sup> | *482133298* | 0.17 |
| *Lingotto Investment Management LLP* | *191849715* | 0.07 |

---

*2This represents funds managed by the PIC as an investment fund manager, which holds the majority of its shares on behalf of the Government Employees Pension Fund*

**Beneficial shareholdings of 5% or more at 31 December**<sup>1</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| | **Number of shares** | **%** | **Number of shares** | **%** | **Number of shares** | **%** |
| Government Employees Pension Fund (PIC)<sup>2</sup> | 567261443 | 20.04 | 390972890 | 13.81 | 495015046 | 17.72 |

---

*1A list of the individuals and organisations holding, to the knowledge of Sibanye-Stillwater's management, directly or indirectly, beneficial holdings of 5% or more of the issued share* 

*capital of Sibanye-Stillwater as of 28 March 2025 is set forth below:*

---

| | | |
|:---|:---|:---|
| | ***Number of*** <br>***shares***<br>| ***% of shares in*** <br>***issue***<br>|
| *Government Employees Pension Fund (PIC)*<sup>2</sup> | *506013130* | *0.18* |

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*2This is the aggregate shareholding for the Government Employees Pension Fund the majority of which is managed by the Public Investment Corporation (PIC)*

Sibanye-Stillwater's ordinary shares are subject to dilution as a result of any non-pre-emptive share issuance, including issues of shares by the

Board in compliance with B-BBEE legislation or in connection with acquisitions. Sibanye-Stillwater (through its wholly-owned subsidiary Stillwater

Mining Company LLC) launched an offering of US$500 million senior, unsecured, guaranteed bonds, due in November 2028 which, subject to

approval by a general meeting of Sibanye-Stillwater shareholders, will be convertible into ordinary shares of Sibanye-Stillwater, thus resulting in

dilution.

The principal non-United States trading market for the ordinary shares of Sibanye-Stillwater is the JSE Limited, on which they trade under the

symbol "SSW". Sibanye-Stillwater's American depositary shares (ADSs) trade in the United States on the NYSE under the symbol "SBSW". The ADSs

are issued by The Bank of New York Mellon (BNYM) as depositary under the ADS program. Each ADS represents four ordinary shares.

No public takeover offers by third parties have been made in respect of Sibanye-Stillwater's shares or by Sibanye-Stillwater in respect of other

companies' shares during the last and current fiscal year.

AFR – **173**

ADMINISTRATION AND CORPORATE INFORMATION

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| | |
|:---|:---|
| **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\*<br>Philippe Boisseau\*<br>Richard Menell<sup>#</sup><br>Sindiswa Zilwa\* <br>Terence Nombembe\* <br>Timothy Cumming<sup>#</sup> <br>\* Independent non-executive<br><sup>#</sup> Non-executive<br><sup>^</sup> Lead independent director 1 January 2024<br><sup>+</sup>Appointed as executive director 1 March 2025 and as CEO on 1 October 2025<br><sup>++</sup>Appointed as independent non-executive director 26 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>**J.P. 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 South Africa Inc.**<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 11 488 170*<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 Royal 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>**Forms of proxy to Meeting Scrutineers**<br>The Meeting Specialist Proprietary Limited<br>JSE Building<br>One Exchange Square<br>2 Gwen Lane<br>Sandown<br>Sandton, 2196<br>South Africa<br>**Contact**<br>Farhana Adam<br>*Tel: +27 84 433 4836*<br>Izzy van Schoor<br>*Tel: +27 81 711 4255*<br>Michael Wenner<br>*Tel: +27 61 440 0654*<br>*e-mail: proxy@tmsmeetings.co.za*<br>|

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CORPORATE GOVERNANCE AND REGULATORY COMPLIANCE Sibanye-Stillwater is listed on the JSE and the NYSE and complies with Section 14.10 of the JSE Listings Requirements and the requirements of Subpart 1300 of Regulation S-K of the U.S. Securities Act (SK-1300). For all of our managed operations, as well as our development and exploration properties, and for certain non-managed assets (specifically DRDGOLD and Mimosa), we have prepared the Mineral Resources, Mineral Reserves, and the mineral asset valuations that support the Mineral Reserve estimates. These have been prepared in accordance with the South African Code for Reporting of the Exploration Results, Mineral Resources and Mineral Reserves (SAMREC 2016 edition, including Table 1 and Appendices) and the South African Code for the Reporting of Mineral Asset Valuation (SAMVAL 2016 edition). We have fully complied with all requirements set out in these codes. This disclosure also meets the requirements of Section 14 of the JSE Listings Requirements. For our non-managed properties (all non-material assets), the Marathon and Altar exploration property estimates were prepared in compliance with the Canadian NI 43-101. The NI 43-101 is a Committee for Mineral Reserves International Reporting Standards (CRIRSCO) sister code of SAMREC and SAMVAL. The Group has verified these estimates for alignment to SAMREC/SAMVAL and SK-1300, and believes that the final estimates would be similar (barring reporting methodology), and that therefore they can be considered current. In complying with the requirements of SK-1300, this document serves to satisfy both the summary disclosure requirements set out under Item 1303 of SK-1300 (Item 1303) and individual material property disclosure requirements set out under Item 1304 of SK-1300 (Item 1304). Section 1 contains all summary disclosure-related information set out under Item 1303, while Sections 2 and 3 contain individual material property disclosure information required under Item 1304 of SK-1300 for material properties. To ensure alignment and continuity with past disclosures, the Group is also disclosing additional and relevant information on non-material properties in Sections 2 and 3. This report also complies with the internal controls disclosure requirements set out under Item 1305 of SK-1300 (Item 1305). Disclosures pursuant to Item 1305 can be found in Sections 2 and 3. MATERIAL PROPERTIES A materiality assessment has been conducted on the Group's mineral properties, which led to the identification of five material properties key to the Group's Mineral Reserves: revenue, profits, and strategy. The properties considered material for the purpose of SK-1300 are listed below. PGM l SOUTHERN AFRICA: the Marikana operation and Rustenburg operation l AMERICAS: the US PGM operations consisting of the East Boulder and Stillwater mines GOLD l SOUTHERN AFRICA: The Driefontein operation BATTERY METALS l FINLAND: the Keliber lithium project In support of the material property disclosure for the 2025 reporting period, Sibanye-Stillwater has filed updated technical report summaries (TRS) for: l Marikana operation, where the inclusion of the E4 mechanised UG2 project has led to a material increase in Mineral Reserves l Rustenburg operation, where the acquisition of the Kroondal operation led to a material increase in Mineral Reserves These filings with the United States Securities and Exchange Commission (SEC) on Form 6-K, were incorporated by reference as exhibits to the 2025 Annual report on Form 20-F, and can be accessed via EDGAR. Mineral Resources are reported exclusive of Mineral Reserves, on an attributable legal interest basis. Keliber lithium project landscape in Finland OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 4

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SOUTHERN AFRICA PGMS The SA PGM operations comprise two managed underground operations (Marikana and Rustenburg). In addition, the Group has a 50% attributable interest in a non-managed, underground operation (Mimosa) in Zimbabwe. During 2025, the pre-feasibility study (PFS) into the Marikana E4 mechanised UG2 project was completed, resulting in the maiden inclusion of those Mineral Reserves. For the 2025 disclosure, the Rustenburg and Kroondal operations' Mineral Resources and Mineral Reserves were combined, following the acquisition of Kroondal by Rustenburg. The Rustenburg (74% attributable) operation produces concentrate which is processed in terms of a toll-treatment agreement with Rustenburg Platinum Mines Pty Ltd, a subsidiary of Valterra Platinum Ltd. The Marikana operation (80.64% attributable) processes its own as well as third-party concentrate via a metallurgical smelter and base metals refinery at the operation, and a precious metals refinery complex located in Brakpan, to the east of Johannesburg. Apart from the primary mining operations, significant surface tailings treatment operations exist: l The Platinum Mile tailings retreatment facility (100% owned and managed) recovers PGMs from historic Rustenburg TSFs as well as live tailings streams from the Rustenburg concentrator plants l The Bulk tailings treatment (BTT) facility recovers PGMs from the ETD2 TSF at the Marikana operation l The Eastern tailings treatment project (ETTP) facility recovers PGMs from live tailings material from the EPL concentrator at the Marikana operation. Chromite recovery from EPL live tailings occurs at the EPL Glencore Chrome Recovery Plant l At the Rustenburg and Marikana operations, a chromite concentrate is recovered as a by-product at various UG2 concentrator plants The Akanani exploration project (80.13% attributable) is an exploration asset on the northern limb of the Bushveld Igneous Complex (BC) near the town of Mokopane. The Limpopo exploration project, located approximately 50km southeast of Mokopane, consists of the care and maintenance Baobab operation (80.64% attributable), the Dwaalkop mining right (50:50 JV area with Northam, 40.32% attributable), and the Doornvlei mining right (80.64% attributable). GOLD The SA gold operations are made up of four managed, producing, underground and surface operations in South Africa, namely the Kloof (100% attributable), Driefontein (100% attributable) and Cooke (76% attributable) operations in the West Wits region, and Beatrix (100% attributable) operation in the Free State province. Sibanye- Stillwater owns and manages four metallurgical processing facilities where gold-bearing ore is processed, and gold extracted. Burnstone (100% attributable) is a development project in the Mpumalanga province. In addition, and in support of its gold mining activities. Wholly-owned and managed projects in study phase include the Bloemhoek and De Bron Merriespruit, which form part of the Southern Free State (SOFS) exploration project. The Group also reports Mineral Resources and Mineral Reserves on an attributable basis for DRDGOLD Limited (DRDGOLD) due to its 50.10% equity interest. DRDGOLD operates the Far West Gold Recoveries (FWGR) and the ERGO Gold Recoveries operations. URANIUM Significant quantities of uranium are present in the historic TSFs of the Cooke operation, as well as in the Beisa project area, a combined gold and uranium deposit at the Beatrix operation. These are considered exploration (Beisa) or development (Cooke) projects, even though they occur within existing operational mining right areas. The FS into the exploitation of the Cooke TSF has been completed, leading to the declaration of a maiden Mineral Reserve. The Beisa Mineral Resource is reported subject to a pending transaction with Neo Energy Metals PLC, expected to close in early 2026, for the sale of the Beisa uranium asset in exchange for a consideration of R250 million in cash and R250 million in equity in Neo (approximately 40%). AMERICAS PGMS Sibanye-Stillwater wholly owns and operates PGM mining and processing operations located in Montana, US. These assets include the Stillwater mine, the East Boulder mine, two concentrator plants, and PGM mining claims located near the town of Nye. In addition, the Group owns and operates a metallurgical smelter and base metals refinery complex situated in the town of Columbus, Montana. The Group has a 12.14% equity holding in Generation Mining Ltd, the owner and operator of the Marathon PGM project in Canada. The Group holds a 31.47% non-managed interest in the Altar copper-gold porphyry exploration project in Argentina, for which a preliminary economic assessment (PEA) was completed in 2025. EUROPE BATTERY METALS The Group is developing the Keliber lithium project in Finland(79.82% attributable). As part of a staged ramp-up process, open pit ore mining commenced in Q1 2026, with first spodumene concentrate production scheduled for H2 2026. Successful exploration activities are also ongoing at the extensive mineral title holdings, which have led to a Mineral Resource increase. AUSTRALIA ZINC AND COPPER The Group owns 100% of the Century zinc operation, a tailings retreatment operation in Queensland, Australia. The Group is undertaking a FS to incorporate the mining of neighbouring phosphate deposits as an alternative use for the considerable fixed infrastructure, which would extend the life of the operation post the TSF depletion. The FS into reopening the Mt Lyell (under care and maintenance) copper mine in Tasmania has been delivered, leading to a maiden Mineral Reserve being declared. NON-MINERAL PROPERTIES PGM RECYCLING AND NICKEL REFINING The Columbus metallurgical complex, which is managed as an integrated business with our US PGM operations, is one of the world's largest recyclers of PGMs derived from spent catalytic converters and other industrial sources. In addition, Sibanye- Stillwater Reldan is a precious metals recycling group, with facilities in Pennsylvania, USA, as well as Mexico and India. The production of nickel cathodes at the Sandouville nickel refinery has ceased in Q1 2025. A pre-feasibility study (PFS) to assess the potential conversion of the Sandouville plant to produce pCAM (the GalliCam project) is underway. OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION LOCATION OF OUR OPERATIONS AND PROJECTS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 6

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THE GROUP AT A GLANCE PG M (2E (U S) /4 E (S A) (M o z) PGM exploration properties – Mineral Resources — 0.2 0.5 22.0 10.5 0.2 9.6 9.2 0.1 Measured Indicated Inferred A ka n a n i Li m p o p o M a ra th o n 0 5 10 15 20 25 OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION GROUP SUMMARY OF MINING PROPERTIES continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 15 Notes: Resources: Mineral Resources exclusive of Mineral Reserves

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SA PGM OPERATIONS GEOLOGICAL SETTING SOUTH AFRICAN OPERATIONS The Bushveld Igneous Complex (BC) is the world's largest known mafic igneous layered intrusion, and contains more than 85% of the world's known Mineral Resources of PGMs. The mineralised Merensky and UG2 reefs are host to the PGMs at the Rustenburg, and Marikana operations, and are contained within the Rustenburg layered suite (RLS) of ultramafic to mafic rocks. These reefs are laterally continuous and extensive. The BC occurs geographically as discrete compartments categorised as limbs. Sibanye-Stillwater's PGM operations (Marikana and Rustenburg) are located on the Western Limb, south-east of the Pilanesberg Complex, while the PGM exploration projects are located on the eastern and northern limbs of the BC. The Merensky Reef typically consists of a pegmatoidal feldspathic pyroxenite layer, bounded on the top and bottom by thin chromitite layers (stringers) dipping approximately 9º to 12º in a north-easterly direction. The Merensky Reef transitions across the Sibanye-Stillwater operations, from a thin pegmatoidal reef to a thick non- pegmatoidal reef, with a major transition at the Marikana operation. The Merensky Reef contains economically significant base metal sulphide and PGM mineralisation. The UG2 Reef is rich in chromitite and rhodium, but with lower gold, copper and nickel values, as compared to that of the Merensky Reef. The main UG2 layer (main seam) has an average thickness varying between 55cm and 75cm. The top of the UG2 Reef consists of a thin layer of chromitite, which generally averages 20cm in thickness and is referred to as the leader seam. This leader seam is separated from the main seam by a non-mineralised pyroxenite layer of variable thickness of 5cm to 6m. Across the PGM operations, the UG2 Reef occurs vertically between 90m and 180m below the Merensky Reef. The Merensky and the UG2 Reefs are affected by structural and other geological features, including potholes and iron-rich ultramafic pegmatoids (IRUPs), which result in geological losses and have an impact on mining. ZIMBABWEAN OPERATION The Mimosa mine is located on the Wedza sub-chamber of the southern portion of the Great Dyke in Zimbabwe, approximately 32km from the town of Zvishavane. The Great Dyke is divided vertically into a lower ultramafic sequence, and an upper mafic unit. Economic PGM mineralisation occurs within the main sulphide zone (MSZ). The MSZ is typically 2m to 3m thick, but can reach up to 20m thick locally, resulting in a marked decrease in grade with thickening of the zone. Although mineralisation is very consistent, localised disruption to the reef due to pegmatoids and washout channels have been encountered in some areas of the operation. Unlike the BC, the reef is not in contact with or within chromitite seams. The MSZ has consistent definitive metal profiles. GEOLOGY OF THE BUSHVELD IGNEOUS COMPLEX OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 23

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UG2 MINERAL RESERVE CLASSIFICATION MAP FOR THE COMBINED SOUTH AFRICAN PGM OPERATIONS MERENSKY MINERAL RESERVE CLASSIFICATION MAP FOR THE COMBINED SOUTH AFRICAN PGM OPERATIONS OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION PGM OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 26

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION PGM OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 27 MARIKANA PROPERTY DESCRIPTION The Marikana operation is located in the Marikana district, 40km to the east of the town of Rustenburg in the North West province of South Africa. The lease area covers approximately 214km² and extends in excess of 30km from east to west and 15km from north to south. As discussed in Section 1, the Group considers the Marikana operation as material for the purpose of SK-1300. The Marikana operation currently has five operating shafts: K3, K4, Rowland, Saffy, and E3 which mine Merensky and UG2 reefs simultaneously via infrastructure consisting of shallow incline and deeper vertical shafts. The K3, K4, and Rowland vertical shafts target both the Merensky Reef and UG2 Reef horizons, while the E3 shallow decline and the Saffy vertical shaft target only the UG2 Reef. The vertical shaft complexes account for the largest portion of the Mineral Reserves. The Mineral Reserves are mined using predominantly conventional underground mining methods. The E3 shallow incline shaft extends to a depth of approximately 400m below surface; the K3, Rowland and Saffy vertical shafts extend to approximately 900m below surface, and the K4 vertical shaft to 1,130m. 42% (46.4Moz) of the total Mineral Resources are above shaft bottom infrastructure (AI), and 58% (64.0Moz) are below shaft bottom infrastructure (BI). The ore mined is processed through four of eight concentrators on site (two of which are on care and maintenance, and two are treating tailings material), with a combined ore milling capacity of approximately 600,000t per month. The concentrate is dispatched to the smelter where a sulphide-rich matte is produced for further processing at the base metal refinery (BMR). At the BMR, base metals (nickel and copper) are extracted and the resulting PGM-rich product is sent to the precious metal refinery (PMR) in Brakpan for final treatment. The PMR produces the final refined precious metal products. In addition to the underground operations, there are also two tailings retreatment operations: l Eastern tailings dam 2 (ETD2) is being mined with high-pressure water guns. The tailings are retreated at the bulk tailings treatment (BTT) plant l Tailings from the EPL concentrator, post the chromite recovery unit, are pumped to the ETTP plant, where a portion of the remaining PGMs are recovered

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION PGM OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 33 RUSTENBURG PROPERTY DESCRIPTION The Rustenburg operation is located in the North West province, north-east of the towns of Rustenburg and Kroondal, 123km west of Pretoria and 126km north-west of Johannesburg. The lease area covers approximately 266km² and is in excess of 20km from east to west, and 15km from north to south. As discussed in Section 1, the Group considers the Rustenburg operation as material for the purpose of SK-1300. The Rustenburg operation consists of three intermediate depth vertical shafts that utilise a conventional mining method — Siphumelele 1, Khuseleka 1, and Thembelani 1 — and six shallow, inclined operational, mechanised shafts, which utilise shallow bord-and-pillar mining methods. The Mineral Resource is accessed to 34 level (the lowest working level) at Siphumelele 1 shaft, approximately 1,350m below surface; to 28 level (the lowest working level) at Khuseleka 1 shaft, approximately 950m below surface; and 29 level (the lowest working level) at Thembelani 1 shaft, approximately 1,030m below surface. The Mineral Resources at Kwezi, K6, the two Bathopele shafts, Kopaneng and Bambanani are accessed via declines from surface to a maximum depth of approximately 600m below surface. 70% (41.6Moz) of the total Mineral Resources are above shaft bottom infrastructure (AI), and 30% (17.8Moz) are below shaft bottom infrastructure (BI). The vertical shafts mine both Merensky Reef and UG2 Reef horizons, while the shallow, mechanised shafts only mine UG2 Reef. The ore from the vertical shafts and Bathopele is processed at the Waterval UG2 concentrator. Ore from Kwezi, K6, Kopaneng, and Bambanani is processed via two concentrator plants (K1 and K2). All concentrate is processed in terms of toll and PoC agreements by Anglo American Platinum. All the UG2 concentrator plants have integrated chromitite recovery circuits, which recover a chromitite concentrate from the ore. In addition to the underground operations, there is also a tailings retreatment operation at the Platinum Mile plant where tailings from the Waterval TSFs and live tailings from the Waterval UG2 concentrator are retreated.

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RUSTENBURG MINERAL TITLE The Rustenburg operation is the holder of the following mineral title under the following DMPR reference numbers: l NW30/5/1/2/2/82MR (82 MR) (153.72km², valid until 28 July 2040) l NW30/5/1/2/2/80 MR (80 MR) (32.44km2, valid until 28 July 2040) l NW30/5/1/2/2/10205 MR (17.22km², valid until 30 September 2039) l NW30/5/1/2/2/10204 MR (25.08km², valid until 30 September 2039) l NW30/5/1/2/2/368 MR (2.66km², valid until 4 March 2042) l NW30/5/1/2/2/369 MR (4.09km², valid until 4 March 2042) l NW30/5/1/2/2/370 MR (0.33km², valid to 4 March 2042) The Hoedspruit prospecting right, held under DMPR reference number: NW30/5/1/1/2/10405 PR, for which the renewal application was granted on appeal, where the execution of such deed of renewal is yet to occur. HISTORY l In 1929, the first vertical shaft at Rustenburg section was sunk at what was to become Rustenburg Platinum Mines Ltd, with Johannesburg Consolidated Investments (JCI) as primary founding entity. Anglo American acquired a controlling interest in JCI in 1960 and the control ultimately passed on to Anglo American Platinum in 1995 l In 1996, a PFS of the Kroondal platinum project, in which Aquarius Platinum Ltd (Aquarius) had a 45% stake, was completed. Mine development began in 1998 and an initial off-take agreement was signed with Impala Platinum Ltd that continued until 2008 l In 2000, Aquarius increased its stake in Kroondal to 100% l Between 2001 and 2003, Aquarius entered into a JV (50:50) agreement with RPM, a subsidiary of Anglo American Platinum (AAP), to extract Mineral Reserves located on adjacent Anglo American Platinum mining rights l In 2013, the extent of the Mineral Resource included in the PSA was extended, prolonging Kroondal's LoM, and in 2016, Sibanye- Stillwater acquired the Rustenburg operation from Anglo American, as well as a 50% stake in Kroondal via the acquisition of Aquarius Platinum l In 2021, agreements with AAP were concluded allowing Kroondal to mine into the Rustenburg operation mining right and in 2022, Sibanye-Stillwater reached an agreement with AAP to take full ownership of Kroondal. All contractual obligations were fulfilled during 2023 l In January 2025, Rustenburg operation received regulatory approval and acquired all the assets and liabilities of Kroondal operation OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION PGM OPERATIONS RUSTENBURG continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 34

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION PGM OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 38 MIMOSA PROPERTY DESCRIPTION Mimosa is a shallow, mechanised PGM and base metal mining operation located in the Wedza sub-chamber of the Great Dyke of Zimbabwe, some 32km west of Zvishavane, a major mining centre situated 340km south-west of Harare, the capital city of Zimbabwe. Mimosa Mining Company is jointly owned by Impala Platinum and Sibanye-Stillwater in terms of a 50:50 JV shareholding. The Mimosa operation has four mineralised areas: North Hill, South Hill, Far South Hill and the Mtshingwe Block. The Mimosa mine is a mechanised underground operation on the South Hill ore deposit, consisting of two decline shafts, namely the Wedza shaft and the Blore shaft, as well as a small vertical shaft which is used for emergency access. Mining targets the Main Sulphide Zone (MSZ) which occurs at depths from roughly 60m to approximately 200m in depth. Mimosa ore is treated on site at its own dedicated PGM concentrator plant, whereafter concentrates are primarily transported by road to South Africa, where they are smelted and refined at Impala Platinum's (Implats) facilities. Mimosa has also begun toll processing some of its concentrates at the Zimplats smelter in Zimbabwe.

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SA GOLD OPERATIONS OVERVIEW GEOLOGICAL SETTING Gold occurs in quartz-pebble conglomeritic units (or reefs) in a thick succession of metamorphosed sediments in what is known as the Witwatersrand Basin in South Africa. The basin is geographically located in the central-north to north-eastern part of South Africa and extends from Johannesburg in the north to some 40km south of Welkom and covers an area of approximately 70,000km². More than 150 mines have operated in the basin since gold was first discovered in 1886, primarily producing gold. Uranium has also been historically produced, often as a by-product, since the early 1950s. The reefs, which are generally less than 2m thick, are widely considered to represent extensive alluvial fan deposits within structurally controlled basin edges. The gold is considered to have been syngenetically deposited with the conglomerates. Although the gold generally occurs in native form and is usually associated with pyrite, carbon and uranium, most of it has been subsequently modified and remobilised during secondary hydrothermal alteration. This is the generally accepted model for the origin of gold and uranium mineralisation of the Witwatersrand Basin. The most fundamental control to the gold distribution remains the association with mature quartz-pebble conglomerates on intra- basinal unconformity surfaces. The reefs are typically laterally continuous, as a consequence of the regional nature of the erosional surfaces. Consequently, the identification and modelling of erosional/sedimentary features are the key to in-situ Mineral Resource estimation. SIMPLIFIED STRATIGRAPHIC COLUMN OF THE WITWATERSRAND BASIN, HIGHLIGHTING THE REEFS MINED AT OUR OPERATIONS GEOLOGY OF THE WITWATERSRAND BASIN OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 43

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MINERAL RESOURCE ESTIMATION (MANAGED OPERATIONS) Diamond drillhole and underground chip sample data form the bulk of the analytical data used in the estimation. The data used in the Mineral Resource estimation is stored in a relational SQL database and becomes available after QA/QC validation processes are completed. Geological facies and 3D structural modelling are completed, based on data gathered from drillholes, chip sampling and underground mapping. Geological facies interpretation is considered in the statistical analysis and estimation process. The resulting statistical domains may be further sub-divided or combined to ensure homogeneity of data and are used as hard boundaries in the estimation for the block sizes of 10m by 10m, 25m by 25m, and 100m by 100m. Detailed exploratory data analysis is carried out on data within individual domains. The main interpolation methodology utilised is ordinary kriging for the 10m by 10m, and 25m by 25m blocks. Simple kriging is only used for 100m by 100m blocks. Mineral Resource tonnages and grades are estimated in-situ over an estimated minimum mining width, and may include mineralisation below the selected cut-off grade to ensure that the Mineral Resources comprise practical mining blocks of adequate size and continuity. Mineral Resource estimations are depleted within defined 2D structurally modelled blocks, and dip corrections are applied to reflect true tonnages. The Mineral Resources are reported using an economic cm.g/t (grade x thickness) cut-off, based on our long-term Mineral Resource price outlook. Mineral Resource classification is based on the robustness of various data sources available including the confidence in the geological interpretation, variography and other estimation parameters. A Measured Resource classification is based on slope of regression on average greater than 95% in the first range of variograms for the block models of 10m by 10m and 25m by 25m. An Indicated Resource classification is based on the first and/or second search ellipse ranges and the number of samples averaging seventeen within the 100m by 100m block models. The areas in the third range of the variograms on the block size of 100m by 100m are classified as Inferred. INTERNAL CONTROLS (QA/QC) (MANAGED OPERATIONS) The gold operations follow industry best practice in data acquisition, ensuring data reliability, and utilise accredited analytical laboratories, which are frequently audited, both internally and externally. QA/QC procedures are followed on all drilling and sampling programmes (including underground chip sampling). The database system in use at Sibanye-Stillwater is a relational SQL database. This has various levels of security and is managed by an onsite database administrator and audited by external service providers. Analytical QA/QC is maintained and enforced through the submission of blanks and certified reference material; on average at least one QA/QC sample is inserted in every batch of 100 samples. This approximates to 1% of the total sampling database. Analysis of the QA/QC samples consists of checks on the certified reference materials' expected values, and analysis of blank material. An internal procedure checks deviations from the expected values for the reference materials, with samples accepted within three standard deviations. Laboratory reporting of underground sampling results is not split into separate gold and silver assays. A combined grade is reported. For chip sampling, a "bullion" factor is then generated by the laboratory and released periodically to the operations to account for the silver content in the analysis. The laboratory is required to participate in various round robin exercises as part of maintaining their accreditation status. Internal audits of the laboratories are conducted every three months by the Mineral Resource department. The laboratory currently in use at the Sibanye-Stillwater gold operations, i.e. the Driefontein laboratory (Reg No 2002/031431/06) is SANAS (South African National Accreditation System) accredited with accreditation No T0379. GOLD PRICE VARIATION M in e ra l R e se rv e s (M o z) Gold Mineral R eserves price sensitivity 8.3 8.6 9.4 9.6 9.7 0.7 0.8 0.8 0.8 0.8 — — 0.6 0.6 0.6 2.2 2.3 2.4 2.4 2.4 — — 0.1 0.1 0.1 2.5 2.6 2.7 2.8 2.9 2.9 2.9 2.9 2.9 2.9 Beatrix Cooke Driefontein Kloof Burnstone DRDGOLD -10% -5% 0% 5% 10% 0 2.5 5 7.5 10 MINERAL RESERVE ESTIMATION (MANAGED OPERATIONS) The calculation of the Mineral Reserves from the Mineral Resource estimate includes the application of cut-off grades to ensure an average mining value that is above the pay limit. The pay limit is defined as the average value at which an orebody can be mined, at an all-in break-even cost, based on the planned mining volumes, updated modifying factors, and the estimated working cost. The cut-off grades, which are the absolute minimum mining grades that can be mined in order to maintain an average Mineral Reserve value aligned with the pay limit, are calculated using the latest pay limits and costs per mining area. Mining area selection is based on the cut-off grades, structural models, and pillar requirements, together with other practical mining considerations. Plans are developed with an approach that encourages the production team's input into the process with guidance from all technical departments at multiple points in the planning process. The sensitivities of gold Mineral Reserve ounces at all operations are shown in the accompanying chart at -10%, -5%, base (R1,419,745/ kg), +5% and +10%, and are derived from a factored application of the base-case scheduled Mineral Reserves, reflecting the impact of a changing gold price on the prevailing cut-offs. The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only. OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION GOLD OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 44

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ESTIMATION RISKS Given the extensive mining history and well-understood nature of the orebodies, there are no deemed material risks to the Mineral Resource estimation. The key operational risks that could impact the Mineral Reserves are listed below. Commodity prices and exchange rate assumptions: Sibanye- Stillwater has assumed forward-looking price assumptions. Any material deviations from these assumptions could impact the Mineral Reserves, especially at marginal operations. Power supply interruptions: Loadshedding and load curtailment due to unreliable and erratic electricity supply from the national service provider has started to impact productivity at the operations. Even though Sibanye-Stillwater is actively working towards becoming less reliant on Eskom, with various renewable energy projects in operational and execution phase, it will still be exposed to this risk in the short to medium term. Cost escalation: Above average cost inflation could impact operating margins, and hence Mineral Reserves. Although cost increases have been well maintained and cost escalation assumptions relating to factors such as wages, utilities (including electricity) and other operational consumables are guided by PPI forecasts, continuous improvement initiatives are adopted to contain cost escalation to mitigate this risk. Operational performance: Operational underperformance and a slower than planned production build-up at projects may result in variations between planned and achieved production rates. Short interval controls are in place to enable the implementation of timeous interventions and, therefore, correction of deviations to plans. Ageing infrastructure: All the operating mines were developed between the 1960s and 1980s, and the original infrastructure needs regular maintenance, without which frequent breakdowns and mining interruptions could occur. All major installations are continuously reviewed and a comprehensive planned maintenance system is in place. Seismic risk: Mining at depth makes the mines prone to mining- induced seismic events, which could result in interruptions and loss of mineable areas. All mine plans are reviewed and approved by qualified rock engineers, a comprehensive seismic monitoring system is in place, and seismic response to production is monitored daily. Illegal mining: Mining activities are occasionally disrupted by illegal miners who gain access to the underground workings and operating footprint. These issues pose threats to the safety of our employees and to our operations, and contribute to increasing security-related costs. All shafts are completely secured, with strict access control; all operating areas are monitored via CCTV, and patrolled by security personnel. Gold pour at the SA gold operations OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION GOLD OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 45

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION GOLD OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 46 DRIEFONTEIN PROPERTY DESCRIPTION The Driefontein operation is a mature, deep to ultra-deep level gold mine, located near Carletonville, approximately 70km west of Johannesburg, in the Gauteng province of South Africa. It consists of four vertical operating shafts: No. 1 shaft, No. 4 shaft, No. 5 shaft, and No. 8 shaft, extending down to 50 level (the lowest working level) at No. 5 shaft, approximately 3,300m below surface. Apart from the producing shafts, the operation also has three shafts dedicated to pumping fissure water and one dedicated to rock- hoisting only. As discussed in Section 1, the Group considers the Driefontein operation as material for the purpose of SK-1300. The conventional breast mining operation targets the VCR, Carbon Leader and Middelvlei Reefs. Ore from all the shafts is processed at the Driefontein No. 1 plant to produce doré (a semi-pure alloy of gold and silver) that is subsequently refined at Rand Refinery Proprietary Limited (Rand Refinery).

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION GOLD OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 50 BEATRIX PROPERTY DESCRIPTION The Beatrix operation is a mature, shallow to intermediate depth underground gold operation. It is located near the towns of Welkom and Virginia, approximately 280km south-west of Johannesburg, in the Free State province of South Africa. It consists of two operating shafts: No. 1 shaft and No. 3 shaft, as well as the C&M No. 4 shaft. The orebody is accessed using a vertical shaft system, down to 26 level (the lowest working level at No. 3 shaft), approximately 1,350m below surface. Mining predominantly takes place from No. 3 shaft. The conventional breast mining operation targets the VS5/Beatrix Reef. Ore from all the shafts is processed at the Beatrix No. 1 plant to produce doré that is subsequently refined at Rand Refinery. Apart from gold, the license area also holds the Beisa gold/uranium deposit (No. 4 shaft area), which is currently the subject of a transaction with Neo Energy Metals PLC (Neo).

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION GOLD OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 54 KLOOF PROPERTY DESCRIPTION The Kloof operation is an intermediate to deep level gold mining complex, situated in the West Wits Line of the Witwatersrand Basin, near the towns of Randfontein and Westonaria, approximately 60km west of Johannesburg, in the Gauteng province of South Africa. The Kloof operation consists of two producing vertical shafts, namely No.1 shaft and No. 8 shaft. 31 level is currently the deepest working level at No. 1 shaft, approximately 2,600m below surface. The conventional breast mining operation targets the Middelvlei, VCR, Libanon, and Kloof reefs. Fresh ore is transported by road to the Driefontein No. 1 plant, approximately 20km to the west of the Kloof Operation, as part of infrastructure optimisation. In addition, selected Kloof surface rock dump (SRD) material is treated at the Ezulwini processing plant. At the Driefontein No. 1 plant a doré is produced that is subsequently refined at Rand Refinery.

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION GOLD OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 58 COOKE PROPERTY DESCRIPTION The Cooke operation is situated in the West Wits Line of the Witwatersrand Basin, near the town of Randfontein, approximately 35km south-west of Johannesburg, in the Gauteng province of South Africa. It was previously a large underground mining complex, consisting of four vertical production shafts, but the underground workings were placed on care and maintenance during 2017. Current operations consist of two main facilities: the Randfontein surface operation (RSO), which processes historic tailings through the Cooke gold plant, and the Ezulwini gold plant located at No. 4 shaft. Ezulwini gold plant provides processing services for both third party clients and our own operations. The Cooke TSF is located near Cooke Plant. A FS into the extraction of contained gold and uranium was completed, which led to the declaration of a maiden Mineral Reserve. Both plants produce doré that is subsequently refined at Rand Refinery.

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION GOLD OPERATIONS continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 62 DRDGOLD PROPERTY DESCRIPTION DRDGOLD (50.10% owned by Sibanye-Stillwater) is a JSE and NYSE-listed company that operates the ERGO and Far West Gold Recoveries (FWGR) operations, and is the world leader in recovering gold from the retreatment of historic TSFs. Sibanye-Stillwater obtained its ownership in DRDGOLD through an arrangement in November 2017, where it exchanged selected surface gold-processing assets, including the Driefontein No. 2 metallurgical plant and Driefontein No 3 TSF, for an initial 38.05% equity interest. This included an option to increase its stake to 50.10% via a further investment, which was exercised in 2020. The ERGO metallurgical plant, and its associated TSFs, are located 70km east of Johannesburg in the Gauteng province. The FWGR assets are situated in the West Rand of the Gauteng province, 30km south-west of Johannesburg. The FWGR operation includes historical TSFs, with a total area of 4.1km², and includes the Driefontein No. 2 metallurgical plant.

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&nbsp;&nbsp;&nbsp;&nbsp;OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 66 SA GOLD DEVELOPMENT BURNSTONE PROPERTY DESCRIPTION The Burnstone project is a shallow to intermediate depth gold development project, situated near Balfour in the Mpumalanga province, South Africa, 80km south-east of Johannesburg. Sibanye-Stillwater acquired the Burnstone project from the acquisition of WitsGold Ltd in 2014. The Burnstone project intends mining the UK9A Kimberley reef to produce approximately 140kozpa over a 25-year LoM. The ore- body is accessed via a vertical shaft extending to approximately 500m in depth, and a linked decline system from surface. The planned mining method is conventional breast stoping with a combination of conventional on-reef development and mechanised footwall development. Burnstone has an on-site gold processing plant, where doré is planned to be produced.

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 71 US PGM PROPERTY DESCRIPTION The Stillwater (including Stillwater West and Stillwater East sections) and East Boulder mines are underground mining operations, located near the towns of Nye and McLeod in Montana, US respectively. The mines are located within the Custer Gallatin National Forest, on the front range of the Beartooth Mountains, at elevations exceeding 2,700m above mean sea level (amsl). As discussed in Section 1, the Group considers the Stillwater and East Boulder mines, (together, the US PGM operations) as material for the purpose of SK-1300. The Stillwater West section, currently on care and maintenance, is accessed by a 580m deep shaft and five surface portals, while Stillwater East is accessed via three portal drives. The East Boulder mine is accessed via twin 5,800m long tunnel bored portal drives. The mines both target the J-M Reef zone via mechanised cut and fill (80% to 90%) and sub-level extraction (SLE) (10% to 20%) mining methods. Ore from the mines is milled and processed by integrated concentrator complexes located at each mine site. Concentrate smelting and base metals refining takes place at the Columbus metallurgical complex, situated in the town of Columbus, Montana. 2E PGM filter cake is then sent to a third-party refiner for final processing into pure metal.

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STILLWATER MINE MINERAL RESERVE CLASSIFICATION: SECTION LOOKING NORTH EAST BOULDER MINE MINERAL RESERVE CLASSIFICATION: SECTION LOOKING NORTH M o z Combined S tillwater and E ast Boulder 2E PGM Mineral R eserve reconciliation 19.0 (0.3) 0.4 1.3 (0.2) (0.8) 19.4 20 24 R es er ve s D ep le tio n A re a in cl us io ns /e xc lu sio ns Es tim at io n m et ho do lo gy Ec on om ic v al ua tio n M od ify in g fa ct or s 20 25 R es er ve s 0 5 10 15 20 25 Notes: The +2.1% change year-on-year in the stated Mineral Reserves are principally attributed to the following: – Depletion (-0.3Moz) – An adjustment in Mineral Resource estimation methodology (+1.3Moz) – An adjustment to the economic valuation parameters (+0.2Moz) – An adjustment in the modifying factors (-0.8Moz) LIFE OF MINE It is estimated that the current Mineral Reserves will sustain the Stillwater mine until 2051 and the East Boulder mine until 2060. ESTIMATION RISKS Commodity prices: Sibanye-Stillwater has assumed forward-looking price assumptions. Any material deviations from these assumptions could impact the Mineral Reserves, especially at marginal operations. Geological: The grade distribution is generally variable, and in areas where drilling density is low, localised estimation might be inaccurate. Globally though, mineralised trends tend to be more consistent, decreasing the risk over the LoM. To mitigate this risk, definition drilling density in the Proven Reserve areas are high (15m). Geohydrological: Although mining operations at the Stillwater West and East Boulder mines have not experienced material interruptions due to groundwater problems, a significant amount of groundwater was encountered at the Stillwater East project during the development of the main access adits and the Benbow decline. A multi-pronged approach to mitigating this risk is in place. Geotechnical: Ground conditions can be challenging in certain parts of the mine, with the Stillwater East mine experiencing more regional challenging ground conditions which can impact mining productivity. Both mines have an extensive geotechnical database and developed ground classifications and support measures that are suited to the rock mass. The support systems and standards in place at both mines are considered sufficient to minimise the potential impact of foreseeable geotechnical risk. Operational performance: Operational underperformance and a slower than planned production build-up may result in variations between planned and achieved production rates. Short interval controls are in place to enable the correction of deviance to plans. Skilled labour: The US PGM operations continue to experience a shortage of skilled personnel, high attrition rates and an industry- wide labour scarcity. This may impact planned production rates, which could impact the execution of LoM plans. The operations have put in place retention and improvement initiatives, and have instituted training programs to hire local people to fill critical roles. OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION US PGM OPERATIONS STILLWATER AND EAST BOULDER continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 76

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PGM EXPLORATION MARATHON PROPERTY DESCRIPTION The Marathon project is an advanced stage PGM-gold-copper exploration project, located approximately 10km north of the town of Marathon, Ontario, Canada, situated adjacent to the Trans- Canada Highway No. 17 on the north-east shore of Lake Superior. The project is at FS level, construction ready (barring finance) and aims to produce 2.16Moz palladium, 532Mlbs copper, 488koz platinum, 160koz gold and 3.05Moz silver over a thirteen year open pit life of mine. Exploration for copper and nickel deposits in the greater Marathon area started in the 1920s and continued until the 1940s with the discovery of several titaniferous magnetite and disseminated chalcopyrite occurrences. During the past four decades, the Marathon PGM-copper project has undergone several phases of exploration and economic evaluation, including geophysical surveys, prospecting, trenching, a diamond drilling programme, geological studies, resource estimates, metallurgical studies, mining studies and economic analyses. As at 31 December 2025, Sibanye-Stillwater owned an effective attributable share of 12.14%, via its equity interest in Generation Mining Ltd. MINERAL TITLE Generation Mining's land position includes 47 mining leases covering 66.03km², and 1,617 mining claims covering 268km². The expiry dates of the leases vary between 2031 and 2041, while the mining claims expires between 2027 and 2029. The claims are registered in the name of Generation PGM Inc, a subsidiary of Generation Mining. All exploration activities are required to follow Schedule 1 of Ontario Regulations 308/12 and applicable Provincial Standards for Early Exploration. All claims have been renewed to their respective anniversary dates. Assessment reporting and transfer of work credits are required for claims to keep them in good standing. To renew leases is via an application, along with a fee and a written report of past activities justifying the need for renewal. This is required to be completed three months before the respective expiry dates. KEY DEVELOPMENTS During 2025, Generation Mining advanced the Marathon project by: l Receiving the remaining outstanding permitting, including all three outstanding approvals under the Lakes and Rivers Improvement Act in respect of infrastructure construction OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 78

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 81 EUROPE - KELIBER LITHIUM DEVELOPMENT PROPERTY DESCRIPTION The Keliber lithium project is an advanced development stage project, located in the Central Ostrobothnian area; Kaustinen, Kokkola and Kruunupyy municipalities, western Finland.The Group considers the Keliber lithium project as material for the purpose of SK-1300. The Keliber lithium project will initially consist of open-pit mining operations from two deposits (Syväjärvi & Rapasaari); a mineral processing plant (Päiväneva concentrator) at Kaustinen and a lithium hydroxide monohydrate (LiOH.H2O) refinery at the port of Kokkola.

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KELIBER MINERAL TITLE The Keliber lithium project has three mining permits (7.12km²) and thirty five exploration permit areas covering a total area of 90.20km². In addition there are a further three exploration permits (7.24km²) under application. The expiry date for the exploration permits varies between 2026-2029. Renewal is, however, possible under standard conditions under the Finnish mining act. HISTORY l The mineral rights to the Länttä, Emmes and Syväjärvi deposits were first owned by Suomen Mineraali Oy and then by Paraisten Kalkkivuori Oy (Later Partek Oy). These rights expired in 1992 and the areas were unclaimed until 1999 l In 1999, Olle Siren, together with private partners, claimed the Länttä deposit and later the Emmes deposit l From 2003 to 2012, the Geological Survey of Finland (GTK) held the mineral rights of the Syväjärvi and Rapasaari deposits l From 2012 to 2018, the Finnish State's shareholding at Keliber was managed by the Finnish Industry Investment Ltd l The Finnish Minerals Group (FMG), which manages the Finnish State's mining industry shareholdings, became the significant shareholder in 2018 l In 2021 Sibanye-Stillwater acquired an initial 26.6% interest in Keliber Oy l During 2022, Sibanye-Stillwater increased its stake to 84.96%, becoming the majority owner of Keliber Oy and the Keliber lithium project. This was subsequently reduced during to 79.82% during 2023, with the Finish Mineral Group increasing their share to 20% KEY DEVELOPMENTS During 2025, the construction of the Keliber lithium hydroxide monohydrate refinery, as well as the Päiväneva concentrator, progressed significantly. Completion of the concentrator was achieved on the 7th of January 2026, while the refinery is expected to be completed during Q2 2026. The Keliber lithium project will follow a staged ramp-up process, designed to reduce operational risks and maintain financial flexibility by deferring a portion of capital expenditures and refining costs. Mining started in Q1 2026, while hot commissioning of the concentrator is expected to start in Q3 2026. Depending on conditions reached, the refinery is expected to then proceed with hot commissioning during Q4 2026, depending on various conditions being fulfilled. The project has received all the required permits to ramp up the Syväjärvi mine, Päiväneva concentrator and Kokkola refinery production, although the following refinement processes are ongoing: l For the Päiväneva concentrator, the permit conditions relating to the placement of a magnetic waste stream to a lined storage facility at the concentrator is under appeal l For the Syväjärvi mine, the Group submitted an amendment application relating to a storage area for sulphidic waste rock l For the Rapasaari mine, the Group submitted an application in March 2025 pertaining to the placement of certain waste rock Exploration activities on the wider tenement holdings are ongoing. OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION BATTERY METALS DEVELOPMENT KELIBER continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 82

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. OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 87 AUSTRALIA - CENTURY ZINC OPERATION PROPERTY DESCRIPTION The Century zinc operation is a mine tailings reprocessing operation located at Lawn Hill, 250km north-west of Mount Isa in the Lower Gulf of Carpentaria, Queensland, Australia owned 100% by Sibanye-Stillwater. The hydro-mining activities are applied to mining the historical TSFs from the Century Zinc operation, which was suspended in 2016. A concentrate is produced at the integrated concentrator plant located at Lawn Hill. Integrated with the mine is a 304km, wholly owned and fully permitted, underground pipeline to Century's port facility at Karumba, from where the transfer vessel, the M.V. Wunma, transfers concentrate to export ships anchored in the Gulf of Carpentaria.

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OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 90 AUSTRALIA - MT LYELL COPPER DEVELOPMENT PROPERTY DESCRIPTION Mt Lyell is a previously operated copper and gold mine, located near Queenstown on the West Coast of Tasmania, Australia. Various ore-bodies were targeted historically using a variety of both underground and open cast mining methods. The principle ore-body being exploited prior to being placed on C&M in 2014 was Prince Lyell, which was mined from underground via sub level caving at depths up to approximately 1,000m. The Prince Lyell ore-body was accessed via both a vertical shaft as well as a decline from surface. Prior to closure, ore was treated at an on-site concentrator plant, from where the concentrate was transported to Burnie via rail, and exported to India for further refining. The Mt Lyell copper mines operated from 1883, recovering at least 1.9Mt copper and 1.7Moz gold from 155Mt of ore up to 2015. The mine has been on care and maintenance since 2014, when production was ceased by its prior operator/owner Vedanta Resource Limited, citing a combination of safety, financial and technical considerations.

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MT LYELL MINERAL TITLE There are three main mining leases related at the Mt Lyell copper project, and four leases for supporting infrastructure. The leases predominantly cover unallocated crown land. The leases adjoin parts of the township, the Mt Dundas Regional Reserve and the public reserve allocated for the town's aerodrome. The main leases are as follows: l 9M/2013 (22.37km2) — Main mining lease covering Prince Lyell, Western Tharsis, Copper Chert, and the Princess Creek TSF l 10M/2013 (0.55km2) — West Queen dams l 25M/1995 (0.56km2) — Lynchford limestone quarry HISTORY l The Mount Lyell Gold Mining Company was formed in 1888. In 1892, Adelaide financiers Kelly and Orr bought the mine and formed the Mount Lyell Mining Company. The Mount Lyell Mining and Railway Company (MLMRC) Formed in 1893 to facilitate infrastructure development, including a railway to Strahan l The company became a subsidiary of Renison Goldfields Consolidated (RGC) in 1981 after being delisted from the ASX. Operations under MLMRC ceased in December 1994. The Tasmanian Government awarded the leases to Copper Mines of Tasmania Pty Ltd (CMT), then a subsidiary of Gold Mines of Australia, in 1994 l The leases were subsequently acquired by Sterlite Industries (India) in 1999, which later became part of the Vedanta Resources group l Operations were suspended and placed on care and maintenance in 2014 l New Century Resources (an Australian tailings specialist) entered into an option agreement to acquire the mine from Vedanta in 2021. In 2023, Sibanye-Stillwater acquired New Century Resources and subsequently exercised the option to acquire 100% of CMT and the Mount Lyell mine KEY DEVELOPMENTS During 2025, an AACE Class 2 FS was completed, leading to a maiden copper and gold Mineral Reserve being declared by Sibanye-Stillwater. The FS considers resuming mining extraction from four underground deposits (Prince Lyell, Western Tharsis, Cape Horn- Green Horn and Copper Chert), via sub-level caving and open stoping mining methods, and includes construction of a new concentrator plant, as well as the refurbishment of the historic vertical shaft infrastructure. The study anticipates ore production of ~3Mtpa, over a 23 year LoM, producing approximately 26ktpa of copper and 16.5kozpa of gold in concentrate. MINERALISATION CHARACTERISTICS The regional geology consists of Cambrian volcano sedimentary rocks of the Mount Read volcanics, which are locally intensely hydrothermally altered, and mineralised. Alteration assemblages fall into a range of categories from "hotter-deeper-proximal" styles to "cooler-shallower-distal" styles, based on the relative proportions of pyrite, sericite, chlorite and silica. Pyrite-rich and pyrite-poor categories further discriminate the sheet silicate assemblages, as does the presence of chlorite relative to sericite. Intense silica alteration is prevalent in the "shallower-cooler-distal" styles to the north, where the presence/intensity of bornite discriminates the high- grade ore types common to that zone from the bulkier lower grade pyrite-chalcopyrite styles further south; best represented today as the Cape Horn-Green Horn and Prince Lyell orebodies, respectively. Vertical shaft at the Mt Lyell copper project in Tasmania OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION COPPER EXPLORATION MT LYELL continued SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 91

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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 often use words such as "will", "would", "expect", "forecast", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar or comparable 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, 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 downgrade of South Africa's credit rating; 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; 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 2025 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2025 on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2026 (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-IFRS1 MEASURES The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, notional free cash flow, AISC, AIC, and normalised earnings. 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. The forecast non-IFRS financial information presented has not been reviewed or reported on by the Group's external auditors. 1 IFRS refers to

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International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB) MINERAL RESOURCES AND MINERAL RESERVES Sibanye-Stillwater's Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by fluctuations in mineral prices, the exchange rates, operating costs, mining permits, changes in legislation and operating factors. Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in accordance with the rules and regulations promulgated by each of the United States Securities and Exchange Commission (SEC) and the JSE at all managed operations, development, and exploration properties. 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. OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 101

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ADMINISTRATION AND CORPORATE INFORMATION SIBANYE STILLWATER LIMITED (SIBANYE-STILLWATER) Incorporated in the Republic of South Africa Registration number 2014/243852/06 Share code: SSW and SBSW Issuer code: SSW ISIN: ZAE000259701 LISTINGS JSE: SSW NYSE: SBSW WEBSITE www.sibanyestillwater.com REGISTERED AND CORPORATE OFFICE Constantia Office Park Bridgeview House, Building 11, Ground floor Cnr 14th Avenue & Hendrik Potgieter Road Weltevreden Park 1709 South Africa Private Bag X5 Westonaria 1780 South Africa Tel: +27 11 278 9600 Fax: +27 11 278 9863 COMPANY SECRETARY LERATO MATLOSA Email: lerato.matlosa@sibanyestillwater.com DIRECTORS Dr Vincent Maphai\* (Chairman) Dr Richard Stewart (CEO)+ Charl Keyter (CFO) Dr Elaine Dorward-King\* Harry Kenyon-Slaney\* ^ Prof Jeremiah Vilakazi# Dr Lindiwe Mthimunye++ Keith Rayner# Dr Peter Hancock\* Philippe Boisseau\* Richard Menell# Dr Sindiswa Zilwa\* Dr Terence Nombembe\* Timothy Cumming# \* Independent non-executive # Non-executive ^ Lead independent director + Appointed as executive director 1 March 2025 and as CEO on 1 October 2025 ++ Appointed as independent non-executive director 26 August 2025 INVESTOR ENQUIRIES JAMES WELLSTED Executive Vice President: Investor Relations and Corporate Affairs Mobile: +27 83 453 4014 Email: james.wellsted@sibanyestillwater.com or ir@sibanyestillwater.com JSE SPONSOR J.P. MORGAN EQUITIES SOUTH AFRICA PROPRIETARY LIMITED Registration number 1995/011815/07 1 Fricker Road, Illovo Johannesburg 2196 South Africa Private Bag X9936 Sandton 2146 South Africa AUDITORS BDO Wanderers Office Park 52 Corlett Drive Illovo 2196 Private Bag X60500 Houghton 2041 South Africa Tel: +27 11 488 1700 AMERICAN DEPOSITARY RECEIPTS TRANSFER AGENT BNY MELLON SHAREOWNER CORRESPONDENCE (ADSS) Mailing address of agent: Computershare PO Box 43078 Providence, RI 02940-3078 Overnight/certified/registered delivery: Computershare 150 Royal Street, Suite 101 Canton, MA 02021 US toll free: + 1 888 269 2377 Tel: +1 201 680 6825 Email: shrrelations@cpushareownerservices.com TATYANA VESSELOVSKAYA Relationship Manager - BNY Mellon Depositary Receipts Email: tatyana.vesselovskaya@bnymellon.com TRANSFER SECRETARIES SOUTH AFRICA COMPUTERSHARE INVESTOR SERVICES PROPRIETARY LIMITED Rosebank Towers 15 Biermann Avenue Rosebank 2196 PO Box 61051 Marshalltown 2107 South Africa Tel: +27 11 370 5000 Fax: +27 11 688 5248 FORMS OF PROXY TO MEETING SCRUTINEERS The Meeting Specialist Proprietary Limited JSE Building One Exchange Square 2 Gwen Lane Sandown Sandton, 2196 South Africa CONTACT Farhana Adam Tel: +27 84 433 4836 Izzy van Schoor Tel: +27 81 711 4255 Michael Wenner Tel: +27 61 440 0654 e-mail: proxy@tmsmeetings.co.za OUR BUSINESS SOUTHERN AFRICA OPERATIONS INTERNATIONAL OPERATIONS ANCILLARY INFORMATION SIBANYE-STILLWATER MINERAL RESOURCES AND MINERAL RESERVES 2025 102

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//1

**RISK FACTORS**

In addition to the other information included in this annual report, the considerations listed below could have a material adverse effect on

Sibanye-Stillwater's business, operating results and financial condition, resulting in a decline in the trading price of Sibanye-Stillwater's

ordinary shares or American Depositary Shares (ADSs). The risks set forth below comprise the material risks currently known to us. These factors

should be considered carefully, together with the information and financial data set forth in this document.

**Risk Factors Summary** 

The risks which could have a material effect on Sibanye-Stillwater have been classified into six categories. The following is an outline of the

key risks within these categories:

**Risks related to environmental, social and corporate governance (ESG)**

• Mining is inherently hazardous and the related events that cause disruptions to Sibanye-Stillwater's mining operations could result in

increased production costs, financial and regulatory liabilities and reputational damage

• Sibanye-Stillwater's operations are subject to extensive environmental, social and health and safety regulations, which could

impose additional costs and compliance requirements, and Sibanye-Stillwater has faced, and may face further, claims and liability

for breaches, or alleged breaches, of such regulations and other applicable laws

• The failure of a tailings storage facility (TSF) could negatively impact Sibanye-Stillwater's business, reputation, operating results and

financial condition

• Sibanye-Stillwater's operations are subject to water use and wastewater regulations, which could impose significant costs and

burden

• Social unrest, including the risk of service delivery protests, sickness or natural or man-made disasters in surrounding mining

communities, including informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations may

disrupt its business or may lead to greater social or regulatory impositions on Sibanye-Stillwater

• The failure of Sibanye-Stillwater's information, communication or technology platforms or application systems, or the failure to

protect sensitive commercial or personal data, could significantly impact Sibanye-Stillwater's operations and business

**Legal, regulatory and compliance risks**

• If Sibanye-Stillwater is unable to implement and maintain an effective system of internal control over financial reporting, it may be

unable to accurately report its results of operations, meet its reporting obligations or prevent fraud

• Sibanye-Stillwater's mining rights are subject to legislation, which could impose significant costs and burdens and which impose

certain ownership requirements, the interpretation of which may be the subject of dispute

• Title to Sibanye-Stillwater's properties may be subject to challenge

• If Sibanye-Stillwater loses senior or regional management or is unable to hire and/or retain sufficient technically skilled employees in

any of its regions or sufficient historically disadvantaged persons (HDPs) representation in management positions in South Africa, or

maintain required board gender diversity, Sibanye-Stillwater's business may be materially adversely affected

• Sibanye-Stillwater is subject to risks associated with litigation and regulatory proceedings

**Risks Related to Production Delivery from Operations**

• Energy shortages, load curtailment (including the risk of a total blackout) and usage constraints may force Sibanye-Stillwater to

reduce or halt operations

• Economic, political or social factors affecting the regions where Sibanye-Stillwater operates may have a material adverse effect

on Sibanye-Stillwater's operations and profits

• Due to the mature infrastructure at Sibanye-Stillwater's mining operations, unplanned breakdowns, statutory mandated

modifications and stoppages may result in production delays, increased costs and industrial accidents

• Sibanye-Stillwater's operations and profits have been and may be adversely affected by labour unrest and union activity

• Actual and potential supply chain shortages and increases in the prices of production inputs may have a material adverse effect

on Sibanye-Stillwater's operations and profit

• Sibanye-Stillwater's mineral reserves and mineral resources are estimates at a specific point in time, based on a number of

technical and economic assumptions, which, if changed, may require Sibanye-Stillwater to lower the estimated mineral reserves

and mineral resources and may not be replaced as depleted

**Risks Related to Earnings Delivery**

• Changes in the market price for gold, silver, PGMs, zinc and lithium and related by-products may affect the profitability of Sibanye-

Stillwater's major capital projects, recycling, mining and refining operations and the cash flows generated by those operations

• Because gold and PGMs are generally sold in US dollars, while the majority of Sibanye-Stillwater's gold production and a

substantial amount of Sibanye-Stillwater's PGM production costs are denominated in rand, Sibanye-Stillwater's operating results

and financial condition will be materially affected if there is a material change in the value of the rand

• Sibanye-Stillwater has a large amount of indebtedness. Failure to comply with its debt covenants or difficulties in obtaining

necessary financing could have a material adverse effect on its business, operating results and financial condition

• Depressed or volatile commodity prices may impact Sibanye-Stillwater's ability to implement its business strategy, fund capital

expenditures and obtain financing

**Strategic Risks** 

• To the extent that Sibanye-Stillwater seeks to further expand its existing mining operations, it may experience challenges

associated with mineral exploration or development of mining projects

• Sibanye-Stillwater's future growth may not deliver anticipated outcomes in the timeframe anticipated or at all

• Sibanye-Stillwater's business may be harmed if it fails to adapt to technological advances, including artificial intelligence and

other emerging technologies, in a timely and cost-effective manner, which may be complicated by an uncertain regulatory

environment

**Risks related to Sibanye-Stillwater's shares and ADSs**

• Sibanye-Stillwater's non-South African shareholders may face additional investment risk from currency exchange rate fluctuations

since any dividends will be paid in rand

• Sibanye-Stillwater may not pay dividends or make similar payments to its shareholders in the future due to various factors and any

dividend payments made may be subject to withholding tax

**Risks related to ESG**

***Mining is inherently hazardous and the related events that cause disruptions to Sibanye-Stillwater's mining operations could result in*** 

***increased production costs, financial and regulatory liabilities and reputational damage***

Mining by its nature involves significant risks and hazards, including environmental hazards, as well as industrial and mining incidents. These

include, for example, seismic events, heat, unusual or unexpected rock formations affecting ore or rock characteristics, ground or slope

failures, rock bursts, sink holes, fires, falls of ground and blockages, flooding, discharges of gasses and toxic substances, contamination of

water, air or soil resources, radioactivity and other incidents or conditions resulting from mining activities including, among other things, shaft

and infrastructure incidents, machinery related incidents, unplanned detonation of explosives, blasting and the transport, loading, storage

and handling of hazardous and other materials.

Sibanye-Stillwater has experienced and continues to remain at risk of experiencing such events, which have and may continue to result in

work stoppages, the precautionary suspension of operations, serious injury and loss of life, including as a result of unauthorised access to its

properties and illegal mining. Sibanye-Stillwater is more susceptible than other mining operations, particularly at its South African operations,

to certain of these risks due to mining at depth. In 2025, Sibanye-Stillwater recorded several safety incidents, including 5 fatalities at its South

African operations and 1 fatality at its United States operations, following which certain of its operations were temporarily suspended. Any

future such incidents could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

Seismic activity is of particular concern in the underground mining environment, particularly in South Africa, as a consequence of the extent

and depth of mining. Seismic events have previously caused death and injury to employees and contractors and can result in safety-related

stoppages and impact production. For example, seismicity reduced the mineable area at Driefontein and Kloof in 2023 and 2024, resulting in

reduced production, and in 2025, seismic events disrupted certain work areas and influenced the planning of prospective mining areas at

both operations. At the Kloof operations, seismic activity in 2025 and related geotechnical safety considerations led to the cessation of

mining in certain high-risk areas and the deliberate exclusion of isolated high-grade, high-risk mining areas, resulting in material

underperformance against the operational plan and a reduction in the life of mine from eight years to one year. Seismic activity has also

caused a loss of mining equipment, damage to and destruction of mineral properties and production facilities, monetary losses,

environmental damage and potential legal liabilities. Mining activity may also result in heat-related incidents, which has and could continue

to lead to employee injuries or fatalities, the suspension of operations and mine closures, and could negatively impact planned production

levels.

In addition, Sibanye-Stillwater enters into joint venture and other arrangements wherein it does not control or participate in the day-to-day

operations of certain mines in which it has an interest. If these third parties experience material safety incidents, disruptions and/or fail to

meet rigorous safety requirements, Sibanye-Stillwater's reputation, business, operating results and financial condition may be materially and

adversely affected.

Furthermore, there are risks that relevant regulators, such as the DMPR in South Africa and the Mine Safety and Health Administration (MSHA)

or the US Occupational Safety and Health Administration (OSHA) in the United States, may impose fines and work stoppages (known as

section 54 stoppages in South Africa (Section 54) and "k-orders" in the United States). This could reduce or halt production, increase

production costs and result in financial and regulatory liability for Sibanye-Stillwater, which could have a material adverse effect on its

business, operating results and financial condition. For example, Sibanye-Stillwater operated at reduced capacity under a k-order following

a fatal incident in November 2023. See also *– Sibanye-Stillwater's operations are subject to extensive environmental, social and health and* 

*safety regulations, which could impose additional costs and compliance requirements, and Sibanye-Stillwater has faced, and may face* 

*further, claims and liability for breaches, or alleged breaches, of such regulations and other applicable laws*.

***Sibanye-Stillwater's operations are subject to extensive environmental, social and health and safety regulations, which could impose*** 

***additional costs and compliance requirements, and Sibanye-Stillwater has faced, and may face further, claims and liability for breaches, or*** 

***alleged breaches, of such regulations and other applicable laws***

Sibanye-Stillwater's operations are subject to extensive environmental, social and health and safety laws, regulations, permitting

requirements and standards in the jurisdictions in which it operates. These regulations oversee, among other things, the protection of the

environment, pollution, water management, waste disposal, occupational health and safety, including mine safety, toxic substances, the

management and sustainable closure of operations, and protection of endangered and other special status species.

The principal legislative frameworks that govern such matters include the Mineral and Petroleum Resources Development Act, 2002

(MPRDA), the National Environmental Management Act, 1998 (Act No. 107 of 1998) (NEMA), the National Water Act, 1998 (Act No. 36 of

1998) (NWA), the National Environmental Management Laws Amendment Act, 2022 (Act No. 2 of 2022) (NEMLAA), the National

Environmental Management: Air Quality Act, 2004 (Act No. 39 of 2004) (Air Quality Act), the National Environmental Management: Waste

Act, 2008 (Act No. 59 of 2008) (Waste Act), the National Heritage Resources Act (Act No. 25 of 1999) (National Heritage Resources Act), the

National Environmental Management: Biodiversity Act (Act No. 10 of 2004) (the Biodiversity Act) and the National Nuclear Regulatory Act

(Act No 47 of 1999) (NNR Act), amongst others, in South Africa, as well as the Clean Air Act (Clean Air Act), the Federal Water Pollution

Control Act (Clean Water Act), the Toxic Substances Control Act (TSCA), the Resource Conservation and Recovery Act (RCRA), the

Emergency Planning and Community Right-to-Know Act (EPCRA), the Endangered Species Act (Endangered Species Act), the National

Environmental Policy Act (NEPA), the Comprehensive Environmental Response, Metals Mines Reclamation Act, the Compensation and

Liability Act (CERCLA) and analogous state laws in the United States as well as the regulatory regimes and applicable permit stipulations

across all of the jurisdictions where Sibanye-Stillwater operates, including Finland, France and Australia.

Sibanye-Stillwater may also be subject to new rules, regulations and frameworks with respect to ESG-related disclosures by virtue of its

operations and the public listing of its securities, such as the proposed Corporate Sustainability Due Diligence Directive (CSDDD) and the

Corporate Sustainability Reporting Directive (CSRD) in the EU and the IFRS sustainability disclosure standards issued by the International

Sustainability Standards Board (ISSB), as well as increasing investor expectations with respect to ESG-related disclosures. Complying with such

requirements and/or market expectations, which may vary or conflict across jurisdictions, may require Sibanye-Stillwater to expend

significant time and resources, and may subject it to heightened exposure to claims that certain of its ESG disclosures are misleading or

overstate potential ESG benefits. This may also result in increased litigation risk from private parties and governmental authorities related to its

emissions reduction or other ESG efforts.

In addition to laws and regulatory requirements, Sibanye-Stillwater is party to environmental and social collaborations with local communities

and interest groups, such as the Good Neighbor Agreement (GNA) in the United States, Social and Labour Plans (SLPs) in South Africa and

the Gulf Communities Agreement (GCA) at Sibanye-Stillwater's Century zinc tailings retreatment operation (Century operation) in Australia,

which legally bind Sibanye-Stillwater and hold it to higher standards than regulations require.

Alongside compliance with local laws and regulations, Sibanye-Stillwater's operations are also increasingly subject to stringent stakeholder

expectations, including regarding voluntary conformance to internationally recognised environmental, health and safety and social

standards, performance expectations and benchmarks. Such standards and performance expectations include the World Gold Council's

Responsible Gold Mining Principles, IFC Performance Standards, the International Council on Mining and Metals (ICMM) Principles, Initiative

on Responsible Mining Assurance, Extractive Industry Transparency Initiative and other World Bank guidelines. In addition, stakeholders

expect Sibanye-Stillwater's US recycling operations (US Recycling), comprising the Columbus metallurgical complex (part of the US PGM

operations), the Reldan operations (the Pennsylvania site) and Metallix Refining operations (the North Carolina site), to maintain certifications

and accreditations for safety and environmental stewardship. These stakeholder expectations include compliance with stringent

environmental precious metals refining standards addressing safe materials handling and disposal of toxic by-products, logistics and supply

chain accountability, security compliance, and occupational and safety compliance. Relevant certifications include R2, RIOS, LEED, and e-

Steward (for refiners, recyclers and processors).

The environmental and health and safety laws, regulations and frameworks applicable to Sibanye-Stillwater impose significant compliance

costs and may open Sibanye-Stillwater to enforcement actions and potential litigation.

***Compliance costs***

Sibanye-Stillwater has incurred and may in the future incur significant costs to comply with environmental, health and safety requirements

imposed under existing or new legislation, regulations or permit requirements, or to comply with changes in existing laws and regulations or

the manner in which they are applied. For example, under a number of aforementioned existing or upcoming legislative frameworks,

Sibanye-Stillwater may be required to take specific anti-pollution measures, be subjected to charges and/or taxes for its waste water and air

emissions, remove or remediate previously disposed wastes (including wastes disposed of or released by prior owners or operators, or wastes

disposed of by Sibanye-Stillwater's operations in compliance with laws in effect in the past that have been subsequently amended), to

clean up contaminated property (including contaminated soil and groundwater), to perform remedial operations to prevent future

contamination or to demolish mine infrastructure and rehabilitate it to set standards.

Existing South African legislation requires Sibanye-Stillwater to fund its closure liabilities and obligations, environmental rehabilitation and

remediation costs, which may be significant. Under NEMA (as amended by NEMLAA), read with the MPRDA, there is a risk that Sibanye-

Stillwater may be unable to fully extinguish its environmental liability in respect of its mining operations if the regulator is unwilling to issue

closure certificates. This would result in Sibanye-Stillwater incurring additional costs relating to prolonged care and maintenance and other

related costs. Further, under the Financial Provision Regulations, 2015 (as amended) (Financial Provisioning Regulations), Sibanye-Stillwater is

required to update its financial provisions for annual environmental rehabilitation and remediation costs, decommissioning and closure

activities and latent or residual environmental impacts (including the pumping and treatment of polluted or extraneous water), which mining

companies have not fully quantified or provided for in the past. These regulations, once effective, will also require annual rehabilitation to be

funded through an operational budget, which could lead to double provisioning (where funds have already been set aside in a

rehabilitation trust fund for annual rehabilitation). Generally, these regulations are strongly opposed by the mining industry, and there has

been industry-wide concern about their ambiguity and implementation.

In the United States, Sibanye-Stillwater is required to post and maintain surety bonds for its reclamation obligations, which are substantial. As

at 31 December 2025, Sibanye-Stillwater had US$128 million (R2.1 billion) of outstanding environmental surety bonds in the United States. In

Queensland, Australia, the Mineral and Energy Resources Financial Provisioning Act, 2018 (the MERFP Act), requires resource companies to

provide surety to the State to guard against their potential failure to comply with their environmental management and rehabilitation

obligations. In fiscal year 2025, Sibanye-Stillwater had surety provisions of US$142 million (R2.4 billion) held by the Queensland Government.

Such financial surety obligations generally increase over time as the underlying rehabilitation cost estimates rise. Failure to secure and

maintain adequate surety coverage could result in the operating permits of the Century operation being revoked.

***Enforcement actions*** 

Regulators are increasingly focusing on the enforcement of applicable environmental, health and safety laws and regulations and

permitting requirements, including in South Africa, the United States and other jurisdictions where Sibanye-Stillwater operates. Enforcement

actions may cause Sibanye-Stillwater's operations to cease or to be suspended, and may include corrective measures requiring capital

expenditures, installation of additional equipment or remedial actions. Non-renewal of permits, the inability to secure new permits, or the

imposition of additional conditions could eliminate or severely restrict Sibanye-Stillwater's ability to conduct its operations. Adverse permitting

decisions may cause significant delays in the completion of planned development projects and require the Group to incur additional costs

to appeal and/or modify its development plans.

Regulators, such as the DMPR in South Africa, can and do issue, in the ordinary course of operations, directives and/or instructions, such as

Section 54 work stoppages, after routine visits or following safety incidents or accidents to partially or completely halt operations at affected

mines until corrective measures are agreed and implemented. In 2025, Sibanye-Stillwater's South African gold operations experienced 16

Section 54 work stoppages (2024: 24; 2023: 40) and 21 Section 54 work stoppages at the South African PGM operations (2024: 27; 2023: 39). In

the United States, underground mines, including the Stillwater and East Boulder Operations, are continuously inspected by the MSHA, which

can lead to notices of violation. Any of Sibanye-Stillwater's US mines could be subject to a temporary or extended shut down because of a

violation alleged by the MSHA, known as a Section 103(k) Order (k-order). In 2025, the United States PGM operations had 4 k-orders issued

(2024: 6; 2023: 4).

In addition, there can be no assurance that unions will not take industrial action, including in response to such accidents, which could lead

to losses in Sibanye-Stillwater's production. Any additional stoppages in production as a result of regulatory enforcement or union actions

may negatively affect Sibanye-Stillwater's reputation with regulators and stakeholders.

Sibanye-Stillwater's mining operations in the United States are located adjacent to the Absaroka-Beartooth Wilderness Area and are situated

approximately 30 miles from the northern boundary of Yellowstone National Park. While Sibanye-Stillwater works closely and cooperatively

with local environmental organisations, the Montana Department of Environmental Quality and the United States Forest Services, there can

be no assurance that future political or regulatory actions will not further restrict or seek to terminate Sibanye-Stillwater's operations in this

sensitive area.

***Litigation***

Sibanye-Stillwater has been, and may in the future also be, subject to litigation, arbitration, regulatory proceedings, disputes and other costs,

as well as actions by authorities relating to environmental, climate change, data protection, health and safety matters, including mine

closures, the suspension of operations, legal representation during accident inquiries, investigations and/or inquests and prosecution for

mining accidents as well as significant penalties and fines for noncompliance. Sibanye-Stillwater may also be subject to litigation brought by

members of the community affected by environmental-related impacts, as well as non-governmental organisations (NGOs) and public

bodies. In this regard, recent case law in South Africa has provided a precedent for private prosecution by environmental NGOs for

environmental infringements and non-compliance with key environmental legislation. South African legislation also provides for potential

director, shareholder and lender liability for environmental damage in certain circumstances. Contravention of environmental and health

and safety laws and regulations may also constitute a criminal offence and result in a fine or imprisonment, or both in addition to

administrative penalties.

Some of the principal health risks associated with Sibanye-Stillwater's mining operations arise from occupational exposure and community

environmental exposure to silica dust, noise and certain hazardous substances, including toxic gases and radioactive particulates. The most

significant occupational diseases affecting Sibanye-Stillwater's workforce include lung diseases (such as silicosis, tuberculosis (TB), a

combination of the two and chronic obstructive airways disease (COAD)) as well as noise induced hearing loss (NIHL). Employees have

sought and may continue to seek, compensation for certain illnesses, such as silicosis, from Sibanye-Stillwater.

In 2019, Sibanye-Stillwater entered into a R1.4 billion guarantee facility (reduced to R406 million in 2025) with Nedbank Limited in relation to its

obligations under a settlement agreement between several South African mining companies, including Sibanye-Stillwater (collectively, the

Gold Working Group), to compensate all eligible workers (or their surviving relatives) who worked at the Gold Working Group companies'

mines from 12 March 1965 to the effective date of the settlement agreement who suffered from silicosis and silico-tuberculosis. The payment

of compensation for the claims may have an adverse financial impact on Sibanye-Stillwater. For further information, see *– Annual Financial* 

*Report – Consolidated financial statements – Notes to the consolidated financial statements – Note 30: Occupational healthcare obligation.*

As environmental, health and safety laws and regulations are becoming more complex and stringent, Sibanye-Stillwater may face increased

regulatory and stakeholder scrutiny, which may lead to increased capital expenditures and subject Sibanye-Stillwater to potential

enforcement actions and litigation proceedings. Any significant cost increases, potential enforcement actions or litigation relating to

environmental, health and safety laws and regulations could have a material adverse effect on Sibanye-Stillwater's business, results of

operations and financial condition.

***The failure of a tailings storage facility (TSF) could negatively impact Sibanye-Stillwater's business, reputation, operating results and financial*** 

***condition***

Mining companies face inherent risks in their operation of TSFs. TSFs are engineered structures built for the containment of the uneconomical

milled ore residue and water, known as tailings. The use of TSFs exposes Sibanye-Stillwater to certain risks, including the failure of a facility due

to events such as earthquakes, high rainfall, snow melt, overtopping, piping, mud slides or seepage failures. The potential occurrence of a

tailings storage failure at one of Sibanye-Stillwater's facilities could lead to the loss of human life and/or extensive property and

environmental damage.

Sibanye-Stillwater maintains a Group-wide tailings management system to manage the safety of its facilities, which aligns to the Global

Industry Standard on Tailings Management (GISTM) and international best practice. Although Sibanye-Stillwater has a TSF management

system, the effectiveness of its designs, construction quality or regular monitoring cannot be guaranteed throughout its operations and it

cannot be guaranteed that these measures will prevent the failure of one or more of its TSFs or that such potential failure will be detected in

advance. Sibanye-Stillwater may also be required to undertake remedial work to reinforce its facilities if a vulnerability is discovered, which

may require it to reduce or suspend operations while remediation takes place.

In addition, although Sibanye-Stillwater generally requires its partners to maintain such systems, it cannot guarantee that its partners maintain

similar safety precautions or monitoring systems on their TSFs. There is no assurance that any safety measures implemented will prevent the

failure of any TSF.

The failure of a TSF could lead to multiple legal proceedings and investigations, which could include securities class actions, criminal

proceedings and public civil actions (against Sibanye-Stillwater or individuals) for significant amounts of damages. Furthermore, the

elimination of the "conventional" practice of storing wet tailings (e.g. by alternatively filtering, "dry" stacking and compacting the tailings)

could require the research and development of new technologies, which could lead to additional large expenditures. Following TSF failures

in South Africa in 2022, Brazil in 2015 and 2019 and Canada in 2014 (none of which were associated with Sibanye-Stillwater) and other tailing

storage facility failures, additional environmental and health and safety laws and regulations are being considered globally, including in

jurisdictions where Sibanye-Stillwater operates. In addition, changes in laws and regulations may impose more stringent conditions in

connection with the construction of TSFs, particularly with respect to upstream TSFs, the licensing process of projects and operations, the

ability to procure appropriate insurance coverage with respect to tailings facilities and increased criminal and civil liability for companies,

officers and contractors. For example, in 2020, the ICMM, the United Nations Environment Programme (UNEP) and the Principles for

Responsible Investment (PRI) established an international tailings standard, the GISTM. ICMM members, including Sibanye-Stillwater, have

committed to conform with the GISTM for all of their facilities. Sibanye-Stillwater may incur significant costs to maintain compliance with such

standards or to bring new facilities into compliance.

Furthermore, the unexpected failure of a TSF could lead to the need for a large expenditure on contingencies and on recovering the regions

and people affected, extensive and permanent environmental damage and the payment of penalties, fines or other money damages or

civil claims.

The occurrence of any such risks could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial

condition.

***Sibanye-Stillwater's operations are subject to water use and wastewater regulations, which could impose significant costs and burden***

Sibanye-Stillwater's operations are subject to regulatory controls on their usage and disposal of waste water and solid waste. Under South

African and US law, mining operations are subject to water use licences and/or authorisations that govern each operation's water usage

and that require, among other things, mining operations to achieve and maintain certain water quality limits regarding all water discharges.

All of Sibanye-Stillwater's operations hold the required water-related permits for current water-related activities, although at certain

operations in South Africa (Driefontein, Beatrix, Burnstone, Kloof, Rand Uranium, Ezulwini, Marikana, Rustenburg and Kroondal), water use

licences for future activities, issuable under the National Water Act, 1998 (Act No. 36 of 1998) (NWA), are currently under review and

amendment by the Department of Water and Sanitation (DWS) for final issuance.

In addition, the DWS intends to roll-out a waste discharge charge system for all waste-related activities that may impact on water resources,

and in this regard published a revised Pricing Strategy for Raw Water Use Charges in June 2024, with an effective date of April 2026.

However, the implementation timeline for this charge system has not yet been finalised and remains under review, with the DWS planning a

phased implementation approach targeted for completion by 2030. Once fully implemented, the water discharge charge system may

have significant cost implications for Sibanye-Stillwater's operations in South Africa.

Sibanye-Stillwater's South African PGM operations are heavily dependent on external water sources to facilitate the functioning of its mines.

Sibanye-Stillwater's South African Gold operations are largely independent of external water inputs, but these operations still require licences

to abstract water and to discharge water into the natural environment. These licences are essential to enable the operations to manage

water levels and support the safe and uninterrupted continuation of mining activities. Any loss of the Group's water use licencing, or a

substantial decrease in the capacity of the local government or water boards to provide fresh water to these operations, may cause it to

cease operations until such services are reinstated. Should any of the aforementioned occur, Sibanye-Stillwater expects to incur significant

expenditure to achieve and maintain compliance with the licence requirements at each of its operations. Any failure on Sibanye-Stillwater's

part to achieve or maintain compliance with the requirements of these licences could result in Sibanye-Stillwater being subject to remedial

actions, substantial claims, penalties, fees and expenses, significant delays in operations, criminal proceedings or the revocation of the

relevant water use licence, which could curtail or halt production at the affected operation. Any of the above, and any significant

constraints to availability of water, particularly at Sibanye-Stillwater's South African PGM operations, could have a material adverse effect on

Sibanye-Stillwater's business, operating results and financial condition.

Sibanye-Stillwater has identified a risk of potential long-term acid mine drainage (AMD) issues. AMD relates to the acidification and

contamination of naturally occurring water resources by pyrite-bearing ore contained in underground mines and in rock dumps, tailings

storage facilities and pits on the surface. Should Sibanye-Stillwater's current preventative and active AMD and water management

measures be unsuccessful, the Group may fail to comply with its water use licence requirements and expose Sibanye-Stillwater to liabilities

and unforeseen costs associated with the pumping and treatment of polluted or extraneous water whether during operation or in the post-

closure context.

***Social unrest, including the risk of service delivery protests, sickness or natural or man-made disasters in surrounding mining communities,*** 

***including informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations, may disrupt its business or may*** 

***lead to greater social or regulatory impositions on Sibanye-Stillwater***

There are a number of informal settlements located in the vicinity of some of Sibanye-Stillwater's South African-based operations. These

settlements are populated by mining company employees (including Sibanye-Stillwater employees), the families of mining company

employees and others. As at 31 December 2025, approximately 33% (2024: 34%; 2023: 43%) of Sibanye-Stillwater's South African-based

workforce opted to receive a "living out allowance" and management expects that a number of these individuals reside in informal

settlements. In recent years, the size of these settlements has grown substantially. Poor living conditions in these settlements may lead to the

spread of disease or other health hazards, which may increase absences or affect the productivity of employees. The population of such

settlements or the surrounding communities may also demand jobs, improved delivery of social services or infrastructure from the local

mining operations, including Sibanye-Stillwater. Any such demands or other demands from these communities may lead to increased costs

on Sibanye-Stillwater. Such demands may also lead to protests, including service delivery protests related to poor service delivery in such

communities, or other actions that may hinder Sibanye-Stillwater's ability to operate, including incurring expenses to defend its rights through

initiating or defending against litigation proceedings.

In addition, in December 2019, the South African Minister of the DMPR (then DMRE Minister) published the Housing and Living Conditions

Standard for implementation, requiring miners, including Sibanye-Stillwater, to revise its current housing and living condition plans under the

Group's social and labour plans (SLPs). The Housing and Living Conditions Standards were submitted to the DMPR (then DMRE) and are

being implemented, including applications by Sibanye-Stillwater for the eviction of illegally occupied houses earmarked for employee

ownership. Sibanye-Stillwater estimates spending on its Housing and Living Conditions Plans for the South African PGM and gold segments to

amount to R2.6 billion (US$157 million) and R2.7 billion (US$163 million), respectively, over the next five years. If actual spending exceeds the

amounts estimated, it could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***The failure of Sibanye-Stillwater's information, communication or technology platforms or application systems, or the failure to protect*** 

***sensitive commercial or personal data, could significantly impact Sibanye-Stillwater's operations and business***

Sibanye-Stillwater utilises and is reliant on various internal and external information, communication and technology platforms or application

systems, such as SAP, Microsoft, mine technical and other applications, to support its business activities. Damage or interruption of Sibanye-

Stillwater's information, communication or technology platforms or application systems (including systems of third party vendors that it relies

on, as well as those used in connection with newly acquired or recently integrated operations), whether due to accidents, old or obsolete

information technology platforms or application systems and equipment, human error, natural events or malicious acts (including cyber-

attacks), may lead to important data, including commercially or personally sensitive information, being irretrievably lost, exposed or

damaged, thereby adversely affecting Sibanye-Stillwater's business, operating results and financial condition.

Information technology systems that Sibanye-Stillwater utilises (including systems operated by third party vendors) store voluminous personal

information related to employees and sensitive information relating to suppliers and customers as well as recipients of bursaries and social

investments payments from Sibanye-Stillwater. The information security management system protecting Sibanye-Stillwater's information,

communication and technology infrastructure and network has been and may continue to be subject to security breaches (e.g. cybercrime

or activists) or other incidents in the future that can result in misappropriation of funds, increased health and safety risks to people, disruption

to its operations, environmental damage, loss of intellectual property, disclosure of commercially or personally sensitive information, legal

proceedings or regulatory investigations or actions and liability, other costs and reputational damage.

In July 2024, Sibanye-Stillwater detected a cybersecurity attack on the Company's IT systems and undertook measures to contain,

investigate and remediate the effects of the attack. While the cybersecurity attack had limited impact on the Group's core operations, the

incident caused temporary system outages which resulted in the implementation of back-up manual processes on certain systems. As a

result, certain operations, including the Columbus metallurgical complex at the US PGM operations, experienced short-term operational

delays. No material losses were recognised in connection with the incident. The Company continues to monitor potential liabilities arising

from this incident, including as related to pending class action litigation. While Sibanye-Stillwater does not currently believe that this incident

or pending litigation arising from this incident will have a material adverse effect on the Group's business, operating results or financial

condition, there is no guarantee that further operational, legal or regulatory impacts will not materialise.

In addition, given the increasing sophistication and evolving nature of cybersecurity threats, including sophisticated cyber-attacks such as

phishing and ransomware attacks, the possibility of further events occurring in the future cannot be ruled out. This is particularly the case with

new and evolving technologies such as artificial intelligence (AI), including generative AI. As these technologies continue to improve and

gain widespread use, Sibanye-Stillwater may experience cybersecurity attacks using AI, which may be difficult to detect and defend

against. Sibanye-Stillwater performs periodic safety testing and annual disaster recovery testing which includes reviews of recovery

procedures and security controls, and all identified critical applications have been replicated at alternative data centres throughout

Sibanye-Stillwater's operations. Despite these measures, there is still a risk of inadequate or failed disaster recovery. An extended failure of

critical system components, caused by accidental actions, such as failed hardware or failed network infrastructure, or malicious actions,

including those resulting from a cybersecurity attack, could result in a significant environmental incident, commercial loss or interruption to

operations. In addition, Sibanye-Stillwater has incurred and may in the future incur significant costs to protect against or repair damage

caused by disruptions or security breaches in the future, such as rebuilding internal systems, implementing additional threat protection

measures, defending against litigation, responding to regulatory inquiries, or taking remedial steps with respect to third parties, among

others.

In addition, the interpretation and application of consumer, privacy and data protection laws in South Africa, the United States, the EU,

Australia and elsewhere are uncertain and evolving. It is possible that regulators may interpret and apply these laws in a manner that is

inconsistent with Sibanye-Stillwater's data processes and practices. Complying with these various laws is difficult and could cause Sibanye-

Stillwater to incur significant costs or require it to change its business practices. This includes, among other things, compliance with South

Africa's data privacy legislation, the Protection of Personal Information Act, 2013 (POPIA) and the EU's General Data Protection Regulation

(GDPR). While Sibanye-Stillwater seeks to comply with additional legislation relating to cybersecurity breaches, such as the South African

Cybercrimes Act, applicable United States state data breach notification laws and the SEC's final rules on cybersecurity risk management,

strategy, governance, and incident disclosure, there is no guarantee that the Group's efforts will meet the evolving privacy, data protection

and cybersecurity standards and regulations. Security breaches compromising confidential and proprietary data have historically been a

significant risk for the mining sector, and failure to comply with such applicable legislation may also lead to reputational damage, substantial

penalties, fines and/or imprisonment, depending on the severity of the infraction. Sibanye-Stillwater may also have insufficient cyber

insurance coverage for any cybersecurity incidents. See *– Sibanye-Stillwater's insurance coverage may not adequately satisfy all potential* 

*claims and exposures*.

***Mining companies are required to operate in ways that provide benefits to affected communities. Failure to comply with these requirements*** 

***can result in legal suits, additional operational costs, investor divestment and loss of "social licence to operate", which could adversely*** 

***impact Sibanye-Stillwater's business, operating results and financial condition***

Mining companies face increasing pressure over their "social licence to operate", which can be interpreted as the acceptance of the

activities of these companies by stakeholders. While formal permission to operate is ultimately granted by host governments, many mining

activities require social permission from host communities and influential stakeholders to carry out operations effectively and profitably.

Mining companies are under pressure to demonstrate that, while they seek a satisfactory return on investment for shareholders, the

environment, human rights and other key sustainability issues are responsibly managed and stakeholders, such as employees, host

communities and the governments of the countries in which they operate, also benefit from their commercial activities. The potential

consequences of these pressures and the adverse publicity in cases where companies are believed to be creating insufficient social and

economic benefit or are perceived to not be responsibly managing other sustainability issues may result in additional operating costs, higher

capital expenditures, reputational damage, active community opposition (possibly resulting in delays, disruptions and stoppages),

allegations of human rights abuses, legal suits, regulatory intervention and investor withdrawal.

In order to maintain its social licence to operate, Sibanye-Stillwater may need to design or redesign parts of its mining operations to minimise

their adverse impact on such communities and the environment, either by changing mining plans to avoid such adverse impact, by

modifying operations, by changing planned capital expenditures or by relocating the affected people to an agreed location. In South

Africa, socio-economic challenges including high unemployment and the migration of job seekers into mining towns are placing increasing

pressure on Sibanye-Stillwater to fund or provide community infrastructure, employment opportunities and broader social support at a level

that may not be financially or operationally sustainable. In addition, the legacy of the mining industry continues to fuel anti-mining sentiment

in some of the communities in which Sibanye-Stillwater operates, which has been exacerbated by forced resettlement of residents,

pervasive misinformation related to Sibanye-Stillwater or the industry in general, environmental incidents, blasting, injuries and fatalities

sustained on Sibanye-Stillwater's mining properties, including as a result of unauthorised access and illegal mining, violent crime rates and

high levels of unemployment. For example, the official unemployment rate in South Africa was 33.2% in the second quarter of fiscal 2025

mainly due to slow economic growth and poor infrastructure. There is no assurance that a prolonged economic downturn will not result in an

extended period of high unemployment, further exacerbating anti-mining sentiment in South Africa. Furthermore, the rise of ESG factors in

investment decisions may result in divestments of certain parts of the mining sector or increased difficulties with access to finance, or access

to affordable finance.

Responsive measures may require Sibanye-Stillwater to take costly and time-consuming remedial measures, including the full restoration of

livelihoods of those impacted, and remediation of the environment. In addition, Sibanye-Stillwater is obliged to comply with the terms and

conditions of all the mining rights it holds in South Africa. In this regard, the approved SLPs which form part of Sibanye-Stillwater's mining

rights, must make provision for local economic development, among other obligations. See *– Sibanye-Stillwater's mining rights are subject to* 

*legislation, which could impose significant costs and burdens and which impose certain ownership requirements, the interpretation of which* 

*may be the subject of dispute*. In addition, Sibanye-Stillwater has several joint venture arrangements and associated investments, and the

companies which Sibanye-Stillwater partners with may apply different corporate governance standards and responsible citizen procedures.

As Sibanye-Stillwater has a long history of mining operations in certain regions or has purchased operations that have a long history, issues

may arise regarding historical as well as potential future environmental or health impacts in those areas.

Delays in projects attributable to a lack of community support or other community-related disruptions or delays can translate directly into a

decrease in the value of a project or into an inability to bring the project to, or maintain, production. The cost of measures and other issues

relating to the sustainable development of mining operations have placed significant demands on Sibanye-Stillwater's resources and could

increase capital and operating costs and have a material adverse effect on Sibanye-Stillwater's reputation, business, operating results and

financial condition.

***An actual or alleged breach or breaches in governance processes, or fraud, bribery and corruption may lead to public and private censure,*** 

***regulatory penalties and loss of licences or permits and may impact negatively upon Sibanye-Stillwater's empowerment status and may*** 

***damage Sibanye-Stillwater's reputation***

The legal and regulatory framework in which Sibanye-Stillwater operates is complex, and its governance and compliance policies and

processes may not prevent potential breaches of law or accounting or other governance practices. Sibanye-Stillwater's code of ethics,

compliance policies and operating codes, and other applicable standards and guidance, may not prevent instances of fraudulent

behaviour and dishonesty, nor guarantee compliance with legal and regulatory requirements.

To the extent that Sibanye-Stillwater suffers from any actual or alleged breach or breaches of relevant anti-money laundering, anti-bribery or

counter-terrorism laws (including legislation in South Africa, the United States, such as the US Foreign Corrupt Practices Act of 1977, the EU

and elsewhere) under any circumstances, they may lead to regulatory, civil or criminal fines, litigation, public and private censure and loss of

operating licences or permits and may impact negatively upon Sibanye-Stillwater's empowerment status and may damage its reputation.

The occurrence of any of these events could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial

condition.

***Regulation of greenhouse gas (GHG) emissions may have a materially adverse effect on Sibanye-Stillwater's operations***

Energy is a significant production input and input cost for Sibanye-Stillwater's mining and processing operations, with its principal energy

sources being electricity, purchased petroleum products, coal, propane and natural gas. A number of governments or governmental

bodies, including the United Nations Framework Convention on Climate Change (UNFCCC), have introduced or are contemplating

regulatory changes in response to the impact of climate change, including restricting GHG emissions in jurisdictions in which Sibanye-

Stillwater operates. Such regulation may impact Sibanye-Stillwater's operating costs, limit or modify its operations and have a materially

adverse effect on the competitiveness of the commodities it produces.

For example, the South African government introduced a carbon tax under the Carbon Tax Act with effect from 1 June 2019, imposing a tax

on carbon dioxide equivalent (CO2e) emissions which exceed applicable tax-free allowances. As a result of these tax-free allowances,

Sibanye-Stillwater's effective carbon tax rate is much lower than the statutory carbon tax rate: 2025 (statutory rate: R236 per tonne of CO2e

emissions, effective rate: R12 to R94 per tonne); 2024 (statutory rate: R190 per tonne of CO2e emissions, effective rate: R10 to R75 per tonne)

and 2023 (statutory rate: R159 per tonne, effective rate: R8 to R63 per tonne). For fiscal 2025, due to the 60% basic tax-free allowance

applicable under the Carbon Tax Act, Sibanye-Stillwater's maximum effective carbon tax rate was R94 per tonne, meaning the statutory

rate of R236 was reduced by 60%.

To prepare South Africa for the structural and sustainable transition to a climate-resilient and low carbon economy, the Carbon Tax Act was

amended in 2022 to include progressive increases in the carbon tax rate, set to increase from R236 for fiscal 2025 to R462 in fiscal 2030, with

further increases to be announced thereafter. Coupled with the gradual phasing out of the tax-free allowances, Sibanye-Stillwater's

effective carbon tax rate is expected to increase over time.

A carbon fuel levy was also introduced under the Customs and Excise Act, 1964 as part of the current South African fuel levy regime. The

carbon fuel levy applies to stationary and non-stationary mobile emissions resulting from the use of liquid fuels, primarily petrol and diesel. The

9c/litre carbon fuel levy on diesel, which came into effect on 5 June 2019, was increased to 17c/litre on 2 April 2025, as a result of the

increase in the carbon tax rate.

In addition, the South African government enacted the Climate Change Act 22 of 2024 (Climate Change Act) in July 2024, which imposes

"carbon budgets" on entities in certain high-emitting industries, such as mining. Drafts of the proposed carbon budget and mitigation plan

regulations were published for comment in August 2025, and finalisation is pending. The draft regulations propose that carbon budgets will

be set for consecutive five-year periods. The carbon budgets are intended to operate as statutory limits for CO2e emissions. It is proposed

that the failure to submit a mitigation plan or to implement an approved mitigation plan will lead to a fine or other punitive measures.

Amendments to the Carbon Tax Act are proposed to introduce a higher rate of R640/tCO2e for emissions exceeding an allocated carbon

budget, to commence once the mandatory carbon budget system is operational and the South African Minister of Finance (Minister of

Finance) brings the higher carbon tax rate provisions into force by notice. The elevated rate applies to the volume of emissions that exceed

the allocated carbon budget. The draft regulations propose that the tax-free allowances will not apply to these exceedance tonnes,

meaning that the rate would be punitive and allowance-free. Furthermore, the previous tax-free allowance of 5% tied to carbon budgets,

provided for under the Carbon Tax Act, ceased on 31 December 2025. Sibanye-Stillwater's carbon tax costs under the current regime will

depend on (i) updates to national GHG monitoring, reporting and verification requirements that affect the quantification and verification of

emissions, and (ii) the final form and timing of the carbon budget and mitigation plan regulations and related amendments to the Carbon

Tax Act, including changes to carbon tax rates and the availability of allowances and offsets. Sibanye-Stillwater had a net carbon tax credit

of R0.15 million for the year ended 31 December 2025 (2024: R2 million expense; 2023: R2 million credit), which comprised a current year

carbon tax expense of R3.76 million, offset by a prior year adjustment of R3.92 million relating to the Beatrix operations.

A number of other regulatory initiatives are underway in countries in which Sibanye-Stillwater operates that seek to reduce or limit industrial

GHG emissions. These regulatory initiatives will be either voluntary or mandatory and are likely to impact Sibanye-Stillwater's operations

directly or indirectly by affecting the cost of doing business, for example by increasing the costs of its suppliers or customers. Inconsistency of

regulations particularly between developed and developing countries may affect both Sibanye-Stillwater's decision to pursue opportunities

in certain countries and its cost of operations.

Sibanye-Stillwater's reliance on coal-intensive grid electricity increases the embedded emissions of certain products. If export destinations

implement carbon border adjustment mechanisms (CBAM), such as the EU Carbon Border Adjustment Mechanism, EU importers of covered

goods would be required to purchase CBAM certificates at prices linked to the EU Emissions Trading System. The amount payable is reduced

only by the explicit South African carbon tax actually paid on the same embedded emissions. Accordingly, when the South African effective

carbon tax is lowered by allowances and offsets, limited credit may be available under CBAM, increasing the 'top-up' payable and

potentially affecting the competitiveness of covered exports. Sibanye-Stillwater's exposure will depend on whether its exported products fall

within covered goods, their embedded emissions intensity, and the specific terms of each regime, as well as the Company's ability to

produce and verify plant-level embedded emissions data to EU standards.

In the United States, Sibanye-Stillwater is also subject to legislative and regulatory initiatives that are underway to limit GHG emissions. The US

Congress has considered legislation that would control GHG emissions through a "cap and trade" programme and several US states have

already implemented programmes to reduce GHG emissions. The US Environmental Protection Agency's (the EPA) "Tailoring Rule" makes

certain large stationary sources and modification projects subject to permitting requirements for GHG emissions under the Clean Air Act.

New or modified sources subject to permitting for conventional pollutants will be required to comply with Best Available Control

Technologies (BACT) for GHGs if the new source or the modification will result in an annual increase of 75,000 tons per year of CO2e. In 2022,

the US Supreme Court limited the EPA's authority under provisions of the Clean Air Act to regulate greenhouse gas emissions without clear

authorisation from the US Congress. It is unclear the full extent to which this may impact the EPA's ability to impose additional regulations.

Sibanye-Stillwater is also subject to GHG reporting requirements for specified large GHG emission sources in the United States. Sibanye-

Stillwater's United States PGM operations hold a Title V Major Air Quality Permit, which requires Sibanye-Stillwater to annually calculate its

GHG emissions and compare these amounts against reporting thresholds. Because current levels are below reporting thresholds, the United

States PGM operations are not currently required to report GHG emissions. Additionally, US federal agencies may consider GHG emissions as

part of NEPA reviews. Recent regulatory developments relating to the consideration of GHG emissions under NEPA have created uncertainty

as to how such emissions will be assessed in future NEPA reviews. It remains uncertain whether, in the future, Sibanye-Stillwater will be required

to mitigate its GHG emissions in connection with any NEPA review.

Sibanye-Stillwater is also subject to GHG emission regulations in other jurisdictions in which it operates, such as Finland and France, which

impose obligations based on those from the UNFCCC and EU regulations, such as the EU's Emission Trading System Directive (2003/87/EC)

and the EU Directive on the Geological Storage of CO2 (2009/31/EC). There can be no assurance that Sibanye-Stillwater will be able to

meet its voluntary targets relating to GHG emissions or comply with targets that may be imposed upon the mining industry by external

regulators. Furthermore, additional, new and/or different regulations in this area, such as the imposition of stricter limits than those currently

contemplated, could be enacted, all of which could have a material adverse effect on Sibanye-Stillwater's business, financial condition,

results of operations and prospects.

Regulation of GHG emissions in the jurisdictions of Sibanye-Stillwater's end-user customers and value chain participants could also have an

adverse effect on the demand for certain of its products, which may in turn, have a material adverse effect on Sibanye-Stillwater's

production levels, business, operating results and financial condition. Additionally, Sibanye-Stillwater may in the future be required to

calculate Scope 3 or value chain emissions, which will incur increased costs, particularly as Scope 3 emissions relate to other organisations'

emissions and are therefore subject to a range of uncertainties and challenges.

***Sibanye-Stillwater may not meet its decarbonisation targets in the timeframe anticipated, or at all***

As a commercial consumer of power, Sibanye-Stillwater's ability to reduce its GHG emissions is impacted by its mix of energy suppliers,

including Sibanye-Stillwater's ability to reduce its dependence on Eskom in South Africa, which accounted for approximately 92% of its total

Scope 1 and Scope 2 GHG emissions for the year ended 31 December 2025. See *– Regulation of greenhouse gas (GHG) emissions may have* 

*a materially adverse effect on Sibanye-Stillwater's operations.* To reduce its emissions, Sibanye-Stillwater aims to diversify its energy mix with

renewable projects. For example, in 2023 and 2024, Sibanye-Stillwater entered into power purchase agreements to obtain energy from wind

and solar photovoltaic projects in South Africa, including the Castle wind farm and the Springbok solar photovoltaic plant, both of which

reached commercial operation in 2025. However, there is no guarantee that the energy produced from these projects will be sufficient to

reduce Sibanye-Stillwater's reliance on Eskom and other non-renewable sources of energy, or that future renewable energy projects will be

successfully completed within the expected time frame or meet the anticipated performance standards, including with respect to the

reduction of GHG emissions. See also *– Sibanye-Stillwater's growth strategy may not deliver anticipated outcomes in the timeframe* 

*anticipated or at all.* In addition, Sibanye-Stillwater's ability to diversify its energy mix in South Africa may also be impacted by government

policies or actions, including the liberalisation of the electricity supply industry and technological innovations, including electrification.

However, there is no guarantee that such market enhancement will develop as expected, or at all.

In certain aspects of Sibanye-Stillwater's operations, its ability to reduce GHG emissions depends on the actions of third parties and

technological solutions and innovation. For example, diesel-fuelled haul trucks are a significant contributor to GHG emissions at Sibanye-

Stillwater's United States PGM operations, but reduction of emissions from transportation equipment will depend in part upon the

development and availability of commercially viable alternative-fuelled mining vehicles by Sibanye-Stillwater's third-party suppliers.

The Group expects to incur additional costs in its efforts to decarbonise, the totality of which cannot currently be estimated with accuracy.

Failure by Sibanye-Stillwater to achieve or maintain its decarbonisation performance targets and credentials may result in significant

reputational damage, make it harder to obtain or maintain third-party contracts or financing or result in regulatory enforcement and fines,

which may materially affect its business, operating results and financial condition.

***The physical impacts of climate change may adversely affect Sibanye-Stillwater's mining operations, workforce and supply chain, damage*** 

***its mining assets and equipment and impose significant costs and burdens***

Sibanye-Stillwater's operations, workforce, supply chain, mining assets and equipment may be exposed to changing weather patterns

resulting from climate change, particularly changes in the frequency, intensity and/or duration of intense storms, drought, flooding, wildfire,

and other extreme weather events and patterns. For example, operations were suspended at the Century operation in Queensland,

Australia, following record levels of rainfall in March 2023, and similar disruptions were experienced in the first quarter of 2024 as a result of

severe regional weather. In October 2024, the Century operation was further impacted by a regional bushfire. Although primary

infrastructure was safeguarded, there was extensive loss of surface piping, including the feed and water lines connecting the hydro mine to

the processing plant and other key service lines. Due to the amount of piping required for remediation, operations were suspended for 6

weeks, resulting in lower production levels in the fourth quarter of 2024.

Such potential physical impacts of climate change on Sibanye-Stillwater's operations are highly uncertain, and would vary by operation

based on particular geographic circumstances. In particular, damage to, or destruction of, mining assets or equipment could lead to

substantial costs, delays in mining or processing and/or legal liabilities. As a result, Sibanye-Stillwater may face production interruptions,

increased operational costs associated with power and supply chain disruption, project delays and increased production pricing. In

addition, the potential for overall decreases in precipitation could affect the availability of water needed for Sibanye-Stillwater's operations,

leading to increased operating costs, or in extreme cases, disruptions to mining operations.

In addition, as part of Sibanye-Stillwater's commitment to implementing the GISTM, it may be required to undertake additional measures to

mitigate the environmental impact at its tailings facilities, including physical impacts arising from climate change. Any such obligations could

increase operational expenses or required capital investments.

**Legal, regulatory and compliance risks**

***If Sibanye-Stillwater is unable to implement and maintain an effective system of internal control over financial reporting, it may be unable to***

***accurately report its results of operations, meet its reporting obligations or prevent fraud***

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, US reporting companies, including Sibanye-Stillwater, are required to include a

management report on its internal control over financial reporting in its annual report, including management's assessment of the

effectiveness of its internal control over financial reporting. In addition, an independent registered public accounting firm must attest to and

report on the effectiveness of the Company's internal control over financial reporting. In connection with the preparation of its consolidated

financial statements for the year ended 31 December 2023, Sibanye-Stillwater identified a material weakness in its internal control over

financial reporting due to design and operating deficiencies which resulted from insufficient evidence of management review and

performance of control procedures, including the level of precision in the execution of controls and procedures to ascertain completeness

and accuracy of information produced by the Company (IPC). These deficiencies impacted cash and cash equivalents in the South African

region and platinum group metals (PGM) inventory at Stillwater Mining Company, and certain inventory in process at Western Platinum

Proprietary Limited.

During the preparation of the financial statements for the year ended 31 December 2024, Sibanye-Stillwater further identified control

deficiencies in the Southern African region relating to the management of user access in the Company's Information Technology General

Controls (ITGC) environment, and controls relying on these related systems, which in the aggregate, constituted a material weakness as of

31 December 2024. These deficiencies specifically relate to insufficient monitoring of user access controls that restrict user and privileged

access to key Information Technology (IT) applications within the ERP system, business supporting systems and related data to appropriate

company personnel, as well as insufficient monitoring of access management to the Active Directory network layer that provides centralised

authentication and authorisation of users to the environment.

Management initiated remedial measures to further enhance its processes and controls over financial reporting and actively engaged to

formulate a comprehensive plan for remediation of the material weaknesses as discussed in Item 15 Controls and Procedures. For the

financial year ended 31 December 2025, Sibanye-Stillwater successfully implemented these remedial plans and, following sufficient time for

testing and evaluation, concluded that the controls are now designed, implemented, and operating effectively to provide reasonable

assurance that a material misstatement to the consolidated financial statements would be prevented, or detected and corrected. As a

result, the previously identified material weaknesses have been remediated in the 2025 financial year. Management will continue to monitor

the effectiveness of these remedial measures in future assessments and will make any necessary changes to maintain internal control over

financial reporting.

There can be no assurance, however, that the measures Sibanye-Stillwater has taken to date, and actions it may take in the future, will be

sufficient to prevent or avoid potential future material weaknesses. Furthermore, the integration of acquired businesses may present

particular challenges in extending the Company's system of internal control over financial reporting to new operations, which may operate

in unfamiliar regulatory environments or utilise different systems and processes. See – *Acquisitions, business combinations, development* 

*projects and joint ventures may expose Sibanye-Stillwater to new or increased regulatory oversight, compliance requirements and* 

*operational risks, including in geographies in which it is unfamiliar*. If Sibanye-Stillwater is unable to successfully design, implement, and test

effective internal controls over financial reporting for newly acquired businesses, in addition to maintaining controls across its existing

operations, it may be unable to conclude that the Group's controls are effective. In addition, current controls and any new controls that

Sibanye-Stillwater develops may become inadequate because of changes in conditions in its business.

***Sibanye-Stillwater's mining rights are subject to legislation, which could impose significant costs and burdens and which impose certain*** 

***ownership requirements, the interpretation of which may be the subject of dispute***

Sibanye-Stillwater's right to own and exploit mineral deposits is governed by the laws and regulations of the jurisdictions in which the mineral

properties are located. Sibanye-Stillwater's mineral resources and mineral reserves are located in countries where mining rights could be

suspended or cancelled should it breach its obligations in respect of the acquisition and exercise of these rights.

In all of the countries where Sibanye-Stillwater operates, the formulation or implementation of governmental policies on certain issues may

be unpredictable. This may include changes in laws relating to mineral rights and ownership of mining assets and the right to prospect and

mine, variation of conditions, and, in extreme cases, nationalisation, expropriation or nullification of existing rights, concessions, licences,

permits, agreements and contracts.

Sibanye-Stillwater's operations in South Africa are subject to legislation regulating the exploitation of mineral resources through the granting

of rights required to prospect and mine for minerals, which includes the Mineral and Petroleum Resources Development Act, 2002 (MPRDA)

as well as Broad-Based Socio-Economic Empowerment Charter contemplated in section 100(2)(1) of the MPRDA, a voluntary code designed

to effect the entry and participation of historically disadvantaged South Africans (HDSAs) into the mining industry and increase their

participation in the South African economy.

The MPRDA also requires, among other things, that mining companies submit SLPs to the DMPR, which set out their commitments relating to

human resource development, labour planning and local economic development. In addition to significant reputational damage,

companies that fail to comply with such commitments may be sanctioned, required to undertake remedial action and ultimately, may have

their mining rights suspended or cancelled.

There is no guarantee that any steps Sibanye-Stillwater has already taken or might take in the future will ensure the retention of its existing

mining rights, the successful renewal of its existing mining rights, the granting of applications for new mining rights or that the terms of

renewals of its mining rights would not be significantly less favourable than the terms of its current mining rights. For example, in March 2021,

Sibanye-Stillwater submitted an application for a mining right at Akanani prior to expiry of its converted prospecting right. However, the

DMPR (then DMRE) granted a prospecting right to a third-party applicant based on what Sibanye-Stillwater believes is an incorrect

interpretation of the prevailing legislation and case law. In 2023, Sibanye-Stillwater referred the dispute to the High Court for review, however,

the outcome of the dispute remains uncertain. Failure by Sibanye-Stillwater to comply with mineral rights legislation or to renew mining leases

in any of the jurisdictions in which it operates may cause it to lose the right to mine, fail to acquire new rights to mine and may have a

material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

In addition, South Africa's changing black economic empowerment (BEE) policies may adversely affect Sibanye-Stillwater's mining rights

and its ability to conduct operations. Under section 47 of the MPRDA, the DMPR Minister may suspend or cancel the existing mining rights or,

under section 23(3) of the MPRDA, refuse to grant applications for new mining rights by mining companies, including Sibanye-Stillwater,

should such holders of mining rights be deemed not to be in compliance with the requirements of the MPRDA as read with South Africa's

mining industry empowerment requirements*.* See *– Environmental and Regulatory Matters – South Africa – Mining Rights*. If the DMPR Minister

were to determine that Sibanye-Stillwater is not in compliance with the requirements of the MPRDA, for any reason, including HDSA

ownership requirements, Sibanye-Stillwater may challenge such a decision in court which may be costly and unsuccessful or may be

required to engage in remedial steps, including changes to management and actions that require shareholder approval.

Furthermore, on 20 May 2025, the DMPR Minister published the draft Mineral Resources Development Bill, 2025 (2025 Bill), which seeks to

amend the MPRDA. The proposed amendments would introduce new restrictions, compliance obligations and penalties for mining

companies. Key provisions include a requirement for ministerial consent for the transfer of a prospecting or mining right, however, effective

ownership could potentially be transferred without ministerial approval by a sale of shares in the right holder. The 2025 Bill would also establish

a two-year transitional period for owners of historic residue stockpiles and residue deposits located outside of their mining areas to apply for

mining rights over such deposits, failing which custodianship would revert to the State with the risk of rights subsequently being granted to

third parties. The 2025 Bill further proposes to grant the Minister authority to make regulations relating to the promotion of transformative

broad-based black economic empowerment (B-BBEE) ownership requirements by amending section 107 of the MPRDA, which could create

uncertainty around future compliance obligations. The 2025 Bill also introduces enhanced sanctions, with various offences attracting fines of

up to 10% of the right holder's annual turnover in South Africa and its exports during the preceding financial year. If enacted in its current

form, the 2025 Bill could impose significant additional costs and compliance burdens on Sibanye-Stillwater and could adversely affect its

business, operating results and financial condition.

***Title to Sibanye-Stillwater's properties may be subject to challenge***

Certain of Sibanye-Stillwater's properties may be subject to the rights or the asserted rights of various occupants or claimants to land under

restitution and other legislation, which could have an impact on Sibanye-Stillwater's ability to develop or operate its mining interests. For

example, in South Africa, the Extension of Security of Tenure Act (1997), the Restitution of Land Rights Act (1994) and the Prevention of Illegal

Eviction from and Unlawful Occupation of Land Act (1998) and the Labour Tenants Act (1996) protect various rights to claim and/or occupy

land, provided certain conditions and requirements are met. Such legislation is complex and sets out the requirements as to how landowners

are to deal with certain rights. There is no assurance that Sibanye-Stillwater will be able to successfully predict when these landowner rights

will be challenged, which could therefore negatively affect the business results of new or existing projects. Where consultation with

occupants or claimants to land is statutorily or otherwise mandated, disputes may lead to reduced access to properties, delays in

operations or financial loss and such disputes may be time-consuming and costly to resolve. For example, in 2018, Sibanye-Stillwater lodged

an eviction application against certain former contractors of Aquarius Platinum Limited (Aquarius), who remained on the premises following

a protracted labour dispute with Aquarius. Sibanye-Stillwater was initially unsuccessful in the Land Claims Court, and in 2018, the South

African Supreme Court of Appeals ruled that termination notices under Section 8 of Extension of Security of Tenure Act, 1997 (ESTA) must be

served on the occupants. In 2022, Section 8 and Section 9 notices were served, and Sibanye-Stillwater launched an additional application in

the Land Claims Court which was heard in 2023. Although the application was successful in the first instance, the respondents were granted

leave to appeal. A proposed settlement was not accepted and the matter remains subject to further proceedings.

Title to Sibanye-Stillwater's properties, particularly undeveloped ones, may also be subject to challenge. Title review does not necessarily

preclude third parties from contesting ownership. Sibanye-Stillwater's US properties in Montana include a number of unpatented mining and

mill site claims. The validity of unpatented mining claims on public lands is often uncertain, and possessory rights of claimants may be subject

to challenge.

In addition, Sibanye-Stillwater pays annual maintenance fees and has obtained mineral title reports and legal opinions for some of the

unpatented mining claims or mill sites making up portions of its US properties, in accordance with applicable laws and what Sibanye-

Stillwater believes is standard industry practice. However, Sibanye-Stillwater cannot be certain that applicable laws will not be changed nor

that Sibanye-Stillwater's possessory rights to any of its unpatented claims may not be deemed defective and challenged.

As a result, any such legislation could change the cost of holding unpatented mining claims and could significantly affect Sibanye-

Stillwater's ability to develop ore reserves located on unpatented mining claims. All of the foregoing could adversely affect the economic

and financial viability of future mining operations at such mines.

***If Sibanye-Stillwater loses senior or regional management in any of its regions or is unable to hire and/or retain sufficient technically skilled*** 

***employees or sufficient historically disadvantaged persons (HDPs) representation in management positions in South Africa, or maintain*** 

***required board gender diversity, Sibanye-Stillwater's business may be materially adversely affected*** 

Sibanye-Stillwater's ability to operate or expand effectively depends largely on the experience, skills and performance of its senior and

regional management teams and technically skilled employees. However, the global mining industry, including Sibanye-Stillwater, continues

to experience a shortage of qualified management and technically skilled employees. In particular, Sibanye-Stillwater has historically

experienced shortages in technically skilled employees and high turnover at its United States PGM operations, which continued to affect

productivity and unit costs in 2025.

Additionally, in connection with the 2018 Mining Charter, mining companies are required to ensure sufficient HDPs participation in

management and core and critical skills, and failure to do so could result in fines, the loss or suspension of mining rights or other instructions

issued to Sibanye-Stillwater in terms of the MPRDA. See *– Sibanye-Stillwater's mining rights are subject to legislation, which could impose* 

*significant costs and burdens and which impose certain ownership requirements, the interpretation of which may be the subject of dispute*.

Sibanye-Stillwater is also legislatively required to take proactive steps to achieve an equitable representation of HDPs at all occupational

levels and to report on the extent to which its plan is being achieved. If Sibanye-Stillwater is unable to hire or retain appropriate

management and technically skilled personnel or is unable to obtain sufficient HDP representation in management positions, or if there are

not sufficient succession plans in place, this could have a material adverse effect on Sibanye-Stillwater's business, result in the imposition of

fines and have a negative effect on production levels, operating results and financial position.

Further, Sibanye-Stillwater is required to comply with sectoral employment equity targets set by the South African Minister of Employment and

Labour in terms of the Employment Equity Amendment Act, 2022 (Act No. 4 of 2022) (EEAA), which came into effect on 1 January 2025. From

1 September 2025, designated employers operating in the mining sector, including Sibanye-Stillwater, have been required to implement a 5-

year employment equity plan to meet specific sectoral targets for designated groups, including targets for representation of historically

disadvantaged racial groups, women and persons with disabilities across different levels of the organisation. The inability to hire and/or retain

suitably qualified persons from designated groups may affect Sibanye-Stillwater's efforts in achieving sectoral targets, and failure to comply

with these targets could result in Sibanye-Stillwater being fined or denied a compliance certificate under the EEAA.

In addition, the JSE Listings Requirements mandate that listed companies have a broad diversity policy focused on the promotion of various

diversity attributes including gender diversity and report on gender representation to their stakeholders. Similarly, the MPRDA requires that at

least 20% of Board members are women. There can be no assurance that Sibanye-Stillwater will be able to recruit, attract and/or retain

qualified members of its Board and satisfy gender and diversity requirements under the JSE Listings Requirements, the MPRDA, the EEAA or

any other law that may become applicable to the Company, which may expose Sibanye-Stillwater to financial penalties and adversely

affect its reputation.

***Sibanye-Stillwater is subject to risks associated with litigation and regulatory proceedings***

As with most large corporations, Sibanye-Stillwater is, from time to time, involved as a party in litigation, arbitration, regulatory proceedings

and other disputes. Litigation, arbitration, regulatory proceedings and other types of disputes involve inherent uncertainties and, as a result,

Sibanye-Stillwater faces risks associated with adverse judgments or outcomes in such cases. In any such dispute, even where Sibanye-

Stillwater may ultimately prevail on the merits, Sibanye-Stillwater may expend significant costs and management time defending its rights,

lose certain rights or benefits during the pendency of any such litigation, arbitration, regulatory proceeding or other dispute, or suffer

negative publicity or reputational damage as a result of its involvement. For example, proceedings commenced by Appian Capital Advisory

(Appian) in May 2022 in the High Court of England & Wales relating to the termination of a proposed acquisition resulted in a ruling in favour

of Appian in October 2024, with Sibanye-Stillwater and Appian ultimately entering into a settlement agreement in November 2025. See –

*Annual Financial Report – Consolidated financial statements – Notes to the consolidated financial statements – Note 29.2: Other provisions*.

Sibanye-Stillwater is currently engaged in a number of legal and regulatory proceedings, the outcome of which remains uncertain. There

can be no assurance as to the outcome of any litigation, arbitration, regulatory proceeding or other dispute, and the adverse determination

of material litigation could have a materially adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Sibanye-Stillwater's financial flexibility could be constrained by South African Exchange Control Regulations***

South Africa's Exchange Control Regulations restrict the export of capital from South Africa. Transactions between South African residents

(including companies) and non-residents (excluding residents of the Republic of Namibia and the Kingdoms of Lesotho and Eswatini, known

collectively as the Common Monetary Area (CMA)) are subject to exchange controls enforced by the South African Reserve Bank (SARB).

While South African exchange controls have been relaxed in recent years, South African companies remain subject to restrictions on their

ability to deploy capital outside of the CMA. As a result, Sibanye-Stillwater's ability to raise and deploy capital outside the CMA is restricted.

These restrictions could hinder Sibanye-Stillwater's financial and strategic flexibility, particularly its ability to borrow funds from non-South

African sources, including the repayment of such borrowings and, in some cases, its ability to guarantee the obligations of subsidiaries. These

restrictions may affect the manner in which Sibanye-Stillwater finances its transactions outside South Africa and the geographic distribution

of its debt.

***Social, political and economic uncertainty and instability in Zimbabwe and targeted sanctions against certain Zimbabwean entities may*** 

***affect future foreign investment in the country*** 

One of Sibanye-Stillwater's joint ventures, Mimosa, is a shallow underground PGM and base metal mining and processing operation located

in Zimbabwe. The joint venture is held by Sibanye-Stillwater and Impala Platinum Holding Limited (Implats) on a 50:50 basis. Zimbabwe's

social, political and economic climate is currently highly uncertain, and the economy has been subject to significant volatility for many

years.

Zimbabwe as well as certain Zimbabwean nationals, have also been the subject of targeted sanctions by the United States, EU and the

United Kingdom. The sanctions are limited in scope, targeting only designated individuals and entities, including certain members of the

government, who are deemed to be undermining democratic institutions and processes in Zimbabwe.

Under the Minerals Marketing Corporation Act, 1983 (MMCZ Act), the Mineral Marketing Corporation of Zimbabwe (MMCZ) is the sole legal

exporter of all minerals mined in Zimbabwe and is entitled to a commission in relation to all sales, as an agent to the mining companies,

which is stipulated by the MMCZ Act. There is no requirement, legal or otherwise, for MMCZ to be involved in Mimosa's operations or

management, and Sibanye-Stillwater has no contractual or other relationship with MMCZ outside of the MMCZ Act requirements. Mimosa

received an exemption from having to comply with the MMCZ Act from 4 August 2021, and in 2024, the MMCZ provided Mimosa notice of its

intention to revoke such exemption. The exemption itself has not yet been formally revoked. However, following the removal of MMCZ from

the United States Office of Foreign Assets Control (US OFAC) sanctions list in 2024, and the subsequent confirmation by Mimosa's principal

bankers that transacting with MMCZ since its removal from the sanctions list would not expose Mimosa to US OFAC penalties, MMCZ

requested that Mimosa resume settlement of export commissions to MMCZ's bank accounts. This process resumed accordingly in July 2025.

While any commissions paid are not currently expected to be material, there can be no guarantee that this will be the case in future, or that

other requirements will not be imposed with respect to the MMCZ Act.

In 2020, the Zimbabwean Government introduced a 5% export tax on semi-processed platinum group metal concentrates to provide an

incentive for the development of processing facilities in Zimbabwe. The tax was deferred until 1 January 2025, at which point it became

legally effective. Mimosa sought a further deferment and was granted a concessionary rate of 3% on the value of platinum in concentrate

exported from 1 January 2025 to 31 December 2025, which has subsequently been extended to apply from 1 January 2026 to 31 December

2027. Moreover, Mimosa has entered into a local toll smelting arrangement to produce PGM-enriched matte for export. Current legislation

prescribes a 2.5% export tax on PGM-enriched matte, though the Zimbabwe Revenue Authority is not currently collecting this tax whilst

negotiations are underway for the export tax on PGM-enriched matte to be deferred or waived. There is uncertainty as to whether the

Zimbabwean Government will continue to defer or waive the 2.5% export tax on PGM-enriched matte, and if such deferral or waiver is not

granted, the enforcement of the full statutory export tax rate may have a material adverse effect on Mimosa's business. In addition, the

Finance Act No. 7 of 2025 includes a provision indicating that the export tax on PGM concentrates will increase to 10%, although this

increase is not expected to apply to Mimosa until after 31 December 2027*.*** 

Further, the Zimbabwean Government also introduced a 7% royalty on platinum, which the members of the Platinum Producers Group have

appealed to reduce to around 3%, with the royalty reviewed in line with movements in platinum prices, up to a maximum of 5%. It is

uncertain if the Zimbabwe Government will grant the requested reduction in the royalty rate, and if not granted, the combination of export

taxes and the 7% platinum royalty may adversely impact the financial viability of projects in Zimbabwe.

Continued economic and political uncertainty in Zimbabwe and targeted sanctions against certain Zimbabwean entities may affect future

foreign investment in the country and may lead to the imposition of further exchange controls, restrictions on the ownership of Sibanye-

Stillwater's assets and its ability to raise funds for or operate its business and export minerals and metals from Zimbabwe. Should such events

occur, they may have an adverse effect on Sibanye-Stillwater's business and operations in Zimbabwe as well as its financial condition.

**Risks Related to Production Delivery from Operations**

***Energy shortages, load curtailment (including the risk of a total blackout) and usage constraints may force Sibanye-Stillwater to reduce or*** 

***halt operations*** 

In recent years, major geopolitical events have significantly impacted the availability of energy sources globally. As a result of the ongoing

war in Ukraine, embargoes were placed on Russian gas and European countries sought to reduce their reliance on Russian energy supplies.

In addition, conflict in the Middle East, including in the context of recent developments in Iran, has led to severe disruption to global energy

supply chains. See – *Actual and potential supply chain shortages and increases in the prices of production inputs may have a material* 

*adverse effect on Sibanye-Stillwater's operations and profits*. This has, in turn, led to increased volatility in global energy costs across oil and

gas, increased commodity prices and demand for renewable energy components and, in certain jurisdictions, risk of energy supply

constraints. While Sibanye-Stillwater has implemented alternative and emergency power supplies, there is no guarantee they will be

sufficient to prevent material production losses in the future.

In South Africa, Sibanye-Stillwater's operations depend on electrical power generated by the South African state utility, Eskom, which

generates and supplies the bulk of electricity in the South African market. Electricity supply in South Africa has been constrained over the

past decade as a result of various factors, including poor management, adverse weather events, civil unrest, continued poor generation

performance and reliability, diesel shortages and the slow connection of new generation capacity and regulatory hurdles in relation to the

generation of electricity by independent power producers. These supply constraints have led to the emergency reduction of national

electricity demand through the implementation of load shedding and load curtailment.

Under load curtailment, Sibanye-Stillwater's South African operations are required to reduce power demand which can result in production

losses. In 2023, the levels and duration of load curtailments hit record highs, affecting approximately 1.4% of total production output at

Sibanye-Stillwater's South African PGM operations. While the situation improved significantly in 2024, achieving more than 275 consecutive

days without load shedding, and continued to improve in 2025, with only 63 hours of load curtailment and no load shedding or curtailment

events since May 2025, there is no guarantee that such improvements can be maintained. In addition, while the Castle wind farm and

Springbok solar photovoltaic plant, which reached commercial operation in 2025, may partly reduce Sibanye-Stillwater's reliance on Eskom

and lessen exposure to future load curtailment, there can be no assurance that the energy produced from these renewable projects will be

sufficient to offset the impact of future curtailment requirements or that Sibanye-Stillwater will be able to comply with such requirements

without incurring material production losses.

Eskom's inability to fully meet the country's demand has led, and may continue to lead, to further load shedding, load curtailment, rolling

blackouts and possibly a total blackout due to a collapse of the grid. There is no assurance that Eskom's efforts to protect the national

electricity grid will prevent a partial or complete national blackout, which would have a material adverse effect on Sibanye-Stillwater's

business, operations, operating results and financial condition, including permanent loss or damage to mining infrastructure due to flooding.

In addition to supply constraints, severe weather events and labour unrest in South Africa has disrupted, and may in the future disrupt, the

supply of coal to power stations operated by Eskom or may incapacitate the power stations directly, resulting in curtailed supply. For

example, in November 2023, a heat wave across South Africa resulted in higher power station efficiency losses and higher national demand.

This, combined with unplanned power station outages, resulted in significant national load shedding and load curtailment at Sibanye-

Stillwater's SA operations. Eskom may also face regulatory enforcement action that may disrupt its supply of electricity. For example, in 2021,

Eskom received unfavourable decisions from the DFFE for multiple power generation facilities in response to its applications for the

postponement of air quality Minimum Emission Standards set out in terms of the Air Quality Act. If implemented, the decisions will result in

Eskom having to shut down 16,000MW of installed coal fired capacity. Eskom has appealed against the adverse decision and the issue

remains unresolved. Eskom subsequently received an exemption in March 2025 to continue operating several power stations outside of the

Minimum Emissions Standards through April 2030. In September 2025, Eskom launched review proceedings challenging the exemption's

conditions due to concerns that the compliance timeline poses a risk to security of supply. This exemption is also subject to separate legal

challenges by environmental and other non-profit organisations on the basis that it is too lenient. The outcome of these proceedings remains

uncertain and could result in further disruption to Eskom's electricity supply capacity. Energy shortages may also occur as a result of copper

cable theft (and other non-ferrous metals) at its SA operations. For example, theft of metal resulted in the collapse of a pylon in February

2022, which cut power supply to Sibanye-Stillwater's Cooke shafts. See also *– Theft of gold, PGM and production inputs, cable theft, as well* 

*as illegal mining, may occur on some of Sibanye-Stillwater's properties. These activities could disrupt Sibanye-Stillwater's business and can* 

*expose Sibanye-Stillwater to liability.*

In addition, power fluctuations and/or energy constraints leading to curtailment have occurred and do occur at Sibanye-Stillwater's

operations in Europe, the United States and Zimbabwe, which can cause operational outages, production losses and/or additional

production costs.

Further disruptions or constraints in electricity or other energy supply to Sibanye-Stillwater's operations could have a material adverse effect

on its business, operating results and financial condition.

***Economic, political or social factors affecting the regions where Sibanye-Stillwater operates may have a material adverse effect on Sibanye-***

***Stillwater's operations and profits***

Sibanye-Stillwater's principal operations are in southern Africa and the United States, with its domicile and a majority of its operations located

within South Africa. Changes to or increased instability in the economic, political or social environment in these regions, particularly in South

Africa or surrounding countries, could create uncertainty, which discourages investment in the region and may affect an investment in

Sibanye-Stillwater. In addition, socio-political instability and unrest may also disrupt Sibanye-Stillwater's business and operations, compromise

safety and security, increase costs, affect employee morale, impact Sibanye-Stillwater's ability to deliver on its operational plans, create

uncertainty regarding mining licences and cause reputational damage, any of which could have a material adverse effect on Sibanye-

Stillwater's business, operating results and financial condition. The impacts of such social factors may be more acute in the mining sector. For

example, in the context of increased inflation and unemployment, there has been a rise in attempts to use illegal methods, including

extortion, threats and force, to obtain lucrative procurement contracts. Furthermore, such social and economic factors, along with the

prevalence of organised crime in South Africa, has, and may continue to pose, significant safety risks to Sibanye-Stillwater personnel.

Civil unrest, high levels of unemployment, particularly among the youth, and a shortage of critical skills in South Africa, despite increased

government expenditure on education and training, remain issues and deterrents to foreign investment. The volatile and uncertain labour

environment, which severely impacts on the local economy and investor confidence, has also been a factor in the country's downgrade in

national credit ratings to non-investment grade, making investment more expensive and difficult to secure. See risk factors entitled *–* 

*Sibanye-Stillwater's operations and profits have been and may be adversely affected by labour unrest and union activity* and *– The* 

*continued status of South Africa's credit rating as non-investment grade may have an adverse effect on Sibanye-Stillwater's ability to secure* 

*financing or could result in any such financing being available only at greater cost.* This may restrict Sibanye-Stillwater's future access to

international financing and could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

A further source of potential economic and political instability in South Africa relates to the proposed nationalisation of the South African

Reserve Bank (SARB). The South African Reserve Bank Amendment Bill of 2018 (SARB Amendment Bill) proposes to nationalise the SARB by

making the state the sole shareholder of the SARB and empowering the Minister of Finance to appoint all directors of the SARB. This proposal

was announced by the President of South Africa in 2019 and public hearings were held in July 2025, though the SARB Amendment Bill

remains under consideration in the National Assembly and has not been enacted. The SARB's independence and mandate remain

constitutionally protected, with the Constitution of South Africa expressly obliging the SARB to perform its functions independently. Moreover,

the shareholders of the SARB do not influence the SARB's regulatory or supervisory decisions. However, despite these constitutional and

legislative protections, the nationalisation of the SARB could negatively impact investor perception of the SARB's independence and raise

concerns about potential political influence over monetary policy. Whilst state ownership of central banks is common globally, with most

central banks being wholly state-owned yet maintaining operational independence, any economic or political instability arising from a

nationalisation process or any deterioration in investor confidence may create complications relating to the movement of funds into or out

of South Africa and impact the general business environment in South Africa, including for companies such as Sibanye-Stillwater. Any such

negative impact on the South African economy may materially adversely affect Sibanye-Stillwater's business, operating results and financial

condition.

While the South African government has stated that it does not intend to nationalise mining assets or mining companies, certain political

parties favour a policy of nationalisation. See *– Sibanye-Stillwater's operations and financial condition could also be adversely affected by* 

*policies and legislation related to greater state intervention in the mining industry and potentially the expropriation of mining assets without* 

*compensation*. Any potential, or actual proceedings, to nationalise any of Sibanye-Stillwater's assets could halt or curtail operations,

resulting in a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition and could cause the value of

Sibanye-Stillwater's securities to decline rapidly and dramatically, possibly causing investors to lose the entirety of their respective

investments.

In addition, economic and political instability in regions outside jurisdictions where Sibanye-Stillwater operates, including in surrounding

countries or geopolitical events, such as the ongoing war in Ukraine and political instability and armed conflict in the Middle East, including

in the context of recent developments in Iran and more broadly in the Middle East region, may result in unavoidable uncertainties and

events that could negatively affect costs of business or availability of supplies, cause volatility in currency exchange rates, commodity

prices, interest rates and worldwide political, regulatory, economic or market conditions and contribute to instability in political institutions,

regulatory agencies and financial markets any of which could have a material adverse effect on Sibanye-Stillwater's business, operating

results and financial condition.

***Due to the mature infrastructure at Sibanye-Stillwater's mining operations, unplanned breakdowns, statutory mandated modifications and*** 

***stoppages may result in production delays, increased costs and industrial accidents***

Nearly all of Sibanye-Stillwater's operating shafts and processing plants across its operations are relatively mature. Maintaining this

infrastructure requires skilled people, capital allocation, management and regular, planned maintenance. Once a shaft, processing plant or

refinery has reached the end of its intended lifespan or needs modification to comply with the applicable regulatory standards and to

continue operating reliably, more than normal maintenance, care and remediation is required. In addition, the breakdown of certain critical

infrastructure and components, including as a result of operating errors, may temporarily halt production. Although Sibanye-Stillwater has

comprehensive inspection and maintenance strategies in place, incidents resulting in production delays, increased costs or industrial

accidents may occur. There is also a risk that delays in procuring critical spares for major repairs may result in disruptions to production. Such

incidents may have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Sibanye-Stillwater's operations and profits have been and may be adversely affected by labour unrest and union activity***

Sibanye-Stillwater's workforce is unionised across most of its operations, with a total of approximately 88% unionised employees (excluding

DRDGOLD, Keliber, Sandouville, Century, North Carolina site and Pennsylvania site operations) as of 31 December 2025. Organised labour

dynamics in the mining sector, particularly in South Africa, are volatile and uncertain and, as such, they have had, and may in the future

have, a material adverse impact on Sibanye-Stillwater's operations, production and financial performance. Union activity and labour unrest

in South Africa may result in industrial disputes and extended negotiations that have, along with other factors, negatively affected South

Africa's sovereign debt rating and subsequently the credit ratings of the country's leading mining companies. Sibanye-Stillwater has in the

past, and may in the future, experience strikes and work stoppages, including both protected and unprotected industrial action. Wage

disputes, and any resulting industrial actions, are difficult to control and can lead to significant disruptions at Sibanye-Stillwater's operations,

expose it to liability and materially and adversely affect its business, operating results and financial condition. In addition, rivalries between

unions, such as AMCU and NUM, may also destabilise labour relations in the mining sector. For example, in October 2023, sit-in protests were

initiated by workers affiliated with an unrecognised rival union at two gold mines in South Africa (neither of which was operated by Sibanye-

Stillwater) resulting in hundreds of workers remaining underground for several days. Although such incidents are not related to Sibanye-

Stillwater's normal operations, they may impact ongoing labour relations at Sibanye-Stillwater and in South Africa, in general.

In addition, Sibanye-Stillwater has in the past, and may in the future, undertake restructuring processes in response to, among other things,

the cost structure of an operation, commodity prices, currency exchange rates, operating shafts reaching their end-of-life, acquisitions, and/

or business combinations, which may result in the retrenchment of employees. Such restructurings may lead to labour unrest, reduced

production levels and reputational harm to Sibanye-Stillwater, which could have a material adverse effect on Sibanye-Stillwater's business,

operating results and financial condition. In addition, there is no guarantee that any such process will provide the cost savings or other

benefits anticipated by management whether due to labour unrest, reduced production or other factors.

In the United States, Sibanye-Stillwater's employees located at the US PGM operations, which include the Stillwater and East Boulder mines

and the Columbus metallurgical complex, are covered by two collective bargaining agreements with the United Steel Workers Local 11-001

(USW). Sibanye-Stillwater and the USW agreed to one-year contract extensions in June 2025. The Stillwater Mine and Columbus contract

expires on May 31, 2026, and the East Boulder Mine contract expires on July 31, 2026. Sibanye-Stillwater is subject to the risk of strikes and

other labour disputes at its US PGM operations, and its ability to alter labour costs is restricted by the fact that unionised employees are party

to collective bargaining agreements.

In the event that further industrial relations-related interruptions were to occur at any of Sibanye-Stillwater's operations, other mines'

operations or in other industries that impact its operations, or that increased employment-related costs were to occur due to union or

employee activity, such as wage negotiations, these may have a material adverse effect on its business, production levels, production

targets, results of operations, financial condition, reputation and future prospects. In addition, lower levels of mining activity can have a

longer-term impact on production levels and operating costs, which may affect operating life. Mining conditions can deteriorate during

extended periods without production and Sibanye-Stillwater will not recommence mining until health and safety conditions are considered

appropriate to do so.

***Actual and potential supply chain shortages and increases in the prices of production inputs may have a material adverse effect on*** 

***Sibanye-Stillwater's operations and profits***

Sibanye-Stillwater's results of operations may be affected by general cost increases due to the availability and pricing of critical spares, raw

materials and other essential production inputs, including, for example, gas, diesel, electricity, explosives, fuel, steel products, cyanide and

other reagents required at its mining and processing operations. The price and quality of raw materials may be substantially affected by

changes in global supply and demand, along with weather conditions, governmental controls and other relevant factors. In recent years,

global markets have been adversely impacted by various credit crises and significant fluctuations in fuel and energy costs and metals

prices, including as a result of the COVID-19 pandemic and due to significant fluctuations in commodity prices as a result of the

continuance of the war in Ukraine and the economic sanctions imposed on Russia in connection therewith. In addition, recent

developments in Iran, and conflict in the Middle East region more broadly, have resulted in an effective shutdown of the Strait of Hormuz,

through which a significant proportion of global oil and gas supplies transit, which has led to severe disruption to global energy supply

chains. Prolonged conflict in the region could lead to even more significant and sustained increases in oil and gas prices, heightened freight

and logistics costs, delays or interruptions in the delivery of critical mining equipment, consumables and spare parts, and increased costs of

existing and alternative supply arrangements. A sustained interruption in the supply of any materials essential to the Group's operations

could require Sibanye-Stillwater to find acceptable substitute suppliers and could require Sibanye-Stillwater to pay higher prices for such

materials. Sibanye-Stillwater may also be required to increase investments in critical spare inventory to compensate for increased delivery

lead times or potential unavailability of items, which may impact its working capital requirements.

The prices of certain of Sibanye-Stillwater's production inputs are impacted by, among other things, the prices of oil and steel, which may be

volatile. For example, in fiscal year 2025, the price of oil fluctuated between US$55 and US$79 (2024: US$65 and US$88) per barrel of Brent

Crude. As at 31 March 2026, the price of oil was US$101 per barrel of Brent Crude. Recent geopolitical developments, including the ongoing

conflict in the Middle East involving Iran, have contributed to increased volatility in crude oil prices and have affected fuel prices (including

petrol and diesel) in South Africa and globally. Such volatility may result in increased input costs and contribute to inflationary pressures on

Sibanye-Stillwater's production expenses. During fiscal 2025, the Group's South African operations also experienced price increases

exceeding inflation on imported spares, steel related products, ammonia-based products, fuel, oil and electricity.

Any significant increase in the prices of these materials will increase Sibanye-Stillwater's operating costs and affect production

considerations.

***Because Sibanye-Stillwater's operations are regionally concentrated, disruptions in these regions could have a material adverse impact on*** 

***the operations***

Sibanye-Stillwater's South African PGM operations (Marikana, Rustenburg, Kroondal and Platinum Mile) are located between the two towns

of Rustenburg and Brits and the majority of its gold mining operations are located in the north western and south western margins of the

Witwatersrand Basin in South Africa. While Sibanye-Stillwater has recently diversified its operations into a number of additional new

jurisdictions beyond its first international expansion into the United States, including Finland and Australia, and into new metals, this

diversification has only reduced its reliance on South African gold and PGM production to a limited extent. As a result, any adverse

economic, political or social conditions affecting these regions or surrounding regions, as well as natural disasters or coordinated strikes or

other work stoppages, could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Contagious diseases, including global pandemics, pose risks to Sibanye-Stillwater in terms of lost productivity and increased costs***

Sibanye-Stillwater's operations have been and may in future be impacted by the spread of contagious diseases and global pandemics

(such as COVID-19). Employee or contractor absences due to such illnesses have in the past, and may in the future, lead to labour shortages

or disruptions to Sibanye-Stillwater's production (including potential temporary cessation) and increased operational costs. In addition, a

pandemic or the fear thereof could adversely affect global economies and financial markets, resulting in volatility or an economic

downturn, which may in turn impact global metals prices and the Group's ability to raise sufficient capital to finance ongoing projects. Any

actions taken by governments or regulators in response to such outbreaks, including travel-related restrictions, could result in the inability of

Sibanye-Stillwater's suppliers to deliver components or raw materials on a timely basis and may limit or prevent Sibanye-Stillwater's

management and employees and other important third-parties from travelling to, or visiting, Sibanye-Stillwater's operations.

The spread of contagious diseases such as respiratory diseases may be exacerbated by communal housing and close quarters. The spread

of such diseases could impact employees' productivity, treatment costs and, therefore, operational costs, which may in turn have a material

adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Sibanye-Stillwater's mineral reserves and mineral resources are estimates at a specific point in time, based on a number of technical and*** 

***economic assumptions, which, if changed, may require Sibanye-Stillwater to lower the estimated mineral reserves and mineral resources*** 

***and may not be replaced as depleted*** 

The mineral reserves and mineral resources of Sibanye-Stillwater are estimates based on assumptions regarding, among other things,

Sibanye-Stillwater's costs, expenditures, commodity prices, currency exchange rates, metallurgical and mining recovery assumptions, which

may prove inaccurate due to a number of factors, many of which are beyond its control. Mineral reserves are classified as proved or

probable, to reflect the level of confidence in both the underlying techno-economic and mineral resources. The mineral resource estimates

that feed into the mineral reserves depend on statistical inferences and structural modelling, drawn from drilling information and face

samples, which may prove to be inaccurate, unreliable or unrepresentative due to the inherent variability and complexity of an orebody.

Although mineral resource classifications take cognisance of the inherent uncertainty, sometimes unexpected geologic conditions, such as

faulting, dykes, "potholes" or poor ground conditions can be encountered as mining proceeds. The effect of these can result in mining area

losses, increased costs and additional dilution of ore grade during mining operations. In the event that Sibanye-Stillwater adversely revises

any of the techno-economic assumptions that underlie its mineral reserves, this may result in a revision of mining plans and/or mineral

reserves.

In addition, commodity price assumptions, including the market price for gold, PGMs, nickel, zinc and lithium, are subject to considerable

uncertainty. Declines in the market prices of such metals may render mineral reserves and mineral resources containing relatively lower

grades of mineralisation uneconomic to exploit, and Sibanye-Stillwater may be required to reduce mineral reserve and mineral resource

estimates, discontinue development at one or more of its properties or write down assets as impaired. In addition, Sibanye-Stillwater may

pursue acquisitions or enter into joint ventures to replace its mineral resources and mineral reserves at its operations or expand its mineral

reserve and mineral resource base; however, there can be no assurance that such efforts will be successful. See – *Sibanye-Stillwater's growth* 

*strategy may not deliver anticipated outcomes in the timeframe anticipated or at all*.

Any downward revision or failure to replace mineral reserves and mineral resources may lead to an impairment or write down of assets,

which could have a material adverse effect on its business, operating results, life of operations and financial condition.

**Risks Related to Earnings Delivery**

***Changes in the market price for gold, silver, PGMs, zinc and lithium and related by-products may affect the profitability of Sibanye-***

***Stillwater's major capital projects, recycling, mining and refining operations and the cash flows generated by those operations***

Sibanye-Stillwater's revenue from its mining and other operations is primarily derived from the sale of the commodities that it produces. As a

result, it is generally exposed to changes in the gold and PGM prices, which could lead to reduced revenue should the gold or PGM basket

price decline. For example, during the year ended 31 December 2025, the gold price fluctuated between US$2,624/oz and US$4,532/oz, the

platinum price fluctuated between US$894/oz and US$2,535/oz, the palladium price fluctuated between US$866/oz and US$2,024/oz and

the rhodium price fluctuated between US$4,575/oz and US$9,175/oz. Sibanye-Stillwater has in the past, and may in the future, utilise

commodity derivative or other hedging products, including to protect cash flows at times of significant capital expenditure, financing

projects or to safeguard the viability of higher cost operations. In its US Recycling operations, Sibanye-Stillwater regularly enters into fixed

forward sales contracts for metal produced from the processing of precious metal-bearing waste and spent autocatalyst recycling, normally

making these commitments at the time the precious metal-bearing waste material is purchased to achieve price matching between

process feedstock and product. For Sibanye-Stillwater's fixed forward sales related to recycling, Sibanye-Stillwater is subject to the

customers' compliance with the terms of the agreements, their ability to terminate or suspend the agreements and their willingness and

ability to pay. There can be no assurance that the use of such commodity derivative or other hedging products will result in outcomes that

are favourable to Sibanye-Stillwater. For example, hedging instruments may fail to prevent losses from being realised in the event of

subsequent decreases in commodity prices or, conversely, may limit the ability of Sibanye-Stillwater to benefit from subsequent increases in

commodity prices. As a result, Sibanye-Stillwater may not realise the anticipated benefits of hedging instruments, and in the absence of such

benefits, there could be a material adverse effect on Sibanye-Stillwater's financial performance.

The market price for gold has historically been volatile and is affected by numerous factors over which Sibanye-Stillwater has no control,

such as general supply and demand, speculative trading activity and global macro-economic drivers. For example, gold has historically

been used as a hedge against unstable or lower economic performance, thus improved economic performance, particularly in the United

States, may have a negative impact on the price for gold. In recent periods, trading in gold has been volatile amid global political, social

and economic uncertainties, and the metal has traded at or near record levels, reaching all-time highs above U.S. $5,000 in the first quarter

of 2026. However, there can be no guarantee that elevated price levels will be sustained, and, if gold prices were to decrease from

currently elevated levels, Sibanye-Stillwater may be exposed to additional risks, including the risk that certain mineral reserves or mineral

resources may no longer be considered economically viable. See – *Depressed or volatile commodity prices may impact Sibanye-Stillwater's* 

*ability to implement its business strategy, fund capital expenditures and obtain financing*.

The market price for PGMs has been similarly volatile, and in recent years, has declined precipitously primarily as a result of global

macroeconomic conditions. As of 31 December 2025, the prices of gold, platinum, palladium and rhodium prices were US$4,343/oz,

US$2,054/oz, US$1,796/oz and US$8,050/oz, respectively.

Should the gold or PGM price decline below Sibanye-Stillwater's production costs, it may experience losses and, should this situation persist

for an extended period, Sibanye-Stillwater may be forced to curtail or suspend some or all of its projects, operations and/or reduce

operational capital expenditures. For example, in 2024, Sibanye-Stillwater completed a Section 189A of the Labour Relations Act, 1995 (LRA)

restructuring process (189A process) at four shafts of the South African PGM operations, partly attributable to a decline in PGM prices making

two of the shafts unprofitable, and two others reaching end of life. Additionally in November 2024, Sibanye-Stillwater completed a

restructuring in Montana which resulted in placing Stillwater West on care and maintenance, following a sustained decline in PGM prices, as

a result of which output is expected to decrease at the US PGM operations, in order to phase expansion capital over the next two to three

years. Sibanye-Stillwater might not be able to recover any losses incurred during, or after, such events.

A sustained period of significant gold or PGM price volatility may also adversely affect Sibanye-Stillwater's ability to undertake new capital

projects or to make other long-term strategic decisions. In addition, a sustained period of elevated gold prices may present additional risks

to Sibanye-Stillwater. Also see *– Depressed or volatile commodity prices may impact Sibanye-Stillwater's ability to implement its business* 

*strategy, fund capital expenditures and obtain financing*.

In addition, changes in supply and demand drivers for PGMs may cause the prices of PGMs to fall over the short or long-term. For example,

PGM prices are linked to demand for catalytic converters in combustion engine and hybrid automobiles, among other things. Beginning in

2022, continued macroeconomic uncertainty, together with persistent inflation and higher interest rates, led to decreased consumer

demand for new vehicles, with vehicles remaining in service for extended periods and fewer vehicles being scrapped. Such decreased

demand contributed to a continued decline in PGM prices through 2024. Although PGM prices showed signs of recovery in 2025, PGM prices

remain sensitive to multiple factors, including global economic conditions that impact automotive, industrial and investment demand, as

well as fluctuations in both primary and secondary supply. Any economic downturn or other event that reduces the sale of automobiles will

also likely impact the price of PGMs. In addition, high PGM prices may cause demand destruction, which would cause the price of such

PGMs to fall. In addition, the increase in the number of electric cars has, and may further in future, reduce the price for PGMs by reducing

demand for catalytic converters (which require PGMs) used in gasoline and diesel powered vehicles.

Sibanye-Stillwater is also impacted by fluctuations in other core metals and by-products. For example, in recent years the market prices for

nickel, zinc, silver and lithium have fluctuated widely. During the year ended 31 December 2025, the price of zinc, silver, chrome and lithium

hydroxide monohydrate fluctuated between US$2,562/tonne and US$3,211/tonne, US$28/tonne and US$79/tonne, US$200/oz and US$295/oz,

and US$8,144/tonne and US$14,866/tonne, respectively. Such fluctuations may affect the profitability of the Group's operations and the

viability of its major capital investment projects. For example, a decrease in the long-term forecast lithium hydroxide price contributed to an

impairment on the Keliber lithium project at 30 June 2025 and at 31 December 2025. The persistently low lithium hydroxide price has resulted

in a staged start-up for operations at Keliber in 2026, which consists of first initiating ore mining, followed by the concentrator start-up, in order

to minimise losses.

Any of the above could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Because gold and PGMs are generally sold in US dollars, while the majority of Sibanye-Stillwater's gold production and a substantial amount*** 

***of Sibanye-Stillwater's PGM production costs are denominated in rand, Sibanye-Stillwater's operating results and financial condition will be*** 

***materially affected if there is a material change in the value of the rand***

Gold and PGMs are principally sold throughout the world in US dollars, but Sibanye-Stillwater's costs of production at its operations in South

Africa are primarily incurred in rand. Recent volatility in the rand has made Sibanye-Stillwater's costs and operating results less predictable

than when currency exchange rates are more stable. Throughout 2023, the rand weakened against the dollar, falling to a yearly average

exchange rate of R18.46 for the year ended 31 December 2023. For the year ended 31 December 2024, the rand recovered marginally to a

yearly average exchange rate of R18.32/US$. For the year ended 31 December 2025, the rand strengthened further to a yearly average

exchange rate of R17.88/US$. See *– The continued status of South Africa's credit rating as non-investment grade may have an adverse* 

*effect on Sibanye-Stillwater's ability to secure financing or could result in any such financing being available only at greater cost*. Any

significant appreciation of the rand against the US dollar would increase Sibanye-Stillwater's operating costs in US dollar terms, and reduce

revenue in rand terms, which could materially adversely affect its operating results and financial condition from the South African operations.

Conversely, a weakening of the rand may result in higher inflation in South Africa, which would increase the prices Sibanye-Stillwater pays for

products and services. In light of these factors and the likely impact on cash flow, management regularly re-evaluates its current growth

capital expenditure plans, and from time to time, Sibanye-Stillwater utilises currency hedges to protect cash flows.

Certain projects may be deferred or placed on care and maintenance until confidence that commodity prices and/or currency exchange

rate volatility supports the financial viability of the project. Should a strong rand/US dollar exchange rate persist without a corresponding gain

in commodity prices, Sibanye-Stillwater may consider adjusting mine plans, reducing capital expenditure or selling assets and, if necessary,

options to increase funding flexibility. Also see *– Sibanye-Stillwater has a large amount of indebtedness. Failure to comply with its debt* 

*covenants or difficulties in obtaining necessary financing could have a material adverse effect on its business, operating results and financial* 

*condition*. All of the above could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Sibanye-Stillwater has a large amount of indebtedness. Failure to comply with its debt covenants or difficulties in obtaining necessary*** 

***financing could have a material adverse effect on its business, operating results and financial condition***

As at 31 December 2025, Sibanye-Stillwater had R39.3 billion (US$2.4 billion) principal amount of indebtedness outstanding (excluding the

Burnstone Debt), in addition to committed undrawn debt facilities of R21.2 billion (US$1.3 billion). Sibanye-Stillwater's borrowings and credit

facilities contain financial and/or other covenants and restrictions. Such covenants may include restrictions on Sibanye-Stillwater incurring

additional financial indebtedness and obligations to maintain certain financial covenant ratios for as long as any amount is outstanding

under such facilities. Specifically, Sibanye-Stillwater's borrowing facilities generally permit a maximum leverage ratio (net cash/debt to

adjusted EBITDA) of 2.5:1, calculated on a quarterly basis, although this ratio was temporarily relaxed to 3.5:1 until 30 June 2025, and 3.0:1

until 31 December 2025. The lower commodity prices which prevailed in 2024, following the significant decline in commodity prices over the

course of 2023 coupled with operational and production challenges, resulted in a deterioration of the leverage ratio from a net debt to

adjusted EBITDA ratio of 0.58:1 as at 31 December 2023 to a net debt to adjusted EBITDA ratio of 1.79:1 at 31 December 2024, which

improved to a net debt to adjusted EBITDA ratio of 0.59:1 as at 31 December 2025 following an increase in commodity prices during the

second half of 2025. Sibanye-Stillwater's overall liquidity position, including its ability to maintain its leverage ratio, may be impacted, among

other factors, by a further decline in commodity prices, prolonged period at current depressed prices or a decline in production, including

as a result of industrial action, shaft incidents, natural events and other operational incidents that constrain production at Sibanye-Stillwater's

operations. See *– Depressed or volatile commodity prices may impact Sibanye-Stillwater's ability to implement its business strategy, fund* 

*necessary and strategic capital expenditures and obtain financing and – Sibanye-Stillwater's operations and profits have been and may be* 

*adversely affected by labour unrest and union activity*.

Sibanye-Stillwater intends to incur additional indebtedness to develop its projects in furtherance of its strategy. In addition to targeted

borrowings to fund its strategy, in the near-term, Sibanye-Stillwater expects to manage its liquidity needs from cash generated by its

operations, cash on hand, the committed and unutilised debt facilities, as well as additional funding mechanisms. Sibanye-Stillwater, if

necessary, in order to manage its covenants, may also consider additional options to increase funding flexibility which may include, among

others, streaming facilities, prepayment facilities, facility restructuring, or in the event that other options are not deemed preferable by the

Board, an equity capital raise. However, there can be no assurance that funding will be available to Sibanye-Stillwater on acceptable terms,

if at all, and that any of the measures which Sibanye-Stillwater may undertake to increase liquidity or actively manage its covenants would

be successful.

If Sibanye-Stillwater's cost of debt were to increase or if it were to encounter other difficulties in obtaining financing, its sources of funding

may not match its financing needs, which could have a material adverse effect on Sibanye-Stillwater's strategy, business, operating results

and financial condition.

***Depressed or volatile commodity prices may impact Sibanye-Stillwater's ability to implement its business strategy, fund capital expenditures*** 

***and obtain financing*** 

Commodity prices significantly influence the Group's revenue, profitability, access to capital and future rate of growth. Lower commodity

prices may reduce Sibanye-Stillwater's cash flows and borrowing ability and make it more difficult to execute its business strategy, including

capital intensive projects, resource optimisation and organic growth initiatives, as well as its ability to execute and achieve sustainability

plans and targets. For example, between 2023 and 2024, continued macroeconomic uncertainty, together with continued inflation and

higher interest rates, led to a marked decline in PGM prices. As a result of this decline in PGM prices, certain shafts of Sibanye-Stillwater's

South African and United States PGM operations became unprofitable and the Group completed targeted restructuring consultations in

respect of such operations. Although PGM prices have shown improvement in the short-term, supported by increased demand and supply

constraints resulting from reduced production capacity, there can be no assurance that this recovery will be sustained or that prices will

continue to improve. A continued decline in PGM or other commodity prices impacting the Group's revenue may cause the Group to

suspend or further restructure certain of its operations, reduce capital expenditure and materially impact its profitability and ability to

execute its strategy.

Reduced or volatile commodity prices, or prolonged depressed commodity market conditions, may also make it harder for Sibanye-

Stillwater to allocate capital or obtain financing on satisfactory terms, which could impact its ability to develop future reserves and lead to a

decline in Sibanye-Stillwater's earnings potential. Lower long term commodity prices may also impact the economic viability of Sibanye-

Stillwater's mineral reserves, resulting in a reclassification or reduction in proven reserves and/or resources at affected operations. Moreover,

a sustained period of elevated gold prices may present risks to Sibanye-Stillwater. In recent periods, the price of gold has reached near

record levels, trading above US$5,000 in the first quarter of 2026. Higher gold price assumptions may support increases in mineral reserve and

mineral resource estimates and extensions of life-of-mine plans; however, if gold prices were to decrease from currently elevated levels,

certain mineral reserves or mineral resources may no longer be considered economically viable, which could result in downward revisions to

mineral reserves and mineral resources, reduced mine lives and potential impairments of mining assets. See – *Sibanye-Stillwater's mineral* 

*reserves and mineral resources are estimates at a specific point in time, based on a number of technical and economic assumptions, which,* 

*if changed, may require Sibanye-Stillwater to lower the estimated mineral reserves and mineral resources and may not be replaced as* 

*depleted*. Elevated gold prices may also increase competition for, and the acquisition cost of, high-quality development and in-production

assets, and may place upward pressure on costs such as wages, consumables and services. See – *Sibanye-Stillwater's growth strategy may* 

*not deliver anticipated outcomes in the timeframe anticipated or at all*.

Any of the foregoing may materially and adversely affect Sibanye-Stillwater's future business, operating results, financial condition, as well as

its operations, liquidity, or ability to finance planned capital expenditures.

***The continued status of South Africa's credit rating as non-investment grade may have an adverse effect on Sibanye-Stillwater's ability to*** 

***secure financing or could result in any such financing being available only at greater cost***

On 14 November 2025, Standard & Poor's upgraded South Africa's sovereign credit rating from BB- to BB, with a positive outlook. On 12

September 2025, Fitch Ratings affirmed South Africa's sovereign credit rating of BB- and maintained a stable outlook. On 5 December 2025,

Moody's affirmed South Africa's sovereign credit rating as Ba2 with a stable outlook.

The continued status of South Africa's sovereign credit rating as non-investment grade by Standard & Poor's, Moody's or Fitch Ratings may

impact the ability of the private sector to raise capital, making it more difficult for Sibanye-Stillwater to obtain external financing or could

result in any such financing being available only at greater cost or on more restrictive terms than might otherwise be available. Previous

downgrades and the continued status of South Africa's sovereign credit rating as non-investment grade could also have a material adverse

effect on the South African economy as many pension funds and other large investors are required by internal rules to sell bonds once two

separate agencies rate them as non-investment grade. Any such negative impact on the South African economy may adversely affect

Sibanye-Stillwater's business, operating results and financial condition.

***Energy cost increases may adversely affect Sibanye-Stillwater's results of operations*** 

Sibanye-Stillwater's mining operations in South Africa largely depend upon electrical power generated by the state-owned power supply

utility, Eskom. Eskom, which supplied the vast majority of the country's electricity needs during 2025, has historically experienced financial

difficulties that have been caused by several factors. Some factors include inadequate maintenance and replacement strategy of aging

generation units, the inability for the national transmission grid to accommodate new renewable energy generation, over expenditure on

capital projects, under recovery of revenues from defaulting customers, high levels of indebtedness, inadequate maintenance and high

primary energy costs. More recently, during certain periods of supply-constraint, Eskom has utilised significant amounts of diesel to run its gas

turbines while concurrently losing electricity sales as a result of load shedding or curtailment, which has contributed to above inflation tariff

applications. See *– Energy shortages, load curtailment (including the risk of a total blackout) and usage constraints may force Sibanye-*

*Stillwater to reduce or halt operations*.

The electricity supply industry in South Africa, including Eskom tariffs, is regulated by the National Energy Regulator of South Africa (NERSA).

Eskom tariffs are determined through a consultative multi-year price determination (MYPD) process, with recoveries of prudently incurred

over-expenditure in prior years recoverable through supplementary levies under the regulatory clear account (RCA) mechanism. In January

2025, NERSA approved a 12.74% increase for 1 April 2025, a 5.36% increase for 1 April 2026 and a 6.19% increase for 1 April 2027, informed by

NERSA's assessment of Eskom's MYPD 6 application. Eskom lodged a judicial review on 2 July 2025 to challenge NERSA's decision, which was

settled between Eskom and NERSA in August 2025. Concurrently, Eskom has submitted an application to NERSA requesting the restructuring

of regulated electricity tariffs in South Africa, and NERSA approved the Retail Tariff Plan in February 2025.

Combined, these outcomes create uncertainty as to the tariff structure and rates that will ultimately be applicable to Sibanye-Stillwater, and

in the event that existing conditions persist or are exacerbated, the electricity tariff will continue to increase significantly in coming years.

In February 2019, the President of South Africa announced the vertical unbundling of Eskom. While full state ownership will be maintained,

the unbundling is expected to result in the separation of Eskom's transmission and distribution functions into separate entities, with Eskom's

generation function being retained in Eskom and Eskom's management and administrative functions being transferred to a new holding

company, which may require legislative and/or policy reform. The unbundling is currently underway and the agreements related to the legal

separation of the transmission function were concluded in December 2021. Conditions precedent to these agreements were fulfilled in June

2024, and as such the separation of the transmission function has become effective, with this function residing in the National Transmission

Company of South Africa SOC Limited, a wholly-owned subsidiary of Eskom. However, the legal separation of the distribution function has

not yet occurred, and there is no indication as to if and when this will occur. Poor reliability of the supply of electricity and instability in prices

through the unbundling process is expected to continue. Should Sibanye-Stillwater experience further power tariff increases, its business

operating results and financial condition may be adversely impacted.

In the United States, changes in the US energy market, including a potential movement away from coal power, may increase the operating

cost of Sibanye-Stillwater's US operations, which could have a material adverse effect on its business, operating results and financial

condition.

Geopolitical factors, including ongoing war in Ukraine and conflict in the Middle East, as well as changes in trade policies such as US tariffs,

have contributed to volatility in the availability and price of energy sources globally in 2025. Resulting embargoes, sanctions and trade

restrictions have further contributed to volatility in global energy costs across oil and gas, increased commodity prices and demand for

renewable energy components and, in certain jurisdictions, risk of energy supply constraints. Such volatility may impact the availability and

cost of energy for Sibanye-Stillwater's operations and projects, and further disruptions to global energy value chains may affect operational

continuity and increase operating costs, which could have a material adverse effect on its business, operating results and financial

condition.

***If any of Sibanye-Stillwater's operations do not perform in line with expectations, Sibanye-Stillwater may be required to write down the*** 

***carrying value of its long-term assets, which could affect Sibanye-Stillwater's profitability and financial condition***

Under IFRS Accounting Standards, Sibanye-Stillwater is required to annually test for indicators of impairment of the carrying value of long-

term assets, being assets within the scope of IAS 36 for indicators of impairment, and where indicators of impairment exist, as well as cash

generating units to which goodwill has been allocated irrespective of whether an indicator of impairment exists, Sibanye-Stillwater will have

to perform an impairment test. The Group must perform this test more frequently if it has reason to believe that the expected recoverable

amount (being the higher of (a) fair value less costs of disposal and (b) value in use) of long-term assets, or cash-generating units with

allocated goodwill, may be lower than the carrying value. If the results of operations and cash flows generated by Sibanye-Stillwater's gold,

PGM, recycling, zinc and lithium operations are not in line with its expectations, it may be required to write down the carrying value of its

assets or investment to the recoverable amount. Any write down could materially affect Sibanye-Stillwater's profits and financial condition.

***Our business is subject to high fixed costs which may impact its profitability***

The mining industry, particularly the gold and PGM mining industry, is characterised by high fixed costs. The majority of operating costs of

each mining operation is fixed and does not vary significantly with the production rate and, therefore, a relatively small change in

productivity as a result of, for example, strikes or other work stoppages could have a disproportionate effect on operating and financial

results. Costs are generally more stable than revenues, the latter being driven by commodity price and currency exchange rates, which can

be volatile. Accordingly, changes in revenue due to volatility in input costs, commodity prices or currency exchange rate movements could

have a material adverse effect on Sibanye-Stillwater's growth or financial performance. See *– Actual and potential supply chain shortages* 

*and increases in the prices of production inputs may have a material adverse effect on Sibanye-Stillwater's operations and profits.* Above-

inflation increases in fixed costs such as labour or electricity costs may cause parts of Sibanye-Stillwater's resources to become

uneconomical to mine and lead to the closure of marginal shafts or other areas at its operations. This would impact on planned production

levels and declared reserves and could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial

condition. See *– Annual Financial Report – Management's discussion and analysis of the financial statements – Factors affecting Sibanye-*

*Stillwater's performance – Costs.* 

***Theft of gold, PGM and production inputs, cable theft, as well as illegal mining, may occur on some of Sibanye-Stillwater's properties. These*** 

***activities could disrupt Sibanye-Stillwater's business and can expose Sibanye-Stillwater to liability***

Sibanye-Stillwater experiences illegal mining activities and theft of precious metal-bearing materials (which may be by employees or third

parties) at its South African-based properties. Incidences of illegal mining and theft remain concerning as a result of challenging social and

economic conditions and the value derived from precious metals and non-ferrous metals driven by local and international criminal

enterprise. In 2025, Sibanye-Stillwater experienced 1,342 incidents of illegal mining and assisting illegal miners at its underground operations

(2024: 1,149), resulting in the arrests of 1,438 illegal miners and 874 employees for assisting illegal mining activities. During the same period,

there have been 1,356 incidents of illegal mining at Sibanye-Stillwater's surface operations (2024: 1,190), which resulted in the arrests of 264

illegal miners.

Sibanye-Stillwater has also experienced the theft of copper (and other non-ferrous metals) at its SA operations, including from organised

crime syndicates. The theft of such metals poses a risk to Sibanye-Stillwater's surface infrastructure as well as its underground mines. In 2025,

Sibanye-Stillwater experienced 1,328 incidents of non-ferrous metals theft at its South African gold and PGM operations, a decrease from

1,613 incidents in 2024.

Rising gold, PGM and non-ferrous metal prices have been known to result in increased metals theft. It is possible that mine owners may be

held responsible for the actions of illegal miners or for damages, injuries or fatalities that occur due to their actions. The activities of illegal

miners could also lead to a reduction of mineral reserves, potentially affecting the economic viability of mining certain areas and shortening

the lives of the operations. In South Africa, there has also been an increase in coordinated attacks by organized criminal networks targeting

critical infrastructure, including incidents involving violence against security personnel. Illegal mining, theft, and related criminal activities

may also cause possible operational disruption, project delays, and pollution or damage to property for which Sibanye-Stillwater could

potentially be held responsible and lead to fines or other costs. Disputes with illegal miners can adversely affect Sibanye-Stillwater's

relationships with local communities. The Artisanal and Small-Scale Mining Policy published on 30 March 2022 by the South African Minister of

the DMPR (then Minister of the DMRE) aims to create a formalised, sustainable, artisanal and small-scale mining industry in South Africa, to

eliminate illegal mining operations and promote job creation. The intention in adopting this policy is, where possible, to formalise artisanal

and small-scale mining and provide for the co-existence of artisanal and small-scale miners and large mining operations. The occurrence of

any of these events could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Sibanye-Stillwater's operations and financial condition could also be adversely affected by policies and legislation related to greater state*** 

***intervention in the mining industry and potentially the expropriation of mining assets without compensation***

In recent years, governments, communities, NGOs and trade unions in several jurisdictions have sought and, in some cases, have

implemented greater cost imposts on the mining industry, including through the imposition of additional taxes and royalties. Such resource

nationalism, whether in the form of cost imposts, interference in project management, mandatory social investment requirements, local

content requirements or creeping expropriation could impact the global mining industry and Sibanye-Stillwater's business, operating results

and financial condition.

On 24 January 2025, the Expropriation Act 13, 2024 (Expropriation Act) was assented to by the President of South Africa and has been signed

into law. The Expropriation Act is not yet effective, and the date on which it will come into force has not been determined. The Expropriation

Act allows the state, subject to due process being followed, to expropriate land without compensation where doing so would be for a

public purpose or in the public interest. Pursuant to section 12(3) of the Expropriation Act, land which falls within one of the following

categories may be subject to expropriation without compensation:

• land not in use, with the owner's primary purpose not being development or income generation, but benefiting from appreciation

in market value;

• land held by an organ of state, not used for core functions, not reasonably likely to be needed for future activities, and acquired

without consideration;

• land which the owner has abandoned by failing to exercise control over it despite being reasonably capable of doing so; and

• land where the market value is equivalent to or less than the present value of direct state investment or subsidy in its acquisition

and beneficial capital improvement.

Section 5(3) of the MPRDA provides a statutory right of access for the mining right holder to the mining area for the purposes of conducting

mining operations and does not require the holder to own the land on which it conducts operations.

In South Africa, the Government of National Unity (GNU) was formed after the most recent election in May 2024. The GNU's priorities and

minimum programme have generally aligned with the ANC's commitments and policies. With respect to the mining industry, while the ANC

has rejected the possibility of mine nationalisation, it supports, among other things, greater state intervention in the mining industry, including

the revision of existing royalties and the imposition of new taxes. For example, Sibanye-Stillwater is engaged in disputes with South African

municipalities regarding the interpretation and application of new legislation relating to the valuation of mining rights for purposes of

calculating municipal rates and taxes. The municipalities have significantly increased the valuations of Sibanye-Stillwater's mining rights,

resulting in substantially higher rates and taxes in respect of mine property. Sibanye-Stillwater is challenging these increased valuations

through legal proceedings, however, there can be no assurance that Sibanye-Stillwater will be successful in these proceedings. Whilst

Sibanye-Stillwater has obtained the right to appeal certain adverse rulings, there can be no assurance that any such appeals will be

successful. If the municipalities' valuations are upheld, Sibanye-Stillwater could face material additional costs, including retrospective

payments covering multiple years across several municipalities, which could have a material adverse effect on Sibanye-Stillwater's business,

operating results and financial condition. The GNU may also adopt policies that involve the South African government taking a more active

role in the mining sector, including through state participation in mining projects or through new regulatory requirements such as the

proposed amendments to the MPRDA pursuant to the 2025 Bill. Such policies may impose additional restrictions, obligations, operational

costs, taxes or royalty payments on mining companies, including Sibanye-Stillwater, any of which could have a material adverse effect on

Sibanye-Stillwater's business, operating results and financial condition.

Any of the above could have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Sibanye-Stillwater's insurance coverage may not adequately satisfy all potential claims and exposures***

Sibanye-Stillwater has an insurance programme, including partial self-insurance. However, Sibanye-Stillwater may become subject to liability

(including that which arises out of class-action or other litigation) against which it has not been insured, cannot insure or is insufficiently

insured, including those relating to past mining activities, tailing disasters, data protection and cybersecurity breaches. In addition, Sibanye-

Stillwater's existing property and business interruption insurance and liability may not cover a particular event at all or be sufficient to fully

cover Sibanye-Stillwater's losses, including, without limitation, as a result of natural disasters and other events that could disrupt Sibanye-

Stillwater's operations, such as public health emergencies, pandemics, COVID-19, climate change-related incidents and losses related to

grid collapse and unplanned load curtailments by Eskom. Sibanye-Stillwater's existing property and liability insurance contains specific

exclusions and limitations on coverage. For example, should Sibanye-Stillwater be subject to any regulation or criminal fines or penalties,

these amounts would not be covered under its insurance programme. Should Sibanye-Stillwater suffer a major loss, which is insufficiently

covered, future earnings could be affected. In addition, certain classes of insurance may not continue to be available at economically

acceptable premiums. As a result, in the future, Sibanye-Stillwater's insurance coverage may not fully cover the extent of claims against it or

any cross-claims made.

***Sibanye-Stillwater's US Recycling business relies on supply of precious metal-bearing waste including spent autocatalytic converters from*** 

***third-party suppliers***

In the United States, Sibanye-Stillwater sources precious metal-bearing waste, including automotive and industrial catalyst materials, from

third-parties through both purchase and tolling arrangements. Sibanye-Stillwater's Columbus recycling operations depend on various third-

party suppliers to source and provide spent autocatalytic materials and other waste streams in a compliant and responsible manner. Whilst

suppliers are contractually required to adhere to responsible sourcing obligations, and Sibanye-Stillwater may suspend or terminate

contracts for non-compliance, any such suspension or termination could reduce the availability of recyclable materials. In addition, Sibanye-

Stillwater's US Recycling business has a degree of supplier concentration risk, with a limited number of suppliers contributing a significant

portion of the precious metal-bearing feedstock for each metal. The loss of, or reduced supply from, one or more key suppliers could

materially impact volumes and profitability, and Sibanye-Stillwater may be unable to replace lost supply on acceptable terms, particularly in

periods of market or operational disruption. For example, autocatalyst recycling volumes have been negatively affected from 2023 to 2025

by high interest rates, low steel prices, elevated used vehicle prices and depressed PGM prices, all of which have contributed to reduced

automotive scrapping. As a result, used vehicles have remained in circulation longer, reducing available recycle volumes. This contributed

to significantly lower production in the US Recycling business, which declined by 48% in fiscal year 2023, increased marginally by 2% in fiscal

year 2024, and decreased marginally by 2% in fiscal year 2025. Any constraint on suppliers' ability to source feedstock, or the loss of a major

supplier, could further reduce the profitability of the US Recycling business and adversely affect Sibanye-Stillwater's business, operating results

and financial condition.

In connection with its US Recycling operations, Sibanye-Stillwater regularly enters into fixed forward sales contracts for metal produced from

catalyst recycling and for precious metal-bearing waste. For these fixed forward sales, Sibanye-Stillwater is subject to the customers'

compliance with the terms of the agreements, their ability to terminate or suspend the agreements and their willingness and ability to pay.

The loss of any of these agreements or failure of a counterparty to perform could require Sibanye-Stillwater to sell or purchase the

contracted metal in the open market, potentially at a significant loss. Sibanye-Stillwater's revenues for the year ended 31 December 2025,

included 6% from US recycling sales and tolling fees at its Columbus site in the United States.

Furthermore, should it become necessary at any point to reduce or suspend US PGM primary mining operations, the proportion of costs

allocated to the Columbus recycling segment would increase substantially. Moreover, the ability to operate the smelter and refinery without

significant volumes of primary mine concentrates is likely to require modification to the processing facilities. There is no assurance that the

recycling facilities can operate profitably in the absence of significant primary mine concentrates, or that capital would be available to

complete necessary modifications to the processing facilities.

***For its PGMs mined in the United States, Sibanye-Stillwater's tolling and sales arrangement concentrates all its final refining activity and all*** 

***PGM sales from mine production with one entity***

Sibanye-Stillwater utilises a single company for all of its precious metals refining services for its United States PGM mining operations, and, with

the exception of certain pre-existing platinum sales commitments, all of Sibanye-Stillwater's current mined palladium and platinum in the

United States is committed for sale to such company. In addition, this company has the right to bid on any of the Columbus recycling PGM

ounces Sibanye-Stillwater has available in the United States.

This significant concentration of business with a single company could leave Sibanye-Stillwater without precious metal refining services in the

United States should such company experience significant financial or operating difficulties during the contract period. Under such

circumstances, it is not clear that sufficient alternate processing capacity would be available to cover Sibanye-Stillwater's volumes and

requirements, nor that the terms of any such alternative processing arrangements as might be available would be financially acceptable to

Sibanye-Stillwater. Any such disruption in refining services could have a negative effect on Sibanye-Stillwater's ability to generate revenues,

profits and cash flows.

***Value chain standards are becoming more stringent and may result in increased capital and operating expenditures and decreased*** 

***production***

In addition to rapidly evolving legal and regulatory requirements in the jurisdictions in which it operates, Sibanye-Stillwater is also subject to

evolving industry and value chain standards, including increasingly stringent offtaker and supply chain requirements. As environmental,

health and safety regulations become stricter globally and there is increased regulation on supply chain transparency and traceability, the

value chains in which Sibanye-Stillwater participates have increasingly adopted heightened requirements. For example, many downstream

users of PGMs such as automobile manufacturers insist on stringent accreditation of all commodities to the extent of specifying Initiative for

Responsible Mining Assurance (IRMA) as the required standard to demonstrate site-level ESG performance. In extreme cases, there is a risk

that costs could exceed the production value in certain of the markets in which the Group participates or is expanding, such as in respect of

its future-facing metals projects.

Sibanye-Stillwater is also subject to responsible sourcing standards for procurement of feedstock from third party suppliers. The Group's US

Recycling operations source all feedstock from third party suppliers and the South African gold and PGM operations supplement their mined

material with additional feedstock. This procurement from third parties also presents a reputational risk if the Group unintentionally sources

illicit material, particularly if it were related to support for armed conflict, organised crime or human rights abuses.

To the extent that Sibanye-Stillwater is unable to conform with such standards or incurs significant capital expenditures or investments to do

so, its business, operating results and financial condition may be materially impacted.

***The impact of protectionist measures such as tariffs on Sibanye-Stillwater's business, operating results and financial condition is uncertain.***

On 2 April 2025, an executive order was issued by the United States government imposing significant increases in tariffs on a broad range of

imported goods, effective 5 April 2025. These measures have triggered retaliatory actions from certain US trading partners and may result in

further retaliatory actions in the future. The continuation or escalation of such tariffs may lead to broader trade conflicts such as trade wars,

which could disrupt global supply chains, reduce international trade, and adversely impact global economic growth and stability.

In particular, the United States has imposed or proposed tariffs on exports from several jurisdictions in which Sibanye-Stillwater operates,

including South Africa, the European Union, Zimbabwe and Australia. The direct and indirect effects of tariffs on the economies of these

jurisdictions, including potential inflationary pressures and reduced economic activity, remain uncertain and could have a material adverse

effect on Sibanye-Stillwater's business, operating results and financial condition.

Sibanye-Stillwater's operations involve certain metals, including PGMs, gold and chrome, which are currently excluded from the scope of

the new tariffs. However, there can be no assurance that such exclusions will be maintained, and any future inclusion of these commodities

in tariff schedules could result in reduced demand or increased costs, which could adversely affect Sibanye-Stillwater's business, operating

results and financial condition.

In addition, the imposition of tariffs on automobile imports may result in increased vehicle prices, which could reduce consumer demand for

automobiles. Any reduction in automobile production or sales as a result of such tariffs may negatively affect demand for PGMs, which

could lead to downward pressure on PGM prices or reduced sales volumes.

Sibanye-Stillwater's US Recycling business is also exposed to tariff-related risks. Tariffs on steel, aluminium and certain machinery have

increased costs for equipment and critical components sourced from international suppliers. The US government is currently investigating

whether to impose tariffs on certain critical minerals, including silver, platinum and palladium, and whilst scrap materials may be exempted,

any such tariffs could adversely impact margins. In addition, proposed expansions to tariff codes for machinery relevant to precious metal

processing could result in additional costs if finalised. Changes to trade agreements or tariff exemptions applicable to scrap materials could

also increase tariff exposure for the US Recycling business. Furthermore, if certain tariffs currently in place are found to be unlawful, the

process to obtain refunds could be protracted, and new tariffs may be introduced under alternative legal mechanisms, creating further

uncertainty.

Any of the foregoing could impact Sibanye-Stillwater's South African and US PGM operations, which could in turn have a material adverse

effect on Sibanye-Stillwater's business, operating results and financial condition.

***The effect of US tax credits on Sibanye-Stillwater and its subsidiaries is uncertain, particularly in light of recent legislative and regulatory*** 

***developments***

In August 2022, former US President Biden signed the Inflation Reduction Act (IRA) into law. The IRA amended US tax law by, among other

things, supporting the US-based EV supply chain and identified 50 "critical minerals", including lithium, palladium and nickel, for such support

by, among other measures, (1) amending the previous version of Section 30D of the US Internal Revenue Code, which provides for a credit

claimable by certain purchasers of electric vehicles (EVs), and (2) providing for a brand new tax credit incentivising manufacturing

conducted within the United States, under Section 45X of the US Internal Revenue Code. The first of these incentives provides a tax credit for

EV purchasers, a portion of which is available only if an applicable percentage of the critical mineral in the EV's battery is either: (i)

extracted or processed in the United States or in any country with which the United States has a free trade agreement in effect; or (ii)

recycled in North America (the Critical Minerals Requirement). Under the second of the aforementioned incentives, the IRA also added the

new Section 45X of the US Internal Revenue Code, which provides for a tax credit (Section 45X Credit) for the manufacturing and sale to an

unrelated person of certain eligible components within the United States. An eligible component for these purposes importantly includes

certain "applicable critical minerals" including those minerals considered critical for purposes of the aforementioned EV credit, and also

includes certain specified components of clean energy facilities (including facilities using solar photovoltaic and wind energy to produce

electricity). In cases where the Section 45X Credit is claimed in connection with production of applicable critical minerals, the Section 45X

Credit is equal to 10% of the cost to produce or extract such critical mineral. As discussed further below, While the IRA represented a

significant boon to the clean energy and EV industries, many of the IRA tax incentives were rolled back or otherwise curtailed by the One Big

Beautiful Bill Act (OBBBA) of 2025, including, in particular, Section 30D tax credit, which now sunsets as of September 2025.

In October 2024, the US Treasury released taxpayer-favourable final regulations pertaining to the Section 45X Credit providing that, among

other costs, certain direct or indirect material costs and costs related to the extraction or acquisition of raw materials could be taken into

account for purposes of the Section 45X Credit. Specifically, this development represented a material financial benefit for Sibanye-Stillwater's

US Recycling operations, helping to yield total credit values of approximately US$260 million for 2023 and 2024, US$47 million for 2025 (relating

to primary mining) and US$40 million for 2025 (relating to recycling). See *– Annual Financial Report – Management's Discussion and Analysis* 

*of the Financial Statements: Cost of sales..* 

In July 2025, the US Congress passed the OBBBA, which both (i) significantly shortened the applicability periods of many of the tax incentives

Section 30D Credit was terminated for EVs acquired after September 30, 2025, effectively repealing the credit as of that date.

Notwithstanding the promulgation of regulations in May 2024 the stringent application of which might have limited the application of the

Section 30D to Sibanye-Stillwater's operations, Sibanye-Stillwater had been materially benefitting from the credit, and its repeal may

therefore have a material adverse impact on Sibanye-Stillwater's financial position.

While the Section 45X Credit will generally continue to apply to eligible United States critical mineral production in full until the credit begins

to sunset in 2031, the Section 45X Credit is now subject to certain "foreign entity of concern" (FEOC) requirements, which are designed to

eliminate tax incentives that would otherwise inure to projects with certain ties to China, North Korea, Iran and Russia. Specifically,

immediately as of the OBBBA enactment date of July 4, 2025, a taxpayer hoping to claim the Section 45X Credit cannot (i) be a "prohibited

foreign entity" (PFE), (ii) receive "material assistance" from a PFE, or (iii) produce eligible components under an arrangement deemed to

evidence "effective control" by a "specified foreign entity" (SFE).

For these purposes, a PFE is either (i) An SFE or (ii) a "foreign-influenced entity" (FIE). An SFE includes entities designated as a foreign terrorist

organization by the Secretary of State, entities included on the specially designated nationals and blocked persons list maintained by the US

Treasury Department's Office of Foreign Assets Control, entities alleged by the Attorney General to have engaged in conduct for which a

conviction was obtained under certain laws, as well as certain "foreign controlled entities". Foreign controlled entities include, for example,

(i) the government of a "covered nation" (i.e., China, Russia, Iran, or North Korea), (ii) an agency or instrumentality of a government of a

covered nation, (iii) a citizen or national of a covered nation without U.S. status as a citizen, national or lawful permanent resident, (iv) an

entity organized under the laws of, or having its principal place of business in, a covered nation, or (v) an entity controlled by any of the

above, including subsidiaries, where control is measured by more than 50% direct or indirect ownership of stock in a corporation, profits

interests or capital interests in a partnership, or other beneficial interest in the entity. Entities publicly traded on exchanges outside of a

covered nation are generally excluded from the definition of a foreign controlled entity.

An entity will be a foreign influenced entity, or FIE, if during the taxable year, (i) an SFE has direct or indirect authority to appoint a board

member, executive officer, or similar individual, (ii) a single SFE owns at least 25% of the entity, (iii) one or more specified foreign entities own

in the aggregate at least 40% of the entity; or At least 15% of the entity's debt is held in the aggregate by one or more specified foreign

entities; or (iv) during the prior taxable year, the entity made an "applicable payment" to an SFE pursuant to a contract, agreement, or other

arrangement which entitles the specified foreign entity (or a related entity) to exercise "effective control" over (a) any qualified facility or

energy storage technology of the taxpayer (or any related person) or (b) the extraction, processing, or recycling of any applicable critical

mineral or production of an eligible component by the taxpayer (or any related person). "Effective control" for these purposes refers to

specific contractual and intellectual property rights pertaining to the applicable project or facility. While the US Treasury Department has

announced that there will be forthcoming regulatory guidance providing more specific details on the implementation of this standard, it

appears that the term "effective control" is to be interpreted broadly.

For purposes of determining whether construction or production of any property includes "material assistance from a prohibited foreign

entity", Section 45X Credit claimants must establish that the "material assistance cost ratio" is less than the "threshold percentage". This ratio

looks to the geographical origin of materials and components that comprise the project generating the Section 45X Credit. The threshold

percentage differs greatly depending on the technology involved. In the case of critical minerals, the baseline threshold percentage would

be a very taxpayer-favorable 0% through 2029, after which point the percentage would rise to 25%. However, forthcoming guidance from

the US Treasury is expected to assign specific threshold percentages to certain critical minerals that would apply prior to 2030.

Meeting these new FEOC requirements is proving to be a challenge for many taxpayers, particularly considering the lack of clear guidance

as to many of the requirements, and the fact that failure to meet or otherwise properly substantiate any one of the requirements generally

has the effect of invalidating the entire Section 45X Credit. Currently, Sibanye-Stillwater is evaluating compliance with the FEOC

requirements in connection with Section 45X Credits it expects to claim for 2025 and beyond, but as of this time cannot guarantee that the

new requirements will not impact the amount of Section 45X Credits claimable or sustainable upon a challenge by tax authorities.

The unavailability of the Section 45X Credit or a change in its value, including as a result of a failure to meet the FEOC requirements, or

further legislative changes, could have a material adverse impact on Sibanye-Stillwater's financial position. Although US law is technically

settled on the ability to claim a Section 45X Credit for the costs associated with critical minerals giving rise to Section 45X Credits, political

uncertainty in the United States may jeopardise the status and future of the Section 45X Credit. See *– Sibanye-Stillwater could be subject to* 

*adverse changes in tax laws, regulations and interpretations or challenges to the Group's tax positions*. Any such changes could jeopardise

the availability of the Section 45X Credit to Sibanye-Stillwater and for the reasons mentioned above, could therefore have a material

adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Sibanye-Stillwater could be subject to adverse changes in tax laws, regulations and interpretations or challenges to the Group's tax positions***

Tax laws and regulations are complex and subject to varying interpretations, and Sibanye-Stillwater is subject to regular review and audit by

tax authorities in the jurisdictions in which it operates. Any adverse outcome of such a review or audit could have a negative impact on the

Group's effective tax rate, tax payments, financial condition or results of operations. In addition, the determination of the Group's income

tax provision and other tax liabilities requires significant judgement, and there are many transactions and calculations, including in respect of

intragroup transactions, where the ultimate tax determination is uncertain. Any significant failure to comply with applicable tax laws and

regulations in all relevant jurisdictions could give rise to substantial penalties and liabilities. In addition, tax is a complex and evolving area

where laws and regulations are changing regularly leading to the risk of unexpected tax exposures.

In addition, the tax systems in certain jurisdictions in which the Group operates are unpredictable, which gives rise to significant uncertainties

and complicates the Group's tax planning and business decisions. Government policies and regulations on taxation, customs and excise

duties in emerging markets may change from time to time as is considered necessary for the development of the economy. The tax

authorities in these jurisdictions may be arbitrary in their interpretation of tax laws as well as in their enforcement and tax collection activities.

Changes in government policies on taxation, customs and excise duties, inconsistencies in the interpretation of and decisions relating to tax

laws, or a failure by the Group to meet any of these taxation requirements, could also have an adverse effect on Sibanye-Stillwater's

business, operating results and financial condition.

Furthermore, the rules dealing with US federal income taxation are constantly under review by persons involved in the legislative process, by

the IRS and by the US Treasury Department. Changes to the tax law, which may have retroactive application, could adversely affect

Sibanye-Stillwater and its shareholders. It cannot be predicted whether, when, in what forms, or with what effective dates, the tax law

applicable to Sibanye-Stillwater or its shareholders will be changed. See *– The effect of US tax credits on Sibanye-Stillwater and its subsidiaries* 

*is uncertain, particularly in light of recent legislative and regulatory developments*. Shareholders are urged to consult their tax advisors with

respect to tax considerations applicable to them by holding shares in Sibanye-Stillwater and to monitor any potential legislation,

amendments or changes to the relevant tax laws.

Changes in tax laws or regulations increase tax uncertainty, could have a prospective or retroactive application to the Group, and could

have a negative impact on the Group's effective tax rate or tax payments, any of which could have a material adverse effect on Sibanye-

Stillwater's business, operating results and financial condition.

**Strategic Risks**

***To the extent that Sibanye-Stillwater seeks to further expand its existing mining operations, it may experience challenges associated with*** 

***mineral exploration or development of mining projects***

Sibanye-Stillwater aims to expand its operations and mineral reserve base organically through its existing exploration programmes and

investigations, including brownfields exploration and the optimisation and extension of existing mining operations, as well as through

development projects and, from time to time, joint ventures and targeted acquisitions. However, such projects may be capital intensive,

have a long lead time and are subject to risks relating to the location of economic ore bodies, the development of appropriate extractive

processes, cost overruns and delays. Such projects may also be impacted by delay in the receipt of necessary governmental permits and

regulatory approvals and the extension of mining and processing facilities at the mining site. For example, Sibanye-Stillwater has in the past,

and may in the future, require new or amended permits to expand water, rock and tailing storage facilities in respect of its Stillwater

operations. If it is unable to obtain such permits, or do so in a timely manner, its operations would be significantly impacted.

Sibanye-Stillwater is continuing to investigate the exploitation of mineralisation below and adjacent to the current mining areas and

infrastructure limits at its operations. This includes brownfields exploration drilling at selected operations in South Africa, as well as at Stillwater

and at Keliber, to further define mineral resources that can be converted to mineral reserves in the future. Such brownfields exploration and

expansion activities are required to be carefully coordinated with ongoing mining operations and infrastructure constraints, which may be

complex and difficult to execute and may result in operational disruption, delays or increased costs. At Keliber, exploratory drilling is ongoing

as part of its regional lithium exploration, and a Mineral Resource update is currently underway. Sibanye-Stillwater has also been undertaking

exploration activities in conjunction with its joint venture partner, Regulus Resources Ltd (Regulus), at the Altar project, a large porphyry-style

copper-gold deposit in Argentina. There can be no assurance that any exploration or expansion projects will be successful, partially or at all,

and the failure of Sibanye-Stillwater to expand its mineral reserves through such projects could have a material adverse effect on its business,

operating results and financial condition.

***Sibanye-Stillwater's growth strategy may not deliver anticipated outcomes in the timeframe anticipated or at all*** 

As part of its strategy, Sibanye-Stillwater may pursue growth opportunities through a combination of organic initiatives, including the

optimization and expansion of its existing operations, as well as, from time to time, acquisitions, business combination transactions and joint

ventures. Such initiatives are intended, among other things, to expand and replace mineral resources and mineral reserves, improve

operational performance, reduce costs, optimize capital allocation and enhance the overall sustainability of its operations. Historically, the

Group has pursued growth through acquisitions and investments, and between 2021 and 2025, Sibanye-Stillwater made a number of

strategic acquisitions and investments, including the investment in the Keliber lithium project, the acquisitions of the Sandouville nickel

processing facility and Century zinc retreatment tailings operations, the acquisition of the remaining 50% stake in the Kroondal joint venture,

the acquisition of Reldan, a precious metals recycling group, the acquisition of Metallix Refining, a precious metals recycling group, the

merger of the operations of Sibanye Rustenburg Platinum Mines Proprietary Limited with that of Kroondal Operations Proprietary Limited and

the entering into of new chrome joint venture agreements with Glencore Merafe Venture.

The successful execution of Sibanye-Stillwater's strategy, including its increased focus on organic growth, brownfields exploration and

operational optimization initiatives, is subject to a number of risks, including the ability to identify and implement economically viable

opportunities within the Group's existing asset base, achieve anticipated efficiencies and cost savings, and deliver projects on time and

within budget. There can be no assurance that such initiatives will deliver the anticipated benefits or returns in the timeframe expected, or at

all.

The acquisition of operating assets for commodities other than gold or PGMs, including for example, the Sandouville nickel processing facility

in France, the Keliber lithium project in Finland and the Century operation in Australia, exposes Sibanye-Stillwater to the risk of operating in

environments and markets in which its senior management has less experience. As a result, it needs to rely on regionalised management

and technical teams. In addition, to the extent Sibanye-Stillwater participates in the development of a project through a joint venture or any

other multi-party commercial structure, there could be disagreements, legal or otherwise, or divergent interests or goals among the parties,

which could jeopardise the success of the project. There can be no assurance that any acquisition, business combination or joint venture, or

the acquisition of any new mining assets or operations, will achieve the results intended or in the timeframe anticipated, and, as such, could

have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition. For example, Sibanye-Stillwater

entered into a partnership with Heraeus to develop and commercialise novel electrolyser catalysts for the production of green hydrogen,

the results of which cannot be guaranteed.

Sibanye-Stillwater may face challenges in the integration of acquired assets, such as higher levels of capital expenditure or lower production

levels than expected, which could disrupt its current operations or result in higher costs or worse overall performance than anticipated. For

example, the integration of the Sandouville nickel processing facility into the Group faced various operational and logistical issues and

required high levels of capital expenditure to improve the facility. Despite the improved operational performance in 2023, 2024 and 2025,

Sandouville refinery remained loss making, due to a pre-existing onerous supply contract (which was terminated in 2024), continued

inflationary cost pressures (leading to higher fixed and variable costs), elevated maintenance costs, low installed capacity leading to higher

fixed costs per production unit and a further decline in the average nickel price and nickel cathode premiums. In 2025, production at the

Sandouville refinery was ceased and the facility was placed on care and maintenance. While the Group is currently exploring the potential

of producing precursor cathode active materials at Sandouville, there is no guarantee it will be able to do so, or that economically viable

production can be achieved.

If Sibanye-Stillwater is unable to successfully integrate its acquired assets in a timely and cost-effective manner, the potential benefits of the

acquisition, including the estimated revenue and cost synergies Sibanye-Stillwater expects to achieve, may not be realised. Additionally, the

integration of any acquired assets requires management capacity. There can be no assurance that Sibanye-Stillwater's current

management team will have sufficient capacity to successfully integrate existing or future assets and operations into Sibanye-Stillwater.

Sibanye-Stillwater may, to the extent it pursues acquisition opportunities, face competition for the acquisition of attractive assets, particularly

during periods of elevated commodity prices, and may be unable to identify suitable assets for acquisition at economically attractive prices

or on acceptable terms. Its ability to pursue or complete acquisitions is also dependent on securing adequate and affordable financing,

which may not be obtained on acceptable terms, if at all. Any decision to acquire properties may be based on a variety of factors,

including historical operating results, estimates and assumptions regarding the extent of the ore reserve, cash and other operating costs,

mineral prices, projected economic returns and evaluations of existing or potential liabilities (including environment liabilities) associated with

the relevant property and its operations and how these factors may change in the future. Other than historical operating results, these

factors are uncertain and could have an impact on revenue, cash and other operating costs, as well as the process used to estimate the

ore reserve. In addition, although Sibanye-Stillwater typically receives representations, warranties and indemnities and conducts general due

diligence with respect to its acquisitions, there can be no assurance that Sibanye-Stillwater identified all the liabilities of, and risks associated

with, its acquisitions or that it will not be subject to unknown liabilities of, and risks associated with, the entities acquired, including liabilities

and risks that may become evident only after Sibanye-Stillwater has been involved in the operational management of the relevant entities.

Any of the foregoing may impact Sibanye-Stillwater's ability to realise the anticipated benefits of its acquisitions and its business, operating

results and financial condition may be materially impacted.

***Sibanye-Stillwater's business may be harmed if it fails to adapt to technological advances, including artificial intelligence and other*** 

***emerging technologies, in a timely and cost-effective manner, which may be complicated by an uncertain regulatory environment***

The industry in which Sibanye-Stillwater operates is characterised by rapid technological advancements, including industry-wide

digitalisation, robotic process automation (RPA), machine-learning and advances in artificial intelligence. Sibanye-Stillwater's ability to

compete effectively and in a cost-effective manner depends, in part, on its ability to adapt to, and adequately invest in, new technology

and related personnel. Insufficient or untimely investment in new technology or personnel may require prolonged use of labour-intensive

modes of work or require it to retain legacy infrastructure that cannot be easily or cost-effectively serviced or upgraded. In addition, the

Group may need to undertake certain technological upgrades in response to heightened safety, environmental or security requirements,

and failure to adopt these improvements may delay or increase the cost of compliance.

Adapting to new technologies may also pose integration-related risks. For example, Sibanye-Stillwater has implemented a hybrid cloud

strategy to leverage advanced cloud-based solutions. Under this approach, centrally hosted data centres will house the primary business

systems in each operational region. The integration and transition to cloud-based solutions could be susceptible to delays or disruptions,

which could result in failing network infrastructure, network outages and a breach of privacy. Cloud-based solutions may also increase

Sibanye-Stillwater's exposure to cyber-related threats.

Sibanye-Stillwater may also adopt AI and other emerging technologies into its own IT systems or integrate AI within its mining operations. AI

tools may also be utilised by the Group's contractors and third parties that Sibanye-Stillwater conducts business with. The use of AI may not

meet the existing and rapidly evolving regulatory standards and could introduce security or other operational risks that may expose

confidential data, lead to the loss of competitive information and result in operational failures. Limited expertise and skills shortages could

prevent Sibanye-Stillwater from effectively using or promptly implementing AI and other technologies.

Any of the foregoing may impact Sibanye-Stillwater's ability to deliver on its strategic objectives, including sustainability, safety and cost

optimisation targets, and have a material adverse effect on Sibanye-Stillwater's business, operating results and financial condition.

***Acquisitions, business combinations, development projects and joint ventures may expose Sibanye-Stillwater to new or increased regulatory*** 

***oversight, compliance requirements and operational risks, including in geographies in which it is unfamiliar***

Sibanye-Stillwater has in the past, and may in the future, pursue opportunities for expansion into new geographies or markets where it has

limited to no prior experience, and which may subject it to new or increased regulatory oversight or requirements. See *– Sibanye-Stillwater's* 

*mining rights are subject to legislation, which could impose significant costs and burdens and which impose certain ownership requirements,* 

*the interpretation of which may be the subject of dispute*. For example, the acquisition of Stillwater expanded Sibanye-Stillwater's operations

into the United States, wherein Sibanye-Stillwater was subject to new regulatory and reporting requirements. In addition, between 2022 and

2023, Sibanye-Stillwater initiated direct operations in Finland and Australia, where the Group had no prior operational experience. Such

expansions may lead to increased costs related to ensuring governance, regulatory, legal and accounting compliance across multiple

regions. Moreover, acquisitions may involve compliance risks, including difficulties in implementing disclosure controls and procedures for

newly acquired businesses, unforeseen challenges in extending internal control over financial reporting to such businesses, and complexities

in performing required assessments of acquired operations within applicable timeframes. See – *If Sibanye-Stillwater is unable to implement* 

*and maintain an effective system of internal control over financial reporting, it may be unable to accurately report its results of operations,* 

*meet its reporting obligations or prevent fraud*. In addition, future acquisitions, business combinations or joint ventures may change the scale

of Sibanye-Stillwater's business and operations and may expose it to new geographical, geological, commodity, political, social, labour,

operational, financial, legal, regulatory and contractual risks.

***Sibanye-Stillwater's strategy with respect to future-facing metals is subject to certain risks, and Sibanye-Stillwater may never develop*** 

***minerals in sufficient grade or quantities to justify commercial operations***

As part of its strategy, Sibanye-Stillwater has made, and may continue to make, strategic investments in future-facing metals development

projects to enhance its positioning in the future green economy. Recent examples of such investments include shareholdings in Keliber in

2021 and the exercise of Sibanye-Stillwater's option in the Mt. Lyell copper mine in 2023. Mineral resource exploration, development, and

operations are complex and are characterised by a number of significant risks, including, among other things, unprofitable efforts resulting

not only from the failure to discover mineral resources, and from finding mineral resources which, though present, are insufficient in quantity

and quality to return a profit from production. Once mineralisation is discovered, it may take a number of years from the initial exploration

phases before production is possible, during which time the potential feasibility of the project may change adversely. For example, the novel

soda pressure leaching technology utilised at Keliber may fail to perform at the expected level as the process is not yet in industrial use and

therefore may result in lower mineral quality and/or higher costs.

No assurance can be given that minerals will be discovered in sufficient grade or quantities to justify commercial operations. Whether an

exploration property will be commercially viable depends on a number of factors, including: the particular attributes of the deposit, such as

size, grade and proximity to infrastructure; metal prices, which are highly cyclical; availability of and effectiveness of technology to recover,

trans-ship, transport and process modules; availability of required personnel, third-party partners and contractors, any required financing;

commercial demand in the marketplace for such metals and government regulations and approvals, including regulations relating to

prices, taxes, royalties, land tenure, land use, and environmental protection. Sibanye-Stillwater's investments are conditional upon the

receipt of operating permits at the site, and compliance with these regulatory requirements may be expensive and significantly lengthen

the time needed to develop exploration properties.

The precise impact of these factors cannot accurately be predicted, but the combination of these factors may result in a delay or the

inability of Sibanye-Stillwater's strategic investments to operate or generate an adequate return on invested capital. In addition, value chain

requirements are rapidly evolving in such markets, which may require Sibanye-Stillwater to expend significant time and resources to conform,

as a result of which the profitability of such investments may decline. See *– Value chain standards are becoming more stringent and may* 

*result in increased capital and operating expenditures and decreased production*.

***The prevailing market prices of lithium, copper and other commodities will have a material impact on the commercial success of Sibanye-***

***Stillwater's strategy***

The profitability of Sibanye-Stillwater's strategy will be significantly affected by changes in the market price of future-facing metals (e.g.,

lithium and copper) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements. Prices of such

metals are affected by numerous factors beyond Sibanye-Stillwater's control, including: prevailing interest rates and returns on other asset

classes; expectations regarding inflation, monetary policy and currency values; speculation; governmental and exchange decisions

regarding the disposal of metal stockpiles; political and economic conditions; available supplies of future-facing metals from mine

production, inventories and recycled metal; sales by holders and producers of future-facing metals; and demand for products containing

lithium and copper. The price of such future-facing metals and other minerals and oil has fluctuated widely in recent years, and if prices

decline or are lower than expected, this could have a material adverse impact on Sibanye-Stillwater's strategy, revenues and costs base,

and as a result, its business, operating results and financial condition.

***The success of Sibanye-Stillwater's strategy may be impacted if the electric vehicles sector does not develop as anticipated***

Demand for the minerals Sibanye-Stillwater intends to mine and/or process as part of its expansion into the future-facing metals sector,

including lithium, nickel and copper, is contemplated to be significantly linked to growing demand for these metals in batteries for EVs as

well as the broader development of a clean energy economy. As a result, the success of Sibanye-Stillwater's strategy is partially dependent

upon the adoption by consumers of EVs. While it has been projected that demand for such EVs will surge over time, if the market for EVs

does not develop as expected, or develops more slowly than expected, Sibanye-Stillwater's strategy, along with the climate change

resiliency of its business, may be impacted. Factors that may influence the adoption of alternative fuel vehicles, and specifically EVs, and the

level of nickel and cobalt used, include:

• rate of cost reductions of EVs, including as a result of delays in the battery technology advancements and the inability to achieve

lower unit costs

• the availability of adequate and reliable charging infrastructure needed to support mass adoption of EVs, including the grid

capacity necessary to support EV charging

• consumer confidence in the performance and economics of electric vehicles

• uncertainty in the regulatory timelines associated with the ban on combustion engine vehicles, especially in Europe and North

America

• removal of economic incentives (such as favourable tax treatment) and government regulation promoting lower emissions, fuel

efficiency and alternate forms of energy

• the availability of alternative fuel vehicles, including plug-in hybrids, which may delay the volume requirements for future-facing

metals (owing to smaller battery pack sizes)

• perceived safety of EVs, which may be negatively impacted by incidents such as battery fires

• greater shift to the lithium-iron phosphate cathode chemistry will lower nickel (and cobalt) demand requirements

To the extent that the EV sector does not develop as anticipated, Sibanye-Stillwater's strategy, including demand for its mineral portfolio

may be adversely affected, which may in turn materially impact its business, operating results and financial condition.

**Risks Related to Sibanye-Stillwater's Shares and ADSs**

***Sibanye-Stillwater's non-South African shareholders may face additional investment risk from currency exchange rate fluctuations since any*** 

***dividends will be paid in rand***

Dividends or distributions with respect to Sibanye-Stillwater's shares have historically been paid in rand. The US dollar or other currency

equivalent of future dividends or distributions with respect to Sibanye-Stillwater's shares, if any, will be adversely affected by potential future

reductions in the value of the rand against the US dollar or other currencies. For example, dividends or distributions with respect to Sibanye-

Stillwater's ADSs are paid in rand to the ADS depositary, who converts such dividend or distribution into US dollar for payment to the relevant

ADS holder. If the exchange rate fluctuates between the time at which the dividend or distribution was declared and conversion and

payment to the ADS holder, the ADS holders may lose some or all of the value of the distribution. In addition, while South African Exchange

Control Regulations have been relaxed in recent years, in the future, it is possible that there will be further changes in South African

exchange controls, such that dividends paid out of trading profits will not be freely transferable outside South Africa to shareholders who are

not residents of the CMA. See *– South African Exchange Control Limitations Affecting Security Holders*.

***Sibanye-Stillwater may not pay dividends or make similar payments to its shareholders in the future due to various factors and any dividend*** 

***payments made may be subject to withholding tax***

Sibanye-Stillwater's current dividend policy is to return at least 25% to 35% of normalised earnings to shareholders. Sibanye-Stillwater may pay

cash dividends only if funds are available for that purpose. Whether funds are available depends on a number of factors, including

operational, financial and legal considerations. Given these factors and the Sibanye-Stillwater Board's discretion to declare cash dividends

or other similar payments, dividends may not be paid in the future. It should be noted that a 20% withholding tax is required to be withheld

on dividends paid by, among others, certain South African resident companies (including Sibanye-Stillwater) to any person, unless an

exemption from or a reduction in the withholding tax is applicable.

The withholding tax on dividends is subject to domestic exemptions or relief in terms of an applicable double taxation treaty. The application

of such domestic exemptions or relief in terms of an applicable double taxation treaty is subject to the making of certain declarations and

undertakings by the beneficial owner of the dividends and providing the same to Sibanye-Stillwater or regulated intermediary making

payment of the dividend. In terms of the US-South Africa Treaty, the dividends tax rate is reduced to 5% of the gross amount of the dividends

if a corporate US holder holds directly at least 10% of the voting stock of a South African company, or alternatively reduced to 15% of the

gross amount of the dividend in all other cases. Based on current legislation, the declaration and undertaking entitling the holder to a

reduced dividend tax must be renewed at least every five years, subject to certain exemptions. See *– Taxation – Certain South African tax* 

*considerations – Withholding tax on dividends and Financial information – Dividend Policy and Dividend Distributions*.

***Sibanye-Stillwater's shares are subject to dilution, which could adversely affect their trading price***

Shareholders' equity interests in Sibanye-Stillwater will be diluted to the extent of future exercises or issuances, including upon conversion of

the Group's outstanding Convertible Bonds or any additional rights. Sibanye-Stillwater shares are also subject to dilution in the event that the

Sibanye-Stillwater Board issues new shares in compliance with applicable B-BBEE legislation. See *– Sibanye-Stillwater's mining rights are* 

*subject to legislation, which could impose significant costs and burdens and which impose certain ownership requirements, the* 

*interpretation of which may be the subject of dispute*.

In 2023, Stillwater Mining Company issued convertible bonds in the aggregate principal amount of US$500 million. Upon conversion, Sibanye-

Stillwater's existing shareholders will experience immediate dilution of voting rights and its share price may decline. Furthermore, the

perception that such dilution could occur may cause the Group's share price to decline. See *– Sibanye-Stillwater has a large amount of* 

*indebtedness. Failure to comply with its debt covenants or difficulties in obtaining necessary financing could have a material adverse effect* 

*on its business, operating results and financial condition*.

The Sibanye-Stillwater Board has the authority to authorise certain offers and sales of the securities without the vote of, or prior notice to,

Sibanye-Stillwater shareholders. Such additional issuances may involve the issuance of a significant number of ordinary no par value shares

at prices less than the current market price.

Issues of substantial amounts of securities, or the availability of the securities for sale, could adversely affect the prevailing market prices for

the securities and dilute investors' earnings per share. Further, the issuance of shares in connection with any acquisition of assets (including

another company) subject to compliance with Section 9 and 10 of the JSE Listings Requirements or an amalgamation or merger or scheme

of arrangement in terms of the Companies Act (whether in the form of consideration or otherwise) may result in dilution to existing

shareholders.

A large volume of sales of Sibanye-Stillwater's shares all at once or in tranches, could decrease the prevailing market price of Sibanye-

Stillwater's shares and could impair Sibanye-Stillwater's ability to raise capital through the sale of equity securities in the future. Additionally,

even if substantial sales are not affected, the mere perception of the possibility of these sales could decrease the market price of Sibanye-

Stillwater's shares and could have a negative effect on Sibanye-Stillwater's ability to raise capital in the future. Further, anticipated

downward pressure on Sibanye-Stillwater's ordinary share price due to actual or anticipated sales of shares could cause some institutions or

individuals to engage in short sales of Sibanye-Stillwater's shares, which may itself cause the price of the shares to decline.

***Shareholders outside South Africa may not be able to participate in future issues of securities (including ordinary shares) carried out by or on*** 

***behalf of Sibanye-Stillwater*** 

Securities laws of certain jurisdictions may restrict Sibanye-Stillwater's ability to allow participation by certain shareholders in future issues of

securities (including ordinary shares) carried out by or on behalf of Sibanye-Stillwater. In particular, holders of Sibanye-Stillwater securities who

are located in the United States (including those who hold Sibanye-Stillwater Shares or Sibanye-Stillwater ADSs) may not be able to

participate in securities offerings by or on behalf of Sibanye-Stillwater unless a registration statement under the Securities Act is effective with

respect to such securities or an exemption from the registration requirements of the Securities Act is available thereunder.

Securities laws of certain other jurisdictions may also restrict Sibanye-Stillwater's ability to allow the participation of all holders in such

jurisdictions in future issues of securities carried out by Sibanye-Stillwater. Holders who have a registered address or are resident in, or who are

citizens of, countries other than South Africa should consult their professional advisers as to whether they require any governmental or other

consent or approvals or need to observe any other formalities to enable them to participate in any offering of Sibanye-Stillwater securities.

***Investors in the United States and other jurisdictions outside South Africa may have difficulty bringing actions, and enforcing judgments,*** 

***against Sibanye-Stillwater, the directors and the executive officers based on the civil liabilities provisions of the federal securities laws or*** 

***other laws of the United States or any state thereof or under the laws of other jurisdictions outside South Africa***

Sibanye-Stillwater is incorporated in South Africa. Most of the directors and executive officers reside outside of the United States, and

substantially all of the assets of these persons and approximately 77% of the assets of Sibanye-Stillwater are located outside the United States.

As a result, it may be difficult for investors in the United States to enforce against these persons or Sibanye-Stillwater a judgment obtained in a

United States court predicated upon the civil liability provisions of the federal securities or other laws of the United States or any state thereof.

In addition, investors in other jurisdictions outside South Africa may face similar difficulties.

Investors should be aware that, as a matter of South African law, courts may only award compensation for the loss or damage actually

sustained by the person to whom the compensation is awarded. Consequently, South African courts will not enforce foreign judgments

based on revenue laws, penal claims, or punitive or multiple damages. Furthermore, the South African courts will decline to enforce foreign

judgments deemed contrary to current public policy (as informed by South African constitutional values) or obtained by fraud or similar

misconduct, or where the proceedings offend basic principles of natural justice (for example, inadequate notice or lack of an opportunity

to be heard). Awards of punitive damages, in particular, are unknown to the South African legal system and are regarded as being contrary

to public policy. Whether a judgment is contrary to public policy will depend on the facts of each case. Exorbitant, unconscionable or

excessive awards may be contrary to public policy and contractually stipulated penalties are subject to and limited by the provisions of the

Conventional Penalties Act, 1962. In instances where a party seeks to have a foreign judgment recognised and enforced in South Africa,

South African courts will only enforce judgments deemed final and conclusive, granted by a court or authority in the relevant foreign

jurisdiction that had competency according to South African conflict-of-laws principles (for example, jurisdiction based on residence or

domicile of the defendant, submission to the foreign court, or a sufficient connection between the cause of action and the foreign forum).

Similarly, South African courts will not enter into the merits of a foreign judgment and cannot act as a court of appeal or review over the

foreign court. South African courts will apply their own procedural laws in relation to recognition and enforcement of foreign judgments.

Where an action based on an international contract is brought before a South African court, the capacity of the parties to the contract will

be determined in accordance with South African law. Where a party relies on a foreign law, the content of that foreign law must be proved

to the South African court's satisfaction and the court may, in certain circumstances, require expert evidence in that regard. It is doubtful

whether an original action based on US federal securities laws or the laws of other jurisdictions outside South Africa may be brought before

South African courts. Further, a plaintiff who is not resident in South Africa may be required to provide security for costs in the event of

proceedings being initiated in South Africa.

Investors should also be aware that a foreign judgment is not directly enforceable in South Africa, but only constitutes a cause of action.

Such a judgment will be enforced by South African courts only if certain conditions are met.

//38

**DIRECTORS AND EXECUTIVE MANAGEMENT**

**Independent Non-Executive Chairman of the Board**

**Thabane Vincent Maphai (74)**

*BA (Hons), BPhil (cum laude), MPhil, Catholic University of Leuven; PhD, University of Natal; Advanced Management Programme (Finance for* 

*Senior Executives), Harvard University*

Dr. Vincent Maphai was appointed a director of Sibanye-Stillwater on 1 June 2019 and became the non-executive Chairman of Sibanye-

Stillwater, effective 30 September 2019. He is also a non-executive director and chairman of the board of Stadio Holdings Limited. Dr.

Maphai has accumulated over 20 years' experience in the academic profession, and 20 years as a senior executive in the private sector. He

has served on the boards of various companies as non-executive chairperson and previously as chairman and non-executive director of

Discovery Limited.

**Executive Directors**

**Richard Andrew Stewart (50)**

***Chief Executive Officer***

*BSc (Hons), PhD (Geology), University of the Witwatersrand; MBA, Warwick Business School (UK); PrSciNat* 

Dr. Richard Stewart became executive director and CEO of Sibanye-Stillwater on 1 October 2025. He previously served as Chief Regional

Officer: Southern Africa from 31 May 2022, following his tenure as Group Chief Operating Officer from 1 December 2020. Prior to these roles,

Richard held the position of Executive Vice President: Business Development at Sibanye-Stillwater. Richard has more than 26 years'

experience in South Africa's geological and mining industries and is a Vice President of the Minerals Council of South Africa and Fellow of

the Geological Society of South Africa. He joined the Group in 2014, and has contributed significantly to a successful and value-accretive

acquisition and growth strategy. Prior to joining Sibanye-Stillwater, he served on the Gold One Executive Committee from 2009, where his last

appointment was Executive Vice President: Technical Services. Prior to this Richard served as CEO of Goliath Gold Limited, held

management positions at the Council for Scientific and Industrial Research (CSIR) Mining Technology division, Dunrose Trading 186

Proprietary Limited trading as Shango Solutions and Uranium One, and was an investment consultant for African Global Capital Proprietary

Limited.

**Charl Keyter (52)**

***Chief Financial Officer***

*BCom (Accounting), University of Johannesburg; MBA, North-West University; ACMA*

Charl Keyter was appointed a director of Sibanye-Stillwater on 9 November 2012, and executive director and CFO on 1 January 2013. He led

the deleveraging of the Group, following the significant growth of Sibanye-Stillwater into a leading diversified metals producer with an

international operating footprint ranking among the world's top three PGM producers. His career spans more than 31 years in mining and he

previously worked 18 years at Gold Fields in various senior positions, having begun his career in February 1995 as a post-graduate trainee.

**Non-Executive Directors**

**Richard Peter Menell (70)**

*MA (Natural Sciences, Geology), Trinity College, University of Cambridge; MSc (Mineral Exploration and Management), Stanford University;* 

*FGS, FSAIMM and FAusIMM*

Richard (Rick) Menell is a Sibanye-Stillwater non-executive director and was appointed on 1 January 2013. He has over 44 years' experience

in the mining industry. Previously, he occupied the positions of President of the Minerals Council, President and CEO of TEAL Exploration &

Mining Inc., chairman of Anglovaal Mining Limited and of Avgold Limited, chairman of Bateman Engineering Limited, deputy chairman of

Harmony and of African Rainbow Minerals Limited. He has also been a director of Telkom SA SOC Limited, Standard Bank of South Africa

Limited, Weir Group PLC, Mutual and Federal Insurance Company Limited, Deputy chairman and non-executive director of Gold Fields, and

Senior Advisor to the Credit Suisse Group AG (Credit Suisse Group). Rick is a trustee of the Carrick Foundation and of the Claude Leon

Foundation. He is co-chairman of the City Year South Africa Youth Service Organisation, co-chairman and trustee of the Paleontological

Scientific Trust and was appointed to the board of Perseus Mining as an independent non-executive chairman in 2024. In August 2025 he

was appointed Chairman of Globeleq, a sustainable power developer and operator working throughout sub-Saharan Africa. He serves as a

Trustee of the University of the Western Cape Foundation.

**Timothy John Cumming (68)**

*BSc (Hons) (Engineering), University of Cape Town; MA (PPE), Oxford University*

Timothy (Tim) Cumming is a Sibanye-Stillwater non-executive director and was appointed on 21 February 2013. He is the founder and

executive director of Scatterlinks Proprietary Limited, a South African-based company providing leadership development services to senior

business executives as well as strategic advisory services. He has a wealth of experience in financial services, including periods as an

executive at Old Mutual Limited, HSBC Bank PLC (HSBC Bank) and Allan Gray Limited. He is currently also the non-executive chairman of

DRDGOLD Limited, an independent non-executive director of both Nedgroup Investments Limited and RisCura Holdings Proprietary Limited.

During 2025 he resigned as an independent non-executive director of Sasol Limited and as non-executive chairman of RisCura Holdings

Proprietary Limited. Tim started his career as an engineer at Anglo American Corporation of South Africa Limited (Anglo American

Corporation). He worked on a number of gold mines and diamond mines in Southern Africa. He is also the chairman of the Woodside

Endowment Trust and of the Investment Committee of the Mandela Rhodes Foundation.

**Elaine Jay Dorward-King (68)**

*BSc (Chemistry), Maryville College; PhD (Analytical Chemistry), Colorado State University* 

Dr. Elaine Dorward-King is a Sibanye-Stillwater independent non-executive director and was appointed on 27 March 2020. She is a retired

executive with over 32 years of leadership experience in developing and implementing sustainable development, safety, health and

environmental strategies and programmes in the mining, chemical and engineering consulting sectors. From 2013 to June 2019, Elaine

served as the executive vice president of sustainability and external relations for Newmont Mining Corporation (Newmont), where she led

the development and implementation of strategy, policy and standards across the company in environmental, social responsibility,

community relations, external affairs, government relations and communications areas. She was a member of the Newmont's executive

leadership team (ELT) and was one of four ELT members on the company's investment committee. From June 2019 until January 2020, Elaine

was executive vice president of ESG strategy for Newmont. Prior to joining Newmont, Elaine spent 20 years at Rio Tinto PLC (Rio Tinto), where

she held a variety of leadership roles including two years as managing director of Richards Bay Minerals Proprietary Limited (Richards Bay

Minerals), one of the world's largest producers of mineral sands products, including titanium dioxide feedstock, zircon, rutile and high-grade

iron. She also served as the global head of health, safety and environment for Rio Tinto, a role she held for eight years following other roles of

increasing responsibility. Prior to that, Elaine worked for an engineering consulting firm, EBASCO Environmental, and for Monsanto Chemical

Company, in the agricultural products division. Elaine is a board member of Kenmare Resources PLC, a leading producer of titanium

minerals and zircon and NOVAGOLD Resources Inc., a North American gold exploration and development company.

**Harry James Rodolph Kenyon-Slaney (65)**

*BSc (Hons) (Geology), Southampton University; International Executive Programme, INSEAD (France)*

Harry Kenyon-Slaney is the lead independent non-executive director of Sibanye-Stillwater, having first been appointed as a director on 16

January 2019. He is currently Chairman of Gem Diamonds Limited, the senior independent director of WE Soda Ltd and a member of the

Advisory Board of Phoenix Copper Limited, in which roles he uses his wide experience to support operational, health and safety and business

transformation programmes. He was previously a member of the Advisory Board of Schenck Process Holding GmbH until it was sold in 2023

and was a director of Bridon Bekeart Ropes Group until 2018.

Harry, who has more than 43 years of experience in the mining industry, principally with Rio Tinto PLC, is a geologist by training and his

experience spans operations, marketing, projects and business development. Until 2015 he was a member of Rio Tinto's Group Executive

Committee, where he held the roles of Chief Executive – Energy, and before that, Chief Executive – Diamonds and Minerals. Prior to this, he

led Rio Tinto's global titanium dioxide business, was chief executive of Rio Tinto's listed subsidiary, Energy Resources of Australia Limited, was

General Manager Operations at Phalaborwa Mining Company Limited in South Africa, and held senior marketing roles in copper, uranium

and industrial minerals.

**Keith Alfred Rayner (69)**

*BCom, Rhodes University; CTA; CA (SA)*

Keith Rayner is a Sibanye-Stillwater non-executive director and was appointed on 1 January 2013. Keith is CEO of KA Rayner Presentations

CC, an advisory and presentation corporation specialising in corporate finance and regulatory advice. He is an independent non-executive

director of Telkom SA SOC Limited. He is a non-executive director of Nexus Intertrade Proprietary Limited, Sabi Gold Proprietary Limited

(dormant), Keidav Properties Proprietary Limited (dormant) and Appropriate Process Technologies Proprietary Limited. He is a member of the

JSE Limited's Issuer Regulation Advisory Committee and is a member of the Investment Analysts Society. He was previously a director of

Afristrat Investment Holdings Limited and 2 Quins Engineered Business Information Proprietary Limited.

**Jeremiah Skhulumi Vilakazi (65)**

*BA, University of South Africa; MA, Thames Valley University; MA, University of London; MBA, California Coast University*

Jeremiah (Jerry) Vilakazi is a Sibanye-Stillwater non-executive director and was appointed on 1 January 2013. Jerry is a Professor in the

Department of Business Management, Unisa. He is currently a non-executive director of Blue Label Telecoms Limited and Cell C Limited. He is

the founder and Chairman of Palama Investments. He previously held the position of Chairman of Netcare Limited and directorships of

Pretoria Portland Cement Company Limited, Goliath Gold Limited, SANPARKS and Computershare Limited. He is a past CEO of Business Unity

South Africa NPC and Managing Director of the Black Management Forum NPC and former director of Commerce and Industry at the South

African Institute of Chartered Accountants. He has served on the King Committee on Corporate Governance which led reforms on

corporate governance in South Africa. In 2010, he was appointed as advisor to Citibank. Jerry served as Chief Director of the Department of

Home Affairs prior to being appointed Public Service Commissioner in 1999 and later serving on the National Planning Commission and the

Presidential Broad-based Black Economic Empowerment Advisory Council. He has also served as Chairman of the Mpumalanga Economic

Growth Agency, Mpumalanga Gambling Board and of the State Information Technology Agency (SOC) Proprietary Limited.

**Sindiswa Victoria Zilwa (58)** 

*BCompt (Hons), University of South Africa; CTA; CA (SA); CD(SA); Doctor of Business (Honoris Causa); Advanced Taxation Certificate,* 

*University of South Africa; Advanced Diploma in Financial Planning, University of the Free State; Advanced Diploma in Banking, University of* 

*Johannesburg; Harvard VPAL Cybersecurity Certificate Programme: Managing Risk in the Information Age, Harvard University*

Dr. Sindiswa (Sindi) Zilwa is a Sibanye-Stillwater independent non-executive director and was appointed on 1 January 2021. A chartered

accountant by profession, Sindi is an expert in the areas of accounting, auditing, governance, transformation and business management.

Sindi is also a chartered director (SA) and has vast experience as a director in the public and private sectors. Her other current equity listed

board portfolio includes Cell C Limited, Delta Property Fund Limited and she was recently appointed as an independent non-executive

director of ABSA Group Limited with effect from 1 April 2025. She is an author of "The ACE Model-Winning Formula for Audit Committees",

formerly used by the Institute of Directors to train audit committee members in South Africa, and the author of "Creating Board and

Committee Effectiveness". She is a member of the South African Institute of Chartered Accountants and Institute of Directors. Sindi was the

co-founder and retired Chief Executive Officer of Nkonki Incorporated, having held the position from 1993 to 2016. Her other former non-

executive directorships over the past five years include Metrofile Limited, Discovery Limited, Massmart Limited and Aspen Pharmacare

Holdings Limited. In 2023, Sindi completed a cybersecurity certificate programme at Harvard University online, entitled "Cybersecurity:

Managing Risk in the Information Age". On 23 August 2025, Sindi was honoured and awarded an Honorary Doctorate in Business by HBI

University, Connecticut, USA, and the prestigious Black Excellence Lifetime Achievement Award, a recognition of her remarkable and

impactful journey in the accountancy profession in business, entrepreneurship, governance, and transformation.

**Terence Mncedisi Nombembe (64)**

*BCom, University of Transkei; BAccSc (Hons), University of South Africa; CA (SA); Doctor of Accounting Science (Honoris Causa), Walter Sisulu* 

*University*

Terence Nombembe is a Sibanye-Stillwater independent non-executive director and was appointed in September 2024. Terence has

expertise in accounting, auditing, risk management, corporate governance, and stakeholder management. Terence was the chief

executive officer of the South African Institute of Chartered Accountants (SAICA) from 2014 to 2019, and before that, he was the Auditor-

General of South Africa from 2006 to 2013. Terence was most recently a non-executive director of the South African Reserve Bank (SARB),

having stepped down from that role in 2023. Honorary awards received by Terence include the Jorg Kandutsch Excellence Award from the

International Organisation of Supreme Audit Institutes (2010), Doctor of Accounting Science (honoris causa) from the Walter Sisulu University

(2014), Unisa's Chancellor's Calabash Award – Outstanding Alumnus (2014), Honorary Member of the Golden Key International Honour

Society (2015), and Doctor of Commerce (honoris causa) from the University of Pretoria (2025). Terence is an Independent Non-Executive

Director of the Nedbank Group Limited and Nedbank Limited and serves as a member of its Group Audit Committee and Group Risk and

Capital Management Committee.

In compliance with the Sarbanes-Oxley Act, the Board has identified Terence Nombembe as the Audit Committee's financial expert.

**Philippe François Marie-Joseph Boisseau (64)**

*MSc (Theoretical Physics), École Polytechnique* 

Philippe Boisseau has over 26 years of executive leadership experience. He is the former CEO of Compañía Española de Petróleos, S.A.

(CEPSA), a Spanish multinational oil and gas, chemicals, and renewable energy business, from 2019 to 2021. He also acted as Senior Advisor

to the CEO and the Board of CEPSA in 2022. Before joining CEPSA, he was a Senior Advisor to Carlyle International Energy Partners.

Previously, he worked at TotalEnergies SA (Total) for over two decades. His career at Total spans oil, gas and power value chains and all

geographies. Distinctively well-rounded, he has headed up refining and upstream businesses, has been responsible for Total's business in the

Middle East and the Gas and Power global Division. He was instrumental in establishing and leading Total's New Energies division from 2007

to 2016. With a very large international experience, including expatriations in the US and Argentina, Philippe has been a member of Total's

Executive Committee for 5 years, leading the Retail and Marketing and the New Energies Global Divisions.

His functional experience encompasses a broad spectrum, from operations, sales and marketing to building partnerships, mergers and

acquisitions, restructuring, integrating, developing and investing in major projects. He is a global energy leader with a profound strategic

and operational understanding of technology, markets, investors, consumers and regulations.

Philippe is a non-executive director of Centrica PLC and serves as a member of the Audit and Risk Committee, the Nominations Committee

and the Safety, Environment and Sustainability Committee. He also serves as non-executive director and Chairman of the audit and risks

Committee of Exolum S.A., a Spanish Energy Company. Philippe was a board member at I-Pulse Inc. from 2017 to 2021. Philippe served as a

Senior Advisor to Sibanye-Stillwater in 2023 to refine the company's strategic approach towards prioritising metals and energy investments.

His advisory role with Sibanye-Stillwater ended before his appointment on the board.

**Peter James Hancock (62)**

*PhD (Metallurgical Engineering), McGill University; MSc (Metallurgical Engineering), Dalhousie University; BE (Metallurgical Engineering),* 

*Dalhousie University* 

Peter Hancock is a Sibanye-Stillwater independent non-executive director and was appointed on 6 May 2024. He is a mining industry

executive with more than 30 years of experience with Glencore plc overseeing nickel mining operations, developing and commercialising

process technologies and ramping up nickel projects. As vice president of Glencore's Nickel assets in Western Australia, Peter oversaw the

Murrin Nickel-Cobalt mining operations. In his time as president of Koniambo Nickel SAS in New Caledonia from 2011 to 2016, Peter led the

completion, commissioning, and ramp-up of a US$7 billion greenfield Nickel Mine project. He previously led the Brunswick Smelter and also

led Technology and Business Development for Noranda Zinc. Earlier in his career, he contributed to significant advancements in his field as a

program leader and research engineer at the Noranda Technology Center. More recently, he served as strategic advisor to Nemaska

Lithium Inc. and IX Metals. Peter is an independent non-executive director of Sherritt International Corporation where he is currently serving

as Interim CEO. He was previously chair of the Resources, Operations, Capital, and Sustainability Committee and also served as chair of the

Sherritt HR Committee.

**Lindiwe Mthimunye (52)**

*BCom, University of Cape Town; Post Graduate Diploma in Accounting, University of Cape Town; Post Graduate Diploma in Tax Law,* 

*University of the Witwatersrand; MCom, University of Cape Town; DBA, Geneva Business School; CA (SA)* 

Dr. Lindiwe Mthimunye is a Sibanye-Stillwater independent non-executive director and was appointed on 26 August 2025. Dr. Lindiwe

Mthimunye is a seasoned Chartered Accountant with over 24 years of experience spanning the oil & gas, property investment and

management, and investment banking sectors. Her career reflects a strong commitment to strategic leadership, financial discipline and

governance excellence. Lindiwe began her career in 1999 at Rand Merchant Bank, specialising in structured and project finance. She

contributed to landmark infrastructure deals, including the award-winning financing of the Albert Luthuli Hospital, and was recognised by

ABSIP for excellence in the field. In 2006, she founded Palau Structured Solutions, advising on transactions in infrastructure public-private

partnerships and B-BBEE acquisitions, and later led financial operations at Bakoro Property Group, achieving successful portfolio exits. From

2013, she served as Group CFO at PetroSA, driving strategic initiatives such as cost optimisation, IFRS transition, and capital raising. Since

2016, Lindiwe has been active in the energy sector. In 2024, she completed her doctoral studies focused on ESG integration and its

investment implications for South Africa's coal industry. Lindiwe also serves on other significant boards, including Blue Label Telecoms Limited,

as an Independent Non-Executive Director from 2022, and Sabvest Capital Ltd as a Non-Executive Director and previously Metrofile Holdings

Limited, as an Independent Non-Executive Chairman from 2025 until her resignation in December 2025.

**Rotation of directors**

In accordance with Sibanye-Stillwater's Memorandum of Incorporation (MOI), one third of the directors shall retire from office at each

annual general meeting (AGM) and stand for election. The first to retire are those directors appointed as additional members of the Board,

followed by the longest-serving members. Retiring directors can be immediately re-elected by the shareholders at the AGM. The Board

conducted a formal fit-and-proper evaluation for all directors standing for election and re-election through an external board evaluation

process. Dr. L. Mthimunye will stand for election at the AGM and Dr. Vincent Maphai, Mr. Charl Keyter, Mr. Richard Menell and Prof. Jeremiah

Vilakazi are to be re-elected at the AGM. These directors were confirmed to be fit and proper to serve.

**Director changes**

The following Director retirement(s) and/or (re-)appointment(s) have been announced since 31 December 2025:

• Timothy Cumming will retire from the Board at the next AGM and is not available for re-election.

**C-Suite Management**

**Richard Cox (53)** 

***Chief Regional Officer: Southern Africa region*** 

*Stanford Executive Program, Stanford University Graduate School of Business; MBA (cum laude), Gordon Institute of Business Science; BSc* 

*(Mining), University of the Witwatersrand*

Richard Cox has held the position of Chief Regional Officer: Southern Africa region from 1 July 2025. Richard joined Sibanye-Stillwater in

November 2020 as Senior Vice-President: Strategy Advisor before being promoted to Executive Vice President: South Africa region gold

operations in February 2021 and Executive Vice President: Processing, South Africa region in April 2024. He has 30 years' experience in the

mining industry, with extensive experience in both the gold and PGM mining sectors. Richard has occupied various leadership roles across a

range of commodities and geographies, including at Anglo American Platinum (now Valterra Platinum), at Anglo American North Americas

in project work and at AngloGold Ashanti's South African and Malian operations.

**Robert van Niekerk (61)**

***Chief Technical and Innovation Officer***

*National Higher Diploma (Metalliferous Mining), Technikon Witwatersrand; BSc (Mining Engineering), University of the Witwatersrand; South* 

*African Mine Manager's Certificate of Competency*

Robert van Niekerk was appointed as Chief Technical and Innovation Officer for the Group from 31 May 2022 expanding his previous role as

Chief Technical Officer. Previously he served as the Executive Vice President: Group Technical Services (from April 2020). Between 2013 and

2020 he held several positions in the Group, including Executive Vice President: SA PGM operations, Divisional CEO: Platinum and Executive

Vice President: Organisational Effectiveness. Prior to joining Sibanye-Stillwater (in February 2013), he was the Senior Vice President and Group

Technical Head of Mining at Gold Fields. He previously occupied several senior operational and executive management positions at

Harmony, Anglo American Platinum Limited (Anglo American Platinum), Uranium One and Gold One. Robert began his mining career in

1982 as a Learner Official and progressed through the ranks at a number of underground and surface mining operations locally and outside

of South Africa.

**Themba George Nkosi (53)**

***Chief People and Culture Officer***

*BA Hons (Employment Relations), University of Johannesburg; BTech (Human Resources), Peninsula Technikon; Human Resources Executive* 

*Programme, University of Michigan; Business Sustainability Management Course, University of Cambridge (Institute for Sustainability* 

*Leadership); Certificate in Energy Efficiency and Sustainability, University of Cape Town*

Themba Nkosi has served as the Chief People and Culture Officer at Sibanye-Stillwater since October 2023. He joined the Group in July 2016

and has held several senior executive roles, including Executive Vice President: Human Capital, EVP Corporate Affairs, and Chief

Sustainability Officer. Before joining Sibanye-Stillwater, he was Human Resources Director for sub-Saharan Africa at the PepsiCo Incorporated

and General Manager for HR and Corporate Affairs at ArcelorMittal South Africa Limited.

**Mika Seitovirta (64)**

***Chief Regional Officer: Europe***

*MSc (Econ), University of Vaasa, Finland*

Mika Seitovirta was appointed Chief Regional Officer: Europe on 14 December 2021. Mika has gained extensive international experience

through his senior leadership roles in global companies across a wide range of industries. He has previously served as CEO of Outokumpu Oyj

and Glaston Corporation, as Managing Director of Hartwall Oyj/Scottish & Newcastle PLC and as Executive Chairman of Ferrovan Oy. In

addition to his current roles as Executive Chairman of Keliber Oy, and Chairman of Metroauto Oy and K. Hartwall Oy Ab, Mika has also

served as a Senior Advisor and Executive Coach for the Boston Consulting Group Inc. Mika's significant experience in the European

automobile industry, including various positions held for more than a decade at Volvo and in the European ferroalloys industry, proves

invaluable to the growth of Sibanye-Stillwater's battery metals business in Europe.

**Charles Carter (63)**

***Chief Regional Officer: Americas***

*BA (Hons), University of Cape Town; D.Phil, Oxford University*

Charles Carter joined the Group on 1 June 2022 as Chief Regional Officer: Americas. He has held executive roles in gold exploration, mining

and refining in South Africa, Colombia and the United States during a 25 year career at AngloGold prior to joining Sibanye-Stillwater. He is a

past chairman of the Denver Gold Group Inc. and has been a director of Rand Refinery Proprietary Limited. Executive accountabilities at

AngloGold included Group Strategy, Corporate Finance and Business Development, Investor Relations and Communications, Global HR,

and executive lead for the Colombia business. Charles began his career at Anglo American Corporation and has also worked for RFC

Corporate Finance Limited. In addition to his graduate studies, he has also completed management development programmes at the

Colorado School of Mines, Kellogg School of Management at Northwestern University and Harvard University.

**Melanie Naidoo-Vermaak (51)**

***Chief Sustainability Officer***

*BSc, BSc (Hons), University of KwaZulu Natal; MSc (Sustainable Development), University of Johannesburg; MBA, University of Southern* 

*Queensland*

Melanie Naidoo-Vermaak was appointed as the Chief Sustainability Officer on 1 January 2024. Her expertise in sustainable development has

been built over 22 years in the private mining and public sectors in South Africa as well as in international environmental management

exposure gained in the United Kingdom, Australia, Papua New Guinea, Fiji and in Africa. Before joining Sibanye-Stillwater, she worked at

leading international mining companies, including Harmony, De Beers Consolidated Mines Limited, BHP Billiton Limited and Anglo American

PLC. Melanie is a member of the Minerals Council South Africa's environmental policy committee. Melanie held various directorships in her

capacity as Senior Executive and Prescribed Officer at Harmony. These included Chemwes Proprietary Limited, Covalent Water Company

Proprietary Limited, First Uranium Proprietary Limited, Nuclear Fuels Association of South Africa Proprietary Limited, Tswelopele Beneficiation

Operation Proprietary Limited, Platistone Kalgold Proprietary Limited, Golden Core Trade and Invest Proprietary Limited, Harmony Moab

Khotsong Operations Proprietary Limited, Mine Waste Solutions Proprietary Limited, Margaret Water Company Non-Profit Company, Virginia

Jewellery School Non-Profit Company, Virginia Sports Academy Non-Profit Company, Harmony Community Trust, Harmony Environmental

Trust, Harmony Social Trust and Wonderfontein Trust.

**Mduduzi Bhulose (44)**

***Executive Vice President: Business Development***

*BSc. Mining Engineering and Graduate Diploma in Engineering (GDE) in Mining, University of Witwatersrand; MBA, University of Pretoria (GIBS)*

Mdu was appointed Executive Vice President (EVP): Business Development on 1 October 2025, bringing over 21 years of experience in

Mining and Investment. Before joining Sibanye-Stillwater, he served as Head of Listed Equities at the Public Investment Corporation (PIC),

joining the PIC in 2016 as Portfolio Manager (Resources).

After earning his degree in Mining Engineering, Mdu launched his career at Anglo American Platinum (now Valterra Platinum), where he

held various positions within the Anglo American Group. His roles included Strategy Manager at Anglo American Platinum and Mineral

Economist at Anglo American Technical. In addition, he spent over five years as an analyst at Rand Merchant Bank, working in both the

Asset Management and Investment Banking Divisions.

**Former Directors and C-Suite Management**

**Former C-Suite Management**

**Neal John Froneman (66)**

***Chief Executive Officer*** 

*BSc Mech Eng (Ind Opt), University of the Witwatersrand; BCompt, University of South Africa; PrEng*

Neal Froneman was the executive director and CEO of Sibanye-Stillwater from 1 January 2013 until his retirement effective 1 October 2025.

Over the past ten years he has led the transformation of Sibanye-Stillwater from a 1.5Moz South Africa-based gold miner into a leading

diversified metals producer with an international operating footprint. The company now ranks as the world's top primary producer of PGM

metals with a leading position in the PGM recycling industry. Under Neal's leadership, Sibanye-Stillwater has begun building an international

portfolio of battery metal operations along with growing involvement in the circular economy and tailings reprocessing businesses. Neal's

career spans nearly 40 years during which time he worked at Gold Fields Limited (Gold Fields), Harmony Gold Mining Company Limited

(Harmony) and JCI Limited. In April 2003, Neal was appointed CEO of Aflease Gold Limited (Aflease Gold), which, through a series of reverse

take-overs, became Gold One International Limited (Gold One) in May 2009. He was primarily responsible for the creation of Uranium One

Incorporated (Uranium One) from the Aflease Gold uranium assets. During this period, he was CEO of Aflease Gold and Uranium One until his

resignation from Uranium One in February 2008. He held the CEO position at Gold One until his appointment at Sibanye-Stillwater. Since 2021,

he has been appointed as a member of the Wits Foundation Board of Governors. He also serves on the councils of international mining

bodies including the ICMM and the World Gold Council. Neal was appointed as chairman of the World Gold Council during 2023 and

currently serves as both a director and Chairman of Business Against Crime SA, a non-profit organisation.

**Lerato Legong (47)**

***Chief Legal Officer***

*LLB, University of Pretoria* 

Lerato Legong was the Chief Legal Officer of Sibanye-Stillwater until his resignation on 31 May 2025. He has over 23 years'

experience and has served both in South African and international private practice and as in-house counsel in the mining industry.

Prior to joining Sibanye-Stillwater on 16 March 2020, he held management positions at South32 Limited and served as head of legal

at the Minerals Council South Africa. He has also held legal positions at Mintails Limited, Anglo Operations Limited and Sasol Oil

Proprietary Limited.

**ENVIRONMENTAL AND REGULATORY MATTERS** 

**South Africa** 

**Environmental**

***Overview***

Sibanye-Stillwater's SA operations are subject to various laws and regulations relating to the protection of the environment. In particular, the

Constitution of South Africa, 1996 (South African Constitution) grants the right to an environment that is not harmful to human health or

wellbeing, and to the protection of that environment for the benefit of present and future generations through reasonable legislation and

other measures that secure ecologically sustainable development. In addition, the South African Constitution and various environmental

legislation enacted and implemented since 1996, grant legal standing to a wide range of interest groups to enforce their environmental

rights against private entities as well as the South African government.

South African environmental legislation requires companies with activities that are reasonably expected to have environmental impacts to

obtain authorisations, permits, licences and other approvals to ensure such companies assess the extent of such impacts and put

reasonable measures in place to manage and mitigate these impacts.

The most critical and applicable environmental legislation for the mining industry in South Africa are the MPRDA, the Air Quality Act, the

Waste Act, the NEMA and the NWA. Under the One Environmental System (OES), the DMPR Minister (previously, the DMRE Minister) (and thus

by delegation, the prescribed officials of the DMPR) is the Competent Authority for all environmental issues within the mining industry,

including the approval or rejection of environmental authorisations (EAs) under the NEMA framework for listed activities pertaining to

prospecting and mining operations. The Minister of the DFFE is the Appeal Authority for any applications/authorisations approved or rejected

by the DMPR Minister. Under the transitional arrangements between the MPRDA and the NEMA, all Environmental Management Programmes

(EMPRs) previously approved under the MPRDA are deemed to be approved under NEMA.

NEMA contains the following four key provisions: (i) company directors, in their personal capacity, may be held liable for any environmental

degradation and/or the remediation thereof; (ii) every holder of a mining right will remain responsible for any environmental liability, pollution

or ecological degradation, the pumping and treatment of polluted or extraneous water and the management and sustainable closure

thereof, notwithstanding the issuance of a closure certificate; (iii) the DMPR Minister is obliged to appoint environmental mineral resource

inspectors to monitor the compliance of mining companies, as well as the enforcement of provisions insofar as it relates to prospecting,

exploration, mining or production; and (iv) a duty of care to the environment is imposed on all persons to take reasonable measures to

prevent pollution and environmental degradation.

***Financial Provisioning Regulations***

The Financial Provisioning Regulations require mining companies to make financial provision for degradation and rehabilitation available

prior to the commencement of mining activities to ensure adequate funding upon mine closure. Various vehicles may be utilised, including

financial guarantees, approved insurance products provided by recognised financial institutions, cash deposits into an account

administered by the Minister, and rehabilitation trust funds that comply with section 37A of the Income Tax Act. Mining companies are also

required to undertake progressive rehabilitation on an ongoing basis in respect of environmental rehabilitation. For holders of mining titles

who applied for such titles prior to 20 November 2015, compliance with the Financial Provision Regulations was temporarily suspended in

February 2024. The transitional period for existing rights and permits was extended to 19 February 2024 and new entrants have been required

to comply since 20 November 2015. With respect to 2025 reporting, compliance is expected under the Financial Provisioning Regulations

until publication in the Government Gazette. Sibanye-Stillwater will continue to assess the quantum of its financial provision in line with the

updated methodologies stipulated by the Financial Provisioning Regulations.

***Carbon Tax***

Energy is a significant input and cost to Sibanye-Stillwater's mining and processing operations, with its principal energy sources being

electricity and purchased petroleum products. A number of governments or governmental bodies, including the United Nations Framework

Convention on Climate Change (UNFCCC), have introduced or are contemplating regulatory changes in response to the potential impact

of climate change, including in jurisdictions in which Sibanye-Stillwater operates.

For companies that are required to register as carbon tax entities under the Carbon Tax Act, final carbon tax liability is calculated as gross

carbon dioxide equivalent (CO2e) emission, less allowances that are built into the carbon tax design. Net CO2e emission is multiplied by the

applicable carbon tax rate to determine carbon tax liability. During the initial transition phase, tax-free allowances were introduced to ease

the impact of the initial implementation of the tax. These allowances range from 60% to 75% of emissions across sectors, with additional

allowances and offsets of up to 95% for the mining sector. The Carbon Offset Regulations, 2019 (Carbon Offset Regulation) outline the

eligibility criteria for offset projects (which include certain types of renewable energy, energy efficiency and onsite cogeneration projects),

the procedures for claiming offset allowances and the administration thereof. Offset usage limits will increase under Phase 2 of the carbon

tax implementation, which began on 1 January 2026. Companies are allowed to use such offset projects to offset up to a maximum of 5% to

10% of their total CO2e emissions to reduce their tax liability.

It is expected that Sibanye-Stillwater's carbon tax liability will increase with Phase 2, during which the carbon tax rates will increase and

certain Phase 1 tax-free allowances are anticipated to be recalibrated or reduced. During Phase 2, carbon tax rates are set to increase

from R236 (fiscal 2025) to R462 (fiscal 2030). In addition, a higher carbon tax rate of R640/tCO2e will apply to the portion of CO2e emissions

which exceed the mandatory carbon budget to be allocated to companies under the Climate Change Act 22 of 2024 (Climate Change

Act). The Carbon Tax Act will be amended to include and operationalise the higher rate once the DFFE publishes the carbon budget

regulations, with implementation anticipated from 1 January of the year following their finalisation.

The Climate Change Act was enacted by the South African government in July 2024 and is expected to update the CO2e reporting regime

applicable to Sibanye-Stillwater. Under the Climate Change Act, the South African government will implement measures to address climate

change through sectoral emission targets and will mandate major emitting companies to comply with mandatory carbon budgets. Draft

National Greenhouse Gas Carbon Budget and Mitigation Plan Regulations have been published for comment, with finalisation pending.

Major emitters will be required to operate within allocated multi-year carbon budgets and to prepare and implement mitigation plans. The

administrative interface between these budgets and the carbon tax is being clarified through concurrent amendments to the Carbon Tax

Act. The start date for the first mandatory budget cycle and final budget allocation methodologies remain subject to the publication of final

regulations. Companies that have been allocated a carbon budget will further be required to prepare a greenhouse gas mitigation plan for

approval by the Minister of Forestry, Fisheries and the Environment. At the time of the first mandatory carbon budget cycle, all approved

pollution prevention plans under the Air Quality Act and the National Pollution Prevention Plans Regulations, 2017 must be deemed to be

greenhouse gas mitigation plans for the purposes of Climate Change Act.

The implementation and roll-out of Sibanye-Stillwater's Energy and Decarbonisation Strategy, which includes the introduction of renewable

energy in the form of solar and wind into Sibanye-Stillwater's energy mix, is expected to reduce its Scope 2 emissions, which in turn is

anticipated to reduce the financial impact of its indirect exposure to carbon tax in its supply chain. For further information regarding Carbon

Tax and other risks related to Sibanye-Stillwater's CO2e emissions, see *– Risk Factors – Regulation of greenhouse gas emissions may materially* 

*adversely affect Sibanye-Stillwater's operations*.

***Air Quality Act***

Under the Air Quality Act, the South African government has established minimum emissions standards for certain activities that result in air

emissions and for which atmospheric emission licences (AELs) must be held. The new plant standards or minimum emissions standards for all

existing plants were effective as of 31 March 2025. Non-compliance with the conditions of an AEL as well as the minimum emissions

standards under the Air Quality Act, is an offence. Emissions are reported to the regulator in accordance with the AEL conditions. Air

dispersion modelling is conducted as part of air quality impact assessments. This is used to predict air quality concentrations at receptor

locations in nearby communities. The AEL reports, which include results of stack emissions, are in place to demonstrate levels of compliance.

***Waste Act***

The Waste Act regulates, among other things, the identification, investigation, remediation, rehabilitation and inventorying of contaminated

land. The Waste Act requires that waste management licences (WMLs) are obtained for activities relating to the establishment and

reclamation of residue deposits and residue stockpiles.

The Waste Act also provides for waste licensing requirements for general and hazardous waste for listed activities ranging from storage of

waste salvage yards and wastewater treatment plants through to disposal by landfill. Sibanye-Stillwater currently has a number of licenced

waste management facilities, such as its Beatrix operations, Rustenburg operations, Marikana operations and the Precious Metals Refinery.

These facilities are managed in compliance with the Waste Act. In addition, the waste management activities at some of Sibanye-

Stillwater's facilities are regulated by and managed through the existing approved EMPRs, in accordance with the transitional provisions

contained in the Waste Act and its regulations.

The Waste Act, pursuant to further regulations, also provides for registration with the DFFE of all operations generating hazardous waste or

operating waste disposal facilities; quarterly reporting by disposal facilities of quantities of waste received for disposal; classification of waste

and landfills which determines the disposal obligations and other requirements according to the waste classification regulations. Detailed

waste classifications and associated safety data sheets have been developed for all of Sibanye-Stillwater's hazardous wastes where

relevant (e.g. the PGM operations, and waste disposed to landfills have been assessed and are directed to the relevant class of landfill).

The Waste Act further defines the requirements and risk-based assessment process to be undertaken to have waste streams excluded from

the definition of waste, provided there is a defined beneficial use for this waste. Sibanye-Stillwater has identified waste ash and calcium

sulphate as potential waste streams that fall within the parameters of these regulations, with submission to be made to obtain approval on

exclusions.

In 2023, NEMLAA introduced key changes to the regulation of management of residue deposits and stockpiles, such that residue stockpiles

and residue deposits no longer qualify as waste, or require a WML under the Waste Act. Instead, residue stockpiles and deposits will be

regulated under NEMA once the relevant NEMLAA sections come into effect.

***Water Use***

Under South African law, mining operations are subject to water use licences (WULs) and general authorisations that govern each

operation's water usage and that require, among other things, mining operations to achieve and maintain certain water quality limits

regarding all water discharges. The NWA provides for the management of all surface and groundwater resources, including the protection

of the water systems for ecological requirements. The NWA, as well as the associated notices published thereunder provide for conditions

that must be adhered to and dictate the requirements for water use authorisation for various water uses that contain activity specific

requirements based on the specialist information submitted by means of the application process. All of Sibanye-Stillwater's SA operations

hold the necessary water-related permits for current water-related activities, issued by the Department of Water and Sanitation. At certain

operations in South Africa, water use licences for future activities are currently under review.

On 17 November 2023, the Minister of Water and Sanitation published the National Water Amendment Bill that proposed amendments to

the NWA, including introducing a penalty of up to R10 million in fines or a maximum imprisonment term of 10 years, or both, for certain water

law infringements as well as potential directors' liability.

A Waste Discharge Charge System is being implemented by the DWS to enhance water resource management. Once fully implemented,

the system will provide additional mechanisms for managing water resources effectively. As part of this rollout, the DWS has recently started

imposing a water resource management charge related to waste discharge, pursuant to the Pricing Strategy for Raw Water Use Charges

established in 2007. The DWS plans to extend the discharge charge to cover all waste-related activities impacting water resources and, to

this end, published a revised Pricing Strategy for Raw Water Use Charges on 21 June 2024, which is expected to become effective in April

2026. Once fully implemented, the Waste Discharge Charge System may have significant cost implications for Sibanye-Stillwater's SA

operations. See *– Risk Factors – Risks related to ESG – Sibanye-Stillwater's operations are subject to water use and wastewater regulations,* 

*which could impose significant costs and burdens*.

***Biodiversity Act***

The Biodiversity Act aims to protect the natural diversity within South Africa, particularly threatened and endangered species, as well as the

protection of essential ecosystems and the associated services. The Biodiversity Act necessitates certain management requirements and

permits for any restricted activity involving a specimen of a listed threatened or protected species.

***National Nuclear Regulator Act (NNR Act)***

Sibanye-Stillwater undertakes activities which are regulated by the NNR Act. The NNR Act requires Sibanye-Stillwater to obtain authorisation

from the National Nuclear Regulator and undertake activities in accordance with the conditions of such authorisations. Each of Sibanye-

Stillwater's South African gold operations possesses and maintains a Certificate of Registration as required by the NNR Act.

***National Environmental Management Laws Amendment Act, 2022 (NEMLAA)***

NEMLAA came into effect on 30 June 2023. NEMLAA has made certain changes to the National Environmental Management Act (NEMA),

the Waste Act, the Air Quality Act, the Biodiversity Act and a number of other specific environmental laws. Notable amendments include:

• NEMA amended to expressly provide for "progressive rehabilitation", expanding vehicles that may be utilised for financial provision

(which includes parent company guarantees as well as insurance guarantees) and to enable drawdowns of financial provision up

to ten years before the final decommissioning and closure;

• regulation of residue stockpiles and deposits shifted from the Waste Act to NEMA; and

• requiring applicants for rectification under section 24G of NEMA to undertake certain measures, including suspending,

investigating, assessing and/or remediating the adverse impacts of certain activities and increasing the maximum administrative

fine to R10 million.

***Enforcement of Environmental Laws***

The NEMA (for the mining industry enforced by the DMPR), the MPRDA (enforced by the DMPR) and the NWA (enforced by the DWS) all

contain provisions for the appointment of environmental management inspectors, which have sweeping authority and mandates to

enforce environmental legislation. There are certain new environmental laws and regulations, such as NEMLAA and the Financial Provisioning

Regulation, which were viewed as having a negative impact on the growth and development of the mining industry. To date, Sibanye-

Stillwater's approach has been to work with the South African government and the Minerals Council to positively influence new and

emerging legislation as far as possible in the interest of the industry as well as in the interest of the environment.

***National Heritage Resources Act (NHRA)***

The National Heritage Resources Act, Act No. 25 of 1999 (NHRA), aims to protect and conserve national and provincial heritage sites and

resources, requiring permits if such sites or resources are to be affected. The NHRA is administered by the South African Heritage Resources

Agency (SAHRA) at a national level, and by various provincial heritage resources authorities at a provincial level. Non-compliance with the

NHRA is an offence and may result in significant fines or imprisonment.

**Health and Safety**

Mining health and safety performance is regulated by the South African Mine Health and Safety Act, 1996 (MHSA). The MHSA, among others,

requires the employer to ensure, as far as reasonably practicable, that operating mines provide and maintain, as far as reasonably

practicable, a safe and healthy working environment. For non-operating mines where no closure certificate has been issued, the employer

must take reasonable steps to continuously prevent injuries, ill health, loss of life or damage of any kind from occurring at or because of the

mine. Employees have the right to leave a dangerous and/or unsafe working place. The MHSA describes the powers and functions of the

Mine Health and Safety Inspectorate (MHSI), within the jurisdiction of the DMPR, as part of the process of enforcement.

As legally required, all employees are represented in formal joint management/employee health and safety committees, through their

representatives, to help monitor and advise on occupational health and safety programmes.

In terms of the MHSA, an employer is obligated, among others, to ensure, as far as reasonably practicable, that mines are designed,

constructed and equipped to provide conditions for safe operation and a healthy working environment, and the mines are commissioned,

operated, maintained and decommissioned in such a way that employees can perform their work without endangering their health and

safety or that of any other person. Every employer must ensure, as far as reasonably practicable, that people who are not employees, but

who may be directly affected by the activities at a mine, are not exposed to any health and safety hazards. If there is reason to believe that

any occurrence, practice or condition at a mine endangers or may endanger the health or safety of any person, the MHSA authorises MHSI

inspectors to restrict or stop, partially or wholly, operations at any mine or a workplace, and require an employer to take steps to rectify the

occurrence, practice or condition before such restriction or stoppage can be lifted. The principal safety risks associated with mining

operations in South Africa include technical complexity, depth of operations, intensity of labour, the narrow nature of ore body and maturity

of mines.

The principal health risks arise from occupational exposure to silica dust, noise, heat and certain hazardous chemicals. The most significant

occupational diseases affecting Sibanye-Stillwater's workforce include lung diseases such as silicosis, TB, a combination of both, and COAD,

as well as NIHL.

The Occupational Diseases in Mines and Works Act, 1973 (ODMWA) governs compensation paid to mining employees who contract certain

occupational illnesses, such as silicosis. The South African Constitutional Court has ruled that a claim for compensation under ODMWA does

not prevent an employee from seeking compensation from an employer in a civil action under common law (either as individuals or as a

class). In 2018, the Gold Working Group, including Sibanye-Stillwater, agreed to the Settlement Agreement, which was approved by the

Gauteng High Court in Johannesburg, to compensate all eligible workers (or their surviving relatives) suffering from silicosis and silico-

tuberculosis who worked in the Gold Working Group companies' mines from 12 March 1965 to 26 July 2019, the date of the Settlement

Agreement. The terms of the Settlement Agreement are confidential. See *– Annual Financial Report – Consolidated financial statements –* 

*Notes to the consolidated financial statements – Note 30: Occupational healthcare obligation*.

A failure to comply with the MHSA is a criminal offence for which an employer, or any other person, may be charged and, if successfully

prosecuted, be fined or imprisoned, or both. The MHSI also has the power to impose administrative fines upon an employer in the event of a

breach of the MHSA. The maximum administrative fine that may be imposed is R1 million per transgression.

**Mining Rights**

***The Mineral and Petroleum Resources Development Act, 2002 (MPRDA)***

Under the MPRDA Regulations, which came into effect in 2004, prospecting rights may be granted for an initial maximum period of five years

and can be renewed once upon application for a further period not exceeding three years. Mining rights are valid for a maximum period of

30 years, and can be renewed upon application for further periods, each of which may not exceed 30 years. A wide range of factors and

principles will be considered by the DMPR Minister when exercising his discretion whether to grant or renew these rights. A prospecting or

mining right can be suspended or cancelled if the holder conducts prospecting or mining operations in breach of the MPRDA, a term or

condition of the right or an environmental management plan, programme or environmental authorisation (as may be applicable), or if the

holder of the right submits false, incorrect or misleading information to the DMPR. The MPRDA sets out a process which must be followed

before the DMPR Minister is entitled to suspend or cancel the prospecting or mining right.

The MPRDA also empowers the DMPR Minister to develop a Broad-Based Socio-Economic Empowerment Charter for the South African

Mining Industry to set the framework, targets and timetable for effecting entry of HDPs into the mining industry and to allow such South

Africans to benefit from the exploitation of the country's mineral resources.

The MPRDA requires mining companies to submit annual reports on HDP ownership and implementation of the approved SLP applicable to

the mining right in question, setting out their commitments, among other things, to human resource and local economic development.

Under the MPRDA, mining companies must undertake "meaningful consultations" with interested or affected parties in applying for mining

rights, including providing a reasonable opportunity for affected parties to comment on the impact of such prospecting or mining activities

on their right of use of the land. The definition of interested and affected parties includes host communities, landowners (traditional and title

deed owners); traditional authority; land claimants; lawful land occupiers; holders of informal land rights; the Department of Agriculture,

Land Reform and Rural Development; any other person (including on adjacent and non-adjacent properties) whose socio-economic

conditions may be directly affected by the proposed prospecting or mining operation; and the local municipality and the relevant

Government Departments, agencies and institutions responsible for the various aspects of the environment and for infrastructure which may

be affected by the proposed project.

Mining right holders are furthermore required to prepare closure reports in accordance with the provisions of NEMA and the EIA Regulations.

Section 96 of the MPRDA provides for internal appeals. The amended MPRDA Regulations, which came into force on 27 March 2020,

prescribe the procedure for the lodgment and adjudication of internal appeals.

***Draft Mineral Resources Development Bill 2025 (2025 Bill)*** 

On 20 May 2025, the DMPR Minister published the draft Mineral Resources Development Bill, 2025 (2025 Bill) for public comment. The 2025 Bill

seeks to amend the MPRDA to regulate associated minerals and provide new restrictions, compliance obligations and penalties for mining

companies. Key proposed changes to the MPRDA include:

• Ministerial consent required for transfers of any prospecting or mining right under section 11 of the MPRDA.

• A two-year transitional period to apply to owners of historic residue stockpiles and deposits. Owners of stockpiles within their mining

areas have exclusive rights to amend their work programmes to include these deposits. Owners of stockpiles outside their mining

areas have two years to apply for a mining title, failing which custodianship reverts to the Government, risking a grant to third

parties.

• Section 107 amendments would authorise the MPRDA to grant the DMPR Minister authority to make regulations relating to the

promotion of transformative elements of B-BBEE ownership requirements by amending section 107 of the MPRDA. The 2025 Bill

defines broad based economic empowerment as having the meaning assigned to it in the B-BBEE Act (as defined below). The

relationship between the empowerment regulations under the MPRDA and the B-BBEE Act remains to be clarified.

• Various offences under the 2025 Bill would result in fines not exceeding 10% of the right holder's annual South African turnover and

exports during the preceding financial year.

The 2025 Bill has contributed to increased regulatory uncertainty for mining companies in South Africa, including DRDGOLD and

Sibanye-Stillwater (in the case of Sibanye-Stillwater, including as a result of its majority interest in DRDGOLD). The potential impact of the 2025

Bill on DRDGOLD's business is significant, including as a result of the proposed requirement to apply for a mining right to process movable

historical tailings and the proposed amendments to the MPRDA that would allow the DMPR Minister to set beneficiation targets for the

mining industry and exercise greater control over the beneficiation of minerals in South Africa.

DRDGOLD and Sibanye-Stillwater have submitted representations to the DMPR Minister expressing its concerns regarding these proposed

amendments. In addition, the Minerals Council of South Africa, which advocates on behalf of mining companies such as DRDGOLD and

Sibanye-Stillwater, has submitted a comprehensive written response to the DMPR Minister in relation to the 2025 Bill. The 2025 Bill remains in

draft form and the timing, final terms and practical impact of any amendments to the MPRDA remain uncertain.

***Geoscience Regulations***

On 30 March 2022, the DMPR Minister published the Geoscience Act Regulations, 2022 (Geoscience Regulations) to manage and promote

mineral exploration, knowledge and investment in South Africa. The Geoscience Regulations establish the Council for Geoscience (CGS), to

which it is mandatory for mining and exploration companies to submit certain geoscience data related to their prospecting and

reconnaissance activities, as applicable. It also places an obligation on owners of onshore and offshore geoscience data, and information

not related to prospecting and reconnaissance, to submit geoscience data and information to the CGS. The interpretation of the

Geoscience Regulations may be subject to dispute in future and could impose significant costs and burdens on Sibanye Stillwater's business

if found to be applicable to mining operations held under its mining rights in South Africa. It may also impact Sibanye-Stillwater's business

given the proprietary nature of the data and information.

***2018 Mining Charter***

On 27 September 2018, the Broad-Based Socio-Economic Empowerment Charter for the Mining and Minerals Industry, 2018 (2018 Mining

Charter) was published and came into effect on the same day. In September 2021, the High Court of South Africa held that the 2018 Mining

Charter is a policy document and does not, per se, bind holders of mining titles, unless its terms have been lawfully incorporated into such

mining titles. The High Court of South Africa also set aside various provisions of the 2018 Mining Charter. Following the judgment, the 2018

Mining Charter recognises the "once empowered, always empowered" principle in relation to existing rights and requires that all

applications for new mining rights, excluding renewal applications, must have a minimum of 30% HDP ownership. The DMPR confirmed that it

does not intend on appealing the outcome of the judgment.

For further information on the 2018 Mining Charter see *– Sibanye-Stillwater's mining rights are subject to legislation, which could impose* 

*significant costs and burdens and which impose certain ownership requirements, the interpretation of which is the subject of dispute*.

While the constitutional and legislative processes required for the amendments to the MPRDA may be lengthy, to the extent necessary to

comply with legislative changes, Sibanye-Stillwater may in the future be required to adjust the ownership structure of its mining assets in order

to meet B-BBEE requirements, which may be prescribed by law at such time. Sibanye-Stillwater may also incur significant costs or have to

issue additional shares as a result of changes in the interpretation of existing laws and guidelines or the imposition of new laws relating to HDP

ownership requirements, which may have a material adverse effect on Sibanye-Stillwater's business, operating results and financial

condition.

***The Broad-Based Black Economic Empowerment Act, 2003 (B-BBEE Act) and the Broad-Based Black Economic Empowerment*** 

***Amendment Act, 2013 (B-BBEE Amendment Act)***

The B-BBEE Act establishes a national policy on broad-based black economic empowerment with the objective of increasing the

participation of black people in the economy. The B-BBEE Act provides for various measures to promote B-BBEE, including empowering the

Minister of Trade, Industry and Competition to issue the Codes of Good Practice for Broad-based Black Economic Empowerment (B-BBEE

Codes), with which organs of state and public entities and parties interacting with them or obtaining rights and licences from them would be

required to comply. The B-BBEE Act and the B-BBEE Codes do not require the DMPR to apply the B-BBEE Codes when determining the

qualification criteria for the issuing of mining rights, nor do they require that the DMPR apply the B-BBEE Codes as a requirement for the

retention of existing mining rights. The B-BBEE Codes will nevertheless apply to mining companies if they wish to be scored for the purpose of

contracting with state institutions. B-BBEE also has a cascading effect, even where a particular company does not interact with the South

African government or the public sector. In order to score highly on the procurement element of the scorecard, companies need to ensure

that as many of their service providers as possible also score highly on the scorecard and will, therefore, give preference to service providers

who have good B-BBEE credentials. Whilst compliance with the B-BBEE Codes is more often a commercial imperative as opposed to a legal

one, a public company listed on the JSE must annually submit a compliance report (in terms of section 13G(2) of the B-BBEE Act) to the B-

BBEE Commission in the prescribed form.

In 2014, the B-BBEE Amendment Act, 2013 (B-BBEE Amendment Act) was brought into operation. Under the B-BBEE Amendment Act, the B-

BBEE Act overrides the provisions of any other law in South Africa that conflict with the B-BBEE Act, provided any such conflicting laws were in

force immediately prior to the effective date of the B-BBEE Amendment Act. This provision came into effect on 24 October 2015 and, on 27

October 2015, the Minister for Trade, Industry and Competition published a government gazette notice declaring an exemption in favour of

the DMPR from applying the requirements contained in section 10(1) of the B-BBEE Act for a period of 12 months. The exemption can be

read as confirmation that the Department of Trade, Industry and Competition sees the B-BBEE Codes as "applicable" to the Mining Industry

after the exemption was lifted on 27 October 2016.

This raises the question of whether the B-BBEE Act and the B-BBEE Codes may overrule the Mining Charter (which for the purposes of

comparison with the B-BBEE Act, would include later iterations of the Mining Charter) in the future. There is no clarity on this point at this

stage. The revised Broad-Based Black Economic Empowerment Codes of Good Practice (the Revised BEE Codes) became effective on 1

May 2015. Both the B-BBEE Amendment Act and the Revised BEE Codes expressly stipulate that where an economic sector in South Africa

has a sector code in place for B-BBEE purposes, companies in that sector must comply with the Sector Code. For purposes of the B-BBEE Act,

the Mining Charter (as amended) is not a Sector Code. It is not clear at this stage how the Mining Charter and Revised BEE Codes relate to

each other. On 17 February 2016, the Minister of Trade, Industry and Competition published a gazette notice which repealed and confirmed

the validity of a number of Sector Codes. The omission of the Mining Charter from the notice can be interpreted as confirmation that the

Mining Charter is not contemplated as a Sector Code. This supports the interpretation that the B-BBEE Act was not intended to trump the

Mining Charter. While it is not clear how this will be interpreted, it appears that the B-BBEE Act and the B-BBEE Codes will not overrule the

Mining Charter in the future. However, this remains undetermined in law and may be resolved through either government clarification or

judicial intervention.

***Housing and Living Conditions Standard***

The Housing and Living Conditions Standard (Housing Standard) was published by the DMPR Minister in December 2019. Among other things,

the Housing Standard provides that:

• an existing mining right holder must, within a period of twelve months from the date of publication of the Housing Standard, submit

a detailed Housing and Living Conditions Plan;

• a new mining right holder must, within a period of 12 months from the date of the granting of the mining right, consult with

organised labour, the relevant municipality and the Department of Human Settlements regarding its mine employee housing and

living conditions needs;

• a mining right holder who intends developing accommodation for its mine employees shall, after consultation with relevant

stakeholders, where feasible, acquire land within close proximity of the mine operations and plan housing needs in support of

compact, integrated and mixed land use environment; and

• a mining right holder must offer employees a range of housing options, which includes, among others, rental accommodation,

private home ownership, government subsidised home ownership and living out allowance.

Under South African case law, the Housing Standard (as with the Mining Charter) does not have the status of law, as would be the case with

legislation and regulations. As such, the MPRDA does not entitle the DMPR to cancel or suspend a mining right in terms of section 47 of the

MPRDA on the basis of a failure to comply with the Housing Standard. Furthermore, section 93 of the MPRDA does not authorise the DMPR to

issue directives for failures to comply with the Housing Standard. However, in practice the DMPR may issue directives in the absence of the

requisite statutory authority. In this instance, the mining right holder would be entitled to challenge that exercise of public power by the

DMPR.

***Mine Community Resettlement Guidelines, 2019***

The DMPR Minister published Mine Community Resettlement Guidelines, 2022 (the Guidelines) on 30 March 2022. Some of the key provisions

of the Guidelines are as follows:

• the Guidelines apply to both applicants and existing holders of mining rights, prospecting rights and mining permits in terms of the

MPRDA where prospecting or mining activities will have the effect of displacement or resettlement of the affected parties;

• the Guidelines require applicants and holders to make provision for development of a Resettlement Plan, Resettlement Action Plan

and Resettlement Agreement. Furthermore, the Guidelines provide that no mining activity shall commence until a Resettlement

Agreement is reached on the appropriate amount of compensation as a result of resettlement of the affected parties. An

applicant or holder, where feasible, must provide financial assistance to affected parties. The Guidelines also envisage a "party to

party dispute resolution process" that must be invoked prior to embarking on the regional manager-led process in section 54 of the

MPRDA.

***Employment Equity Amendment Act, 2022***

In April 2023, President Cyril Ramaphosa signed into law the Employment Equity Amendment Act, 2022 (EEAA), which became effective on 1

January 2025. The EEAA amends the existing Employment Equity Act, 1998 (EEA) with new measures to promote diversity and equality in the

workplace. The key aspects of the EEAA include the introduction of sectoral numerical targets, as set by the South African Minister of

Employment and Labour (Minister of Employment and Labour), the purpose of which is to ensure the equitable representation of people

from designated groups (historically disadvantaged groups of people based on race, gender and disability) at all occupational levels in the

workforce. Additionally, Sibanye-Stillwater must comply with sectoral employment equity targets established by the South African Minister of

Employment and Labour in the Employment Equity Act, 2022 (Act No. 4 of 2022). From 1 September 2025, designated employers operating in

the mining sector, including Sibanye-Stillwater, have been required to implement a 5-year employment equity plan to achieve specific

sectoral targets for designated groups. These targets include representation thresholds for historically disadvantaged racial groups, women

and persons with disabilities across top management, senior management, professionally qualified and middle management and skilled

technical occupational levels. Failure to comply with these targets may result in Sibanye-Stillwater being fined and not being issued with a

certificate of compliance with the EEA. Employers will still be required to set their own targets for the semi-skilled and unskilled occupational

levels.

***The Royalty Act***

The Mineral and Petroleum Resources Royalty Act, 2008 (Royalty Act) imposes a royalty on the transfer of refined and unrefined mineral

resources extracted from within South Africa for the benefit of the National Revenue Fund.

The royalty in respect of refined minerals (which include gold and PGMs, where PGMs are refined and smelted to a 99.9% purity) is

calculated by multiplying the gross sales of the refined mineral during the year of assessment by the percentage determined by dividing EBIT

by the product of 12.5 times gross sales, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no

deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5%

of revenue is applicable in respect of refined minerals.

The royalty in respect of unrefined minerals (including PGMs) is calculated by multiplying the gross sales of the unrefined mineral during the

year of assessment by the percentage determined by dividing EBIT by the product of 9 times gross sales, plus an additional 0.5%. EBIT refers to

taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed

losses but after capital expenditure. A maximum royalty of 7% of revenue is applicable in respect of unrefined minerals.

Sibanye-Stillwater currently pays a royalty based on the refined and unrefined minerals royalty calculation as applied to its gross sales.

**Exchange Controls**

South African law provides for Exchange Control Regulations which, among other things, restrict the outward flow of capital from South

Africa to countries not forming part of the Common Monetary Area (CMA), the latter consisting of South Africa, Namibia, Lesotho and

Eswatini. The Exchange Control Regulations, which are administered by the Financial Surveillance Department of the South African Reserve

Bank (SARB), regulate international transactions involving South African residents, including companies.

SARB approval, or approval by a SARB appointed authorised dealer (as appropriate) is therefore required for Sibanye-Stillwater and its South

African subsidiaries to incur and/or repay loans from or to non-South African residents, including non-South African Group companies.

Similarly, Sibanye-Stillwater and its South African subsidiaries would require SARB approval in order to guarantee obligations of any of

Sibanye-Stillwater's subsidiaries with regard to commitments towards or funds obtained from non-residents of the CMA.

Transfers of funds from South Africa for the purchase of offshore assets or shares in offshore entities or for the creation or expansion of business

ventures offshore also require SARB approval. A SARB appointed authorised dealer may approve such investment if the investment is a new

outward foreign direct investment (minimum 10% interest) where the total investment does not exceed R5 billion per company per calendar

year.

Sibanye-Stillwater must also obtain approval from the SARB for any fundraising involving a currency other than South African Rand. It is

possible that the SARB may impose conditions on Sibanye-Stillwater's use of the proceeds of any such capital raising, such as limits on

Sibanye-Stillwater's ability to retain the proceeds of the fundraising outside South Africa or requirements that Sibanye-Stillwater seeks further

SARB approval prior to applying any such funds to a specific use.

**United States**

**Environmental**

***Overview***

In the United States, Sibanye-Stillwater's US operations are subject to extensive federal, state and local government controls and regulations,

including regulation of mining and exploration activities which could involve the discharge of materials and contaminants into the

environment, the investigation and clean-up of such discharges, disturbance of land, reclamation of disturbed lands, associated potential

impacts to threatened or endangered species, management of waste materials, and other environmental concerns.

In particular, statutes including, but not limited to, the Clean Air Act, the Clean Water Act, the Toxic Substances Control Act (the TSCA), the

RCRA, the EPCRA, the Endangered Species Act, the NEPA and CERCLA impose permit requirements, effluent standards, air emission

standards, waste handling and disposal restrictions and other design and operational requirements, as well as record keeping and reporting

requirements, upon various aspects of mineral exploration, extraction and processing. In addition, the existing mining operations may

become subject to additional environmental control and mitigation requirements if applicable federal, state and local laws and regulations

governing environmental protection, land use and species protection are amended or become more stringent in the future.

In addition, the federal regulation under the RCRA governing the manner in which secondary materials and byproducts of mineral

extraction and beneficiation are handled, stored and reclaimed or reused is subject to frequent review by regulatory agencies.

Generally, compliance with the applicable environmental rules and regulations in the United States requires Sibanye-Stillwater US operations

to obtain permits issued by federal, state and local regulatory agencies and to file various reports that track operational monitoring,

compliance, performance, records maintenance activities and measure its operational effect on the environment. Certain permits require

periodic renewal or review of their conditions.

***Climate Change and CO2e Emissions Regulations***

In the United States, Sibanye-Stillwater is subject to legislative and regulatory initiatives that are underway to limit GHG emissions. The US

Congress has considered legislation that would control CO2e emissions through a "cap and trade" program and several US states have

already implemented programs to reduce CO2e emissions. In addition, the US Supreme Court determined in a 2007 ruling that GHG

emissions are "air pollutants" within the meaning of the federal Clean Air Act. In response, the United States Environmental Protection

Agency (EPA) promulgated an endangerment finding paving the way for regulation of CO2e emissions under the Clean Air Act. In 2010, the

EPA issued a final rule, known as the "Tailoring Rule", which makes certain large stationary sources and modification projects subject to

permitting requirements for GHG emissions under the Clean Air Act. In June 2014, the US Supreme Court invalidated portions of the federal

Tailoring Rule, but the ruling upheld the EPA's authority to require new or modified facilities that are already subject to permitting

requirements for conventional pollutants to comply with Best Available Control Technology (BACT) for CO2e, as well. New or modified

sources subject to permitting for conventional pollutants will be required to apply BACT for CO2e if the new source or the modification will

result in an annual increase of 75,000 tons per year of CO2e.

Sibanye-Stillwater is also subject to CO2e reporting requirements for specified large CO2e emission sources in the United States. Portions of

Sibanye-Stillwater's US operations hold a Title V Major Air Quality Permit, which requires Sibanye-Stillwater to annually calculate the CO2e

emissions from the US operations and compare these amounts against reporting thresholds. Because current levels are well below reporting

thresholds, the Sibanye-Stillwater's US operations are not currently required to report CO2e emissions. Portions of Sibanye-Stillwater's US

operations also hold a Synthetic Minor Source Permit, which requires Sibanye-Stillwater to report an annual air emission inventory. Pursuant to

this licence, Sibanye-Stillwater is required to report its Scope 1 CO2e emissions at the state level in respect of its Pennsylvania facility.

Additionally, the US federal agencies may consider GHG emissions as part of NEPA reviews. In 2025, the White House Council on

Environmental Quality removed its NEPA implementing regulations and directed federal agencies to adopt or revise their own procedures

regarding how agencies consider GHG emissions in NEPA assessments. As a result, it is uncertain how GHG emissions will be assessed in future

NEPA reviews, and it remains uncertain whether, in the future, Sibanye-Stillwater will be required to mitigate its GHG emissions in connection

with any NEPA review.

In February 2026, the EPA finalised a rule rescinding the 2009 endangerment finding for GHG emissions under the Clean Air Act. The extent to

which this action may affect the future regulation of GHG emissions, including permitting requirements applicable to Sibanye-Stillwater's US

operations, remains uncertain.

***Clean Air Act***

In the United States, Sibanye-Stillwater's US operations are subject to the federal Clean Air Act and comparable state and local laws and

regulations. These laws and regulations regulate emissions of air pollutants from various industrial sources, including ventilation exhaust, rock

crushing activities, and mill processing used at Sibanye-Stillwater's US PGM operations' mines as well as smelting and refining stack emissions

from its processing operations, and also imposes various monitoring and reporting requirements. For example, the smelting and refining

operations are subject to particulate matter, carbon monoxide and nitrogen oxide limits under the federal New Source Performance

Standards (NSPS), in addition to stringent sulphur dioxide (SO2) limits at the Sibanye-Stillwater's US PGM smelting operations. The Pennsylvania

site operations are similarly subject to various limits related to the emission of particulate matter (PM), nitrogen dioxide (NOx), Volatile

Organic Compounds (VOCs), mercury, and other pollutants.

Additionally, as its operations continue to grow and expand, ventilation demands, and associated emissions continue to escalate resulting in

increases in ventilation exhaust emissions. Air quality laws and regulations may require that Sibanye-Stillwater's US operations obtain pre-

approval for the construction or modification of certain projects or facilities expected to produce or significantly increase air emissions,

obtain and strictly comply with air permits containing various emission and operational limitations and utilise specific emission control

technologies to limit emissions.

In 2025, US federal legislation overturned recent amendments to EPA regulations under the Clean Air Act that had restricted the ability of

certain major sources of hazardous air pollutants to be reclassified as area sources (which are generally subject to less stringent regulatory

requirements). In January 2026, the EPA revised its regulations accordingly, reinstating the prior framework. The extent to which this change

will affect Sibanye-Stillwater's US operations is uncertain and will likely depend on the classification and permitting status of its facilities.

***Hazardous Substances and Waste***

In the United States, Sibanye-Stillwater's US operations are subject to environmental laws and regulations relating to the management and

release of hazardous substances, solid wastes and hazardous wastes. These laws generally regulate the generation, storage, treatment,

transportation and disposal of solid and hazardous wastes and may impose strict joint and several liability for the investigation and

remediation of affected areas where hazardous substances may have been released or disposed. For instance, the CERCLA, and

comparable state laws impose liability, without regard to fault or the legality of the original conduct, on certain classes of persons that

contributed to the release of a hazardous substance into the environment.

While some of the industrial wastes generated by Sibanye-Stillwater's US operations are excluded from hazardous wastes regulations, it also

generates industrial wastes that are subject to the requirements of the RCRA and comparable state statutes, as well as the TSCA with

respect to the Pennsylvania site operations.

Sibanye-Stillwater's US operations annually reports to the EPA, as well as the United States Forest Service (USFS) and the Montana

Department of Environmental Quality (Montana DEQ) with respect to the US PGM operations and the Pennsylvania Department of

Environmental Protection (DEP) with respect to the Pennsylvania site operations, in relation to releases of hazardous or toxic substances to

the extent they exceed certain federal and state thresholds.

***Water Discharges***

In the United States, Sibanye-Stillwater's US operations are subject to the federal Clean Water Act and analogous state laws that impose

restrictions and strict controls on the discharge of pollutants into waters, and construction activities in waters and wetlands. The scope of

these regulated waters has been subject to controversy in recent years, culminating in the issuance of a revised definition of "waters of the

United States" by the EPA in December 2022, which exerts federal jurisdiction under the Clean Water Act over traditional navigable waters,

the territorial seas, interstate waters, as well as upstream water resources that significantly affect those waters. In addition, certain state

regulations and the general permits issued under the Federal National Pollutant Discharge Elimination System program prohibit the discharge

of pollutants and chemicals. Spill prevention, control and countermeasure requirements of federal laws require appropriate containment

berms and similar structures to help prevent the contamination of regulated waters in the event of a tank spill, rupture or leak.

In addition, the Clean Water Act and analogous state laws require individual permits or coverage under general permits for discharges of

storm water runoff from certain types of facilities. For example, these permits may require Sibanye-Stillwater's US PGM operations to monitor

and sample the storm water runoff from certain of its facilities. Federal and state regulatory agencies can impose administrative, civil and

criminal penalties for non-compliance with discharge permits or other requirements of the Clean Water Act and analogous state laws and

regulations.

During 2015, Sibanye-Stillwater's US PGM operations completed renewal of water discharge permits at both its Stillwater and East Boulder

mines. These permits were renewed in 2023. These renewed permits include more stringent water quality discharge limits including a

compliance schedule for Sibanye-Stillwater's US PGM operations to meet compliance with the new permits, due to some nuances and

uncertainties in Montana's regulatory scheme for nutrients.

***Endangered Species Act***

The Endangered Species Act was established to protect endangered and threatened species. Pursuant to that act, if a species is listed as

threatened or endangered, restrictions may be imposed on activities that would harm the species or that would adversely affect that

species' habitat. Similar protections are offered to migratory birds under the Migratory Bird Treaty Act. The US Fish and Wildlife Service

designates the species' protected habitat as part of the effort to protect the species. A protected habitat designation or the mere presence

of threatened or endangered species could result in material restrictions to use of land.

***Diesel Particulate Matter***

In an effort to protect the health of employees Sibanye-Stillwater's US PGM operations employs various measures to comply with the MSHA's

limits on diesel particulate matter (DPM) exposure for underground miners. These measures include using catalytic converters, diesel

particulate filters, and enhanced ventilation regimens, modifying certain mining practices underground that tend to create concentrations

of DPM, and utilising various blends of biodiesel fuel.

***Permitting and Reclamation***

Operating Permits 00118 and 00149 issued by Montana DEQ encompass approximately 2,414 acres at the Stillwater Mine located in Stillwater

County, Montana and 1631 acres at the East Boulder Mine located in Sweet Grass County, Montana. The permits delineate lands that may

be subject to surface disturbance. Sibanye-Stillwater's US PGM operations employs concurrent reclamation wherever feasible. Operating

permits in respect of the Pennsylvania site operations are issued by the Pennsylvania DEP.

Reclamation regulations affecting Sibanye-Stillwater's US PGM operations are promulgated and enforced jointly by the Montana DEQ and

the USFS. For regulatory purposes, reclamation means returning the post-mining land to a state which has stability and utility comparable to

adjacent, undisturbed areas. Major reclamation requirements include stabilisation and re-vegetation of disturbed lands, controlling storm

water and drainage from portals and waste rock dumps, removal of roads and structures, the treatment and elimination of process solutions,

the reclamation of major tailings storage facilities and the treatment and management of mine water prior to discharge in compliance with

standards and visual mitigation.

Permits governing air and water quality are issued to Sibanye-Stillwater's US PGM operations by the Montana DEQ and to Sibanye-Stillwater's

Pennsylvania site operations by the Pennsylvania DEP, which has been delegated such authority by the federal government. Operating

permits issued to the Company by the Montana DEQ, the Pennsylvania DEP and the USFS do not have an expiration date but are subject to

periodic reviews. The reviews evaluate bonding levels, monitor reclamation progress, and assess compliance with all applicable permit

requirements, mitigation measures and state and federal environmental standards. Closure and reclamation obligations are reviewed and

reassessed by the agencies on a five-year rotating schedule. Bonding and financial guarantees are posted with the agencies to cover final

reclamation costs at the end of the reconciliation and reassessment process.

**Health and Safety**

Sibanye-Stillwater's US PGM operations are subject to regulation by the MSHA under the Federal Mine Safety and Health Act (FMSH Act).

MSHA inspects Sibanye-Stillwater's US PGM mine operations on a regular basis and issues various citations and orders when it believes a

violation has occurred under the FMSH Act. Sibanye-Stillwater's US PGM, Pennsylvania site and North Carolina site operations are also subject

to general occupational standards administered by the Occupational Safety and Health Administration.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), each operator of a coal or other mine is required

to include certain mine safety results within its periodic reports filed with the SEC. In accordance with the reporting requirements included in

Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K (17 CFR 229.104), the required mine safety results regarding certain

mining safety and health matters for each of Sibanye-Stillwater's mine locations that are covered under the scope of the Dodd-Frank Act

are included in Exhibit 16 Mine Safety Disclosures of this Annual Report on Form 20-F.

**Europe**

**Finland**

**Environmental**

The national environmental protection legislation in Finland is strongly linked to EU legislation. In general, the EU Regulations are binding

legislative acts. While EU directives set out goals that all EU members must achieve, it is up to individual countries to enact local laws to reach

these goals.

The central governing environmental regulation in Finland is the Environmental Protection Act (57/2014), which requires an environmental

permit for activities that pose a risk of pollution. There are also various permit, notification and registration procedures to ensure regulated

activities are carried out in an environmentally sustainable manner.

Land use and nature conservation are outside of the scope of the Environmental Protection Act and regulated separately. The Water Act

(587/2011) governs the use of water and the Waste Act (646/2011) guides waste management and the recovery of waste.

In addition to environmental legislation, the prevention of accidents and other polluting incidents is regulated by chemicals legislation.

Parties are liable to restore the environment if damage occurs, however, a supervisory authority may initiate measures to restore the polluted

environment. Compensations for damage, as well as the costs of restoration work, is governed by the Act on Compensation for

Environmental Damage (737/1994). Additionally, there is a statutory environmental damage insurance used to compensate damages. The

EU Environmental liability Directive (2004/35/EC) is effected through the Act on the Remediation of Certain Environmental Damages

(383/2009), amendments to the Nature Conservation Act (1096/1996) and the Water Act.

***Environmental Impact Assessment and Environmental Permitting***

Environmental Impact Assessments (EIA) in Finland are regulated through the Act on Environmental Impact Assessment Procedure (252/2017,

as amended) and the Decree on Environmental Impact Assessment Procedure (277/2017, as amended). Large-scale projects with

potentially significant environmental impacts require an EIA, requiring impacts of a project to be assessed at the preparation stage. The EIA

processes required for the Keliber mining operations in Syväjärvi and Rapasaari, concentrator in Päiväneva and chemical plant in Kokkola

have been completed. Keliber has initiated EIA and zoning processes aimed at increasing the efficiency for the current 18-year LOM in

mining operations and derisking Rapasaari water balance management prior to the commencement of the planned Rapasaari mining

operations.

Legally valid environmental permits were acquired for the Syväjärvi Mine and the Kokkola Lithium refinery in 2021 and 2022, respectively, with

amendment applications relating to certain permitting conditions submitted in October 2024 and June 2024, respectively. The permit

decision relating to Kokkola Lithium Refinery amendment application was received in 2025 and is already legally valid. A joint environmental

permit for the Rapasaari mine and Päiväneva concentrator has been legally valid since April 2024 following a Vaasa administrative court

ruling, which also included sending certain permit conditions back to the permitting authority (Regional State Administrative Agency for

Western and Inland Finland) for further review. These conditions pertain to the placement of Rapasaari mine waste rock streams and

magnetic waste stream from the concentrator, the closure plan for the extractive waste areas and the associated financial guarantees. In

December 2025, the permitting authority further requested that Keliber supplement its Syväjärvi permit amendment application relating to

the permanent storage of sulfidic waste rock. The amendment application is scheduled to be submitted in April 2026, with a permit decision

expected to be given in June 2026.

For the Päiväneva concentrator, the application concerning the permit conditions subject to further review was submitted in May 2024, with

the permit decision obtained in June 2025. An NGO appealed the decision, and the Vaasa Administrative Court gave its ruling on 29

December 2025, in practice dismissing the appeal and only added two permit conditions of limited significance. The NGO subsequently

submitted an appeal to the Supreme Administrative Court who will next decide whether it will grant leave to appeal and review the matter.

Keliber believes that there are no grounds for the Supreme Administrative Court to grant leave to appeal, and the court's decision on leave

to appeal is expected in less than six months. As the initial permit decision included an enforcement order, Keliber is still able to commence

production despite of the appeal.

For the Rapasaari mine, the application concerning the permit conditions subject to further review was submitted in March 2025 and the

respective permit decision is expected during the second quarter of 2026. Keliber received the environmental permit required for the

analcime sand storage area at Hoikkaneva in October 2025.

***Air pollution control***

The Finnish national legislation for air pollution control covers both ambient air quality limits and air pollutant emission limits. The limits and

targets for ambient air quality are based on the Air Quality Directive (2008/50/EC) and Directive relating to arsenic, cadmium, mercury,

nickel and polycyclic aromatic hydrocarbons in ambient air (2004/107/EU) that have been implemented by a Government Decree

(113/2017). Emission reduction is based on EU Directives that are primarily implemented by the Environmental Protection Act and emission

limits for operations are defined in environmental permits.

***Nature Conservation and Biodiversity***

The Finnish Constitution states that the protection of its nature, biodiversity, environment and national heritage is a common, national

responsibility. The Nature Conservation Act (1096/1996) governs Finnish conservation requirements and establishes the Natura 2000 Network,

a network of protected areas in the European Union that aims to ensure the survival of Europe's most valuable and threatened species and

habitats. In Finland, environmental permits impose requirements for the monitoring and protection of directive species of flora and fauna at

operational sites within and surroundings potential impact zones.

Where necessary, Natura assessments are included in the EIAs. The Vionneva Natura site (code FI1000019) is close to the Rapasaari Mine and

a separate Natura assessment has been made for it. The Natura assessment relating to the Vionneva Natura site and Keliber's planned

Hoikkaneva permitting process was revisited in 2024 as a part of the environmental impact assessment for Hoikkaneva. At Kokkola, the

Rummelön-Harrbådan Natura area (code FI1000003) is located over 2 kilometres from the Lithium Hydroxide Chemical Refinery and no

separate assessment was needed.

***Land Use Planning***

The Finnish land use planning system has three levels: the regional plan, the general master plan/partial general master plan and the local

detailed plan. Regional plans set out the principles of land use and community structure in a region based on national and local land use

goals. The Ostrobothnia provincial plan is currently being updated, however the status of the plan is not expected to impact the project.

A general master plan or partial general master plan indicates the general principles of land use in the municipality and steers the drawing

up of local detailed plans based on the Land Use and Building Act 132/1999. A partial general master plan was required for Syväjärvi,

Rapasaari, Outovesi and Länttä with three different municipalities (Kokkola, Kaustinen, Kruunupyy). These partial general master plans are

now legally valid in all areas.

A local detailed plan provides a comprehensive description of what, and on what principles, will be built in a particular area and how the

area will otherwise be used. A local detailed plan will be needed when a building is erected. The local detailed plan for Päiväneva and

Rapasaari area became legally valid in 2022.

***Waste Management and Circular Economy***

The Finnish national legislation governing waste management consists of Waste Act (646/2011), Environmental Protection Act (86/2000) and

Government Decrees enacted under them: the Government Decree on Extractive Waste (190/2013) and the Waste Decree (179/2012). In

addition to these, Finland has prepared a Strategic Programme for Circular Economy that sets out objectives and indicators for the use of

natural resources. The programme includes economic incentives such as increased tax for landfilled waste and a tax for extracting minerals,

but also financing for circular economy solutions.

Keliber has waste management plans for each site as part of environmental permit applications. The plan indicates the types of waste

fractions and estimated amounts of waste generated during operations. The plan sets out ways to recycle waste and operators who handle

different waste fractions. The waste management plan will be updated before commencing operations and reviewed annually during

operation. Waste management includes record keeping of all waste generated. It must be annually reported to the supervising authority

through an electronic log system.

***Climate Change Legislation***

Climate change legislation is mainly based on the obligations from the UN's Climate Convention and EU regulations such as the EU's Emission

Trading System Directive (2003/87/EC), EU Directive on the Geological Storage of CO2 (2009/31/EC). The Climate Change Act (423/2922)

governs climate change policy planning and related monitoring setting also the national climate objectives.

Following adoption of the CSRD in the EU, Finnish companies will be progressively required to assess their Carbon footprint on Scope 1, 2 and

3 emissions and make relevant disclosures in their annual integrated report. Following EU Taxonomy regulation, Finnish companies will be

progressively required to declare the proportion and their activity deemed environmentally sustainable according to a common framework.

Keliber completed an LCA assessment in April 2024, which produced information regarding its future carbon footprint and the most

significant contributors of Scope 1, 2 and 3 emissions. A climate change risk assessment was also completed in June 2024 to identify and

assess climate-related risks and opportunities. Based on the information gathered in these assessments, Keliber has drafted a

decarbonisation plan and in October 2024 established a working group to effectuate the plan.

**Health and Safety**

***Dam Safety***

The Dam Safety Act (494/2009) aims to ensure dam safety during its life cycle and covers planning, construction, maintenance, and

operation phases. The Kainuu Centre for Economic Development, Transport, and the Environment (ELY) officially supervises dam safety,

except emergency and rescue procedures which are supervised by rescue authorities. A statement regarding dam safety from the

supervising authority (Kainuu ELY) is required as part of the environmental permit application if the project contains dams covered by this

legislation.

The waste and tailings ponds at Päiväneva concentrator area are covered by dam safety legislation and the statement from the supervising

authority was included in the environmental permit application. The permit applications for both sites have been submitted to the Permitting

Authority, the Finnish Safety and Chemicals Agency.

***Chemical Safety***

The legislation concerning chemicals is mainly regulated at the EU level. The Seveso III Directive (2012/18/EU) covers major accident hazards

involving dangerous substances. The REACH regulation (1272/2008 EC) governs the chemicals market and production, registration,

evaluation, authorisation and restriction. The CLP Regulation (1272/2008) covers the classification, labelling and packaging of chemicals. The

Seveso III Directive is implemented in Finnish legislation through the Act on the Safe Handling and Storage of Dangerous Chemicals and

Explosives (390/2005). The CLP and REACH regulations are covered in the Chemicals Act (599/2013). Large scale chemical storage and

handling operations need a permit granted by the Finnish Safety and Chemicals Agency.

The Päiväneva concentrator and Kokkola Lithium Hydroxide Refinery will need an operating permit to handle and store dangerous

chemicals. The products and byproducts that are not classified as waste will need to be registered according to the REACH regulation.

***Fire Safety***

The Rescue Act (379/2011) imposes the duties on various parties to prevent, prepare for and limit the consequences of fires and accidents.

All Keliber workplaces in Finland have a rescue plan as required. The requirements for constructions, such as emergency exits and access

roads, civil defence shelters and alarms are implemented in the construction permit.

***Occupational Safety***

The Occupational Safety Act (738/2002) applies to all work carried out in an employment contract and leased labour. It also applies to

contractors. The Government Decree on the Safety of Construction Work (2005/2009) enacted under this Act sets further requirements for

construction projects. The Act on the Contractor's Obligations and Liability when Work is Contracted Out (1233/2006) aims to ensure

observance of the terms of employment and imposes an obligation on the client to ensure the contracting partner's compliance.

**Mining Rights**

***Mining and exploration permitting***

The Mining Act (621/2011) governs the exploration and exploitation of a deposit, gold panning in state-owned area, termination of related

operations and the proceedings for establishing the mining area. The objective of the Mining Act is to promote mining and ensure that

social, economic, and ecological sustainability is considered in operations. Finnish Safety and Chemicals Agency (TUKES) acts as the mining

authority referred to in the Mining Act and monitors compliance with it. All mines in Finland require a mining permit and a mining safety

permit from TUKES. The proceedings establishing a mining area give the holder of a mining permit (or the holder of a redemption permit for a

mining area) use of the mining area for mining operations. The National Land Survey of Finland (NLS) initiates the proceedings to establish a

mining area once TUKES has granted a mining permit. The compensations for landowners are defined in this process.

If the handling and storing of dangerous chemicals and explosives on site is considered large scale, a separate permit for handling and

storing chemicals from TUKES is also needed. Exploration activities need a permit from TUKES if activities are conducted on land owned by

another landowner and when the activities are outside of the scope of prospecting work defined in the Mining Act. The exploration permit

does not authorise exploitation, but the permit holder has a priority for the mining permit.

Keliber holds legally valid mining permits for the Syväjärvi, Rapasaari and Länttä mines and a mining safety permit for the Syväjärvi mine.

**France**

**Environmental**

The Environmental Code provides a statutory framework for environmental protection in France.

Environmental liability (responsabilité environnementale) is regulated under the Environmental Code. Under the environmental liability

regime, an operator causing specific damage to the environment (including, for example, contamination of soil, contamination of water,

impact on protected species) is responsible for remediation, even in the absence of fault or negligence. If the remediation measures are not

carried out, administrative sanctions (such as consignment, compulsory execution, suspension, administrative fine, penalty payment) and

criminal sanctions (fines up to EUR 500,000 for companies) may be imposed.

The environmental harm regime (préjudice écologique) is a tortious liability regime under the Civil Code. Under the environmental harm

regime, any person responsible for an environmental harm is under an obligation to repair it, even in the absence of fault or negligence. The

sanctions may consist of preventive measures and compensation. Compensation is primarily in kind. If compensation-in-kind measures are

impossible or insufficient, the judge may order the person responsible for the environmental harm to pay damages.

***Environmental authorisation***

The operation of the Sandouville hydrometallurgical plant is subject to an environmental authorisation. Under the environmental

authorisation regime provided for in the Environmental Code, a single environmental authorisation covers several authorisations such as the

authorisation related to the safeguarding of water (known as a water law authorisation or IOTA) and the Installation Classified for the

Protection of the Environment (ICPE) authorisation. Sandouville's environmental authorisations are renewed every five years conditioned on

the performance of a hazard study to assess ongoing environmental impact. Sandouville's environmental authorisation was renewed on 2

October 2024 and will be valid for five years. Additional permitting request actions are presently being prepared to adapt the site to pCAM

(pre-cursor cathode active material) production in connection with the GalliCam Project.

Pursuant to the Environmental Code, the operation of facilities that present significant risks of pollution or accident is subject to the

establishment of financial guarantees, intended to ensure, according to the nature of the dangers or inconveniences of each category of

facility, the monitoring of the site and the maintenance of the safety of the facility, including possible interventions in the event of an

accident before or after closure, and the rehabilitation after closure. These financial guarantees do not cover compensation owed by the

operator to third parties who may suffer harm as a result of pollution or accidents caused by the facility.

The ICPE regulation also sets remediation obligations for the last operator of the site at the end of the site's operation. The parent company

may be found liable if its subsidiary operating the site is bankrupt or in case of gross negligence. Alternatively, liability of the landowner may

be sought, but only in case of negligence or if it has caused the pollution.

***Air pollution control***

The EU Air Quality Directives (2008/50/EC) and Directive relating to arsenic, cadmium, mercury, nickel and polycyclic aromatic hydrocarbons

in ambient air (2004/107/EU) have been transposed in the Environmental Code, which provides that such limits are set in the environmental

authorisation. Emissions of industrial pollutants in the atmosphere are declared on a regular basis and subjected to a dedicated tax (TGAP

"Taxe Générale sur les Activités Polluantes").

***Water pollution control***

The French "water law" (Loi sur l'Eau) applied since 1964 aims at improving water repartition and limit water pollution. All water intensive

industries consuming and releasing water in the natural environment are subject to limits in terms of quantity and quality set in the

environmental authorisation. Emissions of industrial pollutants in natural water are declared on a regular basis and subject a dedicated tax

("Redevance Pollution de l'Eau") aiming at financing the work of regional water agencies.

***Carbon emissions***

French emissions legislation is based on the obligations from the UN's Climate Convention and EU regulations such as the EU's Emission

Trading System Directive (2003/87/EC) and the EU Directive on the Geological Storage of CO2 (2009/31/EC).

The French Multi-Annual Energy Plan (MAEP) establishes priorities for government action regarding energy policy for Metropolitan France in

the next decade. Every 5 years the Multi-Annual Energy Plan is updated, the second 5-year period is revised and a subsequent 5-year period

is added. The MAEP is governed by the Energy Code, amended by the law of 17 August 2015 on the energy transition for green growth. It

most notably covers aspects relating to improvement of energy efficiency and reductions in primary energy consumption, especially fossil

fuel consumption and promotion of the use of renewable and recovered energies. Following adoption of CSRD, French companies will be

required to progressively assess their carbon footprint on Scope 1, 2, 3 emissions and will be required to make relevant disclosures in their

annual integrated report. EU Taxonomy regulation will also require French companies to progressively declare the proportion of activities

deemed environmentally sustainable according to a common framework.

In January 2024, Sandouville Nickel refinery performed its environmental footprint (Scope 1, 2 and 3 emissions) and life cycle analysis of all its

products according to ISO 14040.

***Waste Management and Circular Economy***

National legislation governing waste management in France is located in the Environmental Code. In addition, objectives related to circular

economy and indicators for the use of natural resources are included in the Environmental Code.

Pursuant to the waste management regime, an administrative liability is set on the producer of waste or on the holder of waste.

Sandouville hydro-metallurgical plant produces hazardous waste, which must be handled pursuant to the provisions of the Environmental

Code.

**Health and Safety**

***Chemical Safety***

Chemical safety in France is mainly regulated at EU level. The Seveso III Directive (2012/18/EU) is to control major accident hazards involving

dangerous substances. The REACH Regulation (1272/2008 EC) governs the chemicals market and production: the registration, evaluation,

authorisation, and restriction. The CLP Regulation (1272/2008) covers the classification, labelling and packaging of chemicals. The Seveso III

Directive is implemented in France in the Environmental Code.

In addition, Law of 30 July 2003 on the prevention of technological and natural risks and the repair of damages (known as Risks Law) has

introduced technological risk prevention plans (PPRT), a tool for controlling urban development in areas where there are high-risk industrial

sites, which correspond to the Seveso "high threshold" regime.

Sandouville hydrometallurgical plant is subject to a "high threshold" classification and is thus subject to specific requirements. The operator is

required to prepare a written document defining its major accident prevention policy.

***Fire Safety***

Fire safety requirements for construction and maintaining buildings are set out in the National Code regarding construction and prevention

of major incidental scenarios, the National Labour Code and in applicable operating permits, including with respect to emergency

planning, interconnection of response with neighbouring activities and protection against major incidents.

***Occupational Safety***

The Labour Code imposes on employers a general obligation to ensure the safety and protect the health of employees. An occupational

risk assessment document (DUERP) is compulsory in all companies as soon as the first employee is hired. In the DUERP, the employer must

record the results of the assessment of the health and safety risks to which employees may be exposed.

**Australia** 

**Environmental**

The Century zinc tailings retreatment operation, located in Queensland, is Sibanye-Stillwater's sole operating asset in Australia. As such,

Sibanye-Stillwater's operations in Australia are primarily subject to the environmental laws and regulations of the State of Queensland which

require, among other things, that Sibanye-Stillwater obtains necessary environmental approvals, environmental licences, works approvals

and mining approvals to implement and carry out its mining operations.

The Environmental Protection Act 1994 (Qld) (EP Act) is Queensland's primary environmental legislation. The object of the EP Act is to protect

the Queensland environment alongside ecologically sustainable development. The EP Act requires authority for certain environmentally

relevant activities, including mining, and makes certain adverse impacts to the environment unlawful unless they are authorised by an

environmental authority or other approval.

Environmental authorities have been granted to Sibanye-Stillwater for the following activities:

• mining at the Century operation, and activities ancillary to mining, such as waste disposal, mineral processing and fuel burning

• port operations at the Port of Karumba, including bulk material handling

These environmental authorities contain conditions that must be complied with in carrying out the relevant activities. Port operations are also

regulated by a development approval issued under Queensland's planning framework. The Century to Karumba underground slurry pipeline

is operated in accordance with a corridor licence and an operational licence under the Transport Infrastructure Act 1994 (Qld). The

operational licence requires compliance with an Environmental Management Plan attached to the licence.

The Federal Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act) also applies to activities in Queensland. The

EPBC Act regulates impacts to specific "matters of national environmental significance" including listed threatened species, migratory

species and World Heritage places. Although Sibanye-Stillwater's existing operations at Century and the Port of Karumba do not currently

require any referral or approval under the EPBC Act, a substantial expansion or change to these activities could trigger additional

requirements.

**Health and Safety**

Work health and safety law in Australia is regulated by the States. In respect of the Queensland operations, the following laws apply:

• The Mining and Quarrying (Safety and Health) Act 1999 (Qld) regulates metalliferous mines in Queensland, including the Century

operation. Mine operators and the site senior executives have primary obligations to ensure that the risk to workers and other

persons arising from operations at the mine is at an "acceptable level", being as low as reasonably achievable and within

acceptable limits. To that end, they must develop and implement an appropriate safety and health management system for the

mine. Mine workers must be consulted in the development of that system. Contracting businesses performing work at mines have a

primary obligation to ensure the safety and health of persons is not adversely affected by the way the contractor undertakes work

at the mine, including by ensuring they comply with the applicable safety and health management system.

• The Work Health and Safety Act 2011 (Qld) is the general safety law that regulates work and workplaces in Queensland (but it

does not apply to mines). However, this legislation applies to the pipeline that carries slurry concentrates (outside the boundary of

the mine) to the Port of Karumba. It places a primary duty on all persons conducting a business or undertaking (including

corporations) to, so far as is reasonably practicable, ensure the health and safety of their workers, and that the safety and health

of other persons is not adversely affected by the conduct of the business or undertaking. Workers must be consulted in the

identification of hazards, risks and controls to ensure that risk is eliminated or minimised to the extent reasonably practicable.

The safety laws referred to above each place an additional obligation on the officers of corporations to exercise due diligence to ensure

the corporation complies with its obligations under the relevant safety laws. They also contain "industrial manslaughter" offences that apply

to corporations and their officers.

Additionally, particular maritime safety laws apply to the operation of ships and other vessels in State and Commonwealth territorial waters

(including those involved in the transfer and transportation of product from Queensland ports).

**Mineral Rights**

In Australia, the ownership of land is separate from the ownership of most minerals, which are the property of the State in which they are

located and are thus regulated by the States. The mining tenure required for the Century operation was granted under the Century Zinc

Project Act 1997 (Qld). The mining tenure is administered under the Mineral Resources Act 1989 (Qld) (MR Act) and the Mineral and Energy

Resources (Common Provisions) Act 2014 (Qld) (MERCP Act).

The MR Act regulates the grant and conditions for resource authorities, provision of security to the State, application processes, payment of

royalties to the State and offences. The MERCP Act largely deals with the registration of dealings such as caveats and mortgages, land

access, and provides an overlapping resource authority regime.

**Land Claims/Heritage** 

***Native Title***

Native Title is regulated by the Native Title Act 1993 (Cth) (NTA). The object of the NTA is to provide for the recognition and protection of

Native Title, and establishes ways in which future acts affecting Native Title may proceed. Where Native Title exists, any dealings in the land

must comply with the NTA. Resource activities may affect Native Title rights, in which case the Native Title party is entitled to seek

compensation.

Century Mining Pty Ltd (CML), the State of Queensland and the Waanyi, Mingginda and Gkuthaarn and Kukatj Native Title Groups are the

parties to the Gulf Communities Agreement (GCA). The GCA was entered into to provide Native Title consent for the grant of the mining

leases and other associated tenures required for the Century operation. CML is also a party to a number of other agreements with Native

Title parties and Traditional Owners in relation to the Century operation.

***Cultural Heritage***

Aboriginal cultural heritage is a separate and distinct concept to Native Title. Cultural heritage may exist in relation to all areas regardless of

the Native Title status of the land. In Queensland, Aboriginal cultural heritage is regulated by the Aboriginal Cultural Heritage Act 2003 (Qld)

(ACHA). The object of the ACHA is to provide recognition, protection and conservation of Aboriginal cultural heritage.

The GCA contains commitments and processes with respect to Aboriginal cultural heritage in the area of the Century mining leases. As the

GCA was entered into before the ACHA commenced, it is treated as an 'existing agreement' under the ACHA.

**Mt Lyell Copper Project, Tasmania**

In November 2023, Sibanye-Stillwater acquired Copper Mines of Tasmania Pty Ltd, which owns the Mt Lyell Copper Project in Tasmania,

Australia. The project is currently in care and maintenance. A feasibility study considering the re-establishment of operations was completed

at the end of fiscal 2025. A similar regime as described above for Queensland applies under Tasmanian law.

**DIVIDEND POLICY AND DIVIDEND DISTRIBUTION** 

Sibanye-Stillwater may make distributions from time to time, provided that any such distribution is pursuant to an existing legal obligation of

Sibanye-Stillwater or a court order or has been authorised by resolution of the Board in respect of cash dividends paid out of retained

income, capitalisation issues or scrip dividends incorporating an election to receive either capitalisation shares or cash (save in the case of a

pro rata distribution to all shareholders which results in shareholders holding shares in an unlisted entity which requires the sanction of an

ordinary resolution), and provided further that:

• dividends be paid to shareholders registered as at a date subsequent to the date of declaration or date of confirmation of the

dividend, whichever is the later;

• it reasonably appears that Sibanye-Stillwater will satisfy the 'solvency and liquidity' test as set out in the Companies Act

immediately after completing the proposed distribution; and

• no obligation is imposed by Sibanye-Stillwater, if it is a distribution of capital, that such capital be used to subscribe for shares in

Sibanye-Stillwater.

Sibanye-Stillwater must complete any such distribution fully within 120 business days after the Board acknowledges that the 'solvency and

liquidity' test has been applied as aforesaid, failing which it must again comply with the above.

Sibanye-Stillwater must hold all unclaimed distributions due to the shareholders of Sibanye-Stillwater in trust subject to the laws of prescription,

and accordingly may release any distributions once the prescriptive period of three years in relation to those dividends has expired.

Sibanye-Stillwater's dividend policy is to return at least 25% to 35% of normalised earnings to shareholders and after due consideration of

future requirements the dividend may be increased beyond these levels. The Board, therefore, considers normalised earnings in determining

what value will be distributed to shareholders. The Board believes normalised earnings provides useful information to investors regarding the

extent to which results of operations may affect shareholder returns. Normalised earnings is defined as earnings attributable to the owners of

Sibanye-Stillwater excluding gains and losses on financial instruments and foreign exchange differences, impairments and related

compensation, gain/loss on disposal of property, plant and equipment, occupational healthcare expenses, restructuring costs, transaction

costs, share-based payment expenses on B-BBEE transactions, gain on acquisitions, net other business development costs, share of results of

equity-accounted investees, all after tax and the impact of non-controlling interest and changes in estimated deferred tax rate. For a

reconciliation of profit attributable to the owners of Sibanye-Stillwater to normalised earnings, see*– Annual Financial Report – Consolidated* 

*financial statements – Notes to the consolidated financial statements – Note 13: Dividends*.

In line with Sibanye-Stillwater's Dividend policy and its Capital Allocation Framework, the Board of Directors resolved to declare a final

dividend of 131 SA cents per share for the year ended 31 December 2025 (2024: nil). With the interim dividend of nil (2024: nil) SA cents per

share, the total dividend for the year ended 31 December 2025 was 131 SA cents (2024: nil).

There is no arrangement under which future dividends are waived or agreed to be waived.

**THE LISTING**

Sibanye-Stillwater's ordinary shares trade on the JSE under the trading symbol "SSW". Sibanye-Stillwater's ADSs trade on the NYSE under the

trading symbol "SBSW".

**MEMORANDUM OF INCORPORATION**

**General**

Sibanye-Stillwater is a public company registered in South Africa under the Companies Act 71 of 2008, as amended (Companies Act), which

limits the liability of Sibanye-Stillwater shareholders (the Shareholders), and is governed by the Sibanye-Stillwater Memorandum of

Incorporation (MOI). Sibanye-Stillwater was registered as a public company in South Africa on 6 July 2018. Sibanye-Stillwater's registration

number is 2014/243852/06.

The MOI is not required to include, and does not include, the details of the objects and purpose of Sibanye-Stillwater.

**Dividends and payments to Sibanye-Stillwater Shareholders**

Sibanye-Stillwater may make payments (including the payment of dividends) to the Shareholders from time to time in accordance with

provisions of the Companies Act, the listings requirements of the JSE Limited (JSE) (JSE Listings Requirements) and the MOI. As read together,

these prohibit any payment (including the payment of any dividend) to a company's shareholders if there are reasonable grounds for

believing that:

• the company and the group is, or would be, after the payment, unable to pay its debts as they become due in the ordinary

course of business for a period of 12 months after the date of making such payment; or

• the assets of the company and the consolidated assets of the group fairly valued would, after the payment, be less than the

liabilities of the company and the consolidated liabilities of the group, fairly valued.

Subject to the above requirements, and, in certain circumstances, approval of Shareholders by way of an ordinary resolution, the Sibanye-

Stillwater board of directors (Board) may from time to time declare a payment to be made to Shareholders and to the holders of share

warrants (if any) in proportion to the number of the shares in Sibanye-Stillwater (Sibanye-Stillwater Shares) held by them.

Sibanye-Stillwater must hold all unclaimed dividends due to the Shareholders in trust, subject to the laws of prescription, and accordingly

may release any dividends once the prescriptive period in relation to those dividends has prescribed. Sibanye-Stillwater shall be entitled at

any time to delegate its obligations in respect of unclaimed dividends or other unclaimed distributions, to any one of its bankers from time to

time.

Sibanye-Stillwater directors (Directors) may resolve that any return of capital made to all or any Shareholders whose registered addresses are

outside South Africa will, subject to any exchange control regulations then in force, be paid in such other currencies as may be stipulated by

the Directors. The Directors may also stipulate the date for converting Rand to those currencies and the provisional rate of exchange,

provided that the date for conversion must be within a period of thirty days prior to the date of payment.

**Voting rights**

Every Shareholder, or proxy representative of a Shareholder, who is present at a Shareholders' meeting has one vote on a show of hands,

regardless of the number of Sibanye-Stillwater Shares he or she holds or represents or, in the case of a proxy representative, the number of

Shareholders he or she represents, unless a poll is demanded. Every Shareholder is, on a poll, entitled to one vote per Sibanye-Stillwater Share

held. A poll may be demanded by: (i) not less than five persons having the right to vote on that matter; or (ii) a person or persons entitled to

exercise not less than one tenth of the total voting rights entitled to vote on that matter; or (iii) the chairperson of the meeting. Neither the

Companies Act nor the MOI provide for cumulative voting.

A Shareholder is entitled to appoint a proxy representative to attend, speak and vote at any meeting on his or her behalf. The proxy

representative need not be a Shareholder. There are limitations on the proxy representative's powers namely that the proxy representative

cannot delegate the authority granted to him or her as a proxy representative.

To the knowledge of management, none of the beneficial Shareholders listed in the Shareholder Information section hold voting rights which

are different from those held by other Shareholders. See *– Annual Financial Report – Shareholder information*.

**Issue of additional shares and pre-emptive rights**

Shareholder approval is required for any issuance of additional Sibanye-Stillwater Shares, other than if Sibanye-Stillwater Shares are issued

pursuant to a pro rata rights offer to all Shareholders, provided that the voting power of the class of Sibanye-Stillwater Shares subject to the

offer is less than 30% of the voting power of all Sibanye-Stillwater Shares of that class held by Shareholders immediately before the issue. An

issue of Sibanye-Stillwater Shares that meets or exceeds this 30% threshold requires Shareholder approval by way of a special resolution.

Shareholders, by ordinary resolution, which requires an independent vote in the case of specific authority, may either convey a general or

specific authority to the Board to issue Sibanye-Stillwater Shares for cash. Such authority is valid for the period provided in the applicable

resolution, but may be revoked by ordinary resolution, as the case may be, at any time. General authority may only be valid until the earlier

of the next annual general meeting and 15 months after the authority was granted.

The JSE Listings Requirements, as read with the MOI, requires that any new issue of equity shares by Sibanye-Stillwater must first be offered to

existing Shareholders in proportion to their shareholding in Sibanye-Stillwater unless, among other things, the issuance to new Shareholders is:

• pursuant to a Shareholder-approved employee share incentive scheme;

• to raise cash through a general issuance at the discretion of the Board to the general public of less than 30% of the issued share

capital in any one fiscal year at an issue price with a discount not exceeding 10% of the 30 business day weighted average

trading price prior to the date that the application is made to the JSE to list the shares, provided that a 50% majority of the votes

cast by Shareholders at a general meeting or annual general meeting must approve the granting of such authority to the Board;

• to raise cash through a specific issuance of Sibanye-Stillwater Shares for cash, provided that a 50% majority of the votes cast by

Shareholders, other than parties and their associates participating in the specific issue for cash, vote in favour of the resolution to

issue the shares;

• a capitalisation issue;

• an issue for an acquisition of assets (including another company) subject to compliance with Sections 8 and 9 of the JSE Listings

Requirements or a fundamental transaction, amalgamation or merger in terms of the Companies Act; or

• in terms of option rights or conversion rights.

In terms of the Companies Act, an issue of equity shares by Sibanye-Stillwater must be approved by a special resolution of Shareholders if the

Sibanye-Stillwater Shares are to be issued, among other things, to:

• a Director, future Director, prescribed officer or future prescribed officer of Sibanye-Stillwater; or

• a person related or inter-related to Sibanye-Stillwater, or to a Director or to a prescribed officer of Sibanye-Stillwater,

unless the issue of Sibanye-Stillwater Shares is, among other things:

• under an agreement underwriting the Sibanye-Stillwater Shares;

• in proportion to existing holdings, and on the same terms and conditions that have been offered to all the Shareholders;

• pursuant to an employee share scheme that satisfies the requirements of section 97 of the Companies Act; or

• pursuant to an offer to the public as defined in section 95(1)(h), read with section 96, of the Companies Act.

**Transfer of Sibanye-Stillwater Shares**

The transfer of any certificated Sibanye-Stillwater Shares will be implemented in accordance with the provisions of the Companies Act using

the then common form of transfer. Dematerialised Sibanye-Stillwater Shares which have been traded on the JSE are transferred on the

STRATE system and delivered three business days after each trade. The transferor of any Sibanye-Stillwater Share is deemed to remain the

holder of that Sibanye-Stillwater Share until the name of the transferee is entered in Sibanye-Stillwater's securities register (the Sibanye-

Stillwater Register) for that Sibanye-Stillwater Share. Since Sibanye-Stillwater Shares are traded through STRATE, only Sibanye-Stillwater Shares

which have been Dematerialised may be traded on the JSE. Accordingly, Shareholders who hold Sibanye-Stillwater Shares in certificated

form will need to Dematerialise their Sibanye-Stillwater Shares in order to trade on the JSE.

**General meetings of Sibanye-Stillwater Shareholders**

The Board may convene general meetings of the Shareholders and a general meeting may also be convened on a requisition by

Shareholders made pursuant to the Companies Act. Sibanye-Stillwater is obligated to hold an annual general meeting once in every

calendar year, but no more than 15 months after the date of the previous annual general meeting.

All general meetings require 15 business days' plus seven calendar days' notice in writing of, among other things, the place, day and time of

the meeting to the Shareholders. Documents related to the meeting (e.g., proxy forms, resolutions, financial statements) must be made

available to the Shareholders with the notice.

Business may be transacted at any meeting of the Shareholders only while a quorum of the Shareholders is present. Shareholders

representing at least 25% of the voting rights which are entitled to be exercised in respect of at least one matter to be decided at that

Shareholders' meeting present personally or by proxy representative and entitled to vote constitute a quorum for a general meeting and an

annual general meeting. However, a Shareholders' meeting may not begin unless there are three Shareholders present at a meeting in

person or by proxy representative.

The annual general meeting deals with and disposes of all matters prescribed by the MOI and the Companies Act, including, among other

things:

• the re-appointment or appointment of auditors and designated individual partner;

• the election of audit committee members;

• general approval in respect of section 44 and section 45 of the Companies Act;

• general authority to issue a predetermined number of unissued authorised Shares;

• general authority to issue Shares for cash in terms of the JSE Listings Requirements;

• general authority to repurchase Shares in terms of the JSE Listings Requirements and Companies Act;

• approval of non-executive Directors' fees in terms of section 66(9) of the Companies Act;

• advisory endorsement of the Company's Remuneration policy in terms of the JSE Listings Requirements;

• advisory endorsement of the Company's Remuneration implementation report in terms of the JSE Listings Requirements;

• the presentation of the consolidated and company audited annual financial statements (annual financial statements) and report

of the independent external auditors;

• the presentation of the social and ethics committee report;

• the election of social and ethics committee members; and

• the election of new and rotating Directors.

**Annual report and accounts**

Sibanye-Stillwater is required to keep the accounting records and books of accounts up to date as is necessary to present the state of affairs

of Sibanye-Stillwater and to explain the financial position of Sibanye-Stillwater as prescribed by the Companies Act. Apart from the

Shareholders and holders of beneficial interests in Sibanye-Stillwater, no person has the right to inspect any account, book or document of

Sibanye-Stillwater (other than the Sibanye-Stillwater Register), except as conferred by the Companies Act, the Promotion of Access to

Information Act 2 of 2000 or authorised by Directors.

The Directors will cause to be prepared and published company and consolidated annual financial statements, an annual report and

notice of annual general meeting as required by the Companies Act and the JSE Listings Requirements within four months of the fiscal year-

end. Sibanye-Stillwater will notify the Shareholders and the holders of beneficial interests in Sibanye-Stillwater of the publication of any

annual financial statements and make the same available to every Shareholder who so requests a copy of the annual report and annual

financial statements. Not later than three months after the first six months of its fiscal year, Sibanye-Stillwater will make available to every

Shareholder an interim report for the previous six-month period.

**Changes in capital or objects and powers of Sibanye-Stillwater**

The Shareholders may, by the passing of a special resolution, among other things:

• increase Sibanye-Stillwater's authorised share capital;

• consolidate and reduce the number of the issued no par value Sibanye-Stillwater Shares, if any;

• subdivide all or any portion of Sibanye-Stillwater Shares into shares of a smaller amount than is fixed by the MOI;

• reduce Sibanye-Stillwater's authorised share capital and, if required by law, its issued share capital;

• alter the provisions of the MOI with respect to the objects and powers of Sibanye-Stillwater, if any are stated therein; and

• subject to the provisions of the Companies Act, or any other South African law governing companies, and the JSE Listings

Requirements and any other stock exchange upon which the shares of Sibanye-Stillwater may be quoted or listed from time to

time, allow Sibanye-Stillwater to acquire shares issued by itself or in any subsidiary of Sibanye-Stillwater from time to time.

**Variation of rights**

All or any of the rights, privileges or conditions attached to Sibanye-Stillwater Shares may be varied by a special resolution of Shareholders

passed in accordance with the provisions of the Companies Act; provided that, in circumstances where a Shareholder dissents to such

variation which materially and adversely affects his or her rights, that Shareholder shall be entitled to be paid the fair value for his or her

shares in accordance with the provisions of section 37(8) of the Companies Act, as read with the appraisal rights provided for in section 164

of the Companies Act.

**Distribution of assets on liquidation**

In the event of a voluntary or compulsory liquidation, dissolution or winding-up, the assets remaining after payment of all the debts and

liabilities of Sibanye-Stillwater, including the cost of liquidation, shall be dealt with by a liquidator who may, among other things, divide

among the Shareholders any part of the assets of Sibanye-Stillwater, and may vest any part of the assets of Sibanye-Stillwater as instructed at

a meeting of Shareholders in an *inter vivos* trust for the benefit of Shareholders. If so resolved at a meeting of Shareholders, the division of

assets is not required to be done in accordance with the legal rights of the Shareholders in their capacities as Shareholders.

**Purchase of shares**

The Companies Act and the JSE Listings Requirements permit the establishment of share incentive schemes for the purpose of purchasing

shares of a company for the benefit of its employees, including salaried directors. These share incentive schemes are permitted to extend

loans to Sibanye-Stillwater employees, other than non-salaried Directors, for the purpose of purchasing or subscribing for Sibanye-Stillwater

Shares.

Sibanye-Stillwater or any subsidiary or subsidiaries of it may, if authorised by ordinary resolution, acquire its own shares; provided that, there

are no reasonable grounds for believing that Sibanye-Stillwater and the group would not satisfy the solvency and liquidity test in compliance

with the Companies Act. The procedure for acquisition of Sibanye-Stillwater Shares by Sibanye-Stillwater is regulated by the MOI, the

Companies Act and the JSE Listings Requirements.

**Directors**

The minimum number of Directors shall be 4 (four) and the maximum shall be 15 (fifteen). However, the failure by Sibanye-Stillwater to have

the prescribed minimum number of Directors shall not invalidate anything done by the Board. If the number of Directors falls below the

minimum in the MOI, the remaining Directors shall not act after a period of three months from the date the deficiency in the minimum

number of Directors arose, except for the purpose of filling such vacancy or for the purpose of calling a meeting of Shareholders in order to

fill such vacancy. One third of the Board shall be required to retire from office at the annual general meeting held each year. The retiring

Director shall be eligible for re-election.

There are no qualifications prescribed by Sibanye-Stillwater for a person to serve as a Director or alternate Director, other than the

requirements stipulated in the Companies Act.

Directors may be paid their travelling and other expenses which are necessarily incurred by them in connection with the business of Sibanye-

Stillwater, and in attending the meetings of the Board or of committees thereof, and if any Director shall be required to perform extra

services, to go or to reside abroad or otherwise, or be specially occupied about Sibanye-Stillwater's business, such Director shall be entitled

to receive remuneration as approved by a special resolution by the Shareholders.

If a Director has a personal financial interest in a matter to be considered by the Board, the Director must disclose such personal financial

interest before the matter is considered at the meeting and must, among other things, disclose any information relating to the matter, and

known to the Director, disclose any insights and not take part in the decision to execute any documents on behalf of Sibanye-Stillwater in

relation to the matter. However, a decision by the Board or a transaction/agreement approved by the Board will be valid despite any

personal financial interest of a Director or a person related to a Director if it was ratified or approved by ordinary resolution of the

Shareholders or declared valid by a court of law.

**Borrowing powers**

The Board may exercise all the powers of Sibanye-Stillwater to borrow money and to give all or any part of its property as security whether

outright or as security for any debt, liability or obligation of Sibanye-Stillwater or of any third party. Sibanye-Stillwater has unlimited borrowing

powers. Furthermore, the Board may create and issue debt instruments, as contemplated in section 43(1)(a) of the Companies Act, on such

terms and conditions and in such manner as the Board may from time to time determine, in accordance with the requirements of section 43

of the Companies Act, provided that, for so long as Sibanye-Stillwater is listed on the JSE, a debt instrument issued by Sibanye-Stillwater may

not grant special privileges regarding attending and voting at general meetings and the appointment of Directors, as contemplated in the

JSE Listings Requirements.

The Board's borrowing powers may only be changed by special resolution of the Shareholders amending the MOI.

**Non-South African shareholders**

There are no limitations imposed by South African law or by the MOI on the rights of non-South African Shareholders to hold or vote Sibanye-

Stillwater Shares.

**Rights of minority shareholders and directors' duties**

Majority shareholders of South African companies have no fiduciary obligations under South African common law to non-controlling

shareholders. However, under the Companies Act, a shareholder may, under certain circumstances, seek relief from the court if he or she

has been unfairly prejudiced by the company. There may also be common law personal actions available to a shareholder of a company.

In South Africa, the common law and the Companies Act impose on directors duties to, among other things, act with care, skill and

diligence, act in good faith and for a proper purpose and to conduct the company's affairs honestly and in the best interests of the

company.

**Disclosure of beneficial interest in and ownership of Sibanye-Stillwater Shares**

**Disclosure by Sibanye-Stillwater Shareholders** 

Under South African law, a registered holder of Sibanye-Stillwater Shares who is not the holder of the beneficial interest in such shares is

required to disclose the identity of the person on whose behalf that security is held and the identity of each person with a beneficial interest

in the securities so held, the number and class of securities held for each such person with a beneficial interest, and the extent of each such

beneficial interest. This information must be disclosed in writing to Sibanye-Stillwater within five business days after the end of every month

during which a change has occurred in the information or more promptly or more frequently to the extent so provided by the requirements

of a central securities depository. The information must otherwise be provided by the registered holder to any person requesting the

information on payment by such requesting person of a prescribed fee charged by the registered holder of securities. This disclosure

obligation applies in addition to the notification requirement of section 122 of the Companies Act described below. Moreover, Sibanye-

Stillwater may, by notice in writing, require a person who is a registered Shareholder, or whom Sibanye-Stillwater knows or has reasonable

cause to believe has a beneficial interest in Sibanye-Stillwater Shares, to confirm or deny whether or not such person holds the Sibanye-

Stillwater Shares or a beneficial interest therein and, if the Sibanye-Stillwater Shares are held for another person, to disclose to Sibanye-

Stillwater the identity of the person on whose behalf the Sibanye-Stillwater Shares are held. Sibanye-Stillwater may also require the person to

give particulars of the extent of the beneficial interest held during the three years preceding the date of the notice.

Under the Companies Act, "beneficial interest" generally means the right to: (i) receive or participate in any distribution in respect of the

company's securities; (ii) exercise or cause to be exercised, in the ordinary course, any or all of the rights attaching to the company's

securities; or (iii) dispose or direct the disposition of the company's securities, or any part of a distribution in respect of the securities.

Under section 122 of the Companies Act, a Shareholder is required to notify Sibanye-Stillwater within three business days if it acquires or

disposes of a beneficial interest in Sibanye-Stillwater Shares such that its shareholding amounts to or ceases to amount to a 5% multiple when

measured against the issued Sibanye-Stillwater Shares at that time.

**Disclosure by Sibanye-Stillwater**

Under the JSE Listings Requirements and the Companies Act, as the case may be, and pursuant to the General Laws (Anti-Money

Laundering and Combatting Terrorism Financing) Amendment Act 22 of 2022, as a public company listed on the JSE, Sibanye-Stillwater is

obligated to:

• establish and maintain a register of the beneficial interest disclosures described above, including, in particular, a register of persons

who hold a beneficial interest equal to or in excess of 5% of the total number of securities issued by the company (BI Register);

• publish in its annual financial statements a list of the persons who hold a beneficial interest equal to or in excess of 5% of the total

number of securities of that class issued by Sibanye-Stillwater, together with the extent of those beneficial interests;

• disclose to the South African Takeover Regulation Panel and deliver to the Shareholders by means of a SENS announcement,

every notification received from the Shareholders in terms of section 122 of the Companies Act, unless it relates to the disposal of

any beneficial interest of less than 1% of the issued Sibanye-Stillwater Shares at that time; and

• file with the Companies and Intellectual Property Commission (CIPC), together with its annual returns, a copy of the Sibanye-

Stillwater Register and BI Register (except to the extent there is an applicable CIPC exemption).

The BI Register is to be updated within ten business days of notification by the Shareholders. Sibanye-Stillwater will be obliged to submit a

copy of the notification, applicable CoR Form and BI Register to the CIPC, which will maintain a register of the notices pursuant to section

122 of the Companies Act.

**Periodic and beneficial ownership reporting under US securities laws**

Under the Exchange Act, for so long as Sibanye-Stillwater continues to qualify as a "foreign private issuer", Sibanye-Stillwater is required to

publicly file with the SEC annual reports on Form 20-F within four months of the end of the financial year covered by the report, subject to an

extension of up to 15 calendar days if a Form 12b-25 notification of late filing is submitted to the SEC. As a foreign private issuer, Sibanye-

Stillwater is also required to publicly file with the SEC on Form 6-K material information that it makes or is required to make public pursuant to

South African law, files or is required to file with any stock exchange on which the Sibanye-Stillwater Shares trade and which was made

public by that exchange, or is otherwise distributed or required to be distributed to the Shareholders.

Any person who acquires more than 5% of Sibanye-Stillwater Shares (whether in the form of Sibanye-Stillwater Shares or Sibanye-Stillwater

ADSs) is subject to an obligation to file reports of beneficial ownership with the SEC, the NYSE and Sibanye-Stillwater. Generally, these reports

are filed on a Schedule 13D. However, a short form, Schedule 13G, may be filed in lieu of Schedule 13D in certain circumstances.

Following amendments to Regulation 13D-G adopted by the SEC in October 2023, a Schedule 13D must be filed within five days after an

acquisition of securities that brings the acquirer above the 5% level, and must be amended within two days of a material change in the facts

disclosed in the filing. A Schedule 13G must be filed (by the Shareholder, as it is the individual responsibility of each beneficial owner of more

than 5% of company shares to make the filing and not Sibanye-Stillwater's responsibility) within 45 calendar days of the end of each

calendar year, although Shareholders who did not acquire the securities with the purpose or effect of changing or influencing control of the

issuer (a "passive investor"), and who is a beneficial owner of 20% or less of a relevant class of equity securities, must file within ten days of the

acquisition of securities that triggers the obligation. Effective 30 September 2024, a Schedule 13G must now also be filed within 45 calendar

days of the end of each quarter in which beneficial ownership exceeds 5%, except with respect to passive investors with 20% or less of a

relevant class of equity securities, who must file within five days of the relevant triggering event. "Beneficial owner", a technical term defined

in Rule 13d-3 under the Exchange Act, generally encompasses not only the record owner of securities, but also any person who has the

power to either direct the investment of, or exercise the power to vote, such securities. In addition, a person is deemed to be a beneficial

owner of a security if he or she has the right to acquire beneficial ownership of the security, including through the exercise of an option,

within 60 days.

**MATERIAL CONTRACTS**

The following are material contracts not entered into in the ordinary course of business that were entered into, novated or amended by

Sibanye-Stillwater in the period under review.

**2026 and 2029 Notes**

On 16 November 2021 Stillwater Mining Company (Stillwater), as a subsidiary of Sibanye-Stillwater, issued at face value US$1.2 billion of senior

notes (the 2021 Senior Notes) to an indenture dated 16 November 2021 among Sibanye-Stillwater, The Bank of New York Mellon and certain

guarantors. The 2021 Senior Notes offering comprises of two tranches, US$675 million 4.000% senior notes due 2026, which bear interest at a

rate of 4.000% per annum (the 2026 Notes) and US$525 million 4.500% senior notes due 2029, which bear interest at a rate of 4.500% per

annum (the 2029 Notes) (together the 2026 and 2029 Notes). The 2026 and 2029 Notes are denominated in US Dollars, mature and become

due and payable on 16 November 2026 and 16 November 2029, respectively. Interest is paid semi-annually in arrears. The 2026 and 2029

Notes are fully and unconditionally guaranteed, jointly and severally by Sibanye Stillwater Limited, Kroondal Operations Proprietary Limited,

Sibanye Rustenburg Platinum Mines Proprietary Limited, Sibanye Gold Proprietary Limited and Western Platinum Proprietary Limited. On 14

June 2023, Eastern Platinum Proprietary Limited and Sibanye Stillwater Sandouville Refinery acceded to the 2021 Senior Notes as additional

guarantors, and on 7 August 2024, Keliber Oy and Keliber Technology Oy acceded to the 2021 Senior Notes as additional guarantors. The

guarantees rank equally in right of payment to all existing and future senior debt of the guarantors.

At any time on or after 16 November 2023, in the case of the 2026 Notes, or 16 November 2025, in the case of the 2029 Notes, Stillwater may

redeem all or part of the 2026 Notes or 2029 Notes by paying the relevant price (expressed as a percentage of the principal amount of the

2026 Notes or 2029 Notes plus an applicable premium) plus accrued and unpaid interest on the 2026 Notes or 2029 Notes. In addition, prior

to 16 November 2023, Stillwater may have redeemed up to 35% of the original aggregate principal amount of the 2026 Notes or 2029 Notes

with the net proceeds from certain equity offerings. If Sibanye-Stillwater undergoes a change of control, Sibanye-Stillwater or Stillwater will be

required to make an offer to purchase each of the 2026 Notes and 2029 Notes at a purchase price equal to 101% of the principal amount of

each of the Notes, plus accrued and unpaid interest to the date of purchase. In the event of certain developments affecting taxation,

Stillwater may redeem all, but not less than all, of the 2026 and 2029 Notes.

Sibanye-Stillwater used the proceeds of the 2026 and 2029 Notes to redeem its US$550 million of 7.125% senior notes due 2025 (the 2025

Notes), as well as general corporate purposes, including advancing Sibanye-Stillwater's battery metals strategy through, among other things,

investments and accretive acquisitions and improving earnings diversification. For information on Sibanye-Stillwater's 2026 and 2029 Notes,

see *– Annual Financial Report – Consolidated financial statements – Notes to the consolidated financial statements – Note 27.4: 2026 and* 

*2029 Notes*.

**US$1 billion revolving credit facility**

In April 2023, Sibanye-Stillwater announced the refinancing of its US dollar revolving credit facility (USD RCF). The USD RCF was upsized from

US$600 million to US$1 billion, with options for Sibanye-Stillwater to: (i) increase the facility size by a further US$200 million; and (ii) have EUR as

an optional currency. The key terms of the USD RCF, which involved a syndicate of ten international banks, include maintaining the existing

financial covenants of net debt to EBITDA covenant 2.5x and EBITDA to Net Finance Charges of 4x. On 26 July 2024, an amendment was

executed for an increase of certain financial covenants, most significantly that the 12-month trailing ratio of Consolidated Net Borrowings to

Consolidated EBITDA shall not exceed 3.5:1 between 30 June 2024 and 30 June 2025 inclusive, 3.0:1 between 1 July 2025 to 31 December

2025 inclusive, and 2.5:1 thereafter. An additional margin bracket was added, with the US$1 billion RCF including a margin of 2.20% if over

3.0x leverage. The USD RCF matures on 6 April 2027 following approval of the first of two potential one year extensions available on request

from Sibanye-Stillwater, the first extension which was executed and approved in 2024. The facility is guaranteed, jointly and severally by

Sibanye Stillwater Limited, Kroondal Operations Proprietary Limited, Sibanye Rustenburg Platinum Mines Proprietary Limited, Sibanye Gold

Proprietary Limited, Stillwater Mining Company Inc., Western Platinum Proprietary Limited, Eastern Platinum Proprietary Limited and Sibanye

Stillwater Sandouville Refinery. On 7 August 2024, Keliber Oy and Keliber Technology Oy acceded to the US$1 billion RCF as additional

guarantors. See *– Annual Financial Report – Consolidated Financial Statements – Notes to the Consolidated Financial Statements – Note 27.1* 

*US$1 billion RCF*.

**R6.5 billion revolving credit facility**

In November 2019, Sibanye-Stillwater entered into a R5.5 billion revolving credit facility (Rand RCF) which was due to mature on 11

November 2024 following two one-year extensions. On 16 August 2024, the Rand RCF was refinanced and upsized from R5.5 billion to R6.0

billion. The refinanced Rand RCF matures in August 2027, subject to approval of two potential further one year extensions available on

request from Sibanye-Stillwater. The refinanced facility also includes the option to further increase the Rand RCF by R1 billion during the term

through the inclusion of additional lenders. In December 2024 Sibanye-Stillwater executed R500 million of the accordion option resulting in an

increased facility size of R6.5 billion. The facility is guaranteed, jointly and severally by Sibanye Stillwater Limited, Kroondal Operations

Proprietary Limited, Sibanye Rustenburg Platinum Mines Proprietary Limited, Sibanye Gold Proprietary Limited, Stillwater Mining Company Inc.,

Western Platinum Proprietary Limited and Eastern Platinum Proprietary Limited. See *– Annual Financial Report – Consolidated financial* 

*statements – Notes to the consolidated financial statements – Note 27.3: R6.5 billion RCF* and *– Annual Financial Report – Consolidated* 

*financial statements – Notes to the consolidated financial statements – Note 27.2: R5.5 billion RCF*.

**US$500 million convertible bond**

On 28 November 2023, Stillwater Mining Company Inc., as a subsidiary of Sibanye-Stillwater, issued US$500m convertible bonds due

November 2028 (the convertible bonds) pursuant to a Trust Deed dated 28 November 2023 among Stillwater Mining Company Inc., The Bank

of New York Mellon and certain guarantors. The convertible bonds bear interest at a rate of 4.250% per annum, and are convertible into new

and/or existing shares of Sibanye-Stillwater (Convertible Bonds). On 28 May 2024 shareholders approved of the issuance of the shares

required terminating the Convertible Bond holders option to receive a cash amount equal to the value of the underlying ordinary shares. The

convertible bonds are fully and unconditionally guaranteed, jointly and severally by Sibanye Stillwater Limited, Kroondal Operations

Proprietary Limited, Sibanye Rustenburg Platinum Mines Proprietary Limited, Sibanye Gold Proprietary Limited, Western Platinum Proprietary

Limited and Eastern Platinum Proprietary Limited. The proceeds of the convertible bond was used to preserving the balance sheet for

funding existing operations and projects through a lower commodity price environment and was also applied to funding the Reldan

acquisition. See *– Annual Financial Report – Consolidated financial statements – Notes to the consolidated financial statements – Note 27.5:* 

*US$ Convertible Bond.*

**€500 million green loan financing facility**

On 22 August 2024, Sibanye-Stillwater executed a €500 million green loan financing facility (the Green Loan) through its subsidiary Keliber

Technology Oy in connection with the Keliber lithium project. The Green Loan proceeds are used for the capital expenditure funding for the

construction and development of its lithium mining, processing, and refining facilities in Kaustinen, Kronoby, and Kokkola.

The Green Loan comprises a €250 million Export Credit Agency (ECA) guaranteed tranche financed by banks, a €150 million tranche from

the European Investment Bank (EIB), and a €100 million syndicated commercial bank tranche. Finnvera, the Finnish state-owned ECA,

guarantees 80% of the €250 million ECA tranche. The EIB's €150 million financing supports the green transition in Europe and regional

development, marking its first support for mining critical raw materials in the EU. The Green Loan is governed by a "Green Financing

Framework" in alignment with the Loan Market Association's 2023 Green Loan Principles and has received a "Medium Green" classification

from S&P Global Ratings.

The Green Loan has an amortising repayment profile tied to the project's cash flows, with ultimate maturities of 7 to 8 years. It carries a

variable interest rate linked to EURIBOR with a competitive margin. The borrower is Keliber Technology Oy, and the facilities are fully and

unconditionally guaranteed, jointly and severally, by Sibanye Stillwater Limited, Stillwater Mining Company, Sibanye Gold Pty Ltd, Sibanye

Rustenburg Platinum Mines Pty Ltd, Kroondal Operations Pty Ltd, Eastern Platinum Pty Ltd, Western Platinum Pty Ltd, Sibanye Stillwater's

Sandouville Refinery SAS, and Keliber Oy. See – *Annual Financial Report – Consolidated financial statements – Notes to the consolidated* 

*financial statements – Note 27.7: Keliber loan facilities*.

**US$500 million streaming agreement with Franco-Nevada**

On 28 February 2025, Sibanye-Stillwater completed a US$500 million streaming agreement with Franco-Nevada (Barbados) Corporation, a

wholly-owned subsidiary of Franco-Nevada Corporation (Franco-Nevada) in exchange for the sale of gold and platinum streams with

reference to the Marikana, Kroondal and Rustenburg operations.

Under the terms of the agreement, Sibanye-Stillwater received an upfront cash payment of US$500 million on 28 February 2025 in exchange

for the future delivery of gold and platinum, as follow: (1) Gold ounces equal to 1.1% of 4E PGM oz contained in concentrate produced until

delivery of 87,500 oz of gold. Thereafter, gold ounces equal to 0.75% of 4E PGM oz contained in concentrate produced will be delivered until

the delivery of 237,000 oz of gold. Thereafter, 80% of the gold contained in concentrate for the remaining life of mine will be delivered; (2)

Platinum ounces equal to 1.0% of platinum contained in concentrate produced until delivery of 48,000 oz of platinum. Thereafter, 2.1% of

platinum contained in concentrate produced will be delivered until a total delivery of 294,000 oz of platinum, whereafter the platinum

stream will end.

Sibanye-Stillwater will receive a production payment equal to 5% per ounce of the spot gold price on the date of each gold delivery until

the delivery of 237,000 oz of gold, which will increase to 10% of the spot gold price thereafter. A production payment equal to 5% of the spot

platinum price on the date of each platinum delivery will also be paid by Franco-Nevada until the end of the platinum stream. The

production payment may change depending on certain scenarios, and Sibanye-Stillwater may elect to substitute platinum deliveries with

gold ounces and vice versa. See *– Annual Financial Report – Consolidated financial statements – Notes to the consolidated financial* 

*statements – Note 31: Deferred revenue.*

**Deposit agreement**

In connection with the establishment of an ADS facility in respect of Sibanye-Stillwater Shares, Sibanye-Stillwater entered into the Sibanye-

Stillwater Deposit Agreement with the ADS Depositary among Sibanye-Stillwater, the ADS Depositary, you, as a Sibanye-Stillwater ADS Holder,

and all owners and holders from time to time of ADSs issued thereunder (the Sibanye-Stillwater Deposit Agreement). The Sibanye-Stillwater

Deposit Agreement sets out Sibanye-Stillwater ADS Holders' rights, as well as the rights and obligations of the ADS Depositary. New York law

governs the Sibanye-Stillwater Deposit Agreement and the Sibanye-Stillwater ADSs. See *– Exhibits – 2.4 Description of securities registered* 

*under Section 12 of the Exchange Act*.

**Fees and expenses**

The Depositary will charge any party depositing or withdrawing ordinary shares or any party surrendering ADSs or to whom ADSs are issued:

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| | |
|:---|:---|
| **Persons depositing or withdrawing shares or ADS holders must pay** | **For** |
| US$5.00 (or less) per 100 Sibanye-Stillwater ADSs (or portion of 100 <br>Sibanye-Stillwater ADSs)<br>| Issuance of Sibanye-Stillwater ADSs, including issuances <br>resulting from a distribution of ordinary shares or rights or other <br>property or cancellation of Sibanye-Stillwater ADSs for the <br>purpose of withdrawal, including if the deposit agreement <br>terminates<br>|
| US$.05 (or less) per ADS (or a portion thereof) | Any cash distribution pursuant to the Deposit Agreement |
| A fee equivalent to the fee that would be payable if securities <br>distributed to you had been ordinary shares and those ordinary shares <br>had been deposited for issuance of ADSs<br>| Distribution of securities distributed to holders of deposited <br>securities which are distributed by the Depositary to Sibanye-<br>Stillwater's ADS holders<br>|
| US$.05 (or less) per ADSs per calendar year | Depositary services |
| Registration or transfer fees | Transfer and registration of shares on Sibanye-Stillwater's share <br>register to or from the name of the Depositary or its agent when <br>you deposit or withdraw ordinary shares<br>|
| Expenses of the Depositary | Cable, telex and facsimile transmissions (when expressly <br>provided in the deposit agreement) converting foreign <br>currency to US dollars<br>|
| Taxes and other governmental charges the Depositary or the custodian <br>have to pay on any ADS or share underlying an ADS, for example, <br>stock transfer taxes, stamp duty or withholding taxes<br>| As necessary |
| Any charges incurred by the Depositary or its agents for servicing the <br>deposited securities<br>| As necessary |

---

The Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the

purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting

those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The Depositary may collect its annual

fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts

of participants acting for them. The Depositary may generally refuse to provide fee-attracting services until its fees for those services are

paid.

From time to time, the Depositary may make payments to Sibanye-Stillwater to reimburse and/or share revenue from the fees collected from

ADS holders, or waive fees and expenses for services provided, generally relating to costs and expenses arising out of establishment and

maintenance of the ADS program. In performing its duties under the Deposit Agreement, the Depositary may use brokers, dealers or other

service providers that are affiliates of the Depositary and that may earn or share fees or commissions.

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as

agent, adviser, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it

will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the

currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling

foreign currency for its own account. The Depositary makes no representation that the exchange rate used or obtained in any currency

conversion under the Deposit Agreement will be the most favourable rate that could be obtained at the time or that the method by which

that rate will be determined will be the most favourable to ADS holders, subject to the Depositary's obligations under the Deposit

Agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.

In fiscal 2025, BNYM paid US$1.4 million to Sibanye-Stillwater as reimbursement for costs incurred over the year in connection with the ADS

program.

**Payment of taxes**

You will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited securities underlying your

ADSs. The Depositary may deduct the amount of any taxes owed from any payments to you. It may also restrict or refuse the transfer of your

Sibanye-Stillwater ADSs or restrict or refuse the withdrawal of your underlying deposited securities until you pay any taxes owed on your

Sibanye-Stillwater ADSs or underlying securities. It may also sell deposited securities to pay any taxes owed.

You will remain liable if the proceeds of the sale are not enough to pay the taxes. If the Depositary sells deposited securities, it will, if

appropriate, reduce the number of Sibanye-Stillwater ADSs held by you to reflect the sale and pay to you any proceeds, or send to you any

property, remaining after it has paid the taxes.

**US Holders** 

As of 31 March 2026, 410 record holders of Sibanye-Stillwater's ordinary shares, holding an aggregate of 1,000,268,672 ordinary shares 41.70%,

including shares underlying Sibanye-Stillwater's ADSs, were listed as having addresses in the United States.

**TAXATION**

**Certain South African tax considerations**

The discussion in this section sets out the material South African tax consequences of the purchase, ownership and disposition of Sibanye-

Stillwater's ordinary shares or ADSs under current South African law. Changes in the law may alter the tax treatment of Sibanye-Stillwater's

ordinary shares or ADSs, possibly on a retroactive basis.

The following summary is not a comprehensive description of all of the tax considerations that may be relevant to a decision to purchase,

own or dispose of Sibanye-Stillwater's ordinary shares or ADSs and does not cover tax consequences that depend upon your particular tax

circumstances. In particular, the following summary addresses tax consequences for holders of ordinary shares or ADSs who are not residents

of, or who do not carry on business in, South Africa and who hold ordinary shares or ADSs as capital assets (that is, for investment purposes).

For the purposes of the income tax treaty between South Africa and the United States and South African tax law, a United States resident

that owns Sibanye-Stillwater ADSs will be treated as the owner of the Sibanye-Stillwater ordinary shares represented by such ADSs. Sibanye-

Stillwater recommends that you consult your own tax adviser about the consequences of holding Sibanye-Stillwater's ordinary shares or

ADSs, as applicable, in your particular situation.

**Withholding tax on dividends**

Withholding tax on dividends applies to dividends declared by South African resident companies to shareholders, including non-resident

shareholders or non-resident ADS holders at a rate of 20%. Generally, under the terms of the double tax treaty entered into between South

Africa and the United States (the Treaty) the tax charged on dividends may not exceed 5% of the gross amount of the dividends if the

beneficial owner of the shares, being a resident of the United States, is a company holding directly at least 10% of the voting stock of the

company paying the dividends and 15% of the gross amount of the dividends in all other cases, provided certain qualifying requirements in

terms of the Treaty are met. Further, making payment of the net dividend by applying a rate of withholding tax less the statutory rate is

subject to the beneficial owner of the dividends making certain declarations and undertakings and providing same to the company or

regulated intermediary making payment of the dividend.

**Income tax and capital gains tax**

Non-resident holders of ordinary shares or ADSs should not be subject to capital gains tax in South Africa with respect to the disposal of those

ordinary shares or ADSs unless (i) that non-resident shareholder (together with connected persons) holds 20% or more of the equity shares in a

company that derives 80% or more of its value from immovable property, which includes mining and prospecting rights, situated in South

Africa; or (ii) the shares are effectively connected with a permanent establishment of that non-resident shareholder in South Africa.

The effective tax rate at which capital gains tax is levied depends on the nature of the taxpayer and applies to the capital gain realised on

disposal. For example, a company's effective rate will be 21.6% for years of assessment ending on or after 31 March 2023 (22.4% prior to that

date). Where the non-resident shareholder is subject to capital gains tax in South Africa as envisaged above and disposes of the shares, the

purchaser of the ordinary shares or ADSs will be obliged to withhold, unless the amounts payable by the purchaser to or for the benefit of the

seller in aggregate do not exceed R2 million, a percentage (between 7.5% and 15%, depending on the nature of the seller) of the purchase

consideration for the ordinary shares or ADSs payable to the non-resident shareholders and pay such amount over to the South African

Revenue Service within 14 days where the purchaser is a South African resident or within 28 days where the purchaser is a non-resident.

Where a double tax treaty applies, this could potentially reduce the South African capital gains tax, or deny South Africa the taxing rights, on

such income, depending on the wording of the relevant double tax treaty. If the statutory amount to be withheld proves to be excessive as

compared to the amount of capital gains tax which will arise, the non-resident seller may request a directive from the South African

Revenue Service to have a lower amount withheld.

**Global minimum tax** 

South Africa has enacted the OECD/G20 Pillar Two global minimum tax framework through two complementary statutes: the Global

Minimum Tax Act, 2024 (the Global Minimum Tax Act), and the Global Minimum Tax Administration Act, 2024, both effective for fiscal years

commencing on or after 1 January 2024. These provisions apply to multinational enterprise groups with consolidated turnover of at least EUR

750 million. The Global Minimum Tax Act has two areas of focus: the income inclusion rule (IIR) and the domestic minimum top-up tax (DMTT).

The IIR imposes a tax on South African-parented multinational groups with foreign subsidiaries where the effective tax rate is below 15%. The

DMTT applies to low-taxed profits of foreign inbound multinational groups with subsidiaries in South Africa.

If Sibanye-Stillwater falls within the scope of Pillar Two, the DMTT may apply where the jurisdictional effective tax rate for South Africa is below

15% in a given fiscal year. Although South Africa's statutory corporate tax rate exceeds 15%, the effective tax rate is calculated on financial

accounting income with specified adjustments and adjusted covered taxes on a jurisdictional basis. With respect to foreign jurisdictions in

which the Group has subsidiaries, the IIR may impose a top-up tax at the South African level if a foreign jurisdiction's effective tax rate falls

below 15%.

**Securities transfer tax**

No Securities Transfer Tax (STT) is payable in South Africa with respect to the issue of a security.

STT is charged at a rate of 0.25% upon the transfer of securities issued by a company or a close corporation incorporated in South Africa,

and the transfer of securities listed on an exchange in South Africa which are issued by a company incorporated outside South Africa,

subject to certain exemptions.

A "transfer" is broadly defined and includes the transfer, sale, assignment or cession or disposal in any other manner of a security. The

cancellation or redemption of a security is also regarded as a transfer unless the company is being liquidated. However, the transfer of a

security that does not result in a change in beneficial ownership of such security is not regarded as a transfer.

In respect of the transfer of a listed security, STT is levied on the amount of the consideration for that security declared by the person who

acquires that security, or if no amount of consideration is declared, or if the amount so declared is less than the lowest price of the security,

the closing price of that security. With regard to the transfer of an unlisted security, STT is levied on the greater of the consideration given for

the acquisition of the security or the market value of an unlisted security. In the case of a transfer of a listed security, either the member, the

participant or the person to whom the security is transferred is liable for the tax. The tax must be paid by the 14th day of the month following

the transfer in the case of a listed security, and within two months from the end of the month in which the transfer took place in the case of

an unlisted security.

**Interest withholding tax**

Although not specifically applicable to non-resident shareholders or non-resident ADS holders, interest withholding tax will be levied at a rate

of 15% on any interest paid for the benefit of any foreign person to the extent that the interest is regarded as being from a source within

South Africa. There is, however, a specific exemption from interest withholding tax on any interest incurred on a listed debt (i.e. debt listed on

a recognised exchange). In addition, where interest withholding tax is levied, such interest withholding tax may be reduced by an

applicable double taxation treaty.

**South African Exchange Control Limitations Affecting Security Holders**

The discussion below relates to exchange controls in force as of the date of this annual report. These controls are subject to change at any

time without notice. It is not possible to predict whether existing exchange controls will be abolished, continued or amended by the South

African government in the future. Investors are urged to consult a professional adviser as to the exchange control implications of their

particular investments.

South African law provides for Exchange Control Regulations which, among other things, restrict the outward flow of capital from South

Africa (other than to countries which fall within the Common Monetary Area (CMA) consisting of South Africa, Namibia, Lesotho and

Eswatini). The Exchange Control Regulations, which are administered by the Financial Surveillance Department of the SARB, regulate

international transactions involving South African residents, including companies that are incorporated or registered as external companies

in South Africa.

There are no exchange control restrictions on the remittance, in full, of cash dividends declared out of trading profits to non-residents of the

CMA by Sibanye-Stillwater, provided the share certificates held by non-resident Sibanye-Stillwater shareholders have been endorsed with

the words "non-resident" or, where dematerialised, the residential status of the electronic record is flagged accordingly (i.e. non-resident or

emigrant) by the various participants in the central depository. The same endorsement requirement, however, will not be applicable to non-

resident holders of ADSs. Pre-approval by the SARB is required where dividends in specie are declared by Sibanye-Stillwater.

ADSs representing ordinary shares of Sibanye-Stillwater are freely transferable outside South Africa between persons who are not residents of

the CMA. The proceeds from the sale of ordinary shares on the JSE by shareholders who are not residents of the CMA are freely remittable to

such shareholders, provided that the shares are flagged as non-resident held (the shares on the JSE have been dematerialised). Additionally,

where ordinary shares are sold on the JSE on behalf of shareholders of Sibanye-Stillwater who are not residents of the CMA, the proceeds of

such sales will be freely exchangeable into foreign currency and remittable to them. In such case, no share certificates need to be

endorsed as the shares on the JSE have been dematerialised.

Acquisitions of Sibanye-Stillwater's ordinary shares held by South African residents by non-South African purchasers solely for a cash

consideration equal to the fair value of the ordinary shares is generally permissible. Such acquisitions would require SARB pre-approval in

certain circumstances, such as if the consideration for the acquisition is shares in a non-South African company or if the acquisition is

financed by a loan from a South African lender. If SARB denies approval of an acquisition of assets of a South African company, this may

result in an inability to complete the acquisition. Subject to this limitation, there are no restrictions on equity investments in South African

companies and a foreign investor may invest freely in the ordinary shares and ADSs of Sibanye-Stillwater.

**US federal income tax considerations**

The following discussion summarises the material US federal income tax consequences of the acquisition, ownership and disposition of

ordinary shares and ADSs by a US Holder. As used herein, the term "US Holder" means a beneficial owner of ordinary shares or ADSs that is for

US federal income tax purposes:

• citizen or resident of the United States;

• a corporation created or organised under the laws of the United States, any state thereof or the District of Columbia;

• an estate the income of which is subject to US federal income tax without regard to its source; or

• a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more

US persons have the authority to control all substantial decisions of the trust, or the trust has validly elected to be treated as a

domestic trust for US federal income tax purposes.

The US federal income tax treatment of a partner in an entity or arrangement treated as a partnership for US federal income tax purposes

that holds ordinary shares or ADSs will depend upon the status of the partner and the activities of the partnership. If you are an entity or

arrangement treated as a partnership for US federal income tax purposes, you should consult your tax adviser concerning the US federal

income tax consequences to you and your partners of the acquisition, ownership and disposition of ordinary shares or ADSs by you.

This summary only applies to US Holders that hold ordinary shares or ADSs as capital assets. This summary is based upon:

• the current federal income tax laws of the United States, including the Internal Revenue Code of 1986, as amended (the Code), its

legislative history, and existing and proposed regulations promulgated thereunder;

• current IRS practice and applicable US court decisions; and

• the income tax treaty between the United States and South Africa (the Treaty) all as of the date hereof and all subject to change

at any time, possibly with retroactive effect.

This summary assumes that the obligations of the Depositary under the Deposit Agreement and any related agreements will be performed in

accordance with their terms.

This summary is of a general nature and does not address all US federal income tax consequences that may be relevant to you in light of

your particular situation (including consequences under the alternative minimum tax or the net investment income tax), and does not

address state, local, non-US or other tax laws (such as estate and gift tax laws). For example, this summary does not apply to:

• investors that own (directly, indirectly, or by attribution) 5% or more of Sibanye-Stillwater's stock (by vote or value);

• financial institutions;

• insurance companies;

• individual retirement accounts and other tax-deferred accounts;

• tax-exempt organisations;

• dealers in securities or currencies;

• investors that hold ordinary shares or ADSs as part of straddles, hedging transactions or conversion transactions for US federal

income tax purposes;

• persons that have ceased to be US citizens or lawful permanent residents of the United States;

• investors that hold ordinary shares or ADSs in connection with a trade or business conducted outside the United States;

• US citizens or lawful permanent residents living abroad; or

• investors whose functional currency is not the US dollar.

Sibanye-Stillwater does not believe that it was a passive foreign investment company (PFIC) for US federal income tax purposes for its most

recent taxable year, and does not expect to be a PFIC for its current taxable year or in the foreseeable future. However, Sibanye-Stillwater's

possible status as a PFIC must be determined annually and therefore may be subject to change. If Sibanye-Stillwater were to be treated as a

PFIC, US Holders of ordinary shares or ADSs would be required (i) to pay a special US addition to tax on certain distributions and gains on sale

and (ii) to pay tax on any gain from the sale of ordinary shares or ADSs at ordinary income (rather than capital gains) rates in addition to

paying the special addition to tax on this gain. Additionally, dividends paid by Sibanye-Stillwater would not be eligible for the reduced rate

of tax described below under "Taxation of Dividends", and additional reporting requirements could apply. The remainder of this discussion

assumes that Sibanye-Stillwater is not a PFIC for US federal income tax purposes. You should consult your own tax advisers regarding the

potential application of the PFIC regime.

The summary of US federal income tax consequences set out below is for general information only. You are urged to consult your tax

advisers as to the particular tax consequences to you of acquiring, owning and disposing of the ordinary shares or ADSs, including your

eligibility for the benefits of the Treaty and the applicability and effect of state, local, non-US and other tax laws and possible changes in tax

law.

**US Holders of ADSs**

For US federal income tax purposes, a US Holder of ADSs generally will be treated as the owner of the corresponding number of underlying

ordinary shares held by the Depositary for the ADSs, and references to ordinary shares in the following discussion refer also to ADSs

representing the ordinary shares.

Deposits and withdrawals of ordinary shares by US Holders in exchange for ADSs will not result in the realisation of gain or loss for US federal

income tax purposes. Your tax basis in withdrawn ordinary shares will be the same as your tax basis in the ADSs surrendered, and your holding

period for the ordinary shares will include the holding period of the ADSs.

**Taxation of dividends**

Distributions paid out of Sibanye-Stillwater's current or accumulated earnings and profits (as determined for US federal income tax purposes),

before reduction for any South African withholding tax paid by Sibanye-Stillwater with respect thereto, will generally be taxable to you as

non-US source dividend income, and will not be eligible for the dividends received deduction allowed to corporations. Distributions that

exceed Sibanye-Stillwater's current and accumulated earnings and profits will be treated as a non-taxable return of capital to the extent of

your basis in the ordinary shares and thereafter as capital gain. However, we do not maintain calculations of our earnings and profits in

accordance with US federal income tax accounting principles. You should therefore assume that any distribution by us with respect to the

shares will be reported as ordinary dividend income. You should consult your own tax advisers with respect to the appropriate US federal

income tax treatment of any distribution received from us.

Dividends paid by Sibanye-Stillwater generally will be taxable to non-corporate US Holders at the reduced rate normally applicable to long-

term capital gains, provided that either (i) Sibanye-Stillwater qualifies for the benefits of the Treaty, or (ii) with respect to dividends paid on

the ADSs, the ADSs are considered to be "readily tradable" on the NYSE. You will be eligible for this reduced rate only if you are an individual,

and have held the ordinary shares or ADSs for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date.

For US federal income tax purposes, the amount of any dividend paid in Rand will be included in income in a US dollar amount calculated

by reference to the exchange rate in effect on the date the dividends are received by you (in the case of ordinary shares) or the Depositary

(in the case of ADSs), regardless of whether they are converted into US dollars at that time. If you or the Depositary, as the case may be,

convert dividends received in Rand into US dollars on the day they are received, you generally will not be required to recognise foreign

currency gain or loss in respect of this dividend income.

**Effect of South African withholding taxes**

A US Holder may generally be entitled, subject to certain limitations, to a foreign tax credit against its US federal income tax liability, or a

deduction in computing its US federal taxable income, for South African income taxes withheld by Sibanye-Stillwater (at a rate not

exceeding any applicable treaty rate). The rules governing foreign tax credits are complex and final Regulations issued by the U.S. Treasury

(the Final FTC Regulations) have imposed additional requirements that must be met for a foreign tax to be creditable and Sibanye-Stillwater

does not intend to determine whether such requirements will be met in the case that non-U.S. taxes are withheld (if any). However, the IRS

has issued notices indicating that the U.S. Treasury and the IRS are considering proposing amendments to the Final FTC Regulations and

allow taxpayers, subject to certain conditions, to defer the application of many aspects of the Final FTC Regulations until the date when a

notice or other guidance withdrawing or modifying this temporary relief is issued (or any later date specified in such notice or other

guidance). The rules governing foreign tax credits are complex. You should consult your tax adviser concerning the applicability of the

foreign tax credit, deductibility and source of income rules to any South African tax withheld, including the impact of the Treaty.

**Taxation of a sale or other disposition**

Upon a sale or other disposition of ordinary shares or ADSs, other than an exchange of ADSs for ordinary shares and vice versa, you will

generally recognise US source capital gain or loss for US federal income tax purposes equal to the difference between the amount realised

and your adjusted tax basis in the ordinary shares or ADSs, in each case as determined in US dollars. This capital gain or loss will be long-term

capital gain or loss if your holding period in the ordinary shares or ADSs exceeds one year. The deductibility of capital losses is subject to

significant limitations. You should consult your tax adviser about how to account for proceeds received on the sale or other disposition of

ordinary shares or ADSs that are not paid in US dollars.

To the extent you incur Securities Transfer Tax in connection with a transfer or withdrawal of ordinary shares as described under *– Certain* 

*South African Tax Considerations – Securities Transfer Tax* above, such securities transfer tax will not be a creditable tax for US foreign tax

credit purposes. You should consult your tax adviser regarding the proper U.S. federal income tax treatment of any Securities Transfer Tax in

your particular circumstances.

**Backup withholding and information reporting**

Payments of dividends and other proceeds with respect to ordinary shares or ADSs by US persons will be reported to you and to the IRS as

may be required under applicable US Treasury Regulations. Backup withholding may apply to these payments if you fail to provide an

accurate taxpayer identification number or certification of exempt status or fail to comply with applicable certification requirements. Some

holders are not subject to backup withholding. You should consult your tax adviser about these rules and any other reporting obligations that

may apply to the ownership or disposition of ordinary shares or ADSs, including requirements related to the holding of certain "specified

foreign financial assets".

**DOCUMENTS ON DISPLAY**

Sibanye-Stillwater will also file annual and special reports and other information with the SEC. You may read and copy any reports or other

information on file at the SEC's public reference room at the following location:

100 F Street, N.E.

Washington, D.C. 20549

Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. The SEC filings are also available to the public

from commercial document retrieval services. Sibanye-Stillwater's SEC filings may also be obtained electronically via the EDGAR system on

the website maintained by the SEC at http://www.sec.gov.

The above information may also be obtained at the registered office of Sibanye-Stillwater and on its website accessible at http://

www.sibanyestillwater.com/news-investors/reports/annual.

**REFINING AND MARKETING**

Sibanye-Stillwater has appointed Rand Refinery Proprietary Limited (Rand Refinery) to refine all of Sibanye-Stillwater's South African-

produced gold. Rand Refinery is a private company in which Sibanye-Stillwater together with its subsidiary DRDGOLD Limited holds an

effective 44.4% interest, with the remaining interests held by other South African gold producers. Sibanye-Stillwater's treasury department

then sells the gold at a price benchmarked against the London morning or afternoon price fixing. Two business days after the sale of gold,

Sibanye-Stillwater receives a payment in US dollars equal to the value of the gold as calculated at the price set by the London price fixing at

the time of the sale. Rand Refinery then invoices Sibanye-Stillwater for the refining charges. For details on the transactions and balances

between Sibanye-Stillwater and Rand Refinery for the fiscal years ended 31 December 2025, 2024 and 2023, see *– Annual Financial Report –* 

*Consolidated financial statements – Notes to the consolidated financial statements – Note 37 Related-party transactions*. For the period

between 1 January 2026 and 31 March 2026, the following are the transactions and balances between Sibanye-Stillwater and Rand

Refinery: Sibanye-Stillwater did not receive any dividends or interest income, Sibanye-Stillwater had R406 million sales of gold and Sibanye-

Stillwater incurred R9 million in refining fees. As of 31 March 2026, Sibanye-Stillwater had R7 million of trade payables relating to Rand

Refinery. Rand Refinery is accredited by the London Bullion Market Association (LBMA) and maintains Good Delivery status.

Sibanye-Stillwater's US PGM operations and Columbus recycling business make use of a single company for all of its precious metals refining

services, and all of the US PGM operations' current mined palladium and platinum is committed for sale to such company.

This significant concentration of business with a single company could leave the US PGM operations without precious metal refining services

should such company experience significant financial or operating difficulties during the contract period. Under such circumstances, it is not

clear that sufficient alternative processing capacity would be available to cover the US PGM operations' requirements, nor that the terms of

any such alternate processing arrangements as might be available would be financially acceptable to the US PGM operations. See *– Risk* 

*Factors – Risks related to Earnings Delivery – For its PGMs mined in the United States, Sibanye-Stillwater's tolling and sales arrangement* 

*concentrate all its final refining activity and all PGM sales from mine production with one entity*.

Sibanye-Stillwater, through its wholly owned recycling operations at the Pennsylvania site and North Carolina site, processes and refines a

range of precious metal recovered primarily from industrial manufacturing waste streams, post-consumer electronics, automotive scrap and

jewelry.

Materials are processed and refined across a broad spectrum of purity levels, ranging from low-grade e-scrap shred with minimal precious

metal content to high-grade ingots reaching up to 99.9% purity. Our outputs include powders and sweeps. In addition, we produce copper-

based ingots that range from trace precious metal content to high-purity compositions. These materials are then directed to a diverse

network of downstream partners, with routing determined by product form, purity, and overall metal composition.

While the disclosure of refining partners for recycled gold is voluntary, Sibanye-Stillwater is committed to transparency. During 2025, Sibanye-

Stillwater's Pennsylvania site and North Carolina site worked with a number of third-party refiners for gold refining, all of whom maintain Good

Delivery status with the LBMA or are accredited by the London Platinum and Palladium Market (LPPM) or are recognised members of the

Responsible Minerals Initiative (RMI).

Concentrate from the Platinum mile PGM operation is purchased by Valterra Platinum. 4E PGMs from the Rustenburg operations (and from

the Kroondal operations with effect from 1 September 2024) are toll refined by Valterra Platinum and returned to Sibanye-Stillwater in

concentrate form for sale. Refined PGMs are sold by Sibanye-Stillwater directly to customers (4E from Rustenburg and 6E from Marikana),

with International Commercial Terms (Incoterms) varying based on specific customer requirements. Payments are primarily received in US

dollars, and payment terms vary depending on the nature of the sale and a customer's credit rating and range from pre-payment up to four

days from delivery.

Zinc concentrate from Century is sold either through traders or directly to smelters in Australia, South Korea and China, following which it is

treated into a refined 99.995% zinc metal. Refined zinc metal is then sold by third parties to end users. The main sources of demand for zinc

are for use as a coating to protect iron and steel from corrosion (galvanised metal), as alloying metal to make bronze and brass, as zinc-

based die casting alloy and as rolled zinc.

**JSE CORPORATE GOVERNANCE PRACTICES COMPARED WITH NYSE LISTING STANDARDS**

As a foreign private issuer with shares listed on the NYSE, Sibanye-Stillwater is subject to certain corporate governance requirements imposed

by the NYSE. Under section 303A.11 of the NYSE Listing Standards, a foreign private issuer such as Sibanye-Stillwater may follow its home

country corporate governance practices in lieu of certain of the NYSE Listing Standards on corporate governance. Sibanye-Stillwater's home

country corporate governance practices are regulated by the JSE Listings Requirements. The following is a summary of the significant ways

in which South Africa's corporate governance standards and Sibanye-Stillwater's corporate governance practices differ from those followed

by domestic companies under the NYSE Listing Standards.

The NYSE Listing Standards require that the non-management directors of US-listed companies meet at regularly scheduled executive

sessions without management. The JSE Listings Requirements do not require such meetings of listed company non-executive directors.

Sibanye-Stillwater's non-management directors meet regularly without management.

The NYSE Listing Standards require US-listed companies to have a nominating/corporate governance committee composed entirely of

independent directors. The JSE Listings Requirements do not require the appointment of such a committee. Sibanye-Stillwater has a

Nominating and Governance Committee, which currently comprises six non-executive directors, three of whom are independent under the

JSE Listings Requirements and NYSE Listing Standards. The Nominating and Governance Committee is chaired by the Chairman of the

Sibanye-Stillwater Board.

The NYSE Listing Standards require US-listed companies to have a compensation committee composed entirely of independent directors.

The JSE Listings Requirements require compliance with the King IV Governance Code, which states that the remuneration committee should

comprise solely of non-executive members, with the majority of such members being independent. Sibanye-Stillwater has appointed a

Remuneration Committee, currently comprised of seven Board members, five of whom are independent under the King IV Governance

Code and JSE Listings Requirements.

The NYSE Listings Standards require US-listed companies to have an audit committee composed entirely of independent directors. The

Companies Act requires that the Audit Committee members be approved by shareholders on an annual basis at a company's annual

general meeting. The Companies Act and the JSE Listings Requirements also require an audit committee composed entirely of independent

directors. Sibanye-Stillwater has appointed an Audit Committee, currently comprised of five Board members, all of whom are independent

non-executive directors, as defined under the Companies Act, the JSE Listings Requirements and the NYSE Listing Standards.

The Companies Act and the JSE Listings Requirements require the appointment of a Social and Ethics Committee. Sibanye-Stillwater has

appointed a Social Ethics and Sustainability Committee, currently comprised of ten Board members, six of whom are independent non-

executive directors under the JSE Listings Requirements.

**Sibanye-Stillwater Information and Securities Transactions Policy**

Sibanye-Stillwater has adopted the Sibanye-Stillwater Information and Securities Transactions Policy which sets out requirements in relation to

dealings in Sibanye-Stillwater securities by directors, prescribed officers, employees and contractors of the Sibanye-Stillwater Group and

anyone else acting on Sibanye-Stillwater's behalf in any jurisdiction. The Information and Securities Transactions Policy is designed to ensure

compliance with applicable insider trading and market abuse regulations, including the JSE Listings Requirements.

**Cybersecurity**

**Cyber response strategy**

Following the cyber-attack detected in July 2024, the Group enhanced its cyber response strategy which was presented to the Audit

Committee, showcasing the Group's defences against cyber threats. This strategy reflects a proactive approach to safeguarding our digital

infrastructure. Recognising the ever-evolving nature of cybersecurity challenges, our strategy incorporates robust measures to detect,

respond to, and where required disclose cyber incidents.

The Group's cybersecurity strategy and approach includes:

• Mitigation of risks and vulnerabilities through performance of risk assessments to identify and assess potential cyber risks. The cyber

and IT risks is incorporated into the Group's strategic risk register which forms part of the Group's risk management process

• Ensuring standards and compliance through development and implementation of comprehensive Information Security

Management System policies such as the Information and Communication Technology (ICT) Code of conduct, Information

security, Vulnerability, Backup and ICT disaster recovery policies, in alignment to international standards on ICT security

• Responding to cybersecurity incidents through Intrusion detection and prevention by implementation of industry best practice

technologies to protect our network Fostering a cyber awareness culture through conducting security awareness training by

continuously educating and creating awareness amongst users with an equal responsibility with respect to cybersecurity

• Defense-in-depth security through regular backup of critical data and testing restoration

• To protect against cyber threats, the Group employs various layers of security protection which includes the human layer,

perimeter, network, endpoint, application and data security layers to protect mission critical assets

• The Group follows a business impact assessment process (BIA) to ensure that ICT has visibility of business critical systems which are

supported by ICT

**Cybersecurity response plan**

The Group's cybersecurity response plan is defined in three steps which includes internal control, external reliance, and increased audit

frequency.

**Cyber breach incident response and process**

The Group's cybersecurity response plan is defined in three steps which includes internal control, external reliance, and increased audit

frequency.

To assist with any cyber breach incidents Sibanye-Stillwater has engaged the services of an external consultant for an on-demand cyber

incident response service providing technical support and expertise when required. This external consultant is experienced in incident

investigation, response, containment and has access to world-leading incident response support. Sibanye-Stillwater has incorporated terms

and conditions around privacy, confidentiality, security, integrity and availability of information into the agreements of third parties. All third

parties are notified of their responsibility to report any security incidents to the Sibanye-Stillwater relationship manager. The relationship

manager will then follow the internal incident and response procedure.

The cyber breach internal response process comprises the following:

Assess and contain

• Triage by performing an internal impact assessment and categorisation. Based on the severity and complexity, the external

contracted security company might be contacted

• Contacting key individuals including but not limited to the CFO, VP Group ICT and management from the affected business area

head of department (HOD) and notifying the Group's insurer

• Core response process triggered through confirmation of alert level and incident categorisation

Core response

• Incident management team oversee, communicate and engage support

• Capture and analyse data using the contracted external security consultant

• Assess materiality of the of the cyber breach and potential impact with limited stakeholders and disclosure counsel

• If the breach is determined to be material an assessment is then escalated to an extended team

• The extended team includes VP Group ICT, Manager ICT: Infrastructure, Unit Manager Security, Manager ICT: Information

Management, Senior Manager SOX Ethics and Policies, Compliance Manager, Manager Financial Reporting, Manager Risk and

Insurance, VP Protection Services, VP Investor Relations and other relevant party that can add value to the process to be

determined on a case by case basis

• A disclosure assessment is performed using evaluation criteria in line with Sibanye-Stillwater's regulatory requirements. Relevant

disclosures are prepared as required

• Review solution and remediation steps considering all potentially impacted areas

• Contain/mitigate the threat by remediation through fully removing or closing the incident and confirming successful remediation

or recover if required

Close out and review

• Close out and review the incident logged

• For each incident being closed out, we consider whether the cybersecurity incident has materially affected or is reasonably likely

to materially affect the business strategy, operations, or financial condition and update the risk assessment and strategic register

as required

**Management oversight of cybersecurity risk and incidents**

The Sibanye-Stillwater management team responsible for cybersecurity has extensive experience in all areas required to maintain an

effective and safe ICT landscape. ICT team members responsible continuously engage in seminars, security forums and security briefs to

ensure we remain up to date with industry developments. The VP group ICT reports the Cybersecurity strategy and posture directly to the

Audit Committee. Members of the ICT team have undergone formal training and certification of auditor on ISO27001:2013 with the 2022

version transition.

Management have created a cybersecurity strategy which involves leveraging several technologies, processes, skill sets, and risk mitigation

products to manage the cyber risk holistically. Preventative and detective security measures are in place to reduce the risk of an incident

occurring and causing business disruptions. Disaster recovery processes are in place and tested annually to ensure the continuity of business

systems.

Vulnerability assessments conducted by contracted specialised third parties provide Group ICT management with an independent view of

the capabilities to respond to an incident and whether the appropriate controls are in place to mitigate against offensive threats. Following

the assessment, the issues identified are tracked and remediated. Management then focuses on remediating the issues raised in the report.

The main focus is to ensure continuous improvement and preventing reoccurrence of the same incident in the environment. The results of

the independent assessments over the past financial periods have indicated a strong security posture.

Management reviews cyber risks in several forums as part of the Group ICT Risk Management process. Whilst the risk of a cybersecurity

incident event cannot be fully mitigated, Sibanye-Stillwater has taken further measures to receive technical, legal, and forensic support

should a significant incident occur.

**Governance**

The Board and Audit committee oversee the ICT governance in Sibanye-Stillwater. The Board and Audit Committee delegate responsibility

for the implementation of an ICT Governance framework to the Vice President Group ICT who is held accountable for the effectiveness of

the cybersecurity programme and strategy. The Audit committee is informed quarterly about any change in cybersecurity risks or upon

recognition of any material cybersecurity incident which may need to be reported.

**Training**

Sibanye-Stillwater launched a #CyberSafe platform, designed to instil a culture of cybersecurity awareness throughout the company. The

Group has also partnered with a global company called KnowBe4, the world's largest integrated Security Awareness Training and Simulated

Phishing platform. Employee training in cybersecurity is compulsory, and the risk scores of employees is shared with their head of department

and team leaders. Sibanye-Stillwater has an incident response process in place should an employee notice any cybersecurity related

events.

**Data classification and leakage prevention**

The implementation of a content management platform (includes data classification and automated labelling) has achieved significant

milestones, including configuring the auto-labelling and classification functionalities for documents within the Group's environment.

Sibanye-Stillwater enlisted third-party experts to scan the Group's environment to gain insights into the various types of data present,

evaluate the application of data retention policies to documents, and pinpoint the location of personally identifiable information within the

environment. Sibanye-Stillwater analysed the findings and considered the Group's options for data loss prevention (DLP).

Sibanye-Stillwater is working to enhance the Group's DLP policies to adapt to evolving risks and emerging threats. Management believes

that these ongoing efforts, coupled with the utilisation of a robust content management features and the proactive strategies of data

classification and automated labelling, have led to improved content management efficiency, heightened data protection capabilities,

and increased adherence to data governance policies.

**Cyberattack event**

While there have been no material cybersecurity incidents that have affected Sibanye-Stillwater for the period covered by this annual

report, in July 2024, Sibanye-Stillwater experienced a cyberattack targeting its global ICT infrastructure. The Group experienced temporary

system outages, which resulted in the implementation of back-up manual processes on certain systems.

As a result, certain operations, including the Columbus metallurgical complex at the US PGM operations, experienced short-term operational

delays. As a result of the attack, an unauthorised party gained access to certain business information and personal information mainly

related to current and former employees. The Group provided notice to impacted individuals and to regulatory agencies as required by

applicable law, including U.S. federal and state law. Impacted individuals were offered complimentary credit monitoring and identity

restoration services.

No material losses were recognised in connection with the incident. Through proactive measures and a timely response by the ICT Security

team, with oversight and involvement from Sibanye-Stillwater's Audit Committee and internal audit function, the Group mitigated the

immediate risks and took the opportunity to initiate long-term enhancements in its cybersecurity posture. While the Group continues to

monitor the impact of this incident, including other potential liabilities and pending class action litigation, Sibanye-Stillwater does not

currently believe this incident or the pending litigation will have a material adverse effect on our business, operations, or financial results.

In Sibanye-Stillwater's ongoing efforts to strengthen and enhance our cybersecurity maturity, the Group maintained its ISO 27001

accreditation for its South Africa region and successfully transitioned to the 2022 version of the standard. The Group's strategy includes

expanding its ISO 27001 accreditation to additional regions. Furthermore, Sibanye-Stillwater has been proactive in data management, data

classification, and preparing for potential threats across all regions. Sibanye-Stillwater has procured tools for personal information

identification and managed threat hunting, enhancing the Group's ability to detect and mitigate threats.

Sibanye-Stillwater continues to focus on employee cybersecurity training. An increased awareness of cybersecurity among employees is

reflected in improved metrics on security awareness and phishing susceptibility across our operations. In September 2024, the Group

conducted a SAPA (Security Awareness Proficiency Assessment), a tool provided by KnowBe4 to measure an organisation's security

awareness proficiency, which revealed a significant improvement across all seven categories when comparing the initial assessment

conducted in October 2023.

This positive shift highlights the impact of Sibanye-Stillwater's CyberSafe programme in raising cyber awareness within the organisation,

around threats, such as phishing, social engineering, and malware. Post-incident, several strategic interventions were undertaken to further

bolster security defences and address vulnerabilities exposed during the attack.

**ITEM 15: CONTROLS AND PROCEDURES**

**(a) Evaluation of Disclosure Controls and Procedures**

Sibanye-Stillwater has carried out an evaluation, under the supervision and with the participation of management, including the CEO and

CFO of Sibanye-Stillwater, of the effectiveness of the design and operation of Sibanye-Stillwater's disclosure controls and procedures (as

defined in Exchange Act Rule 13a - 15(e)) as of the end of the period covered by this annual report.

The term "disclosure controls and procedures", as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and

other procedures of a company that are designed to ensure that information required to be disclosed in the reports that it files or submits

under the Exchange Act are recorded, processed, summarised and reported, within the time periods specified in the SEC's rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be

disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's

management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding

required disclosure. In designing and evaluating the disclosure controls and procedures, management recognises that any controls and

procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control

objectives.

Based upon that evaluation, Sibanye-Stillwater's CEO and CFO concluded that, as of 31 December 2025, Sibanye-Stillwater's disclosure

controls and procedures were effective.

**(b) Management's Report on Internal Control over Financial Reporting**

Sibanye-Stillwater's management is responsible for establishing and maintaining adequate internal control over financial reporting. The

Exchange Act defines internal control over financial reporting in Rule 13a - 15(f) and 15d - 15(f) as a process designed by, or under the

supervision of, the company's principal executive and principal financial officers and effected by the company's board of directors,

management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with IFRS Accounting Standards, as issued by the IASB, and includes those policies

and procedures that:

• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of

the assets of the company;

• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in

accordance with IFRS Accounting Standards, as issued by the IASB, and that receipts and expenditures of the company are being

made only in accordance with authorisations of management and directors of the company; and

• provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the

company's assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any

evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions, or

that the degree of compliance with the policies or procedures may deteriorate.

Sibanye-Stillwater acquired Metallix Refining Inc. group of entities (Metallix) on 4 September 2025. Management has excluded from its

assessment of internal control over financial reporting as of 31 December 2025, Metallix's internal control over financial reporting associated

with 1.38% of consolidated total assets and 1.28% and 7.05% of consolidated revenues and loss for the year, respectively, included in the

consolidated financial statements as of and for the year ended 31 December 2025. Sibanye-Stillwater's management, under the supervision

and with the participation of its CEO and CFO, assessed the effectiveness of its internal control over financial reporting as of 31 December

2025. In making this assessment, Sibanye-Stillwater's management used the criteria set forth in Internal Control - Integrated Framework (2013)

issued by the Committee of Sponsoring Organisations of the Treadway Commission (COSO). Based upon this assessment, and using those

criteria, Sibanye-Stillwater's management has concluded that the Company's internal control over financial reporting was effective as of 31

December 2025.

***Remediation of previously reported material weaknesses***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a

reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or

detected on a timely basis.

Management concluded that material weaknesses existed as of 31 December, 2024 related to: (1) insufficient evidence of management

review and performance of control procedures, including the level of precision in the execution of controls and procedures to ascertain

completeness and accuracy of information produced by the company (IPC) over platinum group metals ("PGM") inventory at Stillwater

Mining Company and certain inventory in process at Western Platinum Proprietary Limited; and (2) ineffective Information Technology

General Controls ("ITGC") in respect of management of user access at the South African operations. These ITGC deficiencies specifically

related to:

• insufficient monitoring of user access controls that restrict user and privileged access to key Information Technology ("IT")

applications within the ERP system, business supporting systems and related data to appropriate company personnel.

• insufficient monitoring of access management to the Active Directory network layer that provides centralized authentication and

authorization of users to the environment.

Management remediated the material weaknesses reported in Sibanye-Stillwater's annual report on Form 20-F for the fiscal year ended 31

December 2024:

• Management completed remediation efforts in respect of enhanced level of precision present in management review

documentation over platinum group metals inventory at Western Platinum Proprietary Limited and Stillwater Mining Company,

including the implementation of review procedures over information produced by the company ("IPC") and enhanced stock

count procedures.

• Management also implemented and sufficiently completed its remediation over the design and execution of ITGC controls and

controls related to systems at the Southern African operations to restrict user access of employees whose employment is in process

of being terminated and privileged users, extension of Single Sign-On capabilities to employment termination dates, finalised and

enhanced the IT security model, improved IT governance and re-emphasised the importance of retaining sufficient documented

evidence of a high standard and quality to support conclusions of controls executed.

During 2025, the Company's management also successfully completed the testing necessary to conclude that the controls in respect of the

above deficiencies were effectively designed and operating effectively. As a result of the successful implementation of the remediation

plans and the testing of the design and operating effectiveness of the newly designed and enhanced controls, the Company's

management has concluded that the two material weaknesses have been remediated as of 31 December 2025.

**(c) Attestation Report of the Registered Public Accounting Firm**

The effectiveness of our internal control over financial reporting as of 31 December, 2025 has been audited by BDO South Africa Inc., an

independent registered public accounting firm as stated in its report which is included in the following pages of this annual report on Form

20-F.

*See –Annual Financial Report – Report of independent registered public accounting firm*

**(d) Changes in Internal Control Over Financial Reporting**

During 2025, we took substantial steps to improve our control environment by executing our remediation plan to address the previously

reported material weaknesses. Except as described above, there has been no changes in Sibanye-Stillwater's internal control over financial

reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during fiscal 2025 that has

materially affected, or is reasonably likely to materially affect, Sibanye-Stillwater's internal control over financial reporting.

**EXHIBITS**

The following instruments and documents are included as Exhibits to this annual report.

---

| | |
|:---|:---|
| **No.** | **Exhibit** |
| <u>[1.1](https://www.sec.gov/Archives/edgar/data/1786909/000104746919005603/a2239524zex-3_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919005603/a2239524zex-3_1.htm)</u> | <u>[Memorandum of Incorporation of Sibanye-Stillwater (incorporated by reference to Exhibit 3.1 to the registration statement on](https://www.sec.gov/Archives/edgar/data/1786909/000104746919005603/a2239524zex-3_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919005603/a2239524zex-3_1.htm)</u> <br><u>[Form F-4 (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 4 October 2019)](https://www.sec.gov/Archives/edgar/data/1786909/000104746919005603/a2239524zex-3_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919005603/a2239524zex-3_1.htm)</u> <br>|
| <u>[2.1](https://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm)</u> | <u>[Form of Deposit Agreement among Sibanye-Stillwater, The Bank of New York Mellon, as depositary and the holders and the](https://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm)</u> <br><u>[beneficial owners from time to time of Sibanye-Stillwater ADSs issued thereunder (incorporated by reference to Exhibit 4.1 to](https://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm)</u> <br><u>[the registration statement on F-4 (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 5 December 2019)](https://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm)</u><br>|
| <u>[2.2](https://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm)</u> | <u>[Form of ADS (incorporated by reference to Exhibit 4.1 to the registration statement on F-4 (File No. 333-234096), filed by](https://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm)</u> <br><u>[Sibanye-Stillwater with the SEC on 5 December 2019)](https://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1786909/000104746919006669/a2240211zex-4_1.htm)</u><br>|
| <u>[2.3](https://www.sec.gov/Archives/edgar/data/1561694/000119312513013091/d430998dex24.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1561694/000119312513013091/d430998dex24.htm)</u> | <u>[Trust Deed among Orogen, as issuer; Gold Fields, GFIMSA, GFO and GFH, as guarantors; and Citicorp Trustee Company](https://www.sec.gov/Archives/edgar/data/1561694/000119312513013091/d430998dex24.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1561694/000119312513013091/d430998dex24.htm)</u> <br><u>[Limited, as trustee, dated 7 October 2010 in relation to the Notes (incorporated by reference to Exhibit 2.4 to the registration](https://www.sec.gov/Archives/edgar/data/1561694/000119312513013091/d430998dex24.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1561694/000119312513013091/d430998dex24.htm)</u> <br><u>[statement on Form 20-F (File No. 001-35785), filed by Sibanye Gold Limited with the SEC on 15 January 2013)](https://www.sec.gov/Archives/edgar/data/1561694/000119312513013091/d430998dex24.htm#Exhibit:http://www.sec.gov/Archives/edgar/data/1561694/000119312513013091/d430998dex24.htm)</u><br>|
| <u>[2.4](ex24descriptionofsecurities.htm)</u> | <u>[Description of securities registered under Section 12 of the Exchange Act](ex24descriptionofsecurities.htm)</u> |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex41sibanyer6bnrcfagreement.htm)</u> | <u>[Revolving Credit Facility Agreement between Sibanye-Stillwater, the subsidiaries of Sibanye-Stillwater listed in schedule 1 as](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex41sibanyer6bnrcfagreement.htm)</u> <br><u>[original borrowers, the subsidiaries of Sibanye-Stillwater listed in Schedule 1 as original guarantors, Nedbank Limited (acting](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex41sibanyer6bnrcfagreement.htm)</u> <br><u>[through its Nedbank Corporate and Investment Banking Division, ABSA Bank Limited (acting through its Corporate and](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex41sibanyer6bnrcfagreement.htm)</u> <br><u>[Investment Banking Division), FirstRand Bank Limited (acting through its Rand Merchant Bank Division), Absa Bank Limited](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex41sibanyer6bnrcfagreement.htm)</u> <br><u>[(acting through its Corporate and Investment Banking Division), The Standard Bank of South Africa Limited (acting through its](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex41sibanyer6bnrcfagreement.htm)</u> <br><u>[Corporate and Investment Banking Division), and the financial institutions listed in part 2 of schedule 1 as lenders, dated 14](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex41sibanyer6bnrcfagreement.htm)</u> <br><u>[August 2024 (incorporated by reference to Exhibit 4.1 to the Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex41sibanyer6bnrcfagreement.htm)</u> <br>|
| <u>[4.2](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex42sibanyer6bnrcfagreemen.htm)</u> | <u>[Accordion Increase Confirmation from The Bank of China Limited (Johannesburg Branch), as the accordion increase lender](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex42sibanyer6bnrcfagreemen.htm)</u> <br><u>[to Sibanye-Stillwater, and Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division), dated 6](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex42sibanyer6bnrcfagreemen.htm)</u> <br><u>[December 2024 (incorporated by reference to Exhibit 4.1 to the Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex42sibanyer6bnrcfagreemen.htm)</u> <br><u>[the SEC on 25 April 2025)](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex42sibanyer6bnrcfagreemen.htm)</u><br>|
| <u>[4.3](https://www.sec.gov/Archives/edgar/data/1786909/000178690922000026/exhibit48indenture.htm)</u> | <u>[Indenture, with respect to 4.000% Senior Notes due 2026 and 4.500% Senior Notes due 2029, among Stillwater Mining](https://www.sec.gov/Archives/edgar/data/1786909/000178690922000026/exhibit48indenture.htm)</u> <br><u>[Company, as issuer, Sibanye Gold Limited as guarantor, the other guarantors party thereto and The Bank Of New York](https://www.sec.gov/Archives/edgar/data/1786909/000178690922000026/exhibit48indenture.htm)</u> <br><u>[Mellon, London Branch, as Trustee, dated 16 November 2021(incorporated by reference to Exhibit 4.8 to the annual report on](https://www.sec.gov/Archives/edgar/data/1786909/000178690922000026/exhibit48indenture.htm)</u> <br><u>[Form 20-F (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 22 April 2022)](https://www.sec.gov/Archives/edgar/data/1786909/000178690922000026/exhibit48indenture.htm)</u><br>|
| <u>[4.4](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex44sibanyeamendedandresta.htm)</u> | <u>[Amended and Restated Revolving Facility Agreement between Sibanye-Stillwater, the subsidiaries of Sibanye-Stillwater listed](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex44sibanyeamendedandresta.htm)</u> <br><u>[in part 1 of schedule 1 as original borrowers, the subsidiaries of Sibanye-Stillwater listed in part 2 of schedule 1 as original](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex44sibanyeamendedandresta.htm)</u> <br><u>[guarantors, Citibank, N.A., London Branch and Royal Bank of Canada as co-ordinators and mandated lead arrangers, the](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex44sibanyeamendedandresta.htm)</u> <br><u>[financial institutions listed in part 3 of schedule 1 as lenders, Absa Bank Limited (acting through its corporate and investment](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex44sibanyeamendedandresta.htm)</u> <br><u>[banking division) as agent and Citibank, N.A., London Branch as sustainability coordinator, dated 26 July 2024 (incorporated](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex44sibanyeamendedandresta.htm)</u> <br><u>[by reference to Exhibit 4.4 to the Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 25 April 2025)](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex44sibanyeamendedandresta.htm)</u><br>|
| <u>[4.5](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/ex45trustdeed.htm)</u> | <u>[Trust Deed among Sibanye Mining Company, as issuer, Sibanye Stillwater Limited, Eastern Platinum Proprietary Limited,](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/ex45trustdeed.htm)</u> <br><u>[Kroondal Platinum Proprietary Limited, Sibanye Gold Proprietary Limited, Sibanye Rustenburg Platinum Proprietary Mines](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/ex45trustdeed.htm)</u> <br><u>[Limited and Western Platinum Proprietary Limited as guarantors; and BNY Mellon Corporate Trustee Services Limited, as](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/ex45trustdeed.htm)</u> <br><u>[trustee, dated 28 November 2023 in relation to the Convertible Bonds (incorporated by reference to Exhibit 4.5 to the annual](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/ex45trustdeed.htm)</u> <br><u>[report on Form 20-F (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 26 April 2024)](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/ex45trustdeed.htm)</u><br>|
| <u>[4.6](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/kelibercommercialfacilit.htm)</u> | <u>[EUR100 million facility agreement between Keliber Technology Oy, as borrower, Sibanye-Stillwater, as parent, the companies](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/kelibercommercialfacilit.htm)</u> <br><u>[listed in Part I of Schedule I, as original guarantors, Bank of America Europe Designated Activity Company and Natixis, as co-](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/kelibercommercialfacilit.htm)</u><br><u>[ordinators, the Financial Institutions listed in Part 2 of Schedule, as lenders, Natixis, as agent, and Bank of America Europe](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/kelibercommercialfacilit.htm)</u> <br><u>[Designated Activity Company as green loan coordinator, dated 20 August 2024 (incorporated by reference to Exhibit 4.6 to](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/kelibercommercialfacilit.htm)</u> <br><u>[the Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 25 April 2025)](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/kelibercommercialfacilit.htm)</u><br>|

---

---

| | |
|:---|:---|
| <u>[4.7](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ecakeliberfacilityagreem.htm)</u> | <u>[EUR250 million facility agreement between Keliber Technology Oy, as borrower, Sibanye-Stillwater, as parent, the companies](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ecakeliberfacilityagreem.htm)</u> <br><u>[listed in Part I of Schedule I, as original guarantors, Bank of America Europe Designated Activity Company and Natixis, as co-](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ecakeliberfacilityagreem.htm)</u><br><u>[ordinators, the Financial Institutions listed in Part 2 of Schedule, as lenders, Natixis, as agent, and Bank of America Europe](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ecakeliberfacilityagreem.htm)</u> <br><u>[Designated Activity Company as green loan coordinator, dated 20 August 2024 (incorporated by reference to Exhibit 4.7 to](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ecakeliberfacilityagreem.htm)</u> <br><u>[the Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 25 April 2025)](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ecakeliberfacilityagreem.htm)</u><br>|
| <u>[4.8](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/a2017-080488685financont.htm)</u> | <u>[EUR150 million facility agreement between the European Investment Bank, Keliber Technology Oy, as borrower, Sibanye-](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/a2017-080488685financont.htm)</u><br><u>[Stillwater, as parent, and the companies listed in Schedule I, as original guarantors, dated 20 August 2024 (incorporated by](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/a2017-080488685financont.htm)</u> <br><u>[reference to Exhibit 4.8 to the Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 25 April 2025)](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/a2017-080488685financont.htm)</u><br>|
| <u>[4.9](https://www.sec.gov/Archives/edgar/data/1561694/000155837019002873/sbgl-20181231ex4471202c5.htm)</u><sup>†</sup> | <u>[Precious Metals Purchase Agreement between Wheaton Precious Metals International Ltd. and Sibanye Gold Limited, dated](https://www.sec.gov/Archives/edgar/data/1561694/000155837019002873/sbgl-20181231ex4471202c5.htm)</u> <br><u>[16 July 2018 (incorporated by reference to Exhibit 4.47 to the annual report on Form 20-F (File No. 001-35785), filed by Sibanye](https://www.sec.gov/Archives/edgar/data/1561694/000155837019002873/sbgl-20181231ex4471202c5.htm)</u> <br><u>[Gold Limited with the SEC on 8 April 2019)](https://www.sec.gov/Archives/edgar/data/1561694/000155837019002873/sbgl-20181231ex4471202c5.htm)</u><br>|
| <u>[4.10](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex49purchaseandsaleagreeme.htm)</u><sup>†</sup> | <u>[Purchase and sale agreement (Gold and Platinum) among Franco-Nevada (Barbados) Corporation, Sibanye-Stillwater,](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex49purchaseandsaleagreeme.htm)</u> <br><u>[Western Platinum Proprietary Limited, Eastern Platinum Proprietary Limited, Sibanye Rustenburg Platinum Mines Proprietary](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex49purchaseandsaleagreeme.htm)</u> <br><u>[Limited, Kroondal Operations Proprietary Limited, Sibanye Platinum Proprietary Limited, Sibanye Platinum Bermuda Proprietary](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex49purchaseandsaleagreeme.htm)</u> <br><u>[Limited and Rustenburg Eastern Operations Proprietary Limited, dated 18 December 2024 (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex49purchaseandsaleagreeme.htm)</u> <br><u>[Exhibit 4.9 to the Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 25 April 2025)†](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000019/ex49purchaseandsaleagreeme.htm)</u><br>|
| <u>[8.1](ex81significantsubs.htm)</u> | <u>[List of subsidiaries of the registrant](ex81significantsubs.htm)</u> |
| <u>[11.1](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000021/ex111informationandsecurit.htm)</u> | <u>[Information and securities transaction policy](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000021/ex111informationandsecurit.htm)</u><u>[(](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000021/ex111informationandsecurit.htm)</u><u>[incorporated by reference to Exhibit 11.1 to the report on Form 6-K (File No.](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000021/ex111informationandsecurit.htm)</u> <br><u>[333-234096), filed by Sibanye-Stillwater with the SEC on 25 April 2025)](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000021/ex111informationandsecurit.htm)</u><br>|
| <u>[12.1](ex121ceocertification.htm)</u> | <u>[Certification of Chief Executive Officer](ex121ceocertification.htm)</u>  |
| <u>[12.2](ex122cfocertification.htm)</u> | <u>[Certification of Chief Financial Officer](ex122cfocertification.htm)</u>  |
| <u>[13.1](ex131ceocertification.htm)</u> | <u>[Certification of Chief Executive Officer](ex131ceocertification.htm)</u>  |
| <u>[13.2](ex132cfocertification.htm)</u> | <u>[Certification of Chief Financial Officer](ex132cfocertification.htm)</u> |
| <u>[16.1](ex161minesafetydisclosure.htm)</u> | <u>[Mine Safety Disclosures](ex161minesafetydisclosure.htm)</u> |
| <u>[96.1](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000015/sswuspgmops2025trs_final.htm)</u> | <u>[Technical Report Summary of US PGM operations (including Consent of Qualified Persons) (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000015/sswuspgmops2025trs_final.htm)</u> <br><u>[Exhibit 96.1 to the report on Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 25 April 2025)](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000015/sswuspgmops2025trs_final.htm)</u><br>|
| <u>[96.2](ssw_marikanaxoperationsx.htm)</u> | <u>[Technical Report Summary of Marikana operations (including Consent of Qualified Persons)](ssw_marikanaxoperationsx.htm)</u> |
| <u>[96.3](ssw_rustenburgxoperation.htm)</u> | <u>[Technical Report Summary of Rustenburg operations (including Consent of Qualified Persons)](ssw_rustenburgxoperation.htm)</u> |
| <u>[96.4](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000015/exhibit965technicalrepor.htm)</u> | <u>[Technical Report Summary of Kloof operations (including Consent of Qualified Persons) (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000015/exhibit965technicalrepor.htm)</u> <br><u>[96.5 to the report on Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 24 April 2024)](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000015/exhibit965technicalrepor.htm)</u><br>|
| <u>[96.5](https://www.sec.gov/Archives/edgar/data/1786909/000178690922000020/exhibit966sswdftrs_final.htm)</u> | <u>[Technical Report Summary of Driefontein operations (including Consent of Qualified Persons) (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1786909/000178690922000020/exhibit966sswdftrs_final.htm)</u> <br><u>[Exhibit 96.6 to the report on Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 22 April 2022)](https://www.sec.gov/Archives/edgar/data/1786909/000178690922000020/exhibit966sswdftrs_final.htm)</u><br>|
| <u>[96.6](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000017/a20250425_kelibers-k1300.htm)</u> | <u>[Technical Report Summary of Keliber lithium project (including Consent of Qualified Persons) (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000017/a20250425_kelibers-k1300.htm)</u> <br><u>[Exhibit 96.7 to the report on Form 6-K (File No. 333-234096), filed by Sibanye-Stillwater with the SEC on 25 April 2025)](https://www.sec.gov/Archives/edgar/data/1786909/000178690925000017/a20250425_kelibers-k1300.htm)</u><br>|
| <u>[97.1](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/exhibit971.htm)</u> | <u>[Recovery policy relating to the clawback of compensation erroneously awarded as a result of an accounting restatement](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/exhibit971.htm)</u> <br><u>[(incorporated by reference to Exhibit 97.1 to the annual report on Form 20-F (File No. 333-234096), filed by Sibanye-Stillwater](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/exhibit971.htm)</u> <br><u>[with the SEC on 26 April 2024)](https://www.sec.gov/Archives/edgar/data/1786909/000178690924000019/exhibit971.htm)</u><br>|
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Scheme Linkbase Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |

---

† Confidential treatment has been requested over certain parts of this exhibit. Portions of this exhibit have been redacted in compliance

with Item 601(a)(6) and Item 601(b)(10) of Regulation S-K. Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The

Company hereby undertakes to supplementally furnish copies of any omitted schedules to the SEC upon request.

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the

undersigned to sign this annual report on its behalf.

---

| | |
|:---|:---|
| **SIBANYE STILLWATER LIMITED** | **SIBANYE STILLWATER LIMITED** |
| **<u>/s/ Charl Keyter</u>** | **<u>/s/ Charl Keyter</u>** |
| Name: | Charl Keyter |
| Title: | Chief Financial Officer |
| Date: | 24 April 2026 |

---

## Exhibit 2.4

**Exhibit 2.4**

**DESCRIPTION OF SECURITIES**

**REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT**

As of 31 December 2025, Sibanye Stillwater Limited (the "Company," "Sibanye-Stillwater", "we," "us," and "our") had the following securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "Exchange Act"):

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol</u>** | **<u>Name of Each Exchange on Which Registered</u>** |
| **American Depositary Shares** | **SBSW** | **New York Stock Exchange** |
| **Ordinary shares (of no par value each)** | | **New York Stock Exchange\*** |

---

\*Not for trading, but only in connection with the registration of the American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.

Capitalised terms used but not defined herein have the meanings given to them in Sibanye-Stillwater's annual report on Form 20-F for the fiscal year ended 31 December 2025.

**Ordinary shares**

**Item 9. A.3 Pre-emptive rights**

***Issue of additional shares and pre-emptive rights***

Sibanye-Stillwater Shareholder approval is required for any issuance of additional Sibanye-Stillwater Shares, other than if Sibanye-Stillwater Shares are issued pursuant to a pro rata rights offer to all Sibanye-Stillwater Shareholders, provided that the Sibanye-Stillwater Shares subject to the offer are less than 30% of Sibanye-Stillwater's issued share capital.

Sibanye-Stillwater Shareholders, by ordinary or special resolution passed by a 75% majority, which requires an independent vote in the case of specific authority, may either convey a general or specific authority to the Sibanye-Stillwater Board to issue Sibanye-Stillwater Shares for cash. Such authority is valid for the period provided in the applicable resolution, but may be revoked by ordinary or special resolution, as the case may be, at any time. General authority may only be valid until the earlier of the next annual general meeting and 15 months after the authority was granted.

The JSE Listings Requirements as read with the Sibanye-Stillwater Memorandum of Incorporation require that any new issue of equity shares by Sibanye-Stillwater must first be offered to existing Sibanye-Stillwater Shareholders in proportion to their shareholding in Sibanye-Stillwater unless, among other things, the issuance to new Sibanye-Stillwater Shareholders is:

• pursuant to a Sibanye-Stillwater Shareholder approved employee share incentive scheme;

• to raise cash through a general issuance at the discretion of the Sibanye-Stillwater Board to the general public of up to 30% of the issued share capital in any one fiscal year at an issue price with a discount not exceeding 10% of the 30 business day weighted average trading price prior to the date that the application is made to the JSE to list the shares, provided that a 75% majority of the votes cast by Sibanye-Stillwater Shareholders at a general meeting or annual general meeting must approve the granting of such authority to the Sibanye-Stillwater Board;

------

• to raise cash through a specific issuance of Sibanye-Stillwater Shares for cash, provided that 75% of majority of votes cast by Sibanye-Stillwater Shareholder, other than parties and their associates participating in the specific issue for cash, vote in favour of the resolution to issue the shares;

• a capitalisation issue;

• an issue for an acquisition of assets (including another company) subject to compliance with Section 9 and 10 of the JSE Listings Requirements or a fundamental transaction, an amalgamation or merger in terms of the Companies Act; or

• in terms of option rights or conversion rights.

In terms of the Companies Act, an issue of equity shares by Sibanye-Stillwater must be approved by a special resolution of Sibanye-Stillwater Shareholders if the Sibanye-Stillwater Shares are issued, among other things, to approve the issue to:

• a Sibanye-Stillwater Director, future director, prescribed officer or future prescribed officer of Sibanye-Stillwater; or

• a person related or inter-related to Sibanye-Stillwater, or to a Sibanye-Stillwater Director or prescribed officer of Sibanye-Stillwater;

unless the issue of Sibanye-Stillwater Shares is, among other things:

• under an agreement underwriting the Sibanye-Stillwater Shares;

• in proportion to existing holdings, and on the same terms and conditions that have been offered to all the Sibanye-Stillwater Shareholders;

• pursuant to an employee share scheme that satisfies the requirements of section 97 of the Companies Act; or

• pursuant to an offer to the public as defined in section 95(1)(h), read with section 96 of the Companies Act.

Furthermore, in terms of the Companies Act, an issue of shares requires approval of the shareholders by special resolution if the voting power of the class of shares that are issued or issuable as a result of the transaction will be equal to or exceed 30% of the voting power of all the shares of that class held by shareholders immediately before the transaction.

**Item 9. A.5 Type and class of securities**

Sibanye-Stillwater's ordinary shares are listed on the Johannesburg Stock Exchange Limited (JSE) and have no par value. As of 31 December 2025, the total number of outstanding shares was 2,830,567,264. Sibanye-Stillwater's ordinary shares are issued in registered (dematerialised) form.

The transfer of any Sibanye-Stillwater certificated share will be implemented in accordance with the provisions of the Companies Act using the then common form of transfer. Dematerialised Sibanye-Stillwater Shares which have been traded on the JSE are transferred on the STRATE system and delivered five business days after each trade. The transferor of any Sibanye-Stillwater Share is deemed to remain the holder of that share until the name of the transferee is entered in Sibanye-Stillwater's Register for that Sibanye-Stillwater Share. Since Sibanye-Stillwater Shares are traded through STRATE, only shares which have been Dematerialised may be traded on the JSE. Accordingly, Sibanye-Stillwater Shareholders who hold shares in certificated form will need to Dematerialise their Sibanye-Stillwater Shares in order to trade on the JSE.

**Item 9. A.6 Limitations or qualifications**

Not applicable.

------

**Item 9. A.7 Other rights**

Not applicable.

**Item 10. B.3 Shareholder rights**

***Dividends and payments to Sibanye-Stillwater Shareholders***

Sibanye-Stillwater may make payments (including the payment of dividends) to the Sibanye-Stillwater Shareholders from time to time in accordance with provisions of the Companies Act, the JSE Listing Requirements and the Sibanye-Stillwater Memorandum of Incorporation. As read together, these prohibit any payment (including the payment of any dividend) to a company's shareholders if there are reasonable grounds for believing that:

• the company is, or would be, after the payment, unable to pay its debts as they become due in the ordinary course of business for a period of 12 months after the date of making such payment; or

• the consolidated assets of the company and the group fairly valued would, after the payment, be less than the consolidated liabilities of the company and the group, fairly valued.

Subject to the above requirements, and, in certain circumstances, approval of Sibanye-Stillwater Shareholders by way of an ordinary resolution, the Sibanye-Stillwater Board may from time to time declare payment to be made to Sibanye-Stillwater Shareholders and to the holders of share warrants (if any) in proportion to the number of the Sibanye-Stillwater Shares held by them.

Sibanye-Stillwater must hold all unclaimed dividends due to the shareholders in trust, subject to the laws of prescription, and accordingly may release any dividends once the prescriptive period in relation to those dividends has prescribed. Sibanye-Stillwater shall be entitled at any time to delegate its obligations in respect of unclaimed dividends or other unclaimed distributions, to any one of its bankers from time to time.

Sibanye-Stillwater Directors may resolve that any return of capital made to all or any shareholders whose registered addresses are outside South Africa will, subject to any exchange control regulations then in force, be paid in such other currencies as may be stipulated by the Sibanye-Stillwater Directors. The Sibanye-Stillwater Directors may also stipulate the date for converting Rand to those currencies and the provisional rate of exchange, provided that the date for conversion must be within a period of thirty days prior to the date of payment.

***Voting rights***

Every Sibanye-Stillwater Shareholder, or representative of a Sibanye-Stillwater Shareholder, who is present at a Sibanye-Stillwater Shareholders' meeting has one vote on a show of hands, regardless of the number of Sibanye-Stillwater Shares he or she holds or represents or, in the case of a proxy, the number of Sibanye-Stillwater Shareholders he or she represents, unless a poll is demanded. Every Sibanye-Stillwater Shareholder is, on a poll, entitled to one vote per Sibanye-Stillwater Share held. A poll may be demanded by: (i) not less than five persons having the right to vote on that matter; or (ii) a person or persons entitled to exercise not less than one-tenth of the total voting rights entitled to vote on that matter; or (iii) the chairperson of the meeting. Neither the Companies Act nor the Sibanye-Stillwater Memorandum of Incorporation provide for cumulative voting.

A Sibanye-Stillwater Shareholder is entitled to appoint a proxy to attend, speak and vote at any meeting on his or her behalf. The proxy need not be a Sibanye-Stillwater Shareholder. There are limitations on the proxy's powers namely that the proxy cannot delegate the authority granted to him as a proxy.

------

***Rights to share in the company's profits***

See "—Dividends and payments to Sibanye-Stillwater Shareholders".

***Rights to share in any surplus in the event of liquidation***

In the event of a voluntary or compulsory liquidation, dissolution or winding-up, the assets remaining after payment of all the debts and liabilities of Sibanye-Stillwater, including the costs of liquidation, shall be dealt with by a liquidator who may, among other things, divide among the Sibanye-Stillwater Shareholders any part of the assets of Sibanye-Stillwater instructed at a meeting of Sibanye-Stillwater Shareholders in trustees for the benefit of Sibanye-Stillwater Shareholders. Under such circumstances, the division of assets is not required to be done in accordance with the legal rights of Sibanye-Stillwater Shareholders in their capacities as shareholders of Sibanye-Stillwater.

***Redemption provisions***

Not applicable.

***Sinking fund provisions***

Not applicable.

***Liability to further capital calls by the Company***

Not applicable.

***Any provision discriminating against any existing or prospective holder of the ordinary shares as a result of such shareholder owning a substantial number of shares***

Not applicable.

**Item 10. B.4 Changes to shareholder rights**

***Amendments to Sibanye-Stillwater's Memorandum of Incorporation***

The Sibanye-Stillwater Shareholders may, by the passing of a special resolution, among other things:

• increase Sibanye-Stillwater's authorised share capital;

• consolidate and reduce the number of the issued no par value Sibanye-Stillwater Shares, if any;

• subdivide all or any portion of Sibanye-Stillwater Shares into shares of a smaller amount than is fixed by the Sibanye-Stillwater Memorandum of Incorporation;

• reduce Sibanye-Stillwater's authorised share capital and, if required by law, its issued share capital;

• alter the provisions of the Sibanye-Stillwater Memorandum of Incorporation with respect to the objects and powers of Sibanye-Stillwater, if any are stated therein; and

• subject to the provisions of the Companies Act or any other South African law governing companies and the JSE Listings Requirements and any other stock exchange upon which the shares of Sibanye-Stillwater may be quoted or listed from time to time, allow Sibanye-Stillwater to acquire shares issued by itself or in any subsidiary of Sibanye-Stillwater from time to time.

------

***Variation of Rights***

All or any of the rights, privileges or conditions attached to Sibanye-Stillwater Shares may be varied by a special resolution of Sibanye-Stillwater Shareholders passed in accordance with the provisions of the Companies Act; provided that, in circumstances where a Sibanye-Stillwater Shareholder dissents to such variation which materially and adversely affects his rights, that Sibanye-Stillwater Shareholder shall be entitled to be paid the fair value for his or her shares in accordance with the provisions of section 37(8) of the Companies Act as read with the appraisal rights provided for in section 164 of the Companies Act.

**Item 10. B.6 Limitations**

There are no limitations imposed by South African law or by the Sibanye-Stillwater Memorandum of Incorporation on the rights of non-South African shareholders to hold or vote Sibanye-Stillwater Shares.

**Item 10. B.7 Change in control**

The Sibanye-Stillwater Memorandum of Incorporation does not contain any provisions that would have the effect of delaying, deferring or preventing a change in control of the company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the company (or any of its subsidiaries).

**Item 10. B.8 Disclosure of shareholdings**

***Disclosure requirements under the JSE Listings Requirements***

Under the JSE Listings Requirements and the Companies Act, as the case may be, as a public company listed on the JSE, Sibanye-Stillwater is required to disclose, among other things, beneficial interests in Sibanye-Stillwater Shares that amount to 5% or more, as described in the section entitled "—Disclosure of Interest in Sibanye-Stillwater Shares", and is required to publish accounting records as part of its annual reporting obligations, as described in the section entitled "—Additional Information—Memorandum of Incorporation—Annual report and accounts".

***Disclosure by Sibanye-Stillwater Shareholders***

Under South African law, a registered holder of Sibanye-Stillwater Shares who is not the holder of the beneficial interest in such shares is required to disclose the identity of the person on whose behalf that security is held and the identity of each person with a beneficial interest in the securities so held, the number and class of securities held for each such person with a beneficial interest, and the extent of each such person with a beneficial interest. This information must be disclosed in writing to Sibanye-Stillwater within five business days after the end of every month during which a change has occurred in the information or more promptly or frequently to the extent so provided by the requirements of a central securities depository or otherwise be provided on payment of a prescribed fee charged by the registered holder of securities. Moreover, Sibanye-Stillwater may, by notice in writing, require a person who is a registered Sibanye-Stillwater Shareholder, or whom Sibanye-Stillwater knows or has reasonable cause to believe has a beneficial interest in Sibanye-Stillwater Shares, to confirm or deny whether or not such person holds the Sibanye-Stillwater Shares or beneficial interest and, if the Sibanye-Stillwater Shares are held for another person, to disclose to Sibanye-Stillwater the identity of the person on whose behalf the Sibanye-Stillwater Shares are held. Sibanye-Stillwater may also require the person to give particulars of the extent of the beneficial interest held during the three years preceding the date of the notice.

Under the Companies Act, "beneficial interest" generally means the right to: (i) receive or participate in any distribution in respect of the company's securities; (ii) exercise or cause to be exercised, in the ordinary course, any or all of the rights attaching to the company's securities; or (iii) dispose or direct the disposition of the company's securities, or any part of a distribution in respect of the securities.

Under section 122 of the Companies Act, a shareholder is required to notify Sibanye-Stillwater within three business days if it acquires or disposes of a beneficial interest in Sibanye-Stillwater Shares such that its shareholding amounts to or ceases to amount to a 5% multiple when measured against the issued shares at that time.

***Disclosure by Sibanye-Stillwater***

Under the JSE Listings Requirements and the Companies Act, as the case may be, and pursuant to the General Laws (Anti Money Laundering and Combatting the Financing of Terrorism) Amendment Act, 2022 (GLAA), as a public company listed on the JSE, Sibanye-Stillwater is obligated to:

• establish and maintain a register of the beneficial interest disclosures described above, including, in particular, a register of persons who hold a beneficial interest equal to or in excess of 5% of the total number of securities issued by the company (BI Register);

• publish in its annual financial statements a list of the persons who hold a beneficial interest equal to or in excess of 5% of the total number of ordinary shares issued by Sibanye-Stillwater, together with the extent of those beneficial interests;

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• disclose to the South African Takeover Regulation Panel and deliver to the Sibanye-Stillwater Shareholders by means of a SENS announcement, every notification received from the Sibanye-Stillwater Shareholders in terms of section 122 of the Companies Act, unless it relates to the disposal of any beneficial interest of less than 1% of the issued Sibanye-Stillwater Shares at that time; and

• file with the Companies and Intellectual Property Commission (CIPC), together with its annual returns, a copy of its securities register and BI Register (except to the extent there is an applicable CIPC exemption).

The BI Register is to be updated within ten business days of notification by the Sibanye-Stillwater Shareholders. Sibanye-Stillwater will be obliged to submit a copy of the notification, applicable CoR Form and BI register to the CIPC, whom will maintain a register of the notices pursuant to section 122 of the Companies Act.

***Periodic and beneficial ownership reporting under US securities laws***

Under the Exchange Act, for so long as Sibanye-Stillwater continues to qualify as a "foreign private issuer", Sibanye-Stillwater is required to publicly file with the SEC annual reports on Form 20-F within four months of the end of the financial year covered by the report. As a foreign private issuer, Sibanye-Stillwater is also required to publicly file with the SEC on Form 6-K material information that it makes or is required to make public pursuant to South African law, files or is required to file with any stock exchange on which the Sibanye-Stillwater Shares trade and which was made public by that exchange, or is otherwise distributed or required to be distributed to Sibanye-Stillwater Shareholders.

Any person who acquires more than 5% of Sibanye-Stillwater Shares (whether in the form of Sibanye-Stillwater Shares or Sibanye-Stillwater ADSs) is subject to an obligation to file reports of beneficial ownership with the SEC, the NYSE and Sibanye-Stillwater. Generally, these reports are filed on a Schedule 13D. However, a short form, Schedule 13G, may be filed in lieu of Schedule 13D in certain circumstances. Following amendments to Regulation 13D-G adopted by the SEC in October 2023, a Schedule 13D must be filed within five days after an acquisition of securities that brings the acquirer above the 5% level, and must be amended within two days of a material change in the facts disclosed in the filing. A Schedule 13G must be filed (by the shareholder, as it is the individual responsibility of each beneficial owner of more than 5% of company shares to make the filing and not Sibanye-Stillwater's responsibility) within 45 calendar days of the end of each calendar year, although shareholders who did not acquire the securities with the purpose or effect of changing or influencing control of the issuer (a "passive investor"), and who is a beneficial owner of 20% or less of a relevant class of equity securities, must file within ten days of the acquisition of securities that triggers the obligation. Effective 30 September 2024, a Schedule 13G must be filed within 45 calendar days of the end of each quarter in which beneficial ownership exceeds 5%, except with respect to passive investors with 20% or less of a relevant class of equity securities, who must file within five days of the relevant triggering event. "Beneficial owner", a technical term defined in Rule 13d-3 under the Exchange Act, generally encompasses not only the record owner of securities, but also any person who has the power to either direct the investment of, or exercise the power to vote, such securities. In addition, a person is deemed to be a beneficial owner of a security if he or she has the right to acquire beneficial ownership of the security, including through the exercise of an option, within 60 days.

**Item 10. B.9 Differences in the law**

With respect to Items 10.B.2-10.B.8, there are no significant differences between the South African law and U.S. federal law.

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**AMERICAN DEPOSITARY SHARES (12.D.1 and 12.D.2)**

**Deposit agreement**

In connection with the establishment of an ADS facility in respect of Sibanye-Stillwater Shares, Sibanye-Stillwater entered into the Sibanye-Stillwater Deposit Agreement with the ADS Depositary among Sibanye-Stillwater, the ADS Depositary, you, as a Sibanye-Stillwater ADS Holder, and all owners and holders from time to time of ADSs issued thereunder (the Sibanye-Stillwater Deposit Agreement). The Sibanye-Stillwater Deposit Agreement sets out Sibanye-Stillwater ADS Holders' rights, as well as the rights and obligations of the ADS Depositary. New York law governs the Sibanye-Stillwater Deposit Agreement and the Sibanye-Stillwater ADSs.

This summary is subject to and qualified in its entirety by reference to the Sibanye-Stillwater Deposit Agreement, including the form of ADSs attached thereto. Terms used in this section and not otherwise defined will have the meanings set forth in the Sibanye-Stillwater Deposit Agreement. The depositary's office at which the ADSs will be administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.

**American Depositary Shares**

Each ADS represents four shares (or a right to receive four shares) deposited with the principal Johannesburg offices of Standard Bank of South Africa, as custodian for the Depositary. Each ADS also represents any other securities, cash or other property which may be held by BNYM under the Deposit Agreement.

You may hold ADSs either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in your name, or (ii) by having ADSs registered in your name in the Direct Registration System (or DRS) or (B) indirectly by holding a security entitlement in ADSs through your broker or other financial institution. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

The DRS is a system administered by The Depository Trust Company (or the DTC) pursuant to which the Depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements sent by the Depositary to the registered holders of uncertificated ADSs.

South African law governs shareholder rights. BNYM will be the holder of the shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. A deposit agreement among Sibanye-Stillwater, BNYM and you, as an ADS holder, and all other persons indirectly holding ADSs sets out ADS holder rights, as well as the rights and obligations of the Depositary. New York law governs the Deposit Agreement and the ADSs.

The following is a summary of the material provisions of the Deposit Agreement. For more complete information, you should read the entire Deposit Agreement and the form of ADS.

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**Share dividends and other distributions**

***How will you receive dividends and other distributions on the ordinary shares?***

BNYM will pay to you the cash dividends or other distributions it or the custodian receives on the ordinary shares or other deposited securities, after deducting its fees and expenses. You will receive these distributions in proportion to the number of ordinary shares your Sibanye-Stillwater ADRs represent.

*Cash*

BNYM will convert any cash dividend or other cash distribution Sibanye-Stillwater pays on the ordinary shares other than any dividend or distribution paid in US dollars, into US dollars. If that is not possible or if any government approval is needed and cannot be obtained, the Deposit Agreement allows BNYM to distribute the foreign currency only to those ADR holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADR holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.

Before making a distribution, BNYM will deduct any withholding taxes that must be paid. It will distribute only whole US dollars and US cents and will round fractional amounts to the nearest whole cent. If the exchange rates fluctuate during a time when BNYM cannot convert the foreign currency, you may lose some or all of the value of the distribution.

*Shares*

BNYM may, and will if Sibanye-Stillwater so requests, distribute new ADRs representing any ordinary shares Sibanye-Stillwater distributes as a dividend or capitalisation issue. BNYM will only distribute whole ADRs. It will sell ordinary shares which would require it to issue a fractional ADR and distribute the net proceeds to the holders entitled to those ordinary shares. If BNYM does not distribute additional cash or ADRs, each ADR will also represent the new ordinary shares. BNYM may sell a portion of the distributed shares sufficient to pay its fees and expenses in connection with the distribution.

*Rights to purchase additional ordinary shares*

If Sibanye-Stillwater offers holders of securities any rights, including rights to subscribe for additional ordinary shares, BNYM may make these rights available to you. Sibanye-Stillwater must first instruct BNYM to do so and furnish it with satisfactory evidence that it is legal to do so. If Sibanye-Stillwater does not furnish this evidence and/or give these instructions, and BNYM determines that it is practical to sell the rights, BNYM may sell the rights and distribute the proceeds to holders' accounts. BNYM will allow rights that are not distributed or sold to lapse. In that case, you will receive no value for them.

If BNYM makes rights available to you, upon instruction from you it will exercise the rights and purchase the ordinary shares on your behalf. BNYM will then deposit the ordinary shares and deliver ADSs to the persons entitled to them. It will only exercise rights if you pay BNYM the exercise price and any other charges the rights require you to pay.

US securities laws may restrict the sale, deposit, cancellation and transfer of the ADSs issued after exercise of rights. For example, you may not be able to trade these ADSs freely in the United States. In this case, BNYM may deliver the ADRs under a separate restricted deposit agreement, which will contain the same provisions as the Deposit Agreement except for changes needed to put the necessary restrictions in place. BNYM will not offer you rights unless those rights and the securities to which the rights relate are either exempt from registration or have been registered under the Securities Act of 1933 with respect to a distribution to all ADR holders.

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*Other distributions*

BNYM will send to you anything else Sibanye-Stillwater distributes on deposited securities by any means BNYM thinks is legal, fair and practical. If it cannot make the distribution in that way, BNYM may decide to sell what Sibanye-Stillwater distributed-for example by public or private sale-and distribute the net proceeds, in the same way as it does with cash, or it may decide to hold what Sibanye-Stillwater distributed, in which case ADSs will also represent the newly distributed property. BNYM may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with the distribution.

BNYM is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADR holder. Sibanye-Stillwater will have no obligation to take any other action to permit the distribution of ADRs, shares, rights or anything else to ADR holders. This means that you may not receive the distribution Sibanye-Stillwater makes on its ordinary shares or any value for them if it is illegal or impractical for Sibanye-Stillwater to make them available to you.

**Deposit, withdrawal and cancellation**

***How are ADRs issued?***

BNYM will deliver the ADRs that you are entitled to receive in the offer against deposit of the underlying ordinary shares. BNYM will deliver additional ADRs if you or your broker deposit ordinary shares with the custodian. You must also deliver evidence satisfactory to BNYM of any necessary approvals of the governmental agency in South Africa, if any, which is responsible for regulating currency exchange at that time. If required by BNYM, you must in addition deliver an agreement transferring your rights as a shareholder to receive dividends or other property. Upon payment of its fees and of any taxes or charges, BNYM will register the appropriate number of ADRs in the names you request and will deliver the ADRs to the persons you request.

***How do ADR holders cancel ADRs and obtain ordinary shares?***

You may submit a written request to withdraw ordinary shares and turn in your ADRs evidencing your ADSs at the Corporate Trust Office of BNYM. Upon payment of its fees and of any taxes or charges, such as stamp taxes or stock transfer taxes, BNYM will deliver the deposited securities underlying the ADSs to an account designated by you at the office of the custodian. At your request, risk and expense, BNYM may deliver at its Corporate Trust Office any dividends or distributions with respect to the deposited securities represented by the ADSs, or any proceeds from the sale of any dividends, distributions or rights, which may be held by BNYM.

***How do ADS holders interchange between certificated ADSs and uncertificated ADSs?***

You may surrender your ADR to the Depositary for the purpose of exchanging your ADR for uncertificated ADSs. The Depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by the Depositary of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the Depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.

**Record Dates**

Whenever any distribution of cash or rights, change in the number of ordinary shares represented by ADRs or notice of a meeting of holders of ordinary shares or ADRs is made, BNYM will fix a record date for the determination of the owners entitled to receive the benefits, rights or notice.

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**Voting rights**

***How do you vote?***

If you are an ADR holder on a record date fixed by BNYM, you may instruct BNYM how to exercise the voting rights of the ordinary shares represented by your ADRs. Otherwise, you will not be able to exercise your right to vote unless you withdraw the ordinary shares. However, you may not know about the meeting far enough in advance to withdraw the shares. If Sibanye-Stillwater asks for your instructions, BNYM will notify you of the upcoming meeting and arrange to deliver certain materials to you. The materials will: (1) include all information included with the meeting notice sent by Sibanye-Stillwater to BNYM; (2) explain how you may instruct BNYM to vote the ordinary shares or other deposited securities underlying your ADRs as you direct if you vote by mail or by proxy; and (3) include a voting instruction card and any other information required under South African law that Sibanye-Stillwater and BNYM will prepare. For instructions to be valid, BNYM must receive them on or before the date specified in the instructions. BNYM will try, to the extent practical, subject to applicable law and the provisions of the by-laws of Sibanye-Stillwater, to vote or have its agents vote the underlying shares as you instruct. BNYM will only vote, or attempt to vote, as you instruct. However, if we give notice to BNYM on or before the first date when we give notice, by publication or otherwise, of any meeting of holders of ordinary shares, and if BNYM does not receive your voting instructions, BNYM will give a proxy to vote your ordinary shares to a designated representative of Sibanye-Stillwater, unless Sibanye-Stillwater informs BNYM that: (1) it does not want the proxy issued; (2) substantial opposition exists; or (3) the matter materially and adversely affects the rights of holders of ordinary shares.

Sibanye-Stillwater cannot assure that you will receive the voting materials in time to ensure that you can instruct BNYM to vote your ordinary shares. In addition, BNYM and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that you may not be able to exercise your right to vote and there may be nothing you can do if your ordinary shares are not voted as you requested.

**Inspection of transfer books**

BNYM will keep books for the registration and transfer of ADRs. These books will be open at all reasonable times for inspection by you, provided that you are inspecting the books for a purpose related to Sibanye-Stillwater or the Deposit Agreement or the ADRs.

**Reclassifications, Recapitalisations and Mergers**

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| | | |
|:---|:---|:---|
| **If Sibanye-Stillwater** |  | **Then** |
| Reclassifies, splits up or consolidates any of the Sibanye-Stillwater ordinary shares | | |
| Distributes securities on any of the Sibanye-Stillwater ordinary shares that are not distributed to you | | The cash, ordinary shares or other securities received by BNYM will become new deposited securities under the Deposit Agreement. Each Sibanye-Stillwater ADR will automatically represent the right to receive a proportional interest in the new deposited securities. |
| Recapitalises, reorganises, merges, consolidates, sells its assets, or takes any similar action | | BNYM may, and will if Sibanye-Stillwater asks it to, deliver new Sibanye-Stillwater ADRs representing the new deposited securities or ask you to surrender your outstanding Sibanye-Stillwater ADRs in exchange for new Sibanye-Stillwater ADRs identifying the new deposited securities |

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**Amendment and termination**

***How may the Deposit Agreement be amended?***

Sibanye-Stillwater may agree with BNYM to amend the Deposit Agreement and the ADRs without your consent for any reason. If the amendment adds or increases fees or charges, except for taxes and governmental charges or prejudices an important right of Sibanye-Stillwater ADR holders, it will only become effective 30 days after BNYM notifies you of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADRs, to agree to the amendment and to be bound by the agreement as amended. However, no amendment will impair your right to receive the deposited securities in exchange for your Sibanye-Stillwater ADRs.

***How may the Deposit Agreement be terminated?***

BNYM will terminate the Deposit Agreement if Sibanye-Stillwater asks it to do so, in which case it must notify you at least 30 days before termination. BNYM may also terminate the agreement after notifying you if BNYM informs Sibanye-Stillwater that it would like to resign and Sibanye-Stillwater does not appoint a new depositary bank within 90 days.

If any Sibanye-Stillwater ADRs remain outstanding after termination, BNYM will stop registering the transfer of Sibanye-Stillwater ADRs, will stop distributing dividends to Sibanye-Stillwater ADR holders, and will not give any further notices or do anything else under the Deposit Agreement other than:

collect dividends and distributions on the deposited securities, sell rights and other property offered to holders of deposited securities; and deliver ordinary shares and other deposited securities upon cancellation of Sibanye-Stillwater's ADRs. At any time after four months after termination of the Deposit Agreement, BNYM may sell any remaining deposited securities by public or private sale. After that, BNYM will hold the money it received on the sale, as well as any cash it is holding under the Deposit Agreement for the pro rata benefit of the Sibanye-Stillwater ADR holders that have not surrendered their Sibanye-Stillwater ADRs. It will not invest the money and has no liability for interest. BNYM's only obligations will be to account for the money and cash. After termination, Sibanye-Stillwater's only obligations will be with respect to indemnification of, and to pay specified amounts to, BNYM.

**Limitations on obligations and liability**

The Deposit Agreement expressly limits the obligations of Sibanye-Stillwater and BNYM. It also limits the liability of Sibanye-Stillwater and BNYM. Sibanye-Stillwater and BNYM:

are only obligated to take the actions specifically set forth in the Deposit Agreement without negligence or bad faith;

are not liable if either of them is prevented or delayed by law, any provision of the Sibanye-Stillwater by-laws or circumstances beyond their control from performing their obligations under the Deposit Agreement;

• are not liable if either of them exercises or fails to exercise discretion permitted under the Deposit Agreement;

• have no obligation to become involved in a lawsuit or proceeding related to the ADRs or the Deposit Agreement on your behalf or on behalf of any other party; and

• may rely upon any advice of or information from any legal counsel, accountants, any person depositing ordinary shares, any Sibanye-Stillwater ADR holder or any other person whom they believe in good faith is competent to give them that advice or information.

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In the Deposit Agreement, Sibanye-Stillwater and BNYM agree to indemnify each other under specified circumstances.

**Requirements for Depositary Actions**

Before BNYM will deliver or register the transfer of a Sibanye-Stillwater ADR, make a distribution on a Sibanye-Stillwater ADR, or permit withdrawal of ordinary shares, BNYM may require:

• production of satisfactory proof of the identity of the person presenting ordinary shares for deposit or Sibanye-Stillwater ADRs upon withdrawal, and of the genuineness of any signature; and

• compliance with regulations BNYM may establish, consistent with the Deposit Agreement, including presentation of transfer documents.

BNYM may refuse to deliver, transfer, or register transfer of Sibanye-Stillwater ADRs generally when the transfer books of BNYM are closed or at any time if BNYM or Sibanye-Stillwater thinks it advisable to do so.

**Your right to receive the ordinary shares underlying your ADRs**

You have the right to cancel your Sibanye-Stillwater ADRs and withdraw the underlying ordinary shares at any time, except:

• due to temporary delays caused by BNYM or Sibanye-Stillwater closing its transfer books, the transfer of ordinary shares being blocked in connection with voting at a shareholders' meeting, or Sibanye-Stillwater paying dividends;

• when you or other ADR holders seeking to withdraw ordinary shares owe money to pay fees, taxes and similar charges; or

• when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to Sibanye-Stillwater ADRs or to the withdrawal of ordinary shares or other deposited securities.

This right of withdrawal may not be limited by any provision of the Deposit Agreement.

**Direct registration system**

In the Deposit Agreement, all parties to the Deposit Agreement acknowledge that the DRS and Profile Modification System (Profile) will apply to uncertificated ADSs upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated ADSs, which ownership shall be evidenced by periodic statements sent by the Depositary to the registered holders of uncertificated ADSs. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of a registered holder of ADSs, to direct the Depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the Depositary of prior authorisation from the ADS holder to register that transfer.

In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to the Deposit Agreement understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the Deposit Agreement, the parties agree that the Depositary's reliance on and compliance with instructions

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received by the Depositary through the DRS/Profile System and in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary.

**Shareholder communications; inspection of register of holders of ADSs**

The Depositary will make available for your inspection at its office all communications that it receives from us as a holder of deposited securities that Sibanye-Stillwater makes generally available to holders of deposited securities. The Depositary will send you copies of those communications if Sibanye-Stillwater asks it to. You have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or the ADSs.

**Governing law**

The Deposit Agreement is governed by the law of the State of New York.

**Jury Trial Waiver**

The Deposit Agreement provides that, to the extent permitted by law, Sibanye-Stillwater ADS holders waive the right to a jury trial of any claim they may have against Sibanye-Stillwater or the Depositary arising out of or relating to the ordinary shares, the ADSs or the Deposit Agreement, including any claim under US federal securities laws. If Sibanye-Stillwater or the Depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law.

For the avoidance of doubt, ADS holders will not, by agreeing to the terms of the Deposit Agreement, be deemed to have waived Sibanye-Stillwater's or the Depositary's compliance with US federal securities laws or the rules and regulations promulgated thereunder.

## Exhibit 8.1

**Exhibit 8.1**

**LIST OF SIGNIFICANT SUBSIDIARIES (AS OF 31 DECEMBER 2025)**

Sibanye Rustenburg Platinum Mines Proprietary Limited, incorporated in South Africa

Stillwater Mining Company, incorporated in Delaware

Western Platinum Proprietary Limited, incorporated in South Africa

Sibanye Gold Proprietary Limited, incorporated in South Africa

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATIONS**

I, Richard Stewart, the Chief Executive Officer of Sibanye Stillwater Limited, certify that:

1I have reviewed this annual report on Form 20-F of Sibanye Stillwater Limited;

2Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: 24 April 2026

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| |
|:---|
| /s/ Richard Stewart |
| Richard Stewart |
| Chief Executive Officer |

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## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATIONS**

I, Charl Keyter, the Chief Financial Officer of Sibanye Stillwater Limited, certify that:

1I have reviewed this annual report on Form 20-F of Sibanye Stillwater Limited;

2Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: 24 April 2026

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| |
|:---|
| /s/ Charl Keyter |
| Charl Keyter |
| Chief Financial Officer |

---

## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)**

In connection with the Annual Report on Form 20-F of Sibanye Stillwater Limited (the "**Company**") for the period ended 31 December 2025 as filed with the Securities and Exchange Commission on the date hereof (the "**Report**"), I, Richard Stewart, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: 24 April 2026

---

| |
|:---|
| /s/ Richard Stewart |
| Richard Stewart |
| Chief Executive Officer |

---

## Exhibit 13.2

**Exhibit 13.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. SECTION 1350)**

In connection with the Annual Report on Form 20-F of Sibanye Stillwater Limited (the "**Company**") for the period ended 31 December 2025 as filed with the Securities and Exchange Commission on the date hereof (the "**Report**"), I, Charl Keyter, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: 24 April 2026

---

| |
|:---|
| /s/ Charl Keyter |
| Charl Keyter |
| Chief Financial Officer |

---

## Exhibit 16.1

**Exhibit 16.1**

**Mine Safety Disclosures**

The operation of Stillwater Mining Company's (Company) mines located in the United States is subject to regulation by Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act (FMSH Act). MSHA inspects the Company's mines on a regular basis and issues various citations and orders when it believes a violation has occurred under the FMSH Act. The information below presents certain mining safety and health citations that MSHA has issued with respect to the Company's mining operations. In evaluating this information, consideration should be given to factors such as: (i) the number of citations and orders will vary depending on the size of the mine; (ii) the number of citations issued will vary from inspector to inspector and mine to mine, and (iii) citations and orders can be contested and appealed and, in that process, are often reduced in severity and amount, and are sometimes dismissed.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), each operator of a coal or other mine is required to include certain mine safety results within its periodic reports filed with the U.S. Securities and Exchange Commission (SEC). As required by the reporting requirements included in § 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K (17 CFR 229.104), the Company presents the following items regarding certain mining safety and health matters, for the period presented, for each of its mine locations that are covered under the scope of the Dodd-Frank Act:

(A)The total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a coal or other mine safety or health hazard under section 104 of the FMSH Act (30 U.S.C. 814) for which the operator received a citation from MSHA;

(B)The total number of orders issued under section 104(b) of the FMSH Act (30 U.S.C. 814(b));

(C)The total number of citations and orders for unwarrantable failure of the mine operator to comply with mandatory health or safety standards under section 104(d) of the FMSH Act (30 U.S.C. 814(d));

(D)The total number of imminent danger orders issued under section 107(a) of the FMSH Act (30 U.S.C. 817(a));

(E)The total dollar value of proposed assessments from MSHA under the FMSH Act (30 U.S.C. 801 et seq.);

(F)Total number of mining related fatalities during the period;

(G)Legal actions pending before Federal Mine Safety and Health Review Commission involving such coal or other mine as of the last day of the period;

(H)Legal actions initiated before the Federal Mine Safety and Health Review Commission involving such coal or mine during the period; and

(I)Legal actions resolved before the Federal Mine Safety and Health Review Commission involving such coal or mine during the period.

As at 31 December 2025, the Company had not received any flagrant violations under Section 110(b)(2) of the FMSH Act and no written notices of a pattern of violations, or the potential to have a pattern of such violations, under section 104(e) of the FMSH Act.

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year End Ending 31 December 2025** | **Year End Ending 31 December 2025** | **Year End Ending 31 December 2025** | **Year End Ending 31 December 2025** | **Year End Ending 31 December 2025** | **Year End Ending 31 December 2025** | **Year End Ending 31 December 2025** | **Year End Ending 31 December 2025** | **Year End Ending 31 December 2025** |  |  |  |  |  |  |  |  |  |
| (A) | (B) | (C) | (D) | (E) | (F) | (G)\* | (H) | (I) |  |  |  |  |  |  |  |  |  |
| Section 104 (S&S) Citations | Section 104 (b) Orders | Section 104 (d) Citations and Orders | Section 107 (a) Orders | Proposed MSHA Assessments (in thousands) <sup>(1)</sup> | Total Number of Mining Fatalities | Legal Actions Pending as of Last Day of Period | Legal Actions Initiated During Period | Legal Actions Resolved During Period |  |  |  |  |  |  |  |  |  |
| Section 104 (S&S) Citations | Section 104 (b) Orders | Section 104 (d) Citations and Orders | Section 107 (a) Orders | Proposed MSHA Assessments (in thousands) <sup>(1)</sup> | Total Number of Mining Fatalities | Legal Actions Pending as of Last Day of Period | Legal Actions Initiated During Period | Legal Actions Resolved During Period | Stillwater Mine | 29 | 1 | 0 | 299 | 1 | 9 | 6 | 10 |
| Section 104 (S&S) Citations | Section 104 (b) Orders | Section 104 (d) Citations and Orders | Section 107 (a) Orders | Proposed MSHA Assessments (in thousands) <sup>(1)</sup> | Total Number of Mining Fatalities | Legal Actions Pending as of Last Day of Period | Legal Actions Initiated During Period | Legal Actions Resolved During Period |  |  |  |  |  |  |  |  |  |
| Section 104 (S&S) Citations | Section 104 (b) Orders | Section 104 (d) Citations and Orders | Section 107 (a) Orders | Proposed MSHA Assessments (in thousands) <sup>(1)</sup> | Total Number of Mining Fatalities | Legal Actions Pending as of Last Day of Period | Legal Actions Initiated During Period | Legal Actions Resolved During Period | East Boulder Mine | 29 | 0 | 0 | 130 | 0 | 3 | 6 | 6 |

---

(1) Amounts included are the total dollar value of proposed assessments received from MSHA during the Year Ending 31 December 2025, regardless of whether the assessment has been challenged or appealed. Citations and orders can be contested and appealed, and as part of that process, are sometimes reduced in severity and amount, and sometimes dismissed.

\* (G) All legal actions pending are penalty contest.

## Exhibit 96.2

![](ssw_marikanaxoperationsx001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 96.2 TECHNICAL REPORT SUMMARY ON THE MARIKANA OPERATION Situated near Brits, North West, South Africa 31 December 2025 Prepared by: Qualified Persons from Sibanye-Stillwater, PGM Operations i Important Notices Mineral Resources and Mineral Reserves are declared as attributable to Sibanye-Stillwater Ltd (registrant). For transparency and because it is not possible to accurately separate the non- attributable interests in these models, the Life-of-Mine plan and associated financial analyses are provided for the full Mineral Reserve. Wherever mention is made of the "Marikana operation," for the purposes of this Technical Report Summary, it encompasses mining activities under Western Platinum Proprietary Limited and Eastern Platinum Limited in the North West Province, South Africa. Marikana operation also Includes the Precious Metals Refining facilities in Brakpan, Gauteng Province. In this document, a point is used as the decimal marker and the comma is used for the thousands separator (for numbers larger than 999) in the text. In other words, 10,148.32 denotes ten thousand one hundred and forty-eight point three two. The word 'tonnes' denotes a metric tonne (1,000 kg). The abbreviation "lb" denotes the weight in pounds in the sense understood in the USA. All precious metals prices are quoted in US dollars per troy ounce (US$/oz.) or South African Rand per kilogram (R/oz). All base metals prices are quoted in US$/tonne or US$/lb as per the prevailing market conventions. 4E denotes a basket of PGM's platinum, palladium, rhodium, gold. 6E denotes a basket of PGM's platinum, palladium, rhodium, gold, iridium and ruthenium. Base metals denotes nickel and copper. Chrome is a generic term that refers to various chromium containing materials. Chromite refers to the mineral with composition (Fe,Mg)Cr2O4. Chromium Oxide Cr2O3 is derived from chromite. The paylimit (cm.g/t or g/t) of an operation is described as the average value or grade for that operation, at the planned volume, at which all direct and indirect costs are covered, i.e. the value at which it is estimated that the planned ore volume can be mined without profit or loss. The mining cut-off grade (cm.g/t or g/t) of an operation is described as the minimum value or grade at which a mining unit can be mined to cover all costs associated with the extraction and processing thereof Trademarks. Certain software and methodologies may be proprietary. Where proprietary names are mentioned, TM or© are omitted for readability. ii Date and Signature Page Qualified Persons Position Signature Signature Date Hermanus Jacobus Keyser Vice President Mining Technical Services /s/ Manie Keyser 24 April 2026 Leonard Changara Unit Manager Geology - Operations /s/ Leonard Changara 24 April 2026 Nicole Wansbury Unit Manager Geology Mineral Resources /s/ Nicole Wansbury 24 April 2026 Brian Smith Unit Manager Survey /s/ Brian Smith 24 April 2026 Stephan Botes Unit Manager – Mineral Rights /s/ Stephan Botes 24 April 2026 Phillip Ramphisa Environmental Manager (SA PGM) /s/ Phillip Ramphisa 24 April 2026 Peter Motlana Senior Vice President Processing /s/ Peter Motlana 24 April 2026 Roderick Mugovhani Senior Vice President Finance /s/ Roderick Mugovhani 24 April 2026 iii **Table of Contents** 1 EXECUTIVE SUMMARY 1 1.1 INTRODUCTION 1 1.2 PROPERTY DESCRIPTION, MINERAL RIGHTS AND OWNERSHIP 1 1.3 GEOLOGY AND MINERALISATION 2 1.4 EXPLORATION STATUS, DEVELOPMENT, OPERATIONS AND MINERAL RESOURCE ESTIMATES 2 1.5 MINING METHODS, ORE PROCESSING, INFRASTRUCTURE AND MINERAL RESERVES 5 1.6 CAPITAL AND OPERATING COST ESTIMATES AND ECONOMIC ANALYSIS 8 1.7 PERMITTING REQUIREMENTS 10 1.8 QP'S CONCLUSIONS AND RECOMMENDATIONS 11 2 INTRODUCTION 11 2.1 REGISTRANT 11 2.2 COMPLIANCE 13 2.3 TERMS OF REFERENCE AND PURPOSE OF THE TECHNICAL REPORT 13 2.4 SOURCES OF INFORMATION 15 2.5 SITE INSPECTION BY QUALIFIED PERSONS 15 2.6 UNITS, CURRENCIES AND SURVEY COORDINATE SYSTEM 15 2.7 RELIANCE ON INFORMATION PROVIDED BY OTHER EXPERTS 17 3 PROPERTY DESCRIPTION 18 3.1 LOCATION AND OPERATION OVERVIEW 18 3.2 MINERAL TITLE 19 3.2.1 Mining and Surface Rights 19 3.2.2 Key Standard Permit Conditions 27 3.3 ROYALTIES 29 3.4 LEGAL PROCEEDINGS AND SIGNIFICANT ENCUMBRANCES TO THE PROPERTY 30 4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 30 4.1 TOPOGRAPHY, ELEVATION AND VEGETATION 30 4.2 ACCESS, TOWNS AND REGIONAL INFRASTRUCTURE 30 4.3 CLIMATE 31 4.4 INFRASTRUCTURE AND BULK SERVICE SUPPLIES 31 4.5 PERSONNEL SOURCES 31 5 HISTORY 33 5.1 OWNERSHIP HISTORY 33 5.2 PREVIOUS EXPLORATION AND MINE DEVELOPMENT 34 5.2.1 Previous Exploration 34 5.2.2 Previous Development 37 6 GEOLOGICAL SETTING, MINERALISATION AND DEPOSIT 38 6.1 REGIONAL GEOLOGY 38 6.2 DEPOSIT TYPES 41

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![](ssw_marikanaxoperationsx002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv 6.3 LOCAL AND PROPERTY GEOLOGY 42 6.3.1 Stratigraphy 42 6.3.2 The Mineralised Horizons 43 6.3.3 Structure 47 6.3.4 Mineralogy 52 7 EXPLORATION 54 7.1 EXPLORATION DATA 54 7.2 GEOPHYSICAL SURVEYS 54 7.3 TOPOGRAPHIC SURVEYS 54 7.4 EXPLORATION AND MINERAL RESOURCE EVALUATION DRILLING 54 7.4.1 Overview 54 7.4.2 Planned Drilling for 2026 56 7.4.3 Drilling Methods 57 7.4.4 Core Logging and Reef Delineation 59 7.5 SURVEY DATA 60 7.6 DENSITY DETERMINATION 61 7.6.1 Underground Drillholes and Channel Samples 61 7.6.2 Surface Drillholes 61 7.6.3 Tailings Facility 62 7.7 UNDERGROUND MAPPING 62 7.8 HYDROLOGICAL DRILLING AND TESTWORK 63 7.8.1 Geohydrological Analysis and Pumping 63 7.8.2 Groundwater 64 7.9 GEOTECHNICAL DATA, TESTING AND ANALYSIS 64 7.9.1 Data Collection 64 7.9.2 Testing Methods 65 7.9.3 Geotechnical Rockmass Characterisation 66 7.9.4 Geotechnical Results and Interpretation 67 8 SAMPLE PREPARATION, ANALYSES AND SECURITY 69 8.1 SAMPLING GOVERNANCE AND QUALITY ASSURANCE 69 8.2 REEF SAMPLING – SURFACE EXPLORATION DRILLING 70 8.3 REEF SAMPLING – UNDERGROUND 70 8.3.1 Core Samples 70 8.3.2 Channel Sampling 71 8.4 SAMPLE PREPARATION AND ANALYSIS 71 8.4.1 Laboratory 71 8.4.2 Sample Preparation and Analysis 72 8.4.3 QP Opinion 73 8.5 ANALYTICAL QUALITY CONTROL 73 8.5.1 Nature and Extent of the Quality Control Procedures 73 8.5.2 Quality Control Results 74 8.5.3 QP Opinion 76 v 9 DATA VERIFICATION 76 9.1 DATA STORAGE AND DATABASE MANAGEMENT 76 9.2 DATABASE VERIFICATION 76 9.2.1 Mapping 77 9.2.2 Drillholes 77 9.2.3 Channel Sampling 77 9.3 QP OPINION 77 10 MINERAL PROCESSING AND METALLURGICAL TESTING 78 11 MINERAL RESOURCE ESTIMATES 78 11.1 ESTIMATION DOMAINS 78 11.1.1 Compositing 79 11.1.2 Estimation Domains 81 11.2 ESTIMATION TECHNIQUES 84 11.2.1 Grade and Tonnage Estimation 84 11.2.2 Grade Control and Reconciliation 96 11.3 MINERAL RESOURCE CLASSIFICATION 99 11.3.1 Classification Criteria 99 11.3.2 Mineral Resource Technical and Economic Factors 102 11.4 MINERAL RESOURCE STATEMENTS 106 11.4.1 Mineral Resources 106 11.4.2 Mineral Resources per Mining Area (Inclusive of Mineral Reserves) 109 11.4.3 Changes in the Mineral Resources from Previous Estimates (Inclusive of Mineral Reserves) 111 11.4.4 Metal Equivalents 111 11.5 QP OPINION 112 12 MINERAL RESERVE ESTIMATES 112 12.1 MINERAL RESERVE METHODOLOGY 112 12.2 MINE PLANNING PROCESS 113 12.3 HISTORICAL MINING PARAMETERS 113 12.4 SHAFT MODIFYING FACTORS 115 12.4.1 Paylimits and Cut-off Grades 115 12.4.2 Other Modifying Factors 115 12.5 LOM PROJECT 122 12.6 MINERAL RESERVE ESTIMATION 122 12.7 SURFACE SOURCES 125 12.8 MINERAL RESERVES STATEMENT 125 12.9 MINERAL RESERVE SENSITIVITY 131 12.10 QP OPINION 131 13 MINING METHODS 132 13.1 INTRODUCTION 132 13.2 SHAFT INFRASTRUCTURE, HOISTING AND MINING METHODS 135 13.2.1 Shaft Infrastructure 135 vi 13.2.2 Hoisting 138 13.2.3 Mining Methods 138 13.3 GEOTECHNICAL ANALYSIS 140 13.3.1 Geotechnical Conditions 140 13.3.2 Stress and Seismological setting 140 13.3.3 Regional and Local Support 141 13.4 MINE VENTILATION 142 13.5 REFRIGERATION AND COOLING 142 13.6 FLAMMABLE GAS MANAGEMENT 142 13.7 MINE EQUIPMENT 142 13.8 PERSONNEL REQUIREMENTS 143 13.9 FINAL LAYOUT MAP 143 14 PROCESSING AND RECOVERY METHODS 143 14.1 PROCESSING FACILITIES 144 14.2 CONCENTRATORS 145 14.2.1 K3 Mix Concentrator 148 14.2.2 K3 UG2 Concentrator 151 14.2.3 EPL Concentrator 155 14.2.4 K4 Concentrator 160 14.2.5 EPC Concentrator 164 14.2.6 BTT Concentrator 166 14.2.7 ETTP Concentrator 170 14.3 SMELTING AND REFINING 173 14.3.1 Smelter 173 14.3.2 Base Metal Refinery (BMR) 177 14.3.3 Precious Metal Refinery (PMR) 180 14.4 SAMPLING, ANALYSIS, METAL ACCOUNTING AND SECURITY 183 14.4.1 Concentrator Sampling and Metal Accounting 183 14.4.2 Smelter - Sampling and Metal Accounting 184 14.4.3 Base Metal Refinery – Sampling and Metal Accounting 185 14.4.4 Precious Metal Refinery – Sampling and Metal Accounting 186 14.5 FINAL PRODUCT 187 14.6 PERSONNEL, ENERGY AND WATER REQUIREMENTS 187 14.7 QP OPINION 187 15 INFRASTRUCTURE 188 15.1 OVERVIEW OF INFRASTRUCTURE 188 15.2 TAILINGS STORAGE FACILITIES 191 15.2.1 Tailings Overview 191 15.2.2 Karee TSF Complex 192 15.2.3 Western Plats TSF Complex 192 15.2.4 Eastern Plats TSF Complex 192 15.2.5 Marikana Pit TSF 192 15.3 POWER SUPPLY 193 vii 15.4 BULK WATER AND PUMPING 193 15.4.1 Bulk Potable Water Supply Marikana 194 15.4.2 Secondary Water Supply Marikana 194 15.5 ROADS AND TRANSPORT INFRASTRUCTURE 195 15.6 EQUIPMENT MAINTENANCE 195 15.6.1 Surface Workshops 195 15.6.2 Underground Workshops 195 15.7 OFFICES, HOUSING, TRAINING FACILITIES, HEALTH SERVICES ETC. 195 15.8 QP OPINION 196 16 MARKET STUDIES 196 16.1 METALS MARKETING AGREEMENTS 196 16.2 MARKETS AND SALES 197 16.2.1 Introduction 197 16.2.2 Platinum, Palladium and Rhodium Demand and Supply 197 16.3 METALS PRICE OUTLOOK AND DETERMINATION 200 17 ENVIRONMENTAL STUDIES, PERMITTING, PLANS, NEGOTIATIONS/ AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS 202 17.1 SOCIAL AND COMMUNITY AGREEMENTS 202 17.1.1 Overview- Mine Community Development 202 17.1.2 Legislation 202 17.1.3 Communities Priorities 203 17.2 HUMAN RESOURCES 204 17.2.1 Introduction 204 17.2.2 Legislation 204 17.2.3 Human Resource Development (Training) 207 17.2.4 Remuneration Policies 207 17.2.5 Industrial Relations 207 17.2.6 Employment Equity and Women in Mining (WIM) 208 17.3 HEALTH AND SAFETY 208 17.3.1 Policies and Procedures 208 17.3.2 Statistics 208 17.3.3 Occupational Health and Safety Management 209 17.3.4 HIV/AIDS 209 17.4 ENVIRONMENTAL STUDIES 209 17.4.1 Introduction 209 17.4.2 Baseline Studies 2012 211 17.4.3 Zone of Influence 214 17.4.4 Climate Change and Greenhouse Gas Emissions, Air Quality 216 17.4.5 Biodiversity Management 218 17.4.6 Water Use Strategy 218 17.4.7 Waste Management 223 17.4.8 Environmental Reporting 224 17.4.9 Closure Planning and Costs 224

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![](ssw_marikanaxoperationsx003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii 17.5 QP OPINION 227 18 CAPITAL AND OPERATING COSTS 227 18.1 OVERVIEW 227 18.2 CAPITAL COSTS 227 18.3 OPERATING COSTS 230 18.3.1 Operating Costs by Activity 230 18.3.2 Operating Costs 230 18.3.3 Surface Sources Costs 230 18.3.4 Processing Costs 230 18.3.5 Allocated Costs 230 19 ECONOMIC ANALYSIS 235 19.1 INTRODUCTION 235 19.2 ECONOMIC ANALYSIS APPROACH 235 19.3 ECONOMIC ANALYSIS BASIS 235 19.4 TEM PARAMETERS 236 19.5 TECHNICAL ECONOMIC MODEL 236 19.6 DCF ANALYSIS 253 19.7 SUMMARY ECONOMIC ANALYSIS 255 19.8 QP OPINION 256 20 ADJACENT PROPERTIES 256 21 OTHER RELEVANT DATA AND INFORMATION 257 21.1 RISK ANALYSIS 257 21.1.1 Financial Accuracy 257 21.1.2 Risk to the Mineral Resources and Mineral Reserves 258 22 INTERPRETATION AND CONCLUSIONS 259 23 RECOMMENDATIONS 259 24 REFERENCES 259 24.1 LIST OF REPORTS AND SOURCES OF INFORMATION 259 24.1.1 Publications and Reports 259 24.2 GLOSSARY OF TERMS 261 25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT 262 26 QUALIFIED PERSON'S DISCLOSURE 262 ix List of Figures Figure 1: Ownership and Company Structure for Marikana .................................................... 12 Figure 2: General Location of the Marikana operation as at 31 December 2025 ................ 18 Figure 3: Plan Showing Combined Mining Rights and Prospecting Rights ............................. 20 Figure 4: Plan Showing Individual Mineral Rights Held by Marikana ....................................... 21 Figure 5: Aeromagnetic Image Over Marikana operation ..................................................... 35 Figure 6: Areas Covered by 3D Seismic Surveys (shown in green polygons) Relative to the Marikana-Schaapkraal-areas ............................................................................ 36 Figure 7: Geology of the Bushveld Complex ............................................................................ 39 Figure 8: Geology of the Western Limb of the Bushveld Complex, South Africa ................... 40 Figure 9: General Stratigraphic Column of the Rustenburg Layered Suite ............................ 41 Figure 10: General Stratigraphic Column of the Local Geological Succession..................... 43 Figure 11: Typical PGM Grade Distribution of Different Merensky Reef Facies Types at Marikana .................................................................................................................... 44 Figure 12: Typical PGM Grade Distribution of Different UG2 Facies Types ............................. 46 Figure 13: Structure Map of Marikana ....................................................................................... 48 Figure 14: Section of Marikana S-N ............................................................................................ 49 Figure 15: Example of a Shallow Dipping Pothole Associated with the UG2 ......................... 51 Figure 16: Example of Deep Potholing Associated with the UG2 ........................................... 51 Figure 17: IRUP (red) Unconformably Cut Across the Layered Lithological Sequence ......... 52 Figure 18: Overview of Surface Exploration Planned for Marikana 2026 ................................ 57 Figure 19: Schematic Vertical Section of a Typical Surface Drillhole ...................................... 58 Figure 20: Example of CRM Result Monitoring .......................................................................... 75 Figure 21: Example of Blank Result Monitoring .......................................................................... 75 Figure 22: Example of a Merensky Reef Composite Histogram ............................................... 80 Figure 23: Merensky Reef Geozones .......................................................................................... 82 Figure 24: UG2 Reef Geozones .................................................................................................. 83 Figure 25: Capping Analysis in Snowden Supervisor ................................................................ 85 Figure 26: Example of a Variogram Map .................................................................................. 87 Figure 27: Example of Variogram for 4E Grade and Thickness ................................................ 88 Figure 28: Kriging Neighbourhood Analysis for Block Sizes ....................................................... 90 Figure 29: Kriging Neighbourhood Analysis for Discretisation .................................................. 90 x Figure 30: Kriging Neighbourhood Analysis Number of Samples 50x50 Block Size ................. 90 Figure 31: Kriging Neighbourhood Analysis Number of Samples 500x500 Block Size ............. 91 Figure 32: Swath Plot Showing Block Model vs Data ................................................................ 93 Figure 33: Value Difference Plot for the UG2 Reef Showing Percentage Difference 4E Grade 2021 versus 2025 ............................................................................................. 94 Figure 34: UG2 Reef 4E Grade Block Model.............................................................................. 95 Figure 35: Merensky Reef 4E Grade Block Model ..................................................................... 96 Figure 36: Reconciliation of the Merensky Reef Models per Shaft 2025/2026 ........................ 98 Figure 37: Reconciliation of the UG2 Reef Models per Shaft 2025/2026 ................................ 98 Figure 38 : Mineral Resource Classification for the Marikana Merensky Reef ...................... 101 Figure 39: Mineral Resource Classification for the Marikana UG2 Reef ................................ 102 Figure 40: Mineral Resource Geological Loss Factors for the Merensky Reef ...................... 103 Figure 41: Mineral Resource Geological Loss Factors for the UG2 Reef ............................... 104 Figure 42: Marikana operation Mineral Resource Reconciliation ......................................... 111 Figure 43: Mineral Reserves Classification as at 31 December 2025- Merensky Reef .......... 123 Figure 44: Mineral Reserves Classification as at 31 December 2025- UG2 Reef .................. 124 Figure 45: The Marikana operation Mineral Reserve Reconciliation as at 31 December 2025 ........................................................................................................................... 131 Figure 46: Merensky Reef Mine Layout ................................................................................... 133 Figure 47: UG2 Reef Mine Layout ............................................................................................ 134 Figure 48: K3 & K3A Shaft Layout Section ................................................................................ 135 Figure 49: Rowland Shaft Layout Section ................................................................................ 136 Figure 50: Saffy Shaft Layout Section ....................................................................................... 136 Figure 51: E3 Shaft Layout Section ........................................................................................... 137 Figure 52: K4 Shaft Layout Section ........................................................................................... 137 Figure 53: E4 Proposed Shaft Layout Section .......................................................................... 138 Figure 54: Schematic Diagram of the Underground Mining Layout ..................................... 139 Figure 55: East 4 Proposed Bord and Pillar Layout .................................................................. 140 Figure 56: Schematic Diagram of the Overall Process Flowsheet ......................................... 144 Figure 57: A Simplified Block Flow Diagram of K3 Mix Concentrator .................................... 148 Figure 58: K3 Mix Concentrator Throughput Forecast ............................................................ 150 Figure 59: K3 Mix Concentrator Production and Recovery Forecast ................................... 150 Figure 60: A Simplified Block Flow Diagram of K3 UG2 Concentrator................................... 152 xi Figure 61: K3 UG2 Concentrator Throughput Forecast .......................................................... 153 Figure 62: K3 UG2 Concentrator Production and Recovery Forecast .................................. 154 Figure 63: A Simplified Block Flow Diagram of EPL Concentrator ......................................... 156 Figure 64: EPL Concentrator Throughput Forecast ................................................................. 158 Figure 65: EPL Concentrator Production and Recovery Forecast ........................................ 159 Figure 66: A Simplified Block Flow Diagram of K4 Concentrator ........................................... 160 Figure 67: K4 Concentrator Throughput Forecast .................................................................. 162 Figure 68: K4 Concentrator Production and Recovery Forecast .......................................... 163 Figure 69: A Simplified Block Flow Diagram of EPC Concentrator ........................................ 165 Figure 70: A Simplified Block Flow Diagram of BTT Concentrator .......................................... 167 Figure 71: BTT Concentrator Throughput Forecast ................................................................. 168 Figure 72: BTT Concentrator Production and Recovery Forecast ......................................... 169 Figure 73: A Simplified Block Flow Diagram of ETTP Concentrator ........................................ 170 Figure 74: ETTP Concentrator Throughput Forecast ............................................................... 172 Figure 75: ETTP Concentrator Production and Recovery ....................................................... 172 Figure 76: A Simplified Block Flow Diagram of the Smelter .................................................... 174 Figure 77: Smelter Throughput Forecast .................................................................................. 176 Figure 78: Smelter PGM Production and Recovery Forecast ................................................ 176 Figure 79: A Simplified Block Flow Diagram of the Base Metal Refinery ............................... 177 Figure 80: BMR Throughput Forecast ....................................................................................... 179 Figure 81: BMR PGM & Base Metal Production and Recovery Forecast .............................. 179 Figure 82: A Simplified Block Flow Diagram of the Precious Metals Refinery ....................... 180 Figure 83: PMR Throughput Forecast ....................................................................................... 182 Figure 84: PMR PGM Production and Recovery Forecast...................................................... 182 Figure 85: Locations of Major Surface Infrastructure at Marikana ........................................ 190 Figure 86: Main Potable Water Reticulation Layout Marikana operation ............................ 194 Figure 87: Main Secondary Water Reticulation Layout Marikana operation ....................... 195 Figure 88: Marikana Surface Water Zone of Influence (Light Blue markers)......................... 216 Figure 89: Marikana Water Use Summary ............................................................................... 219 Figure 90: Quaternary Catchment Area ................................................................................. 220 Figure 91: Potential Sources of Surface and Groundwater Contamination Located on Site and Current Operational Status ...................................................................... 221 Figure 92: Groundwater Monitoring Network Supporting the Marikana operation ............ 223

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii List of Tables Table 1: 4E Prill Split of the Mineral Resource as at 31 December 2025 .................................... 4 Table 2: Attributable Mineral Resource Exclusive of Mineral Reserves as at 31 December 2025 ........................................................................................................... 4 Table 3: 4E Prill Split and Metallurgical Recovery for Mineral Reserves as at 31 December 2025 ........................................................................................................... 7 Table 4: Attributable Mineral Reserves as at 31 December 2025 .............................................. 7 Table 5: NPV (Post-tax) Sensitivity Relative to the Long-Term R/4Eoz PGM .............................. 8 Table 6: Twin Parameter NPV (Post-tax) Sensitivity at a 15.74% Discount Rate (Capital Costs) - Current operations ......................................................................................... 9 Table 7: Twin Parameter NPV (Post-tax) Sensitivity at a 15.74% Discount Rate (Revenue, Operating Costs) Current operations ...................................................................... 10 Table 8: Details of QPs Appointed by Sibanye-Stillwater ......................................................... 14 Table 9: Units Definitions .............................................................................................................. 16 Table 10: Technical Experts/Specialists Supporting the QPs .................................................... 17 Table 11: Summary of Mining Rights and Prospecting Rights held in respect of the Marikana operation ................................................................................................... 22 Table 12: Surface Rights of the Marikana operation ................................................................ 29 Table 13: Number of Employees ................................................................................................ 32 Table 14: Origin of Employees .................................................................................................... 32 Table 15: Historical Development .............................................................................................. 33 Table 16: Marikana Surface Drilling Campaigns ....................................................................... 34 Table 17: Historical Production and Financial Parameters ...................................................... 37 Table 18: Marikana Evaluation Drilling Quantities and Costs .................................................. 56 Table 19: Average Hydraulic Conductivity Levels .................................................................... 64 Table 20: Summary of the Material Properties of the Dominant Hangingwall and Footwall Rock Types .................................................................................................. 68 Table 21: Rockmass Classes Determined from RMR Total Ratings and Meaning .................. 69 Table 22: Capping Values Applied to the Final Estimation Dataset ....................................... 85 Table 23: Capping Applied to the Merensky Variogram Data ............................................... 86 Table 24: Capping applied to UG2 Reef Variogram Data ...................................................... 86 Table 25: Examples of Variogram Model Parameters .............................................................. 88 Table 26: Kriging Parameters ...................................................................................................... 91 Table 27: Confidence Levels for Key Criteria for Mineral Resource Classification ............... 100 xiii Table 28: Commodity Price and Exchange Rate Assumptions for Cut-off Calculations .... 105 Table 29: 6E Prill Split Percentages Applied per Reef (proportional) .................................... 105 Table 30: Parameters Used in the Cut-off Calculation for the MR and UG2 Reef ............... 106 Table 31: Cut-off Grades Calculated for the MER, UG2 Reef and Surface Operations ..... 106 Table 32: 4E Prill Split Mineral Resources (Inclusive of Mineral Reserves) .............................. 106 Table 33: Mineral Resources Exclusive of Mineral Reserves as at 31 December 2025 at 100% .......................................................................................................................... 108 Table 34: Attributable Mineral Resource Exclusive of Mineral Reserves as at 31 December 2025 ....................................................................................................... 108 Table 35: Mineral Resources Inclusive of Mineral Reserves as at 31 December 2025 at 100% .......................................................................................................................... 109 Table 36: Attributable Mineral Resource Inclusive of Mineral Reserves as at 31 December 2025 ....................................................................................................... 109 Table 37: Mineral Resource Exclusive of Mineral Reserves per Mining Area as at 31 December 2025 at 100% ......................................................................................... 110 Table 38: Mineral Resource Inclusive of Mineral Reserves per Mining Area as at 31 December 2025 at 100% ......................................................................................... 110 Table 39: Historical Mining Statistics by Section ...................................................................... 114 Table 40: Mineral Reserve Modifying Factors 2026 ................................................................. 116 Table 41: LoM Plans – Current Operations 2026-2035 ............................................................. 117 Table 42: LoM Plans – Current Operations 2036-2045 ............................................................. 118 Table 43: LoM Plans – Current Operations 2046-2070 ............................................................. 119 Table 44: LoM Plans – E4 UG2 Mechanised Project 2026-2045 .............................................. 120 Table 45: LoM Plans – E4 UG2 Mechanised Project 2046-2059 .............................................. 121 Table 46: 4E Prill Split and Recovery for Mineral Reserves ...................................................... 126 Table 47: Mineral Reserve as at 31 December 2025 at 100% ................................................ 127 Table 48: Attributable Mineral Reserve as at 31 December 2025 at 80.64% ........................ 128 Table 49: Mineral Reserve per Mining Area as at 31 December 2025 at 100% .................... 129 Table 50: Attributable Mineral Reserve per Mining Area as at 31 December 2025 at 80.64% ....................................................................................................................... 130 Table 51: Hoisting Capacities of the Marikana Shafts ............................................................ 138 Table 52: Major Mine Equipment ............................................................................................. 143 Table 53: Plant Capacities at the Marikana operation ......................................................... 146 Table 54: Major Process Equipment Utilised at Concentrators .............................................. 146 xiv Table 55: K3 Mix Concentrator Production Forecast and Operational Data (2021-2070) ................................................................................................................................... 149 Table 56: K3 UG2 Concentrator Production Forecast and Operational Data (2021-2036) ................................................................................................................................... 153 Table 57: EPL Concentrator Production Forecast and Operational Data (2021-2045) ....... 157 Table 58: K4 Concentrator Production Forecast and Operational Data (2021-2069) ......... 161 Table 59: BTT Concentrator Production Forecast and Operational Data (2021-2036) ........ 168 Table 60: ETTP Concentrator Production Forecast and Operational Data (2021-2045) ...... 171 Table 61: Smelter Production Forecast and Operational Data (2021-2073) ........................ 175 Table 62: Base Metals Refinery Production Forecast and Operational Data (2022-2032) ................................................................................................................................... 178 Table 63: Precious Metals Refinery Production Forecast and Operational Data (2022- 2032) ......................................................................................................................... 181 Table 64: Primary Mass Measurements - Concentrators ........................................................ 183 Table 65: Primary Metal Accounting (Analytical Measurements) - Concentrators ............. 183 Table 66: Analytical Methods - Concentrators ....................................................................... 184 Table 67: Primary Mass Measurements - Smelter .................................................................... 184 Table 68: Primary Metal Accounting Streams - Smelter ......................................................... 184 Table 69: Analytical Methods - Smelter ................................................................................... 185 Table 70: Primary Mass Measurements - BMR ......................................................................... 185 Table 71: Primary Metal Accounting Streams - BMR .............................................................. 185 Table 72: Analytical Methods - BMR ........................................................................................ 186 Table 73: Primary Mass Measurements - PMR ......................................................................... 186 Table 74: Primary Metal Accounting Streams - PMR .............................................................. 186 Table 75: Analytical Methods - PMR ........................................................................................ 187 Table 76: Actual 2023 Usage Electricity, Water, Stores and Employee count ..................... 187 Table 77: Summary for Active Tailings Dams ........................................................................... 191 Table 78: LoM Assessment of Tailings Facilities ........................................................................ 192 Table 79: Eskom Points of Delivery for Marikana operation ................................................... 193 Table 80: PGM Deck Price Mineral Resources and Mineral Reserves ................................... 201 Table 81: Comparison of Mineral Reserve Prices as at 31 December 2025 to 31 December 2021 ....................................................................................................... 201 Table 82: Marikana SLP Projects WPL ....................................................................................... 203 Table 83: Marikana SLP Projects EPL ........................................................................................ 204 xv Table 84: Marikana Total Employees – Report for the Month of December 2025 ............... 206 Table 85: Marikana Total Contractors (excluding Ad-Hoc Contractors) - Report for the Month of December 2025 ....................................................................................... 206 Table 86: Safety Statistics .......................................................................................................... 208 Table 87: Summary of Anticipated Environmental Impacts (revised EMP,2012) ................. 213 Table 88: Marikana tCO2e Emissions Inventory 2021, 2024, 2025 .......................................... 217 Table 89: Raw Water Supply Sources Used for Mining Purposes ........................................... 222 Table 90: Agricultural Water Supply Sources not used for mining purposes ......................... 222 Table 91: Closure Components ................................................................................................ 225 Table 92: Historical and Forecast Capital Expenditure – Current Operations 2021-2035 .... 228 Table 93: Historical and Forecast Capital Expenditure – Current Operations 2036-2070 .... 229 Table 94: Historical and Forecast Operating Costs -Current Operations 2021-2035 ............ 232 Table 95: Forecast Operating Costs -Current Operations 2036-2072 .................................... 233 Table 96: TEM Parameters ......................................................................................................... 236 Table 97: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2026-2035 .................................................. 238 Table 98: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2036-2045 .................................................. 240 Table 99: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2046-2071 .................................................. 242 Table 100: TEM –Unit Analysis (R/4Eoz) – 2026-2035 ................................................................ 244 Table 101: TEM –Unit Analysis (R/4Eoz) – 2036-2045 ................................................................ 245 Table 102: TEM –Unit Analysis (R/4Eoz) – 2046-2070 ................................................................ 246 Table 103: TEM E4 – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2026-2035 .................................................. 247 Table 104: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2036-2045 .................................................. 249 Table 105: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2046-2071 .................................................. 251 Table 106: NPV (Post-tax) at Various Discount Factors .......................................................... 254 Table 107: Twin Parameter NPV (Post-tax) Sensitivity at a 15.74% Discount Rate (Revenue, Operating Costs) - Current Operations including E4 .......................... 254 Table 108: Twin Parameter NPV (Post-tax) Sensitivity at a 15.74% Discount Rate (Revenue, Capital Expenditure) – Current Operations including E4 ................... 255

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi Table 109: NPV (Post-tax) Relative to R/4Eoz PGM Basket Prices at 15.74 % Discount Rate - Current Operations including E4 ................................................................. 256 Table 110: Adjacent Mines, Bushveld Complex, Western Limb ............................................. 257 Table 111: Financial Risks .......................................................................................................... 257 Table 112: Qualified Person's Details ....................................................................................... 263 1 1 Executive Summary 1.1 Introduction Sibanye-Stillwater Limited (Sibanye-Stillwater or Registrant) is a multinational mining and metals processing Group with a diverse portfolio of mining and processing operations, projects, and investments across six continents. Sibanye-Stillwater is domiciled in South Africa with a primary listing on the Johannesburg Stock Exchange (JSE or JSE Limited) and a secondary listing on New York Stock Exchange (NYSE), as American Depositary Receipts (ADRs). This report is the first update of the Technical Report Summary (TRS) filed by Sibanye-Stillwater on the Marikana operation on 22 April 2022, named Exhibit 96.2 Technical Report Summary of Marikana operation, which was effective 31 December 2021. This TRS for the Marikana operation has been prepared in accordance with the disclosure requirements set out under Subpart 1300 of Regulation S-K (S-K 1300). The material change since the last filing is the addition of the E4 Mechanised UG2 project (E4) on the eastern boundary of the property, for which a pre-feasibility study (PFS) has been completed, leading to a maiden Mineral Reserve inclusion. The Mineral Resources and Mineral Reserves of the combined Western Platinum Proprietary Limited (WPL) and Eastern Platinum Proprietary Limited (EPL) and Incwala Resources, companies wholly or partially owned by the registrant, are reported on an 80.64% attributable legal interest. There has been no material change to the information between the effective date and the signature date of the report. The effective date of the Mineral Resource and Mineral Reserve is 31 December 2025, and the report signature date is 24 April 2026. 1.2 Property Description, Mineral Rights and Ownership The Marikana operation is an ongoing, established mine and ore processing plants extracting the Merensky Reef and UG2 Chromitite Layer (commonly referred as the UG2 Reef) to produce PGMs and base metals. It is located in the North West Province, southwest of the town of Brits, at latitude 25° 40' S and longitude 27° 34' E. The operation is situated in a well-developed area and is easily accessible by major roads 90km west of Pretoria and 110km northwest of Johannesburg. The most direct routes to Rustenburg Operation include the N4 (dual carriage tarred road) from Pretoria or the R512 (regional dual carriage tarred road) from Johannesburg, which intersects with the N4. Mining operations are not affected by climatic extremes. The Marikana operation encompass several mining rights (Marikana MR's) held by WPL and EPL. Sibanye-Stillwater Limited has 76.4% shareholding in WPL and EPL directly through Rustenburg Eastern Operations Proprietary Limited (REO), a wholly owned subsidiary of Sibanye Platinum Proprietary Limited, itself a wholly owned subsidiary of the Registrant. REO has a further 4.24% shareholding through it). WPL is the holder of four mining rights in respect of the Marikana operation under The Department of Mineral 2 and Petroleum Resources (DMPR) reference numbers: NW30/5/1/2/2/106 MR, NW30/5/1/2/2/107 MR, NW30/5/1/2/2/161 MR and NW30/5/1/2/2/190 MR. The first two expire on 3 September 2037. NW30/5/1/2/2/161 MR and NW30/5/1/2/2/190 MR expire on 20 December 2036. EPL is the holder of five mining rights under DMPR reference numbers: NW30/5/1/2/2/109 MR, NW30/5/1/2/2/110 MR and NW30/5/1/2/2/111 MR (which expire on 3 September 2037), and NW30/5/1/2/2/292 MR and NW30/5/1/2/2/433 MR (which expire on 22 January 2044). The Eastern Tailings Storage Facility 2 (ETD2) is located within the area covered by the Mining Right held under DMPR reference number: NW30/5/1/2/2/109 MR on the farm of Turffontein 462JQ and is currently being mined and re-processed. WPL is also the holder of a Prospecting Right under DMPR reference number: NW30/5/1/1/2/13438 PR (Schaapkraal PR) which covers the western down-dip extension at Marikana. The Schaapkraal PR expires on 27 November 2026. The current Life of Mine (LoM) plan used to support the Mineral Reserve continues to 2070. Renewal of the Mining Rights for an additional 30 years will be allowed closer to the date of expiry. The mining rights cover an area of 22,198ha and the prospecting right covers an area of 4,174ha. There are no material legal proceedings in relation to the Marikana operation. The mining and prospecting rights referred to in this document are issued in terms of the Mineral and Petroleum Resources Development Act 28 of 2002 in South Africa. Apart from the condition relating to section 2(d) and section 2(f) of the Act, the terms and conditions for the mining rights are standard conditions of the Act. There are no other special conditions attached to the Mining Rights. 1.3 Geology and Mineralisation The majority of global PGM Mineral Resources are located in Southern Africa, which accounts for over 80%. Most of these are contained in the Bushveld Igneous Complex (BC). The BC is approximately 2,060 million years old and is a mafic to ultramafic rock sequence. The Rustenburg Layered Suite (RLS) within the BC is the world's largest known mafic layered intrusion. In addition to PGMs, extensive deposits of iron, tin, chromium, titanium, vanadium, copper, nickel, and cobalt also occur within the BC. The BC extends approximately 450km east to west and approximately 250km north to south. It underlies an area of some 67,000km2, spanning parts of Limpopo, North West, Gauteng, and Mpumalanga Provinces. Interlayered in the Upper Critical Zone of the BC's RLS, the Merensky and Upper Group No. 2 (UG2) Reefs are preserved as narrow tabular orebodies. The Marikana operation is situated on the western limb of the BC and produce the PGMs and associated Base Metals from the mining and processing of the Merensky and UG2 Reefs. 1.4 Exploration Status, Development, Operations and Mineral Resource Estimates The discovery and development of the reefs in the area can be traced back to 1925. After intense exploration in the Rustenburg area, the first vertical shaft (West vertical) was commissioned in 1928 to 3 exploit the Merensky Reef. The Klipfontein Plant (Phase 1) was constructed in 1928. Exploitation of the UG2 Reef began in the 1970's. Exploration began in the area which today comprises the Marikana operation in the mid-1960s During the past 51 years, several companies have conducted exploration campaigns across the operation. Underground development to exploit the Merensky Reef commenced in 1970 and mining of the UG2 Reef at WPL commenced in 1982. The Marikana operation have been extensively evaluated by surface and underground exploration drilling, geophysical surveys (airborne magnetic), trenching and geological mapping over a period of approximately 60 years. Infill drilling is on-going continuously to improve confidence and replenish the Measured and Indicated Mineral Resources. Geological Models and Mineral Resources at Marikana are based on surface and underground diamond drillholes as well as underground channel samples. Mineral Resources for the remined tailings storage facilities (TSF) are estimated from surface drilling on the TSFs and historical production records. The most fundamental control of PGM mineralisation is rock chemistry. PGMs are associated with thin (1-5m) chromitite layers and base metals sulphides. These layers are distinct and laterally consistent over large distances. The Merensky Reef is the layer with the highest concentration of base metal sulphides and the highest concentration of PGM's followed by the UG2 Reef. The UG2 Reef horizon is the preferred mining horizon as it has a higher in-situ revenue/value per m² mined due to the prill split and the chromitite content. Future expansion on the eastern part of the operation is therefore focused on the UG2 Reef horizon. The Mineral Resources declared (Table 1 and Table 2) are estimated based on homogenous structural and geological facies, constrained by appropriate geostatistical techniques, using Ordinary Kriging (OK). Due to variation in data density, areas close to current workings will have smaller block sizes ranging from 50m to 100m. Areas further away will have block sizes ranging from 100m to 500m. The declared Mineral Resources are contained inside the various structural blocks and outside the mined- out areas. Mining grade control and reconciliation processes are employed through-out the operation. All Mineral Resources reported are considered to have reasonable prospects for economic extraction (RPEE) based on an assessment conducted. The Mineral Resources are in-situ estimates of tonnage and grades reported at a minimum mining width of 110cm, using dip and breast mining methods as employed at the operation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Table 1: 4E Prill Split of the Mineral Resource as at 31 December 2025 Reef Pt (%) Pd (%) Rh (%) Au (%) Merensky 61.6 27.9 3.3 7.1 UG2 59.3 29.0 11.1 0.6 TSF 60.9 28.2 9.9 1.1 Table 2: Attributable Mineral Resource Exclusive of Mineral Reserves as at 31 December 2025 Classification – 4E 31 Dec 2025 31 Dec 2021 Tonnes Grade 4E Tonnes Grade 4E (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Underground Measured 50.4 4.1 6.6 47.4 3.8 5.8 Indicated 388.3 4.2 52.2 392.6 4.1 51.1 Measured + Indicated 438.7 4.2 58.8 440.3 4.0 57.0 Inferred 200.4 4.5 28.9 178.6 4.4 25.1 Total Underground 639.0 4.2 87.7 618.9 4.1 82.1 Surface (TSF) Indicated 2.5 1.2 0.1 0.0 0.0 0.0 Inferred 12.4 1.0 0.4 0.0 0.0 0.0 Total Surface 14.9 1.0 0.5 0.0 0.0 0.0 Total Mineral Resources 653.9 4.2 88.2 618.9 4.1 82.1 1. Mineral Resources are not Mineral Reserves 2. Mineral Resources have been reported in accordance with the classification criteria of S-K 1300 3. Attributable Mineral Resource is 80.64% of the total Mineral Resource 4. Due to non-selective mining, no cut-off grade is applied as presented in Item 11.3.2.2 5. Mineral Resources are reported exclusive of geological losses 6. Quantities and grades have been rounded to one decimal place 5 1.5 Mining Methods, Ore Processing, Infrastructure and Mineral Reserves The Marikana operation is a large, established shallow to moderate depth (457m to 1,332m) PGM mine that is accessed from surface through numerous decline and vertical shaft systems. There are four working vertical shafts (Rowland, Saffy, K3 and K4), one working decline section (E3) and one project area (E4). There are also four (4B, Hossy, Newman, E1) shafts currently on care and maintenance. The operation also includes eight concentrator plants processing underground ore and surface mine tailings, a smelter, base metals refinery and precious metals refinery. All facilities are in good condition. All the permanent infrastructure required to access and mine the LoM plan is already established and in use, with the exception of the E4 mining infrastructure which is still in the planning phase. Detailed LoM plans for every shaft or decline complex at Marikana support the Mineral Reserve presented in Table 3 and Table 4. E4 leverages existing concentrator, smelter, and refining infrastructure at Marikana, avoiding duplication of major processing infrastructure and significantly improving capital efficiency. This integrated approach supports a commercially sound solution to UG2 extraction, reducing risk and accelerating time to cashflow. Furthermore, the selection of a mechanised mining method and aerial conveyor system contributes to long-term cost control and operational reliability. The predominant mining method applied at the Marikana operation is conventional breast mining. The conventional method incorporates in-stope pillars and regional pillars to maintain the stability of the workings. At K3 Shaft where conventional down-dip method is applied. E4 incorporates a six-barrel decline shaft system, positioned on a 9º apparent dip, extending from the rehabilitated U17 Open Pit to access the UG2 orebody. These declines enable a bord and pillar mining layout, reaching a depth of 650 metres. The LoM production plans Marikana operation are derived through a Mineral Resource to Mineral Reserve conversion process that utilises modifying factors and mining (stoping and development) design and productivity parameters, informed by historical results and performance. The use of modifying factors that are aligned to historical performance enhances the likelihood of achieving the mine plans. LoM extends to 2070. E4 ramp-up is proposed to begin in 2027 with full production in 2029/2030 The LoM is currently planned to 2059. Ore is processed through eight concentrators, of which six are currently producing PGM concentrate or chromitite (chrome), namely; • K3 Mix, treating underground ore • K3 UG2, treating underground ore • K4, treating underground ore • EPL, treating underground ore • BTT, treating historic tailings • ETTP, treating current tailings • Rowland, on care and maintenance • EPC, on care and maintenance 6 Ore from E4 is planned to be processed at the EPL concentrator with overflow production being diverted to the EPC concentrator between 2030 and 2039. Marikana has one smelter treating concentrate and recycled material from Marikana and limited amounts for third parties. Marikana's base metal refinery extracts Ni and Cu from granulated converter matte produced by the smelter. The precious metals refinery extracts PGMs from the concentrate produced at the base metals refinery. Marikana produces saleable products of refined platinum, palladium, rhodium and gold as primary products with co-products iridium and ruthenium, copper cathode, nickel sulphate hexahydrate crystals and chromium oxide concentrate. The Marikana TSFs have a remaining capacity of 61.5Mt. The LoM requires 102Mt TSF capacity, resulting in a shortfall of 40.3Mt. The current capacity constraints will be mitigated through the integrated consolidated surface operations strategy, which addresses tailings deposition across all the SA PGM operations. Due to the synergistic nature of the operations, the short- to medium-term approach will therefore be to divert tailings to other existing Group facilities within the SA PGM operations, which allows for enough deposition capacity, fulfilling the LoM requirements including the requirements of E4. 7 Table 3: 4E Prill Split and Metallurgical Recovery for Mineral Reserves as at 31 December 2025 Prill Split Pt (%) Pd (%) Rh (%) Au (%) Recovery (%) Merensky 61.6 27.9 3.3 7.1 88% UG2\* 59.3 29.0 11.1 0.6 83% Combined\* 60.2 28.6 8.2 3.1 85% TSF\* 60.2 28.6 8.2 3.1 25% \*Prill split for E4 is the same as for the current operating shafts \*\*The proportions for Combined and TSF are the same this is not a typing error Table 4: Attributable Mineral Reserves as at 31 December 2025 Classification – 4E Tonnes (Mt) 4E Grade (g/t) 4E (Moz) 31 Dec 25 31 Dec 21 31 Dec 25 31 Dec 21 31 Dec 25 31 Dec 21 Underground Operating Shafts Proven 27.6 22.6 3.8 3.9 3.4 2.9 Probable 86.3 113.2 4.0 4.1 11.2 14.9 Total Underground _Operating 113.9 135.8 4.0 4.1 14.6 17.8 Underground E4 UG2 Mechanised Project Proven 2.4 0.0 2.1 0.0 0.2 0.0 Probable 38.0 0.0 2.2 0.0 2.7 0.0 Total Underground _E4 40.5 0.0 2.2 0.0 2.9 0.0 Total Underground Proven 30.1 22.6 3.7 3.9 3.5 2.9 Probable 124.3 113.2 3.5 4.1 13.9 14.9 Total Underground 154.4 135.8 3.5 4.1 17.5 17.8 Surface (TSF) Proven 0.0 0.0 0.0 0.0 0.0 0.0 Probable 43.6 8.4 0.9 0.9 1.3 0.2 Total Surface 43.6 8.4 0.9 0.9 1.3 0.2 Total Proven 30.1 22.6 3.7 3.9 3.5 2.9 Total Probable 167.9 121.6 2.8 3.9 15.2 15.1 Total Mineral Reserve 198.0 144.2 2.9 3.9 18.8 18.0 1. Mineral Reserve was reported in accordance with the classification criteria of S-K 1300 2. Mineral Reserve was estimated on all available blocks and no cut-off grade was applied 3. Attributable Mineral Reserves 80.64% of the total Mineral Reserve 4. Mineral Reserves are estimated using the prices in Section 16.4 5. Average recovery factors for Merensky Reef and UG2 Reef are 88% and 84%, respectively. Total average recovery is 86% for underground and 25% for TSF

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 1.6 Capital and Operating Cost Estimates and Economic Analysis Capital expenditure for Marikana operation includes both project and sustaining capital. Project capital includes: • R3,010m for current operations • R13,927m for E4 of which R5,975m is for mining development between 2027 and 2031 • R1,031m for KTD1 of which R895m is for development in 2026 Sustaining capital estimates are based on a provision of approximately 7% of total operating costs, based on historical spend and the current business plan. This caters for expenditures of a capital nature and are considered prudent provisions (contingencies) to maintain the operations infrastructure, given that limited detail is available beyond a three-year horizon. The forecasted operating costs are largely based on current and recent expenditure at the operation, taking into consideration inflation and PPI. E4 operating conditions are expected to be the same as other mechanised shafts in the SA PGM region and have been estimated on a similar basis as the current operations. Processing costs for the E4 are based on current operating costs at the EPC concentrator. All capital expenditure and operating cost estimates have been estimated to an accuracy of +/-20% or better (a Pre-Feasibility level of accuracy). No contingency is explicitly estimated as this is catered for in the sustaining capital estimates. The results of the post-tax derived discounted cash-flow (DCF) analysis is presented in Table 5. The discount rate has been adjusted from 5.0% (2021) to 15.74% (2025) to reflect a change from a legacy rate to an asset-specific weighted average cost of capital methodology. The historical 5.0% rate was established in a South African, gold focussed, largely debt-free context and did not adequately reflect the Group's current international portfolio, financing environment, jurisdictional risk, or asset phase. The revised rate therefore incorporates the Group's current cost of capital together with relevant jurisdictional and project-stage risk premiums and is considered more appropriate for valuation and capital allocation purposes. NPV is calculated at 100% of the Mineral Reserves not the attributable portion. Table 5: NPV (Post-tax) Sensitivity Relative to the Long-Term R/4Eoz PGM Long Term Price (R/4Eoz) (Rm) Current operations including E4 Sensitivity Range -20% -10% -5% 0% 5% 10% 20% NPV @ 15.74% Discount Rate (Rm) -25,560 -8,770 -375 8,020 16,415 24,809 41,599 Long Term Price (R/4Eoz) (Rm) E4 Only Sensitivity Range -20% -10% -5% 0% 5% 10% 20% NPV @ 15.74% Discount Rate (Rm) -2,973 -1,314 -485 344 1,174 2,003 3,662 9 Table 6 shows two-variable sensitivity analysis of the post-tax NPV to a variance in capital costs. Table 7 shows two-variable sensitivity analysis of the post-tax NPV to a variance in revenue and in operating cost. Table 6: Twin Parameter NPV (Post-tax) Sensitivity at a 15.74% Discount Rate (Capital Costs) - Current operations Post-Tax NPV @15.74% Current operations including E4 Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Total Capital Cost Sensitivity Range -20% -22,378 -5,588 2,807 11,202 19,597 27,991 44,781 -10% -23,969 -7,179 1,216 9,611 18,006 26,400 43,190 -5% -24,764 -7,974 420 8,815 17,210 25,605 42,395 0% -25,560 -8,770 -375 8,020 16,415 24,809 41,599 5% -26,355 -9,566 -1,171 7,224 15,619 24,014 40,803 10% -27,151 -10,361 -1,966 6,429 14,823 23,218 40,008 20% -28,742 -11,952 -3,557 4,838 13,232 21,627 38,417 Post-Tax NPV @15.74% E4 Only Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Total Capital Cost Sensitivity Range -20% -2,013 -354 475 1,304 2,134 2,963 4,622 -10% -2,493 -834 -5 824 1,654 2,483 4,142 -5% -2,733 -1,074 -245 584 1,414 2,243 3,902 0% -2,973 -1,314 -485 344 1,174 2,003 3,662 5% -3,213 -1,554 -725 104 934 1,763 3,422 10% -3,453 -1,794 -965 -136 694 1,523 3,182 20% -3,933 -2,275 -1,445 -616 213 1,043 2,701 10 Table 7: Twin Parameter NPV (Post-tax) Sensitivity at a 15.74% Discount Rate (Revenue, Operating Costs) Current operations Post-Tax NPV @ 15.74% Current operations including E4 Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Total Operating Cost Sensitivity Range -20% 2,495 19,285 27,679 36,074 44,469 52,864 69,654 -10% -11,532 5,257 13,652 22,047 30,442 38,837 55,626 -5% -18,546 -1,756 6,639 15,033 23,428 31,823 48,613 0% -25,560 -8,770 -375 8,020 16,415 24,809 41,599 5% -32,573 -15,784 -7,389 1,006 9,401 17,796 34,585 10% -39,587 -22,797 -14,402 -6,008 2,387 10,782 27,572 20% -53,614 -36,825 -28,430 -20,035 -11,640 -3,245 13,544 Post-Tax NPV @ 15.74% E4 Only Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Total Operating Cost Sensitivity Range -20% -841 818 1,647 2,477 3,306 4,135 5,794 -10% -1,907 -248 581 1,410 2,240 3,069 4,728 -5% -2,440 -781 48 877 1,707 2,536 4,195 0% -2,973 -1,314 -485 344 1,174 2,003 3,662 5% -3,506 -1,847 -1,018 -189 641 1,470 3,129 10% -4,039 -2,381 -1,551 -722 107 937 2,596 20% -5,105 -3,447 -2,617 -1,788 -959 -129 1,529 While the profitability of the entire, integrated operation is tested, the point at which an individual shaft's LoM and Mineral Reserves are truncated is determined after considering only direct operational cost and allocated costs which can be directly traced back to the shaft. As soon as a shaft or decline system cannot cover its own mining and allocated operational cost, any further contribution to Mineral Reserve disclosure is stopped. The direct costs include the overheads specific to the operation. Indirect allocated costs, which refer to those items which belong to the entire Group, and which are pro-rata allocated back to each operation and shaft, is excluded in this determination. 1.7 Permitting Requirements The Marikana operation has all the necessary rights and approvals in place to operate. Any permit and license infringements or expiries are addressed as they occur, and environmental impacts are managed in close consultation with the appropriate departments. The operator's tenure to operate on these premises is secure for the foreseeable future, unless terminated by regulatory authorities for legally justified reasons. Furthermore, based on an assessment of the current permits, technical submittals, regulatory requirements and compliance history, continued acquisition of permit approvals should be possible and there is a low risk of rejection of permit applications by regulatory agencies for the foreseeable future. 11 1.8 QP's Conclusions and Recommendations The Qualified Persons have summarised all material information and issues likely to influence the future activities of the Marikana operation based on information available up to 31 December 2025. Economic viability testing (via financial modelling) of the LoM plans demonstrated that extraction of the scheduled Measured and Indicated Mineral Resources is justified, and the declaration of Mineral Reserves is appropriate. There is a comprehensive risk register that is reviewed quarterly by the operation's management. All the risks have detailed mitigation plans designed to reduce the risk to a manageable level. The Qualified Persons could not identify any unmanaged material risks that would affect the Mineral Resources and Mineral Reserves reported for Marikana operation. The views expressed in this report have been based on the fundamental assumption that the required management resources and proactive management skills will be focused on meeting the LoM plans and production targets. There are no recommendations for additional work or changes. 2 Introduction 2.1 Registrant Sibanye-Stillwater Limited is an independent international precious metals mining company with a diverse mineral asset portfolio comprising platinum group metal (PGM) operations in the United States and Southern Africa, gold operations and projects in South Africa, and copper, gold and PGM exploration properties in North and South America. The Group has also diversified into battery metals mining and processing and has increased its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. It is domiciled in South Africa and listed on both the Johannesburg Stock Exchange (JSE or JSE Limited) and a secondary listing on New York Stock Exchange (NYSE), as American Depositary Receipts (ADRs). This Technical Report Summary covers the Sibanye-Stillwater's Marikana operation. The Marikana operation is managed by Rustenburg Eastern Operations Proprietary Limited, a wholly owned subsidiary of Sibanye Platinum Proprietary Limited, itself a wholly owned subsidiary of the Registrant (Figure 1). Rustenburg Eastern Operations Proprietary Limited has a 76.4% shareholding in Western Platinum Proprietary Limited (WPL) and Eastern Platinum Proprietary Limited (EPL). WPL and EPL are the mining rights holders. Rustenburg Eastern Operations Proprietary Limited has an additional 4.24% share in the operation through its 23.56% holding in Incwala Resources Proprietary Limited which holds an effective 18% share in the operation. Marikana operation includes shafts, processing facilities and associated infrastructure (the Material Assets) located in the North West and Gauteng Provinces, South Africa.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 Western Platinum Proprietary Limited, Eastern Platinum Proprietary Limited, and Incwala Resources Mineral Resources and Mineral Reserves report 80.64% attributable to the registrant (Figure 1). Figure 1: Ownership and Company Structure for Marikana 13 2.2 Compliance Mineral Resources and Mineral Reserves contained in this Technical Report Summary were compiled and reported following the United States Securities and Exchange Commission's (SEC's) Subpart 1300 of Regulation S-K. 2.3 Terms of Reference and Purpose of the Technical Report This Technical Report Summary for the Sibanye-Stillwater Marikana operation reports the Mineral Resources and Mineral Reserves estimates as at 31 December 2025. This report is the first update of the Technical Report Summary (TRS) filed by Sibanye-Stillwater on the Marikana operation on 22 April 2022, named Exhibit 96.2 Technical Report Summary of Marikana operation, which was effective 31 December 2021. The material change since the last filing is the addition of the Mineral Reserves of a new project (the E4 Mechanised UG2 project) on the eastern boundary of the property. This Technical Report Summary was compiled by in-house QPs for Mineral Resources and Mineral Reserves appointed by Sibanye-Stillwater. The QPs are registered with professional/regulatory bodies that have enforceable codes of conduct. The list of the QPs, their roles, qualifications, and sections which they have prepared is given in Table 8. 14 Table 8: Details of QPs Appointed by Sibanye-Stillwater Name Position Area of Responsibility Academic and Professional Qualifications Section Sign-off Hermanus Jacobus Keyser Vice President Mining Technical Services Qualified Person, Mineral Resources and Mineral Reserves – SA PGM Operations MEng Mining Engineering, GDE, NHD MRM, ND Survey SACNASP 400284/06 1-5, 7.8, 7.9,13,15, 16.1-16.3, 17.1- 17.3, 20-25 Leonard Changara Unit Manager Geology -Operations Qualified Person, Geology - SA PGM Operations MSc Geology; MBA SACNASP 400089/08 GSSA No 967490 5.2.1,6,7.1 to 7.7 Nicole Wansbury Unit Manager Geology Mineral Resources Qualified Person Mineral Resources – SA PGM Operations MSc Geology SACNASP 400060/11 FGSSA No 965108 1.4,8-11 Brian Smith Unit Manager Survey Qualified Person Mineral Reserves – SA PGM Operations MEng MRM SAGC GPr MS 0218 1.5, 12 Stephan Botes Unit Manager – Mineral Rights Mineral Title LLB, LLM, Postgraduate Certificate in Prospecting and Mining Law, Postgraduate Certificate in Company Law I, Postgraduate Certificate in Environmental Law and Sustainability II, Admitted Attorney of the High Court of RSA 1.7, 3.2,3.4 Phillip Ramphisa Environmental Manager (SA PGM) Natural Environment MSc, MBA SACNASP 400333/11 17.4 Peter Motlana Senior Vice President Processing Mineral Processing BSc Eng (Mineral Processing), MEng (Industrial) SAIMM, MMMA 14 Roderick Mugovhani Senior Vice President Finance Financial Evaluation B.Com Accounting, Post Graduate Diploma in Acc Education, MBA, Executive Management Programme, Certified Professional Accountant (SA) Management Development Programme (MDP) 1.6, 18, 19 SAIMM - Southern African Institute of Mining and Metallurgy SACNASP – South African Council for Natural Scientific Professions SAGC – South African Geomatics Council GSSA – Geological Society of South Africa SAATCA – South African Auditor and Training Certification Authority MMMA – Mine Metallurgical Managers Association 15 2.4 Sources of Information Sibanye-Stillwater (the Registrant) provided the majority of the technical information utilised for the preparation of this report. This information is contained in internal documents recording various technical studies undertaken in support of the current and planned operations, historical geological work, and production records from the Marikana operation and forecast economic parameters and assumptions documentation. Other supplementary information was sourced from the public domain, and these sources are acknowledged in the body of the report and listed in the References, Section 24. 2.5 Site Inspection by Qualified Persons The QPs for Mineral Resources and Mineral Reserves who authored this Technical Report Summary and the supporting Technical Experts/Specialists are all employees of Sibanye-Stillwater working at the Marikana operation or corporate offices. By virtue of their employment, the QPs, except Mr Botes visit the Marikana operation while carrying out their normal duties. Mr Botes does not visit the operations directly but visited the shared services office in Rustenburg during 2025. 2.6 Units, Currencies and Survey Coordinate System In the Republic of South Africa (RSA) metric units are used for all measurements and, therefore, the reporting of quantities is in metric units, unless otherwise stated. All the metal prices and costs are quoted in US Dollars (US$) or South Africa Rand (R). An exchange rate of 18.24R/US$ has been used in this document. The coordinate system employed for most of the surface and underground surveys and maps shown in this Technical Report Summary is based on the Gauss Conform Projection (UTM), Cape Datum, Transverse Mercator projection, Central Meridian 27 degrees (Y+ 0, X+ 3,100,000). This is the coordinate system used by the previous owners, Lonmin and data has not yet been converted to WGS84. Some regional-scale maps in this report may be referenced WGS84, Sibanye-Stillwater standard, or with Latitude and Longitude coordinates for ease of reading. Maps in WGS84 are annotated as such. Units of measurement used in this report are described in Table 9.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Table 9: Units Definitions Units Description 4Eoz Troy ounces of platinum, palladium, rhodium, and gold combined. cm Centimetre(s) g Gram(s), measure of mass g/cm3 Density - grammes per cubic centimetre g/t Grams per tonne ha Hectares = 100m x 100m kg Kilograms = 1,000grams, measure of mass km Kilometre(s) = 1,000 metres km2 Square kilometres, measure of area Koz Kilo ounces= 1,000 ounces (troy) kt Kilotonnes ktpm Kilotonnes per month lb Pound USA = measure of weight litre Metric unit of volume = 1,000cm3 m Metre(s) m2 Square metres m3/a Cubic metres per annum mamsl Elevation metres above mean seal level metre Metric unit of distance mm Millimetre(s) = metre/1,000 Moz Million ounces (troy), measure of weight Mt Million metric tonnes Mtpa Million tonnes per annum MVA Million volt-amps(watts) MW Megawatts oz Troy ounces = 31.1034768 grams ppb Parts per billion ppm Parts per million (grams/metric tonne) R South African rand sec Second t Metric tonne = 1,000 kilograms = 1.10231131 short tons tonnes Metric tonnes = 1,000 kilograms = 1.10231131 short tons US$ United states dollars wt% Weight percent Rm Million rand 17 2.7 Reliance on Information Provided by Other Experts The QPs for Mineral Resources and Mineral Reserves have sought input from in-house technical specialists on aspects of the modifying factors for the disciplines outside their expertise. Marikana is a large operation, and it is not possible for any one person to have the required expertise or knowledge to comment on all aspects of the operation. Marikana and Sibanye-Stillwater employ a large team of technical experts and specialist service providers. The QPs consider it reasonable to rely upon the information provided by these experts by virtue of their role in the company. The QP's take responsibility for the information in their respective sections listed in Table 8. A list of the in-house technical specialists and their areas of competency are summarised in Table 10. Table 10: Technical Experts/Specialists Supporting the QPs Name Position Area of Competency Academic Qualifications A Benson Manager: Human Resources Human Resources Management NDP Human Resources Management B Burger Manager Finance Financial Evaluation B.Com (Accounting and Information Science) R Craill Vice President: Engineering Infrastructure B. Eng Mechanical, Pr Eng R Cooper Vice President Tailings Engineering Tailings BSc Civil Engineering, GDE (Civil), Pr Eng S Durapraj Manager: Rock Engineering Rock Engineering B.A, MSc Mining Engineering, MSANIRE, AREC, COMRMC D Oosthuizen Unit Manager Survey Survey, Reporting and Historical Mining Factors Government Certificate of Competency Mine Survey (1926) - 2009 T Naude Unit Manager: Environment Rehabilitation and closure costs BA Geography and Environmental Studies J van Wyk Senior Manager: Health and Safety Safety Blasting certificate, Mine Overseers certificate, Advance Safety Management diploma Wits school of Mining H Olivier Manager: Asset Management Equipment B. Eng. Mechanical (Hons), GCC: Mines & Works (5999) K Pillay Executive Vice President: Sales and Marketing Metal sales and Marketing BSc Eng (Chem), MSc Eng (Chem), MBA T Phumo Executive Vice President (EVP): Stakeholder Relations (SA) Social and Labour BA Hons (Corp Comm), APR Diploma Project Management S Swanepoel Manager: Occupational Hygiene and Ventilation Occupational Hygiene, Ventilation BSc. (Hons), MSc, MEC, NDSM, SAIOH (0309) B Chaponda Manager Technical (Metallurgy) Concentrators MSc Chem Eng, BMin Sc, Pr Eng G Henry Senior Manager Technical (Smelting and Refining) Smelter and Refineries BSc Chem Eng 18 Name Position Area of Competency Academic Qualifications S Gouws Fluor- Project Manager- Mining and Metals E4 UG2 Mechanised Project NHD Metalliferous Mining, GCC: Mine Managers Certificate of Competency, PMP 3 Property Description 3.1 Location and Operation Overview The Marikana operation is located in the North West Province, southwest of the town of Brits, at latitude 25° 40' S and longitude 27° 34' E. The Marikana operation is approximately 110km northwest of Johannesburg (Figure 2). The total area of the property is 26,365 hectares. Figure 2: General Location of the Marikana operation as at 31 December 2025 19 The Marikana operation is surrounded by various mines, agricultural land, and towns. Sibanye-Stillwater owns the Rustenburg operation, which borders Marikana to the west and Impala Platinum Holding Ltd's, Afplats Leeuwkop Platinum mine project to the northeast. The Marikana operation currently has five operating shafts: K3, K4, Rowland, Saffy, and E3 which mine Merensky and UG2 reefs simultaneously via infrastructure consisting of shallow incline and deeper vertical shafts. The K3, K4, and Rowland vertical shafts target both the Merensky Reef and UG2 Reef horizons, while the E3 shallow decline and the Saffy vertical shaft target only the UG2 Reef. The vertical shaft complexes account for the largest portion of the Mineral Reserves. The PFS into the E4 project was completed, leading to the declaration of a maiden Mineral Reserve for the shallow, mechanised decline. Planned mining production is for 1.9Mtpa, yielding approximately 118Koz 4E PGMs per annum. The Mineral Reserves are mined using predominantly conventional, underground mining methods. The E3 shallow incline shaft extends to a depth of approximately 400m below surface; the K3, Rowland and Saffy vertical shafts extend to approximately 900m below surface, and the K4 vertical shaft to 1,130m. 42% (46.4Moz) of the total Mineral Resources are above shaft bottom infrastructure (AI), and 58% (64.0Moz) are below shaft bottom infrastructure (BI). The ore mined is processed through four of eight concentrators on site (two of which are on care and maintenance, and two are treating tailings material), with a combined ore milling capacity of approximately 600,000t per month. The concentrate is dispatched to the smelter where a sulphide-rich matte is produced for further processing at the base metal refinery (BMR). At the BMR, base metals (nickel and copper) are extracted and the resulting PGM-rich product is sent to the precious metal refinery (PMR) in Brakpan for final treatment. The PMR produces the final refined precious metal products. In addition to the underground operations, there are also two tailings retreatment operations: • Eastern tailings dam 2 (ETD2) is being mined with high-pressure water guns. The tailings are retreated at the bulk tailings treatment (BTT) plant • Tailings from the EPL concentrator, post the chromite recovery unit, are pumped to the ETTP plant, where a portion of the remaining PGMs are recovered 3.2 Mineral Title 3.2.1 Mining and Surface Rights The Mining and Prospecting rights referred to in this document are issued in terms of the Mineral and Petroleum Resources Development Act 28 of 2002 (MPRDA) in South Africa. Apart from the condition relating to section 2(d) and section 2(f) of the Act, the terms and conditions for the mining rights are standard conditions of the Act (see Key Standard Permit Conditions below for a partial list of conditions). There are no other special conditions attached to the Mining Rights. Mining and Prospecting Rights for the Marikana operation are held by Western Platinum Proprietary Limited (WPL) and Eastern Platinum Proprietary Limited (EPL), Table 11 and Figure 4.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 A list of surface rights within the Mining Rights is given in Table 12. The Marikana operation have sufficient rights and access to land to conduct operations. Eastern Tailings Storage Facility 2 is located within the area covered by the Mining Right held under DMPR reference number: NW30/5/1/2/2/109 MR on the farm Turffontein 462JQ and is currently being mined and re-processed at the BTT plant. WPL is also the holder of a Prospecting Right under DMPR reference number: NW30/5/1/1/2/13438 PR (Schaapkraal PR) which covers the western down-dip extension at Marikana. This PR expires on 27 November 2026. An application was submitted in October 2023 in terms of section 102 of the MPRDA for Ministerial consent to incorporate the Schaapkraal PR area into the Mining Right held by WPL under DMPR reference number: NW30/5/1/2/2/106 MR. The mentioned application in terms of section 102 is still pending at the DMPR. Figure 3: Plan Showing Combined Mining Rights and Prospecting Rights 21 Figure 4: Plan Showing Individual Mineral Rights Held by Marikana 22 Table 11: Summary of Mining Rights and Prospecting Rights held in respect of the Marikana operation Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines Western Platinum Proprietary Limited NW30/5/1/2/2/106MR 10,167.79 PGMs, Gold, Silver, Nickel, Copper, Cobalt, Chrome, Vanadium, Iron Ore, Sulphur, Selenium, Tellurium See the summary of permit conditions, Section 3.2.2. • General • EMP regulatory reporting requirements and • SLP regulatory reporting requirements 03-Sep-37 A Section 102 application was submitted in October 2023 for ministerial consent to incorporate the area covered by NW30/5/1/1/2/1343 8 PR into NW 106 MR. This application remains pending N/A None Western Platinum Proprietary Limited NW30/5/1/2/2/107MR 2,931.43 PGMS and Associated Metals 03-Sep-37 No specific requirements apart from standard reporting requirements N/A None Eastern Platinum Proprietary Limited NW30/5/1/2/2/109MR 3,817.71 PGMs & (Gold, Silver, Nickel, Copper, Cobalt, Chrome, Vanadium, Iron Ore, Sulphur, Selenium, Tellurium in the UG2 and Merensky Reefs) 03-Sep-37 No specific requirements apart from standard reporting requirements N/A None Eastern Platinum NW30/5/1/2/2/110MR 61.92 PGMs, Gold, Silver, Nickel, 03-Sep-37 No specific requirements apart N/A None 23 Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines Proprietary Limited Copper, Cobalt, Chrome, Vanadium, Iron Ore, Sulphur, Selenium, Tellurium from standard reporting requirements Eastern Platinum Proprietary Limited NW30/5/1/2/2/111MR 168.79 PGMs 03-Sep-37 No specific requirements apart from standard reporting requirements N/A None Western Platinum Proprietary Limited NW30/5/1/2/2/161MR 175.01 PGMs and Associated Metals and Minerals including (Gold, Silver, Nickel, Copper, Cobalt, Chrome 20-Dec-36 No specific requirements apart from standard reporting requirements N/A None Western Platinum Proprietary Limited NW30/5/1/2/2/190MR 34.31 PGMs and Associated Metals and Minerals including (Gold, Silver, Nickel, Copper, Cobalt, Chrome 20-Dec-36 No specific requirements apart from standard reporting requirements N/A None Western Platinum Proprietary Limited NW30/5/1/1/2/13438PR 4,174.14 PGMs, Chrome, Gold, Silver, Copper, Cobalt, Iron Ore, Sulphur, "The holder must commence with prospecting operations within 120 days from when the 27-Nov-26 The prospecting right was renewed and expires on 27 November 2026. An application for None

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines Vanadium and Nickel prospecting right is effective "Prospecting fees as contemplated in section 19(2)(f) of the Act are payable to the State by the Holder from the commencement of this right in accordance with Regulation 76 of the Regulations to the Act" "The terms of this right may not be amended or varied (including by extension of the area covered by it or by the addition of minerals or a share or shares or seams, mineralised bodies, or strata, which are not at the time the subject thereof) without the written consent of the Minister" ministerial consent was submitted in terms of S102 in October 2023 to amend the right held under NW30/5/1/2/2/106 MR to incorporate the area covered by this prospecting right into such right 25 Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines "Prospecting operations in the prospecting area must be conducted in accordance with the Prospecting Work Programme and the approved Environmental Management Plan and any amendment thereof" Eastern Platinum (Pty) Ltd NW30/5/1/2/2/292MR 4,622.48 PGMs, Gold, Silver, Copper, Cobalt, Chrome, and Nickel together with any such metals and minerals which may be extracted in the normal mining of the minerals in and on the properties See the summary of permit conditions, Section 3.2.2. • General • EMP regulatory reporting requirements and 22-Jan-44 No specific requirements apart from standard reporting requirements N/A None 26 Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines Eastern Platinum (Pty) Ltd NW30/5/1/2/2/433MR 211.62 PGMs, Gold, Silver, Copper, Cobalt, Chrome, and Nickel together with any such metals and minerals which may be extracted in the normal mining of the minerals in and on the properties • SLP regulatory reporting requirements 22-Jan-44 No specific requirements apart from standard reporting requirements N/A None 27 3.2.2 Key Standard Permit Conditions 3.2.2.1 Mining • Mining right renewal applications are to be submitted 60 working days prior to the date of expiry of the right • The holder of MR must continue with mining operations, failing which the right may be suspended or cancelled • The terms of the right may not be varied or amended without the consent of the Minister of Mineral and Petroleum Resources • The holder shall be entitled to abandon or relinquish the right, or the area covered by the right entirely or in part. Upon abandonment or relinquishment, the Holder must: - Furnish the Regional Manager with all prospecting and/or mining results and/or information, as well as the general evaluation of the geological, geophysical and drillhole data in respect of such abandoned area; and - Apply for a closure certificate in terms of section 43(3) of the MPRDA • The holder shall pay royalties to the State in accordance with section 25(2)g of the MPRDA throughout the duration of the mining right • Mining operations must be conducted in accordance with the Mining Work Programme (MWP) and any amendment to the MWP and an approved Environmental Management Plan (EMP) • The holder shall not trespass or enter into any homestead, house or its curtilage nor interfere with or prejudice the interests of the occupiers and/or owners of the surface of the Mining Area except to the extent to which such interference or prejudice is necessary for the purposes of enabling the Holder to properly exercise the Holder's rights under the mining right • The holder must dispose of all minerals derived from the exploitation of the mineral at competitive market prices which shall mean in all cases, non-discriminatory prices, or non-export parity prices • A mining right, a shareholding, an equity, an interest or participation in the right or joint venture, or a controlling interest in a company, close corporation or JV may not be encumbered, ceded, transferred, mortgaged, let, sublet, assigned, alienated or otherwise disposed of without the written consent of the Minister, except in the case of a change of controlling interest in listed companies • All drillholes, shafts, adits, excavations, and openings sunk or made by the holder during the currency of the mining right shall be sealed, closed, fenced, and made safe in accordance with the approved Environmental Management Programme and the Mine Health and Safety Act or any other applicable laws or Regulations • The holder of the mining right, while carrying out mining operations shall take all such necessary and reasonable steps to adequately safeguard and protect the environment, the mining area and any person/s using or entitled to use the surface of the mining area from any possible damage or injury • The Minister and/or any person duly authorised thereto in writing by the Minister shall be entitled to inspect the Mining Area, the holder's mining operations, and the execution of the approved Environmental Management Programme

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 • A mining right may be cancelled or suspended subject to S47 of the MPRDA if the holder: - Submits inaccurate, incorrect and/or misleading information in connection with any matter required to be submitted under this Act - fails to honour or carry out any agreement, arrangement or undertaking, including the undertaking made by the Holder in terms of the Broad-Based Socio-Economic Empowerment Charter and Social and Labour Plan - Breaches any material term and condition of the mining right - Conducts mining in contravention of the MPRDA - Contravenes the requirements of the approved Environmental Management Programme - Contravenes any provisions of this Act in any other manner • The holder shall submit monthly returns contemplated in S 28(2) of the MPRDA no later than the 15th of every month and maintain all such books, plans and records in regard to mining on the mining area as may be required by the Act • The holder shall, at the end of each year, following the commencement of this mining right, inform the Regional Manager in writing of any new developments and of the future mining activities planned in connection with the exploitation/mining of the minerals in the mining area • Provisions relating to section 2(d) and section 2(f) of the MPRDA, relating to the Broad-Based Socio- Economic Empowerment Charter, differ in each mining right • The Mining right does not exempt the holder from complying with the MHSA or any Act in South Africa • The holder must, annually, no later than three months before the financial year end, submit a detailed implementation plan to give effect to Regulation 46(e)(i), (ii) and (iii) in line with the Social and Labour Plan • The Holder must, annually, no later than three months after the finalisation of its audited annual report, submit a detailed report on the implementation of the previous year's SLP 3.2.2.2 Social And Labour Plans Compliance Requirements • New Social and Labour Plan to be submitted and reviewed every five years • Social and Labour Plan Implementation Plans are to be submitted annually • Social and Labour Plan Annual Report to be submitted annually 3.2.2.3 Environmental Management Compliance Requirements • Performance assessment relating to the Environmental Management Programme is to be conducted bi-annually • Performance assessment relating to Water Use License to be conducted annually • Performance assessment relating to Atmospheric Emission License to be conducted annually 29 Table 12: Surface Rights of the Marikana operation FARMS REGISTERED IN THE NAME OF WESTERN PLATINUM LIMITED Farm Name Portion Magisterial District No 342 JQ 17, 32, 43, 151, 209, 211, 253, 254, 255, 260, 261, 307 Rustenburg Elandsdrift 467 JQ RE\*2, RE\*20, RE\*21, 37, 38, RE\*39, 44, E\*51, 52, 53, 56, 57, 58, 59, 70, 71, 99, 100, RE\*137, RE\*222 Madibeng Hoedspruit 298 JQ 12, 13, 14, 16 Rustenburg Lonmin Tailings 943 JQ RE Rustenburg Middelkraal 466 JQ RE\*1, RE\*2, RE\*3, RE\*4, RE\*5, 7, 8, RE\*9, 10-20, RE\*21, RE\*22, RE\*23, RE\*24, 25, -36, RE\*37, 38, RE\*39, RE\*40, RE\*41, 43, 44, RE\*45, 46-50, RE\*51, 52, 53, 55, 56, RE\*58, 60, 62, 63, 68, 69, 70 Madibeng Rooikoppies 297 JQ RE\*1, RE\*2, RE\*5, 6, RE\*8, RE\*10, RE\*16, 22, RE\*24, RE\*28, 35, RE\*36, 37, 38, RE\*39, RE\*40, 41, 42, RE\*43, RE\*44, 48, RE\*54, RE\*55, RE\*57, RE\*58, 76, 77, 78, 97, 98, 99, 101, 102, 103, 104, 105, RE\*114, RE\*116, 118, RE\*121, 122, RE\*123, 124, 125, 134, 135, RE\*136, 138, 139, 141, 142, 143, 146, 147, Rustenburg Rooikoppies 297 JQ RE\*150, RE\*151, 152, 153, 154 - 171, RE\*173, 189, 194, 195, 198, 199, 200, 201, 202, RE\*203, RE\*204, RE\*205, RE\*206, RE\*207, RE\*213, RE\*216, RE \*217, RE\*218, RE\*219, RE\*220, 221, 222, RE\*223, 224, 225 - 228, RE\*229, 231, 232, Rustenburg Rooikoppies 297 JQ RE\*233, 243, 244, 247-252, RE\*276, 277-283, RE\*297, RE\*307, RE\*308, RE\*314, RE\*316, RE\*318, RE\*320, RE\*322, RE\*328, RE\*329, RE\*332, RE\*333, 399, RE\*415 Rustenburg Zwartkoppies 296 JQ 1, 4, 9, 10, 13-18, RE\*19, 20, 24-27, RE\*32, 33, 34, 39, 40, 45, RE\*47, 49, 55, 58, 62, 64, 68, 69, 73, 81, 90, 91, 92, 102, RE\*106, 114, 115, RE\*116 Rustenburg Schaapkraal 292 JQ 21 Rustenburg FARMS REGISTERED IN THE NAME OF EASTERN PLATINUM LIMITED Farm Name Portion Magisterial District Hartebeespoort B 410 JQ 916, 920, 921, 1061, 1062, 1066, 1072, 1073, 1074, 1075, 1076, 1077 Madibeng Uitvalgrond 416 JQ RE\*17, RE\*18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28 Madibeng FARMS AND PORTIONS ON LEASE FROM BAPO BA MOGALE TRADITIONAL COMMUNITY Farm Name Portion Magisterial District Turffontein 462 JQ 3, RE Madibeng 460 JQ 1 Madibeng Karee Poort 407 JQ 6 Madibeng Modderspruit 461JQ 2 Madibeng Boschfontein 458 JQ 5 Madibeng Wonderkop 400 JQ 1, 2 Madibeng 3.3 Royalties Marikana operation is not a royalty company nor receives royalties from any other operation. Royalties paid by Marikana are discussed in Sections 18-19. 30 3.4 Legal Proceedings and Significant Encumbrances to the Property The QPs have been advised by Sibanye-Stillwater that there are no material legal proceedings in relation to the Marikana operation. It should, however, be noted that Sibanye-Stillwater may be involved in various non-material legal matters such as employment claims, third-party subpoenas, and collection matters on an ongoing basis, which are not material to the Mineral Resources and Mineral Reserves reported in this TRS. From the documentation reviewed and input by the relevant technical specialists and experts, the QPs could not identify any significant encumbrances or any other significant factors or risks with regard to the mineral title, permitting, access, surface ownership, environmental and community factors that would prevent the mining or the ability to perform work on the Marikana operation, and the declaration and disclosure of the Mineral Resources and Mineral Reserves. All mineral titles in relation to the Marikana operation are in good standing. 4 Accessibility, Climate, Local Resources, Infrastructure and Physiography 4.1 Topography, Elevation and Vegetation The Madibeng Local Municipality, within which the Marikana operation are situated, is characterised by undulating terrain, varying between 1,050 metres above mean sea level (mamsl) and 1,180 mamsl. The topography to the north, west and east of Marikana operation is dominated by well-established non-perennial watercourses. The mine area is relatively flat with sporadic hillocks and rocky outcrops. Situated to the south is the Magaliesburg mountain range and to the east are several small hills. The general topography and land use can is shown in Section 15 and 17.4. The important drainage channels in the Marikana operation area include the Sterkstroom River bisecting the western section of the operation and the Maretlwana River on the eastern portion of the operation. The natural vegetation present in the area is relatively heterogeneous, consisting of a mosaic of open grassland, old fallow lands, scrub-thornveld, mesophyllous woodland and drainage-line thickets and small hills. The majority of the area, occurring on black clay soils, is open grassland with occasional small trees and denser treed zones where surface rock is present and more frost- and fire cover is provided to seedlings. The areas located on the sandier red soils are made up of mixed savanna, with both microphyllous (fine-leaved) and mesophyllous (broad-leaved) vegetation present. Most of the area surrounding Marikana has been and is to a certain extent still used for agriculture purposes, in particular the growing of sunflowers and tobacco crops. With the growth in the mining sector due to extensive platinum and chromium deposits in the region, agriculture is on the decline. Urban development has taken place mainly in the town of Rustenburg, but informal settlements also exist, including on the Marikana operation. 4.2 Access, Towns and Regional Infrastructure The Marikana operation is situated between the city of Rustenburg and the town of Brits. The site is accessed via multiple networks of asphalt tarred roads. The operation is accessed via the N4 highway 31 into Rustenburg and Brits from Pretoria. A railway line runs through the town of Marikana. Major international airports, including OR Tambo and Lanseria international airports, are located in the Gauteng Province, a few hours' drive from the operation. Most services needed are found in the surrounding towns and cities. 4.3 Climate Rainfall occurs throughout the year, but predominantly between November and March, mainly as thunderstorms. Annual rainfall averages approximately 650mm. The wettest month is January, with an average monthly total rainfall of 132mm. The driest month is July, with an average monthly total rainfall of approximately 2mm. Mean monthly air temperatures range from 11.8°C in June/July to 23.8°C in January. Average daily maxima range from 20.4°C(July) to 30.3°C (January), and minima from 2.8°C (July) to 17.2°C (December). Winds are mainly light to moderate and blow from the north-easterly sector, except for short periods during thunderstorms or weather changes when they have a southerly component. The lightning ground flash density in the area is a moderate risk to surface infrastructure with between 5 to 7 strikes/km2/year (on a scale of 0 to 19). No severe climatic effects influence mining activities and the mining and ore processing operations at the Marikana operation proceed year-round. 4.4 Infrastructure and Bulk Service Supplies The Marikana has been operating since 1987 and some of the surrounding mines have been operational since the 1950's. The regional and onsite infrastructure for mining and ore processing is well established. There is a good supply chain for all required consumables and equipment in or near the mine site. The Marikana operation, through Sibanye-Stillwater, is well connected to the international supply markets for any materials and equipment not available locally. The Marikana operation are supplied with bulk electricity from the regional grid, which is owned and operated by the state-owned company, Eskom. Details for power are supplied in Section 15.3 and for water supplies see Section 17.4.6. 4.5 Personnel Sources Marikana operation has specific policies, procedures, and practices in place, which address, on an integrated basis, its human resource requirements (Table 13). Recruitment requirements are predominantly informed by the operational requirements for specific skills, by the extent of labour turnover levels and by relevant legislation. Additional information on Personal The economic climate, cost infrastructure and the Mineral Reserves profile also influence the organisational structures and required labour complement. Requirements are given in Section 17.2 and 17.3.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 Table 13: Number of Employees 2021 2022 2023\* 2024 2025 No. of Employees 17,963 18,783 18,514 16,312 16,515 \*Permanent employees only Many of the Marikana operation's employees live in Rustenburg and neighbouring towns but labour is sourced from different areas of South Africa and beyond. Although preference is given to manpower from local communities within the Northwest Province in support of local economic development, the majority (68%) originates from outside the North West province. Table 14 provides a breakdown of the origin of employees as per province, including beyond the borders of South Africa. Table 14: Origin of Employees Province Number of Permanent Employees Number of Contractors Percentage Eastern Cape 5,733 533 32% Free State 654 97 4% Gauteng 1,074 289 7% Kwazulu-Natal 476 50 3% Limpopo 810 233 5% Mpumalanga 529 153 3% North West 4,913 1,396 32% Northern Cape 169 16 1% Western Cape 16 5 0% Non-South Africans 2,141 313 13% Total 16,515 3,085 100% 33 5 History 5.1 Ownership History Marikana operation was started in 1987 by Lonrho Plc/Lonmin Plc until the acquisition of Lonmin by Sibanye-Stillwater in 2019. The historical development of the Marikana operation is summarised in Table 15. Table 15: Historical Development Company/Ownership/ Operator Date Activity Lonrho Plc 1909 London and Rhodesian Mining and Land Company founded Lonrho Plc 1987 The sinking of the Rowland Shaft commences Lonrho Plc 1989 Karee Mine Shafts operational Lonrho Plc 1991 The first production delivered by Rowland and steady-state achieved in 1999 Lonrho Plc 1998 Lonrho Plc splits and Lonrho Africa plc is formed Lonmin Plc 1999 Lonrho Plc is renamed Lonmin Plc. The focus is on mining Lonmin Plc 2000 Lonmin Plc sells off all non-PGM assets and becomes a primary PGM producer Lonmin Plc 2001 Eastern declines are sunk and the Saffy shaft is commissioned. Lonmin enters into a JV with Anglo American Platinum for the Pandora property Lonmin Plc 2003 Hossy Shaft is commissioned Lonmin Plc 2005 Lonmin acquires the Limpopo Mine (formerly Messina) from Southern Platinum Lonmin Plc 2006 K4 Shaft is commissioned Lonmin Plc 2007 Lonmin acquires 94% of Afriore for a stake in the Akanani PGM project on the Northern Limb of the Bushveld Complex Lonmin Plc 2009 Lonmin's Limpopo Mine is put on Care and Maintenance Lonmin Plc 2011 K3 Shaft decline is sunk Lonmin Plc 2012 K4 Shaft is placed on Care and Maintenance. Major labour strike affected mine and reduced production Lonmin Plc 2016 Saffy shaft produces at full capacity Lonmin Plc 2017 Newman and E2 Shafts are put on Care and Maintenance Lonmin Plc 2018 Lonmin acquires 100% of the Pandora project from Anglo American Platinum Lonmin Plc 2019 Hossy, E1 and W1 Shafts are put on Care and Maintenance. UG2 open pit operations are ceased Sibanye-Stillwater 2019 Acquisition of Lonmin Plc by Sibanye-Stillwater in June 2019 Sibanye-Stillwater 2020 The Covid-19 Pandemic and the associated national lockdown affected all production from April to the middle May at which point a gradual build-up in production was initiated with a slow return of employees continuing right up to December 2020 Sibanye-Stillwater 2021 K4 shaft reopened and development begins Sibanye-Stillwater 2022 Mining operation is progressing at K4. E3 Deepening study being advanced Sibanye-Stillwater 2023 Mining operations progressing at K4, K3, 4B, Rowland, Saffy & E3 34 Company/Ownership/ Operator Date Activity Sibanye-Stillwater 2024 Mining operations progressing at K4, K3, Rowland, Saffy & E3. 4B Shaft is put on Care and Maintenance Sibanye-Stillwater 2025 Mining operations progressing at K4, K3, Rowland, Saffy & E3 5.2 Previous Exploration and Mine Development 5.2.1 Previous Exploration The discovery and development of the Merensky Reef in Rustenburg can be traced back to 1925. Exploration by Lonrho Plc began at the Marikana operation in the mid-1960s and during the past 51 years, several companies have conducted exploration campaigns across the lease area. Extensive mining, trenching, surface diamond drilling, underground diamond drilling, 3D seismic surveys, and complete airborne magnetic surveys have aided in establishing the geological characteristics of the UG2 and Merensky Reefs at the Marikana operation. Over 2,000 surface diamond drillholes (Table 16) have been collared and drilled in prior years and annual surface exploration diamond drilling campaigns are on-going to improve confidence and extend the area of the Mineral Resource. Drilling history is shown in Table 16. Drilling is for surface holes only. Numbers of intersections is approximate for historical holes as the database may not be complete. Table 16: Marikana Surface Drilling Campaigns Year Total No. of Holes Total Metres Merensky Intersections UG2 Intersections(approx.) <2000 567 206,990 773 676 2000-2005 767 158,700 342 997 2005-2010 341 111,764 463 391 2010-2015 341 175,443 860 801 2015-2020 101 34,598 792 938 2020-2021 0 0 0 0 2021-2022 11 4,308 5 5 2022-2023 19 11,033 39 34 2024-2025 31 12,744 41 75 Totals 2,172 715,580 3,245 2,932 5.2.1.1 Aeromagnetic Surveys Several aeromagnetic surveys have been conducted over the Marikana operation. In 1994, an aeromagnetic survey was conducted by "Geodass" over the greater part of the Marikana operation. The flight line spacing and flight line trend used for this survey was 50m at 000º respectively, whereas the 35 tie line spacing was 250m and the tie line trend was 090º. Horizontal magnetic gradient, radiometric and positional data were recorded. The detail of this survey has been used to define the location of near- surface Iron-rich replacement pegmatoids (IRUP) occurrences in the 4B, K3 and Rowland Shaft blocks, and similarly used to infer the absence of this alteration replacement type material in other areas. It has also assisted with delineating other magnetic stratigraphic units (such as the Main Mottled Anorthosite) above the Merensky Reef which shows the approximate strike over the area). The aeromagnetic survey images (Figure 5) have also proved valuable in identifying and projecting intrusive dykes, as well as defining the well-known major fault structures such as the Marikana and Elandsdrift Faults. In 2011, the area towards the north covering the Schaapkraal prospecting permit was surveyed. Figure 5: Aeromagnetic Image Over Marikana operation 5.2.1.2 3D Seismics Seismic surveys covering 1,850ha have been conducted over parts of the K4 and K3 Sub-incline shaft blocks; 5,846ha over the MK2-Saffy Shaft blocks and 5,765ha over K4 and deeper areas to the north (Figure 6). These surveys were carried out in 2000, 2009 and 2011, respectively. Post-processing of the data included impulse reflector picking and preparation of time-bar-coded and depth contour plans. These contours formed the basis for the structural interpretation. The processed information was further used to interpret the location and size of potholes for both reefs in the K4 Shaft block. No verification of the pothole accuracy has been reported. However, the resolution of the vertical depth can be expected to be within 10m. The delineation of the major fault and dykes structures interpreted from the seismic survey has been partially utilised. At MK2-MK3-Saffy-K5 (K5 is a potential future deep shaft position), seismic information has been used in delineating structural domains.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 Reprocessing of the K4 seismic data and integration with the K5 seismic data was completed in 2013 and is available for future structure updates. Figure 6: Areas Covered by 3D Seismic Surveys (shown in green polygons) Relative to the Marikana- Schaapkraal-areas 37 5.2.2 Previous Development Production commenced at Marikana in 1989, following the completion of the shaft sinking. The history of other shafts is listed in Table 15. Table 17 contains the details of the historical production and financial parameters in calendar years 2021 to 2025. Table 17: Historical Production and Financial Parameters Item Location Unit Years 2021 2022 2023 2024 2025 Main development Advanced (km) 79.7 77.7 83.2 64.4 67.0 Area mined ('000m2) 1,187 1,072 1,045 895 1,032 Tonnes milled Underground ('000t) 6,802 6,135 6,253 5,417 6,101 Surface ('000t) 3,869 6,196 6,109 6,522 5,607 Total ('000t) 10,671 12,331 12,362 11,940 11,708 Grade-Yield (RoM Grade\*Rec) Underground (g/t) 3.9 3.7 3.6 3.8 3.7 Surface (g/t) 0.9 0.9 0.9 0.9 1.0 Combined (g/t) 2.4 2.3 2.3 2.2 2.4 4E produced @100% Underground (Moz) 0.7 0.6 0.6 0.5 0.6 Surface (Moz) 0.03 0.03 0.05 0.06 0.05 Total (Moz) 0.8 0.6 0.7 0.6 0.6 Operating Costs Underground (R/t) 2,464 2,604 2,941 3,108 3,262 Surface Marikana does not track this cost Total (R/t) 1,571 1,642 1,862 1,857 2,114 Operating Costs (US$/4/2Eoz) 1,372 1,364 1,320 1,343 1,533 (R/4/2Eoz) 20,289 22,332 24,313 24,596 27,417 All in cost(7) (US$/4Eoz) 1,347 1,349 1,309 1,307 1,434 (R/4Eoz) 19,925 22,076 24,096 23,937 25,641 Capital Expenditure (Rm) 2,254 3,432 3,872 3,571 3,568 1. Tonnes are from operations, reported at the shaft head 2. Ounces and kilograms are based on 4E PGM 3. Yield is in 4E PGM 4. The reason for the all-in-costs being lower than the operating cost is that for the all-in-cost the by-product credits (Revenue for Ir, Ru, Ni, Cu, Co, and chromite) are used as an All-in-cost off-set, and these credits are normally higher than the ongoing capital and allocated sundries added on top of the operating cost to calculate ASIC 38 6 Geological Setting, Mineralisation and Deposit This section contains descriptions of the regional geology of the BC, descriptions of similar deposits in other locations and a brief outline of the major components of the property geology. 6.1 Regional Geology The majority of the world's PGM resources are located in Southern Africa, which accounts for over 80% of global PGM resources. Most of these are contained in the Bushveld Complex (BC). The BC (Figure 7) is approximately 2,060 million years old. Its mafic to ultramafic rock sequence, the Rustenburg Layered Suite (RLS), is the world's largest known mafic layered intrusion. In addition to PGMs, extensive deposits of iron, tin, chromium, titanium, vanadium, copper, nickel, and cobalt also occur within different layers of the RLS/BC. The BC extends approximately 450km east to west and approximately 250km north to south. It underlies an area of some 67,000km2, spanning parts of Limpopo, North West, Gauteng, and Mpumalanga Provinces in South Africa. The RLS, which was derived from the differential crystallisation of multiple magma injections, occurs geographically as five discrete compartments termed "limbs," three of which are being exploited for PGMs. These are the Western, Eastern, and Northern Limbs. The Marikana operation is located on the Western Limb (Figure 8). The RLS comprises rocks ranging from dunite and pyroxenite through norite, gabbro and anorthosite to magnetite- and apatite-rich diorite. The RLS is subdivided in terms of a mineralogically based zonal stratigraphy into five principal zones. 39 Figure 7: Geology of the Bushveld Complex

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 Figure 8: Geology of the Western Limb of the Bushveld Complex, South Africa From the bottom of the sequence to the top (Figure 9), these zones are the 1) Marginal Zone, 2) ultramafic-rich Lower Zone, 3) mafic-rich Critical Zone which hosts multiple chromitite and PGM layers, 4) a mafic-rich Main Zone consisting mostly of gabbro-norites and norites, 5) and the final Upper Zone derived from the crystallisation of iron-rich residual fluids. The RLS varies in vertical thickness, reaching up to 8km in places with some individual layers traceable for over 150km. However, the PGM-bearing reefs varies between 0.3m to 15m thick, although much greater thicknesses are recorded in the Platreef of the Northern Limb. In the Eastern and Western Limbs, the Critical Zone contains the two principal PGM-bearing reefs: the Merensky Reef and the UG2 Reef. Mineral Resources and Mineral Reserves are reported for both the Merensky and UG2 Reefs which are the primary PGM and base metal sources mined at the operations. 41 Figure 9: General Stratigraphic Column of the Rustenburg Layered Suite 6.2 Deposit Types PGM reef-type deposits are predominantly magmatic Ni-Cu-PGM systems hosted by large layered mafic-ultramafic intrusions. In these deposits, platinum group metals are the principal economic products, while nickel, copper, cobalt and chromium are commonly by-products. They generally contain low sulphide contents and occur as laterally persistent stratiform horizons or "reefs" that can be traced once intersected. Their formation is linked to mantle-derived magma that intrudes the crust, undergoes contamination and cooling, and reaches sulphur saturation, allowing immiscible sulphide liquids to concentrate Ni, Cu and PGMs within mafic to ultramafic host rocks. The Bushveld Complex, the Stillwater Complex, the Great Dyke are classic examples of layered intrusion- hosted PGM mineralisation. The Bushveld Complex remains the most significant global example, with the Merensky and UG2 Reefs in the Critical Zone hosting the world's largest platinum and chromite resources. At Stillwater, the economically important J-M Reef occurs in the Lower Banded Series as a relatively continuous olivine-rich horizon that extends for about 36km and averages roughly 2m in thickness. In Zimbabwe's Great Dyke, economic mineralisation is concentrated mainly in the Main Sulphide Zone, with the Lower Sulphide Zone representing a thicker but lower-grade unit. 42 Norilsk and Sudbury illustrate important variations on the broader Ni-Cu-PGM theme. In the Norilsk Province, mineralisation is associated with layered ultramafic intrusions emplaced within a large volcanic sequence, but the ores are more variable than the reef-style deposits, ranging from massive to disseminated sulphides. The massive sulphide bodies are the most economic and are notable for high nickel content and strong palladium enrichment. Sudbury is distinct because it is impact-related rather than a conventional layered intrusion; mineralisation occurs in contact zones, footwall breccias and radial dykes around the impact structure, and mining is directed primarily at nickel and copper with PGMs recovered as by-products. Taken together, these deposits demonstrate that Ni-Cu-PGM mineralisation is overwhelmingly associated with mafic-ultramafic magmatism, although the geometry, continuity, grade distribution and economic drivers differ between districts. The Bushveld, Stillwater, and the Great Dyke are dominated by stratiform reef-style mineralisation with relatively predictable continuity, whereas Norilsk and Sudbury contain more variable ore morphologies and stronger base-metal characteristics. This comparison provides a concise framework for understanding the principal geological controls on the world's major Ni-Cu-PGM deposit types. 6.3 Local and Property Geology 6.3.1 Stratigraphy The recognised stratigraphy underlying the Marikana operation comprises the Main and Critical Zones of the RLS. The stratigraphy of the RLS as formalised by the South African Committee for Stratigraphy (SACS, 1980) is used in this report. The Main Zone predominantly comprises gabbro–norite and norite rock types, whereas, in the Upper Critical Zone, pyroxenite, norite, anorthosite, and chromitite lithologies are found. The Upper Critical Zone stratigraphy of the RLS, which contains the units of economic interest, the Merensky and UG2 Reefs, comprises well-developed cyclic units divided into six sub-units as follows (Figure 10): • Bastard Pyroxenite • Merensky Reef • Merensky Footwall • UG2 Hangingwall • UG2 Chromitite Layer/Reef • UG1 Chromitite Layer Section 6.3.3, Figure 14 shows the dip cross-section through the reefs. In the Marikana operation, there are local variations in the thicknesses of individual stratigraphic units. The Giant Poikilitic Anorthosite (GPA) generally defines the start of the Critical Zone, which normally occurs 5m to 10m above Bastard Pyroxenite and approximately 20m to 25m above Merensky Reef. The GPA is normally about 7m to 10m in thickness. 43 Figure 10: General Stratigraphic Column of the Local Geological Succession After Smith et al. 2004 6.3.2 The Mineralised Horizons 6.3.2.1 Merensky Reef The Merensky Reef varies in thickness and PGM mineralisation along dip and along strike across the Marikana operation. The pyroxenite thickens from ±0.3m in the west to greater than 15m in the east of the operation. The bottom contact of the Merensky Pyroxenite is defined by a laterally consistent and well-developed 5mm to 10mm thick chromitite layer (Lower Chromitite), which is almost always underlain by a 1cm to 3cm thick anorthosite layer. The lower contact of the Merensky Pyroxenite with the underlying anorthosite is sharp and dimpled (Farquhar, 1981) and cross-cutting the layering in the footwall where present. The top contact of the Merensky Pyroxenite may be sharp but is most often gradational over 10cm to 20cm into the overlying spotted anorthosite. A 1mm to 2mm thick chromitite layer (Upper Chromitite) is often developed 50cm to 100cm below the top contact and often has a few centimetres of pegmatoidal development immediately above and below it. In some areas, up to three chromitite layers can be present in this pegmatoidal zone.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 A coarse-grained feldspathic pegmatoidal pyroxenite (Merensky Pegmatite) underlies the Merensky Pyroxenite towards the west of the operations. The bottom contact of this unit is also defined by a 1mm to 10mm thick chromitite layer (Basal Chromitite). Different facies of the Merensky Reef at the Marikana operation are locally distinguished, based on the lithology and morphology of the reef as well as the number and position of the chromitite layers associated with the pyroxenite (Figure 11). A map of the spatial distribution is found in Section 11.1.2, Figure 23. Figure 11: Typical PGM Grade Distribution of Different Merensky Reef Facies Types at Marikana Brakspruit Facies The Brakspruit facies is characterised by a ~80cm thick medium- to coarse-grained pyroxenite overlying a very coarse-grained pegmatoidal pyroxenite which varies in thickness. Two chromitite layers can be distinguished. One occurs at the bottom of the pyroxenite (Lower Chromitite) and the second at the bottom of the pegmatoidal pyroxenite (Basal Chromitite). Basic stoping parameters include the pyroxenite and pegmatoidal pyroxenite +10cm of the footwall. The Rustenburg Facies The Rustenburg facies is characterised by the presence of three chromitite layers, with a Merensky pegmatoidal pyroxenite occurring between the bottom two chromitite layers. The required stoping parameter for this facie is >1m. Basic stoping parameters include 20cm above the top chromitite and 10cm below the basal pegmatite chromitite layer. 45 Thin Reef Facies The pyroxenite of the thin facies is generally less than 80cm thick, with a chromitite layer at the bottom contact of the pyroxenite. The economically mineable zone is concentrated around the lower contact of the pyroxenite but can extend to the underlying anorthosite. Basic stoping parameters include the pyroxenite, the lower chromitite layer and additional footwall material to make up the minimum mining width. The Marikana Facies The Marikana facies is defined by the presence of two chromitite layers normally less than 2m apart. The pyroxenite varies between 1m to 2m thick and the upper chromitite layer occurs 20cm to 50cm below the top contact. Basic stoping parameters include 20cm above the upper chromitite layer to 10cm below the lower chromitite layer. The Westplats Facies In the Westplats facies the pyroxenite varies between 2m to 10m. The economically mineable zone consists of the upper 0.8m to 1.2m. Pegmatoidal pyroxenite can be present below the pyroxenite. There are two chromitites layers visible. Basic stoping parameters include 30cm above the upper chromitite layer to 80cm below the upper chromitite layer. The Eastplats Facies The Eastplats facies occurs to the east of the Elandsdrift fault zone and is characterised by a 10m to 16m thick pyroxenite layer with a chromitite layer at the bottom contact and no upper chromitite layer. Disseminated chromitite or small, discontinuous chromitite layers might be present near the top contact but are not well developed. There is no pegmatoidal pyroxenite present at the base of the pyroxenite, but a thin pegmatoidal pyroxenite is often preserved near the gradational top contact. Mineralisation occurs mainly in the upper 1m to 2m of the Merensky Pyroxenite. A lesser peak may occur at the Merensky Reef basal contact, associated with the lower chromitite layer, and some sporadic mineralisation may be found in various positions in the Merensky Pyroxenite away from either the more consistent top or bottom mineralised zones. The Eastplats facies is not mined underground, but the top 1.2m to 1.4m was previously extracted by open pit-cast mining. 6.3.2.2 UG2 Reef The UG2 Reef is a chromitite seam, which varies in thickness from 0.7m to 1.3m across the Marikana operation (Figure 12). The top contact is sharp, planar, and laterally very consistent, while the bottom contact is undulating. The basic mining parameter of the UG2 chromitite seam is to select the composite between the top and bottom contact of the main chromitite seam, with 10cm of footwall material. 46 Figure 12: Typical PGM Grade Distribution of Different UG2 Facies Types At the Marikana eastern shafts, Saffy and E3, thin pyroxenite lenses are often present in the upper part of the UG2 chromitite seam. The lenses can be laterally consistent for tens of metres. Occasional anorthosite or mottled anorthosite partings are less common, are normally thicker than the pyroxenite lenses and often associated with potholes. On the western shafts at Marikana, a continuous layer of pyroxenite separates the UG2 into two layers. This is referred to as "Split Reef." The internal pyroxenite is 30cm to 70cm thick on the Western side of the K3 Shaft but thickens to the west and north and will have a significant influence on mining in the K4 Shaft area. The grade of the UG2 Split Reef is negatively affected due to dilution caused by the internal pyroxenite. The immediate hanging wall to the UG2, hangingwall 1B(HW1B), is a pyroxenite package varying in thickness from 0m in the west to 18m at EPL. The grain size of the HW1B pyroxenite is generally finer than that of the overlying HW1A pyroxenite. Large oikocrysts of pyroxene are typical and characteristic of the HW1B unit. The pyroxenite unit contains several chromitite layers locally known as the UG2A Chromitite Markers. Geologically, these chromitite layers are considered to be analogous to the "Triplets" described in other areas. The UG2A unit consists mostly of two prominent chromitite layers (a few centimetres thick) which, together with the pyroxenite in-between have a thickness ranging from 10cm to 30cm. HW1B may also contain several thin chromitite layers or disseminated chromite. 47 The contacts of the chromitite layers are planes of low cohesion and hence natural parting planes can occur where they are exposed in or close to mine workings which pose a safety risk. This is briefly addressed in the geotechnical Section 7.9 and Section 13.3. The UG2A and HW1B layers combined (top of UG2 to top of UG2A) are referred to as the UG2 beam. The thickness of the beam increases from west to east (as the thickness of HW1B increases) and is important because the Rock Engineering support standards are designed to accommodate the beam thickness at the specific shaft or shaft area. (Additional information is provided in Section 13.3). Based on sampling (underground and surface exploration) and assay data, two main UG2 Reef facies occur at the Marikana operation. They are referred to as the Normal and Split Reef facies. Split Reef Facies The Split Reef facies occurs on the western border of the Marikana operation and make up a much smaller area as opposed to the Normal Reef facies which occur over a much larger footprint of the Marikana operation. The Split Reef facies is characterised by the massive chromitite, which is separated by a feldspathic pyroxenite parting into a lower (UG2 Main Seam) and Upper chromitite unit (Leader Seam). The internal waste parting has an average thickness of 30cm. Grades, thicknesses, and densities of each of the three stratigraphic units of the Split Reef have been estimated separately into the resource block models. A nominal 4E grade of 0.01 g/t was assigned to the internal waste parting. Thickness (length) and density- weighted 4E grades as well as density-weighted thicknesses are applied to the units to make-up the in- situ Mineral Resource cut at a block model level. A sub-geozone of the Split Reef facies has been demarcated where the internal waste parting is more than 25cm thick. It is referred to as the Undercut Reef geozone. In this area the pyroxenite parting and Leader Seam of the hangingwall stratigraphy will be undercut and only the Main Seam chromitite will be mined. Normal Reef Geozone Stratigraphically, the Normal Reef geozone can be described where the Leader and the Main Seam. Merge. As a result, no internal waste parting exists for the Normal Reef geozone. For Mineral Resource estimation purposes, the Normal Reef geozone is divided into sub-geozones which related to grade and thicknesses of the chromitite and further based on either combining of underground sampling and surface exploration sampling during the estimation process or not due to data support differences. 6.3.3 Structure The UG2 Reef underlies the Merensky Reef by 130m to 230m with the middling increasing from west to east. Both reefs outcrop for a distance of 27km along strike within the Marikana operation area. The regional dip varies between 10 and 13 degrees with a general dip direction of north-northeast (Figure 13 and Figure 14) which also show the main linear geological structures in this area. Localised geological discontinuities associated with the Merensky and UG2 Reefs include potholes, faults, joints, shears zones, dykes, and IRUP. The Merensky Reef is also disrupted by the occurrence of a

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 very fine-grained pyroxenite, locally referred to as "Brown Sugar Norite." Geotechnical risks associated with these features are described in Section 13.3. Figure 13: Structure Map of Marikana 49 Figure 14: Section of Marikana S-N 6.3.3.1 Faults Marikana operation is transected by major faults and dykes trending in NW-SE and NE-SW directions which have a strong influence in compartmentalising the mining area into districts. At least nine major fault zones have been identified at the Marikana operation. These have been defined as fault zones that have measured displacements ranging from 20m to 120 m. It is expected that no mining will be possible in these fault zones and they are characterised as geological loss zones. The large fault zones from west to east include the Spruitfontein, Marikana, Elandsdrift, and Harties West faults (Figure 41). The Spruitfontein fault is related to an anticlinal fold structure present in the Transvaal basement rocks. The regional strike change on the western side of Marikana is related to this basement high. Other faults include Saffy East, Turffontein West and Turffontein East faults. The Spruitfontein fault strikes north-northwest and is situated close to the western boundary of Marikana, where it is exposed in mine workings at the K3 and 4Belt Shafts. The displacement of the Reefs along the fault is 4m but has an inconsistent direction. The Marikana fault acts as a natural shaft block boundary between the K3 shaft and the Rowland shaft. This north-northwest striking, sub-vertical dipping fault has an estimated displacement of approximately 10m to 20m to the east. The north-northwest striking, sub-vertical to vertical dipping Elandsdrift fault divides the Marikana operation into east and west compartments. It has an estimated displacement of approximately 100m to 120m to the east in the shallower part of the operations, but displacements decrease down dip. The Elandsdrift fault is interpreted to split into an east and west fault where each of these splays was found to exist as small graben-type faults as revealed from the 3D seismic information. 50 Towards the eastern part of Marikana operation, there are a series of faults including Saffy East, Saffy West, and Turffontein faults, which have reef displacements of 10m to 20m, whereas the Harties West fault has a large displacement of 60m. To the extreme east, the Roodekopjes fault forms the western limit of the Brits Graben and has a displacement greater than 500m. This fault forms the practical mining limit towards the east of the E4 project area. 6.3.3.2 Dykes Dykes have been interpreted across the Marikana operation from the airborne aeromagnetic survey information and underground intersections. Faulting and water accumulations associated with these dykes can be problematic to mining development and extraction. Often dykes can be bounded by major weathering zones resulting in poor ground conditions in general. In the K4 shaft project area to the west of the operations, a regional west-northwest trending dyke interpreted from the aeromagnetic survey intersects the area to the north-east (K4D1). The dip of this dyke is assumed to be sub-vertical to vertical. The K4D1 dyke extends into the Hossy, Newman and MK2 shaft blocks and has been interpreted from the aeromagnetic and 3D seismic surveys and is referred to as the HD1. The dip of this west-northwest trending dyke is sub-vertical to vertical, between 70 to 80 degrees with a dip direction towards the north-east. The occurrence of a dyke swarm (ED1 to ED10) to the east of the operations has been interpreted from the aeromagnetic and 3D seismic surveys. These north-northwest trending dykes dip between 70 to 80 degrees to the west. 6.3.3.3 Potholes The term Pothole is applied to features that affect the Merensky and the UG2 Reef and refers to the downward transgression of the reef through single or multiple underlying footwall layers, only to stabilise (unless catastrophic, which occurs sporadically) on a specific footwall layer, lower than the original or normal stratigraphic position. The hypotheses for pothole formation involve several mechanisms, including downward erosion, upward fluid movement, or syn-magmatic deformation (Watson et al., 2021). At Marikana operation, there is a high percentage of pothole loss at the western half of the operations with a marked decrease to the east of the Elandsdrift Fault on the remaining half of the operations. At the K3 Shaft and 4B Incline Shaft, the pothole loss percentage on the UG2 Reef averages 14% whereas the Saffy and E3 Shafts have less than 5% loss. Pothole losses on the Merensky Reef at K3 are approximately 10%. Schematic sections in Figure 15 and Figure 16 below describe the type of potholing of the UG2 Reef. Similar structures are found on the Merensky Reef. 51 Figure 15: Example of a Shallow Dipping Pothole Associated with the UG2 Figure 16: Example of Deep Potholing Associated with the UG2 6.3.3.4 Iron-rich replacement pegmatites (IRUP) Iron-rich replacement pegmatoids (IRUP) comprise a suite of coarse crystalline and unconformable replacement bodies, which occur throughout the Marikana operation. They range from small, irregular, and vein-like features to large sheet-like bodies up to hundreds of metres across and pipe-like plugs up to 1.5km wide (Figure 17). Within the operations, different levels of IRUP replacement occur, but it is only the total replacement of the Merensky Reef that causes large difficulties, as lithological units become unrecognisable. IRUP

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 replacement is typically pegmatoidal, often containing high levels of titanium-rich magnetite (Reid and Basson, 2002). The UG2 Reef is not replaced; IRUP only generally affects the hanging wall or footwall stratigraphy. However, the mineralogy of the reefs is changed due to the high temperature, high pressure, and volatiles associated with the replacement process, which reduces plant recoveries of the PGM assemblage. Local changes in the strike are observed at Marikana operation, most noticeably to the west associated with the Spruitfontein fault zone and IRUP bodies and to the east within the Middelkraal depression area. Figure 17: IRUP (red) Unconformably Cut Across the Layered Lithological Sequence 6.3.4 Mineralogy 6.3.4.1 Merensky Reef The Merensky Reef mineralogy comprises major silicate minerals: pyroxene, plagioclase, and biotite. These minerals form secondary minerals such as talc and chlorite in structurally disturbed and weathered areas. PGM mineralisation is closely related to thin chromite layers (1mm to 5cm thick). PGM and sulphide mineralisation can also occur in the immediate footwall rocks. The dominant platinum group minerals are ~30% Pt-Pd sulphides (braggite-cooperite), ~11% PGM tellurides and arsenides, ~6% sperrylite and minor PGM alloys. Platinum group mineral grain sizes have two size ranges in the Merensky Reef: 10µm to 30µm and 50µm to 350µm. The platinum-group minerals of the Merensky Reef occur in three textural associations: • Enclosed in or attached to base metal sulphides (38% to 97%). This is a common occurrence on the western limb 53 • Enclosed in silicate (3% to 62%) and further north along the western limb past the regional Swartklip facies (62%) • Enclosed in/or attached to chromite or Fe-oxide 6.3.4.2 UG2 Reef The UG2 Reef is composed of 60% to 90% (by volume) chromite, 5% to 25% orthopyroxene, 5% to 15% plagioclase and accessory amounts of other minerals, including clinopyroxene, base metal and other sulphides, platinum-group minerals, ilmenite, and magnetite. The UG2 Reef often has a mottled appearance due to the presence of large poikilitic bronzite crystals. The UG2 Reef contains much less sulphide minerals compared to the Merensky Reef. The base metal sulphides are predominantly pentlandite, pyrrhotite, pyrite and chalcopyrite. PGM minerals identified in the UG2 are Cooperite, Laurite, Braggite, Sperrylite and Pt alloys (Pt-Fe & PT-As). Platinum group mineral grains in UG2 Reef can be classified into one of the following categories according to their textural setting: • Locked in base-metal sulphide • Locked in chromite • Locked in silicate • At grain boundaries of base metal-sulphides, silicates, and chromite 54 7 Exploration This section contains descriptions of data used for the reported Mineral Resource estimate. 7.1 Exploration Data The Marikana operation is an established mining operation in a mature mining district. There are no greenfields exploration programs associated with this operation. However, underground (brownfield) evaluation drilling and ad hoc surface definition drilling continue. New geophysical surveys and non-drilling exploration are not relevant to the property at this stage of development, but all the historic surface drilling and geophysical surveys, as described under Section 7.4. is still used to help interpret structure and resource extent. 7.2 Geophysical Surveys No geophysical surveys have been flown over the property recently. No gravity surveys had been conducted over the property recently. A brief description of historical aeromagnetic and 3D seismic surveys is given in Sections 5.2.1.1 and 5.2.1.2. 7.3 Topographic Surveys The topography in the lease areas is well mapped from historical surveys. A new topographic survey was flown in 2021 to map the surface features, including tailings dams. Any recent changes to the surface topography will not affect the geological interpretation or infrastructure. Drone surveys are flown regularly over the property for monitoring and updating surface information. 7.4 Exploration and Mineral Resource Evaluation Drilling Results of the infill and underground drilling are incorporated into the current geological models to refine the mining plans, and there are no separate results or interpretations to report. 7.4.1 Overview The geostatistical evaluation models are based on surface and underground drillhole data together with underground channel sample data. Surface diamond drillholes, drilled to depths of up to 2,000m, generally intersect the reef horizons at near-vertical angles and were historically completed on irregular grid spacings of approximately 50m to 2,000m (Figure 18), depending on exploration strategy, depth, and geological uncertainty. Extensive drilling by previous owners resulted in most areas being classified as Measured Mineral Resources, and subsequent surface infill drilling has therefore been undertaken only on an ad hoc basis to refine geological, grade, structural, and facies models where underground drilling is unsuitable. Underground infill drilling, once access is available, is typically completed from haulages and crosscuts at 30m to 100m spacing for geological and structural definition, particularly pothole delineation, but is not used directly for Mineral Resource estimation at Marikana. 55 Historical surface drill samples up to 2015 were analysed by SGS Laboratories, while channel samples and current operational samples are analysed by Marikana Laboratory Services, a SANAS-accredited laboratory. Sample sections are captured in the SABLE database, where spatial validity is checked, supported by planned and unplanned QA/QC observations and formal approval steps before final acceptance. Marikana Operation Drillhole Inventory: 2,171 drillholes are included in the surface drillhole dataset. These can be divided as follows: • 2,171 mother drillholes with 6,543 deflections are derived from surface drilling campaigns between the 1960s and 2025. These drillholes include data for both UG2 and Merensky Reefs • 106 drillholes are derived from underground drilling intersections that were sampled and assayed • 550 drillholes were drilled in open pits and were not assayed or used for Mineral Resource estimation. They were only used for guidance during mining • 89 drillholes were drilled on the tailings dams and used for a separate Mineral Resource estimation • 5,819 deflections had assay information available. The deflections that had no assay information were not used for Mineral Resource estimation, however if validated and not geologically disturbed, these drillholes were used for geological models (681 deflections with no useable data for estimation, missing fields and values or non-representative intersections) • 5,138 deflections had the correct data formats and information for estimation. After further validation and removal of deflections due to specific validation errors detailed in the data processing macros and due to geological disturbances, i.e., potholes, faults, IRUP etc. • 3,272 drillhole deflections from the SABLE database are authorised and validated for Mineral Resource estimation, 1,325 are used for the Merensky Reef estimate and 1,947 are used in the UG2 Reef estimate

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 7.4.2 Planned Drilling for 2026 Table 18 represents the planned surface and underground drilling that will be performed at Marikana in 2026. Drilling metres and costs shown represent the actual underground and surface drilling quantities for all Marikana shafts for 2024 and 2025. Table 18: Marikana Evaluation Drilling Quantities and Costs Shaft 2026 Planned 2025 Drilled 2024 Drilled Metres Planned R Million Metres Drilled R Million Metres Drilled R Million K3 UG 6,876 5.6 3,094 2.5 3,786 3.1 K3 Surface 2,320 9.7 0 0 2,222 5.0 K4 UG 5,488 4.5 3,209 2.5 1,048 0.9 K4 Surface 4,973 20.8 0 -0 9,425 21.4 Rowlands UG 2,660 2.5 1,689 1.5 1,460 1.2 Saffy UG 6,300 9.1 5,464 4.8 913 0.8 Saffy Surface 1,981 8.1 2,791 6.3 1,432 3.3 E3 UG 1,400 2.3 1,312 1.0 449 0.4 E3 Surface 0 0 0 0 601 1.4 Total 31,998 62.6 17,559 18.6 21,336 37.5 The surface diamond drilling target areas (Figure 18) and activities identified at K3 Shaft include: • Drilling to refine geological understanding in and around major faults (Spruitfontein) and infill in areas with historical sparse drilling • Drilling to refine the Mineral Resource model into the Marikana operation - Siphumelele shaft area The surface diamond drilling target areas (Figure 18) and activities identified at K4 Shaft include: • Drilling to refine the Mineral Resource model and to upgrade and refine the Merensky Reef facies and enhance structural understanding and infill in areas with sparse historical drilling spacing The surface diamond drilling target areas (Figure 18) and activities identified at Saffy include: • Drilling to refine the Mineral Resource model • Drilling to identify or delineate significant structures ahead of mining 57 Figure 18: Overview of Surface Exploration Planned for Marikana 2026 7.4.3 Drilling Methods 7.4.3.1 Surface Surface drilling is currently taking place as outlined above. The drilling pattern in a typical hole is shown in Figure 19. It consisted of a motherhole, and short deflections to acquire three to four acceptable intersections per reef. Horizontal distance between the 58 mother hole and deflection reef intersections were generally 10cm to 20cm. In cases of adverse drilling conditions, more than four deflections may be drilled. The typical steps would start with a drillhole start note prepared showing the hole identification, collar position, planned depth, and any potential underground intersections. The collar is set out by the responsible geologist using GPS, the site is established and demarcated in accordance with approved procedures, and the collar is surveyed to determine accurate X, Y, and Z coordinates. Drilling starts with a large-diameter open hole through overburden and weathered material to bedrock, after which the hole is reduced to core size and advanced until the target reef is intersected or the hole is abandoned if unsuccessful. Once the reef is intersected, drilling generally continues for a further 50m to complete the mother hole, after which downhole and any required geophysical surveys are undertaken. Additional reef intersections are commonly obtained by wedging, whereby successive deflections are drilled from the mother hole and identified as D1 to Dn; under normal conditions, four deflections are typically planned. All reef runs are drilled at TBW core size. On completion, the rods are removed, the upper hole is plugged or cemented, recoverable casing is removed, and the site is rehabilitated and capped or marked to the landowner's requirements. Figure 19: Schematic Vertical Section of a Typical Surface Drillhole 59 7.4.3.2 Underground Drilling Underground diamond drilling is undertaken for three main purposes: cover drilling, short exploration holes, and mining support holes such as drain holes and geophone holes. Cover drilling comprises flat to slightly inclined holes drilled ahead of mining to detect water and flammable gas that could pose safety or operational risks. An annual digital plan of all development ends is prepared for each shaft and submitted to the DMPR, with shafts divided into hydrological or risk areas based on geology and historical water intersections. The required cover standard for each area is defined on the water plan and may comprise single or double staggered cover-hole patterns, while certain excavations close to haulages are deemed to be already in cover. Short exploration holes are drilled from underground workings to intersect the target reef or, where required, to investigate geological structures such as dykes and faults. These holes are typically limited to about 120m for air-powered drilling and 250m for hydraulic drilling, usually provide only one reef intersection per hole, and are generally spaced to give intercepts near raiseline tip positions at approximately 30m to 50m intervals, often from an excavated bay alongside the haulage serving the reef. These holes are normally not surveyed downhole, although collars may be surveyed where necessary. Where significant water or gas is intersected, the flow is either controlled under managed conditions or sealed at source by a specialist contractor appointed on behalf of Sibanye-Stillwater. 7.4.4 Core Logging and Reef Delineation For both drillhole and underground diamond saw-cut channel samples, Marikana operation has a comprehensive standard defining the specific methodology for sampling, which is designed to ensure unbiased and representative samples, as well as to ensure the consistency of the sampling. 7.4.4.1 Surface (Historical 1960's to 2000's) Historical drilling procedures were largely as follows: At the time of drilling, all drillhole core, whether recovered from surface or underground drilling was logged and sampled. After each drill run, the core was removed from the core barrel and placed in an appropriately sized tray for transport to the operation's core yard, where it was cleaned and marked with run depths, drillhole identification, metre marks, and any recorded core loss; this initial mark-up was undertaken by the drilling contractor before the core was transferred to permanent trays. The geologist then checked the core for cleanliness, fit, orientation, continuity, and stratigraphic correctness, confirmed core loss or gain and the start of BQ core, investigated any unexplained lithological changes, and resolved discrepancies with the diamond drill foreman where necessary. Major stratigraphic units, including the hanging wall and footwall contacts of the UG2 and Merensky reefs, were identified before detailed geological logging was completed manually on the prescribed log sheets using the required SABLE codes, with dip measurements recorded as alpha angles and all work carried out in accordance with applicable safety procedures. Logging and sampling are captured directly into the SABLETM Database. All quality control analysis on logging is carried out via standard routines in SABLETM and assays via Excel templates and once authorised, drillhole data is exported to an Excel spreadsheet.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 7.4.4.2 Underground Channel Sampling Within underground workings, reef exposures are sampled by channel sampling across development faces using a rotary saw fitted with diamond-tipped blades. A representative section of each reef intersection is recorded in the field book, with sample numbers shown sequentially from footwall to hanging wall. Sampling intervals vary by shaft, reef facies, and mining method: for the UG2 Reef, samples are generally taken at 30m intervals on dip, while for the Merensky Reef they are taken at5 m intervals on dip at the western shafts and 10m at the eastern shafts. Channels are cut perpendicular to the reef plane and positioned relative to survey pegs, with the reef subdivided according to a defined sampling pattern so that individual samples, typically 10cm to 20cm in length and not less than 10cm at the contacts, reflect the internal reef geometry; sample masses are generally in the order of 500g to 1,000g. Sampling data is captured in linked databases, with field data entered into MRM, validated spatially and geologically in MineRP, transferred to MES for assay management and QC, populated with assay results from LIMS, and, once accepted, extracted from MRM as authorised location and assay data in standard CSV format. 7.4.4.3 Quality Control in Drilling. Drilling quality control has been an established part of both historical and current drilling practice for many decades. Typical controls are aimed at preventing errors such as mixed or misplaced core, unrecognised core loss, poor recovery in friable or voided ground, and incorrect depth marking. These risks are mitigated through careful checking that core pieces fit together and that lithological and stratigraphic continuity is maintained, close control during transfer from core barrel to tray and from tray to sample bag, recording and reconciling core loss, cementing and redrilling where ground conditions require it, verifying measuring tools, and conducting regular reviews and increased supervision to ensure that recorded depths and drilling intervals are accurate. The QPs are satisfied with the core logging, and reef delineation carried out at Marikana operation. These activities are performed by trained geologists who are supervised by experienced geologists. The use of a common procedure for core logging and reef delineation and marking ensures consistent core logging and sampling at Marikana, which facilitates the integration of the datasets during interpretation. 7.5 Survey Data Typically, two survey types are required for each drillhole; these are: • Collar survey • Downhole survey Collar surveys for surface holes are usually carried out by a qualified land surveyor, either using trigonometric beacons and triangulation (historical practice) or lately by using a differential GPS System. Accuracy is within the 10cm range. Collar positions for underground holes are usually determined via off-sets taken from the nearest survey underground peg, using tapes and a clinorule. Accuracy is probably of the order of 20cm. 61 Downhole survey methods have changed over the lifetime of the mine. Generally, the most up to date methods available at the time were used. This has included acid bottle, photographic downhole, and gyroscope surveys. The QPs are satisfied with the surveying methodology at the Marikana operation. These activities are performed by trained surveyors who have sufficient experience with this type of orebody and mining method. The surveys are deemed to be of sufficient quality for use in Mineral Resource estimation. 7.6 Density Determination 7.6.1 Underground Drillholes and Channel Samples The Marikana operation has a programme in place for the testing of the Relative Density (RD) of the main reef horizons. Density measurements are performed on every section cut underground using the Archimedes method. It is assumed that the water is pure and has a density of 1g/cm3. Both the dry and wet weight of each sample is taken and recorded. After each reading, the scale is set to zero before taking the next measurement. The following formula is used to calculate the final density per sample: • (Dry weight/ (Dry weight - Wet weight) The average measured densities are: • UG2 Hanging wall Pyroxenite – 3.24t/m3 • UG2 Reef – 3.87t/m3 • UG2 Footwall – 3.20t/m3 • Merensky Hanging wall Anorthosite – 2.98t/m3 • Merensky Pyroxenite (Reef) - 3.18t/m3 • Merensky Norite Footwall – 2.82t/m3 7.6.2 Surface Drillholes Marikana operation have a program in place for the testing of the Relative Density (RD) of the main reef horizons for the surface drilling sampling programs. Density measurements are performed on every sample to be sent for assay using the Archimedes method. Historically, sample densities were read using a gas pycnometer, but samples with Archimedes' results are favoured and used in Mineral Resource estimation where both sets of data exist. It is assumed that the water is pure and has a density of 1g/cm3. Both the dry and wet weight of each sample is taken and recorded. After each reading, the scale is set to zero before taking the next measurement. The following formula is used to calculate the final density per sample: • (Dry weight)/(Dry weight - Wet weight) The average measured densities for the UG2 and Merensky Reef are 3.87t/m3 and 3.18t/m3, respectively. Because the rock at Marikana is not considered a porous rock, the Relative Density is considered to be equivalent to a bulk density for the purposes of Mineral Resource estimation and provides accurate tonnage estimates. 62 7.6.3 Tailings Facility The Eastern Tailings Dam 2 TSF (ETD2) is a dam where the tailings deposited are from the UG2 Reef only. The density values were the outcome of a calculation based on the dry recovered sample weight from each sample run divided by the auger casing volume. The mean value of 1.06t/m3 was much lower than the expected mean value and the range of values wide. It was considered that the calculated values were not reliable and therefore the calculated density data was not used. The average dry in- situ density was applied to the Mineral Resource, which was derived from reliable measurements taken from the adjacent ETD1 tailings that were from a similar source as those in ETD2. The ETD1 density values were determined in two ways, a "fixed volume" method and a bulk density test. The "Fixed Volume" Method was determined as follows: • A container of known volume (four litres) and mass was filled directly from the auger holes • The container and its contents were weighed, and the weight of the container was subtracted to obtain the mass of the sample • The mass of the sample was divided by the volume of the container (and, therefore, the sample) to obtain the wet in-situ density • The sample was dried and weighed again to obtain the dry in-situ density This was conducted for 37 samples over several locations and depths on the dam. The results indicated an average dry in-situ bulk density of 1.85t/m3. To determine in-situ bulk density, the volume of the auger hole and the weight of the samples were used. The outside diameter of the auger shell was 48.01mm as determined using a Vernier. The results of this test showed a very similar mean to that of the fixed density method 1.80t/m3 versus 1.85t/m3. Given the close similarity between the methods (3% difference), it was decided to use the same principle in the block model estimation, whereby in-situ bulk densities determined from the mass per metre and auger hole volume would be determined by kriging and incorporated into the block model. The Karee Tailings Dam 1 (KTD1) is a surface deposit built by the deposition of concentrator tailings from the Marikana Karee UG2 and Merensky mining operations between 1989 and 2008. For KTD1, two sets of density data exist. One being a calculation based on the dry recovered sample weight from each sample run divided by the auger casing volume. The second is a density derived from the dry weight of the tailings divided by the corresponding known volume of the wet tailings (container method). The auger volume method density data included values that were outside expected ranges and high variability compared to the known volume measurements. Although the mean of the two sets of data is the same, the container method density data were accepted as dry in-situ density measurements. 7.7 Underground Mapping Underground mapping is undertaken on a routine basis and covers all major development tunnels as well as those that have intersected reef or are designed to expose reef. This mapping is plotted at 1:200 scale on a mapping report and later digitised onto Microstation. 63 The principal objectives of underground mapping are to: • Identify and record the positions of faults, dykes, and any other disturbances in a working place, so that projections can be made ahead of the face and/or up to the reef plane • Record the thickness and nature of the reef so that facies trends can be delineated and later reconciled with sampling data • Record and bring to the attention of the Mining Department any areas where reef remains in the hanging or footwall of the stope and/or new geological structures identified Mapping is carried out continuously, using a set of documented procedures, and plans updated as data is collected. 7.8 Hydrological Drilling and Testwork 7.8.1 Geohydrological Analysis and Pumping Two main aquifer types exist in the area: • A shallow aquifer, which lies within the weathered and fractured zone and • A deep aquifer, which has developed in through secondary fracture and fault zones These two are discussed separately and in more detail in the following sections. Most of the studies were conducted more than 15 years ago, and information on laboratories, testing and analyses were not reported and the information is not available to the QPs. There is sufficient information from ongoing mining to adequately characterise the hydrological environment. Shallow Aquifer The water level of this aquifer is often shallow and may daylight as springs occasionally when intersected by barriers such as topography, dykes and basement highs in valleys and topographic lows/depressions. This aquifer is important as it often acts as a pathway for contaminants migrating from surface (anthropological) activities to surface water bodies such as rivers/dams/streams. Deep Aquifer The groundwater flow occurrence within the area of the site is contained in intergranular interstices and fractures within the rock mass. The aquifer associated with these geological units is classified as a minor aquifer system with a low vulnerability of groundwater contamination, variable groundwater quality, and a negligible permeability for groundwater flow. Dolerite and/or granite intrusions usually act as an aquitard and compartmentalise the groundwater regime. Highly conductive groundwater flow paths are expected at intersections of fracture zones or in transition/contact zones between the host rock and the intrusions. The faulted and fractured contact zones interconnect the strata, both vertically and horizontally into a highly heterogeneous and anisotropic unit. Hydraulic Properties The groundwater levels follow topography.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 Average hydraulic conductivity values for the area are presented in Table 19. Table 19: Average Hydraulic Conductivity Levels Aquifer Average hydraulic conductivity ranges [metres/day] [metres/sec] Weathered listed in 1.3 1.5E-05 Alluvial 3 3.5E-05 Bushveld Complex 0.003 – 0.05 3E-08 – 6E-07 Transvaal rocks 0.015 – 0.03 2E-07 – 4E-07 Regional faults 0.05 – 0.1 6E-07 – 2E-06 Groundwater direct recharge from rainfall, with an estimated regional recharge rate of 2.5% of a mean annual precipitation of 635mm or 16mm/annum. A higher rate of 22mm/annum was assigned to the backfilled pits (to account for the higher porosity and infiltration capacity of the backfill material). 7.8.2 Groundwater A comprehensive update of the Marikana groundwater specialist studies will be undertaken and will be completed by August 2026. The current groundwater data indicates that the zone of influence from a water quality perspective is largely limited to the source (boreholes located at the TSFs, dirty water dams, and waste rock dumps) and plume boreholes (boreholes located within the expected plumes of the TSFs, dirty water dams, and waste rock dumps). No dewatering impacts are expected or are highly localised to the shaft areas. Impacts from groundwater contamination may however occur on the adjacent Maretlwana, Sterkstroom and Kareespruit, due to the location of the contamination sources within the buffer area, and in some case historical area of the wetland. These impacts occur as a result of ground-surface water interactions. Refer to the Surface Water discussion for further information. 7.9 Geotechnical Data, Testing and Analysis All surface and underground exploration diamond drilling core is geotechnically logged. 7.9.1 Data Collection Rock engineering and support designs have been developed using a combination of geotechnical drillcore logging and underground mapping data. Geotechnical drillcore logging is the primary method of gathering rock strength and quality parameters. Geotechnical core logging entails the collection of structural information from the cores. There are many parameters that are recorded during geotechnical core logging, but the following are the main ones; • Depth defining the start of each geotechnical unit • Depth representing the end of each geotechnical unit • Unique identification of each geotechnical unit 65 • Detailed description of the geotechnical feature (type, of plane, number of discontinuities, angle of discontinuity, infill type and integrity, thickness of infill, small scale and large-scale roughness, alteration type) Underground mapping includes scanline mapping techniques, rock mass classification (RMC) data collection techniques and data collected using borehole cameras, Ground Penetrating Radars (GPRs) and Sub-Surface Profilers (SSPs). RMC data is collected regularly during routine inspections. Scanline mapping and geotechnical core logs by rock engineering personnel are done on an ad-hoc basis. Various tests are then commissioned based on the data obtained from drill core runs and the information derived therefrom. Samples from drillcores are sent to the laboratory to determine the properties of intact rock and joint walls. Data is collected from laboratories approved by the International Society for Rock Mechanics (ISRM), South African National Bureau of Standards (SANBS) using ISRM testing techniques. It is expected that the laboratories perform all the preparation and testing according to the ISRM standards and procedures. At these laboratories, preparation tools and testing machines are calibrated annually. Samples are typically tested at these laboratories over a number of weeks. Therefore, ad hoc visits to these laboratories are conducted by Sibanye-Stillwater geotechnical staff to visually verify the preparation, calibration, and testing of the samples. In addition, data is also collected and reviewed from various other sources, including academic research institutions, as well as various internal and external research projects. 7.9.2 Testing Methods There are various methods available to test the material strength of rocks. Two of the most valid, reliable, cost effective and easy to use methods are rock quality designation (RQD) and point load index (PLI). The former provides an estimation of rockmass properties, and the latter is designed to give specific rock properties. These are typically conducted as routine tests on site and are performed by site rock engineering and/or geotechnical staff. Where required, International Society for Rock Mechanics and Rock Engineering (ISRM) testing methods are used to assess rock properties at accredited rock testing laboratories in South Africa. These are significantly more expensive than the tests conducted on-site and are performed on an ad hoc basis. Typically, during a feasibility study, and/or where the rock engineer is unsure of specific rock strength or stress data for mine design purposes, tests are commissioned. Intact core samples are usually required for such tests and are handled as per the ISRM sample collection and preparation methods. As the rockmass is not homogeneous, several samples are usually submitted for testing, and these generate a range of values. The laboratory data is then downgraded (according to specific criteria) for underground in-situ representation for mine design purposes. The information is used to calibrate numerical models for the mine design. As the mine design is being executed, monitoring of the excavations is conducted and the data is used to provide a back analysis of the numerical models. Further optimisation can then be done based on the outcomes of these numerical models. 66 7.9.2.1 Rock Quality Designation RQD is a standard technique in the mining and engineering industries for the qualitative and quantitative assessment of rock quality using the degree of jointing, fracturing, and shearing in a rock mass. RQD is defined as the percentage of intact drill core pieces recovered that are >10cm for a single core run. Therefore, it is indicative of a measure of the strength of the rockmass and is used for preliminary macro designs. Therefore, low RQDs will indicate low-quality rockmasses which will require additional geotechnical work to understand the rockmass further before any design work continues. Contrary to popular belief, high RQD rockmasses will also generate similar needs for design work as the geophysical and geomechanical properties of rocks and rockmasses are not uniform. The general equation for RQD is expressed as: RQD index (%) = 100 × Σ (Length of core pieces ≥ 0.10m)/(Total length of core run) 7.9.2.2 Point Load Index Summary Point Load (PL) is a test that aims at characterising intact rock strengths. It is an index test, meaning that it can be performed relatively quickly and without the necessity of sophisticated equipment to provide important data on the mechanical properties of rocks. Many more tests can be conducted in this way, as it does not need a laboratory or perfect rock specimens to perform the tests. The test apparatus consists of a rigid loading frame, a loading measuring system, and a simple system of measuring the distance between the two platens. Rock samples are compressed between the platens, which are usually about 1,5cm to 10cm apart, so that various sizes of similar rock materials can be tested. The point load index (I s) is the force needed to fracture a sample of rock between conical points: I s = P/D2, where P is force and D is the distance between the points, both at failure. It is related to uniaxial compressive strength (approximately equal to I s × 24). As such, this test can be used crudely to infer the rock UCS strength value. It is not used widely. 7.9.3 Geotechnical Rockmass Characterisation The main aim of geotechnical characterisation is to employ the best possible mine design and support rationale to cater for the varying rockmass conditions. Therefore, the appropriate characterisation of the rockmass is imperative. The Marikana operation's Mandatory Code Of Practice (MCOP) to combat rockfall and rockburst accidents adopts a geotechnical ground control district (GCD) methodology to classify areas of the mine with different geotechnical parameters. There are four MCOPs at SA PGM operations that typically consider depth, type of reef, thickness of the seams and the relative position thereof, hanging wall types, distances to unstable and less cohesive partings, driving forces from joints, major fault zones and shear zones, minor shears and faults, domes, dykes, IRUP, water, pegmatite intrusions, variations in middling between chromitite layers as a result of rolling reefs and potholes, etc. These aspects feed into the geotechnical design of the surface and underground workings. 67 In the deeper mining areas (>1,000m below the surface), some mines undergo strain release from facebursts, rockbursting and seismicity. Geotechnical design and support strategies need to consider these elements in conjunction with the factors mentioned above. In the conventional tabular operations, the UG2 chromitite Main Seam and the overlying chromitite Leader seam, together with the intervening waste parting, form the mineable reef horizon. The thickness of the Main Seam, the waste parting and the Leader Seam varies across the entire property and in most instances the Leader seam is mined simultaneously with the Main seam. However, if the width of the feldspathic pyroxenite parting becomes excessive only the Main seam is mined, in which case, mining is done along the LT Geotech chromitite parting. The thicknesses of the individual seams that make up the triplets are highly variable Where the triplets are situated less than 0.4m above the top of the Leader seam, it is mined out, to avoid falls-of-ground. Instability within both reef horizons is driven by joints, major fault zones and shear zones, minor shears and faults, domes, dykes, IRUP, water, pegmatite intrusions, variations in middling between chromitite layers as a result of rolling reefs and potholes, and seismicity. The majority of the joints are steep dipping. Contributors to major collapses are shallow dipping structures, parting planes, and major fault zones. Water generally acts as an accelerator for deterioration in jointed rock mass. The operations mine through dykes and fault zones that outcrop, with some operations in close proximity to the Hex River and other water features/canals, characterised by blocky rock masses. Methods employed to monitor the middling between the various chromitite partings include borehole inspections using borehole cameras, ground penetrating radars (GPRs), and sub- surface profilers (SSPs). Current mining depths range from 75m to 1,300m, which is technically considered shallow to intermediate depth. However, from underground support performance observations, conditions mimic deep level (+3,000m) gold mining operations. At such depth, strategies are aimed at controlling the tensile zone on a regional basis to prevent large scale rock failure, and the immediate stope hangingwall to prevent local falls of ground in the working area. Stress conditions range from low to moderately high. Stope closure rates vary widely. The Marikana operation make use of the Institute of Mine Seismology (IMS) system for seismic monitoring. Seismic events in these mines relate to current mining activities traversing geological features, and most notably in the back areas of the stopes and in the deeper mining areas. 7.9.4 Geotechnical Results and Interpretation The Marikana operation employs widely used empirical techniques (Bieniawski's RMR and Barton's Q rating), rockmasses are classified and included into the GCDs. Both scanline mapping and RMC data are conducted using industry best practices. In the deeper sections of the mine, rock condition factor (RCF) is used to determine the theoretical susceptibility of a particular excavation to damage. This forms part of a suite of geotechnical numerical modelling packages that are used to quantify the susceptibility of excavations to damage and to determine the support strategy to mitigate such hazard. The appointed rock engineer is responsible for overseeing the collection and capturing of the data, as well as the data and back analyses required to run the numerical models. In addition, geotechnical instrumentation data is collected and used as input parameters to the numerical modelling. The

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 modelling assesses the mine design using established, approved and recognised numerical modelling techniques. These are various outputs, including stress states (e.g. sigma 1), Energy Release Rates (ERR) and Excess Shear Stress (ESS) that can be used to pin-point elevated levels of susceptibility and optimise layouts to reduce the susceptibility to damage. The visual evidence of hand samples, observations made underground, the results of selective laboratory testing and data from geotechnical instrumentation, show that the dominant hanging wall and footwall rocks are typical of the Critical Zone rocks found across the western Bushveld. Table 20 summarises their average material properties and ranges of the same. The UCS values summarised in Table 20 show that the rocks are of moderate to high strength as per ISRM grading. Norite and anorthosite are of higher strength compared to pyroxenite and hence they tend to be brittle in nature. As we have established, general rockmass conditions are catered for with the use of GCDs. However, in some cases, variations in the middling between the chromitite layers may exist, and data is then collected from surface and underground additional core drilling. This is confirmed using geotechnical instrumentation specific to the investigation required. In the instance of variable stable beam thickness, data from instrumentation is used to refine the original geology isopachs that were historically constructed using surface and underground core drilling. In addition, using underground observations and drill core results, RMR and Q are calculated. Marikana RMR values range between 50 and 70 (fair to good rockmasses)for the majority of the mining areas. Anomalies exist closer to major geological intersections where RMR values may be <35. These areas are treated as Special Areas as per the requirements contained in the MCOP. In general, joint properties are generally dry, planar, smooth/rough and with little to no infill for higher RMR values, and for lower RMR values, discontinuities are damp, smooth, planar/undulating and with thick infill as shown in Table 21. Table 20: Summary of the Material Properties of the Dominant Hangingwall and Footwall Rock Types UCS Young's Brazilian Disc Poisson's (MPa) Modulus (GPa) Strength (MPa) Ratio Density (kg/m3) Rock Type Av. Range Av. Range Av. Range Av. Range Ave Range Anorthosites Spotted 210 170 - 240 80 75 - 90 14 11-16 0.22 0.20 - 0.25 2,750 2,700 - 2,800 Mottled 215 170 - 240 85 75 - 90 13.5 11-15 0.22 0.18 - 0.25 2,750 2,700 - 2,800 Norites Leuconorite 215 150 - 240 80 75 - 90 15.5 12-17 0.22 0.18 - 0.24 2,750 2,700 - 2,800 Norite 220 150 - 240 85 75 - 90 15.5 13-17 0.2 0.18 - 0.22 2,800 2,750 - 2,850 Melanorite 220 160 – 240 90 80 - 90 16 13-17 0.2 0.18 - 0.22 2,850 2,750 - 2,900 Pyroxenite Pyroxenite (Hanging wall and Footwall) 150 135 - 165 115 100 - 125 12.5 11-13 0.23 0.20 - 0.26 3,200 3,150 - 3,300 69 Table 21: Rockmass Classes Determined from RMR Total Ratings and Meaning RMR Ratings 81-100 61-80 41-60 21-40 <20 Rockmass Class A B C D E Description very good rock good rock fair rock poor rock very poor rock 8 Sample Preparation, Analyses and Security This Section addresses sampling related to geological samples only. For sampling related to plant operations, please refer to Section 14.4 geotechnical sampling is discussed in Sections 7.9 and 13.3. Hydrology and environmental studies monitoring and sampling is discussed in Section 17.4. Marikana operation uses a third-party laboratory for sample preparation and analyses of geological samples. Marikana operation has set protocols for sampling, recording, and storing results. The service provider has its own set of audited and certified protocols for assaying. Marikana has a full industry standard quality control programme to ensure the security of the samples and the accuracy of the results. 8.1 Sampling Governance and Quality Assurance The governance system at the Marikana operation relies on directive control measures and makes use of internal manuals (standard procedures) to govern and standardise data collection, validation, and storage. Furthermore, the standard procedures are mandatory instructions that prescribe acceptable methods and steps for executing various tasks relating to the ongoing gathering, validation, processing, approval, and storage of geological data, which is utilised for Mineral Resource estimation. In addition to internal standard procedures, Sibanye-Stillwater implements an analytical quality control protocol that assesses the extent of contamination and analytical precision at the laboratory. Batches of samples sent to the laboratory include routine "blank" samples (Magaliesburg quartzite) and certified reference material (CRM). The results of the analytical quality control are discussed in Section 8.5.2. The governance system also emphasises training to achieve the level of competence required to perform specific functions in data gathering, validation, and storage. Extensive on the job training of new geologists, who will eventually be responsible for logging and sampling, is performed. Lithological data is acquired through the logging of drill core recovered from underground drilling. The logging is undertaken by trained geologists, who are familiar with the various reefs, footwall and hangingwall stratigraphy and rock types. The core logging is also guided by existing drillhole information from previous core logging. Routine validations are undertaken by experienced Geologists at various stage gate points in the data collection process flows, with the ultimate validation performed by the QPs. The QPs note that the internal peer review of the data facilitates the early detection of material errors in the data capture before the collection is finalised. 70 Another aspect of the governance system is the documentation of the geological data gathering process flow (i.e., data collection, processing, and validation). The QPs acknowledge that this documentation facilitates the auditability of the process flow activities and outcomes, as well as the measures undertaken to rectify anomalous or spurious data. The historic surface core is stored at a core yard facility located at the Marikana operation. Storage facilities are fenced off to prevent unauthorised entry, with limited access. 8.2 Reef Sampling – Surface Exploration Drilling The bulk of the estimates are informed by historical drillholes across Marikana operation. Sampling practices have evolved over the duration of the data acquisition campaigns and diligent systems or protocols with respect to the data acquisition have been applied. The three most typical reef deflections, exhibiting the best core recovery and condition, were selected for sampling, whereas the fourth deflection was not sampled but has been kept for future mineralogical or metallurgical testing. UG2 sampling follows a standard procedure of continuous sampling with 10cm lengths of core from the contacts, where 2cm overlap into the non-reef is taken and continues inwards to the centre of the chromitite intersection at 20cm lengths. A variable sample length is placed towards the middle of the intersection. This differed with the earlier sampling (pre-1990) where either greater lengths or entire intersections were composited into a single sample. Merensky sampling follows a standard procedure of continuous sampling 10cm lengths of core. Where chromitite layers occur within the pyroxenite, a 10cm sample with 5cm overlap above and below is taken, whereas on contacts, 2cm overlap is taken. The geologist responsible verifies the sample markings before any core cutting commences. Only half size core is sampled, the remaining half core is stored for reference or re-sampling if necessary. The samples are assigned unique sample identification numbers and tags before the geologist transports them to the chosen external laboratory. In addition, the samples for each drillhole and the associated quality control samples (CRM and blanks) are submitted to the laboratory. The geologists prepare sample submission sheets that accompany the samples. Records of the sample data are captured in the SABLE database. 8.3 Reef Sampling – Underground 8.3.1 Core Samples At the Marikana operation, currently, no underground drillholes are sampled. Underground drilling is only sampled in special cases or areas where surface drilling information is sparse. An underground drillhole sampling project was executed at the Saffy Shaft between 2015 and 2019 to test the viability of sampling fewer underground channels and supplementing the underground data with drillhole assays. These assayed sections are validated and used in the Mineral Resource estimate. Samples include bottom and top contacts together with 2cm of footwall and minimum of 2cm of hanging wall with the contact samples being no less than 10cm. In addition, at least one sample of unmineralised footwall and hanging wall is included. Samples are broken into individual pieces no less 71 than 20cm for BQ core size to ensure enough material is available for analysis. The entire drillcore sample is submitted to the analytical laboratory and no core splitting is performed. The samples are assigned unique sample identification numbers and tags before the Evaluation Team Leader transports them to the laboratory. In addition, the samples for each drillhole and the associated quality control samples (CRM and blanks) are submitted to the laboratory. The geologists prepare sample submission sheets that accompany the samples. Records of the sample data are captured in the SABLE database. 8.3.2 Channel Sampling Individual channels are cut from the underground development-working faces using a rotary saw with a diamond tipped blade. A representative section of the target reef intersection is recorded in the field book and the respective sample numbers, relative to their sequential position, are reflected relative to the profile, from footwall to hanging wall. The Marikana operation development channel sampling interval standards vary per shaft and facies. For the UG2 Reef at all shafts, samples are taken at 30m intervals on dip and the strike component varies by mining method. For the Merensky Reef, samples are taken at 5m intervals on dip at the western shafts and 10m at the eastern shafts. Channels are defined perpendicular to the reef plane and each section's position is fixed by offsetting from survey pegs. The reef is segregated according to a sampling pattern and is correlated between sample sections, and individual samples of 10cm to 15cm in length are taken to reflect the internal geometry of the reef, with not less than a 10cm sample being taken on top and bottom contacts. The sample mass taken is in the order of 300g to 500g. The data is stored in one database but linked to the assay laboratory automatically via a second system. The sampling data are captured in the MRM System linked to the Metallurgical Execution System (MES). Samples are submitted to the in-house laboratory via an automated barcoding process. The laboratory uses a Laboratory Information Management System (LIMS) which then reports the results automatically back into MES where QAQC is done. Assay data are accepted or rejected in MES and either linked directly to MRM or sent back to the laboratory for re-assay. At the operations, the MRM data is authorised before they are used for evaluation. 8.4 Sample Preparation and Analysis 8.4.1 Laboratory The Marikana operation analytical laboratory is a secure facility as it is situated at the Marikana operation which is fenced off to prevent unauthorised entry by the public and where access is restricted to authorised personnel of Sibanye-Stillwater. The laboratory has facilities for sample preparation, chemical analysis (via fire assay and instrumental techniques) and is equipped with the Laboratory Information System (LIMS) software, which facilitates effective and efficient management of samples and associated data. It handles mainly grade control samples in the form of belt sampling and underground channel sampling, as well as samples from the concentrators, smelter, and base metal refinery and occasionally drillhole samples.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 The laboratory has in place quality assurance and control procedures for the analysis and handling of the samples. Scales are calibrated at the start of every shift. An overall high level of cleanliness is maintained to minimise contamination. Furthermore, the laboratory also included standards and blanks in each sample batch and any anomaly identified in the quality control samples is addressed as required. The QA/QC procedures include regular audits, round-robin benchmarking, as well as the submission of blanks and standards to the laboratory. In addition to external audits, the Marikana Mineral Technical Services Management (MTS) department conducts ad hoc audits of the laboratory. The laboratory received accreditation from the South African National Accreditation System (SANAS) in August 2021 (T0930). Various externally accredited laboratories have been used for the analysis of the historical drillcore data set (Setpoint, Mintek, SGS-Lakefield, and Genalysis). The samples were analysed for 3PGE+Au (4E) and in some instances Cu, Ni and Cr were also analysed. However, current assay practice includes the analysis of Pt, Pd, Rh, Au, Ru, and Ir precious metals by nickel sulphide (NiS) collection; and Cu and Ni by Atomic Absorption Spectrometry after partial acid digestion of the sampled material. Currently, all surface exploration drillhole samples are analysed at Quality Laboratory Services, an independent South African National Accreditation System (SANAS) accredited laboratory (SANAS17025) for geochemical analysis (4E, 6E and Ni and Cu). 8.4.2 Sample Preparation and Analysis The fire assay method described below is used specifically in the analysis of gold, platinum, palladium, and rhodium. This technique involves the reduction of lead oxide, forming elemental lead, which collects the precious metals. The lead button formed is cupelled in a muffle furnace to oxidise the lead to a lead oxide and a prill composed of the precious metals is obtained. Samples are dried, crushed, and pulverised and analysed using fire assay techniques. Initial crushing is done to 2mm partial size using a Terminator crusher. The samples are then pulverised in a vertical spindle pulveriser to 80% <150µm. Blank quartzite is used to flush between samples at the crusher and pulveriser. The pulveriser is compressed air cleaned between samples. One sub-sample is taken and the remainder of the sample is kept for RD and possible repeat assay should the batches' blank fail QA/QC or a re- assay be requested. The fire assay method employed for sample analysis comprises two consecutive pyrochemical separations. The pulverised product (50g sample aliquot) is fused with 400g of pre-mixed assay flux under reducing conditions, which promotes the separation of the precious metals from the gangue, with simultaneous collection as a lead alloy. One millilitre of 0.01% silver nitrate is also added as a co- collector. The sample/flux mix is fused at 1,2000C in a fusion furnace before pouring into conical iron moulds. The lead button is separated from the slag before cupellation at 1,0000C to oxidise the lead. After checking 73 for complete cupellation, the cooled prill is transferred to a differently moulded cupel namely a block cupel and placed into the high temperature cupellation furnace at 1,3000C. This is to ensure that all the silver has been volatilised and the prill only contains platinum, palladium, rhodium, and gold known as 4E. This prill is digested in aqua regia before being analysed for Au, Pd, Pt and Rh by gravimetric finish where the weight of the final prill is measured. The technique is considered total. Laboratory reporting of underground sampling results was not split into separate prill split assays. A combined 4E PGM grade was reported. As from June 2022, samples are assayed for 6E (Pt, Pd, Rh, Au, Ru & Ir). PGMs and Au contained in concentrate samples are collected in a single fusion step, using NiS. The resulting NiS buttons are subjected to leaching and filtration processes to separate the PGMs and Au. The PGMs and Au are dissolved using aqua regia. The resulting solutions are analysed by Inductively Coupled Plasma (ICP) to determine the concentrations of Pt, Pd, Rh, Ir, Ru and Au contained in a sample. 8.4.3 QP Opinion The QPs are satisfied with the sample preparation, analytical methods, accuracy and precision and the level of cleanliness at the analytical laboratory. The security methods employed are appropriate for the level of risk to the samples. The analytical methods employed are suited to the mineralisation style and grades. Accordingly, the analytical data from the laboratory is a suitable input for grade estimation. Note on historical assays: Assay procedures used at Marikana are well-established procedures and have been used in South African mines for many decades. While Marikana changes it procedures in 2022 it does not significantly affect the accuracy and comparability over the life of the mine. 8.5 Analytical Quality Control 8.5.1 Nature and Extent of the Quality Control Procedures Marikana operation implements an analytical quality control protocol requiring ongoing monitoring of the laboratory performance. No formal, laboratory independent, QA/QC has been performed on the historical drillhole data set. During the various earlier drilling campaigns, the samples have been consigned to external laboratories where their internal controls were accepted to be adequate. It has been assumed that the grade values derived from the earlier assays were reliable and suitable for estimation. In 2005, more stringent checks were introduced and only from 2009 onwards, has the QA/QC been actively managed independently of the laboratory. The reliability of the channel sample assays is considered in terms of (i) the laboratory's own internal controls and (ii) the external controls introduced in 2013 to assess the assurances that the assays meet an acceptable standard. Additional confidence in the application of historical channel sample data for estimation was achieved through Q–Q plot analysis. Comparisons with surface borehole data were undertaken where sufficient data density allowed for meaningful evaluation. The results showed no material differences, with both datasets demonstrating similar distribution patterns. 74 8.5.2 Quality Control Results Analytical results for the blanks and standards are analysed graphically on control charts to facilitate the identification of anomalous data points (Figure 20 and Figure 21). Any standard result exceeding three standard deviations from the certified value triggers re-assay of the batch and a laboratory investigation. The blank material utilised at Marikana operation has no certified value, and the blank sample data is analysed visually on plots to identify anomalous values that may suggest contamination or sample swapping. Blank samples are accepted to 0.25 g/t 4E after which investigation and re-assay is requested. 75 Figure 20: Example of CRM Result Monitoring Figure 21: Example of Blank Result Monitoring

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 8.5.3 QP Opinion The QP is satisfied that the laboratory's analytical data shows overall acceptable precision and accuracy, and no evidence of overwhelming contamination by the laboratory that would materially affect the integrity of the data. Security methods employed are appropriate to the level of risk to the samples. As a result, the analytical data from the in-house laboratory is of acceptable integrity and can be relied upon for Mineral Resource estimation. 9 Data Verification This Section contains information about data verification of geological data for Mineral Resources estimation. For Information on data sources and validation for Mineral Reserve modifying factors or other types of data, please see the relevant sections. For Mineral Reserves see Section 12, for geotechnical data see section 7.9, for hydrology see Sections 15.4 and 17.4. Short Descriptions are given for database management, data validation, and the procedures for capturing face-mapping, drillholes and underground channel sampling. 9.1 Data Storage and Database Management Procedures are in place to ensure the accuracy and security of the databases. All drillhole data (i.e., collar and downhole survey, lithological, geotechnical, structural, analytical, and mineralisation data) and TSF data is stored in the SABLE database, which is a Datamine product database designed to standardise information gathering during drilling. The drillhole data is captured directly into the database or imported electronically via Excel spreadsheets. Library tables, key fields, and codes are the validation tools available in the SABLE database utilised for ensuring correct entries. The SABLE database is stored on the central IT server, where it is backed up and has rigorous controls (e.g. password protection and access restrictions) to ensure security and integrity of the data. Channel sample data starting from 2006 is saved in the MRM sample database, which is a MineRP product database. The pre-2006 channel data is stored in a company network folder in spreadsheet format. The QPs are satisfied with data storage and validation as well as database management practices, which are all aligned with industry best practices. There are sufficient provisions to ensure the security and integrity of the data stored in the SABLE database. 9.2 Database Verification Underground channel samples, underground definition drillhole, surface drillhole and mapping data are the primary data utilised for geological interpretation and Mineral Resource estimation. All data has been through multiple rounds of verification by the operators of the mine at the time the data was collected and periodically over the life of the mine. Due to the large volume of information collected, it is not possible for the QPs to directly validate all information. Marikana has quality control systems in 77 place to ensure the integrity of the data and identify deficiencies. The QPs rely on these systems to identify and remove any material errors in the data before authorising the data for use in Mineral Resource and Reserve estimations or other decision-making tools. Any error remaining are not material to the outcome of the Mineral Resource estimation results. Any limitations in the data are considered to be confined to the historical data, which may not have been subjected to the current standards but are considered acceptable due to Industry standard practices which are similar to those used today and good reconciliation with past production. 9.2.1 Mapping Mapping is checked underground by the responsible geologist when conducting start up assessments. The responsible geologist will print a plan when proceeding underground and will ensure that the geological mapping is correct and that all features are recorded. 9.2.2 Drillholes The validation of drillhole data is a continuous process completed at various stages during data collection, before and after import into the SABLE database and during geological interpretation and Mineral Resource estimation. As the QPs are fulltime employees of Sibanye-Stillwater working at the Marikana operation, they either performed or supervised the validation of the drillhole data after which they approved and signed-off the validated data used for Mineral Resource estimation. The logging is guided by procedures which standardise data gathering, and the type of detail required for each drillhole log. Any deviations or anomalous entries are flagged by the inbuilt validation tools available in the SABLE database. Geologists validate the survey data by comparing it against planned coordinates and through visual checks in the MineRP CAD environment. 9.2.3 Channel Sampling The validation of development samples is a continuous process completed at various stages during data collection. Unique barcoded sample numbers are generated and printed by an external service provider, preventing duplicate ticket numbers. Samples are captured into the MineRP database with controls in place, which includes drawing of sections and validation of location and geology by experienced fulltime employees. Plots using the final authorised assays and location data, along with the workings, are printed to ensure that the spatial distribution is correct. Planned Task Observations are conducted quarterly to ensure sampling procedures are followed correctly. 9.3 QP Opinion The QPs acknowledge the rigorous validation of the extensive database utilised for Mineral Resource estimation at the Marikana operation. The QP for Mineral Resources was employed by the previous 78 owner of the Marikana operation and participated in the collection and verification of the data. The data was validated continuously at critical points during collection, in the SABLE database and during geological interpretation and Mineral Resource estimation. Similar practices which were inherited by Sibanye-Stillwater were in use by the previous owners for the collection historical data. The QPs have accessed and assessed the historical and recent data with no limitations placed on this access by the Registrant and concluded that it is suitable for Mineral Resource estimation. In general, the data validations are consistent with industry practice and the quantity and type of data are appropriate for the nature and style of the mineralisation and the evaluations reported in this TRS. 10 Mineral Processing and Metallurgical Testing There is no metallurgical testing that is material to operations at this stage. The plants are well established, have a long and successful operating history, and no changes are planned. Accordingly, there has not been any recent testwork completed for the purposes of process design and metallurgical amenability assessment as these are unnecessary for operating plants. The type of ore material is consistent with historical processing, and any metallurgical testwork conducted is to support short term operational issues. The plant recovery factors are benchmarked to actual recoveries achieved by the plant. The newly planned material from the E4 is mineralogically similar to that currently being processed from the adjacent E3 decline and will be processed the EPL concentrator. For mineral processing and for ongoing production related sampling and analysis see Section 14.4. QP Opinion The QP is satisfied that the historical mineral processing testwork and data to the extent still relevant is adequate for the purposes of this TRS. The mineral processing is appropriate to the deposit and there is no material risk to the planned plant recovery factors. 11 Mineral Resource Estimates This Section describes the evaluation of the Mineral Resources key assumptions, parameters, and methods. 11.1 Estimation Domains Geological interpretations based on structural, thickness and grade data are used to construct the estimation domains (geozones) (Section 11.1.2.1). 79 11.1.1 Compositing Selection criteria for composites are based on a minimum mining width of 110cm, a well-defined marker horizon(s) in the economic zones and geotechnical requirements of the hangingwall. There is no maximum mining width. No cut-off grade is used. The areas with variable width are composited to include as much of the mineralised material as possible within the geotechnical constraints. Where the chromitites are less than the minimum mining width the additional thickness is taken in the footwall. For an explanation of why no cut-off grade is used see Section11.3.2. 11.1.1.1 Merensky Reef In the Merensky Reef the highest PGM concentrations are associated with narrow chromitite layers (Upper-, Lower- and Basal-chromitite). The PGM mineralisation generally diminishes into the enclosing pyroxenites, but reduces rapidly when approaching the hangingwall norite and footwall anorthosite. See Section 6.3.2.1 and Figure 11. Analysis of the grade distribution for the composite boundary selection was done using histograms produced from the Datamine system. The distributions of 4E grade referenced on different lithological markers were visually inspected in the histograms (Figure 22) to determine the limits of the best average composite for each intersection based on the minimum mining width. The composites were defined either as fixed (110cm) or variable thickness(>=110cm) for which the following five have been identified: • Fixed thickness referenced on hangingwall contact e.g., Eastplats • Fixed thickness referenced on Upper Chromitite e.g., Westplats at Rowland Shaft, and 4 Belt Shaft(4B) • Fixed thickness referenced on Lower Chromitite e.g. Brakspruit at K3 Shaft, RPM at K3 and K4 shafts (within 50m blocks within the first pass of the search) and Thin at K3 Shaft and 4B • Variable thickness between Upper and Lower Chromitite e.g. Marikana at K3 and K4 Shaft and RPM at K4 Shaft (within 500m blocks outside of the 50m blocks) This assessment was done concurrently with a review of the facies and estimation geozones using the sampled geological and assay data.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 Figure 22: Example of a Merensky Reef Composite Histogram 11.1.1.2 UG2 Reef Split Reef For the Marikana operation, composites per lithological unit (i.e., drillhole and channel sample data composted by lithology) are used to inform the Mineral Resource model. Composite boundaries are determined by geological contacts and grade distribution for the following three primary components. • Leader Seam • Parting Width Component (internal Waste) • Main Seam A minimum thickness of 110cm is modelled. The composites include Main seam, Leader seam and parting width between the Main seam and Leader (see Figure 12). Where the total composite width is less than 110cm, the additional thickness is made up of the direct footwall unit. Where the Leader Seam is developed it creates a point of weakness in the hanging wall and must be removed during mining. For the undercut geozone, the composite includes the Main seam and where the width is less than 110cm, the additional thickness is made up from the direct footwall unit. 81 Normal Reef Composites per lithological unit are used to inform the Mineral Resource model. Within the normal reef facies, where the massive chromitite unit is less than 90cm thick, additional material is added to the cut from the footwall at an assumed grade of zero g/t until the minimum width of 110cm is achieved. TSF Compositing Data were composited into 6m lengths which is typically the mining bench height. Where the auger hole sampled length was not a full 6m, it was allowed to exist as a composite of 4.5m, 3.0m or 1.5m so that no data were rejected during the compositing process. This situation occurred at the base of many of the holes. As the estimated variable is an accumulation of grade and dry mass per metre the disproportionate impact of the smaller and often higher-grade composite lengths at the base of the holes on the estimate is lessened, as they tend to have high moisture and hence low dry mass per metre. 11.1.2 Estimation Domains 11.1.2.1 Merensky Reef The Merensky Reef has predominantly hard (constrained) boundaries, particularly where mineralisation is controlled by different geological layers (Figure 23). This means that only the composites within a geozone boundary will inform estimates in the applicable geozone. The facies classification is based on a combination of lithology, the thickness of the Merensky Pyroxenite and the PGM value distribution. For the Merensky Reef, the estimation domains are defined by facies and resource composites Sections 6.3.2.1 and 11.1.1.1). 82 Figure 23: Merensky Reef Geozones 11.1.2.2 UG2 Reef Geozones The UG2 Reef has partially constrained boundaries between geozones (Figure 24). For the estimation of the 500m by 500m size blocks, a selection of data using an expanded polygon for a further 500m into the adjacent geozones was selected. The size of the expanded polygon was based on the size of one block so as to avoid extensive extrapolation across fault boundaries. The same approach was applied to the 100m and 50m size blocks. A hard boundary was applied to Geozone 8, where Split Facies exists, and which was ring-fenced for the chromitite units. In the extraction of data to estimate the thickness of the internal waste pyroxenite parting in Geozone 8, surface drillholes in the immediately adjacent (within 500m) Geozone 7 were used and assigned a zero (pseudo) thickness for the internal waste. This allows for a more gradual transition in the reef thickness between the two geozones. All other geozones 83 are normal reef facies with no internal waste pyroxenite parting present. The E4 project area is predominantly in geozone 5, a normal reef geozone. Figure 24: UG2 Reef Geozones

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 11.1.2.3 Tailings Storage Facility For the TSF estimate, the distribution of values follows a spatial trend rather than abrupt boundaries. There is only one geological or statistical domain. 11.2 Estimation Techniques 11.2.1 Grade and Tonnage Estimation 11.2.1.1 Statistics and Capping The primary software used is Datamine Studio RM for estimation and Snowden Supervisor for statistics and variogram modelling. Based on the structural and geological facies, the Mineral Resource footprint was divided into various geostatistical domains – geozones (Section 11.1.2). The constraints of the geological facies differ between reefs. Detailed exploratory data analysis included sample verification, histogram, cumulative frequency plots, outlier checks, mean vs. covariance and trend analysis. The drillhole data and underground channel sample data were composited on the minimum mining width. The underground channel data informing the 500m blocks were declustered into a 500m by 500m grid in order to reduce the weighting on the channel data and increase the weighting and dependency on the surface drillhole deflections within the deeper, longer-term areas. After detailed exploratory analysis, it was determined that capping was necessary, and several capping ranges were applied to the composite variables based on an assessment of the histogram distribution and likelihood of occurrence. Capping was generally applied at the 99th percentile per geozone where applicable, to reduce the effects of extremely high grades on each estimated panel (Table 22). Figure 25 shows an example of the capping analyses in Snowden Supervisor and shows the effect of capping on the general statistics. Standard variograms were generated and capping was applied where required to enhance or reduce the smoothing of the variance. The capping applied to the variograms is given in Table 23 and Table 24. 85 Table 22: Capping Values Applied to the Final Estimation Dataset Reef Parameter Lower Upper UG2 TTHICK - 1.8 UG2 4E - 15.0 UG2 NIACCUM - 950 UG2 CUACCUM - 350 UG2 PTACCUM - 7,000 UG2 PDACCUM - 4,500 UG2 RHACCUM - 1,400 UG2 AUACCUM - 150 UG2 IRACCUM - 1,000 MER TTHICK - - MER 4E - 15.0 Figure 25: Capping Analysis in Snowden Supervisor 86 Table 23: Capping Applied to the Merensky Variogram Data Variable Accumulation Thickness 4E Composite Facies Geozone Lower Upper Lower Upper Lower Upper CUT 30 110 WP-A 1 - - - - - - CUT 20 110 WP-B 2 - - - - 1 12 30VAR160-80 MAR-A 3 - 15 - 2.5 - 16 30VAR160-80 MAR-C 32 - - - 2.2 - 15 FWC 40 110 BRAK-1 4 - - - - - 14 FWC 30 110 BRAK-2 41 - - - - - 16.5 FWC 50 110 BRAK-3 42 - - - - - - FWC90 120 RPM-S 5 - - - - - 12 40VAR16080F30 RPM-N 51 1.5 - - 1.5 1.8 - 30VAR18080F10 RPM-N 52 1 8.5 - 1.5 1.5 8 FWCT 7040 THIN-4B 6 - - - - - 14 FWCT 6050 THIN-K3 61 - - - - 0.3 10 CUT 00 140 EPF-N 7 - - - - 1 - CUT 00 120 EPF-S 8 - - - - - 6 CUT 40 110 WP-C 9 - - - - - 10 CUT 00 110 PAND 10 - - - - - - Table 24: Capping applied to UG2 Reef Variogram Data Variable Accumulation Thickness 4E Geozones Lower Upper Lower Upper Lower Upper 1 - 12 0.8 1.5 - 10 2 - 10 0.9 1.8 2.5 8 3 - 12 0.4 1.9 2.0 13 4 - 12 0.8 2 2.0 8 5 - 13 0.6 2 2.0 12 7 2 14 0.4 1.7 2.0 14 8upper 0.1 2.2 - 0.65 - 10 8lower 1.0 7.5 0.45 1.2 - 11 9 - 17 0.6 1.8 - 11 10 - - - - - - 11 - 10 - 1.4 - 10 12 - - - - - 10 87 11.2.1.2 Variogram Modelling and Estimation Parameter Selection The variography analyses for the Merensky and UG2 Reefs individual geozones was conducted using the validated composites for the combined underground channel and surface drillhole data. No transformation of the data was applied to the variograms as the data distribution approaches a normal distribution for thickness, grade, and accumulation where there are sufficient composites. The variograms were treated as isotropic as there are no trends and no convincing anisotropy effect was noticed (Figure 26 and Figure 27). This is a common phenomenon of the PGM Reefs within the Bushveld Complex. Variogram parameters used for kriging are available in Table 25. Snowden Supervisor is used for variogram maps (Figure 26), and variography as per examples in Figure 27. Figure 26: Example of a Variogram Map

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 Figure 27: Example of Variogram for 4E Grade and Thickness Table 25: Examples of Variogram Model Parameters Block Size Parameter Geozone NUGGET ST1PAR1 ST1PAR4 ST2PAR1 ST2PAR4 ST3PAR1 ST3PAR4 50x50, 100x100, 500x500 cm.g/t 1 0.52 10 0.30 32 0.15 140 0.03 cm.g/t 4 0.52 39 0.10 41 0.08 450 0.30 cm.g/t 7 0.52 10 0.25 51 0.14 540 0.09 cm.g/t 8 0.43 49 0.43 268 0.02 2,000 0.12 50x50, 100x100, 500x500 tthick 1 0.17 10 0.70 124 0.07 2,240 0.06 tthick 4 0.13 7 0.13 45 0.10 1,180 0.60 tthick 7 0.17 13 0.55 170 0.18 2,685 0.10 tthick 8 0.39 66 0.40 271 0.09 850 0.12 50x50, 100x100, 500x500 4egrade 1 0.45 14 0.35 40 0.17 255 0.03 4egrade 4 0.45 25 0.43 100 0.12 - - 4egrade 7 0.45 8 0.36 50 0.12 450 0.07 4egrade 8 0.53 21 0.34 418 0.03 1,936 0.10 500x500 BM & PGM PTACCU M 0.34 61 0.43 200 0.23 - - BM & PGM PDACCU M 0.34 109 0.28 290 0.38 - - BM & PGM RHACCU M 0.35 70 0.34 270 0.31 - - BM & PGM AUACCU M 0.33 26 0.43 210 0.24 - - The Mineral Resource block widths were estimated using variography results from channel width (thickness) analysis. Channel width was interpolated using Ordinary Kriging. 89 Kriging Neighbourhood Analysis is a tool which assists in determining the appropriate estimation parameters as per the examples below. Kriging Neighbourhood Analysis determines appropriate block sizes of 50m x 50m, 100m x 100m and 500m x 500m (Figure 28). These have positive kriging efficiencies and slope of regression. The discretisation shows a stable Kriging Efficiencies for the different matrices. The value used in the estimation was 5x5x1 (Figure 29). There is no more improvement in the Kriging Efficiencies with finer discretisation. The Kriging Neighbourhood Analysis for the number of samples for the 50m x 50m blocks provides the Kriging Efficiencies vs Slope of Regression relationship (Figure 30). The results for 500m x 500m blocks are shown in Figure 31. There is no more improvement in the Kriging Efficiencies with more samples. Kriging Neighbourhood Analysis is run in Datamine Studio RM using a proprietary script "Macro." The results for the Kriging Neighbourhood Analysis are summarised in Table 26. 90 Figure 28: Kriging Neighbourhood Analysis for Block Sizes Figure 29: Kriging Neighbourhood Analysis for Discretisation Figure 30: Kriging Neighbourhood Analysis Number of Samples 50x50 Block Size 91 Figure 31: Kriging Neighbourhood Analysis Number of Samples 500x500 Block Size Table 26: Kriging Parameters Data Block Size Minimum number of samples Maximum number of samples Search Volume No. 2 Minimum number of samples Maximum number of samples Search Volume No. 3 Minimum number of samples Maximum number of samples Point Data 50m x 50m 12 64 - - - - - - Point Data 100m x 100m 12 32 - - - - - - 500x500 Regularised Channel Sample data All surface drillhole data 500m x 500m 12 32 2 12 32 10 12 32 11.2.1.3 Interpolation Methods The two-dimensional block model is informed by: (i) validated composite data (ii) parameters extracted from the variography and kriging neighbourhood studies, and (iii) results of geological studies including geological facies domains, dip, geological loss, and alteration The model is constructed at zero elevation (which is a 2D modelling approach); has 4E grade, thickness, accumulation, and density interpolated into three sets of blocks (cells) 50mN by 50mE, 100mN by 100mE and 500mN by 500mE by interpolation method ordinary kriging. In addition, base metals (Cu and Ni), Cr and 6E prill splits (Pt, Pd, Rh, Ir, Ru and Au) were also interpolated into 500mN by 500mE blocks by ordinary kriging. Due to sparse base metal and 6E prill split data, only 500m blocks are filled that satisfy the minimum samples per block, the smaller block sizes do not fulfil the selection criteria. All these block models are combined to generate the final Mineral Resource Block Model.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 The Merensky Reef, a probability approach was applied to the estimation Geozone 9 (Westplats C facies) at the 4B Shaft in order to more accurately represent the proportion of thin facies. The two main facies types mined at the shaft are the Westplats-C and Thin facies. Previously the Thin facies was domained using available channel sample information, but due to the breast mining layout and wide sample spacing, the facies variability was potentially being underestimated. The Thin facies domains were subsequently removed at 4B Shaft. The probability model uses stope observation points as well as underground channel information to predict percentage probability of encountering Westplats or Thin facies per estimation block. Using stope observation points allows the facies variability to be better represented between underground channel samples which are spaced far apart. The grade assigned to each block is calculated using the probability percentage and applying this proportionally to the Westplats-C and Thin facies composites per block. For the UG2 Main and Leader seams as well as the Parting unit of the Split Reef facies, the thicknesses were estimated separately for each using Ordinary Kriging. These were then joined to form a single model layer for the Split Reef geozone. The grade for the Main and Leader Seams were estimated using Ordinary Kriging. Due to a lack of sampling data, a nominal grade of 0.01g/t was applied to Parting unit. No consideration of geotechnical cuts was applied to the Mineral Resource selection. Local areas where the triplets in the hangingwall rest close to the UG2 Reef result in dilution, which is accounted for in the dilution models in the Mineral Reserve modelling. Validation Block models are validated on several levels including visual checks comparing block grades to sample grades, swath plots comparing actual recovered grades to predicted grades and sampling grades, as well as reconciliations comparing previous estimations to the current estimation. An example of a swath plot used for validation is shown in Figure 32, a value distribution plot showing year-on-year comparison is shown in Figure 33. Block Models for the reefs are shown in Figure 34 and Figure 35. 93 Figure 32: Swath Plot Showing Block Model vs Data 94 Figure 33: Value Difference Plot for the UG2 Reef Showing Percentage Difference 4E Grade 2021 versus 2025 95 Figure 34: UG2 Reef 4E Grade Block Model \* Planned mechanisation at E4 necessitates a minimum mining width of 205cm, including dilution from the footwall, which results in lower grades than those modelled for conventional mines.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 Figure 35: Merensky Reef 4E Grade Block Model 11.2.2 Grade Control and Reconciliation Grade control and reconciliation practices follow similar procedures to those applied elsewhere on the Bushveld Complex. The reefs, hanging wall and footwall lithologies are visually identifiable, and channel sampling ensures that the face grade is monitored accordingly. As part of the reconciliation exercises, physical factors, including channel width, stoping width, dilution, and Mine Call Factor, are monitored and recorded on a monthly basis. Monthly evaluation is carried out by means of histograms drawn from the underground sampling data that evaluate the current mining block against the business plan. Stoping and development is measured monthly to provide an accurate broken ore tonnage and 4E PGM oz estimate that is compared to the planned tonnes hoisted, trammed, and milled on a monthly basis. The 4E PGM grade accounted for by the processing plant is in turn compared to the Survey Called For grade to determine the Mine Call Factor. Belt sampling is performed daily at all shafts, for both reefs, to verify underground grades. Year-on-year reconciliations are performed per shaft and facies on completion of an updated Mineral Resource model. 97 Figure 36 and Figure 37 below show the Marikana operation reconciliations for the Merensky and UG2 Reefs, respectively. The underlying grade control and reconciliation processes are considered appropriate by the QP. 98 Figure 36: Reconciliation of the Merensky Reef Models per Shaft 2025/2026 Figure 37: Reconciliation of the UG2 Reef Models per Shaft 2025/2026 99 11.3 Mineral Resource Classification 11.3.1 Classification Criteria The Mineral Resource is reported as in-situ Mineral Resource inclusive and exclusive of Mineral Reserves. The Mineral Resource is classified with varying levels of confidence ranging from Measured, high confidence, in current mining and sampling areas to Inferred, lower confidence, in areas further away from current workings. The Mineral Resource classification is determined using a classification matrix method, which has been implemented across the PGM operations of Sibanye-Stillwater. It consists of various geological and statistical components. The following geological parameters are considered into the different frameworks. Table 27 shows factors considered in applying confidence measurements to the Mineral Resource. For the geological parameters, a set of up to three categories of polygons is constructed for each element that represents the confidence in the areas encapsulated. The polygons applied are considered as 'confidence polygons,' i.e., they indicate areas of greater or lesser confidence. For the statistical parameters, ranked values are assigned based on the criteria given in the table above. A weighting file that defines how significant the parameters are relative to one another and to the particular orebody is created. The weighted scores of the eleven elements are then calculated per model cell and the final classification is determined as follows: • Where the weighted score lies between 1 and 1.5: then the cell is deemed to be measured • Where the weighted score lies between 1.5 and 2.5: then the cell is deemed to be indicated, • Where the weighted score is greater than 2.5: then the cell is deemed to be inferred Figure 38 and Figure 39 depict the Mineral Resource classification for each reef. The Mineral Resource classification methodology for 2025 has not changed from the 2021 Mineral Resource classification. For the Marikana Merensky Reef, the Mineral Resource estimate extends to the full lease boundary to the east of the operation, however no Mineral Resources are classified or reported east of where the current boundary is in Figure 39. This is due to sparse data and these areas do not satisfy the criteria for RPEE under current conditions. UG2 Mineral Resources in Figure 39 extend into the neighbouring Rustenburg operation. These Mineral Resources are accessed from the K3 shaft and are reported as part of Marikana's Mineral Resources.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 Table 27: Confidence Levels for Key Criteria for Mineral Resource Classification Items Discussion Confidence Aeromagnetic survey Aeromagnetic data is available, and data appears of reasonable quality and has been derived from internationally recognised and procedures and techniques High Seismic interpretation Seismic data is available, and data appears of reasonable quality and has been derived from internationally recognised and procedures and techniques High Structural model Stratigraphic definition and delineation are considered of reasonable quality. Major structures identified High Geozones (Facies) interpretation Facies definition and delineation are considered of reasonable quality. Major changes to facies model were identified High Geological Loss estimates Geological loss estimates are considered of reasonable quality and have been derived from internationally recognised procedures and techniques. Major structures are accounted for, and historical actuals form the basis of calculations High Historical data Available data appears of reasonable quality and has been derived from internationally recognised and procedures and techniques High Assay - QAQC QA/QC programme employed. QA/QC monitoring in place and regular follow ups occur with the mine laboratory Moderate Kriging variance Parameter is based on the standardised kriging variances (KV). Ranked values assigned are: where KV<0. 2, the ranked value is given a value of 1 (high confidence); where 0.2≤KV<0.4, a value of 2 is assigned; and where KV≥0.4, a value of 3 is applied (low confidence) Moderate Kriging efficiency Ranked values for kriging efficiency assigned are: where KE≥0.5, the ranked value is given a value of 1 (high confidence); where 0.3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 Figure 41: Mineral Resource Geological Loss Factors for the UG2 Reef 11.3.2.2 Pay limits and Cut-off Grade Historically, the Marikana operation have not applied cut-off grades in their Mineral Resource estimation due to there being no opportunity for mining selectivity, given the relatively flat grade profile of the various orebodies. The ore bodies are laterally continuous and have persistent metal distribution profiles which have been used as the basis for reef identification, modelling, and exploitation. Mining volumes and costs, as opposed to grade, therefore is the main factors impacting economics. To illustrate the reasonable prospects for economic extraction (RPEE), cut-off grade calculations were made based on economic, mining and processing assumptions. The metal prices assumed in the calculation are the long-term prices (as at 2025) in Table 28. See Section 16.3 for a discussion on price determination. 105 Table 28: Commodity Price and Exchange Rate Assumptions for Cut-off Calculations 6E Metals Units Long Term Prices 2025 Platinum US$/oz 1,350 Palladium US$/oz 1,350 Rhodium US$/oz 5,000 Gold US$/oz 2,650 Iridium US$/oz 5,500 Ruthenium US$/oz 450 R/US$18.24 A basket price for the 6E metals was calculated by weighting each price by the metal's contribution to the 6E value for each reef package per individual operation. The contribution of base metals was not considered (resulting in conservative outcomes) but will be considered in future. The prill splits used per operation are shown in Table 29. Table 29: 6E Prill Split Percentages Applied per Reef (proportional) Metal Merensky UG2 Surface (TSF) Platinum 0.57 0.48 0.47 Palladium 0.26 0.23 0.21 Rhodium 0.03 0.09 0.09 Gold 0.07 0.005 0.00 Iridium 0.01 0.04 0.04 Ruthenium 0.06 0.16 0.18 Selected cost parameters were used in the cut-off calculations and include mining assumptions below and in Section 12.4.2. The first factor used is the Resource to Reserve factor and is calculated by factoring in the percentage of grade lost in the conversion from Mineral Resource to Mineral Reserve grade. Typically, this would be due to dilution, Mine Call Factor and other modifying factors applied to the Mineral Resource. Concentrator recoveries used were based on 2025 actual figures per reef type, per operation and represent the average concentrator recovery for the total operation. Net smelter returns are assumed to be the same across the operations, although the material is processed at different facilities. Costs were assumed to be the same for both reef types. The parameters assumed for the cut-off calculation for the Merensky and UG2 packages are detailed in Table 30. 106 Table 30: Parameters Used in the Cut-off Calculation for the MR and UG2 Reef Operation Parameters Unit MER UG2 Surface Marikana Total Mining Cost R/t 1.241 1,241 432 Mining Recovery grade adjustment % 81 76 71 Plant Recovery % 87 87 27 Net smelter return % 99 99 99 MCF % 99 97 100 Based on the parameters assumed above the following cut-off grades were calculated for the Marikana operation (Table 31). The 6E PGM revenues were used in the cut-off grade calculation and a conversion factor of 1.23 for the UG2, 1.08 for the MR and 1.29 for the surface were used to derive at the 4E cut-off grade. Table 31: Cut-off Grades Calculated for the MER, UG2 Reef and Surface Operations Marikana MER UG2 Surface Cut-off grade (4E – g/t) 1.88 1.85 0.49 The Mineral Resource tonnes and metals available at the cut-off grades calculated are no different from what is obtained using no cut-off grade. The Merensky and UG2 Mineral Resources at Marikana have no tonnes or metals below the cut-off. Due to this, all available blocks are reported to have RPEE. 11.4 Mineral Resource Statements 11.4.1 Mineral Resources Mineral Resources are stated as Exclusive (Table 33 and Table 34) and Inclusive of Mineral Reserves (Table 35 and Table 36). Mineral Resources are for in-situ mineralisation (reference point) assessed to have reasonable prospects for economic extraction by the QP. The Mineral Resource as stated is not sensitive to changes in the PGM prices, nor the R/US$ exchange rates. Therefore, no sensitivity analysis has been completed for Mineral Resources. The 4E Prill Split for the Mineral Resources is given in Table 32. Table 32: 4E Prill Split Mineral Resources (Inclusive of Mineral Reserves) Prill Split Pt (%) Pd (%) Rh (%) Au (%) 31 Dec 2025 31 Dec 2021 31 Dec 2025 31 Dec 2021 31 Dec 2025 31 Dec 2021 31 Dec 2025 31 Dec 2021 Merensky 61.6 61.6 27.9 28.1 3.3 3.2 7.1 7.1 UG2 59.3 59.3 29.0 28.9 11.1 11.2 0.6 0.6 Combined (weighted average) 60.0 60.0 29.0 29.0 8.0 9.0 3.0 3.0 Surface 60.9 60.9 28.2 27.2 9.9 11.9 1.1 0.0 107 Notes on the Mineral Resource Tabulations: • Mineral Resources are not Mineral Reserves • Mineral Resources have been reported in accordance with the classification criteria of Subpart 1300 of Regulation S-K • Information on metal prices is found in Section 16.4 • Attributable Mineral Resource for 2025 is stated at an 80.64% legal interest • Due to non-selective mining, no cut-off grade is applied • Mineral Resources are reported after the removal of known and anticipated geological losses • Quantities and grades have been rounded to one decimal place • Technical and economic factors are discussed in Section 11.3.2 • Risks are discussed in Section 21 The QP is aware that there is a small, non-material discrepancy in the Mineral Resources exclusive of Mineral Reserves between the tonnage extracted from digital models and calculated by subtracting the Mineral Reserves. This is due to the methods of extracting information from the digital models. Marikana's methodologies have not been set up to routinely do this calculation as historically Mineral Resources exclusive of Mineral Reserves were not required to be reported. The "missing" tonnes are pillars and other areas within the Mineral Reserve boundaries not converted to Mineral Reserves. Marikana has considered other methods for the reporting to give a more accurate estimate of Mineral Resources exclusive of Mineral Reserves however the current method gives the most stable results year- on-year and has been retained.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 Table 33: Mineral Resources Exclusive of Mineral Reserves as at 31 December 2025 at 100% Classification – 4E 31-Dec-2025 31-Dec-2021 Tonnes Grade 4E Tonnes Grade 4E (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Underground Measured 62.4 4.1 8.2 59.2 3.9 7.5 Indicated 481.5 4.2 64.8 486.9 3.9 61.5 Measured + Indicated 544.0 4.2 73.0 546.1 3.9 69.0 Inferred 248.5 4.5 35.8 221.5 4.4 31.2 Total Underground 792.4 4.3 108.8 767.6 4.1 100.2 Surface TSF Indicated 3.1 1.2 0.1 0.0 0.0 0.0 Inferred 15.4 1.0 0.5 0.0 0.0 0.0 Total Surface 18.5 1.0 0.6 0.0 0.0 0.0 Total Mineral Resources 810.9 4.2 109.4 767.6 4.1 100.2 Table 34: Attributable Mineral Resource Exclusive of Mineral Reserves as at 31 December 2025 Classification – 4E 31-Dec-2025 31-Dec-2021 Tonnes Grade 4E Tonnes Grade 4E (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Underground Measured 50.4 4.1 6.6 47.4 3.8 5.8 Indicated 388.3 4.2 52.2 392.6 4.1 51.1 Measured + Indicated 438.7 4.2 58.8 440.3 4.0 57.0 Inferred 200.4 4.5 28.9 178.6 4.4 25.1 Total Underground 639.0 4.3 87.7 618.9 4.1 82.1 Surface TSF Indicated 2.5 1.2 0.1 0.0 0.0 0.0 Inferred 12.4 1.0 0.4 0.0 0.0 0.0 Total Surface 14.9 1.2 0.5 0.0 0.0 0.0 Total Mineral Resources 653.9 4.2 88.2 618.9 4.1 82.1 109 Table 35: Mineral Resources Inclusive of Mineral Reserves as at 31 December 2025 at 100% Classification – 4E 31-Dec-2025 31-Dec-2021 Tonnes Grade 4E Tonnes Grade 4E (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Underground Measured 93.9 4.2 12.6 90.8 4.2 12.3 Indicated 642.8 4.2 86.2 313.1 4.2 84.1 Measured + Indicated 736.7 4.2 98.8 717.0 4.2 96.4 Inferred 248.5 4.5 35.8 221.8 4.4 31.2 Total Underground 985.1 4.3 134.7 938.8 4.2 127.6 Surface TSF Indicated 57.2 0.9 1.7 10.5 1.2 0.4 Inferred 15.4 1.0 0.5 0.0 0.0 0.0 Total Surface 72.6 1.0 2.2 10.5 1.2 0.4 Total Mineral Resource 1,057.7 4.0 136.9 949.3 4.2 128.0 Table 36: Attributable Mineral Resource Inclusive of Mineral Reserves as at 31 December 2025 Classification – 4E 31-Dec-2025 31-Dec-2021 Tonnes Grade 4E Tonnes Grade 4E (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) Underground Measured 75.7 4.2 10.2 73.3 4.2 35.8 Indicated 518.3 4.2 69.5 252.5 4.2 67.8 Measured + Indicated 594.0 4.2 79.7 578.2 4.2 77.7 Inferred 200.4 4.5 28.9 178.8 4.4 25.1 Total Underground 794.4 4.3 108.6 757.0 4.2 102.9 Surface TSF Indicated 46.1 0.9 1.4 8.4 1.2 0.3 Inferred 12.4 1.0 0.4 0.0 0.0 0.0 Total Surface 58.5 1.0 1.8 8.4 1.2 0.3 Total Resource 852.9 4.0 110.4 765.5 4.2 103.2 11.4.2 Mineral Resources per Mining Area (Inclusive of Mineral Reserves) Mineral Resource statements per mining area, inclusive and exclusive of Mineral Reserves at 31 December 2025 are given in Table 37 and Table 38. 4B shaft is currently on Care and Maintenance (C&M). The remaining Mineral Resources will be transferred to K3 in the future. 4B Shaft Mineral Reserves have been depleted as per the LoM scheduling and timing. Projects include all other areas outside of operations, and C&M. 110 Table 37: Mineral Resource Exclusive of Mineral Reserves per Mining Area as at 31 December 2025 at 100% Mining Area Measured Indicated Inferred Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) K3 11.9 4.5 1.7 7.3 3.9 0.9 0.1 5.3 0.0 Rowland 8.6 4.4 1.2 37.1 5.0 5.9 10.9 4.4 1.5 Saffy 2.0 4.6 0.3 4.5 4.7 0.7 0.0 0.0 0.0 E3 1.8 4.5 0.3 0.3 4.4 0.0 0.0 0.0 0.0 K4 2.2 4.7 0.3 26.3 5.2 4.4 1.4 9.2 0.4 E4 17.6 2.9 1.7 0.0 2.9 0.5 0.3 2.9 0.0 C&M Shafts 9.9 4.5 1.4 9.3 4.9 1.4 2.4 4.1 0.3 Projects 8.4 3.4 1.3 396.8 4.0 50.8 233.4 4.5 33.5 Total Underground 62.4 4.1 8.2 481.5 4.2 64.8 248.5 4.5 35.8 Total: Surface TSF 0.0 0.0 0.0 3.1 1.2 0.1 15.4 1.0 0.5 Grand Total (Underground and Surface) 62.4 4.1 8.2 484.6 4.2 64.9 263.9 4.3 36.3 Table 38: Mineral Resource Inclusive of Mineral Reserves per Mining Area as at 31 December 2025 at 100% Mining Area Measured Indicated Inferred Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) K3 14.6 4.5 2.1 19.0 3.9 2.4 0.1 5.2 0.0 Rowland 15.4 4.5 2.2 41.5 5.0 6.6 10.9 4.3 1.5 Saffy 7.2 4.5 1.0 60.4 3.9 7.5 0.0 0.0 0.0 E3 6.6 4.5 1.0 0.3 4.4 0.0 0.0 0.0 0.0 K4 12.8 4.9 2.0 105.9 5.1 17.5 1.4 9.2 0.4 E4 20.6 2.9 2.0 41.9 2.9 3.9 0.3 2.9 0.0 C&M Shafts 9.9 4.5 1.4 9.3 4.9 1.4 2.4 4.1 0.3 Projects 6.8 4.2 0.9 364.5 4.0 46.7 233.4 4.5 33.5 Total Underground 93.9 4.2 12.6 642.8 4.2 86.2 248.4 4.5 35.8 Total: Surface TSF 0.0 0.0 0.0 57.2 0.9 1.7 15.4 1.0 0.5 Grand Total (Underground and Surface) 93.9 4.2 12.6 699.9 3.9 87.9 263.8 4.3 36.3 111 11.4.3 Changes in the Mineral Resources from Previous Estimates (Inclusive of Mineral Reserves) The 2025 estimation varies from the 2021 as shown in the waterfall graph (Figure 42) Mineral Resource depletion due to mining is 3.9Moz. The 14.2Moz in area inclusions is due to the addition of areas within the Schaapkraal Prospecting Right in 2023 (11.1Moz) and two TSF Resources in 2024 (2.2Moz). Changes due to geological losses, interpretation of geology, and changes to the estimation and classification parameters resulted in a decrease of 1.0Moz.It is not possible to fully separate changes only to the exclusive Mineral Resources as geology, methodology, rock engineering, pillars and economic parameters are global estimates and cannot be localised to only exclusive Mineral Resources. The Mineral Resource classification considers relevant sources of uncertainty see Section 11.3 for a more detailed discussion. The portion attributable to other stakeholders (third party) is 26.5Moz in 2025. Figure 42: Marikana operation Mineral Resource Reconciliation 11.4.4 Metal Equivalents All estimates are presented as 4E comprising various proportions of platinum, palladium, rhodium, and gold. This is discussed in detail in Section 11.3.2 and the proportions are presented in Table 32, Section 11.4.1. All estimates are for individual metals and not metal equivalents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 11.5 QP Opinion The Mineral Resources declared are estimated based on the geological facies and structure, and constrained by appropriate geostatistical techniques, using Ordinary Kriging. The Mineral Resource classification follows sound and reasonable geostatistical and geological guidelines. The Mineral Resources are declared inside the structurally defined blocks and outside of the mined-out areas. No cut-off grade is applied. The underlying grade control and reconciliation processes are considered appropriate. It is the QP's opinion that all uncertainties relating to any technical or economic factors that could likely influence the condition of RPEE have been addressed or can be resolved with further work. 12 Mineral Reserve Estimates This section includes discussion and comments on the conversion of Mineral Resources to Mineral Reserves. Specifically, comments are given on the mine planning process, historical production from the last five years, cut-off grades and modifying factors, Life-of Mine- plan (LoM) and specific inclusions and exclusions. The Mineral Reserves statement includes the global Mineral Reserves and Mineral Reserves per shaft, as well as comments on the sensitivity of the Mineral Reserves to cut-off grades, pay-limits, and input costs. Mining methods and Infrastructure are discussed in Sections 13 and 15. A map of the LoM layout is found in Section 13.9. Commodity pricing and financial information are found in Sections 16, 18 and 19. Section 12.4.2 and Table 41 and Table 43. provides details of the LoM plan from 2026 to 2070. Table 44 and Table 45 present the E4 portion of the LoM plan contained within the full plan. Final mine layouts for each reef are given in Figure 46 and Figure 47 in Section 12.7. 12.1 Mineral Reserve Methodology The mining unit is the shaft and its Mineral Resources. Mine planning is done on 100m block sizes. There is no block selection using a cut-off grade in the Mineral Reserve classification. The following factors are considered in aggregate for mine planning and Mineral Reserve • Mining • Metallurgical • Processing • Infrastructural • Economic • Marketing • Legal and • Environmental, social, and governmental factors Mineral Reserve classification follows from the Mineral Resource classification i.e., Proven Mineral Reserves are derived from Measured Mineral Resources, Probable Mineral Reserves are derived from 113 Indicated Mineral Resources and no Inferred Mineral Resources are included in the LoM plan or converted to Mineral Reserves. 12.2 Mine Planning Process The reported Mineral Resources and Mineral Reserves are derived through a comprehensive annual operational planning process. The annual planning process is cyclical, starting in January and running through to December. It begins with a review of the previous LoM plans and the development of strategic plans based on that portion of the Mineral Resource for which technical and economic studies have demonstrated justified extraction at the time of disclosure, to a minimum pre-feasibility study (PFS) level. Strategic plan directives, parameters, and factors are issued to guide the operations. An analysis of the historical performance is done to assist with the development of realistic productivity and cost parameters and modifying factors. All mine design and planning is based on the latest available geological and Mineral Resource models. Mineral Resource classification categories guide and constrain the mining layouts. Measured and Indicated Mineral Resources typically get converted to Proven and Probable Mineral Reserves respectively, but additional mining risk can be factored in and used to downgrade Mineral Reserve confidence. The annual operational plan is based on detailed monthly scheduling and zero-based costing. All underground mine design, sequencing, scheduling and evaluation is done using appropriate 3D software applications. Once detailed 12-month production profiles, operating and capital cost estimates, and the required stay-in-business capital estimates to sustain the business have been prepared, these are extended to five-year and LoM production schedules. Multi-disciplinary review processes are conducted at stage-gate intervals during the planning process. During these reviews, mining, support and technical departments are involved in the verification of the inputs and the modifying factors that are incorporated into the business plan. Ultimately, all business and LoM plans are approved by both the relevant regional management team, as well as the Group executives. Technical economic modelling is undertaken using a discounted cash-flow approach. The detailed one-year operating budget is used to determine cost drivers, down to shaft level, which are then applied to the remainder of the LoM plan. Sensitivities are calculated based on a range of commodity prices and operating and capital costs to assess the robustness of the plan. The financial and technical assumptions underlying the Mineral Resources and Mineral Reserves estimations contained in this report are current as at 31 December 2025. Such assumptions rely on various factors that may change after the reporting period, including as a result of operational reviews which Sibanye-Stillwater undertakes from time to time and when necessary. 12.3 Historical Mining Parameters The planning parameters applied are primarily based on historical achievements. Table 17 provides the historical mining performance for Marikana, where mining expenditures are stated in nominal terms. Historical mining statistics for the shafts from 2021 to 2025, as well as historical averages are provided in Table 39: 114 Table 39: Historical Mining Statistics by Section Shaft Units 2021 2022 2023 2024 2025 K3 Primary Reef Development (m) 23,167 24,233 26,296 30,107 27,160 Primary Waste Development (m) 7,574 8,208 7,703 7,045 6,648 Stoping Square metres (m2) 357,850 307,446 282,577 301,242 311,202 Tonnes Milled (kt) 2,075 1,862 1,857 1,999 2,014 4E ounces Metal in Concentrate (oz) 223,724 183,494 179,264 191,564 190,088 Rowland Primary Reef Development (m) 19,253 11,624 9,519 5,169 2,119 Primary Waste Development (m) 5,715 6,183 7,287 6,039 3,657 Stoping Square metres (m2) 238,535 202,817 193,483 155,149 156,431 Tonnes Milled (kt) 1,298 1,111 1,019 791 790 4E ounces Metal in Concentrate (oz) 137,571 112,861 102,234 79,157 76,132 Saffy Primary Reef Development (m) 10,271 8,686 7,216 5,777 4,954 Primary Waste Development (m) 5,348 6,022 5,975 6,066 5,831 Stoping Square metres (m2) 301,314 307,124 324,033 314,278 263,289 Tonnes Milled (kt) 1,852 1,896 1,967 1,915 1,689 4E ounces Metal in Concentrate (oz) 10,271 8,686 204,923 207,382 176,342 E3 Primary Reef Development (m) 2,377 1,581 2,681 2,601 2,575 Primary Waste Development (m) 1,383 1,485 1,564 1,367 1,059 Stoping Square metres (m2) 108,281 106,179 93,671 104,989 106,956 Tonnes Milled (kt) 622 603 567 614 628 4E ounces Metal in Concentrate (oz) 67,762 61,039 55,930 64,000 64,621 K4 Primary Reef Development (m) K4 is a new section there is no previous mining 3,718 3,046 3,780 Primary Waste Development (m) 8,465 9,192 9,179 Stoping Square metres (m2) 58,552 142,627 194,251 Tonnes Milled (kt) 308 718 979 4E ounces Metal in Concentrate (oz) 24,960 70,661 99,605 115 Shaft Units 2021 2022 2023 2024 2025 Total Underground Marikana operation Primary Reef Development (m) 58,169 50,461 51,370 46,853 40,588 Primary Waste Development (m) 21,553 27,284 31,884 29,794 26,374 Stoping Square metres (m2) 1,187,440 1,072,330 1,045,392 1,037,564 1,032,129 Tonnes Milled (kt) 6,801 6,315 6,253 6,135 6,101 4Eoz Metal in Concentrate (oz) 718,030 626,632 611,293 620,502 606,790 12.4 Shaft Modifying Factors 12.4.1 Paylimits and Cut-off Grades • No pay limits or mining cut-off grades are applied to the Mineral Reserves. There is no mining selectivity based on the grades applied at any of the shafts at Marikana operation • Costs for the LoM plan were derived from the actual 2025 costs, the current year's operational business plan and projected forward using the required production profile. Costs used in the operational plan have been benchmarked against current costs with adjustments made for inflation and labour costs • Long term prices used in the Mineral Reserves are given in Section 16.3 • With the Merensky and UG2 Reefs having low grade variability, all available blocks are reported to be mined, and essentially a blanket mining approach is applied • Refer to Section 11.3.2.2 for more information on paylimits and cut-off grades 12.4.2 Other Modifying Factors Table 40 provides details of the historical and projected mining modifying factors. Table 41 and Table 43 present the LoM plan which includes the newly planned E4 decline and the ETD2 tailings dam. Table 44 and Table 45 show the LoM contribution of the newly planned E4 decline. The ETD2 tailings dam contributes approximately half of the total tonnage for the surface operations. Mining dilution is catered for in the Mineral Resources compositing (Section 11.1.1) and provision in the Modifying factors (Table 40). Recovery factors are given in Section 14.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 Table 40: Mineral Reserve Modifying Factors 2026 Marikana Modifying Factors Survey Actuals Survey Actuals Survey Actuals Survey Actuals Survey Actuals Planned Units 2021 2022 2023 2024 LoM Conventional Dilution cm 26 25 29 27 18 Off Reef Mining % 1 1 2 1 2 RIH/RIF\* Loss % 2 2 4 2 1 Mine Call Factor % 100 96 93 99 99 Mechanised (E4) Dilution cm E4 not in Mineral Reserves 15 Off Reef Mining % 1 RIH/RIF\* Loss % 3 Scalping Ore Loss % 2 Ore used for Ballast % 1 Mine Call Factor % 97 \*Reef in Hangingwall/Reef in Footwall No Survey actuals for 2025 at the time of planning 117 Table 41: LoM Plans – Current Operations 2026-2035 Marikana operation Units LoM 2026 2027 2028 2029 2030 2031 2032 2033 2033 2035 1 2 3 4 5 6 7 8 9 10 Underground Primary Dev - Current Ops (m) 1,030,006 75,613 72,984 72,383 68,136 63,660 58,103 48,318 33,939 31,041 29,753 RoM (Mill) Tonnes (kt) 191,420 6,918 6,882 7,165 7,495 7,772 8,080 8,131 7,349 7,037 6,475 RoM Grade (g/t) 3.52 3.67 3.66 3.67 3.68 3.64 3.60 3.54 3.60 3.60 3.53 Recovery (%) 85.9 84.2 84.3 84.3 84.6 84.7 84.8 84.8 84.9 85.0 85.3 Yield (g/t) 3.02 3.09 3.08 3.09 3.12 3.09 3.05 3.00 3.06 3.06 3.02 4E Produced (koz) 18,603 688 683 712 751 771 792 783 723 692 628 Surface RoM (Mill) Tonnes (kt) 54,083 3,145 7,426 7,416 7,416 7,416 7,416 7,416 3,216 3,216 No surface material is scheduled RoM Grade (g/t) 0.94 0.94 0.88 0.94 0.95 0.93 0.93 0.97 0.95 0.94 Recovery\* (%) 18.2 21.0 17.4 17.6 17.6 17.6 17.6 17.7 21.0 21.0 Yield (g/t) 0.17 0.20 0.15 0.17 0.17 0.16 0.16 0.17 0.20 0.20 4E Produced (koz) 296 20 37 40 40 39 39 41 21 21 Total Mine RoM (Mill) Tonnes (kt) 245,502 10,063 14,308 14,581 14,911 15,188 15,496 15,547 10,565 10,253 6,475 RoM Grade (g/t) 2.95 2.82 2.22 2.28 2.32 2.32 2.32 2.31 2.80 2.76 3.53 Recovery (%) 81.2 77.7 70.5 70.3 71.1 71.6 71.9 71.4 78.3 78.2 85.3 Yield (g/t) 2.39 2.19 1.56 1.60 1.65 1.66 1.67 1.65 2.19 2.16 3.02 4E Produced (koz) 18,899 708 719 752 791 810 831 824 743 712 628 \* Surface LoM recoveries include a 21% BTT recovery from 2026 to 2034, supplemented by WLTR recoveries from the KTD1 TSF at 14.8% from 2027 to 2032, resulting in an average LoM recovery of 18.2% 118 Table 42: LoM Plans – Current Operations 2036-2045 Marikana operation Units LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 1 2 3 4 5 6 7 8 9 10 Underground Primary Dev - Current Ops (m) 1,030,006 26,046 24,719 21,778 21,662 20,898 18,564 18,834 18,547 17,814 17,432 RoM (Mill) Tonnes (kt) 191,420 5,970 5,361 5,272 5,183 5,033 4,199 4,198 4,184 4,202 4,213 RoM Grade (g/t) 3.52 3.48 3.44 3.42 3.38 3.34 3.21 3.18 3.13 3.11 3.07 Recovery (%) 85.9 85.3 84.9 85.0 85.1 85.4 86.5 86.3 86.1 85.9 85.6 Yield (g/t) 3.02 3.09 3.08 3.09 3.12 3.09 3.05 3.00 3.06 3.06 3.02 4E Produced (koz) 18,603 570 504 492 480 462 375 370 363 361 356 Surface No surface material is scheduled RoM (Mill) Tonnes (kt) 54,083 RoM Grade (g/t) 0.94 Recovery (%) 18.2 Yield (g/t) 0.17 4E Produced (koz) 296 Total Mine RoM (Mill) Tonnes (kt) 245,502 5,970 5,361 5,272 5,183 5,033 4,199 4,198 4,184 4,202 4,213 RoM Grade (g/t) 2.95 3.48 3.44 3.42 3.38 3.34 3.21 3.18 3.13 3.11 3.07 Recovery (%) 81.2 85.3 84.9 85.0 85.1 85.4 86.5 86.3 86.1 85.9 85.6 Yield (g/t) 2.39 2.97 2.92 2.90 2.88 2.85 2.78 2.74 2.70 2.67 2.63 4E Produced (koz) 18,899 570 504 492 480 462 375 370 363 361 356 119 Table 43: LoM Plans – Current Operations 2046-2070 Marikana operation Units LoM 2046- 2050 2051- 2055 2056- 2057 2058- 2065 2065- 2070 20-24 25-29 30-31 32-39 40-44 Underground Primary Dev - Current Ops (m) 1,030,006 73,410 67,862 58,203 30,961 12,544 RoM (Mill) Tonnes (kt) 191,420 20,887 19,167 14,540 10,221 5,485 RoM Grade (g/t) 3.52 3.02 3.20 3.69 4.28 5.23 Recovery (%) 85.9 85.5 86.4 87.7 89.1 91.4 Yield (g/t) 3.02 2.58 2.77 3.24 3.81 4.78 4E Produced (koz) 18,603 1,734 1,705 1,513 1,254 844 Surface No surface material is scheduled RoM (Mill) Tonnes (kt) 54,083 RoM Grade (g/t) 0.94 Recovery (%) 18.2 Yield (g/t) 0.17 4E Produced (koz) 296 Total Mine RoM (Mill) Tonnes (kt) 1,030,006 20,887 19,167 14,540 10,221 5,485 RoM Grade (g/t) 2.95 3.02 3.20 3.69 4.28 5.23 Recovery (%) 81.2 85.5 86.4 87.7 89.1 91.4 Yield (g/t) 2.39 2.58 2.77 3.24 3.81 4.78 4E Produced (koz) 18,899 1,734 1,705 1,513 1,254 844

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 Table 44: LoM Plans – E4 UG2 Mechanised Project 2026-2045 Marikana operation Units LoM 2026 2027 2028 2029 2030 2031 2032 2033 2033 2035 1 2 3 4 5 6 7 8 9 10 Underground Primary Development (m) 48,757 0 0 719 2,929 4,898 4,214 4,593 2,417 772 1,411 RoM (Mill) Tonnes (kt) 50,203 0 0 49 222 655 1,253 1,794 1,939 1,941 1,946 RoM Grade (g/t) 2.23 0.00 0.00 2.30 2.03 2.05 2.15 2.21 2.29 2.26 2.21 Recovery (%) 82.3% 0.0 0.0 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 Yield (g/t) 1.84 0.00 0.00 1.89 1.67 1.68 1.77 1.82 1.88 1.86 1.82 4E Produced (koz) 2,965 0 0 3 12 35 71 105 117 116 114 Marikana operation Units LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 1 2 3 4 5 6 7 8 9 10 Underground Primary Development (m) 48,757 1,428 1,703 1,345 1,377 2,292 2,870 1,908 1,669 1,495 328 RoM (Mill) Tonnes (kt) 50,203 1,938 1,935 1,944 1,931 1,941 1,919 1,922 1,916 1,930 1,915 RoM Grade (g/t) 2.23 2.26 2.39 2.36 2.27 2.17 2.18 2.21 2.22 2.24 2.28 Recovery (%) 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 Yield (g/t) 1.84 1.86 1.96 1.94 1.86 1.79 1.79 1.82 1.83 1.84 1.88 4E Produced (koz) 2,965 116 122 121 116 112 111 112 113 114 116 121 Table 45: LoM Plans – E4 UG2 Mechanised Project 2046-2059 Marikana operation Units LoM 2046- 2050 2051- 2055 2056- 2059 20-24 25-29 30-31 Underground Primary Development (m) 48,757 7,489 2,900 7,489 RoM (Mill) Tonnes (kt) 50,203 9,691 8,025 9,691 RoM Grade (g/t) 2.23 2.26 2.16 2.26 Recovery (%) 82.3 82.3 82.3 82.3 Yield (g/t) 1.84 1.86 1.78 1.84 4E Produced (koz) 2,965 580 458 201 122 12.5 LoM Project E4 is on the easternmost boundary of the Marikana operation (Figure 4) is planned to be a standalone decline system from surface to access the UG2 orebody (Figure 53). A PFS has been completed for mining production of 1.9Mtpa, yielding approximately 118Koz 4E PGMs per annum. Optimisation studies are ongoing and are expected to be completed near the end of 2026. Mineral Reserves for E4 are given in Table 49. E4 is included in the Mineral Reserves quoted in the document as well as in the Techno Financial Model (Section 19.5). The ore is planned to be treated at the EPL concentrator. There is sufficient capacity in the existing processing plants to process the material from E4. Likewise, there is sufficient current or planned tailings storage facilities to accept the processing waste. The new decline will use existing mine services, mineral processing facilities, and tailings dams. In addition, the KTD1 tailings dam is planned to be reprocessed primarily for its chromium content but will have PGM co-product credits of approximately 0.7M 4Eoz which are included in the Mineral Reserve. KTD1 will be processed through the WLTR plant at the Rustenburg operation. 12.6 Mineral Reserve Estimation The tonnage and grades scheduled in Measured Mineral Resources are classified as Proven Mineral Reserves and those in the Indicated Mineral Resources are classified as Probable Mineral Reserves. No Inferred Mineral Resources were converted to Probable Mineral Reserve for current operations. Proven and Probable Reserves for E4 were derived from Measured and Indicated Mineral Resources respectively. Mineral Reserve estimation at Marikana operation is based on the development of an appropriately detailed and engineered LoM plan at existing shafts, or technical studies, in the case of a project, to at least the pre-feasibility level. These account for all necessary access development and stope designs. The terms and definitions are those given in United States Securities and Exchange Commission's (SEC's) Subpart 1300 of Regulation S-K. All design and scheduling work are undertaken within Cadsmine software. The mill tonnes are quoted as mill delivered metric tonnes and RoM grades, inclusive of all mining dilutions. A small amount of UG2 ore in the lease area of the Rustenburg operation will be mined from the Marikana operation's K3 shaft (Figure 44), an adjacent property owned by the Registrant. These Mineral Reserves are accounted for the in the Marikana Mineral Reserves Statement and benefits accrue to Marikana operation. Mineral Reserves classification is given in Figure 43, Figure 44 and Table 46, Table 47 and Table 48. 123 Figure 43: Mineral Reserves Classification as at 31 December 2025- Merensky Reef

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 Figure 44: Mineral Reserves Classification as at 31 December 2025- UG2 Reef 125 12.7 Surface Sources Surface sources refer to low-grade, processed materials, from a Tailings Storage Facility (TSF) at the Marikana operation. The surface source being ETD2. 12.8 Mineral Reserves Statement The Mineral Reserve is declared separately for underground and surface sources. The 4E Prill Split for the Mineral Reserves is given in Table 46. The Mineral Reserves are provided in Table 47 and Table 48. Mineral Reserves per shaft are given in Table 49 and Table 50. Figure 45 shows the main changes year on year are due to various factors. Notes on the Mineral Reserves; • All Mineral Reserves are quoted as of 31 December 2025 • Mineral Reserves are attributable at 80.64% • Mineral Reserve was reported in accordance with the classification criteria of Regulation S-K 1300 • All Mineral Reserves are quoted in terms of the expected RoM grades and tonnage as delivered to the metallurgical processing facilities, and therefore the quantities reported account for dilution and mineral loss • Mineral Reserve statements are based on only Measured and Indicated Mineral Resources, modified to produce Mineral Reserves • All Mineral Reserves are evaluated to at least a Pre-Feasibility level of accuracy with cost estimates given in Sections 18 and 19 • Mineral Reserve was estimated on all blocks accessible from the infrastructure and no cut-off grade was applied as explained in Section 12.4.1 • Recoveries are dependent on the material type and processing stream. Recoveries are discussed in Section 14 • Where Au grade is less than 0.05g/t the value will reflect as zero (0) in the table • Where Au is less than 0.05Moz the value will reflect as zero (0) in the table • Mineral Reserves are estimated using the prices in in Section 16.4 • Risks are discussed in Section 21.1.2 126 Table 46: 4E Prill Split and Recovery for Mineral Reserves Prill Split Pt (%) Pd (%) Rh (%) Au (%) Recovery (%) 31 Dec 2025 31 Dec 2021 31 Dec 2025 31 Dec 2021 31 Dec 2025 31 Dec 2021 31 Dec 2025 31 Dec 2021 31 Dec 2025 31 Dec 2021 Merensky 61.6 61.6 27.9 28.1 3.3 3.2 7.1 7.1 88% 88% UG2\* 59.3 59.3 29.0 28.9 11.1 11.2 0.6 0.6 83% 84% Combined\*\* (weighted average) 60.2 60.3 28.6 28.6 8.2 8.2 3.1 3.2 85% 86% Surface\*\* 60.2 60.2 28.6 28.6 8.2 8.2 3.1 3.1 25% 25% \*Prill split for E4 is the same as for the current operating shafts \*\*The combined average for Merensky and UG2 Reefs and the tailings dam prill split are the same, this is not a typing error 127 Table 47: Mineral Reserve as at 31 December 2025 at 100% Classification – 4E Tonnes (Mt) 4E Grade (g/t) 4E (Moz) 31 Dec 25 31 Dec 21 31 Dec 25 31 Dec 21 31 Dec 25 31 Dec 21 Underground Operating Shafts Proven 34.2 28.0 3.8 3.9 4.2 3.6 Probable 107.0 140.3 4.0 4.1 13.9 18.5 Total Underground 141.2 168.3 4.0 4.1 18.0 22.0 Underground E4 UG2 Mechanised Project Proven 3.0 0.0 2.1 0.0 0.2 0.0 Probable 47.2 0.0 2.2 0.0 3.4 0.0 Total Underground - E4 50.2 0.0 2.2 0.0 3.6 0.0 Total Underground Proven 37.3 28.0 3.7 3.9 4.4 3.6 Probable 154.2 140.3 3.5 4.1 17.3 18.5 Total Underground 191.4 168.3 3.5 4.1 21.6 22.0 Surface TSF Proven TSF 0.0 0.0 0.0 0.0 0.0 0.0 Probable TSF 54.1 10.5 0.9 0.9 1.6 0.3 Total Surface 54.1 10.5 0.9 0.9 1.6 0.3 Total Proven 37.3 28.0 3.7 3.9 4.4 3.6 Total Probable 208.2 150.8 2.8 3.9 18.9 18.8 Total Mineral Reserve 245.5 178.8 2.9 3.9 23.3 22.3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 Table 48: Attributable Mineral Reserve as at 31 December 2025 at 80.64% Classification – 4E Tonnes (Mt) 4E Grade (g/t) 4E (Moz) 31 Dec 25 31 Dec 21 31 Dec 25 31 Dec 21 31 Dec 25 31 Dec 21 Underground Operating Shafts Proven 27.6 22.6 3.8 3.9 3.4 2.9 Probable 86.3 113.2 4.0 4.1 11.2 14.9 Total Underground 113.9 135.8 4.0 4.1 14.6 17.8 Underground E4 UG2 Mechanised Project Proven 2.4 0.0 2.1 0.0 0.2 0.0 Probable 38.0 0.0 2.2 0.0 2.7 0.0 Total Underground - E4 40.5 0.0 2.2 0.0 2.9 0.0 Total Underground Proven 30.1 22.6 3.7 3.9 3.5 2.9 Probable 124.3 113.2 3.5 4.1 13.9 14.9 Total Underground 154.4 135.8 3.5 4.1 17.5 17.8 Surface (TSF) Proven 0.0 0.0 0.0 0.0 0.0 0.0 Probable 43.6 8.4 0.9 0.9 1.3 0.2 Total Surface 43.6 8.4 0.9 0.9 1.3 0.2 Total Proven 30.1 22.6 3.7 3.9 3.5 2.9 Total Probable 167.9 121.6 2.8 3.9 15.2 15.1 Total Mineral Reserve 198.0 144.2 2.9 3.9 18.8 18.0 129 Table 49: Mineral Reserve per Mining Area as at 31 December 2025 at 100% 4E PGM per Mining Area Proven Probable Total Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) K3 2.8 3.4 0.3 9.9 3.5 1.1 12.7 3.5 1.4 Rowland 5.3 3.7 0.6 4.6 4.2 0.6 9.9 4.0 1.3 Saffy 6.2 3.8 0.8 16.6 4.0 2.1 22.8 3.9 2.9 E3 4.6 3.9 0.6 0.0 4.2 0.0 4.7 3.9 0.6 K4 15.3 3.8 1.9 75.9 4.1 10.0 91.3 4.1 11.9 E4 3.0 2.1 0.2 47.2 2.2 3.4 50.2 2.2 3.6 Total Underground 37.3 3.7 4.4 154.2 3.5 17.3 191.4 3.5 21.6 Total Surface TSF 0.0 0.0 0.0 54.1 0.9 1.6 54.1 0.9 1.6 Grand Total (Underground and Surface) 37.3 3.7 4.4 208.2 2.8 18.9 245.5 2.9 23.3 130 Table 50: Attributable Mineral Reserve per Mining Area as at 31 December 2025 at 80.64% 4E PGM per Mining Area Proven Probable Total Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) K3 2.3 3.4 0.2 8.0 3.5 0.9 10.2 3.5 1.1 Rowland 4.3 3.7 0.5 3.7 4.2 0.5 7.9 4.0 1.0 Saffy 5.0 3.8 0.6 13.4 4.0 1.7 18.4 3.9 2.3 E3 3.7 3.9 0.5 0.0 4.2 0.0 3.8 3.9 0.5 K4 12.4 3.8 1.5 61.2 4.1 8.1 73.6 4.1 9.6 E4 2.4 2.1 0.2 38.0 2.2 2.7 40.5 2.2 2.9 Total Underground 30.1 3.7 3.5 124.3 3.5 13.9 154.4 3.5 17.5 Total Surface TSF 0.0 0.0 0.0 43.6 0.9 1.3 43.6 0.9 1.3 Grand Total (Underground and Surface) 30.1 3.7 3.5 167.9 2.8 15.2 198.0 2.9 18.8 131 Figure 45: The Marikana operation Mineral Reserve Reconciliation as at 31 December 2025 12.9 Mineral Reserve Sensitivity Mineral Reserves like Mineral Resources are not sensitive to grade for three reasons: • Blocks that cannot be mined for geological or other technical reasons are excluded for the Mineral Resource and are not available for Mineral Reserves • The Merensky and UG2 Reefs have low grade variability • All available blocks in the Mineral Resource are above the nominal cut-off grade (Section 11.3.2.2), and are planned to be mined, which is essentially a blanket mining approach Cost sensitivity for the entire operation is given in Section 19.6. 12.10 QP Opinion The Mineral Reserves declared are estimated from detailed LoM plans developed per shaft and are based on the Mineral Resource Estimates as at 31 December 2025. The assumptions applied in determining the modifying factors are reasonable and appropriate. The mine plan has sufficient detail to ensure achievability. All the inputs used in the estimation of the Mineral Reserves have been thoroughly reviewed and can be considered technically robust. The QP considers the modifying factors to be based on a robust historical database of several years history and no material changes are

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 anticipated that will have a significant bearing on the Mineral Reserve estimation process. Risks to the Mineral Reserve are further discussed in Section 21. 13 Mining Methods 13.1 Introduction This section includes discussion and comments on the mining engineering related aspects of the LoM plan associated with Marikana operation. Specifically, the comments are given on the mining methods, geotechnical, and mine ventilation. The K3, K4 and Rowland shafts mine both the Merensky and UG2 Reef horizons with Saffy, E3 and E4 only targeting the UG2 Reef. K4 Shaft mined only Merensky in 2022 but both reef horizons are targeted going forward. The mining method will predominantly be conventional breast mining, with the exception of K3 doing conventional down-dip mining and E4, being planned as a bord and pillar mechanised mine. Marikana operation transportation distances underground on all producing shafts are increasing and are factored into the production efficiencies. The dip of the reefs are on average between 9 and 13.5 degrees. The dip mining method at K3 is far more development intensive than breast mining. There is also an overall mining mix constraint of approximately 25% Merensky and 75% UG2 Reef brought about by processing requirements with regards to chromium, copper, and nickel content. A typical mine layout is shown in Figure 46 and Figure 47. 133 Figure 46: Merensky Reef Mine Layout 134 Figure 47: UG2 Reef Mine Layout 13.2 Shaft Infrastructure, Hoisting and Mining Methods 13.2.1 Shaft Infrastructure Marikana operation consist of large, established shallow to mid-level depth platinum mines that are accessed from surface through numerous incline and vertical shaft systems with 30 Level at K4 Shaft currently being the deepest working level (1,331m). Marikana comprises of five producing shaft systems, i.e. one decline shaft from surface (E3), two vertical and sub decline complexes (Rowland and K3) and two vertical shaft complexes (Saffy and K4). Two old shafts, W1 and E1 act as second escape ways for Rowland and Saffy shafts, respectively and hence require some care and maintenance with associated costs. The shaft length and depth factors at Marikana are all depicted in the shaft layout sections in the figures below (Figure 48 to Figure 53). Figure 48: K3 & K3A Shaft Layout Section

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 Figure 49: Rowland Shaft Layout Section Figure 50: Saffy Shaft Layout Section 137 Figure 51: E3 Shaft Layout Section Figure 52: K4 Shaft Layout Section 138 Figure 53: E4 Proposed Shaft Layout Section 13.2.2 Hoisting The hoisting capacities of the shafts are given in Table 51. Unconstrained capacity is the maximum capacity of the shaft. The constrained capacity is the reduced capacity due to load shifting. Load shifting reduces the available capacity by reducing the operating hours. This is done to reduce power costs by not operating during peak power grid hours. Table 51: Hoisting Capacities of the Marikana Shafts Shaft Operating Capacity (ktpm) 5-year Avg. Planned Production (tpm) K3 Shaft 200 174 Rowland Shaft 200 78 Saffy Shaft 200 153 E3 Shaft 80 48 K4 Shaft 225 135 E4\* 160/200\* Ramp up to 160 \*Pre-feasibility Study values. Option to increase throughput to 200ktpm 13.2.3 Mining Methods The mining method to be used is dependent on the ground conditions and structural complexity within each shaft block area. No backfilling is used on underground operations. There are no open pit operations. For dip mining the primary waste footwall haulages are developed on strike approximately 20m to 25m below the reef with crosscuts 70m apart. The reef is accessed from a short cross-cut through an inclined travelling way. The stope preparation drives (SPDs) connect the raises which are developed on the reef along dip to connect to the level above. The raises are the main access to the stopes and are used for removing broken ore to the tip at the bottom of each mining block. On the dip layout each raise has an ore-pass in the footwall haulage. On a dip layout ore is extracted from two 14m wide half panels on 139 either side of the raise allowing throw blasting for optimised cleaning. Mining blocks are separated by dip pillars with pillar width increasing with depth below surface. For breast mining, footwall haulages are placed deeper in the footwall in order to accommodate a cross-cut and short travelling way to reef, per raise line. In this layout the ore-passes are placed in the cross-cut. Raises are placed 200m apart. Breast stoping panels are generally 28m in length and are advanced on strike away from the raises in either one or both directions. Ore is removed with winch driven scrapers via advanced strike gullies which connect the panels to the raise. Panels are separated by strike pillars which have designed ventilation holings. Stope width for conventional mining averages around 1.4m and handheld pneumatic rock drills with air legs are used for stope face drilling and ore is cleaned to the tips with conventional winch driven scrapers and transported to the main tips on each mining level with rail bound equipment. Figure 54: Schematic Diagram of the Underground Mining Layout For bord and pillar mining (typically either mechanised or hybrid), decline shaft barrels are developed on-reef, from the identified access points/reef outcrops on surface (Figure 55). The barrels are developed on the dip or apparent dip of the reef, until strike mining sections have been exposed for stoping operations. Once the required infrastructure is installed to support strike mining, ledging and stoping operations commence. E4 is designed as a six-barrel decline shaft system, positioned on a 9º apparent dip, there is a disused open-pit at the planned access location which can be used to access the orebody. Mining is planned to a depth of 650m, with stoping operations planned at 160kt per month. Stoping width on bord and pillar ranges between 2.0m and 2.4m, allowing sufficient access space for mechanised machinery. Mechanised drill-rigs and bolters are planned to be used at E4. Ore will be removed from the faces using mechanised LHD machines. It will then be moved to surface via a conveyor belt system. Ore will be trucked to the EPL concentrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 Figure 55: East 4 Proposed Bord and Pillar Layout 13.3 Geotechnical Analysis The TRS has been compiled with input from qualified rock engineers. Strategic planning and major design issues were completed with the relevant input from the responsible rock engineers. The primary aspects making up the geotechnical analysis are geotechnical conditions, stress and seismological setting, and regional and local support. 13.3.1 Geotechnical Conditions Major structures/fault zones intersect the orebody at most of the shafts. Structures of note are: • Saffy and E3 – There is a major parting plane above the reef which forms a critical beam that ranges from 3.0m to 20.0m in thickness. This plane determines the support design of limited panel spans as well as the use of grout packs as primary in-stope support on these shafts • Marikana fault – West boundary of Rowland Shaft and east of K3 and 4B shafts • Spruitfontein fault – Situated towards the west of the K3 block and east of 4B. This structure affects both reef horizons • Elandsdrift fault – On the east boundary of Rowland shaft • Hossy Dyke – North of Rowland shaft Mitigation strategies are in place for these structures; these include lower mining rates, bracket pillars, secondary and tertiary support, increasing support density as well as decreasing panel spans near these structures. 13.3.2 Stress and Seismological setting Major seismicity from fault/dyke slip or pillar failure/punching at any of the shafts has not occurred. The pillar system employed at current mining depths is such that seismicity from this source is highly unlikely. 141 However, as mining ventures deeper, there is a necessity to install appropriate seismic monitoring systems that are capable of locating seismic events. These have been installed for Saffy, Rowland, K3 and K4 shafts. 13.3.3 Regional and Local Support The MCOP details and guides the rock engineering discipline in the production of detailed designs based on the parameters contained in the previous sections. The purpose of regional support systems is to reduce volumetric closure, compartmentalise stopes by limiting excessive spans, and reduce the Energy Release Rate (ERR). Stabilising pillars are required to provide efficient regional support. The stabilising pillars can take the form of either geological losses or reef pillars, which will influence the extraction ratio. Limited research has been done into the design of stabilising regional pillars for the platinum industry, and the design principles applied in the South African gold mining industry are therefore applied and adapted and is considered to be as appropriate as possible. The Marikana operation employs a "stable" rigid pillar system up to a mining depth of approximately 700mbs. These in-stope pillars support both the local hanging wall beams and act as regional support in that they carry the overburden rock mass to the surface. The pillar sizes are span dependent and increase/decrease in width proportionally to an increase/decrease in the designed inter-pillar span. At approximately 700m depth and below, pillars become inefficient in that the behaviour thereof can no longer be accurately predicted. The pillars therefore become very large, posing a seismic risk and entrapping large volumes of ore resulting in sub economic mining. Mining with rigid pillars is only considered to the depth where crush pillar mining can safely be employed. Inter-pillar spans are determined by means of beam analysis. The beam theories applied are: • Voussoir beam theory • Tensile height Cognisance is taken of dead weight layers and where applicable, cantilever effects. Inter-pillar spans are designed to be self-supporting as far as possible before introducing in-stope support (MCOP). At Saffy and E3 shafts the mining layout is based on breast and updip panels with 27m inter pillar spans and strike or dip-oriented pillars planned at 14m lengths and 5m to 7m widths, with 2m wide holings for ventilation purposes. At K3 shaft the mining layout is based on breast and dip panels consisting of 30m long panels with 16m x 20m pillars with 2m x 3m holings in the Merensky section; and 30m panels with 14m x 20m pillars with 2m x 3m holings in the UG2 section within a rigid pillar environment from 11 level to 23 level. From 24 level to 27 level the mining layout is based on breast and dip panels consisting of 30m long panels with crush pillars and regularly spaced regional dip pillars up to 28m wide and spaced 240m apart on strike. At Rowland shaft the mining layout is based on breast and down-dip panels with 30m inter pillar spans on the UG2 and 32m inter-pillar spans on the Merensky reef with crush pillars and regularly spaced regional dip pillars up to 18m in width and spaced 200m apart on strike. 142 At E4 the mining layout is based on a bord and pillar design, with strike bords planned at 8m and dip bords planned at 8m widths. Bord widths for all sinking and primary development sections are planned at 7.3m. The pillar dimensions of the bord and pillar design ranges from 7.5m x 6.5m on the upper sections of the mine, to 11.5m x 8.5m for the deeper sections. 13.4 Mine Ventilation All projects and new infrastructure designs incorporate detailed ventilation modelling and associated recommendations as part of the standard feasibility and planning processes. All underground mines are subdivided into defined ventilation districts to ensure effective control of airflow distribution. For conventional mining operations, the ventilation design is based on achieving a minimum airflow velocity of 0.25m/s, in line with legal requirements. E4 has been designed as a trackless mining operation, incorporates a higher design velocity of 1.0m/s. This measure adequately dilute diesel particulate matter and exhaust gases while maintaining safe working conditions. 13.5 Refrigeration and Cooling Due to the high geothermal gradient of the BC, the resulting elevated virgin rock temperatures necessitate the use of ventilation, refrigeration, and cooling systems. Ventilation modelling is applied to determine the required ventilation, refrigeration, and cooling capacities to ensure compliance with legal standards and to maintain safe, healthy, and environmentally acceptable underground working conditions. Within the Marikana complex, K4 is the only mine equipped with an operational refrigeration and bulk air-cooling plant. Based on current ventilation modelling and thermal conditions, no refrigeration or cooling systems are required for the other mines in the complex. 13.6 Flammable Gas Management Sporadic flammable gas intersections are encountered across the shafts. These occurrences are effectively managed through the procedures outlined in the Flammable Gas Mandatory Code of Practice. Continuous gas measuring instruments are utilised to detect both flammable and noxious gases. In addition, an extensive telemetry system, equipped with fixed Carbon Monoxide (CO) sensors installed at strategic locations throughout the operations, provides early detection of CO. 13.7 Mine Equipment The following major mine equipment (Table 52) is installed and utilised at the Marikana conventional operations. A detailed equipment list is not currently available as the planning is still at the pre-feasibility stage. E4 will be similar to E3 and the declines at the neighbouring Rustenburg operation. 143 Table 52: Major Mine Equipment Major Equipment Quantity Locos 208 Chairlifts 6 Winches 2,280 Rock Winder 4 Emergency Generators 19 Trackless Mobile Machinery 45 Decline Winders 4 Loaders 217 Main Pumps 37 Man Winders 5 Surface Conveyors 23 Surface Vent Fans 19 Transformers 164 U/G Conveyors 19 Surface & U/G Sub Stations 89 Service Winder 5 Mini Subs 218 Koepe Winder 3 Headgear Lift 4 Decline Conveyors 9 Ventilation Fans 18 13.8 Personnel Requirements Personnel requirements and related information are available in Sections 4.5 and 17.2. 13.9 Final Layout Map See Section 12.6 and Figure 43 and Figure 44 for the distribution of Mineral Reserves and mined out areas. 14 Processing and Recovery Methods This section covers the metallurgical and mineral processing aspects associated with Marikana. Specifically, details and comment are provided on the process metallurgy and process engineering

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 aspects relating to plant capacity, metallurgical performance and metal accounting practices as incorporated in the LoM plan. 14.1 Processing Facilities All metallurgical processes and technology in place at the ore processing, smelting and refining facilities (Figure 56). E4 is designed to use existing processing facilities. The EPL and EPC concentrator are planned to receive the RoM Processing facilities are appropriate, well-proven and aligned to norms and practices in the SA PGM sector. The processing methods were selected on the basis of test work carried out as part of feasibility studies at the time. However, the results of the test work have been superseded by actual operational data and experience accumulated over several years of continuous successful operation of these facilities. Ore is processed at four out of eight concentrators, two concentrators are on C&M and a further two are treating tailings material. The concentrate is delivered as a slurry to the smelter. The smelter filters, dries, and melts the concentrate in order to extract PGMs and base metals from the gangue material. The smelter produces a converter matte that contains the extracted PGMs and base metals. The converter matte is processed at the Base Metal Refinery (BMR)to separate the base metals (Ni and Cu) from the PGMs. The PGM concentrate from the Base Metal Refinery is processed at the Precious Metals Refinery (PMR) where it is refined into the individual PGM metals (Pt, Pd, Au, Rh, Ru & Ir). Chromite is separated from the PGM and base metals concentrate at the concentrators and sent to a different processing stream. Marikana has all necessary processes in place to source for material locally and internationally if required. Thus there is no shortage of process material anticipated. Figure 56: Schematic Diagram of the Overall Process Flowsheet 145 14.2 Concentrators The Marikana operation has eight concentrators. Four of the concentrators treat underground material and two of the concentrators treat surface or tailings material. A further two are on C&M. The concentrators are identified as follows: • K3 Mix (underground ore) • K3 UG2 (underground ore) • K4 (underground ore) • EPL (underground ore) • BTT (tailings treatment) • ETTP (tailings treatment) • Rowland (C&M) • EPC (care and maintenance C&M) The K3 mixed and K3 UG2 reef concentrators are situated within the same geographical area. They are considered a single entity from a management, reporting and costing perspective, but they are regarded as two different concentrators from a metallurgical perspective. The concentrators typically treat Merensky, UG2 or a blend (mix) of Merensky and UG2 Reef. The blend of material fed to the concentrators can be adjusted to meet operational requirements. The concentrators all employ a similar flowsheet. A primary mill-float with a secondary mill-float configuration is followed by multi-stage cleaning of the primary and secondary rougher concentrates. Each plant produces a high-grade concentrate from the primary flotation circuit and a low-grade concentrate from the secondary flotation circuit. The concentrates are mixed together prior to dispatch to the smelter. The valuable constituents of these concentrates are the PGMs and associated base metals. Some of the concentrating plants have a crushing circuit where the ore is broken down to –20mm. This crushed ore is fed into a primary mill where it is ground into fine slurry. Other concentrating plants feed RoM ore directly into the primary milling stage. The resulting slurry is fed through a series of flotation and milling stages. The tailings from all of the UG2 concentrators are fed into chrome recovery plants where chromite concentrate is extracted using spiral gravity separation as well as magnetic separation technology. The resulting concentrate is sold under contract to our customers for further beneficiation. Tailings are thickened prior to disposal to the TSF where the solid material is settled, and the clear water is decanted and returned to the concentrator plant. Plant Capacities are listed in Table 53. The major process equipment installed and utilised at the Marikana Concentrators. Is listed in Table 54. 146 Table 53: Plant Capacities at the Marikana operation Concentrators Plant Design Capacity (ktpm) Current Operation Capacity(ktpm) Average Recovery Factor (%) Material Treated K3 Mixed (Karee A) 140 140 87.9 Merensky K3 UG2 120 125 86.0 UG2 EPL 180 194 80.0 UG2 K4 125 117 86.9 Merensky and UG2 EPC Care and Maintenance BTT 300 300 21.0 Historic Tailings ETTP 274 192 32.0 Current arising tailings Smelting and Refining Planned feed capacity (t/m) Achieved operational capacity (t/m) Average three-year recovery factor (%) Material Treated Smelter 13,133 11,689 104 Concentrate and filter cake from various internal and external plants BMR 416 370 99 Smelter Converter Matte PMR 4 3 100 BMR PGM Concentrate Table 54: Major Process Equipment Utilised at Concentrators Major Equipment Quantity 11 kv 1 20 MVA Transformers 4 35 Ton Cranes 3 Air blowers 4 Air compressors 2 Auto claves horizontal 3 Auto claves vertical 2 Ball Mills 19 Boilers 4 Compressors 17 Cone crusher 5 Convertors 3 Conveyors 11 Flotation cells 300 Furnaces 5 Generators 4 Hot Gas Generator 1 147 Major Equipment Quantity Induction Furnace 2 ISA mill 1 Jaw crushers 3 Linear screens 2 Main Fans 2 Main Generator 1 Mill gearboxes 2 Mill motors 2 Mud guns 4 Plc 7 Pressure Vessels 40 Samco Pumps 100 Scrubbers 3 Silos 4 Strapping Band Machine 1 Tanks Stainless 30 Thickeners 28 Transformers 33 Vacuum Pumps 4 Vent & Extraction Fans 7 Vibrating feeders 8 Vibrating screens 2 Weighbridge 2 Wet Gas Fans 2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 14.2.1 K3 Mix Concentrator 14.2.1.1 Process Description The K3 Mix concentrator (Figure 57) mainly processes material from the K3, Rowland and K4 Shafts. RoM material is milled in the primary mill in order to reduce the particle size and liberate the PGMs. The primary mill discharge slurry is pumped to the primary roughers where some of the PGMs are recovered in the flotation concentrate. The tails from the primary roughers are milled in a secondary milling step to further liberate the PGMs. The secondary mill discharge slurry is pumped to a secondary rougher flotation circuit. The tails from the secondary rougher are thickened and transferred to the Karee TSF. Concentrates from the primary and secondary roughers are pumped to the primary cleaners for further upgrading. The tails from the primary cleaners are pumped to the secondary cleaners for additional PGM recovery. The secondary cleaner tails report to the TSF. The primary and secondary cleaner concentrates are thickened, before being pumped into slurry tankers and transferred to the smelter. Figure 57: A Simplified Block Flow Diagram of K3 Mix Concentrator 14.2.1.2 Plant Capacity The K3 Mix concentrator capacity is shown in Table 53. 14.2.1.3 Production Plan The recent production history and operational parameters for the K3 Mix concentrator are presented in Table 55, Figure 58 and Figure 59. The 2021 to 2025 data presented reflect the actual annual performance whilst the 2026 to 2070 data represent current LoM planning. The current operational 149 methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. Table 55: K3 Mix Concentrator Production Forecast and Operational Data (2021-2070) Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Feed (kt) 1,726 1,552 1,310 1,037 13,38 1,825 1,782 1,685 1,729 16,41 1,474 1,414 1,37 6 Head Grade (g/t) 3.42 3.10 3.05 3.08 3.16 3.51 3.48 3.49 3.57 3.64 3.75 3.79 3.95 Concentrate Produced (kt) 38 19 33 25 32 42 41 39 40 38 34 33 32 4E Recovery (%) 89 88 87 87 86 88 88 88 88 88 89 89 89 4E Metal Produced (koz) 167 136 111 89 117 181 175 166 174 169 157 153 156 Parameter LoM 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Total Feed (kt) 1,348 1,366 1,355 1,335 1,307 1,267 1,277 1,249 1,203 1,195 1,185 1,188 1,19 2 Head Grade (g/t) 4.12 4.13 4.16 4.18 4.16 4.26 4.28 4.26 4.13 3.95 3.81 3.66 3.62 Concentrate Produced (kt) 31 31 31 31 30 29 29 29 28 27 27 27 27 4E Recovery (%) 90 90 90 90 90 90 90 90 90 89 89 88 88 4E Metal Produced (koz) 160 163 163 161 157 156 158 154 143 135 129 123 122 Parameter LoM 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 2059 Total Feed (kt) 1,179 1,166 1,161 1,158 1,158 1,154 1,150 1,155 1,152 1,155 1,154 1,158 1,15 6 Head Grade (g/t) 3.57 3.51 3.50 3.55 3.78 3.90 3.97 4.18 4.34 4.30 4.44 4.47 4.44 Concentrate Produced (kt) 27 27 27 27 27 27 26 27 26 27 27 27 27 4E Recovery (%) 88 88 88 88 89 89 89 90 90 90 90 90 90 4E Metal Produced (koz) 119 115 115 116 125 129 131 139 145 143 149 150 149 Parameter LoM 2060 2061 2062 2063 2064 2065 2066 2067 2068 2069 2070 Total Feed (kt) 1,168 1,154 1,138 1,131 1,123 11,18 1,026 998 819 711 601 Head Grade (g/t) 4.58 4.66 4.55 4.58 4.66 4.73 4.77 5.14 5.71 6.32 6.40 Concentrate Produced (kt) 27 27 26 26 26 26 24 23 19 16 14 4E Recovery (%) 91 91 91 91 91 91 91 92 92 92 92 4E Metal Produced (koz) 156 157 151 151 153 155 143 151 139 135 115 150 Figure 58: K3 Mix Concentrator Throughput Forecast Figure 59: K3 Mix Concentrator Production and Recovery Forecast 151 14.2.1.4 Personnel Requirements The K3 Mix and K3 UG2 concentrators are situated within the same geographical area. They are considered a single entity from a management, reporting, and costing perspective. The K3 Mix and K3 UG2 concentrators have a combined work force complement of 98 employees. The concentrator utilises four teams on rotating shifts. Employees consist of processors, responsible for operating the plant, as well as artisans and maintenance staff who maintain all plant equipment. 14.2.1.5 Energy Requirements The K3 Mix concentrator receives electricity from the 33kV Karee substation. 14.2.1.6 Water Requirements The K3 Mix concentrator has a water positive balance. The K3 Mix concentrator water balance consists of tailings return water, Buffelspoort water, water from old UG2 open pits, as well as the use of Rand Water Board for potable water and reagents. 14.2.2 K3 UG2 Concentrator 14.2.2.1 Process Description The K3 UG2 concentrator (Figure 60) mainly processes material from the K3 Shaft. RoM material is milled in the primary mill in order to reduce the particle size and liberate the PGMs. The primary mill discharge slurry is pumped to the primary roughers where some of the PGMs are recovered in the flotation concentrate. The tails from the primary roughers is milled in a secondary milling step to further liberate the PGMs. The secondary mill discharge slurry is pumped to a secondary rougher flotation circuit. The tails from the secondary rougher is thickened and transferred to a chrome recovery plant, which is operated by an independent company. The associated chrome recovery plant utilises a spiral gravity concentration circuit to produce a chromite concentrate. The remaining tailings is transferred to the Karee TSF. Concentrate from the primary and secondary roughers are pumped to the primary cleaners for further upgrading. The tails from the primary cleaners is pumped to the secondary cleaners for additional PGM recovery. The secondary cleaner tails report to the TSF. The primary and secondary cleaner concentrate is thickened, before being pumped into slurry tankers and transferred to the smelter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 Figure 60: A Simplified Block Flow Diagram of K3 UG2 Concentrator 14.2.2.2 Plant Capacity The K3 UG2 concentrator capacity is shown in Table 53. 14.2.2.3 Production Plan The recent history and operational parameters for the K3 UG2 concentrator are presented in Table 56, Figure 61 and Figure 62. The presented 2021 to 2025 data reflect the actual annual performance while the 2026 to 2036 data represent current LoM planning. The current operational methods and capacities are adequate. The projected metallurgical efficiencies have also been sustainably obtained historically and are thus reasonable targets. 153 Table 56: K3 UG2 Concentrator Production Forecast and Operational Data (2021-2036) Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Feed (kt) 1,513 1,381 1,252 1,264 1,244 1,495 1,528 1,553 1,575 1,508 1,396 1,077 893 Head Grade (g/t) 3.94 3.67 3.60 3.62 3.56 3.42 3.42 3.47 3.49 3.49 3.51 3.53 3.62 Concentrate Produced (kt) 18 18 16 17 16 19 19 19 20 19 17 13 11 4E Recovery (%) 87 87 86 86 86 86 86 86 86 86 86 86 87 4E Metal Produced (koz) 159 141 125 127 122 141 144 149 152 146 136 105 90 Parameter LoM 2034 2035 2036 Total Feed (kt) 758 516 384 Head Grade (g/t) 3 3.44 3.45 Concentrate Produced (kt) 9 6 5 4E Recovery (%) 86 86 86 4E Metal Produced (koz) 73 49 37 Figure 61: K3 UG2 Concentrator Throughput Forecast 154 Figure 62: K3 UG2 Concentrator Production and Recovery Forecast 14.2.2.4 Personnel Requirements The K3 Mix and K3 UG2 concentrators are situated within the same geographical area. They are considered a single entity from a management, reporting and costing perspective. The K3 Mix and K3 UG2 concentrators have a combined workforce complement of 98 employees. The concentrator utilises four teams on rotating shifts. Employees consist of processors, responsible for operating the plant, as well as artisans and maintenance staff who maintain all plant equipment. 14.2.2.5 Energy Requirements The K3 UG2 concentrator receives electricity from the 33kV Karee substation. 14.2.2.6 Water Requirements The K3 UG2 concentrator has a water positive balance. The K3 concentrator water balance consists of tailings return water, Buffelspoort water, water from UG2 pits, as well as the use of Rand Water Board for potable water and reagents. 155 14.2.3 EPL Concentrator 14.2.3.1 Process Description The EPL concentrator (Figure 63) mainly processes material from the Saffy, E3 and Rowland Shafts. Ore for E4 is planned to be processed at EPL from 2028/2029. The EPL concentrator utilises a number of crushing steps to reduce the ore size to less than 20mm. The crushed product is transferred to the primary mill in order to reduce the particle size further and liberate the PGMs. The primary mill discharge slurry is pumped to the primary roughers where some of the PGMs are recovered in the flotation concentrate. The tails from the primary roughers is milled in a secondary milling step. The secondary mill discharge slurry is pumped to a secondary rougher flotation circuit. The tails from the secondary rougher is transferred to a chrome recovery plant, which is operated by an independent company. The chrome recovery plant utilises a spiral gravity concentration circuit to produce a chromite concentrate. The tailings from this process is pumped to the ETTP concentrator where some of the remaining PGMs are recovered. Concentrate from the primary and secondary roughers are pumped to the primary cleaners for further upgrading. The tails from the primary cleaners is pumped to a stirred media detritor (SMD), which further grinds the tails and allows for additional PGMs to be recovered. The product from the SMD is pumped to the secondary cleaner circuit where additional PGMs are recovered. The secondary cleaner tails runs in closed circuit and is circulated to the rougher circuit for further recovery of PGMs. The primary and secondary cleaner concentrates are thickened, before being pumped into slurry tankers and transferred to the smelter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 Figure 63: A Simplified Block Flow Diagram of EPL Concentrator 14.2.3.2 Plant Capacity The EPL concentrator capacity is shown in Table 53. 14.2.3.3 Production Plan The recent history and operational parameters for the EPL concentrator are presented in Table 57, Figure 64 and Figure 65. The 2021to 2025 data presented reflects the actual annual performance whilst the 2026 to 2045 data represent current LoM planning. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. 157 Table 57: EPL Concentrator Production Forecast and Operational Data (2021-2045) Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Feed (kt) 2,209 2,481 2,511 2,515 2,317 2,494 2,338 2,422 2,385 2,412 2,318 2,201 2,180 Head Grade (g/t) 4.22 4.01 3.97 4.13 4.03 3.88 3.82 3.81 3.85 3.90 3.94 3.98 4.04 Concentrate Produced (kt) 22 26 28 28 26 27 26 27 26 27 25 24 24 4E Recovery (%) 80 80 81 81 80 80 80 80 80 80 80 81 81 4E Metal Produced (koz) 240 257 259 270 241 249 229 237 236 242 236 227 229 Parameter LoM 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Total Feed (kt) 1,956 1,678 1,362 1,210 1,070 989 806 656 581 439 248 56 Head Grade (g/t) 4.05 4.06 4.04 4.02 4.00 4.01 4.04 4.08 4.14 4.18 4.25 4.05 Concentrate Produced (kt) 22 18 15 13 12 11 9 7 6 5 3 0.6 4E Recovery (%) 81 81 81 81 81 81 81 81 81 81 81 81 4E Metal Produced (koz) 206 177 143 126 111 103 85 70 63 48 28 6 158 Figure 64: EPL Concentrator Throughput Forecast 159 Figure 65: EPL Concentrator Production and Recovery Forecast 14.2.3.4 Personnel Requirements The EPL concentrator has a workforce complement of 121 employees. The concentrator utilises four teams on rotating shifts. Employees consist of processors, responsible for operating the plant, as well as artisans and maintenance staff who maintain all plant equipment. 14.2.3.5 Energy Requirements The EPL concentrator has a ring feed supply from the 11kV Eastern Central substation. 14.2.3.6 Water Requirements The EPL concentrator has a water positive balance. The EPL concentrator water balance consists of tailings return water, borehole water, return water from the nearby shafts (Saffy/E3) and Hartbeespoort canal water, as well as the use of Rand Water Board for potable water and reagents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 14.2.4 K4 Concentrator 14.2.4.1 Process Description The K4 concentrator (Figure 66) typically receives material from the Rowland, 4B and K4 Shafts. RoM material is milled in the primary mill in order to reduce the particle size and liberate the PGMs. The primary mill discharge slurry is pumped to the primary roughers where some of the PGMs are recovered in the flotation concentrate. The tails from the primary roughers is milled in a secondary milling step. The secondary mill discharge slurry is pumped to a secondary rougher flotation circuit. The tails from the secondary rougher is thickened and transferred to the Karee TSF. Concentrate from the primary and secondary roughers are pumped to the primary cleaners for further upgrading. The tails from the primary cleaners is pumped to the secondary cleaners for additional PGM recovery. The secondary cleaner tails reports to the TSF. The primary and secondary cleaner concentrate is thickened, before being pumped into slurry tankers and transferred to the smelter. Figure 66: A Simplified Block Flow Diagram of K4 Concentrator 14.2.4.2 Plant Capacity The K4 concentrator capacity is shown in Table 53. 161 14.2.4.3 Production Plan The recent history and operational parameters for the K4 concentrator are presented in Table 58, Figure 67 and Figure 68. The 2021 to 2025 data presented reflects the actual annual performance whilst the 2024 to 2069 data represents current LoM planning. Production from K4 shaft started in 2022 and is being treated at K4 concentrator, once production of the K4 shaft ramps up – some of the Rowland UG2 ore, which is currently processed at K4 concentrator, will then be processed at EPC. This will necessitate the restart and ramp-up of the EPC concentrator. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. Table 58: K4 Concentrator Production Forecast and Operational Data (2021-2069) Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Feed (kt) 1,310 895 1,181 1,322 1,203 1,104 1,234 1,455 1,583 1,556 1,639 1,644 1,639 Head Grade (g/t) 3.73 3.70 3.60 3.71 3.77 3.82 3.91 3.89 4.00 4.08 4.14 4.18 4.18 Concentrate Produced (kt) 17 14 18 22 20 15 17 20 21 21 22 22 22 4E Recovery (%) 88 86 85 87 87 86 87 87 87 87 88 88 88 4E Metal Produced (koz) 137 92 116 137 127 117 135 158 177 178 191 194 193 Parameter LoM 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Total Feed (kt) 1,639 1,639 1,440 1,238 1,187 1,088 1,094 1,093 1,084 1,072 1,088 1,110 Head Grade (g/t) 4.12 4.10 4.01 3.86 3.85 3.75 3.77 3.81 3.82 3.86 3.88 3.79 Concentrate Produced (kt) 22 22 19 17 16 15 15 15 15 14 15 15 4E Recovery (%) 87 87 87 87 87 86 86 86 87 87 87 86 4E Metal Produced (koz) 190 189 162 133 127 113 114 116 115 115 118 117 Parameter LoM 2046 - 2050 2051 - 2055 2056 - 2060 2061 - 2065 2066 - 2069 Total Feed (kt) 5,340 5,374 5,353 4,558 1,327 Head Grade (g/t) 3.81 3.86 3.80 3.84 4.27 Concentrate Produced (kt) 72 73 72 62 18 4E Recovery (%) 87 87 86 87 88 4E Metal Produced (koz) 566 579 565 488 160 162 Figure 67: K4 Concentrator Throughput Forecast 163 Figure 68: K4 Concentrator Production and Recovery Forecast 14.2.4.4 Personnel Requirements The K4 concentrator has a workforce complement of 70 employees. The concentrator utilises four teams on rotating shifts. Employees consist of processors, responsible for operating the plant, as well as artisans and other maintenance staff who maintain all plant equipment. 14.2.4.5 Energy Requirements The K4 concentrator has a ring feed supply from the 33kV Karee substation. 14.2.4.6 Water Requirements The K4 concentrator has a positive water balance. The K4 concentrator water balance consists of tailings return water, water from the UG2 pits, as well as the use of Rand Water Board for potable water and reagents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 14.2.5 EPC Concentrator 14.2.5.1 Process Description The EPC concentrator (Figure 69) was put on C&M in 2020 as part of a process to restructure costs and maximise throughput at the remaining concentrators. It is anticipated that the EPC concentrator will be restarted when additional material from the K4 shaft becomes available. EPC will then treat material from the E3 and Rowland Shafts. RoM material is milled in the primary mill in order to reduce the particle size and liberate the PGMs. The primary mill discharge slurry is pumped to the primary roughers where some of the PGMs are recovered in the flotation concentrate. The tails from the primary roughers is milled in a secondary milling step to further liberate the PGMs. The secondary mill discharge slurry is pumped to a secondary rougher flotation circuit. The tails from the secondary rougher is thickened and transferred to the chrome recovery plant, which is operated by an independent company. The chrome recovery plant utilises a spiral gravity concentration circuit to produce a chromite concentrate. The tailings from this process is pumped to the ETTP concentrator where some of the remaining PGMs are recovered. Concentrate from the primary and secondary roughers are pumped to the primary and secondary cleaners for further upgrading. The tails from the primary cleaners is pumped to the secondary cleaner circuit where additional PGMs are recovered. The secondary cleaner tails is pumped to an Isamill, which further grinds the tails and allows additional PGMs to be recovered in the tertiary cleaner flotation circuit. The primary, secondary and tertiary cleaner concentrates are thickened, before being pumped into slurry tankers and transferred to the smelter. 165 Figure 69: A Simplified Block Flow Diagram of EPC Concentrator 14.2.5.2 Plant Capacity The EPC concentrator capacity is shown in Table 53. 14.2.5.3 Production Plan Plant modifications and other maintenance activities were performed on EPL concentrator in 2020. The EPC concentrator operated for approximately 3 months to offset the lower throughput at EPL during this period. It is anticipated that the EPC concentrator will be restarted when additional material from the K4 Shaft becomes available. EPC will then treat material from the E3 and Rowland Shafts. The EPC plant may also receive ore from E4 from 2030. LoM plan indicates no ore processed at EPC. 14.2.5.4 Personnel Requirements The EPC concentrator was put on C&M in 2020 as part of a process to restructure costs and maximise throughput at the remaining concentrators. The plant was operated for a three month period in 2021, during which time it was staffed by employees from the EPL concentrator and external contractors. (The EPL concentrator is situated in close proximity to the EPC concentrator.) The EPC concentrator will be adequately staffed once K4 Shaft mining ramps-up. 166 14.2.5.5 Energy Requirements The EPC concentrator has a ring feed supply from the 11kV Eastern Central substation. 14.2.5.6 Water Requirements EPC concentrator has positive water balance. The EPC concentrator water balance consists of tailings return water, borehole water, water supply from the EPL Concentrator, as well as the use of Rand Water Board for potable water and reagents. 14.2.6 BTT Concentrator 14.2.6.1 Process Description Re-mined tailings are processed in a Chrome Recovery plant where chromite is separated from the PGMs using a spiral gravity concentration circuit (Figure 70). The coarse tail stream from the chrome recovery plant is pumped to the BTT concentrator primary mill in order to reduce the particle size and liberate the PGMs. The primary mill discharge slurry is pumped to the primary roughers where some of the PGMs are recovered in the flotation concentrate. The tails from the primary roughers is milled in a secondary milling step to further liberate the PGMs. The secondary mill discharge slurry is pumped to a secondary rougher flotation circuit. The tails from the secondary rougher is thickened and transferred to the TSF. Concentrate from the Primary and Secondary Roughers are pumped to the primary and secondary cleaners for further upgrading. The tails from the primary cleaners is pumped to the secondary cleaner circuit where additional PGMs are recovered. The secondary cleaner tails is pumped to the TSF. The primary and secondary cleaner concentrate is thickened, before being pumped into slurry tankers and transferred to the smelter. 167 Figure 70: A Simplified Block Flow Diagram of BTT Concentrator 14.2.6.2 Plant Capacity The BTT concentrator capacity is shown in Table 53. 14.2.6.3 Personnel Requirements The BTT concentrator has a workforce complement of 99 employees. The concentrator utilises four teams on rotating shifts. Employees consist of processors, responsible for operating the plant, as well as artisans and other maintenance staff who maintain all plant equipment. 14.2.6.4 Production Plan The recent history and operational parameters for the BTT concentrator are presented in Table 59, Figure 71 and Figure 72. The 2021 to 2025 data presented reflects the actual annual performance whilst the 2026 to 2036 data represents current LoM planning. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 Table 59: BTT Concentrator Production Forecast and Operational Data (2021-2036) Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Feed (kt) 3,870 3,698 3,626 4,036 3,315 3,145 3,226 3,216 3,216 3,216 3,216 3,216 3,216 Head Grade (g/t) 0.87 0.86 0.92 1.01 1.19 0.94 0.86 0.99 1.00 0.96 0.97 1.05 0.95 Concentrate Produced (kt) 12 13 12 14 11 10 10 10 10 10 10 10 10 4E Recovery (%) 26 25 26 27 19 21 21 21 21 21 21 21 21 4E Metal Produced (koz) 31 26 28 35 24 20 19 21 22 21 21 23 21 Parameter LoM 2034 2035 2036 Total Feed (kt) 3,216 3,216 3,216 Head Grade (g/t) 0.94 0.94 0.94 Concentrate Produced (kt) 9.99 10 10 4E Recovery (%) 21.0 21 21 4E Metal Produced (koz) 20.52 21 21 Figure 71: BTT Concentrator Throughput Forecast 169 Figure 72: BTT Concentrator Production and Recovery Forecast 14.2.6.5 Personnel Requirements The BTT concentrator has a workforce complement of 97 employees. The concentrator utilises four teams on rotating shifts. Employees consist of processors, responsible for operating the plant, as well as artisans and other maintenance staff who maintain all plant equipment. 14.2.6.6 Energy Requirements The BTT concentrator has a ring feed to the main plant from the 6.6kV Middelkraal substation. 14.2.6.7 Water Requirements BTT concentrator has a positive water balance. The BTT concentrator water balance consists of tailings return water, water from the Pandora infrastructure, as well as the use of Rand Water Board for potable water and reagents. 170 14.2.7 ETTP Concentrator 14.2.7.1 Process Description The ETTP concentrator (Figure 73) receives feed material from the chrome recovery plant. The coarse fraction in the feed is pumped to a primary mill in order to reduce the particle size and liberate the PGMs. The coarse fraction from the primary mill discharge is pumped to the Isamill for further grinding and liberation of PGMs. The Isamill slurry is pumped to the primary roughers where some of the PGMs are recovered in the flotation concentrate. The tails from the primary roughers is thickened and transferred to the TSF. The primary rougher concentrate is pumped to the primary cleaners for further upgrading of the PGM concentrate. The tails from the primary cleaners is pumped to the TSF. The primary cleaner concentrate is pumped to the final cleaners and the concentrate from the final cleaners is thickened, before being pumped into slurry tankers and transferred to the smelter. Figure 73: A Simplified Block Flow Diagram of ETTP Concentrator 14.2.7.2 Plant Capacity The ETTP concentrator capacity is shown in Table 53. 14.2.7.3 Production Plan The recent history and operational parameters for the ETTP concentrator are presented in Table 60, Figure 74 and Figure 75. The 2021 to 2925 data presented reflects the actual annual performance whilst the 2024 to 2045 data represent current LoM planning 171 The current operational methods and capacities are adequate. The planned throughput is above the stated plant capacity, but historical data suggest that higher than nameplate capacity has been achieved and can be sustained in future. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. Table 60: ETTP Concentrator Production Forecast and Operational Data (2021-2045) Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Feed (kt) 2,484 2,479 2,483 2,487 2,291 2,467 2,312 2,396 2,359 2,385 2,292 2,177 2,156 Head Grade (g/t) 0.84 0.83 0.77 0.81 0.81 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 Concentrate Produced (kt) 5 6 6 6 6 6 5 5 5 5 5 5 5 4E Recovery (%) 29 30 34 34 35 32 32 32 32 32 32 32 32 4E Metal Produced (koz) 19 20 21 22 21 20 18 19 19 19 18 17 17 Parameter LoM 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Total Feed (kt) 1,935 1,660 1,347 1,197 1,058 978 798 649 575 434 246 55 Head Grade (g/t) 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 0.77 Concentrate Produced (kt) 4 4 3 3 2 2 2 1 1 1 1 0.1 4E Recovery (%) 32 32 32 32 32 32 32 32 32 32 32 32 4E Metal Produced (koz) 15 13 11 10 8 8 6 5 5 3 2 0

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 Figure 74: ETTP Concentrator Throughput Forecast Figure 75: ETTP Concentrator Production and Recovery 173 14.2.7.4 Personnel Requirements The ETTP concentrator has a workforce complement of 29 employees. The concentrator utilises four teams on rotating shifts. Employees consist of processors, responsible for operating the plant, as well as artisans and other maintenance staff who maintain all plant equipment. 14.2.7.5 Energy Requirements The ETTP concentrator has a ring feed/ parallel supply from the 11kV Eastern Central substation. 14.2.7.6 Water Requirements The ETTP concentrator has a positive water balance. The concentrator water supply consists of tailings return water, borehole water, water supplied from EPL Concentrator, as well as the use of Rand Water Board for potable water and reagents. 14.3 Smelting and Refining 14.3.1 Smelter 14.3.1.1 Process Description Apart from our own concentrates, the smelter also receives and treats concentrate from third parties as slurry of filter cake. The concentrate and recycled material are blended in several blending tanks to stabilise and homogenise the feed to the furnaces. The concentrate slurry is filtered and dried in a flash dryer to a moisture content of approximately 0.5%. The smelter has five furnaces. The two larger furnaces (Furnace 1 and 2) are usually in operation, with the three smaller pyromet furnaces being utilised as back-up or spare capacity. All furnaces are of round design with three electrodes operating on alternating current. The furnaces use electrical energy to melt the concentrate into two molten phases: a less dense slag phase which contains gangue metals and a denser matte phase which contains PGMs and base metals. Furnace matte and slag are tapped from the furnaces at regular intervals. Furnace slag is granulated in water and sent to the slag recovery circuit, while furnace matte is tapped in ladles and poured into the Pierce-Smith converters. The Pierce-Smith converters oxidise FeS to FeO, which reports to the slag phase. The slag is granulated in water and transferred to the slag recovery plant to recover any entrained PGMs. The converter matte is granulated and transferred to the Base Metal Refinery Off-gasses from the smelter contain SO2 that needs to be fixated due to safety, health, and environmental reasons. Fixation is done with lime to produce a CaSOx waste product. 174 The slag recovery plant utilises a milling and flotation circuit to recover entrained PGMs from the slag. The slag plant concentrate is recycled to the furnaces. The tails from the slag plant is transferred to the TSF. Figure 76: A Simplified Block Flow Diagram of the Smelter 14.3.1.2 Plant Capacity The smelter capacity is shown in Table 53. 14.3.1.3 Personnel Requirements The smelter has a workforce complement of 320 employees. The smelter utilises four teams on rotating shifts. Employees consist of processors, responsible for operating the plant, as well as artisans and other maintenance staff who maintain all plant equipment. 14.3.1.4 Production Plan The recent history and operational parameters for the smelter are presented in Table 61, Figure 77 and Figure 78. The 2021 to 2025 data presented reflects the actual annual performance whilst the 2026 to 2073 data represent current LoM planning. 175 Table 61: Smelter Production Forecast and Operational Data (2021-2073) Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Feed (kt) 155 134 112 112 111 119 118 120 122 119 114 107 104 Concentrate Produced (kt) 7.9 4.8 4.5 4.3 4.3 4.5 4.4 4.3 4.4 4.3 4.0 3.8 3.7 4E Recovery (%) 100.0 102.0 99.7 101.5 101.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 4E Metal Produced (koz) 1,039 768 823 823 823 823 823 823 823 823 823 823 823 Parameter LoM 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Total Feed (kt) 98 82 73 67 62 59 57 53 50 48 45 43 Concentrate Produced (kt) 3.5 3.4 3.2 3.0 2.9 2.8 2.8 2.7 2.5 2.5 2.4 2.4 4E Recovery (%) 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 4E Metal Produced (koz) 823 823 823 823 823 823 823 823 823 823 823 823 Parameter LoM 2046 - 2050 2051 - 2055 2056 - 2060 2061 - 2065 2066 - 2070 2070 - 2073 Total Feed (kt) 207 205 205 192 114 15 Concentrate Produced (kt) 12 12 12 11 8 1 4E Recovery (%) 99.0 99.0 99.0 99.0 99.0 99.0 4E Metal Produced (koz) 2,326 1,234 1,299 1,241 835 118

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 Figure 77: Smelter Throughput Forecast Figure 78: Smelter PGM Production and Recovery Forecast 177 14.3.1.5 Energy Requirements The Smelter receives electricity from the Wonderkop MV Substation, which has 4 x 20MVA, 11kV Transformers. 14.3.1.6 Water Requirements The Smelter recovers water from the concentrate slurry (water is filtered during the drying process and used as process water), as well as water from the Rowland Shaft and storm water dams. 14.3.2 Base Metal Refinery (BMR) 14.3.2.1 Process Description The Base Metal Refinery (BMR) (Figure 79) receives granulated converter matte from the smelter. The matte is milled in a ball mill. A number of leaching processes are used to separate the base metals from the PGMs. Nickel is leached in the first stage leach with sulphuric acid and oxygen. The leach solution from the first stage leach is pumped to the crystalliser plant where the nickel is recovered as nickel sulphate hexahydrate crystals. The residue from the first stage leach is treated in a two stage pressure leach (the second and third stage leaches) to remove the remainder of the nickel and copper from the PGM fraction. The PGM residue from the third stage leach is upgraded in a number of batch processes to remove minor elements. The final leach residue is vacuum dried, sampled and dispatched to the Precious Metals Refinery. Selenium and tellurium are removed from the copper rich pressure leach solution. The copper solution is pumped to the copper electrowinning plant where copper is produced as copper cathodes. Figure 79: A Simplified Block Flow Diagram of the Base Metal Refinery 178 14.3.2.2 Plant Capacity The BMR capacity is shown in Table 53. 14.3.2.3 Production Plan The recent history and LoM planning parameters for the BMR are presented in Table 62, Figure 80 and Figure 81. The 2021 to 2025 data presented reflects the actual annual performance whilst the 2026 to 2073 data represents current LoM planning. Table 62: Base Metals Refinery Production Forecast and Operational Data (2022-2032) Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Total Converter Matte Feed (kt) 7.5 5.3 4.5 4.3 4.3 4.5 4.4 4.3 4.4 4.3 4.0 3.8 3.7 Ni Produced (kt) 3.3 2.6 2.0 2.7 2.3 1.8 1.7 1.7 1.8 1.7 1.6 1.5 1.4 Cu Produced (kt) 2.1 1.5 1.2 1.2 1.1 1.1 1.1 1.0 1.1 1.0 1.0 0.9 0.9 6E Recovery (%) 98.0 97.0 98.0 96.0 96.3 98.5 98.5 98.5 98.5 98.5 98.5 98.5 98.5 4E Metal Produced (koz) 948 778 796 821 732 714 701 730 756 753 739 695 686 Parameter LoM 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Total Converter Matte Feed (kt) 3.5 3.4 3.2 3.0 2.9 2.8 2.8 2.7 2.5 2.5 2.4 2.4 Ni Produced (kt 1.4 1.3 1.2 1.2 1.1 1.1 1.1 1.0 1.0 1.0 0.9 0.9 Cu Produced (kt) 0.9 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 6E Recovery (%) 98.5 98.5 98.5 98.5 98.5 98.5 98.5 98.5 98.5 98.5 98.5 98.5 4E Metal Produced (koz) 647 575 500 444 405 387 370 344 321 294 269 240 Parameter LoM 2046 - 2050 2051 - 2055 2056 - 2060 2061 - 2065 2066 - 2070 2070 - 2073 Total Converter Matte Feed (kt) 6.9 12 12 11 8 1 Ni Produced (kt) 2.7 4 5 4 3 0.4 Cu Produced (kt) 1.7 3 3 3 2 0.3 6E Recovery (%) 99 99 99 99 99 99 4E Metal Produced (koz) 1,126 1,215 1,279 1,222 822 116 179 Figure 80: BMR Throughput Forecast Figure 81: BMR PGM & Base Metal Production and Recovery Forecast

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 14.3.2.4 Personnel Requirements The BMR has a work force complement of 154 employees. The BMR utilises four teams on rotating shifts. Employees consist of processors, responsible for operating the plant, as well as artisans and other maintenance staff who maintain all plant equipment. 14.3.2.5 Energy Requirements The BMR receives electricity from the Wonderkop MV Substation, which has 4 x 20MVA, 11kV Transformers. 14.3.2.6 Water Requirements The BMR utilises water recovered during the nickel sulphate crystallisation process. Water from Rand Water Board is used in the boilers. 14.3.3 Precious Metal Refinery (PMR) 14.3.3.1 Process Description The Precious Metals Refinery (PMR)(Figure 82) receives a PGM concentrate from the Base Metal Refinery (BMR). Hydrochloric acid and chlorine gas is used to dissolve all the PGMs. The PGMs are initially recovered as crude intermediate products and then further refined into pure saleable metals. Figure 82: A Simplified Block Flow Diagram of the Precious Metals Refinery 181 14.3.3.2 Plant Capacity The PMR capacity is shown in Table 53. 14.3.3.3 Production Plan The recent history and operational parameters for the PMR are presented in Table 63, Figure 83 The 2021 to 2025 data presented reflects the actual annual performance whilst the 2024 to 2072 data represents current LoM planning. Table 63: Precious Metals Refinery Production Forecast and Operational Data (2022-2032) Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 4E Recovery (%) 100 99 99 99 99 99 99 99 99 99 99 99 99 4E Metal Produced (koz) 871 871 727 786 735 706 694 722 747 745 731 688 678 Parameter LoM 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 4E Recovery (%) 99 99 99 99 99 99 99 99 99 99 99 99 4E Metal Produced (koz) 640 568 495 439 401 383 366 340 317 291 266 238 Parameter LoM 2046 - 2050 2051 - 2055 2056 - 2060 2061 - 2065 2066 - 2070 2070 - 2073 4E Recovery (%) 99 99 99 99 99 99 4E Metal Produced (koz) 1,11 4 1,202 1,26 5 1,208 813 114 182 Figure 83: PMR Throughput Forecast Figure 84: PMR PGM Production and Recovery Forecast 183 14.3.3.4 Personnel Requirements The PMR has a workforce complement of 210 employees. The PMR utilises two teams on two rotating shifts. The PMR is only in operation for five days a week and for 16 hours a day. Employees consist of processors, responsible for operating the plant, as well as artisans and other maintenance staff who maintain all plant equipment. 14.3.3.5 Energy Requirements The PMR is fed from an onsite 11kV substation, which is supplied on a ring feed from the Van Eck substation in Brakpan. 14.3.3.6 Water Requirements The PMR receives water from the Ekurhuleni municipality as well as return water from the storm water dams. 14.4 Sampling, Analysis, Metal Accounting and Security Sibanye-Stillwater's Marikana operation use the Manufacturing Execution System (MES) for the management of metal accounting data. The goal of the MES system is to create data files from data obtained from various plant sources in such a way as to prevent systematic and spurious errors. Production (e.g., mass measurement) and laboratory data (e.g., analyses) are integrated into a single user interface to facilitate metal accounting. 14.4.1 Concentrator Sampling and Metal Accounting All the concentrators use a similar approach in terms of mass measurements, sampling, and analysis of samples. The feed and concentrate mass measurements (Table 64) are used as primary metal accounting inputs. Table 64: Primary Mass Measurements - Concentrators Sample stream Instrument type Ore feed Weightometers Concentrate Weighbridge The primary metal accounting points for analytical analyses are summarised in Table 65. Table 65: Primary Metal Accounting (Analytical Measurements) - Concentrators Sample stream Location of sampling points Type of sampler Flotation concentrate and Tails (Slurry) Sampled at source Cross-cut samplers, rotary samplers & Vezin samplers

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 All analyses are conducted at the Marikana Assay Laboratory using accredited methods. Analytical procedures are validated using certified reference materials (CRMs) of similar composition to the sample. Analytical results are reported on LIMS and MES. A list of analytical methods is shown in Table 66. Table 66: Analytical Methods - Concentrators Sample Stream Element of Analysis Method of Analysis Flotation concentrate PGMs + Au Nickel sulphide Cu, Ni, Cr2O3 Na2O2 fusion followed by ICP Tails PGMs + Au Fire assay Cu, Ni, Cr2O3 Na2O2 fusion followed by ICP 14.4.2 Smelter - Sampling and Metal Accounting The instruments and equipment used at the smelter for metal accounting mass measurements are summarised in Table 67. Table 67: Primary Mass Measurements - Smelter Sample Stream Instrument Type Flotation concentrate BMR/Smelter weighbridge Converter matte to BMR Platform scale The weighbridge and platform scales are calibrated bi-annually. The primary metal accounting sample points and samplers are summarised in Table 68. Table 68: Primary Metal Accounting Streams - Smelter Sample Stream Location of Sampling Points Type of Sampler Flotation concentrate (Slurry) Sampled at source Vezin sampler Flotation concentrate (filter cake) Sampled at source Auger sampler Returns material (High grade) Sampled at source Rotary splitter/divider Returns material (Low grade) Sampled at source Rotary splitter/divider Slag plant tailings Smelter Vezin sampler Converter matte Smelter Belt –end cross cut sampler All analyses are conducted at the Marikana Assay Laboratory using accredited methods. Analytical procedures (Table 69) are validated using CRMs of similar composition to the sample. Analytical results are reported on LIMS and MES. For Laboratory accreditation see Section 8.4.1. A list of analytical methods are shown in the table below. 185 Table 69: Analytical Methods - Smelter Sample Stream Element of Analysis Method of Analysis Flotation concentrate PGMs + Au Nickel sulphide Cu, Ni, Cr2O3 Na2O2 fusion followed by ICP Third party material (e.g. PGMs Alloy) PGMs + Au Nickel sulphide Cu, Ni, Cr2O3 Na2O2 fusion followed by ICP Returns material (High grade) PGMs + Au Nickel sulphide Returns material (Low grade) PGMs + Au Nickel sulphide Slag plant tailings PGMs + Au Fire Assay (daily) & Nickel sulphide (Weekly composite) Cu, Ni, Cr2O3 Na2O2 fusion followed by ICP Converter matte PGMs +Au Nickel sulphide Cu, Ni Na2O2 fusion followed by ICP 14.4.3 Base Metal Refinery – Sampling and Metal Accounting The instruments and equipment used at the BMR for metal accounting mass measurements are summarised in Table 70. Table 70: Primary Mass Measurements - BMR Sample Stream Instrument Type Converter matte to BMR Platform scale Nickel sulphate crystals platform scale Platform scale Copper cathodes platform scales Platform scale PGM Concentrate Receiving Platform Scale Toll Products BMR/Smelter weighbridge Commercial products Nickel and Copper Platform scale/Smelter Weighbridge The weighbridge and platform scales are calibrated bi-annually. The primary metal accounting sample points and samplers are summarised in Table 71. Table 71: Primary Metal Accounting Streams - BMR Sample Stream Location of Sampling Points Type of Sampler Converter matte Smelter Belt –end cross cut sampler Nickel sulphate crystals BMR Crystalliser section Grab Sample Copper cathodes BMR Electrowinning Mechanical Punching machine PGM Concentrate PMR MHD Rotary Splitter 186 All analysis are conducted at the Marikana Assay Laboratory using accredited methods. Analytical procedures are validated using CRMs of similar composition to the sample. Analytical results are reported on LIMS and MES. A list of analytical methods is shown in the Table 72. Table 72: Analytical Methods - BMR Sample Stream Major Element of Analysis Current Method of Analysis Converter matte PGMs +Au Nickel sulphide Cu, Ni Na2O2 fusion followed by ICP Nickel sulphate crystals Ni Acid dissolution then ICP Copper cathodes Cu Melt Cu into disc, Spark Analysis for trace elements PGM Concentrate PGMs + Au Na2O2 Fusion then ICP 14.4.4 Precious Metal Refinery – Sampling and Metal Accounting The instruments and equipment used at the PMR for metal accounting mass measurements are summarised in Table 73. Table 73: Primary Mass Measurements - PMR Sample Stream Instrument Type Refinery Feed Platform Scale Toll material Platform scale Residue Scale Platform Scale Final Product Platform scale Final Effluent Weighbridge The weighbridge and platform scales are calibrated bi-annually. The primary metal accounting sample points and samplers are summarised in Table 74. Table 74: Primary Metal Accounting Streams - PMR Sample Stream Location of Sampling Points Type of Sampler Refinery Feed PMR Rotary Splitter Finished Metals PMR Ingot drillings/Grab sampling of sponge Residues PMR Rotary Splitter Final Effluents PMR Honey cutter All analyses are conducted at the PMR Assay Laboratory using accredited methods. Analytical procedures are validated using certified reference materials (CRMs) of similar composition to the sample. Analytical results are reported on LIMS and MES. A list of analytical methods are shown in Table 75. 187 Table 75: Analytical Methods - PMR Sample Stream Element of Analysis Current Method of Analysis Refinery Feed PGMs + Au Dissolution using Na2O2 followed by ICP Finished Metals Trace Impurities SAFT Analyser Residues PGMs + Au Dissolution using Na2O2 followed by ICP Final Effluents PGMs + Au ICP 14.5 Final Product The precious metals refinery produces pure metal, platinum, palladium, rhodium, ruthenium, and Iridium. It also produces gold which is further refined by Rand Refinery. The base metals refinery produces nickel sulphate hexahydrate crystals and cathode copper. Marikana operation also produces a chromium oxide (Cr2O3) concentrate. 14.6 Personnel, Energy and Water Requirements Details of personnel, energy and water requirements for the concentrators, smelter and refineries are given under their respective sub sections of Section 14.2 and 14.3. A summary of the requirements for the concentrators is given in Table 76. Table 76: Actual 2023 Usage Electricity, Water, Stores and Employee count Plant Electricity Usage (kWh) Electricity Cost (R) Water Usage (Kl) Water Cost (R) Stores Cost (R) Total Employees (No.) Labour Costs (R) K3 122,680,059 187,034,828 449,584 8,341,765 246,229,615 98 63,834,108 K4 59,459,835 89,607,565 345,004 6,401,353 124,800,250 70 33,064,361 EPL 83,016,287 125,635,589 241,207 4,475,455 221,338,129 121 41,379,656 BTT 83,815,977 137,335,287 109,584 2,033,247 157,718,270 97 95,592,203 ETTP 47,832,704 71,085,429 114,614 2,126,607 74,894,637 29 23,980,991 Smelter 211,541,965 405,948,876 149,640 3,843,319 340,312,330 320 288,508,916 BMR 17,279,758 32,388,267 113,180 2,558,757 88,171,907 154 143,575,362 PMR 14,502,576 38,537,606 32,548 1,562,477 143,712,068 210 215,645,633 Services - - - - 7,271,985 33 128,833,391 Marikana Conc Total 396,804,862 610,698,697 1,259,993 23,378,427 824,980,901 1,132 257,851,320 14.7 QP Opinion The QP considers the plants to be in good condition both mechanically and structurally and, subject to adequate ongoing maintenance, should meet the LoM requirements. The concentrators are adequately staffed to ensure a safe and efficient operation. The power supply is sufficient for the processing circuit and this includes milling, crushing, screening and floatation. Water supply is sufficient

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 for the processing circuit and this includes milling, crushing, screening and floatation. Adequate attention is given to sampling and sample preparation. While there are accounting anomalies that require further investigation, good accounting procedures are largely in place. The current operational methods and capacities are adequate. Metallurgical efficiencies projected are reasonable LoM targets. The QP is satisfied that the mineral processing and recovery methods are appropriate and sufficient to support the LoM plan and that all material issues have been addressed in this document. 15 Infrastructure 15.1 Overview of Infrastructure Engineering infrastructure at the Marikana operation includes a wide range of operating technologies, which vary in age and extent of mechanisation. Underground operations comprise access infrastructure to convey personnel, materials, and equipment to and from the working areas and associated services to support mining operations. Horizontal infrastructure includes crosscuts, return airway drives, footwall haulage levels and declines/inclines. The infrastructure required for ore flow and services include ore- and waste passes, conveyor belts, rail conveyances, ore bins, loading stations, water dams, pump stations, secondary ventilation, and workshops. Electrical, compressed air and water reticulation is also part of the underground infrastructure. Surface infrastructure includes headgear and winding systems, primary ventilation, process facilities, office blocks and training centres, workshops and stores, lamp rooms, change houses and accommodation. Dumps/leach pads infrastructure components are not a requirement for underground operations. Notwithstanding the age of the general infrastructure, all surface and underground infrastructure are reasonably maintained and equipped. In conjunction with the planned maintenance programs, including specific remedial action, the current infrastructure and pumping, hoisting and logistic capacities are considered adequate to satisfy the requirements of the LoM plan. Further, the power generation and distribution systems, water sourcing and reticulation systems are appropriate as envisaged in the LoM plan. Aside from existing underground rail infrastructure, no surface rail infrastructure is in use. No port facilities exist on the Marikana operation Port facilities are not required. No additional surface rail infrastructure will be required for the LoM. E4 will utilised existing infrastructure. The only new infrastructure required will be the shaft and support infrastructure. Water and power supplies are currently sufficient for the additional operations. Figure 85 depicts the major infrastructure situated at the operation. There are also a number of services and supply centres. These include compressed air supply stations and workshops for small repairs to 189 plant and equipment, surface fridge plant and pumping stations. Infrastructure can also be seen in Figure 91 and Figure 92. See section 13.2, for details on shaft infrastructure. Figure 85: Locations of Major Surface Infrastructure at Marikana 191 15.2 Tailings Storage Facilities 15.2.1 Tailings Overview A group tailings management system has been implemented, and Tailings Storage Facilities (TSFs) are managed in accordance with all relevant legislation and SANS 10286: Code of Practice for Mine Residue deposits, 1998. The Global Industry Standard for Tailings Management (GISTM) was launched in August 2020. As a member of the international Council on Mines and Metals (ICMM), Sibanye-Stillwater has committed to align tailings management with the GISTM requirements. All TSFs achieved compliance by end December 2023. The Marikana operation has three Tailings Storage Facility (TSFs) complexes (Table 77); namely: • Karee TSF complex with four tailings dams; two active (KTD2 & KTD4) and two dormant (KTD1 & KTD3) • Western Plats TSF complex with five tailings dams; two active (WTD5 & WTD6) and three dormant (WTD1, WTD2, & WTD7) • Eastern Plats TSF complex with two tailings dams; one dormant which is currently being re-mined for PGM & Chromite processing (ETD2), and one largely depleted through remining (ETD1) Table 77: Summary for Active Tailings Dams Tailings Dam Commissioned Expected end of life Comment KTD2 2001 2026 Tailings to be diverted to other facilities from 20267 (Ongoing study) KTD4 2008 2044 Requires new TSF from 2045, part of SA PGM integrated TSF strategy WTD5 2025 2030 Recommissioned during 2025 to accommodate tails stream from EPL WTD6 2000 2034 WTD6 has a life of up to 2030; the dam is planned to be used for deposition of Eastern tailings from 2026 when BTT plant stops to end of dam life in 2030 ETD2 2002 2030 ETD1 is largely depleted Remining of ETD2 commenced in 2025 Meccano Pit TSF Planned The Marikana Pit TSF (south compartment) is currently under permitting. The intent is to apply for a permit for the northern compartment in 2026 The Marikana TSFs have a remaining capacity of 61.5Mt. The LoM requires 102Mt TSF capacity, resulting in a shortfall of 40.3Mt. The current capacity constraints will be mitigated through the integrated consolidated surface operations strategy, which addresses tailings deposition across all the operations. Due to the synergistic nature of the operations, the short- to medium-term approach will therefore be to divert tailings to other existing Group facilities within the SA PGM operations. A comprehensive analysis for the optimisation of deposition of tailings for the Marikana operation has been done. The deposition strategy considered tailings capacity across the Marikana operation and Rustenburg operation footprints. The Hoedspruit TSF will accommodate tailings from EPL and WPL from ~ 2030/2031 to ~2045. The planned Marikana Pit TSF will provide deposition capacity for EPL and WPL from ~2045. The design capacity of the Marikana Pit TSF is 138Mt with a life of 32 years. The first two pits (Voids 4 and 5) are to be commissioned followed by the remaining pits and above ground TSF. The total

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 capital is estimated at R1.8b. (The overall Marikana TSF facility will allow for ~290Mt of deposition capacity). Specialist studies for permitting of the Marikana Pit TSF are ongoing. The initial Water Use Licence was declined however DWS has agreed in principle to the revised design and it is expected that the licence will be approved Q2/Q3 2026. The Water Use License for the Northern Compartment will be submitted in 2026. Table 78: LoM Assessment of Tailings Facilities Tailings Facility LoM Deposition (Mt) Available Capacity (Mt) Surplus / (Shortfall) (%) Capital Requirement (Rm) Karee TSF Complex 105.4 21.9 (79.2) 43.4 Western Plats TSF Complex 62.8 40.3 (48.5) 2.4 Eastern Plats TSF Complex N/A (undergoing re- mining) N/A 0.0 2.5 Marikana Mine Total 168.2 62.2 (63.1) 48.3 15.2.2 Karee TSF Complex KTD1 has been dormant for some time and is scheduled to be reclaimed for chromite and PGM elements (WLTR Concentrator). This forms part of an ongoing mine-wide surface strategy. KTD2's remaining deposition life has been extended due to lower than planned deposition rates. Once KTD2 reaches maximum capacity, K3B tailings will be reprocessed at the WLTR concentrator with deposition initially on Hoedspruit TSF and then in the planned Marikana Pit TSF. KTD3 has reached end of it's design life. Deposition from K3A concentrator has been diverted to KTD4. KTD4 has sufficient capacity to accommodate production from K4 and K3A. 15.2.3 Western Plats TSF Complex WTD6 currently accommodates tailings from the BTT plant which reprocesses tailings from ETD2. Waterval West TSF has been depleted. WTD5 was re-commissioned in mid 2025 to accommodate tailings from EPC concentrator for the re-processing of ETD2. 15.2.4 Eastern Plats TSF Complex ETD1 has been depleted. ETD2 is being remined with tailings deposited on WTD6. 15.2.5 Marikana Pit TSF The Marikana Pit TSF comprises backfilling five disused open pits and constructing an above ground TSF over and between the pits. The TSF serves to increase tailings deposition capacity for the operations as well as rehabilitation of the pit area. The pits and surface TSF area are to be lined in accordance with legislative requirements. The TSF is to be developed as an impoundment with a centre-line embankment. Total deposition capacity is approximately 138Mt with a 32yr life. 193 15.3 Power Supply The Marikana operation are directly supplied with bulk electrical power from the national grid which is operated by Eskom, a power utility company that is owned by the state. Power is delivered through Eskom substations which are dedicated to the various production business units at Marikana. The Eskom substations are commonly referred to as Points of Delivery (PODs), and Table 1 enlist the Rustenburg PODs together with the production units that are supplied from the particular POD. The power demand and annual energy supplied from each POD is also indicated in Table 79. The Marikana Eskom power network is supplied at 88kV, which is then transformed at the POD to medium voltages (6.6kV, 11kV, 33kV). Associated with each POD would be a medium voltage intake substation which is owned by Sibanye, which then distributes power to the internal power network, via cables and overhead power lines. Electrical power is also distributed to non-production areas which include facilities that are under C&M, central services areas, and pump stations. Table 79: Eskom Points of Delivery for Marikana operation Eskom POD Production Units Demand (MW) Energy (MWh)/pa Karee K3 (Concentrator) K4 (Concentrator) K3 (Mine) K4 (Mine) 4B (Mine) 80.7 475,036 Wonderkop 88kV Smelter, Base Metal Refinery Wonderkop 60.0 217,914 Wonderkop 11kV Rowland (Mine) Rowland compressors BTT sub and pumpstation 39.8 210,382 Middelkraal UG2 BTT (Concentrator) 13.7 84,191 Eastern Platinum EPL (Concentrator) EPC (Concentrator) ETTP (Concentrator) EBTT (Remining) Saffy (Mine) E3 (Mine) 59.0 344,447 Total 253.2 1,331,970 15.4 Bulk Water and Pumping Pipelines are discussed in this section and Section 17.4.6. 194 15.4.1 Bulk Potable Water Supply Marikana Marikana operation are fed through three main supply lines with potable water from Rand Water through the Barnardsvlei system. The lines are not inter-connected. Layout of the main water reticulation infrastructure depicted below. • Total daily potable water supplied into the system amounts to 25Ml/day • Third parties consume a total of 8.5Ml/day • Emergency water is stored in eight reservoirs with a combined capacity of 39Ml strategically placed throughout the operations Figure 86: Main Potable Water Reticulation Layout Marikana operation 15.4.2 Secondary Water Supply Marikana Secondary water is fed into the concentrator systems via the Pandora supply which consists of boreholes, pits, Buffelspoort and Hartebeespoort canal water. A combined total of 9Ml/day of secondary water is fed into the system. Secondary water is stored for distribution in pits and tanks with a total storage capacity of 1,400Ml. Treated effluent from all Marikana operation wastewater treatment plants is fed back into the respective concentrator systems. 195 Figure 87: Main Secondary Water Reticulation Layout Marikana operation 15.5 Roads and Transport Infrastructure The road network on the Marikana operation site consists of paved and unpaved roads which are primarily used for the transport of personnel and for access to the offices, shafts, plants, and infrastructure positioned around the mine site. The product is transported by road to the local smelter and refineries and by road or commercial airlines to the end consumer. 15.6 Equipment Maintenance 15.6.1 Surface Workshops Surface workshops for major repairs were converted to off-site repair facilities operated by third party suppliers or vendors in the neighbouring towns. Only minor repairs are done on the shaft site. 15.6.2 Underground Workshops Underground workshops are used for routine maintenance of equipment. All areas are well equipped. Facility configuration depends on the equipment that is being serviced to ensure compliance with the requirements of the planned maintenance schedules. Areas are well-ventilated and illuminated, floor areas are concreted. 15.7 Offices, Housing, Training Facilities, Health Services Etc. Marikana operation has central offices for shared services and offices for mine services. Mine Personnel live in the surrounding cities and townships. Support services for personnel are either provided at the central offices or in the surrounding cities and townships.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 16.3 Metals Price Outlook and Determination For business planning and Mineral Reserve estimation, Sibanye-Stillwater uses forward looking, "through the cycle", prices that it considers will stay stable for at least three to five years, and will only significantly change if there is a fundamental, perceived long-term shift in the market, as opposed to basing it only on short term analyst consensus forecasts. Sibanye-Stillwater also considers its general view of the market, the relative position of its operations on the cost curve, as well as its operational and company strategy in its forecasting of forward-looking prices. On a monthly basis, Sibanye-Stillwater also receives an independent report from UBS Bank (Commodity Consensus Forecasts Report) which contains consensus outlooks from the various banks on a broad range of commodities. It benchmarks its forward-looking prices to the market consensus forecast. Mineral Resources price assumptions, which focus on longer timeframes, are based on moderately higher prices than for Mineral Reserves to reflect the ore-body flexibility. In this regard, rather than basing our assumption and referencing it to any one specific market study or report, it is derived via a management consensus view, taking into consideration market research. For this reason, and also taking into consideration that capital decisions on operating entities requires price stability over long periods, for the PGM mineral properties, the US$ based, forward looking commodity prices for Platinum and Palladium used for the 2026 LoM and Mineral Reserve estimates are similar to those used in the 2021/2023 except for rhodium, iridium and gold prices. Rhodium has been adjusted downwards to US$6,000/oz from US$8,000/oz, iridium and gold been adjust upwards. The longer-term outlook of US$1,250/oz for platinum has been maintained and palladium reduced by 8% to US$1,150/oz on our evaluation of sustainable, through the cycle, price assumptions. A conservative view has been taken on the gold price to reflect long term outlook rather than short term volatility. The following are the commodities produced at Marikana, the scenarios considered, and the final parameters chosen. Additional comment on Risk is provided in Section 21.1.2. The price deck for the Mineral Resources and Mineral Reserves is shown in Table 80. A comparison of the current Mineral Reserve price to the previous years is given in Table 81. 201 Table 80: PGM Deck Price Mineral Resources and Mineral Reserves Unit Mineral Resource Price Mineral Reserve Price Gold US$/oz 2,650 2,421 Platinum US$/oz 1,350 1,250 Palladium US$/oz 1,350 1,150 Rhodium US$/oz 5,000 4,500 Iridium US$/oz 5,500 4,015 Ruthenium US$/oz 450 400 Nickel US$/tonne 18,739 17,637 Copper US$/tonne 10,009 9,259 Cobalt US$/lb 19 20 Chromium oxide (Cr2O3), (40.5% concentrate) US$/tonne 250 230 Exchange rate R/US$18.24 18.24 Table 81: Comparison of Mineral Reserve Prices as at 31 December 2025 to 31 December 2021 31 Dec 25 31 Dec 21 Precious metals US$/oz R/oz US$/oz R/oz Gold 2,421 44,159 1,657 24,855 Platinum 1,250 22,800 1,250 18,750 Palladium 1,150 20,976 1,250 18,750 Rhodium 4,500 82,080 8,000 120,000 Iridium 4,015 73,23 2,500 37,500 Ruthenium 400 7,296 300 4,500 Base metals US$/lb US$/tonne US$/lb US$/tonne Nickel 8.00 17,637 7.35 16,200 Copper 4.20 9,259 4.06 8,950 Cobalt 20.00 44,092 22.00 33,069 Chromium oxide (Cr2O3), (40.5% concentrate) 0.104 230 0.07 150 The R/US$ exchange rate was 15.00 in 2021 202 17 Environmental Studies, Permitting, Plans, Negotiations/ Agreements with Local Individuals or Groups 17.1 Social and Community Agreements 17.1.1 Overview- Mine Community Development The social performance is guided by the Group's socio-economic development agenda, which is aimed at ensuring that Marikana operation contributes to the upliftment of the communities during and beyond mining activities. Sibanye-Stillwater's performance is supported by authentic stakeholder engagement, fit for purpose systems, credible data and capability that aligns with international standards and locally negotiated commitments. Sibanye-Stillwater's primary objective is to avoid harm to people and the environment, ensuring a stable operating environment in which all our stakeholders within the Group's footprint can derive value during the LoM. Sibanye-Stillwater endeavours to create equitable engagement capability in host communities to ensure constructive dialogue with our neighbours. The key to responsible mining is protecting the Group's reputation as work continues building the Sibanye-Stillwater brand globally. As part of international leading practice, the Group has implemented an accessible complaints and grievance mechanism procedure, enabling communities to raise issues and concerns through multiple platforms. The findings support the feedback the Group regularly receives from its engagement partners and therefore, engagement and communication have been strengthened to ensure that stakeholders are informed and where applicable engaged and consulted on issues of mutual interest. 17.1.2 Legislation The legislative framework is detailed in Section 17.5.1. As pertains to the social and community agreements, The Mining Charter includes Social and Labour Plan guidelines. Regulation 42 to the Minerals and Petroleum Resources Development Act requires mining companies to submit to the Department of Mineral and Petroleum Resources a Social and Labour Plan (SLP) as a pre-requisite for the granting of a mining right. These pans are required to be revised and resubmitted every five years during the life of a mining right. Pillars within the Mining Charter III, endorsed through the SLP & Targets: • Ownership • Mine community development • Housing and living conditions • Employment equity • Human resource development • Inclusive procurement, supplier and enterprise development 203 17.1.3 Communities Priorities The Marikana community priorities are as follows: • Supporting communities to deliver local social economic benefits through economic empowerment and the delivery on the Mining Charter and Social and Labour Plan commitments • Strengthening institutional capacity and unlocking and mobilising partnerships and resources to resolve collective challenges • Deliver on programs that retain sustainable community benefits and its social impacts that are well understood by all stakeholders • Create shared value beyond compliance • Facilitate integrated spatial development by improving the living conditions and surrounding amenities for our workers Marikana has separate SLPs for the Mining Rights of WPL and EPL, all of which are at various stages of execution. These SLPs are predominantly in the North West province, benefiting the communities in Madibeng and Rustenburg local municipalities. There are projects in progress for a previous round of SLP and to backlog projects in progress. The SLP projects for Marikana operation are listed in Table 82 and Table 83. Table 82: Marikana SLP Projects WPL No Project Name Partners Status Budget WPL 5-year SLP Cycle: (2024-2028) Sibanye-Stillwater is still engaging with the regulator for endorsement of the proposed SLP. A list of projects will be published once the programme is approved. WPL SLP Cycle: (2019-2023 -approved in April 2022) 1 Leokeng Secondary School Phase 2 Madibeng LM Completed R14,000,000 2 Support to small scale Sheep farmers Nyandeni LM Completed R2,000,000 3 Marikana CHC Phase 2 Rustenburg LM In Progress R24,000,000 4 Marikana High Mast Lights Rustenburg LM In Progress R2,000,000 5 Storm Water Management Madibeng LM In Progress R14,000,000 6 Refurbishment of Road Infrastructure Rustenburg LM In Progress R5,000,000 7 Agri Business Madibeng & Rustenburg LM Planning R5,000,000 8 Brits Water Project Madibeng LM Partnership in DDM R20,000,000

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 Table 83: Marikana SLP Projects EPL No Project Name Partners Status Budget Marikana 5-year SLP Cycle: (2024-2028) Sibanye-Stillwater is still engaging with the regulator for endorsement of the proposed SLP. A list of projects will be published once the programme is approved. EPL SLP Cycle: (2019-2023 -approved in April 2022)) 1 Shearing Sheds Nyandeni LM Completed R800,000 2 Rhode School Upgrade Alfred Nzo DM Completed R3,000,000 3 Upgrading of Sewage System IN Bapong and Wonderkop CHC Madibeng LM Completed R3,800,000 4 New Sonop Secondary School Madibeng LM Engagement R18,000,000 5 Installation of solar streetlights in wards 7,25,27,28,31 and 40 Madibeng LM In Progress R6,000,000 17.2 Human Resources 17.2.1 Introduction This section includes discussion and comment on the human resources, health and safety related aspects associated with Marikana. Specifically, information is included on the current organisational structures and operational management, recruitment, training, productivity initiatives and remuneration policies, industrial relations, safety statistics and performance. Marikana follows the Sibanye-Stillwater Code of Ethics, which is fully compliant with the Sarbanes-Oxley Act of the United States of America. This policy was adopted and communicated to all employees. A Human Rights Policy has also been adopted, which confirms full compliance with all applicable International Labour Organisation Conventions. 17.2.2 Legislation Marikana is committed to promoting Historically Disadvantaged South African's (HDSA) in its management structure by instituting a framework geared toward local recruitment, and human resources development. Vacancies are primarily filled by candidates from local communities. Where specialist skills are not available locally, they are sourced from outside local communities. Marikana's long term objective is to have these skills shortages addressed via skills development programmes. The Mine's long-term objective is to have these skills shortages addressed via skills development programs. Labour distribution is shown in Table 84 and Table 85. Employee turnover is less than 6% annually. Labour unavailability is approximately 14% at with the primary reasons for absenteeism being annual leave, sick leave and training. Various regulatory authorities, in addition to mining and labour codes, govern labour legislation in South Africa. In general, these are well established in conjunction with current operating policies and form the cornerstone of human resource management. The following are key acts and associated regulations governing Labour: 205 • Constitution of the RSA (Act 108 of 1996) (Constitution) • Mine Health and Safety Act, (Act 29 of 1996) and amendments (MHSA) • The Occupational Health and Safety Act (85 of 1993) (OHSA) • LRA, 1995 as amended • Employment Equity Act, 1998 with specific reference to medical testing and HIV/AIDS • Compensation for Occupational Injuries and Diseases Act, 1993 • Basic Conditions of Employment Act, 1997 • Employment Equity, 1998 and • Promotion of Equality and Prevention of Unfair Discrimination Act, 2000. • Protection of Personal Information Act, 2013 206 Table 84: Marikana Total Employees – Report for the Month of December 2025 Occupational Level Male Female Foreign Nationals Total A C I W A C I W Male Female Senior management 15 0 2 15 2 1 0 3 2 0 40 Professionally qualified and experienced specialists and mid- management 80 6 3 73 57 1 1 23 4 0 248 Skilled technical and academically qualified workers, junior management, supervisors, foremen, and superintendents 1,468 12 3 321 504 9 2 89 124 4 2,536 Semi-skilled and discretionary decision making 4,218 6 0 15 409 3 0 8 1,177 0 5,836 Unskilled and defined decision making 5,067 0 0 3 1,665 2 0 1 817 13 7,568 Total Permanent 10,848 24 8 427 2,637 16 3 124 2,124 17 16,228 Employee-Temporary 145 0 0 7 132 1 0 2 0 0 287 Grand Total 10,993 24 8 434 2,769 17 3 126 2,124 17 16,515 Table 85: Marikana Total Contractors (excluding Ad-Hoc Contractors) - Report for the Month of December 2025 Occupational Level Male Female Foreign Nationals Total A C I W A C I W Male Female Senior management 19 0 0 13 15 1 0 3 2 0 53 Professionally qualified and experienced specialists and mid- management 19 0 0 17 2 0 0 0 0 0 38 Skilled technical and academically qualified workers, junior management, supervisors, foremen, and superintendents 150 2 0 82 40 0 0 19 15 0 308 Semi-skilled and discretionary decision making 742 2 0 20 122 0 0 7 168 2 1,063 Unskilled And Defined Decision Making 1,243 2 0 16 234 1 0 1 124 2 1,623 Total Permanent 2,173 6 0 148 413 2 0 30 309 4 3,085 207 17.2.3 Human Resource Development (Training) Marikana has instituted a comprehensive program to train and develop its employees to the extent that they are able to function competently in their specific jobs, with particular reference to compliance with legislative requirements and to providing the capacity for individuals and teams to work safely and productively. These cover both technical/ vocational training and supervisory and managerial skills development. Marikana typically spends a total of 5% of payroll on employee training and development programs. Specific areas of focus in the training and development programmes include: • Safe working practice training by means of programmes aligned with the requirements of the National Qualifications Framework • Functional literacy and numeracy • Interventions aimed at improving the business awareness and teamwork of employees at the lower levels of the organisation in particular • Improved middle management skills through the implementation of an internal leadership programme to help fulfil the human resources requirement of the Mining Charter • Systems to track and manage, on an integrated basis, employee development and performance • Portable skills training • "New way of communication" training and • Tswelopele training 17.2.4 Remuneration Policies Marikana operation operates remuneration and employee benefit policies that recognise labour market conditions, collective bargaining processes, equity, and legislation. 17.2.5 Industrial Relations Industrial relations are managed at a number of levels and in a number of formalised structures, encompassing the corporate and mining asset domains in accordance with a number of key driving factors. These include the prevailing legislative requirements, regulatory bodies, labour representation, collective bargaining arrangements, sectoral and operation specific employer-employee agreements, and the quality of labour relations management philosophies and practices. An Employee Relations/Engagement framework also governs all engagements with organised labour and other stakeholders. The principal strategy elements are to entrench an improved understanding of the business imperatives on the part of labour, appropriate and timely intervention to pre-empt industrial relations issues and timely delivery by management on its undertakings to labour and to maintain labour harmony continuously. Approximately 83% of the permanent employees of Marikana operation are paid up members of a registered trade union. The substantial majority of these unionised employees are from the lower skilled level and are represented by the Association of Mineworkers and Construction Union (AMCU). Historically, a trade union with such a constitution have exercised a strong influence over social and political reform. The labour legislative framework reflects this by strongly empowering trade unions in the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 collective bargaining processes. The clear implication is that industrial relations are an area of focus for Marikana operation. 17.2.6 Employment Equity and Women in Mining (WIM) The purpose of the Employment Equity Plan is to ensure that a demographically appropriate profile is achieved through the participation of HDSAs in all decision-making positions and core occupational categories at the operation. In striving to achieve 60% - 70% HDSA representation in the management structure and 25% - 30% participation of women in core mining occupations by 2030, Marikana seeks to redress the existing gender and racial disparities. The plan reflects Sibanye-Stillwater's annual progressive targets and embrace the challenge to transform the composition of the Company's workforce and management. This is a business imperative to ensure that the Group tap into the entire skill base of the South African population. All efforts in this regard have been aligned with the National Development Plan and the UN Global Goals for Sustainable Development. Where appropriate, Employment Equity is implemented in consultation with employee representative bodies. As a key business imperative for Marikana, Employment Equity is critical in assisting the operation to place competent employees in the correct jobs aligned with the operation's objectives. 17.3 Health and Safety 17.3.1 Policies and Procedures Since Sibanye-Stillwater's inception, Marikana operation has formed part of the Health and Safety Strategy and Policy development process, as well as the adoption and implementation thereof. The Safe Production Strategy that was developed as part of an ongoing safety improvement journey, takes into account "fit for purpose systems" such as ISO 45001 that was published during 2018. The Sibanye- Stillwater Health and Safety Strategy and Policy is further aligned with the Mine Health and Safety Act, the International Council on Mining & Metals, the World Bank Policies and Guidelines, International Finance Corporation Operational Policies, and International Labour Organisation Conventions. 17.3.2 Statistics Table 86 presents safety statistics for Marikana operation and includes the total number of fatalities, fatality rate and the lost day injury frequency rate (LDIFR) from 2021 to 2025. Table 86: Safety Statistics Units 2021 2022 2023 2024 2025 Fatalities (No) 1 2 1 3 1 Fatality Rate (per mmhrs) 0.03 0.04 0.02 0.062 0.020 LDIFR (per mmhrs) 7.56 5.09 4.94 3.67 3.29 MHSA Section 54's (No.) 17 30 22 17 10 mmhrs = million man hours worked 209 17.3.3 Occupational Health and Safety Management As part of the rollout of the Safe Production Strategy, the management of Critical Controls, Rules of Life, Risk Management as well as management of A Hazards were a key focus area at the operations. The challenges in terms due to COVID-19 are ongoing and are dealt with commendably at all the shafts. 17.3.4 HIV/AIDS Marikana applies HIV education and preventative measures, including the Highly Active Anti-Retroviral Therapy programme to manage the risk of HIV. 17.4 Environmental Studies 17.4.1 Introduction As part of the Sibanye-Stillwater Integrated, Compliance, Governance and Risk (ICGR) framework, the Group has embedded a process for improved regulatory risk profile and action plans to address any gaps in the identification of risk, level of adequacy and effectiveness of control measures. This has provided the environmental and other departments e.g. the ESG department, with a much clearer picture of all the legal requirements, its risk exposure and what mitigatory actions (compliance risk management plans) need to be put in place to improve and ensure compliance. The following generic environmental risks have been identified and are applicable to the Marikana operation: • Third party liability claims because of uncontrolled grazing on mine-owned properties • Ongoing operational compliance to current and new environmental legislation • Uncertainty on the quantum of closure liability for SRPM Operations, pending the proposed amended 2015 Financial Provisioning (FP) Regulations. / The quantification of as-yet unknown latent and residual liabilities and the resultant impact on the final quantum of the closure liability and/or our closure strategies • Ageing infrastructure and its contribution towards legal non-compliances (environmental) • Increase in illegal activity, sabotage and theft of environmental infrastructure, by zama-zamas (illegal miners), leading to increased frequency and severity of associated environmental non- compliances • Poor hazardous waste and hydrocarbon management • Lack of a coherent regional closure strategy, and not being able to clarify SRPM's role and obligation towards this • Failure to obtain applicable environmental approvals, timeously as a result of slow responses from Regulators in respect of approving licences and amendments • Undue reliance on water board/municipal water (with a resultant increase in water costs)/The sustained provision of potable water to our platinum operations in the Rustenburg area • Impacts of water constraints on the production profile of SRPM • Climate change and global warming • The carbon tax implementation • The inclusion of VAT to the existing closure provisions 210 In addition, and from an Environmental, Social and Governance (ESG) perspective, the following key environmental legislation, and its associated subsequent amendments, was identified to be applicable, wholly, or partially, to the Marikana operation: • Constitution of the RSA, 1996 • The Companies Act, Act 71 of 2008 • King IV Report on Corporate Governance for South Africa 2016 (Institute of Directors in Southern Africa NPC) • Promotion of Administrative Justice Act, Act 3 of 2000 • Protection of Personal Information Act, Act 4 of 2013 • Minerals & Petroleum Resources Development Act (MPRDA), Act No 28 of 2002 and all its Regulations and subsequent Amendments • National Environmental Management Act (1998) • National Environmental Management: Biodiversity Act, Act No 10 of 2004 • National Environmental Management: Waste Act, 2008 • National Nuclear Regulatory Act, 1999 • National Environmental Management: Air Quality Act (NEM:AQA), Act No 39 of 2005 • National Water Act (NWA), Act No 36 of 1998 • Water Services Act (NWS), Act 108 of 1997 • Labor Relations Act, Act 66 of 1995 • Mineral and Petroleum Resources Royalty Act 28 of 2008 • Hazardous Substances Act, Act No 15 of 1973 • National Heritage Resources Act (NHRA), Act No 25 of 1999 • National Forest Act, Act No 84 of 1998 • National Road Traffic Act, Act 93 of 1996 • Road Transportation Act, Act 74 of 1977 • Fertilisers, Farm Feeds, Agricultural Remedies and Stock Remedies Act, Act No 36 of 1947 • Conservation of Agricultural Resources Act (CARA), Act No 43 of 1983 • National Veld and Forest Fire Act, Act No 101 of 1998 • National Environmental Management: Protected Areas Act, Act 57 of 2003 • Promotion of Access to Information Act, 2000 • Agricultural Pest Act, Act No 36 of 1983 An important change in the regulation of mining-related environmental activities was that on 8th December 2014, with the launch of the so-called "One Environmental System" (OES), the Minister and thus the newly-renamed DMPR became the Competent Authority for environmental issues within the mining industry. The Minister of the Department of Minerals, Resources and Energy (DMPR) became the appeal authority for mine environmental issues. Since its inception in 2014, the OES has not as yet fully taken off as not all of the relevant Government Departments/Regulators seem to be on-board with the new, stricter approvals timeframes and/or other OES requirements which has led to the implementation of OES being, at best, mediocre and at worst, not meeting applicants' expectations. In November 2015, new Regulations regarding Financial Provision (FP) were gazetted, with onerous legal obligations around financial provisioning on a number of closure-related issues. The mining industry has 211 and is in the process of challenging these proposed FP Regulations, with a view to have the most onerous Regulations excluded from any revised FP Regulations. Stakeholder engagement and consultation on the revised FP Regulations is ongoing, and while the compliance date for the 2015 FP Regulations had initially been set as 20 February 2020, this compliance date was subsequently revised to 19 June 2021. The compliance date has been postponed and no new date has been set. 17.4.2 Baseline Studies 2012 17.4.2.1 History The first Environmental Management Programme (EMPr) was approved in 1996. The EMPr was modified via various amendment applications. A new EMPr for WPL and EPL was constructed in 2005 to combine the 1996 EMPr and all modifications into a single document and to align the with MPRDA of 2002 and Mineral and Petroleum Development Regulation- Government Gazette No 26275 (23 April 2004). A revised and consolidated EIA and EMPr for WPL and EPL respectively was completed in November 2012. This was submitted to the North West Department of Mineral and Petroleum Resources, in November 2012 and approved in 2017. WPL and EPL are separate Mining Rights and require separate submissions for permitting and are recorded as separate documents, however the EMPr's are aligned. The purpose of the amendments of the baseline EIA and EMPr intended to achieve the following: • The consolidation of the existing approved EMPrs, and the amendments thereof into one • EMP for the Mining Rights Areas comprising WPL and EPL • The update of the EMPrs according to information from a number of technical studies and environmental projects and programmes relating to air quality management, water management as well as land and waste management • The integration of the outcomes of the Closure Strategy for the Marikana operation, including the end land use framework for Marikana within the updated EMPrs • The alignment of the EMPrs with new environmental legislation • The amendment of EMPrs in order to obtain approval for the new proposed service and maintenance infrastructure developments • Amendments to these EMPrs have been undertaken for specific projects triggering environmental authorisations since the submission and approvals of the EMP's. Specific studies are listed in the References Section As at 31 December 2025, the EMPr's are still relevant and remain in practice with minor adjustments or additions where a need is identified.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 17.4.2.2 Impact Assessment 2012 The assessment of the impacts for the 2012 EMPRs were conducted according to a synthesis of criteria required by the integrated environmental management procedure. This methodology was constructed by SEF, the consultants who compiled the studies, The methodology used was not the Lonmin methodology at the time and Sibanye has a more intense risk-based assessment procedure that it is now applying. SEF methodology was acceptable for the purposes of the study. • Extent - The physical and spatial scale of the impact is classified as • Duration - The lifetime of the impact, that is measured in relation to the lifetime of the proposed operations • Intensity - The intensity of the impact is considered by examining whether the impact is destructive or benign, whether it destroys the impacted environment, alters its functioning, or slightly alters the environment itself • Probability - This describes the likelihood of the impacts actually occurring at some point during the mining cycle • Mitigation - The impacts that are generated by the development can be minimised if measures are implemented in order to reduce the impacts. The mitigation measures ensure that the operation considers the environment and the predicted impacts in order to minimise impacts and achieve sustainable development • Determination of significance – without Mitigation • Determination of significance – with Mitigation • Ranking, Weighting and Scaling - Identifying the Potential Impacts without Mitigation (WOM) - Following the assignment of the necessary weights to the respective aspects, criteria are summed and multiplied by their assigned weightings, resulting in a value for each impact (prior to the implementation of mitigation measures) Equation 1: Significance Rating (WOM) = (Extent + Intensity + Duration + Probability) x Weighting Factor - Identifying the Potential Impacts with Measures (WM) - In order to gain a comprehensive understanding of the overall significance of the impact, after implementation of the mitigation measures, it was necessary to re-evaluate the impact - Mitigation Efficiency (ME) - The most effective means of deriving a quantitative value of mitigated impacts is to assign each significance rating value (WOM) a mitigation effectiveness (ME) rating. The allocation of such a rating is a measure of the efficiency and effectiveness, as identified through professional experience and empirical evidence of how effectively the proposed mitigation measures will manage the impact. Thus, the lower the assigned value the greater the effectiveness of the proposed mitigation measures and subsequently, the lower the impacts with mitigation Equation 2: Significance Rating (WM) = Significance Rating (WOM) x Mitigation Efficiency Or WM = WOM x ME 213 - Significance Following Mitigation (SFM) - The significance of the impact after the mitigation measures are taken into consideration. The efficiency of the mitigation measure determines the significance of the impact. The level of impact is therefore seen in its entirety with all considerations taken into account A summary of environmental Impacts is given in Table 87. Table 87: Summary of Anticipated Environmental Impacts (revised EMP,2012) Key Issue\* Positive/ Negative Impact Applicable Project Phase Significance Rating before Mitigation Significance after Mitigation Operational Mine Closure Water Resources (Section 17.4.6) Negative Yes Yes Medium-High Medium Soil Contamination. Land Use and Land Capability (Section 17.4.9) Negative Yes Yes Medium-High Medium Damage to Biodiversity (Section 17.4.5) Negative Yes Yes Medium-High Medium Air Quality Impacts (Section 17.4.4) Negative Yes No Medium Low-Medium Noise. Shock and Vibration Negative Yes No Medium-High Low-Medium Increased Waste Generation Negative Yes Yes Medium-High Medium Social and Cultural Impacts: Heritage Resources Negative Yes No Medium-High Low-Medium Social and Cultural Impacts: Employment Opportunities (Section 17.1 and 17.2) Positive Yes No Medium-High N/A Utilisation of available land (Section0) Positive Yes No Medium-High N/A \*Additional Information from The EIA or more recent data on some key issues can be found in the sections listed Results from the Emissions Inventory and Impact Assessment studies (Lonmin, 2010) • The predicted metal ground level concentrations (due to wind-blown dust from the tailings dams), at the closest sensitive receptors were all well within the most stringent health effect screening levels for all averaging periods • The predicted cancer risk due to metal emissions from tailings wind-blown dust was predicted to be "low" and "very low" (as characterised by the New York Department of Health) Results for Atmospheric Impact Report (2013) Operating Mine. • For mining activities, the predicted maximum 24-hour and annual average ambient concentrations of particulates (PM10 and PM2.5, SO2, NOX) exceeded the respective current and future national ambient air quality standards in the vicinity of the mining operations at WPL and EPL as well as over the central parts of the Northwest Operation site. Sibanye-Stillwater Smelter operations subsequently implemented measures to reduce SO2 emissions 214 • Predicted dust deposition was well below the national limit value for light commercial areas • For emissions from the three process units and mining combined the predicted ambient concentrations of Pb, HCl, NH3 and Cl2 were low and well below the respective national ambient air quality standards and ambient guidelines Noise Survey Report (Lonmin-Airshed, 2015). • Sampled noise levels were, for reference purposes, compared to both residential and industrial noise level guidelines • Given the reported survey results it is concluded that noise levels with the Marikana operational area generally in exceedance of noise levels guidelines for residential areas but not for industrial areas. Elevated noise levels are as a result of a combination of traffic (road and rail), community and industrial activity • To specifically determine the Marikana operation' contribution to noise levels in the study area, detailed source characterisation and noise propagation simulations is required. Given high noise levels within communities and public road traffic as well as separation distances between communities and Marikana activities, its impact is likely to be less noticeable Tailings Dam 8 Environmental Impact Assessment (2014) • EIA for a new tailings dam to be built • No fatal flaws • Authorisation has been obtained 17.4.2.3 Methodologies for Impact and Risk assessment since 2012 The assessment results and criteria in the studies presented above are as submitted by the companies undertaking the assessments. Sibanye uses consultants for the specialists' studies. Each company has its own methodologies that it applies. Where there are no material conflicts with Sibanye-Stillwater's criteria, other studies, or regulatory requirements the methodologies are accepted as valid. 17.4.3 Zone of Influence 17.4.3.1 Studies and Methodologies The Zone of Influence of a project (Marikana as a whole) is defined as the area within which it has or can have material impacts or can influence impacts due to the establishment and continuation of the project's activities, products or services. The Zone of Influence is unique to each project and each aspect thereof, is larger than the actual project footprint and can either be positive or negative. The Zone of Influence is determined by evaluating and mapping the following environmental and social components of the project. 17.4.3.2 Surface Water The surface water Zone of Influence is made up of areas influenced by secondary, induced and cumulative impacts. However, the assessment of cumulative and induced impacts still requires further 215 investigation as these impacts may be far-reaching and they become less apparent due the activities of others in the catchment. Alternatively, they may only become apparent in the future dependent on the environmental context, such as the climatic conditions. The Zone of Influence's represented below consider the secondary impacts that have been evaluated as associated with the current operational area of the mine. Secondary Zone of Influence The water courses within this section of the Zone of Influence represent activities within the wetlands, drainage lines, rivers and the recommended buffer areas that have the potential or have already caused a change to the ecological function and service provision of the wetlands. An updated and detailed wetland delineation is being undertaken to ascertain an improved zone of influence. Induced and Cumulative Impacts Zone of Influence The Zone of Influence for the induced and cumulative impacts has been determined based on the compliance of the water quality of the surface water bodies. The end of the impact is considered to be the point at which 95% compliance to the Resource Water Quality Objectives ("RWQO") has been achieved for the year to date. The use of water quality as a means of determining compliance implies that all potential impacts whether from direct discharges, diffuse seepage and/or groundwater interflows would be assessed against the current applicable standards. The Marikana operation sprawl across two main catchments, namely the Sterkstroom and the Kareespruit. The Maretlwana a tributary of the Sterkstroom is also influenced by the Marikana operation. After the Maretlwana and Sterkstroom form a confluence, the stream is known as the Gwathle, but no mining activities occur within this reach. The Sterkstroom has been assigned RWQOs, but the Kareespruit has note, hence the Crocodile West RWQOs are used instead for this reach. The criteria to meet the zone of influence set-point have not been satisfied by the end-points currently identified in Figure 88. However no further downstream data is available to assess the use of points further downstream, it is also not advised to move the zone of influence to a downstream point but rather encourage, as is planned, that mitigation and management measures be implemented to achieve improved compliance at the set end-points. It is also noted that the basis for several stringent RWQO limits is not understood in the context of the historic and current water and land-use activities within the catchment as well as the relation with the downstream water user requirements. Sibanye-Stillwater continuously engage the Department of Water and Sanitation in to arrive at realistic, science-and-risk based limits both in the water use licences and the RWQOs. The Sterkstroom end-point, WP S 21 shows 75% compliance with risks of eutrophication but no toxic impacts are expected as all parameters are below critical environmental limits. The Kareespruit end- point, EP S 03 shows 55% compliance, also showing likely eutrophication, however no toxic impacts are expected. Integrated catchment management, implementation of mitigation, restoration and improved control measures are planned to improve compliance to the RWQOs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 Figure 88: Marikana Surface Water Zone of Influence (Light Blue markers) 17.4.3.3 Visual Zone of Influence A Visual Zone of Influence for the Marikana operation has not as yet been developed. 17.4.3.4 Noise Zone of Influence An environmental noise survey was completed in 2020 (Gruenewaldt,2020). The main objective of the noise survey was to determine, through measurement, ambient noise levels around the Marikana operation in comparison with noise level guidelines. The study found that the local acoustic environment is influenced by a combination of industrial, community, transport and natural noise sources. 17.4.4 Climate Change and Greenhouse Gas Emissions, Air Quality Climate change, greenhouse gas emissions and air quality management programs are governed by Sibanye- Stillwater's group policies. The Group monitors and reports greenhouse gas emissions in accordance with the South African Department of Forestry, Fisheries and the Environment's Technical Guidelines for monitoring, reporting and verification, together with the World Resources Institute Greenhouse Gas Protocol. The Group's main emission sources comprise direct fuel use (Scope 1), purchased electricity (Scope 2) and indirect value-chain emissions (Scope 3). The 2025 review shows a significant increase in reported Scope 3 emissions following a more comprehensive reassessment of emission sources, factors and inventory completeness. The most material contributors to this increase were newly quantified purchased goods and services, revised fuel- and energy-related emission factors, 217 updated transport emissions, and the inclusion of downstream processing emissions by third parties, particularly from carbon-intensive chrome ore processing. To mitigate climate-related impacts, the Group is implementing its Energy and Decarbonisation Strategy, targeting carbon neutrality by 2040 and pursuing absolute Scope 1, 2 and 3 reductions aligned with science-based targets to support limiting global temperature increase to below 2°C. Management actions include improving the understanding of operational carbon hotspots, evaluating the role of carbon offsets, strengthening resilience to climate risk, and maintaining compliance with Group ESG policies, standards and procedures. Sibanye-Stillwater's approach is also framed within South Africa's national peak-plateau-decline emissions pathway, and the Group continues to align its emissions management, disclosure and target-setting with regulatory expectations and broader government climate policy. Table 88: Marikana tCO2e Emissions Inventory 2021, 2024, 2025 Scope of emissions Emissions (tonnes carbon dioxide equivalent – tCO2e) Marikana WPL Marikana EPL 2021 2024 2025 2021 2024 2025 Scope 1: Emissions from direct fuel sources such as petrol and diesel 20,060 27,267 14,713 30,004 55,260 48,429 Scope 2: Emissions from purchased electricity 1,082,539 308,169 327,998 327,326 1,053,313 1,064,652 Scope 3: Emissions from other indirect sources such as purchased goods and services 304,734 139,723 1,395,857 149,187 389,712 7,167,671 Marikana operation influence the ambient environment primarily through emissions of particulate matter (TSP, PM₁₀, PM₂.₅) and sulphur dioxide (SO₂). Key contributing sources include: • Mining activities and materials handling • Vehicle entrainment on paved and unpaved roads • Wind erosion from tailings deposition facilities (TDFs) • Metallurgical processing activities SO₂ Emissions The latest Air Quality Scoping Study (Gruenewaldt, 2017) concluded that Marikana's SO₂ emissions remained below the National Ambient Air Quality Standards, and monitoring up to 2021/2025 continues to show compliance. (Marikana accounts for all SO₂ emissions within the SA PGM segment) Dust Management and Monitoring Marikana maintains a comprehensive dust management programme in accordance with the National Dust Control Regulations (2013) and the historical Lonmin Dust Management Plan (2011). Monitoring 218 includes an extensive dust fallout bucket network consistent with the Sibanye-Stillwater SA PGM Operations monitoring framework. • In 2025, the SA PGM operations achieved 96% compliance, measured as the proportion of dust buckets that remained within regulatory limits for both residential and industrial zones • Dust suppression remains active through: - Water carts - Canon spray systems - Application of chemical dust suppressants - Tailings and road-surface management measures The Afrigle System, designed to monitor and optimise diesel combustion efficiency and thereby reduce carbon emissions, has been successfully implemented across the adjacent Rustenburg operation. Marikana has not deployed the system, as its mining method is largely conventional underground with minimal reliance on underground trackless mobile machinery (TMM), making the system less applicable. 17.4.5 Biodiversity Management Since Sibanye-Stillwater took ownership of the Marikana operation, there have been no major infrastructure expansions that would have resulted in the loss of key biodiversity areas. Current initiatives to manage biodiversity are implemented in line with the approved EMPs. Sibanye-Stillwater developed its first Biological Diversity Procedure that embeds the mitigation hierarchy into all decision-making processes from feasibility to post-mining. It ensures the use of the best practice local science-based methods for monitoring and assessment, the outcomes thereof are then incorporated into option analyses along with consideration of health, safety, engineering, social and economic considerations to arrive at the best practicable and sustainable way forward. Ultimately it aims to enhance avoidance of impacts on sensitive ecosystems and thereafter integrate mitigation, restoration, and off-setting to achieve our net gain and no net loss targets as applicable to the sites. Managed by the EWT, the BDP will build the capacity of businesses to manage their biodiversity risks and opportunities and enable them to disclose their biodiversity performance in a standardised and comparable manner. 17.4.6 Water Use Strategy Sibanye-Stillwater recognises water as a critical resource. The Group further considers its integrated approach to the management of our water footprint and our water systems infrastructure as a key component of its business strategy. The context summary of water use at Marikana for 2025 is presented in Figure 89. Marikana abstracted on average 29.3Ml/day to process 32.716 tonne per day. 76% of this was purchased of Rand Water Board, supplied from the Vaal River System (VRS). 0.81Ml/day was discharged at the Mooinooi Wastewater Treatment Works (WWTW), and 1.07Ml/day was on-supplied to Kroondal. See also Section 15.4 for bulk water and reticulation systems. 219 Figure 89: Marikana Water Use Summary 17.4.6.1 Licensing The Marikana operation has the following approved Water Use Licences (WUL) • Marikana operation (WPL & EPL) Water Use Licence dated 22 February 2019, Licence No 01/A21K/ABCEFGIHJ/4620 with an amendment dated 8 June 2021 • Precious Metal Refinery Water Use Licence dated 12 May 2018, Licence No 07/A21C/G/7516 with amendment dated 19 June 2023 • Pandora Water Use Licence dated 8 September 2021, Licence No 01/A21K/ACFGI/4913 with amendment dated 11 December 2024 • Pandora Dam Water Use Licence dated 13 December 2023, Licence No 01/A21J/B/13304 • K4 Shaft GN704 Water Use Licence dated 8 October 2024, Licence No 01/A21K/ABCEFGIHJ/4620 • EPL/ETTP Pollution Control Dam Water Use Licence dated 15 October 2024, Licence No 01/A21K/ABCEFGIHJ/4620 • EPL TD2 Re-mining Water Use Licence dated 16 January 2025, Licence No 06/A21J/CI/15549 • E4 Shaft Water Use Licence dated 3 November 2025, Licence No 06/A21J/ABCFGIJ/16851 Terms of the licenses are standard conditions in South Africa. 17.4.6.2 Surface Water Resources Sources and Wetlands Catchment Area Marikana is located within the Limpopo Catchment Management Area (WMA), within the A21K and A21J quaternary catchment areas. In the west, two perennial rivers/streams, namely Sterkstroom and Maretlwane form tributaries of the Gwatlhe, also a tributary of the Crocodile River, which is located 26km north of the site area.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 In the east, the perennial Kareespruit forms a direct tributary of the Crocodile River. All of the tributaries flow in a northerly direction (toward the Crocodile River). The drainage is controlled entirely by the presence of the Kareepoortberg, which forms a local watershed divide between the Sterkstroom and Crocodile Rivers that feed into the Rooikoppies Dam. Refer to Figure 90 for the locality of the Quaternary Catchment Area. Figure 90: Quaternary Catchment Area The general flow direction is towards the major drainages. The groundwater flow from the western and central areas (Karee and WPL TSFs) is towards the north-east and the groundwater flow on the western side towards the west or north west. The main potential sources that may contribute to both surface and groundwater contamination are presented in Figure 91. 221 Figure 91: Potential Sources of Surface and Groundwater Contamination Located on Site and Current Operational Status 17.4.6.3 Discharge The quality of all the discharged water, surface and ground water at monitoring points are measured on predetermined frequencies and the results are submitted to the DWS as required in the WUL. Monitoring points are given in Section 17.4.6.5, Figure 92. With the exception of Mooinooi treated water effluent being discharged, all water on the mining operations is kept in a closed water reticulation and therefore, no other discharges are experienced on a continuous basis. However, from time to time, the operations may experience a dam overflow due to heavy rainfall in the summer periods. Our strategy is to minimise or eliminate any uncontrolled discharges through our storm water management systems and optimising dam capacity management. 17.4.6.4 Water Conservation, Usage and Storage Water in the Marikana Operations is mainly sourced from Randwater supply. This water is used in various operational areas for processing and mining. As part of the water strategy the company is implementing efforts to improve water security and reduce the use of potable water. Several projects have been 222 identified to retreat water from the mine and re-use it within the system. The identified projects will improve water demand and conservation. Mine and process water gets stored in existing approved storage facilities including portable water tanks, return water dams as well as stormwater dams. Marikana receives raw water from various sources water sources listed in Table 89. The mine is licenced to abstract and use this water as per the approved Water Use Licence (Ref: 01/A21K/ABCEFGIHJ/4620). Table 89: Raw Water Supply Sources Used for Mining Purposes Raw Water Supply Sources Licensed Volume (01/A21K/ABCDEFGIJ/4620 – 22 Feb 2019) Buffelspoort Dam (via irrigation canal) 927,500 m3/a Hartbeespoort Dam (via irrigation canal) 255,440 m3/a Crocodile River 3,650,000 m3/a Total 4,832,940 m3/a The raw water sources listed in Table 90 are licenced to the operations but are still agricultural volumes and have not been converted for mining purposes: Table 90: Agricultural Water Supply Sources not used for mining purposes Raw Water Supply Sources Licensed Volume (01/A21K/ABCDEFGIJ/4620 – 22 February 2019) Buffelspoort Dam (Rooikoppies) 755,250 m3/a Buffelspoort Dam (Zwartkoppies) 321,710 m3/a Buffelspoort Dam (Middelkraal) 497,240 m3/a Buffelspoort Dam (Kaffirskraal) 98,580 m3/a Total 1,672,780 m3/a Potable water in the order of 23 million litres per day is purchased from the Rand Water Board network which draws water from the Vaal River System. Other sources of water that supplement the water balance include: • Fissure water that collects in the underground and is removed for safety purposes • On site anthropogenic aquifers (backfilled areas) Water security is increased on site through the backfilling of previously mined open pit areas and using these as anthropogenic aquifers and the storage of water in-pit i.e., UG2 Pit. 17.4.6.5 Water Monitoring There is a total of 235 actively monitored boreholes on site which are sampled and analysed by an external services provider. A total of 220 boreholes are monitored on a quarterly basis, whilst five boreholes are included in the monthly monitoring programme and 10 bi-annually. 223 The groundwater monitoring network supporting the operations are indicated Figure 92. Figure 92: Groundwater Monitoring Network Supporting the Marikana operation 17.4.7 Waste Management Marikana generates waste resulting from the direct mining operations (i.e., waste rock dumps, tailings, slag – MRD) as well as a secondary waste stream which relates to wastewater treatment plants, business waste, domestic waste, and health care waste (medical waste). The waste stream at Marikana ranges from general to hazardous wastes, for which management measures/plans/procedures are in place. The waste currently generated includes domestic waste (paper, glass, metals, plastic, and food waste), hazardous waste such as contaminated oil waste such as rags, soil, filters, etc., and health care waste. In 2020, the creation of an internal waste data capturing system to all the SA operations was pursued, to ensure uniformity of waste data collection across the operations and to record waste information on type and quantity of waste recovery, its reuse, recycling, treatment, and disposal at each operation. This has coincided with the development and update of waste inventories. This information will be used as a basis to understand the life cycle of our waste streams and will be used to inform the development of waste disposal to landfill diversion target.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 Approval was obtained from the Department of Water and Sanitation (DWS) and the North West Department of Economic Development, Environment, Conservation and Tourism (DEDECT) on the extension constructed at the Mooinooi Landfill site located at the Marikana operation. Over R20 million was spent on the first phase of the extension, ensuring an additional 15 years of airspace for the operations and the surrounding communities. To meet the zero-waste-to landfill goal, Sibanye-Stillwater generally has commenced with the implementation of a number of waste minimisation initiatives: • A pilot project at our smelter operations (Marikana) to convert the calcium sulphite waste stream into gypsum via a treatment oxidation process • With the introduction of technology advancements towards the end of 2019, reduction of between 10% to 15% of quantity and the lowering of salt levels of this waste to landfill was achieved • Complete diversion of the acidic and alkaline liquid waste streams at the Precious Metals Refinery (PMR- Marikana) through recovery and treatment technologies. Diversion is currently, on average, 2,200t/month of hazardous waste from landfill • To segregate, recycle and reuse large quantities of our industrial and hazardous waste streams at our operations, as well as smaller portions of our general domestic waste stream. At the moment approximately 44% of general waste is recycled or reused at the SA operations • The tyres we purchase contain 15% reused fill material, which increases the demand for reusable fill material 17.4.8 Environmental Reporting In order to ensure continued compliance to the various licences in place for the Marikana operation numerous audits are performed on varying timelines, based on the regulatory, as well as practical management requirements associated with the relevant authorisations. The auditing process enables environmental performance through the identification of potential non compliances and areas of improvement. Non compliances are record in the environmental system Pivot and actioned to ensure rectification of findings. Audits are conducted both internally and external by independent external consultants to ensure transparency and independence. 17.4.9 Closure Planning and Costs The Marikana operation is committed to on-going closure planning. Scheduled and unscheduled mine closure costs are reviewed and updated annually for financial reporting and regulatory compliance. The National Environmental Management Act (NEMA), pertains to the financial provision for prospecting, exploration and mining and requires that a final rehabilitation, decommission and mine closure plan is developed which includes the determination of financial provision to guarantee the availability of sufficient funds to undertake rehabilitation and remediation of the adverse environmental impacts of mining. An amendment to GNR 1147 (Regulations for Financial Provision for Prospecting, Exploration, Mining and Production Operations,2015) in October 2016, extended the Transitional Arrangements to February 2019 (which was subsequently further extended to February 2020 and again to June 2022). Implementation of the Regulation has been postponed and there is no indication of a 225 new compliance date. Marikana operation is aligned to the requirements to be ready should the regulations be promulgated. Closure components to be considered during the quantum assessment are given in Table 91. In addition, long term care and maintenance plans as well as future monitoring programmes will be established as part of the closure plans. Table 91: Closure Components Component No. Description 1 Infrastructural Areas 1.1 Dismantling of processing plant and related structures (including overland conveyers and powerlines) 1.2 Demolition of steel buildings and structures 1.3 Demolition of other buildings and structures 1.4 Rehabilitation of roads and paved surfaces 1.5 Demolition and rehabilitation of railway lines 1.6 Other linear infrastructure 1.7 Disposal of demolition waste 1.8 Making good of infrastructure 2 Mining Areas 2.1 Open pit rehabilitation, including final voids and ramps 2.2. Sealing of shafts, adits and inclines 2.3 Rehabilitation of stockpiles and processing residues 2.4 Rehabilitation of clean water impoundments 2.5 Rehabilitation of dirty water impoundments 3 General surface rehabilitation 3.1 Infrastructural areas 3.2 Other surface disturbances 4 Runoff Management 4.1 River diversions and watercourse reinstatement 4.2 Reinstatement of drainage lines 5 P&Gs, Contingencies and additional allowances 6 Pre-site relinquishment monitoring and aftercare 226 17.4.9.1 Life of Mine Planning and Closure The current LoM indicates that the Marikana operation will be operational for at least another 50 years. A footprint reduction programme has been initiated in an effort to reduce Marikana's closure liability. All rehabilitated open cast areas are currently under C&M and assessed annually to determine any remediation work that needs to be conducted. The East 1 Shaft (E1), East 2 Shaft(E2) and associated ventilation shafts as well as the Wonderkop hostel kitchen and bar, East 1 Lift Shaft and Karee old industrial change house are in various stages of being demolished or rehabilitated. The envisaged final land uses at the cessation of mining include environmental and economic positive projects such as river protection, agriculture and biofuels. The land use mix consists of industrial areas (including small- and large-scale mining and other industries), residential areas, wilderness, subsistence agriculture, intensive agriculture, as well as corridors for ecological goods and services (biodiversity, open spaces, and green corridors). 17.4.9.2 Unscheduled Closure Cost Estimate Marikana total closure liability and associated financial provision is based on unplanned closure, with specific costs allocated to the demolition of mining and associated infrastructure, the rehabilitation of mine-impacted land and post-closure monitoring and maintenance. The mechanisms and methods of the demolition, remediation and rehabilitation processes are described in rehabilitation and final closure plans. A closure cost estimate for an unscheduled closure at the Marikana operation is updated annually, in line with the International Financial Reporting Standards ("IFRS") of the International Accounting Standards Board and South African Statements of Generally Accepted Accounting Practice as well as applicable environmental legislation (MPRDA and NEMA) and in accordance with the Draft GN1147. The closure cost assessment included an update and escalation of the unit rates applied in the 2025 update, and the inclusion of additional construction and removal of existing infrastructure since the previous closure cost update. The base rates applied in the closure cost assessment were determined for the 2025 period. The updated closure cost estimates for unscheduled closure as at 31 December 2025 amount to R2.8 billion for the Marikana operation. No financial discounting has been applied. The 2025 closure liability are funded through financial guarantees. The detailed breakdown of the 2025 unscheduled closure estimate is as follow: • Infrastructural aspects - R675,875,027 (24%) • Mining aspects – R1,251,551,574 (45%) • General surface rehabilitation – R127,846,595 (4,5%) • Surface water reinstatement – R11,685,397 (0,4%) • Pre-site Relinquishment Monitoring & Aftercare – R231,778,204 (8,2%) (8%) • Combined Preliminary & General and Contingencies – R331,550,556 (12%) • Additional studies & allowances – R183,558,350 (6%) 227 17.5 QP Opinion The QP is satisfied that all material issues relating to Environmental, Social and Governance have been considered in Marikana's planning. All relevant issues are being addressed, have plans in place to remedy any deficiencies or have been identified for further consideration. The QP is satisfied that all material issues relating to Environmental, Social and Governance have been addressed in this document. 18 Capital and Operating Costs 18.1 Overview The following sections contain summaries of the capital and operating cost projections. Projections are compared to the last three years actual figures. Accuracy limits for metal pricing and costs is given in Table 111 in Section 21.1.1. Risks are discussed in Section 21.1.2 18.2 Capital Costs Capital expenditure for Marikana operation includes project capital, capitalised development and sustaining capital (stay-in-business) for the operations (Refer to Table 92 and Table 93). Ongoing capital expenditure (stay-in-business) estimates are based on a provision of an approximate 7% of total operating cost expenditures. These amounts cater for unforeseen expenditures and are considered prudent provisions(contingencies), given that limited detail is available beyond the three- year horizon. The total capital expenditure requirement over the LoM of Marikana amounts to R44,042 million (real) planned to be spent through to 2070. Financial Accuracy for Capital Costs is given in Section 22.1.1.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 Table 92: Historical and Forecast Capital Expenditure – Current Operations 2021-2035 Historical Real Forecast Units 2021 2023 2025 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Total 1 2 3 4 5 6 7 8 9 10 Current Operations Capitalised Development (Rm) 19,639 1,960 1,331 1,224 1,089 989 1,230 819 648 648 610 Project Capital++ (Rm) 3,010 1,360 685 426 302 238 0 0 0 0 00 Sustaining/SIB Capital++ (Rm) 1,292\* 1,990\* 1,971\* 24,155 1,164 1,337 1,545 1,376 1,230 1,114 973 937 801 720 New Projects E4 Decline Project Capital++ (Rm) 5,976 8 858 1,612 1,463 1,025 649 277 84 0 0 E4 Decline Sustaining/SIB Capital (Rm) 7,951 0 0 43 54 33 75 137 163 206 229 KTD1 Tailings++ (Rm) 1,031 893 23 23 23 23 23 23 0 0 0 Total New Projects (Rm) 14,958 901 881 1,678 1,540 1,081 747 437 247 206 229 \*Includes Capitalised Development ++ Capital in Technical Financial Model Secction 15.5 229 Table 93: Historical and Forecast Capital Expenditure – Current Operations 2036-2070 Real Forecast Units LoM C2036 - C2040 C2041 - C2045 C2046 - C2050 C2051 - C2055 C2056 - C2060 C2061 - C2065 C2066 - C2070 Total 11 - 15 16 - 20 21 - 25 26 - 30 31 - 35 36 - 40 41 - 45 Current Operations Capitalised Development (Rm) 19,639 2,606 2,114 1,548 1,442 1,084 439 1,548 Project Capital++ (Rm) 3,010 0 0 0 0 0 0 0 Sustaining/SIB Capital++ (Rm) 24,155 2,521 1,918 1,908 1,905 1,914 1,855 936 Projects E4 Decline Project Capital++ (Rm) 5,976 0 0 0 0 0 0 0 E4 Decline Sustaining/SIB Capital++ (Rm) 7,951 1,548 1,521 1,947 1,404 591 KTD1 Tailings++ (Rm) 1,031 0 0 0 0 0 0 0 Total Projects++ (Rm) 14,958 1,548 1,521 1,947 1,404 591 0 0 \*Includes Capitalised Development ++ Capital in Technical Financial Model Secction 15.5 230 18.3 Operating Costs This Section provides details on the forecast operating cost estimates for the Marikana operation. 18.3.1 Operating Costs by Activity Table 94 provides details of historical and forecast operating costs by activity grouped according to: • Mining costs – underground mining costs and surface sources costs, including ore handling costs • Processing costs, including tailings and waste disposal costs • The cost of maintaining key on mine infrastructure In addition, Marikana has incorporated costs for environmental rehabilitation and closure as indicated in Section 17.5.9, and costs associated with terminal benefits, which will be payable on cessation of mining activities. No salvage values have been assumed for the plant and equipment. Allocated costs are related to proportional costs of regional and shared services between the various Sibanye-Stillwater mining operations and corporate costs. The operating costs are based on the current year's operational business plan and projected forward using the required production profile taking into account the likely physical changes in the operating parameters over the full period of the LoM plan. Financial accuracy for operating costs is given in Section 22.1.1. 18.3.2 Operating Costs The average operating cost for the Mineral Reserves in the LoM plan is R1,612/tonne. The actual operating cost for 2025 was R1,787/t (Table 94 and Table 95). The five-year forecast average is R1,342/tonne. LoM mining costs are lower than historical due to lower costs between 2027 and 2034. There after cost rise to around R1,900/t. 18.3.3 Surface Sources Costs The surfaces sources and purchase of concentrate in the Mineral Resource or LoM plan are included in the total operating cost. 18.3.4 Processing Costs The treatment cost for 2026 is estimated at R465/t for both underground and surface material. Over the LoM the expected unit costs increase as the production plan decreases. The average in the next five years is R355/ton with expected lower processing cost going forward. 18.3.5 Allocated Costs Allocated costs have been forecast at an average of R3,595million per annum in the next five years. These costs include costs for rehabilitation, royalties, retrenchment cost, engineering, occupational 231 environment and hygiene, environmental management, health and safety, and other typical centralised costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 Table 94: Historical and Forecast Operating Costs -Current Operations 2021-2035 Historical Real Forecast Units 2021 2023 2025 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Total 1 2 3 4 5 6 7 8 9 10 Processing Costs (Rm) 2,963 3,576 3,545 93,952 4,679 4,297 5,157 5,208 5,154 5,033 4,831 4,464 4,336 3,349 Direct Shaft Costs (Rm) 10,545 11,197 12,369 289,477 11,462 12,626 12,585 13,080 13,382 13,433 13,594 10,353 10,168 8,981 Production Overheads (Rm) 832 913 914 16,804 1,028 1,016 1,028 1,024 990 945 885 720 690 553 Allocated Centralised Costs (Rm) 2,419 2,708 3,078 79,228 3,535 3,520 3,619 3,685 3,619 3,496 3,289 2,817 2,671 2,406 Total Operating Cost (Rm) 16,759 18,394 19,906 479,461 20,704 21,459 22,388 22,996 23,145 22,908 22,600 18,354 17,865 15,289 Environmental (Rm) 0 0 0 794 0 0 0 0 0 0 0 0 0 0 Unit Costs Tonnes Milled (Kt) 10,671 9,880 9,418 245,502 10,063 14,308 14,581 14,911 15,188 15,496 15,547 10,565 10,253 6,475 Operating Cost (R/t) 1,344 1,588 1,787 1,630 1,706 1,254 1,287 1,295 1,286 1,253 1,242 1,471 1,482 1,990 Allocated Centralised Costs (R/t) 227 274 327 323 351 246 248 247 238 226 212 267 260 372 233 Table 95: Forecast Operating Costs -Current Operations 2036-2072 Real Forecast Units LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Total 11 12 13 14 15 16 117 18 19 20 Processing Costs (Rm) 93,952 2,220 1,976 1,933 1,898 1,825 1,353 1,351 1,348 1,350 1,372 Direct Shaft Costs (Rm) 289,477 8,997 7,611 7,515 7,455 7,451 5,533 5,580 5,589 5,598 5,675 Production Overheads (Rm) 16,804 482 381 371 364 345 205 204 203 204 207 Allocated Centralised Costs (Rm) 79,228 2,175 1,892 1,847 1,811 1,737 1,358 1,357 1,353 1,355 1,367 Total Operating Cost (Rm) 479,461 8,997 7,611 7,515 7,455 7,451 5,533 5,580 5,589 5,598 5,675 Environmental (Rm) 794 0 0 0 0 0 0 0 0 0 0 Unit Costs Tonnes Milled (Kt) 245,502 5,970 5,361 5,272 5,183 5,033 4,199 4,198 4,184 4,202 4,213 Operating Cost (R/t) 1,630 1,959 1,859 1,863 1,875 1,912 1,689 1,700 1,707 1,702 1,722 Allocated Centralised Costs (R/t) 323 364 353 350 349 345 323 323 323 322 324 234 Real Forecast Units LoM 2046- 2050 2051- 2055 2056- 2060 2060- 2065 2066- 2070 Total 21-25 26-30 31-35 36-40 41-45 Processing Costs (Rm) 75,859 6,684 6,673 6,662 6,313 4,487 Direct Shaft Costs (Rm) 240,442 28,154 26,445 21,197 14,405 12,606 Production Overheads (Rm) 16,565 1,021 1,020 1,025 1,010 880 Allocated Centralised Costs (Rm) 64,880 42,557 40,810 35,557 6,243 4,036 Total Operating Cost (Rm) 397,746 41,826 40,227 35,364 27,971 22,009 Environmental (Rm) 794 0 0 0 0 794 Unit Costs Tonnes Milled (Kt) 170,099 20,887 19,167 14,540 10,221 5,485 Operating Cost (R/t) 1,957 8,585 8,912 9,947 10,664 18,191 Allocated Centralised Costs (R/t) 381 1,603 1,744 2,340 3,057 3,868 235 19 Economic Analysis 19.1 Introduction The following section presents a discussion and comment on the economic assessment of Marikana operation. Specifically, comment is included on the methodology used to generate the financial models for Marikana operation to establish a base case, including the basis of the techno-economic model, modelling techniques and evaluation results. This economic model includes the current operating shafts, the remining of Eastern Tailing Dam2 (ETD2) and Karee Tailings Dam 1(KTD1) and the new planned decline shaft at E4. The economic analysis results present the current operations as a whole and the economic models for the E4 decline. Economic analysis and the through put tonnages are 100% of the Mineral Reserve. Mineral Reserves are attributable to Sibanye-Stillwater at 80.64%. 19.2 Economic Analysis Approach Marikana is classified as a Production Property as it is a producing mine, and has significant, detailed cost and capital information specific to the geographic and economic locality of its assets. The cash- flow approach is the most appropriate method to use for the economic analysis. There is no appropriate secondary analysis approach. 19.3 Economic Analysis Basis The assumptions on which the economic analysis, for current operations and E4 project, is based include: • All assumptions are in 31 December 2025 money terms, which is consistent with the Mineral Reserve declaration date • Royalties on revenue are consistent with relevant South African legislation (0.5% to 7.0% based on formula) (Table 96) • Corporate taxes that can be offset against assessed losses and capital expenditure (Table 96). • A Real base case Discount Rate of 15.74% (Section 19.4) • Discounted cash-flow (DCF) techniques applied to post-tax, pre-finance cash • Sensitivity analysis was performed to ascertain the effect of discount factors, product prices, total cash costs, and capital expenditures • The post-tax, pre-finance cash flows presented for the mining asset incorporate the macroeconomic projections set out in Table 97 to Table 102 • The Technical – Economic Model (TEM), presented in real terms, is based on annual cash-flow projections determined at the end-point 31 December 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 • Revenue and costs considers contributions from all metals produced i.e. 4Eoz (Pt, Pd, Rh, Au), other metals (Ru, Ir) and base metals (Ni, Cu, Co and Cr). Marikana operation is ongoing with an annual positive cashflow 19.4 TEM Parameters Table 96 provides details of the parameters applied in the TEM. Table 96: TEM Parameters Parameter Units Current Ops Historical Corporate Tax Rate (%) 27% Royalties (based on the formula) (%) 0.5% - 12.5% Trading Terms Debtors (Days) 3 Creditors (Days) 45 Stores (Days) 45 Balance at 31 December 2025 Debtors (Rm) 11,346 Creditors (Rm) 3,605 Stores - opening balances (Rm) 36 Unredeemed Capital - 31 December (Rm) Environmental Closure Liability – 31 December (Rm) 1,398 Terminal Benefits Liability Based On LoM (Rm) 1,639 Assessed Losses (Years) N/A The following working capital parameters have been applied in the model: Debtors – 3 days; Creditors – 45 days; and Stores – 45 days. Sibanye-Stillwater has indicated that the balances for working capital will be settled at the effective date of the Mineral Reserve declaration, and as such the opening balances have been set to zero. The corporate tax rate applied is based on a formula that uses capital expenditure and assessed tax losses. Royalties are calculated using the formula for refined metals [Royalty Payable = 0.5+ (EBIT/Gross Sales)/12.5]. 19.5 Technical Economic Model The technical inputs used to determine the financial parameters for the TEMs are provided in Table 97 to Table 99, as well as an assessment of the financial parameters on a unit cost basis: R/4Eoz (Table 100 to Table 102). The TEM is presented for the operation as a whole including E4 project, as well as E4 separately (Table 103 to Table 105) to show its contribution to the operation. 237 Recoveries for surface material remined tailings and current tailings from RoM processing which has a lower recovery. The Mineral Reserves recovery quoted only refers to the remined tailings portion. Environmental closure costs are for the final rehabilitation. Ongoing rehabilitation as the shafts are closed is included in the normal operating costs. 238 Table 97: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2026-2035 Current Ops + E4 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Units Total 1 2 3 4 5 6 7 8 9 10 Underground Mining Development (m) 1,030,006 75,613 72,984 72,383 68,136 63,660 58,103 48,318 33,939 31,041 29,753 RoM (kt) 191,420 6,918 6,882 7,165 7,495 7,772 8,080 8,131 7,349 7,037 6,475 Head Grade (g/t) 3.52 3.67 3.66 3.67 3.68 3.64 3.60 3.54 3.60 3.60 3.53 Recoveries (%) 85.9 84.2 84.3 84.3 84.6 84.7 84.8 84.8 84.9 85.0 85.3 PGM Ounces (4Eoz'000) 18,603 688 683 712 751 771 792 783 723 692 628 Recovered Grade (g/t) 3.02 3.09 3.08 3.09 3.12 3.09 3.05 3.00 3.06 3.06 3.02 Surface RoM (kt) 54,083 3,145 7,426 7,416 7,416 7,416 7,416 7,416 3,216 3,216 0 Head Grade (g/t) 0.94 0.94 0.88 0.94 0.95 0.93 0.93 0.97 0.95 0.94 0.00 Recoveries (%) 18.2 21.0 17.4 17.6 17.6 17.6 17.6 17.7 21.0 21.0 0.0 PGM Ounces (4E0z'000) 296 20 37 40 40 39 39 41 21 21 0 Recovered Grade (g/t) 0.17 0.20 0.15 0.17 0.17 0.16 0.16 0.17 0.20 0.20 0.00 Processing Ore Processing (kt) 245,502 10,063 14,308 14,581 14,911 15,188 15,496 15,547 10,565 10,253 6,475 Head Grade (g/t) 2.95 2.82 2.22 2.28 2.32 2.32 2.32 2.31 2.80 2.76 3.53 Recoveries (%) 81.2 77.7 70.5 70.3 71.1 71.6 71.9 71.4 78.3 78.2 85.3 Recovered Grade (g/t) 2.39 2.19 1.56 1.60 1.65 1.66 1.67 1.65 2.19 2.16 3.02 PGM Produced (4Eoz'000) 18,899 708 719 752 791 810 831 824 743 712 628 239 Current Ops + E4 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Units Total 1 2 3 4 5 6 7 8 9 10 Revenue 4E Revenue (Rm) 504,659 19,286 19,535 20,438 21,486 21,954 22,552 22,381 20,152 19,269 16,920 Other Metals (Rm) 57,934 2,154 2,161 2,288 2,420 2,529 2,673 2,720 2,491 2,372 2,053 Base Metals (Rm) 60,461 1,515 2,821 2,910 3,022 3,177 3,364 3,470 2,197 2,138 1,683 Revenue from sales of mining products (Rm) 623,054 22,954 24,517 25,636 26,929 27,661 28,589 28,572 24,841 23,778 20,656 Operating Cost Direct Operations Cost (Rm) 477,822 20,704 21,459 22,388 22,996 23,145 22,908 22,211 18,354 17,699 15,289 RBN Royalties (Rm) 1,218 0 0 1 5 15 30 43 48 48 47 Terminal benefits costs (Rm) 1,639 0 0 0 0 0 0 389 0 166 0 Environmental closure cost (Rm) 794 0 0 0 0 0 0 0 0 0 0 Royalty payable (Rm) 11,515 115 160 230 368 407 457 417 391 424 457 Recurring pre-tax income from continuing operations (EBITDA) (Rm) 130,066 2,135 2,897 3,016 3,560 4,094 5,194 5,511 6,048 5,442 4,863 Taxation (Rm) 24,114 0 61 242 518 628 772 649 801 758 1,057 Net Income from continuing operations (Rm) 105,952 2,135 2,836 2,774 3,042 3,466 4,423 4,862 5,247 4,684 3,806 Capital Expenditure (Rm) 42,123 3,424 2,903 3,649 3,218 2,549 1,861 1,410 1,185 1,007 949 Net Free cash (Rm) 63,829 -1,289 -67 -875 -177 917 2,562 3,452 4,062 3,677 2,858

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 Table 98: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2036-2045 Current Ops including E4 LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Units Total 11 12 13 14 15 16 117 18 9 20 Underground Mining Development (m) 1,030,006 27,474 26,422 23,122 23,039 23,189 21,434 20,742 20,215 19,310 17,760 RoM (kt) 191,420 5,970 5,361 5,272 5,183 5,033 4,199 4,198 4,184 4,202 4,213 Head Grade (g/t) 3.52 3.48 3.44 3.42 3.38 3.34 3.21 3.18 3.13 3.11 3.07 Recoveries (%) 85.9 85.3 84.9 85.0 85.1 85.4 86.5 86.3 86.1 85.9 85.6 PGM Ounces (4Eoz'000) 18,603 570 504 492 480 462 375 370 363 361 356 Recovered Grade (g/t) 3.02 2.97 2.92 2.90 2.88 2.85 2.78 2.74 2.70 2.67 2.63 Surface No surface material is scheduled RoM (kt) 54,083 Head Grade (g/t) 0.94 Recoveries (%) 18.2 PGM Ounces (4Eoz'000) 296 Recovered Grade (g/t) 0.17 Processing Ore Processing (kt) 245,502 5,970 5,361 5,272 5,183 5,033 4,199 4,198 4,184 4,202 4,213 Head Grade (g/t) 2.95 3.48 3.44 3.42 3.38 3.34 3.21 3.18 3.13 3.11 3.07 Recoveries (%) 81.2 85.3 84.9 85.0 85.1 85.4 86.5 86.3 86.1 85.9 85.6 Recovered Grade (g/t) 2.39 2.97 2.92 2.90 2.88 2.85 2.78 2.74 2.70 2.67 2.63 PGM Produced (4Eoz'000) 18,899 570 504 492 480 462 375 370 363 361 356 Revenue 4E Revenue (Rm) 504,659 15,301 13,522 13,199 12,863 12,349 9,954 9,831 9,660 9,617 9,499 241 Current Ops including E4 LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Units Total 11 12 13 14 15 16 117 18 9 20 Other Metals (Rm) 57,934 1,852 1,667 1,627 1,571 1,498 1,200 1,197 1,187 1,194 1,189 Base Metals (Rm) 60,461 1,603 1,510 1,500 1,485 1,469 1,347 1,347 1,342 1,346 1,341 Revenue from sales of mining products (Rm) 623,054 18,756 16,699 16,326 15,919 15,316 12,501 12,375 12,189 12,156 12,029 Operating Cost Direct Operations Cost (Rm) 477,822 13,638 11,861 11,666 11,529 11,030 8,449 8,492 8,494 8,507 8,620 RBN Royalties (Rm) 1,218 47 50 49 47 46 46 46 46 47 47 Terminal benefits costs (Rm) 1,639 236 0 0 0 327 0 0 0 0 0 Environmental closure cost (Rm) 794 0 0 0 0 0 0 0 0 0 0 Royalty payable (Rm) 11,515 416 402 383 368 338 330 315 305 301 275 Recurring pre-tax income from continuing operations (EBITDA) (Rm) 130,066 4,419 4,385 4,229 3,974 3,574 3,677 3,522 3,344 3,301 3,086 Taxation (Rm) 24,114 964 955 899 862 779 801 756 730 718 637 Net Income from continuing operations (Rm) 105,952 3,455 3,431 3,329 3,112 2,796 2,876 2,766 2,613 2,583 2,449 Capital Expenditure (Rm) 42,123 850 850 898 782 690 712 721 639 641 727 Net Free cash (Rm) 63,829 2,605 2,581 2,431 2,330 2,105 2,165 2,045 1,975 1,942 1,722 242 Table 99: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2046-2071 Current Ops including E4 LoM 2046 - 2050 2051 - 2055 2056 - 2060 2061 - 2065 2066 - 2070 Units Total 21-25 26-30 31-35 36-40 41-45 Underground Mining Development (m) 1,030,006 80,900 70,762 58,203 30,961 12,544 RoM (kt) 191,420 20,887 19,167 14,540 10,221 5,485 Head Grade (g/t) 3.52 3.02 3.20 3.69 4.28 5.23 Recoveries (%) 85.9 85.5 86.4 87.7 89.1 91.4 PGM Ounces (4Eoz'000) 18,603 1,734 1,705 1,513 1,254 844 Recovered Grade (g/t) 3.02 2.58 2.77 3.24 3.81 4.78 Surface No surface material is scheduled RoM (kt) 54,083 Head Grade (g/t) 0.94 Recoveries (%) 18.2 PGM Ounces (4Eoz'000) 296 Recovered Grade (g/t) 0.17 Processing Ore Processing (kt) 245,502 20,887 19,167 14,540 10,221 5,485 Head Grade (g/t) 2.95 3.02 3.20 3.69 4.28 5.23 Recoveries (%) 81.2 85.5 86.4 87.7 89.1 91.4 Recovered Grade (g/t) 2.39 2.58 2.77 3.24 3.81 4.78 PGM Produced (4Eoz'000) 18,899 1,734 1,705 1,513 1,254 844 243 Current Ops including E4 LoM 2046 - 2050 2051 - 2055 2056 - 2060 2061 - 2065 2066 - 2070 Units Total 21-25 26-30 31-35 36-40 41-45 Revenue 4E Revenue (Rm) 504,659 46,387 45,316 39,622 32,321 21,247 Other Metals (Rm) 57,934 5,852 5,393 4,144 2,875 1,629 Base Metals (Rm) 60,461 6,704 5,933 3,795 2,097 1,342 Revenue from sales of mining products (Rm) 623,054 58,943 56,642 47,560 37,293 24,218 Operating Cost Direct Operations Cost (Rm) 477,822 42,557 40,810 35,557 27,971 21,488 RBN Royalties (Rm) 1,218 238 190 82 0 0 Terminal benefits costs (Rm) 1,639 0 0 0 0 522 Environmental closure cost (Rm) 794 0 0 0 0 794 Royalty payable (Rm) 11,515 1,297 1,285 998 784 290 Recurring pre-tax income from continuing operations (EBITDA) (Rm) 130,066 14,851 14,357 10,924 8,538 1,124 Taxation (Rm) 24,114 2,969 2,983 2,273 1,805 497 Net Income from continuing operations (Rm) 105,952 11,882 11,374 8,650 6,734 627 Capital Expenditure (Rm) 42,123 3,855 3,308 2,505 1,855 936 Net Free cash (Rm) 63,829 8,027 8,066 6,146 4,879 -310

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 Table 100: TEM –Unit Analysis (R/4Eoz) – 2026-2035 Current Ops including E4 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Units Total 1 2 3 4 5 6 7 8 9 10 Revenue 4E Revenue (R/4Eoz) 26,703 27,248 27,159 27,186 27,156 27,105 27,139 27,155 27,118 27,061 26,949 Other Metals (R/4Eoz) 3,065 3,043 3,004 3,043 3,059 3,123 3,217 3,300 3,353 3,331 3,270 Base Metals (R/4Eoz) 3,199 2,140 3,922 3,871 3,820 3,923 4,048 4,211 2,956 3,002 2,681 Revenue from sales of mining products (R/4Eoz) 32,968 32,430 34,085 34,100 34,034 34,150 34,404 34,665 33,426 33,394 32,901 Operating Cost Direct Operations Cost (R/4Eoz) 25,283 29,252 29,834 29,781 29,064 28,575 27,567 26,948 24,697 24,856 24,352 RBN Royalties (R/4Eoz) 64 0 0 2 6 18 36 52 65 67 75 Terminal benefits costs (R/4Eoz) 87 0 0 0 0 0 0 472 0 233 0 Environmental closure cost (R/4Eoz) 42 0 0 0 0 0 0 0 0 0 0 Royalty payable (R/4Eoz) 609 162 223 306 465 502 551 506 526 596 728 Recurring pre-tax income from continuing operations (EBITDA) (R/4Eoz) 6,882 3,016 4,028 4,012 4,499 5,055 6,251 6,686 8,138 7,643 7,746 Taxation (R/4Eoz) 1,276 0 85 322 654 776 929 788 1,078 1,065 1,684 Net Income from continuing operations (R/4Eoz) 5,606 3,016 3,943 3,690 3,844 4,279 5,322 5,899 7,060 6,578 6,063 Capital Expenditure (R/4Eoz) 2,229 4,838 4,037 4,854 4,068 3,147 2,239 1,711 1,595 1,414 1,511 Net Free cash (R/4Eoz) 3,377 -1,821 -94 -1,164 -223 1,132 3,083 4,188 5,466 5,164 4,552 245 Table 101: TEM –Unit Analysis (R/4Eoz) – 2036-2045 Current Ops including E4 LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Units Total 11 12 13 14 15 16 117 18 9 20 Revenue 4E Revenue (R/4Eoz) 26,703 26,865 26,841 26,832 26,794 26,732 26,526 26,578 26,617 26,671 26,700 Other Metals (R/4Eoz) 3,065 3,252 3,309 3,307 3,272 3,242 3,198 3,236 3,271 3,311 3,343 Base Metals (R/4Eoz) 3,199 2,815 2,997 3,050 3,094 3,180 3,590 3,642 3,699 3,733 3,769 Revenue from sales of mining products (R/4Eoz) 32,968 32,932 33,146 33,189 33,159 33,154 33,314 33,456 33,587 33,715 33,812 Operating Cost Direct Operations Cost (R/4Eoz) 25,283 23,945 23,545 23,714 24,016 23,877 22,514 22,958 23,404 23,594 24,231 RBN Royalties (R/4Eoz) 64 83 98 100 99 100 122 125 128 130 133 Terminal benefits costs (R/4Eoz) 87 413 0 0 0 709 0 0 0 0 0 Environmental closure cost (R/4Eoz) 42 0 0 0 0 0 0 0 0 0 0 Royalty payable (R/4Eoz) 609 731 799 778 767 732 879 851 842 836 772 Recurring pre-tax income from continuing operations (EBITDA) (R/4Eoz) 6,882 7,759 8,705 8,596 8,278 7,737 9,799 9,522 9,213 9,155 8,676 Taxation (R/4Eoz) 1,276 1,692 1,895 1,828 1,795 1,686 2,134 2,044 2,013 1,992 1,791 Net Income from continuing operations (R/4Eoz) 5,606 6,067 6,810 6,768 6,482 6,052 7,665 7,478 7,201 7,163 6,885 Capital Expenditure (R/4Eoz) 2,229 1,492 1,687 1,825 1,628 1,494 1,897 1,950 1,760 1,778 2,044 Net Free cash (R/4Eoz) 3,377 4,574 5,123 4,943 4,854 4,557 5,769 5,528 5,441 5,385 4,842 246 Table 102: TEM –Unit Analysis (R/4Eoz) – 2046-2070 Current Ops including E4 LoM 2046 - 2050 2051- 2055 2056- 2060 2061 - 2065 2066 - 2070 Units Total 21-25 26-30 31-35 36-40 41-45 Revenue 4E Revenue (R/4Eoz) 26,703 26,753 26,580 26,189 25,784 25,186 Other Metals (R/4Eoz) 3,065 3,375 3,163 2,739 2,294 1,931 Base Metals (R/4Eoz) 3,199 3,867 3,480 2,509 1,673 1,591 Revenue from sales of mining products (R/4Eoz) 32,968 33,994 33,223 31,436 29,751 28,708 Operating Cost Direct Operations Cost (R/4Eoz) 25,283 24,544 23,937 23,502 22,314 25,472 RBN Royalties (R/4Eoz) 64 137 111 54 0 0 Terminal benefits costs (R/4Eoz) 87 0 0 0 0 618 Environmental closure cost (R/4Eoz) 42 0 0 0 0 942 Royalty payable (R/4Eoz) 609 748 754 659 625 344 Recurring pre-tax income from continuing operations (EBITDA) (R/4Eoz) 6,882 8,565 8,421 7,220 6,812 1,332 Taxation (R/4Eoz) 1,276 1,712 1,750 1,502 1,440 589 Net Income from continuing operations (R/4Eoz) 5,606 6,853 6,671 5,718 5,372 743 Capital Expenditure (R/4Eoz) 2,229 2,223 1,940 1,656 1,480 1,110 Net Free cash (R/4Eoz) 3,377 4,630 4,731 4,062 3,892 -367 247 Table 103: TEM E4 – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2026-2035 E4 Only LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Units Total 1 2 3 4 5 6 7 8 9 10 Underground Mining Development (m) 48,757 0 0 719 2,929 4,898 4,214 4,593 2,417 772 1,411 RoM (kt) 50,203 0 0 49 222 655 1,253 1,794 1,939 1,941 1,946 Head Grade (g/t) 2.23 0.00 0.00 2.30 2.03 2.05 2.15 2.21 2.29 2.26 2.21 Recoveries (%) 82.3 0.0 0.0 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 PGM Ounces (4E0z'000) 2,965 0 0 3 12 35 71 105 117 116 114 Recovered Grade (g/t) 1.84 0.00 0.00 1.89 1.67 1.68 1.77 1.82 1.88 1.86 1.82 Processing Ore Processing (kt) 50,203 0 0 49 222 655 1,253 1,794 1,939 1,941 1,946 Head Grade (g/t) 2.23 0.00 0.00 2.30 2.03 2.05 2.15 2.21 2.29 2.26 2.21 Recoveries (%) 82.3 0.0 0.0 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 Recovered Grade (g/t) 1.84 0.00 0.00 1.89 1.67 1.68 1.77 1.82 1.88 1.86 1.82 PGM Produced (4Eoz'000) 2,965 0 0 3 12 37 75 110 123 122 120

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 E4 Only LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Units Total 1 2 3 4 5 6 7 8 9 10 Revenue 4E Revenue (Rm) 83,106 0 0 84 334 993 2,000 2,940 3,288 3,255 3,195 Other Metals (Rm) 15,284 0 0 15 62 183 368 541 605 599 588 Base Metals (Rm) 23,423 0 0 23 104 306 585 837 905 905 908 Revenue from sales of mining products (Rm) 121,813 0 0 122 500 1,482 2,953 4,318 4,798 4,759 4,691 Operating Cost Direct Operations Cost (Rm) 74,051 0 0 216 732 1,363 1,890 2,323 2,582 2,560 2,572 RBN Royalties (Rm) 1,218 0 0 1 5 15 30 43 48 48 47 Terminal benefits costs (Rm) 0 0 0 0 0 0 0 0 0 0 0 Environmental closure cost (Rm) 0 0 0 0 0 0 0 0 0 0 0 Royalty payable (Rm) 3,342 0 0 1 2 7 15 22 24 96 175 Recurring pre-tax income from continuing operations (EBITDA) (Rm) 43,202 0 0 -95 -239 97 1,019 1,930 2,143 2,055 1,898 Taxation (Rm) 7,904 0 0 0 0 0 0 0 0 60 451 Net Income from continuing operations (Rm) 35,298 0 0 -95 -239 97 1,019 1,930 2,143 1,995 1,447 Capital Expenditure (Rm) 13,927 8 858 1,655 1,517 1,058 724 414 247 206 229 Net Free cash (Rm) 21,371 -8 -858 -1,750 -1,757 -962 295 1,516 1,896 1,789 1,219 249 Table 104: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2036-2045 E4 Only LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Units Total 11 12 13 14 15 16 117 18 9 20 Underground Mining Development (m) 48,757 1,428 1,703 1,345 1,377 2,292 2,870 1,908 1,669 1,495 328 RoM (kt) 50,203 1,938 1,935 1,944 1,931 1,941 1,919 1,922 1,916 1,930 1,915 Head Grade (g/t) 2.23 2.26 2.39 2.36 2.27 2.17 2.18 2.21 2.22 2.24 2.28 Recoveries (%) 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 PGM Ounces (4Eoz'000) 2,965 116 122 121 116 112 111 112 113 114 116 Recovered Grade (g/t) 1.84 1.86 1.96 1.94 1.86 1.79 1.79 1.82 1.83 1.84 1.88 Processing Ore Processing (kt) 50,203 1,938 1,935 1,944 1,931 1,941 1,919 1,922 1,916 1,930 1,915 Head Grade (g/t) 2.23 2.26 2.39 2.36 2.27 2.17 2.18 2.21 2.22 2.24 2.28 Recoveries (%) 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 82.3 Recovered Grade (g/t) 1.86 1.96 1.94 1.86 1.79 1.79 1.82 1.83 1.84 1.88 1.86 PGM Produced (4Eoz'000) 2,965 116 122 121 116 112 111 112 113 114 116 250 E4 Only LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Units Total 11 12 13 14 15 16 117 18 9 20 Revenue 4E Revenue (Rm) 83,106 3,247 3,424 3,401 3,243 3,128 3,098 3,147 3,155 3,201 3,238 Other Metals (Rm) 15,284 597 630 626 596 575 570 579 580 589 596 Base Metals (Rm) 23,423 904 903 907 901 906 895 897 894 900 894 Revenue from sales of mining products (Rm) 121,813 4,749 4,956 4,934 4,740 4,609 4,563 4,622 4,629 4,690 4,728 Operating Cost Direct Operations Cost (Rm) 74,051 2,726 2,750 2,767 2,765 2,656 2,651 2,737 2,749 2,746 2,746 RBN Royalties (Rm) 1,218 47 50 49 47 46 46 46 46 47 47 Terminal benefits costs (Rm) 0 0 0 0 0 0 0 0 0 0 0 Environmental closure cost (Rm) 0 0 0 0 0 0 0 0 0 0 0 Royalty payable (Rm) 3,342 166 181 167 154 154 150 147 153 158 155 Recurring pre-tax income from continuing operations (EBITDA) (Rm) 43,202 1,810 1,976 1,951 1,773 1,754 1,716 1,692 1,680 1,738 1,779 Taxation (Rm) 7,904 422 466 422 386 388 375 365 384 399 389 Net Income from continuing operations (Rm) 35,298 1,388 1,510 1,528 1,387 1,366 1,341 1,327 1,296 1,339 1,390 Capital Expenditure (Rm) 13,927 248 251 386 344 318 327 339 257 259 338 Net Free cash (Rm) 21,371 1,140 1,259 1,142 1,043 1,048 1,014 988 1,039 1,080 1,052 251 Table 105: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2046-2071 E4 Only LoM 2046 - 2050 2051 - 2055 2056 - 2059 Units Total 21-25 26-30 31-34 Underground Mining Development (m) 48,757 7,489 2,900 0 RoM (kt) 50,203 9,691 8,025 3,397 Head Grade (g/t) 2.23 2.26 2.16 2.23 Recoveries (%) 82.3 82.3 82.3 82.3 PGM Ounces (4Eoz'000) 2,965 580 458 201 Recovered Grade (g/t) 1.84 1.86 1.78 1.84 Processing Ore Processing (kt) 50,203 9,691 8,025 3,397 Head Grade (g/t) 2.23 2.26 2.16 2.23 Recoveries (%) 82.3 82.3 82.3 82.3 Recovered Grade (g/t) 1.88 1.83 1.86 1.78 PGM Produced (4Eoz'000) 3,120 611 482 211

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 E4 Only LoM 2046 - 2050 2051 - 2055 2056 - 2059 Units Total 21-25 26-30 31-34 Revenue 4E Revenue (Rm) 83,106 16,268 12,846 5,620 Other Metals (Rm) 15,284 2,992 2,362 1,034 Base Metals (Rm) 23,423 4,521 3,744 1,585 Revenue from sales of mining products (Rm) 121,813 23,781 18,953 8,239 Operating Cost Direct Operations Cost (Rm) 74,051 13,780 12,073 6,669 RBN Royalties (Rm) 1,218 238 190 82 Terminal benefits costs (Rm) 0 0 0 0 Environmental closure cost (Rm) 0 0 0 0 Royalty payable (Rm) 3,342 763 533 120 Recurring pre-tax income from continuing operations (EBITDA) (Rm) 43,202 9,000 6,157 1,368 Taxation (Rm) 7,904 1,904 1,284 210 Net Income from continuing operations (Rm) 35,298 7,096 4,874 1,158 Capital Expenditure (Rm) 13,927 1,947 1,403 590 Net Free cash (Rm) 21,371 5,149 3,471 568 253 19.6 DCF Analysis The discount rate used has increased from 5.0% (2021) to 15.74% (2025) to reflect a change from a legacy, inherited rate to an asset-specific weighted average cost of capital methodology. The historical 5.0% rate was established in a South Africa-focused, debt-free context and did not adequately reflect the Group's current international portfolio, financing environment, jurisdictional risk or asset phase. The revised rate therefore incorporates the Group's current cost of capital together with relevant jurisdictional and project-stage risk premiums and is considered more appropriate for valuation and capital allocation purposes. The following NPV sensitivities are included in this Section: NPV's at a range of discount factors are shown in Table 106. Based on the sensitivity of the discount rate it can be seen that the Marikana operation supports the declaration of the 31 December 2025 Mineral Reserve. NPV sensitivity to sales revenue and capital expenditure derived from twin parameter sensitivities at the Discount Rate of 15.74% (Real)(Table 107). Twin parameter sensitivities are presented evaluating Revenue against capital expenditure costs. Capital expenditures are estimates until contracts, which specify the deliverable, are signed by clients. The most optimistic analysis, which assumes prices have been under-estimated by 20% and capital expenditure costs over-estimated by 20%, yields an NPV in the top right-hand corner of Table 107. Conversely, the most pessimistic analysis, which assumes prices have been over-estimated by 20% and capital expenditure costs under-estimated by 20%, yields an NPV in the bottom left-hand corner of Table 107. Twin parameter sensitivities are presented evaluating Revenue against Operating Costs. NPVs at higher product price levels are shown up to a 20% increase in price, which captures any upside potential. Since markets are inherently volatile, the downside risk is reflected in the 20% decrease in price in increments. The achievability of LoM plans, budgets, and forecasts cannot be assured as they are based on economic assumptions, many of which are beyond the control of Marikana operation. Future cash flows and profits derived from such forecasts are inherently uncertain and actual results may be significantly more or less favourable. It is for this reason that the QP presents sensitivities for Operating Costs, ranging from -20% to +20%. The most optimistic analysis, which assumes prices have been under-estimated by 20% and Operating Costs over-estimated by 20%, yields an NPV in the top right-hand corner of Table 108. Conversely, the most pessimistic analysis, which assumes prices have been over-estimated by 20% and Operating Costs under-estimated by 20%, yields an NPV in the bottom left-hand corner of Table 108. NPV analysis is presented for the operations as a whole and the E4 decline project separately to show its contributions to the operations. 254 Table 106: NPV (Post-tax) at Various Discount Factors Discount Factor (%) NPV Current Ops+E4 (Rm) NPV Current E4 Only (Rm) 0.00 63,829 21,371 5.00 28,360 8,234 10.00 14,932 2,947 14.00 9,603 1,779 16.00 7,810 915 18.00 6,388 270 Table 107: Twin Parameter NPV (Post-tax) Sensitivity at a 15.74% Discount Rate (Revenue, Operating Costs) - Current Operations including E4 Post-Tax NPV @15.74% Current Operations including E4 Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Total Capital Cost Sensitivity Range -20% -22,378 -5,588 2,807 11,202 19,597 27,991 44,781 -10% -23,969 -7,179 1,216 9,611 18,006 26,400 43,190 -5% -24,764 -7,974 420 8,815 17,210 25,605 42,395 0% -25,560 -8,770 -375 8,020 16,415 24,809 41,599 5% -26,355 -9,566 -1,171 7,224 15,619 24,014 40,803 10% -27,151 -10,361 -1,966 6,429 14,823 23,218 40,008 20% -28,742 -11,952 -3,557 4,838 13,232 21,627 38,417 Post-Tax NPV @15.74% E4 Only Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Total Capital Cost Sensitivity Range -20% -2,013 -354 475 1,304 2,134 2,963 4,622 -10% -2,493 -834 -5 824 1,654 2,483 4,142 -5% -2,733 -1,074 -245 584 1,414 2,243 3,902 0% -2,973 -1,314 -485 344 1,174 2,003 3,662 5% -3,213 -1,554 -725 104 934 1,763 3,422 10% -3,453 -1,794 -965 -136 694 1,523 3,182 20% -3,933 -2,275 -1,445 -616 213 1,043 2,701 255 Table 108: Twin Parameter NPV (Post-tax) Sensitivity at a 15.74% Discount Rate (Revenue, Capital Expenditure) – Current Operations including E4 Post-Tax NPV @ 15.74% Current Operations including E4 Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Total Operating Cost Sensitivity Range -20% 2,495 19,285 27,679 36,074 44,469 52,864 69,654 -10% -11,532 5,257 13,652 22,047 30,442 38,837 55,626 -5% -18,546 -1,756 6,639 15,033 23,428 31,823 48,613 0% -25,560 -8,770 -375 8,020 16,415 24,809 41,599 5% -32,573 -15,784 -7,389 1,006 9,401 17,796 34,585 10% -39,587 -22,797 -14,402 -6,008 2,387 10,782 27,572 20% -53,614 -36,825 -28,430 -20,035 -11,640 -3,245 13,544 Post-Tax NPV @ 15.74% E4 Only Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Total Operating Cost Sensitivity Range -20% -841 818 1,647 2,477 3,306 4,135 5,794 -10% -1,907 -248 581 1,410 2,240 3,069 4,728 -5% -2,440 -781 48 877 1,707 2,536 4,195 0% -2,973 -1,314 -485 344 1,174 2,003 3,662 5% -3,506 -1,847 -1,018 -189 641 1,470 3,129 10% -4,039 -2,381 -1,551 -722 107 937 2,596 20% -5,105 -3,447 -2,617 -1,788 -959 -129 1,529 19.7 Summary Economic Analysis The summary economic analysis of Marikana is based on the Cash-Flow Approach. The economic analysis has been undertaken to support the declaration of the Mineral Reserves and is not intended for valuation purposes. Table 109 contains the summary economic evaluation based on the current LoM plan of the operation and excludes any impact of other taxes and adverse international or local events. Current operations at Marikana are Cashflow positive. Internal Rate of Return (IRR) and payback periods are not applicable. The E4 project has an IRR of 17.04% and a payback period of eight years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 Table 109: NPV (Post-tax) Relative to R/4Eoz PGM Basket Prices at 15.74 % Discount Rate - Current Operations including E4 Long Term Price (R/4Eoz) (Rm) Current Operations including E4 Sensitivity Range -20% -10% -5% 0 5% 10% 20% NPV@the base case Discount Rate (Rm) -25,560 -8,770 -375 8,020 16,415 24,809 41,599 Long Term Price (R/4Eoz) (Rm) E4 Only Sensitivity Range -20% -10% -5% 0 5% 10% 20% NPV@the base case Discount Rate (Rm) -2,973 -1,314 -485 344 1,174 2,003 3,662 19.8 QP Opinion The QP is satisfied that the economic analysis fairly represents the financial status of the operation as at 31 December 2025. New projects are evaluated against the same criteria as current operations. 20 Adjacent Properties Marikana is part of the Western Limb of the Bushveld Complex. Table 110 is a list of adjacent mines. The table gives the mine, owner, commodities mined and link to the Company websites. For current information on these properties, the reader should refer to the official websites. No data from these mines has been used in the estimation of Mineral Resources. As Rustenburg operation is owned by the Registrant, some operational information may have been shared in the estimation of the Mineral Reserves. Mineralisation on the adjacent properties is continuous across all properties however, variations across the deposit occur and the quantum and grade of the mineralisation at Rustenburg may not be indicative of the same at Marikana. The neighbouring property, Rustenburg operation, is owned and operated by the Registrant. There are shared services between these operations. The QPs for the Mineral Resources and Mineral Reserves of the Rustenburg operation are the same as for the Marikana operation. The QPs have verified the information in the public sources. The other mines are owned by third parties, and the QPs have not verified the information in public sources. 257 Table 110: Adjacent Mines, Bushveld Complex, Western Limb Mine name Owners Commodities Source of info \*Rustenburg Operations (including Kroondal) Sibanye-Stillwater PGM www.sibanyestillwater.com Tharisa Mine Tharisa Minerals Chromite/PGM www.tharisa.com Leeuwkop Mine Aflplats (Impala Platinum) PGM https://www.implats.co.za Western Chrome Mines SAMANCOR Chromite (samancorcr.com) Rietvly (Rietvlei) Glencore Silica https://www.glencore.com/what-we- do/metals-and-minerals/ferroalloys 21 Other Relevant Data and Information 21.1 Risk Analysis 21.1.1 Financial Accuracy Table 111 provides details of accuracy limits in the major financial categories. Marikana does not directly report contingencies for Operating costs but rather provides for this as part of sustaining capital at 4% of Operating cost. Capital Projects are assessed to at least Pre-feasibility Level. The E4 Mechanised Project capital and operating costs have been assessed using the same criteria and to the same to the same level of accuracy as the current operations. Table 111: Financial Risks Risks Mitigation Measures Price Risk (Mineral Reserve Risk) - Revenue assessed the prices using various sensitivities (-10% to +10%) the forecast price considered multiple scenarios Economic Viability Risk (Mineral Reserve Risk) - Operating Costs assessed the operating costs using various sensitivities (-20% to +20%) Economic Viability Risk (Mineral Reserve Risk) - Capital Expenditure Sustaining and Project Capital based on 7% of operating costs for sustaining capital and technical studies for new projects (-20% to +20%) 258 21.1.2 Risk to the Mineral Resources and Mineral Reserves As part of the annual operational planning process, the Marikana operation's management team assessed all the major risks that impact the execution of the plan. Sibanye-Stillwater maintains a risk register at the corporate level detailing all significant risks that may impact the operations. The Risk register is updated quarterly. Risks are listed by the source of the risk, the type of operational risk. Risks are assessed for likelihood of occurrence and severity for inherent risks to assess the unmitigated impact on the operations. The risk is reassessed once reasonable mitigation plans have been applied to give a residual risk using the same scale as for inherent risk. The following major risks have been identified. 21.1.2.1 Mineral Resources There are no deemed material risks to the Mineral Resource estimate. 21.1.2.2 Mineral Reserves There are no deemed material risks to the Mineral Resource estimation. The key operational risks that could impact the Mineral Reserves are listed below. Commodity prices and exchange rate assumptions Sibanye-Stillwater has assumed forward-looking price assumptions. Any material deviations from these assumptions could impact the Mineral Reserves, especially at marginal operations. Eskom electricity supply Loadshedding and load curtailment due to unreliable and erratic electricity supply from the national service provider has started to impact productivity at the operations. Even though Sibanye-Stillwater is actively working towards becoming less reliant on Eskom, with various renewable energy projects in operational and execution phase, this risk persists in the short to medium term. Cost escalation: Above average cost inflation could impact operating margins, and hence Mineral Reserves. Although cost increases have been well maintained and cost escalation assumptions relating to factors such as wages, utilities (including electricity) and other operational consumables are guided by PPI forecasts, continuous improvement initiatives are adopted to contain cost escalation to mitigate this risk. Operational performance Operational underperformance and slower-than-planned production build-up at projects may result in variations between planned and achieved production rates. Short interval controls are in place to enable the implementation of timeous interventions and, therefore, correction of deviations to plans. Environmental and social factors From an environmental perspective, the operations experience significant pressure on potable and fresh water supply. A new water strategy (2025) is being implemented with the objective of becoming 259 independent from third party water supply. The SA PGM operations are situated in close proximity to large communities with high unemployment rates. As such, they are exposed to potential social unrest. From a social and governance perspective, Sibanye-Stillwater has implemented appropriate actions to address this risk. 22 Interpretation and Conclusions The Qualified Persons have conducted a comprehensive review and assessment of all material issues likely to influence the future activities of Marikana operation based on information available up to 31 December 2025. Critical factors are the assumptions regarding the future metal prices and the South African Rand exchange rate against the US$. The assumptions about the Mineral Resources, operating conditions and modifying factors in converting Mineral Resources to Mineral Reserves are considered reasonable given the recent past and expected future operating conditions. There are no deemed material risks to the Mineral Resource Estimate. There are no unmanaged Risks to the Mineral Reserve. The operations have all the necessary infrastructure on Marikana to continue operations for the full LoM. Marikana has access to the necessary materials and labour locally. The views expressed in this Technical Report Summary have been based on the fundamental assumption that the required management resources and proactive management skills will be available and focused on meeting the LoM plans, and production targets provided by Marikana operation. 23 Recommendations There are no recommendations for additional work or changes. 24 References 24.1 List of Reports and Sources of Information 24.1.1 Publications and Reports Keays, R.R. and Lightfoot, P.C. (2004) 'Formation of Ni-Cu-platinum-group-element sulfide mineralisation in the Sudbury Impact Melt Sheet', Mineralogy and Petrology, 82(3), pp. 217–258. doi:10.1007/s00710- 004-0050-8.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 Krivolutskaya, N.A. (2014) Evolution of trap magmatism and Pt-Cu-Ni mineralisation in the Noril'sk region. Moscow: Publishing Association of Scientific Publications KMK. [In Russian]. McCallum, I.S. (1996) 'The Stillwater Complex', in Developments in Petrology. Elsevier, pp. 441–483. doi:10.1016/S0167-2894(96)80015-7. Reczko, B.F.F., Oberholzer, J.D., Res, M., Eriksson, P.G. and Schreiber, U.M. (1995) 'A re-evaluation of the volcanism of the Palaeoproterozoic Pretoria Group (Kaapvaal Craton) and hypothesis on basin development', Journal of African Earth Sciences, 21, pp. 505–519. Reid, D.L. and Basson, I.J. (2002) 'Iron-rich ultramafic pegmatite replacement bodies within the Upper Critical Zone, Rustenburg Layered Suite, Northam Platinum Mine, South Africa', Mineralogical Magazine, 66(6). Scoon, R.A. and Mitchell, A.A. (2011) 'The principal geological features of the Mooihoek platiniferous dunite pipe, eastern limb of the Bushveld Complex, and similarities with replaced Merensky Reef at the Amandelbult Mine, South Africa', South African Journal of Geology, 114(1), pp. 15–40. Smith, D.S., Basson, I.J. and Reid, D.L. (2004) 'Normal Reef subfacies of the Merensky Reef at Northam Platinum Mine, Zwartklip Facies, Western Bushveld Complex, South Africa', The Canadian Mineralogist, 42(2), pp. 243–260. doi:10.2113/gscanmin.42.2.243. Tetteh, M. and Cawood, F. (2014) 'Variable components of the mine call factor from a surface mine perspective using AngloGold Ashanti Iduapriem Mine as a case study', in AfricaGEO 2014 Conference Proceedings, Cape Town, South Africa, 1–3 July 2014. Watson, B.P., Hoffmann, D. and Roberts, D.P. (2021) 'Investigation of stress in a pothole in the Bushveld Complex: A case study', Journal of the Southern African Institute of Mining and Metallurgy, 121(1). 261 24.2 Glossary of Terms South African Mining terms Mine Call Factor(MCF) - compares the sum of metal produced in recovery plus residue to the metal called for by the mines evaluation methods expressed as a percentage. For explanation, see Tetteh and Cawood(2014). Reef – South African Mining term for a Seam. Derived from Afrikaans/Dutch rif- ridge for the Witwatersrand goldfields where the seam formed ridges in outcrop. 262 25 Reliance on information provided by the Registrant The QPs have relied on information provided by Sibanye-Stillwater Marikana operation and Sibanye- Stillwater (the Registrant) in preparing the findings and conclusions regarding the following aspects of the Modifying Factors outside of the QPs' expertise: • Macroeconomic trends, data and assumptions (Section 16) The QPs believe that it is reasonable to rely on the Registrant for such information because Sibanye- Stillwater assess the factors above at a corporate level and has the necessary skills to make this assessment. 26 Qualified Person's Disclosure We, the signees, in our capacity as Qualified Persons in connection with the Technical Report Summary of Marikana operation effective 31 December 2025 (the Marikana operation Technical Report Summary) as required by Subpart 1300 of Regulation S-K (S-K1 300) and filed as an exhibit to Sibanye- Stillwater Limited's annual report on Form 20-F for the year ended 31 December 2025 and any amendments or supplements and/or exhibits thereto (collectively, the Form 20-F), each hereby consent to: • the public filing and use by Sibanye-Stillwater of the Marikana operation Technical Report Summary for which I am responsible • the use and reference to my name, including my status as an expert or "Qualified Person" (as defined by SK-1300) in connection with the Form 20-F and Technical Report Summary for which I am responsible • the use of any extracts from, information derived from or summary of the Marikana operation Technical Report Summary in the Form 20-F • the incorporation by reference of the above items as included in the Form 20-F into any registration statement filed by Sibanye-Stillwater I am responsible for authoring, and this consent pertains to, the Marikana operation Technical Report Summary for which my name appears in Table 112 and certify that I have read the 20-F and that it fairly and accurately represents the information in the Marikana operation Technical Report Summary for which I am responsible. 263 Table 112: Qualified Person's Details Property Name Date QP Name Affiliation to Registrant Field or Area of Responsibility Signature Marikana operation of Rustenburg Eastern Operations Proprietary Limited, (a subsidiary of Sibanye-Stillwater Limited) 24 April 2026 Mr Hermanus Jacobus Keyser Vice President Mining Technical Services 1-5, 7.8, 7.9,13,15, 16.1-16.3, 17.1- 17.4, 20-25 /s/ Hermanus Keyser Marikana operation of Rustenburg Eastern Operations Proprietary Limited, (a subsidiary of Sibanye-Stillwater Limited) 24 April 2026 Mr Leonard Changara Unit Manager Geology - Operations 5.2.1,6,7.1 to 7.7 /s/ Leonard Changara Marikana operation of Rustenburg Eastern Operations Proprietary Limited, (a subsidiary of Sibanye-Stillwater Limited) 24 April 2026 Ms Nicole Wansbury Unit Manager Geology Mineral Resources 1.4,8-11 /s/ Nicole Wansbury Marikana operation of Rustenburg Eastern Operations Proprietary Limited, (a subsidiary of Sibanye-Stillwater Limited) 24 April 2026 Mr Brian Smith Unit Manager Survey 1.5, 12 /s/ Brian Smith Kroondal PSA1 and Marikana operation of Rustenburg Eastern Operations Proprietary Limited, (a subsidiary of Sibanye-Stillwater Limited) 24 April 2026 Mr Stephan Botes Unit Manager – Surface and Mineral Rights 1.7, 3.2,3.4 /s/ Stephan Botes Marikana operation of Rustenburg Eastern Operations Proprietary Limited, (a subsidiary of Sibanye-Stillwater Limited) 24 April 2026 Mr Phillip Ramphisa Environmental Manager (SA PGM) 17.5 /s/ Phillip Ramphisa Kroondal Operations Marikana operation of Rustenburg Eastern Operations Proprietary Limited, (a subsidiary of Sibanye-Stillwater Limited) 24 April 2026 Mr Dewald Cloete SVP Processing 14 /s/ Dewald Cloete Marikana operation of Rustenburg Eastern Operations Proprietary Limited, (a subsidiary of Sibanye-Stillwater Limited) 24 April 2026 Mr Roderick Mugovhani SVP Finance 1.6, 18, 19 /s/ Roderick Mugovhani

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## Exhibit 96.3

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&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 96.3 TECHNICAL REPORT SUMMARY ON THE RUSTENBURG OPERATION Situated near Rustenburg, North West Province, South Africa 31 December 2025 Prepared by: Qualified Persons from Sibanye-Stillwater, PGM Operations i Important Notices Mineral Resources and Mineral Reserves are declared as attributable to Sibanye-Stillwater Ltd (registrant). For transparency and because it is not possible to accurately separate the non- attributable interests in these models, the Life-of-Mine plan and associated financial analyses are provided for the full Mineral Reserve. Wherever mention is made of the "Rustenburg operation," for the purposes of this Technical Report Summary, it encompasses mining activities managed by Sibanye Rustenburg Platinum Mines (Pty) Ltd (SRPM) in the North West Province, South Africa. On 31 January 2025, SRPM acquired all the Mineral Rights and attached liabilities, and physical assets of Kroondal Operations (Pty) Ltd, an adjacent property majority owned and operated by the Registrant. Except where explicitly stated, the Rustenburg operation now includes the former Kroondal operations. Where these are separated, they are referred to by the shafts names. In this document, a point is used as the decimal marker and the comma is used for the thousands separator (for numbers larger than 999) in the text. In other words, 10,148.32 denotes ten thousand one hundred and forty-eight point three two. The word 'tonnes' denotes a metric tonne (1,000 kg). The abbreviation "lb" denotes the weight in pounds in the sense understood in the USA. 4E denotes a basket of PGM's Platinum, Palladium, Rhodium, Gold. 6E denotes a basket of PGM's Platinum, Palladium, Rhodium, Gold, Iridium and Ruthenium. Base metals denotes Ni and Cu. Chrome is a generic term that refers to various chromium containing materials. Chromite refers to the mineral with composition (Fe,Mg)Cr2O4. Chromium Oxide Cr2O3 is derived from Chromite. The paylimit (cm.g/t or g/t) of an operation is described as the average value or grade for that operation, at the planned volume, at which all direct and indirect costs are covered, i.e. the value at which it is estimated that the planned ore volume can be mined without profit or loss. The mining cut-off grade (cm.g/t or g/t) of an operation is described as the minimum value or grade at which a mining unit can be mined to cover all costs associated with the extraction and processing thereof Trademarks. Certain software and methodologies may be proprietary. Where proprietary names are mentioned, TM or© are omitted for readability. ii Date and Signature Page Qualified Persons Position Signature Signature Date Hermanus Jacobus Keyser Vice President Mining Technical Services /s/ Manie Keyser 24 April 2026 Leonard Changara Unit Manager Geology - Operations /s/ Leonard Changara 24 April 2026 Nicole Wansbury Unit Manager Geology Mineral Resources /s/ Nicole Wansbury 24 April 2026 Brian Smith Unit Manager Survey /s/ Brian Smith 24 April 2026 Stephan Botes Unit Manager – Mineral Rights /s/ Stephan Botes 24 April 2026 Phillip Ramphisa Environmental Unit Manager /s/ Phillip Ramphisa 24 April 2026 Peter Motlana Senior Vice President Processing /s/ Peter Motlana 24 April 2026 Roderick Mugovhani SVP Finance /s/ Roderick Mugovhani 24 April 2026 iii **Table of Contents** 1 EXECUTIVE SUMMARY 1 1.1 INTRODUCTION 1 1.2 PROPERTY DESCRIPTION, MINERAL RIGHTS AND OWNERSHIP 1 1.3 GEOLOGY AND MINERALISATION 2 1.4 EXPLORATION STATUS, DEVELOPMENT, OPERATIONS AND MINERAL RESOURCE ESTIMATES 2 1.5 MINING METHODS, ORE PROCESSING, INFRASTRUCTURE AND MINERAL RESERVES 6 1.6 CAPITAL AND OPERATING COST ESTIMATES AND ECONOMIC ANALYSIS 9 1.7 PERMITTING REQUIREMENTS 10 1.8 QP CONCLUSIONS AND RECOMMENDATIONS 11 2 INTRODUCTION 12 2.1 REGISTRANT 12 2.2 COMPLIANCE 14 2.3 TERMS OF REFERENCE AND PURPOSE OF THE TECHNICAL REPORT 14 2.4 SOURCES OF INFORMATION 16 2.5 SITE INSPECTION BY QUALIFIED PERSONS 16 2.6 UNITS, CURRENCIES AND SURVEY COORDINATE SYSTEM 16 2.7 RELIANCE ON INFORMATION PROVIDED BY OTHER EXPERTS 18 3 PROPERTY DESCRIPTION 19 3.1 LOCATION AND OPERATIONS OVERVIEW 19 3.2 MINERAL TITLE 20 3.2.1 Mining and Surface Rights 20 3.2.2 Key Standard Permit Conditions 29 3.3 ROYALTIES 31 3.4 LEGAL PROCEEDINGS AND SIGNIFICANT ENCUMBRANCES TO THE PROPERTY 32 4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY 32 4.1 TOPOGRAPHY, ELEVATION AND VEGETATION 32 4.2 ACCESS, TOWNS AND REGIONAL INFRASTRUCTURE 33 4.3 CLIMATE 33 4.4 INFRASTRUCTURE AND BULK SERVICE SUPPLIES 33 4.5 PERSONNEL SOURCES 33 5 HISTORY 34 5.1 OWNERSHIP HISTORY 34 5.2 PREVIOUS EXPLORATION AND MINE DEVELOPMENT 37 5.2.1 Previous Exploration 37 5.2.2 Previous Development 41 6 GEOLOGICAL SETTING, MINERALISATION AND DEPOSIT 43 6.1 REGIONAL GEOLOGY 43 6.2 DEPOSIT TYPES 46

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv 6.3 LOCAL AND PROPERTY GEOLOGY 47 6.3.1 Stratigraphy 47 6.3.2 The Mineralised Horizons 48 6.3.3 Structure 50 6.3.4 Mineralogy 55 7 EXPLORATION 56 7.1 EXPLORATION DATA 56 7.2 GEOPHYSICAL SURVEYS 56 7.3 TOPOGRAPHIC SURVEYS 56 7.4 EXPLORATION AND MINERAL RESOURCE EVALUATION DRILLING 56 7.4.1 Overview 57 7.4.2 Planned Evaluation Drilling for 2026 58 7.4.3 Drilling Methods 60 7.4.4 Core Logging and Reef Delineation 62 7.5 SURVEY DATA 63 7.6 DENSITY DETERMINATION 63 7.6.1 Underground Drillholes and Channel Samples 63 7.6.2 Tailings Storage Facility 64 7.7 UNDERGROUND MAPPING 64 7.8 HYDROLOGICAL DRILLING AND TESTWORK 64 7.8.1 Geohydrological Analysis and Pumping 64 7.8.2 Groundwater 65 7.9 GEOTECHNICAL DATA, TESTING AND ANALYSIS 66 7.9.1 Data Collection 66 7.9.2 Testing Methods 67 7.9.3 Geotechnical Rockmass Characterisation 68 7.9.4 Geotechnical Results and Interpretation 70 8 SAMPLE PREPARATION, ANALYSES AND SECURITY 72 8.1 SAMPLING GOVERNANCE AND QUALITY ASSURANCE 72 8.2 REEF SAMPLING – SURFACE 72 8.3 REEF SAMPLING – UNDERGROUND 73 8.3.1 Core Samples 73 8.3.2 Channel Sampling 73 8.4 SAMPLE PREPARATION AND ANALYSIS 74 8.4.1 Laboratory 74 8.4.2 Sample Preparation and Analysis 74 8.4.3 QP Opinion 75 8.5 ANALYTICAL QUALITY CONTROL 75 8.5.1 Nature and Extent of the Quality Control Procedures 75 8.5.2 Quality Control Results 76 8.5.3 QP Opinion 77 9 DATA VERIFICATION 78 v 9.1 DATA STORAGE AND DATABASE MANAGEMENT 78 9.2 DATABASE VERIFICATION 78 9.2.1 Mapping 79 9.2.2 Drillholes 79 9.2.3 Channel Sampling 79 9.3 QP OPINION 79 10 MINERAL PROCESSING AND METALLURGICAL TESTING 80 11 MINERAL RESOURCE ESTIMATES 80 11.1 ESTIMATION DOMAINS 80 11.1.1 Compositing 80 11.1.2 Estimation Domains 85 11.2 ESTIMATION TECHNIQUES 88 11.2.1 Grade and Tonnage Estimation 88 11.2.2 Grade Control and Reconciliation 99 11.3 MINERAL RESOURCE CLASSIFICATION 100 11.3.1 Classification Criteria 100 11.3.2 Mineral Resource Technical and Economic Factors 103 11.4 MINERAL RESOURCE STATEMENTS 107 11.4.1 Mineral Resources 107 11.4.2 Mineral Resources per Mining Area 114 11.4.3 Changes in the Mineral Resources from Previous Estimates 115 11.4.4 Metal Equivalents 116 11.5 QP OPINION 116 12 MINERAL RESERVE ESTIMATES 117 12.1 MINERAL RESERVE METHODOLOGY 117 12.2 MINE PLANNING PROCESS 117 12.3 HISTORICAL MINING PARAMETERS 118 12.4 SHAFT MODIFYING FACTORS 120 12.4.1 Paylimits and Cut-off Grades 120 12.4.2 Modifying Factors and LoM plan 121 12.5 LOM PROJECTS 125 12.6 MINERAL RESERVE ESTIMATION 125 12.7 SURFACE SOURCES 128 12.8 MINERAL RESERVES STATEMENT 128 12.9 MINERAL RESERVE SENSITIVITY 134 12.10 QP OPINION 135 13 MINING METHODS 135 13.1 INTRODUCTION 135 13.2 SHAFT INFRASTRUCTURE, HOISTING AND MINING METHODS 137 13.2.1 Shaft Infrastructure 137 13.2.2 Hoisting 142 13.2.3 Mining Methods 142 vi 13.3 GEOTECHNICAL ANALYSIS 143 13.3.1 Geotechnical Conditions 143 13.3.2 Stress and Seismological Setting 144 13.3.3 Regional and Local Support 144 13.4 MINE VENTILATION 145 13.5 REFRIGERATION AND COOLING 145 13.6 FLAMMABLE GAS MANAGEMENT 145 13.7 MINE EQUIPMENT 145 13.8 PERSONNEL REQUIREMENTS 147 13.9 FINAL LAYOUT MAP 147 14 PROCESSING AND RECOVERY METHODS 148 14.1 PROCESSING FACILITIES 148 14.1.1 Waterval UG2 Concentrator 149 14.1.2 Waterval Retrofit Concentrator 154 14.1.3 Western Limb Tailings Retreatment Plant (WLTR Plant) 157 14.1.4 Waterval Chrome Recovery Plant ("WCRP") 161 14.1.5 Platinum Mile Concentrator (PMC) 164 14.1.6 K1 Plant 168 14.1.7 K2 Plant 174 14.2 SAMPLING, ANALYSIS, PGM ACCOUNTING AND SECURITY 180 14.3 PLANT LOCK-UP 180 14.4 FINAL PRODUCT 180 14.5 PERSONNEL, ENERGY AND WATER REQUIREMENTS 180 14.6 QP OPINION 182 15 INFRASTRUCTURE 182 15.1 OVERVIEW OF INFRASTRUCTURE 182 15.2 TAILINGS STORAGE FACILITIES 183 15.2.1 Paardekraal Tailings Complex 184 15.2.2 Hoedspruit Tailings Complex 184 15.2.3 Waterval East and West TSF 184 15.2.4 K1 TSF 185 15.2.5 K150 TSF 185 15.2.6 K2 TSF 185 15.2.7 Marikana TSF 185 15.2.8 TSFs Composition 185 15.2.9 LoM Deposition 185 15.3 POWER SUPPLY & EMERGENCY GENERATION 186 15.3.1 Power Supply 186 15.3.2 Emergency Generation 188 15.3.3 Risk to Power Supply 189 15.4 BULK WATER, FISSURE WATER AND PUMPING 189 15.4.1 Bulk Potable Water Reticulation 189 15.4.2 Concentrator Process Water Supply 190 vii 15.4.3 Shaft flooding 192 15.5 ROADS & RAIL 192 15.6 EQUIPMENT MAINTENANCE 194 15.6.1 Surface Workshops 194 15.6.2 Underground Workshops 194 15.7 OFFICES, HOUSING, TRAINING FACILITIES, HEALTH SERVICES ETC. 194 15.8 QP OPINION 195 16 MARKET STUDIES 195 16.1 METALS MARKETING AGREEMENTS 195 16.2 MARKETS 196 16.2.1 Introduction 196 16.2.2 Platinum and Palladium Demand and Supply 196 16.3 METALS PRICE DETERMINATION 199 17 ENVIRONMENTAL STUDIES, PERMITTING, PLANS, NEGOTIATIONS/ AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS 201 17.1 SOCIAL AND COMMUNITY AGREEMENTS 201 17.1.1 Overview- Mine Community Development 201 17.1.2 Legislation and Regulations 201 17.1.3 Communities' Priorities 202 17.2 HUMAN RESOURCES 203 17.2.1 Introduction 203 17.2.2 Legislation 203 17.2.3 Human Resource Development (Training) 205 17.2.4 Remuneration Policies 206 17.2.5 Industrial Relations 206 17.2.6 Employment Equity 206 17.3 HEALTH AND SAFETY 207 17.3.1 Policies and Procedures 207 17.3.2 Statistics 207 17.3.3 Occupational Health and Safety Management 207 17.3.4 HIV/AIDS 207 17.4 ENVIRONMENTAL STUDIES 208 17.4.1 Introduction 208 17.4.2 Baseline Studies 210 17.4.3 Zone of Influence 213 17.4.4 Climate Change and Greenhouse Gas Emissions, Air Quality 214 17.4.5 Biodiversity Management 215 17.4.6 Water Use Strategy 215 17.4.7 Waste Management 219 17.4.8 Environmental Reporting 219 17.4.9 Closure Planning and Costs 220 17.5 QP OPINION 223

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii 18 CAPITAL AND OPERATING COSTS 223 18.1 OVERVIEW 223 18.2 CAPITAL COSTS 224 18.3 OPERATING COSTS 224 18.3.1 Operating Costs by Activity 224 18.3.2 Operating Costs 224 18.3.3 Surface Sources Costs 224 18.3.4 Processing Costs 225 18.3.5 Allocated Costs 225 19 ECONOMIC ANALYSIS 231 19.1 INTRODUCTION 231 19.2 ECONOMIC ANALYSIS APPROACH 231 19.3 ECONOMIC ANALYSIS BASIS 231 19.4 TEM PARAMETERS 232 19.5 TECHNICAL ECONOMIC MODEL 232 19.6 DCF ANALYSIS 241 19.7 SUMMARY ECONOMIC ANALYSIS 243 19.8 QP OPINION 243 20 ADJACENT PROPERTIES 243 21 OTHER RELEVANT DATA AND INFORMATION 244 21.1 RISK ANALYSIS 244 21.1.1 Financial Assessment Accuracy 244 21.1.2 Risk to the Mineral Resources and Mineral Reserves 244 21.2 RUSTENBURG AND KROONDAL AMALGAMATION 245 21.3 MINERAL RESERVES MINED FROM MARIKANA OPERATION. 246 22 INTERPRETATION AND CONCLUSIONS 246 23 RECOMMENDATIONS 247 24 REFERENCES 247 24.1 LIST OF REPORTS AND SOURCES OF INFORMATION 247 24.1.1 Publications and Reports 247 24.2 GLOSSARY OF TERMS 249 25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT 250 26 QUALIFIED PERSON DISCLOSURE 250 ix List of Figures Figure 1: Ownership and Company Structure for the Rustenburg operation ........................ 13 Figure 2: General Location of the Material Property as at 31 December 2025 ..................... 19 Figure 3: Plan Showing Combined Mining Rights and Prospecting Rights ............................. 21 Figure 4: Plan Showing Mineral Rights Held by the Rustenburg operation ............................. 22 Figure 5: Aeromagnetic Image Over Rustenburg operation .................................................. 39 Figure 6: Geology of the Bushveld Complex, South Africa ..................................................... 44 Figure 7: Geology of the Western Limb of the Bushveld Complex, South Africa ................... 45 Figure 8: General Stratigraphic Column of the Rustenburg Layered Suite ............................ 46 Figure 9: General Stratigraphic Column of the Local Geological Succession ...................... 48 Figure 10: Structural Interpretation of the Rustenburg operation ............................................ 51 Figure 11: A Down Dip Cross-section Showing Merensky and UG2 Reefs (S-N) ..................... 52 Figure 12: Example of a Shallow Dipping Pothole Associated with the UG2 ......................... 53 Figure 13: Example of Deep Potholing Associated with the UG2 ........................................... 54 Figure 14: IRUP (red) Unconformably Cut Across the Layered Lithological Sequence ......... 55 Figure 15: Overview of Surface Drillholes .................................................................................. 59 Figure 16: Overview of Kroondal TSF Drillholes .......................................................................... 60 Figure 17: Schematic Vertical Section of a Typical Surface Drillhole ...................................... 61 Figure 18: Example of CRM Result Monitoring .......................................................................... 77 Figure 19: Example of Blank Result Monitoring .......................................................................... 77 Figure 20: Example of a Merensky Reef Composite Definition ................................................ 81 Figure 21: Example of a Merensky Reef Composite - Section Plot .......................................... 82 Figure 22: UG2 Reef Mineral Resource Composite .................................................................. 83 Figure 23: Example of UG2 Reef Composite cuts for Conventional Shafts ............................ 84 Figure 24: Example of UG2 Reef Composite for Kwezi, K6, Bathopele, Kopaneng and Bambanani ................................................................................................................. 84 Figure 25: Merensky Reef Geozones .......................................................................................... 86 Figure 26: UG2 Reef Geozones .................................................................................................. 88 Figure 27: Examples of Histograms of PGM Distributions - Merensky Reef .............................. 89 Figure 28: Examples of Histograms of PGM Distributions- UG2 Reef ........................................ 90 Figure 29: Example of a Variogram Map .................................................................................. 91 Figure 30: Example of Variogram for 4E Grade and Thickness ................................................ 92 x Figure 31: KNA for Block Sizes – Well Informed Blocks ............................................................... 94 Figure 32: KNA for Discretisation – Poorly Informed Blocks ....................................................... 94 Figure 33: Section Plot UG2 Reef – Data versus Model ............................................................ 96 Figure 34: Section Plot Merensky - Model vs Data .................................................................... 97 Figure 35: UG2 Reef grade -4E –Data (points) .......................................................................... 98 Figure 36: UG2 Reef Grade -4E – Model 2021 vs 2025 .............................................................. 99 Figure 37: Mineral Resource Classification for the Merensky Reef ........................................ 102 Figure 38: Mineral Resource Classification for the UG2 Reef ................................................. 103 Figure 39: Total Geological Losses for the Merensky Reef ..................................................... 104 Figure 40: Total Geological Losses for the UG2 Reef .............................................................. 105 Figure 41: Rustenburg operation Underground and Surface Mineral Resource Reconciliation .......................................................................................................... 116 Figure 42: Mineral Reserves Classification as at 31 December 2025 - Merensky Reef ......... 126 Figure 43: Mineral Reserves Classification as at 31 December 2025 - UG2 Reef ................. 127 Figure 44: The Rustenburg operation Mineral Reserve Reconciliation at 31 December 2025 ........................................................................................................................... 134 Figure 45: Mine Layout Bord and Pillar .................................................................................... 136 Figure 46: Mine Layout Conventional Breast Mining .............................................................. 137 Figure 47: Cross Sectional Schematic of the Vertical Shafts .................................................. 138 Figure 48: Cross Sectional Schematic of a Decline Shaft Rustenburg Section .................... 139 Figure 49: Schematic Infrastructure Sections of the Kopaneng, Simunye, Bambanani, Kwezi and K6 shaft's infrastructure (Not to scale) ................................................. 140 Figure 50: The Schematic Process Flow Diagram for Waterval UG2 Concentrator ............. 151 Figure 51: Waterval UG2 Concentrator Throughput Forecast ............................................... 153 Figure 52: Waterval UG2 Concentrator Production and Recovery Forecast ...................... 153 Figure 53: The Schematic Process Flow Diagram for Waterval Retrofit Concentrator ........ 156 Figure 54: The Schematic Process Flow Diagram for Western Limb Tailings Recovery Plant .......................................................................................................................... 158 Figure 55: Western Limb Tailings Retreatment Plant Throughput Forecast ........................... 160 Figure 56: Western Limb Tailings Retreatment Plant Production and Recovery Forecast ... 160 Figure 57: Waterval Chrome Recovery Plant (WCRP) Throughput Forecast ........................ 163 Figure 58: Waterval Chrome Recovery Plant (WCRP) Production and Recovery Forecast .................................................................................................................... 164 Figure 59: The Schematic Process Flow Diagram for Platinum Mile ...................................... 165 xi Figure 60: Platinum Mile Retrofit Concentrator Throughput Forecast ................................... 167 Figure 61: Platinum Mile Retrofit Concentrator Production and Recovery Forecast .......... 167 Figure 62: The Schematic Process Flow Diagram for K1 Processing Plant ............................ 171 Figure 63: K1 Concentrator Throughput Forecast .................................................................. 173 Figure 64: K1 Concentrator Production and Recovery Forecast .......................................... 173 Figure 65: Flowsheet for K2 Plant .............................................................................................. 177 Figure 66: K2 Concentrator Throughput Forecast .................................................................. 179 Figure 67: K2 Concentrator Production and Recovery Forecast .......................................... 179 Figure 68: Power Distribution Network at Rustenburg operation ........................................... 188 Figure 69: Key Infrastructure Points at Rustenburg operation ................................................ 189 Figure 70: Main Secondary Water Reticulation Layout Retrofit Concentrator and WLTR ... 191 Figure 71: Main Secondary Water Reticulation Lay-K1 and K2 plants .................................. 192 Figure 72: Rustenburg operation Road Network .................................................................... 193 Figure 73: Rustenburg operation Rail Network ........................................................................ 194 Figure 74: Rustenburg Water Use Summary ............................................................................ 216 Figure 75: The Schematic Process Flow Diagram for Water Handling at the Rustenburg operation .................................................................................................................. 218 Figure 76: Mineral Reserves Classification as at 31 December 2025- UG2 Reef at Marikana .................................................................................................................. 246

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii Table 1: 4E Prill Split for Mineral Resources as at 31 December 2025 ........................................ 4 Table 2: Attributable Mineral Resources Exclusive of Mineral Reserves as at 31 December 2025 ........................................................................................................... 5 Table 3: 4E Prill Split and Metallurgical Recovery for Mineral Reserves ..................................... 7 Table 4: Attributable Mineral Reserves as at 31 December 2025 .............................................. 8 Table 5: NPV (Post-tax) Relative to R/4Eoz at 15.76 % Discount Rate - Current Operations ....................................................................................................................................... 9 Table 6: Twin Parameter NPV (Post-tax) Sensitivity at a 15.76% Discount Rate (Capital Costs) - Current Operations ...................................................................................... 10 Table 7: Twin Parameter NPV (Post-tax) Sensitivity at a 15.76% Discount Rate (Revenue, Operating Costs) - Current Operations .................................................................... 10 Table 8: Details of QPs Appointed by Sibanye-Stillwater ......................................................... 15 Table 9: Units and Abbreviations Definitions ............................................................................. 17 Table 10: Technical Specialists Supporting the QPs ................................................................. 18 Table 11: Summary of Mining Rights and Prospecting Rights held in respect of the Rustenburg operation................................................................................................ 23 Table 12: Surface Rights of the Rustenburg operation ............................................................. 31 Table 13: Number of Permanent Employees ............................................................................ 34 Table 14: Origin of Employees .................................................................................................... 34 Table 15: Historical Development Rustenburg operation ........................................................ 35 Table 16:Drilling History ................................................................................................................ 38 Table 17: Historical Production and Financial Parameters- Khuseleka, Thembelani, Siphumelele, Bathopele ............................................................................................ 41 Table 18: Historical Production and Financial Parameters Kwezi, K6, Bambanani, Kopaneng .................................................................................................................. 42 Table 19: Rustenburg Evaluation Drilling Costs.......................................................................... 58 Table 20: Summary of the Material Properties of the Dominant Hangingwall and Footwall Rock Types (Conventional) ........................................................................ 71 Table 21: Summary of the Material Properties of the Dominant Hangingwall and Footwall Rock Types (Mechanised).......................................................................... 71 Table 22: Rockmass Classes Determined from RMR Total Ratings and Meaning .................. 71 Table 23: Example of Variogram Model Parameters for the Merensky Facies ...................... 92 Table 24: Example of Variogram Model Parameters for all the UG2 Facies .......................... 93 Table 25: Estimation Parameters for the Tailings Storage Facility ............................................ 93 Table 26: Kriging Parameters ...................................................................................................... 95 xiii Table 27: Confidence Levels for Key Criteria for Mineral Resource Classification ............... 101 Table 28: Commodity Price and Exchange Rate Assumptions for Cut-off Calculations .... 106 Table 29: 6E Prill Split Percentages Applied per Reef (proportional) .................................... 106 Table 30: Parameters Used in the Cut-off Calculation for the Merensky and UG2 Reef and Surface Tailings ................................................................................................. 107 Table 31: Cut-off Grades Calculated for the MR, UG2 Reef and Surface Operations ....... 107 Table 32: 4E Prill Split Mineral Resources as at 31 December 2025 ........................................ 109 Table 33: Mineral Resources Exclusive of Mineral Reserves as at 31 December 2025 at 100% .......................................................................................................................... 110 Table 34: Attributable Mineral Resource Exclusive of Mineral Reserves as at 31 December 2025 ....................................................................................................... 111 Table 35: Mineral Resources Inclusive of Mineral Reserves as at 31 December 2025 at 100% .......................................................................................................................... 112 Table 36: Attributable Mineral Resource Inclusive of Mineral Reserves as at 31 December 2025 ....................................................................................................... 113 Table 37:Mineral Resource Exclusive of Mineral Reserves per Mining Area as at 31 December 2025 at 100% ......................................................................................... 114 Table 38: Mineral Resource Inclusive of Mineral Reserves per Mining Area as at 31 December 2025 at 100% ......................................................................................... 115 Table 39: Historical Mining Statistics by Shaft .......................................................................... 119 Table 40: Mineral Reserve Mining Modifying Factors Conventional Shafts .......................... 121 Table 41: Mineral Reserve Mining Modifying Factors Mechanised Shafts ............................ 121 Table 42: LoM Plans – Current Operations 2026-2035 ............................................................. 122 Table 43: LoM Plans – Current Operations 2036-2045 ............................................................. 123 Table 44: LoM Plans – Current Operations 2046-2057 ............................................................. 124 Table 45: 4E Prill Split and Recovery for Mineral Reserves @ 100% ........................................ 129 Table 46: Mineral Reserve as at 31 December 2025 at 100% ................................................ 130 Table 47: Attributable Mineral Reserve as at 31 December 2025 ......................................... 131 Table 48: Mineral Reserve per Mining Area as at 31 December 2025 at 100% .................... 132 Table 49: Attributable Mineral Reserve per Mining Area as at 31 December 2025 ............. 133 Table 50: Hoisting Capacities of the Rustenburg Shafts ......................................................... 142 Table 51: Major Mine Equipment ............................................................................................. 146 Table 52: Rail Bound Equipment Summary ............................................................................. 146 Table 53: Major Equipment Quantity Summary ...................................................................... 147 xiv Table 54Table 54: Mobile Equipment Summary - 2023 ........................................................... 147 Table 55: Mineral Processing Plant Parameters ...................................................................... 148 Table 56: Process Equipment Summary all Concentrators .................................................... 149 Table 57: Waterval UG2 Concentrator Production Forecast and Operational Data ......... 152 Table 58: Western Limb Tailings Retreatment Plant Production Forecast and Operational Data .................................................................................................... 159 Table 59: Waterval Chrome Recovery Plant ("WCRP") Production Forecast and Operational Data .................................................................................................... 162 Table 60: Platinum Mile Plant Production Forecast and Operational Data ......................... 166 Table 61: K1 Concentrator Production Forecast and Operational Data ............................. 172 Table 62: K2 Concentrator Production Forecast and Operational Data ............................. 178 Table 63: Rustenburg operation Plant Requirements for Energy, Water and Personnel (2025 Actuals) .......................................................................................................... 182 Table 64: Paardekraal Central Planned Deposition Strategy ................................................ 184 Table 65: LoM Assessment of Tailings Facilities(2050) ............................................................. 186 Table 66: Eskom Points Of Delivery for Rustenburg operation. .............................................. 187 Table 67: PGM Deck Price Mineral Resources and Mineral Reserves ................................... 200 Table 68: Comparison of Mineral Reserve Prices at 31 December 2025 to 31 December 2021 ........................................................................................................................... 200 Table 69: SLP projects for SRPM 82MR ...................................................................................... 202 Table 70: SLP Projects for 80MR ................................................................................................ 203 Table 71: Rustenburg operation Total Employees – Snapshot Report for the Month December 2025 ....................................................................................................... 204 Table 72: Rustenburg operation Total Contractors (excluding Ad-Hoc Contractors) ......... 205 Table 73: Safety Statistics Khuseleka, Thembelani, Siphumelele, Bathopele ....................... 207 Table 74: Safety Statistics Kwezi, K6, Bambanani, Kopaneng ............................................... 207 Table 75: Baseline Studies - EMPr-SRPM ................................................................................... 210 Table 76: Summary of Anticipated Environmental Impacts (revised EMP,2016) ................. 212 Table 77: Rustenburg tCO2e Emissions Inventory 2025 ........................................................... 214 Table 78: Future Actions ............................................................................................................ 220 Table 79: Closure Components ................................................................................................ 221 Table 80: Historical and Forecast Capital Expenditure 2021 - 2035 ...................................... 226 Table 81: Historical and Forecast Capital Expenditure 2036 - 2057 ...................................... 227 Table 82: Historical and Forecast Operating Costs 2021 – 2035 ............................................ 228 xv Table 83: Historical and Forecast Operating Costs 2036 – 2058 ............................................ 229 Table 84: TEM Parameters ......................................................................................................... 232 Table 85: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2026-2035 .................................................. 233 Table 86: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2036-2045 .................................................. 235 Table 87: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2044-2055 .................................................. 237 Table 88: TEM – Unit Analysis (R/4Eoz) – 2024-2033 ................................................................. 239 Table 89: TEM – Unit Analysis (R/4Eoz) – 2036-2058 ................................................................. 240 Table 90: NPV (Post-tax) at Various Discount Factors ............................................................ 242 Table 91: Twin Parameter NPV (Post-tax) Sensitivity at a 15.76% Discount Rate (Revenue, Capital Expenditure) ............................................................................. 242 Table 92: Twin Parameter NPV (Post-tax) Sensitivity at a 15.76% Discount Rate (Revenue, Operating Costs) ................................................................................... 242 Table 93: NPV (Post-tax) Relative to R/4Eoz at a 15.76% Discount Rate ............................... 243 Table 94: Adjacent Mines/Operations .................................................................................... 243 Table 95: Financial Assessment Accuracy .............................................................................. 244 Table 96: Qualified Persons' Details ......................................................................................... 251

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 1 Executive Summary 1.1 Introduction Sibanye-Stillwater Limited (Sibanye-Stillwater or Registrant) is a multinational mining and metals processing Group with a diverse portfolio of mining and processing operations and projects and investments across six continents. Sibanye-Stillwater is domiciled in South Africa with a primary listing on the Johannesburg Stock Exchange (JSE or JSE Limited) and a secondary listing on New York Stock Exchange (NYSE), as American Depositary Receipts (ADRs). This report is the first update of the Technical Report Summary (TRS) filed by Sibanye-Stillwater on the Rustenburg operation superseding the TRS filed on 22 April 2022 named Exhibit 96.3 Technical Report Summary of Rustenburg operation dated 31 December 2021. A TRS for the Kroondal operation was filed by Sibanye-Stillwater on 26 April 2024 which was the first update of the TRS for Kroondal operation filed on 22 April 2022. Kroondal operation is now part of the Rustenburg operation. This TRS for the Rustenburg operation has been prepared in accordance with the disclosure requirements set out under Subpart 1300 of Regulation S-K (S-K 1300). Material changes since the last filing are the amalgamation of SRPM and Kroondal operations, and the addition of the Siphumelele UG2 mechanised project in 2024. The Mineral Resources and Mineral Reserves of the Rustenburg operation are reported on a 74% attributable legal interest. There has been no material change to the information between the effective date and the signature date of the Report. The effective date of the Mineral Resource and Mineral Reserve is 31 December 2025, and the Report date is 24 April 2026. 1.2 Property Description, Mineral Rights and Ownership The Rustenburg operation is an ongoing, established mine and ore processing plants extracting the Merensky Reef and UG2 chromitite layer (commonly referred as the UG2 Reef) to produce PGMs and base metals. It is located in the North West Province, east of the towns of Rustenburg and Kroondal at latitude 25°40'S and longitude 27°20'E. The operation is situated in a well-developed area and is easily accessible by major roads 123km west of Pretoria and 126km northwest of Johannesburg. The most direct routes to Rustenburg operation include the N4 (dual carriage tarred road) from Pretoria or the R512 (regional dual carriage tarred road) from Johannesburg, which intersects with the N4. Mining operations are not affected by climatic extremes. The Rustenburg operation encompasses several mining rights held by Sibanye Rustenburg Platinum Mines (Proprietary) Limited (SRPM). Sibanye-Stillwater Limited (Sibanye-Stillwater) holds a 74% share through Sibanye Platinum Proprietary Limited, a wholly owned subsidiary of the Registrant. SRPM is the holder of mining rights in respect of the Rustenburg operation under the Department of Mineral and Petroleum Resources (DMPR) reference numbers: NW30/5/1/2/2/82MR(82MR), NW30/5/1/2/2/80MR(80MR), NW30/5/1/2/2/10205MR, NW30/5/1/2/2/10204MR, NW30/5/1/2/2/368MR, 2 NW30/5/1/2/2/369MR and NW30/5/1/2/2/370MR. Both 80MR and 82MR mining rights are valid until 28 July 2040. The other five additional smaller mining rights expire between 2039 and 2042. The current Life of Mine (LoM) plan used to support the Mineral Reserve continues to 2057. Renewal of the Mining Rights for an additional 30 years will be allowed closer to the date of expiry. The mining rights cover and area of 23,554.21ha There is a small, 578.62ha, prospecting right associated with this operation. There are no material legal proceedings in relation to the Rustenburg operation. The mining rights referred to in this document are issued in terms of the Mineral and Petroleum Resources Development Act 28 of 2002 (as amended) in South Africa. Apart from the condition relating to section 2(d) and section 2(f) of the Act, the terms and conditions for the mining rights are standard conditions of the Act. There are no other special conditions attached to the Mining Rights. 1.3 Geology and Mineralisation The majority of global PGM Mineral Resources are located in Southern Africa, which accounts for over 80%. Most of these are contained in the Bushveld Igneous Complex (BC). The BC is approximately 2,060 million years old and is a mafic to ultramafic rock sequence. The Rustenburg Layered Suite (RLS) within the BC is the world's largest known mafic layered intrusion. In addition to PGMs, extensive deposits of iron, tin, chromium, titanium, vanadium, copper, nickel, and cobalt also occur within the BC. The BC extends approximately 450km east to west and approximately 250km north to south. It underlies an area of some 67,000km2, spanning parts of Limpopo, North West, Gauteng, and Mpumalanga Provinces. Interlayered in the Upper Critical Zone of the BC's RLS, the Merensky and Upper Group No. 2 (UG2) Reefs are preserved as narrow tabular orebodies. The Rustenburg operation is situated on the western limb of the BC and produce the PGMs and associated base metals from the mining and processing of the UG2 and Merensky Reefs. 1.4 Exploration Status, Development, Operations and Mineral Resource Estimates The discovery and development of the reefs in the Rustenburg area can be traced back to 1925. After intense exploration in the Rustenburg area, the first vertical shaft (West vertical) was commissioned in 1928 to exploit the Merensky Reef. The Klipfontein Plant (Phase 1) was constructed in 1928. Exploitation of the UG2 Reef began in the 1970's. The Rustenburg operation has been extensively evaluated by surface and underground exploration drilling, geophysical surveys (airborne magnetic and 3D seismics), trenching and geological mapping carried out over more than 55 years. This exploration has proven the extension of the Merensky and UG2 Reefs to the north-northeast. The Initial geological understanding of the area was developed from observations made from the surface and underground mapping, combined with exploration drillhole information and extrapolations of features observed in other platinum mines in the western Bushveld Complex. Current interpretations 3 of the geological and structural framework applicable to the Merensky Reef and the UG2 Reef have evolved as new and more detailed geological information and datasets were obtained. The acquisition and recent re-processing of the 3D seismic data over most of the Rustenburg operation Lease Area, when correlated with drillhole data, has provided a much higher level of confidence in the validity of these interpretations. There has been a significant decline in surface exploration drilling over the past five years, with a limited amount of surface exploration. Surface exploration diamond drilling is planned for Rustenburg operation (Bathopele Shaft, Siphumelele Shaft, Kopaneng Shaft and Bambanani Shaft) mainly as infill drilling where historical surface exploration drilling was sparse to firm up geology in these areas and enhance the Mineral Resource models. Additionally, structural complexities exist around these operations, hence the drilling will firm up geological understanding in these areas. Geological models and Mineral Resources at the Rustenburg operation are based on surface and underground diamond drillholes and underground channel samples. Mineral Resources for the remined tailings storge facilities (TSF) are estimated from surface drilling on the TSFs and historical production records. The most fundamental control of PGM mineralisation is rock chemistry. PGMs are associated with thin (1m to 5m) chromitite layers and base metals sulphides. These layers are distinct and laterally consistent over large distances. The Merensky Reef is the layer with the highest concentration of base metal sulphides and the highest concentration of PGMs followed by the UG2 Reef. The UG2 Reef horizon is the preferred mining horizon as it has a higher in-situ revenue/value per m² mined due to the prill split and the chromitite content. The Mineral Resources declared (Table 1 and Table 2) are estimated based on homogenous structural and geological facies, constrained by appropriate geostatistical techniques, using Ordinary Kriging (OK). Due to variation in data density, areas close to current workings will have smaller block sizes ranging from 50m to 100m. Areas further away will have block sizes ranging from 100m to 500m. The declared Mineral Resources are contained inside the various structural blocks and outside the mined- out areas. All Mineral Resources reported are considered to have reasonable prospects for economic extraction (RPEE) based on an assessment conducted. The Mineral Resources are in-situ estimates of tonnage and grades reported at a minimum mining width of 186cm, with applicable mechanised bord and pillar mining methods as employed at the Bathopele Shaft and a minimum mining width of 105cm, with applicable conventional scattered breast mining methods as employed at the Thembelani, Khuseleka and Siphumelele Shafts. A minimum mining width of 200cm, with applicable mechanised bord and pillar mining methods employed at the mechanised shafts. 4 Table 1: 4E Prill Split for Mineral Resources as at 31 December 2025 Reef Pt (%) Pd (%) Rh (%) Au (%) Merensky 61.6 27.9 3.4 7.1 UG2 59.0 29.1 11.3 0.6 TSF 55.3 30.5 11.9 2.4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Table 2: Attributable Mineral Resources Exclusive of Mineral Reserves as at 31 December 2025 Classification – 4E Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) 4E Grade (g/t) 4E Grade (g/t) 4E Grade (g/t) 4E (Moz) 4E (Moz) 4E (Moz) 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 Underground Measured (Rustenburg operation(3)) 182.3 174.9 177.6 4.9 5.1 5.0 28.9 28.7 29.0 Measured (Kroondal operation(4)) N/A 25.3 15.8 N/A 3.3 3.4 N/A 2.7 1.7 Indicated (Rustenburg operation(3)) 77.1 85.0 92.9 5.2 5.1 5.3 12.9 14.5 14.2 Indicated (Kroondal operation(4) N/A 4.8 4.8 N/A 3.3 3.8 N/A 0.5 0.6 Total Measured and Indicated 259.4 290.1 281.2 5.0 4.9 5.0 41.8 46.4 45.5 Inferred (Rustenburg operation(3)) 10.9 26.1 11.0 5.6 5.6 5.6 2.0 4.8 1.9 Inferred (Kroondal operation(4)) N/A 0.0 2.5 N/A 3.3 3.0 N/A 0.0 0.2 Total Underground 270.3 316.1 294.7 5.0 5.0 5.1 43.8 51.2 47.6 Surface - TSF Measured TSF (Rustenburg operation(3)) 57.5 0.0 0.0 0.9 0.0 0.0 1.8 0.0 0.0 Measured TSF(Kroondal operation(4)) N/A 0.0 0.0 N/A 0.0 0.0 N/A 0.0 0.0 Total Surface 57.5 0.0 0.0 0.9 0.0 0.0 1.8 0.0 0.0 Total Resource 327.8 316.1 294.7 4.3 5.0 5.1 45.5 51.2 47.6 1. Mineral Resources are not Mineral Reserves 2. Mineral Resources have been reported in accordance with the classification criteria of Subpart 1300 of Regulation S-K 3. Attributable Mineral Resource for Rustenburg is 74% of the total Mineral Resource 4. Attributable Mineral Resources for Kroondal (remaining MR) is 50% for 2021, 87% for 2023 5. Due to non-selective mining, no cut-off grade is applied as described in Section 11.3.2 6. TSF stands for Tailings Storage Facility 7. Mineral Resources are reported after the removal of geological losses 8. Quantities and grades have been rounded to one decimal place; therefore, minor computational errors may occur 6 1.5 Mining Methods, Ore Processing, Infrastructure and Mineral Reserves The Rustenburg operation is a large established shallow to moderate depth (surface to 1,350m), PGM mine that is accessed from surface through numerous declines and vertical shaft systems. The combined Rustenburg operation comprises three operating vertical shafts and five declines (mechanised), two vertical shafts and one decline on care and maintenance, seven plants processing underground ore and tailings, six active tailings storage facilities (TSFs) and one dormant/remined tailings facility. All facilities are in good condition. All the permanent infrastructure required to access and mine is established and in use, including the Siphumelele UG2 project which will use the existing Siphumelele shaft infrastructure. Detailed LoM plans for every shaft complex at Rustenburg support the Mineral Reserve presented in Table 3 and Table 4. The Mineral Reserves are mined using predominantly mechanised bord and pillar (decline sections) and conventional breast mining (vertical shafts) methods. The conventional method incorporates in-stope crush pillars and regional pillars to maintain the stability of the workings. A recently approved UG2 project at Siphumelele, has been designed using a bord and pillar mining method. The ore mined is processed through three concentrators: • Waterval UG2 concentrator, treating only UG2 ore • K1 concentrator adjacent to Kopaneng shaft, treating UG2 ore and • K2 concentrator adjacent to Bambanani shaft, treating UG2 ore A fourth concentrator, the Retrofit plant is on care and maintenance (C&M) from 2026 due to concentrator optimisation. In addition there is a chromite recovery plant and two tailings retreatment plants: • Waterfall Chrome Recovery Plant ('WCRP'). The WCRP treats UG2 rougher middlings at the Waterfall UG2 concentrator to recover a saleable chromite concentrate • Western Limb Tailings Retreatment Plant (WLTR plant) treated remined tailings from the Waterval West TSF which is largely depleted • Platinum Mile treats fresh and historic tailings Both K1 and K2 mineral processing plants are operated and maintained under contract by Minopex, a contract processing firm. All plants are still in good condition. As the production profile declines, the plants will be scaled down in line with the expected fresh ore supply. The Rustenburg operation concentrate is subject to a tolling agreement with Valterra Platinum. Per this agreement, 4E (Pt, Pd, Rh and Au) are toll refined and returned to Rustenburg operation. Ir, Ru, Cu, Ni and Co are sold to Valterra Platinum in concentrate. The Rustenburg operation also produces a chromium oxide (Cr2O3) concentrate. There is adequate processing capacity for the LoM and adequate storage capacity for the tailings for the LoM. Rustenburg operation currently has an excess of available storage capacity which can be used to mitigate capacity constraints on other Group PGM operations. The TSFs are in good condition. 7 Table 3: 4E Prill Split and Metallurgical Recovery for Mineral Reserves Prill Split Pt (%) Pd (%) Rh (%) Au (%) Recovery (%) UG2 59.0 29.1 11.3 0.6 85% Merensky 61.6 27.9 3.4 7.1 84% TSF 55.3 30.5 11.9 2.4 27% 8 Table 4: Attributable Mineral Reserves as at 31 December 2025 Classification – 4E Tonnes (Mt) 4E Grade (g/t) 4E (Moz) 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 Underground Proved (Rustenburg operation) 77.2 72.9 83.4 3.4 3.6 3.5 8.5 8.4 9.5 Proved (Kroondal operation) N/A 9.1 9.6 N/A 2.5 2.5 N/A 0.7 0.8 Probable (Rustenburg operation) 6.0 3.3 6.0 3.8 4.0 4.2 0.7 0.4 0.8 Probable (Kroondal operation) N/A 0.0 0.0 N/A 0.0 0.0 N/A 0.0 0.0 Total Underground 83.2 85.4 98.9 3.4 3.5 3.5 9.2 9.6 11.1 Surface \* Proved (Kroondal operation) N/A 0.0 0.8 N/A 0.0 3.3 N/A 0.0 0.1 Probable TSF (Rustenburg operation) 3.5 14.6 35.8 0.9 1.0 1.0 0.1 0.5 1.2 Total Surface 3.5 14.6 36.6 0.9 1.0 1.1 0.1 0.5 1.3 Total Proved 77.2 82.1 93.8 3.4 3.5 3.4 8.5 9.1 10.4 Total Probable 9.5 17.9 41.7 2.7 1.6 1.5 0.8 0.9 2.0 Total Mineral Reserve 86.7 100.0 135.5 3.3 3.1 2.8 9.3 10.0 12.4 1. Mineral Reserve was reported in accordance with the classification criteria of Regulation S-K 1300 2. Attributable Mineral Reserves for Rustenburg is 74% for 2025 of the total Mineral Reserve 3. Attributable Mineral Reserves for Kroondal is 50% for 2021, 87% for 2023 4. Mineral Reserve was estimated on all available blocks and no mining cut-off grade was applied as presented in Section 12.9 5. Mineral Reserves are estimated using the prices in Section 16.4 6. The average recovery factors for Merensky and UG2 Reefs are 82-85% for each. TSF material PGM recovery is 27.2% 7. \*2021 tonnes reported were for an open-pit which is mined out, the current surface Mineral Reserves are from the TSF 8. Quantities and grades have been rounded to one decimal place; therefore, minor computational errors may occur

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 1.6 Capital and Operating Cost Estimates and Economic Analysis Capital expenditure for Rustenburg operation includes both project and sustaining capital. Siphumelele UG2 Mechanised project is the only capital project. Sustaining capital estimates are based on a provision of an approximate 5% of operating cost expenditures for the conventional mines and 9% for the mechanised mines. This percentage is based on historical spend, and the current business plan. This caters for expenditures of a capital nature and are considered prudent provisions (contingencies) to maintain the operations infrastructure. The forecasted operating costs are largely based on current and recent expenditure at the operation, taking into consideration inflation and PPI. All capital expenditure and operating cost estimates have been estimated to an accuracy of +/-20% or better (a Pre-Feasibility level of accuracy). No contingency is explicitly estimated as this is catered for in the sustaining capital estimates. The results of the post-tax derived discounted cash-flow (DCF) analysis is presented in Table 5. The discount rate has increased from 5.0% (2021) to 15.76% (2025) to reflect a change from a legacy, inherited rate to an asset-specific weighted average cost of capital methodology. The historical 5.0% rate was established in a South Africa, gold focussed, largely debt-free context and did not adequately reflect the Group's current international portfolio, financing environment, jurisdictional risk, or asset phase. The revised rate therefore incorporates the Group's current cost of capital together with relevant jurisdictional and project-stage risk premiums and is considered more appropriate for valuation and capital allocation purposes. Table 5: NPV (Post-tax) Relative to R/4Eoz at 15.76 % Discount Rate - Current Operations Long Term Price (R/4Eoz) Sensitivity Range -20% -10% -5% 0% 5% 10% 20% NPV@ the base case Discount Rate 15.76% (Rm) -22,567 -9,097 -2,362 4,372 11,107 17,842 31,312 Calculated at 100%, not attributable portion Table 6 shows the two-variable sensitivity analysis of the NPV Post-tax to the variance in capital at the 15.76% Discount Rate. Table 7 shows a two-variable sensitivity analysis of the NPV Post-Tax to variance in Revenue and in operating cost at the 15.76% Discount Rate. This demonstrates sensitivity to the increase in operating costs and the leverage potential to a higher 4E prices. 10 Table 6: Twin Parameter NPV (Post-tax) Sensitivity at a 15.76% Discount Rate (Capital Costs) - Current Operations Post-Tax NPV@15.76% Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Capital cost sensitivity range -20% -20,699 -7,229 -494 6,241 12,975 19,710 33,180 -10% -21,633 -8,163 -1,428 5,307 12,041 18,776 32,246 -5% -22,100 -8,630 -1,895 4,839 11,574 18,309 31,779 0% -22,567 -9,097 -2,362 4,372 11,107 17,842 31,312 5% -23,034 -9,564 -2,830 3,905 10,640 17,375 30,845 10% -23,501 -10,031 -3,297 3,438 10,173 16,908 30,378 20% -24,435 -10,966 -4,231 2,504 9,239 15,974 29,443 Calculated at 100%, not attributable portion Table 7: Twin Parameter NPV (Post-tax) Sensitivity at a 15.76% Discount Rate (Revenue, Operating Costs) - Current Operations Post-Tax NPV @ 15.76%(Rm) Revenue Sensitivity Range -20% -10% -5% 0% 5% 10% 20% Total Operating Cost Sensitivity Range -20% 1,283 14,753 21,488 28,222 34,957 41,692 55,162 -10% -10,642 2,828 9,563 16,297 23,032 29,767 43,237 -5% -16,604 -3,135 3,600 10,335 17,070 23,805 37,274 0% -22,567 -9,097 -2,362 4,372 11,107 17,842 31,312 5% -28,529 -15,060 -8,325 -1,590 5,145 11,880 25,349 10% -34,492 -21,022 -14,287 -7,553 -818 5,917 19,387 20% -46,417 -32,947 -26,213 -19,478 -12,743 -6,008 7,462 Calculated at 100%, not attributable portion While the profitability of the entire operation is tested on a total cost basis, the point at which each individual shaft closure is determined is after direct operational cost. As soon as a shaft does not contribute to its own mining and operational cost, it is considered for closure. The direct allocated costs include the overheads specific to the operation while indirect allocated costs refer to those items which belong to the entire group, and which are allocated back to each operation based on a formula determined by management from time to time. 1.7 Permitting Requirements The Rustenburg operation has all the necessary rights and approvals to operate. Any permit and license infringements or expiries are addressed as they occur, and environmental impacts are managed in close consultation with the appropriate departments. The operator's tenure to operate on these premises is secure for the foreseeable future unless terminated by regulatory authorities for legally justified reasons. Furthermore, based on the assessment of the current permits, technical submittals, regulatory requirements and compliance history, continued acquisition of permit 11 approvals should be possible and there is a low risk of rejections of permit applications by the regulator in the foreseeable future. 1.8 QP Conclusions and Recommendations The Qualified Persons have conducted a comprehensive review and assessment of all material issues likely to influence the future activities of the Rustenburg operation based on information available up to 31 December 2025. There is a comprehensive Risk Register that is reviewed quarterly by the operation's management. All the risks have detailed mitigation plans designed to reduce the risk to a manageable level. The Qualified Persons could not identify any unmanaged material risks that would affect the Mineral Resources and Mineral Reserves reported for Rustenburg operation. The views expressed in this report have been based on the fundamental assumption that the required management resources and proactive management skills will be focused on meeting the LoM plans and production targets. QPs do not recommend additional work or changes. 12 2 Introduction 2.1 Registrant Sibanye-Stillwater Limited is an independent international precious metals mining company with a diverse mineral asset portfolio comprising platinum group metal (PGM) operations in the United States and Southern Africa, gold operations and projects in South Africa, and copper, gold and PGM exploration properties in North and South America. The Group has also diversified into battery metals mining and processing and has increased its presence in the circular economy by growing its recycling and tailings reprocessing exposure globally. It is domiciled in South Africa and listed on both the Johannesburg Stock Exchange (JSE or JSE Limited) and a secondary listing on New York Stock Exchange (NYSE), as American Depositary Receipts (ADRs). This Technical Report Summary covers Sibanye-Stillwater's Rustenburg operation. The Rustenburg operation falls under the Sibanye Rustenburg Platinum Mines Proprietary Limited (SRPM), 74% owned by Sibanye Platinum Proprietary Limited, a wholly owned subsidiary of the Registrant. (Figure 1). SRPM includes the assets of Rustenburg Platinum Mines purchased by the Registrant from Anglo American Platinum (now Valterra Platinum) in 2016 and the Mineral Rights, and liabilities and all physical assets of the Kroondal Operations (Pty) Ltd, a wholly owned subsidiary of the Registrant, acquired in 2025. A Sale of Property Agreement exists between SRPM and Kroondal operations for all properties held by Kroondal operation to be transferred to SRPM. This is a long process due to the number of properties to be transferred and the realities of South African administrative procedures. A date for completion cannot be estimated at this time. The Rustenburg operation includes shafts, processing facilities and associated infrastructure (the Material Assets) located in the North West Province, South Africa. The combined Rustenburg operation Mineral Resources and Mineral Reserves are 74% Attributable to the Registrant (Figure 1).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 Figure 1: Ownership and Company Structure for the Rustenburg operation 14 2.2 Compliance Mineral Resources and Mineral Reserves contained in this Technical Report Summary were compiled and reported following the United States Securities and Exchange Commission's (SEC's) Subpart 1300 of Regulation S-K. 2.3 Terms of Reference and Purpose of the Technical Report This Technical Report Summary for the Sibanye-Stillwater Rustenburg operation reports the Mineral Resources and Mineral Reserves as at 31 December 2025. This report is the first update of the TRS filed by Sibanye-Stillwater on the Rustenburg operation superseding the TRS filed on 22 April 2022 named Exhibit 96.3 Technical Report Summary of Rustenburg operation dated 31 December 2021. A TRS for the Kroondal operation was filed by Sibanye-Stillwater on 26 April 2024 which was the first update of the TRS for Kroondal operation filed on 22 April 2022. Kroondal operation assets are now part of the Rustenburg operation. This Technical Report Summary was compiled by in-house QPs for Mineral Resources and Mineral Reserves appointed by Sibanye-Stillwater (Table 8). The QPs are registered with professional/regulatory bodies that have enforceable codes of conduct. The list of the QPs, their roles, qualifications, and sections which they have prepared is given in Table 8. 15 Table 8: Details of QPs Appointed by Sibanye-Stillwater Name Position Area of Responsibility Academic and Professional Qualifications Section Sign-off Hermanus Jacobus Keyser Vice President Mining Technical Services Qualified Person, Mineral Resources and Mineral Reserves – SA PGM Operations MEng Mining Engineering, GDE, NHD MRM, ND Survey SACNASP 400284/06 1-5, 7.8, 7.9,13,15, 16 17.1-17.3,17.5 20-25 Leonard Changara Unit Manager Geology Operations Qualified Person, Geology - SA PGM Operations MSc Geology; MBA SACNASP 400089/08 GSSA No 967490 5.2.1,6,7.1 to 7.7 Nicole Wansbury Unit Manager Geology Mineral Resources Qualified Person Mineral Resources – SA PGM Operations MSc Geology SACNASP 400060/11 FGSSA No 965108 1.4,8-11 Brian Smith Unit Manager Survey Qualified Person Mineral Reserves – SA PGM Operations MEng MRM SAGC GPr MS 0218 1.5, 12 Stephan Botes Unit Manager – Mineral Rights Mineral Title LLB, LLM, Postgraduate Certificate in Prospecting and Mining Law, Postgraduate Certificate in Company Law I, Postgraduate Certificate in Environmental Law and Sustainability II, Admitted Attorney of the High Court of RSA 1.7, 3.2, 3.4 Phillip Ramphisa Environmental Manager (SA PGM) Natural Environment MSc, MBA SACNASP 400333/11 17.4 Peter Motlana Senior Vice President Processing Mineral Processing BSc Eng (Mineral Processing), MEng (Industrial) SAIMM, MMMA 10,14 Roderick Mugovhani SVP Finance Financial Evaluation B.Com Accounting, Post Graduate Diploma in Acc Education, MBA, Executive Management Programme, Certified Professional Accountant (SA). Management Development Programme (MDP) 1.6, 18, 19 SAIMM - Southern African Institute of Mining and Metallurgy SACNASP – South African Council for Natural Scientific Professions SAGC – South African Geomatics Council GSSA – Geological Society of South Africa SAATCA – South African Auditor and Training Certification Authority MMMA – Mine Metallurgical Managers Association 16 2.4 Sources of Information Sibanye-Stillwater (the registrant) provided the majority of the technical information utilised for the preparation of this report. This information is contained in internal documents recording various technical studies undertaken in support of the current and planned operations, historical geological work and production records from Rustenburg operation, and forecast economic parameters and assumptions. Other supplementary information was sourced from the public domain and these sources are acknowledged in the body of the report and listed in the References, Section 24. 2.5 Site Inspection by Qualified Persons The QPs for Mineral Resources and Mineral Reserves who authored this Technical Report Summary and the supporting Technical Experts/Specialists are all employees of Sibanye-Stillwater working at the Rustenburg operation or Corporate Offices. By virtue of their employment, the QPs, except Mr Botes, visit the Rustenburg operation while carrying out their normal duties. Mr Botes does not visit the operations directly but visits the shared services office in Rustenburg during 2025. 2.6 Units, Currencies and Survey Coordinate System In the Republic of South Africa (RSA), metric units are used for all measurements and, therefore, the reporting of quantities is in metric units, unless otherwise stated. All the metal prices and costs are quoted in US Dollars (US$) or South Africa Rand (R). An Exchange rate of 18.24R/US$ has been used in this document. The coordinate system employed for most of the surface and underground surveys and maps shown in this report is based on the Gauss Conform Projection (UTM), Hartebeeshoek 94 Datum, Ellipsoid WGS84, Central Meridian WG27 (Y +0; X+2,800,000). Some regional scale maps in this report may be referenced with Latitude and Longitude coordinates for ease of reading. The units of measurement used in this report are described in Table 9.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 Table 9: Units and Abbreviations Definitions Units Description 4Eoz Troy ounces of Platinum, Palladium, Rhodium and Gold combined cm Centimetre(s) g Gram(s), measure of mass g/cm3 Density - grammes per cubic centimetre g/t Grams per tonne ha Hectares = 100m x 100m kg Kilograms = 1,000 grams, measure of mass km Kilometre(s) = 1,000 metres km2 Square kilometres, measure of area Koz Kilo ounces= 1,000 ounces (troy) kt Kilotonnes ktpm Kilotonnes per month lb Pound USA = measure of weight litre Metric unit of volume = 1,000cm3 m Metre(s) m2 Square metres m3/a Cubic metres per annum mamsl Elevation metres above mean seal level metre Metric unit of distance mm Millimetre(s) = metre/1,000 Moz Million ounces (troy), measure of weight Mt Million metric tonnes Mtpa Million tonnes per annum MVA Million volt-amps(watts) MW Megawatts oz Troy ounces = 31.1034768 grams ppb Parts per billion ppm Parts per million (grams/metric tonne) R South African rand sec Second t Metric tonne = 1,000 kilograms = 1.10231131 short tons tonnes Metric tonnes = 1,000 kilograms = 1.10231131 short tons US$ United States dollars wt% Weight percent Rm Million rand 18 2.7 Reliance on Information Provided by Other Experts The QPs for Mineral Resources and Mineral Reserves have sought input from in-house technical specialists on aspects of the modifying factors for the disciplines outside their expertise. Rustenburg is a large operation and it is not possible for any one person to have the required expertise or knowledge to comment on all aspects of the operation. Rustenburg and Sibanye-Stillwater employ a large team of technical experts and specialist service providers. The QPs consider it reasonable to rely upon the information provided by these experts by virtue of their role in the company. The QP's take responsibility for the information in their respective sections. A list of the in-house technical specialists and their areas of competency are summarised in Table 10. Table 10: Technical Specialists Supporting the QPs Name Position Area of Competency Academic Qualifications B Burger Manager Finance Financial Evaluation B.Com (Accounting and Information Science) R Craill Vice President: Engineering Infrastructure B. Eng Mechanical, Pr Eng R Cooper Vice President Tailings Engineering Tailings Management BSc Civil Engineering, GDE (Civil), Pr Eng B Chaponda Technical Manager Concentrators MSc Chem Eng, BMin Sc, Pr Eng S Durapraj Manager: Rock Engineering Rock Engineering B.A, MSc Mining Engineering, MSANIRE, AREC, COMRMC D Oosthuizen Unit Manager Survey Survey, Reporting and Historical Mining Factors Government Certificate of Competency Mine Survey (1926) - 2009 G Mackenzie Manager: Human Resources Human Resources Management Nat Dipl. HRM. Adv. IR H Manenzhe Superintendent Geology Mineral Resource Estimation BSc (Hons) (Geology) SACNASP 400372/13 T Naude Unit Manager: Environment Rehabilitation and closure costs BA Geography and Environmental Studies J van Wyk Senior Manager: Health and Safety Safety Blasting certificate, Mine Overseers certificate, Advance Safety Management Diploma Wits School of Mining H Olivier Manager Asset Management Equipment B. Eng Mechanical (Hons), GCC: Mines & Works (5999) K Pillay EVP: Sales and Marketing Metal sales and Marketing BSc Eng (Chem), MSc Eng (Chem), MBA. T Phumo Executive Vice President (EVP): Stakeholder Relations (SA) Social and Labour BA Hons (Corp Comm), APR Diploma Project Management S Swanepoel Manager Occupational Hygiene and Ventilation Occupational Hygiene, Ventilation BSc (Hons), MSc, MEC, NDSM, SAIOH (0309) 19 Name Position Area of Competency Academic Qualifications P Olivier Senior Engineering Manager ESG FPR Infrastructure B.Eng Mechanical – 2002, Government Certificate of Competency (5631) - 2005 3 Property Description 3.1 Location and Operations Overview The Rustenburg operation is located in the North West Province, east of the towns of Rustenburg and Kroondal, at latitude 25°40'S and longitude 27°20'E. Rustenburg operation is 125km west of Pretoria and 127km northwest of Johannesburg (Figure 2). The total area of the Rustenburg operation Mining Rights is 24,132.84 hectares. Figure 2: General Location of the Material Property as at 31 December 2025 20 Rustenburg town is surrounded by agricultural land. Various mines owned by Impala Platinum, Glencore and Royal Bafokeng are also situated in and around Rustenburg. The Mineral Resource is accessed from the surface using conventional underground mining methods to 34 level (the deepest working level) at Siphumelele Shaft, approximately 1,350m below the surface, and 28 Level (the deepest working level) at Khuseleka, approximately 950m below the surface, and 29 Level (the deepest working level) at Thembelani Shaft. The Mineral Resource at Bathopele shaft is accessed from the surface via two decline clusters using mechanised mining methods to a depth of approximately 500m below the surface. The Mineral Resource at Kwezi, K6, Bambanani and Kopaneng shafts is accessed from the surface using decline systems and bord and pillar mining method. The average mining depths at Kwezi and K6 shafts are 300m and 250m below the surface, respectively. At Bambanani shaft, the current lowest mining level is 450m below the surface, whilst at Kopaneng shaft, it is 500m below the surface. The location of the shafts and tailings infrastructure are shown in Figure 3. Infrastructure is discussed in detail in Section 15. Figure 3 and Figure 4 are maps providing additional location details of Rustenburg. Processing facilities comprise five concentrators, one of which is on care and maintenance from 2026, a chrome recovery plant and two tailings reprocessing plants 3.2 Mineral Title 3.2.1 Mining and Surface Rights The mining and prospecting rights referred to in this document are issued in terms of the Mineral and Petroleum Resources Development Act 28 of 2002 (MPRDA) in South Africa. Apart from the condition relating to section 2(d) and section 2(f) of the Act (which pertains to Broad-Based Economic Empowerment), the terms and conditions for the mining rights are standard conditions of the Act (See Key Standard Permit Conditions below for a partial list of conditions). There are no other special conditions attached to the Mining Rights. Mining and prospecting rights are held by SRPM as shown in Table 11 and Figure 3 and Figure 4. The farms making up the surface rights held by SRPM, and Kroondal Operations (Pty) Ltd are listed in Table 12. The Rustenburg operation have sufficient rights and access to land to conduct operations. It is noted that the LoM plan extends beyond the expiry date of the Mining Rights. SPRM will be able to apply for renewal closer to the expiry date of the current Mining Rights. There is no reason to believe this will not be granted. In March 2026, a judgment against SRPM in legal challenge to the amendment of Mining Right MR80 (Table 11) has resulted in a small portion of the Mineral Reserves being sterilised. This portion is referred to as Kwezi Shallows, very small tonnage and the removal has no material effect on the Mineral Reserves.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 Figure 3: Plan Showing Combined Mining Rights and Prospecting Rights 22 Figure 4: Plan Showing Mineral Rights Held by the Rustenburg operation 23 Table 11: Summary of Mining Rights and Prospecting Rights held in respect of the Rustenburg operation Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines Sibanye Rustenburg Platinum Mines (Pty) Ltd NW30/5/1/2/2/82MR 15,372.20 PGMs, Precious & Base Metals in UG2 and Merensky Reef See the summary of permit conditions, general EMP regulatory reporting requirements and SLP regulatory reporting requirements 28-Jul-40 No specific requirements apart from standard reporting requirements N/A None Sibanye Rustenburg Platinum Mines (Pty) Ltd \*\* NW30/5/1/2/2/80 MR 3,244.13 PGMs, Chrome, cobalt, nickel, silver gold and copper in UG2 and Merensky Reef See the summary of permit conditions, general EMP regulatory reporting requirements and SLP regulatory reporting requirements 28-Jul-40 Application was submitted for ministerial consent in terms of section 102 to amend the mining right, which application was granted in July 2025 and executed on 28 August 2025. A third party lodged an appeal against the granting of the Environmental Authorisation associated with the abovementioned mining right amendment. As of December 2025, the appeal process remained pending. N/A None 24 Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines However the appeal was upheld in favour of the appellant in March 2026. The tonnage compromised is small and not material to the Mineral Reserves Hoedspruit Platinum Exploration (Pty) Ltd NW30/5/1/1/2/1300 PR / NW30/5/1/1/2/10405 PR 578.62 All precious and base metals, PGM, Gold and associated Base metals The holder must commence with prospecting operations within 120 days from when the prospecting right is effective. Prospecting fees as contemplated in section 19(2)(f) of the Act are payable to the State by the Holder from the commencement of this right in accordance with Regulation 76 of the Regulations to the Act" Renewal deed has not been executed Renewal application refused, but appeal in terms of Section 96 lodged. Appeal upheld in 2022. Issued power of attorney to the regional office to proceed with execution in December 2022, but incorrect minerals were reflected on the Power of Attorney (POA). The POA was amended to reflect the correct minerals, but officials identified other errors on the N/A

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines "The terms of this right may not be amended or varied (including by extension of the area covered by it or by the addition of minerals or a share or shares or seams, mineralized bodies or strata, which are not at the time the subject thereof) without the written consent of the Minister" "Prospecting operations in the prospecting area must be conducted in accordance with the Prospecting Work Programme and the approved Environmental Management Plan and any amendment thereof" POA that needs to be rectified. Awaiting corrected POA from the DMPR to proceed with execution of renewal deed 26 Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines Sibanye Rustenburg Platinum Mines (Pty) Ltd\*\* NW30/5/1/2/2/104MR renewed under NW30/5/1/2/2/10205M R 1,722.20 PGMs, Gold Nickel and Copper See the summary of permit conditions, general EMP regulatory reporting requirements and SLP regulatory reporting requirements 30-Sep- 2039 A S102 application was submitted for ministerial consent to incorporate portions of the farm Kroondal 304 JQ (being the location of the Kroondal Operations KP1 TSF) into this mining right and exclude other portions of the said farm from the mining right. This application remains pending. Application in terms of section 102 was also submitted in February 2024 for ministerial consent to amend NW 30/5/1/2/2/113MR to incorporate area covered by NW30/5/1/2/2/104 MR into NW30/5/1/2/2/113 MR. The mentioned N/A None 27 Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines application remains pending Sibanye Rustenburg Platinum Mines (Pty) Ltd\*\* NW30/5/1/2/2/113MR Renewal NW30/5/1/2/2/10204M R) 2,508.00 PGMs, (Gold, Nickel, Copper, Chrome in UG2) See the summary of permit conditions, general EMP regulatory reporting requirements and SLP regulatory reporting requirements 30–Sep-39 A S102 application was submitted for ministerial consent to exclude portions of the farm 342 JQ from this mining right area. The application remains pending. Application in terms of section 102 was also submitted in February 2024 for ministerial consent to amend NW 30/5/1/2/2/113MR to incorporate area covered by NW30/5/1/2/2/104 MR into NW30/5/1/2/2/113 MR. The mentioned application remains pending None Sibanye Rustenburg NW30/5/1/2/2/368MR 265.92 PGMs See the summary of permit conditions, 04-Mar-42 No specific requirements apart N/A None 28 Right Holder Right Number/s Size (ha) Minerals Key Permit Conditions Expiry Date Future Requirements Future Intentions Brief Summary of Violations/ fines Platinum Mines (Pty) Ltd\*\* general EMP regulatory reporting requirements and SLP regulatory reporting requirements from standard reporting requirements Sibanye Rustenburg Platinum Mines (Pty) Ltd\*\* NW30/5/1/2/2/369MR 409.21 PGMs See the summary of permit conditions, general EMP regulatory reporting requirements and SLP regulatory reporting requirements 04-Mar-42 No specific requirements apart from standard reporting requirements N/A None Sibanye Rustenburg Platinum Mines (Pty) Ltd\*\* NW30/5/1/2/2/370MR 32.55 PGMs See the summary of permit conditions, general EMP regulatory reporting requirements and SLP regulatory reporting requirements 11-Mar-42 No specific requirements apart from standard reporting requirements N/A None \*\* Mining Rights transferred from Kroondal Operations (Pty) Ltd on 31 January 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 3.2.2 Key Standard Permit Conditions 3.2.2.1 Mining • Mining right renewal applications are to be submitted 60 working days prior to the date of expiry of the right • The holder of MR must continue with mining operations, failing which the right may be suspended or cancelled • The terms of the right may not be varied or amended without the consent of the Minister of Mineral and Petroleum Resources • The holder shall be entitled to abandon or relinquish the right, or the area covered by the right entirely or in part. Upon abandonment or relinquishment, the Holder must: - Furnish the Regional Manager with all prospecting and/or mining results and/or information, as well as the general evaluation of the geological, geophysical and drillhole data in respect of such abandoned area; and - Apply for a closure certificate in terms of section 43(3) of the MPRDA • The holder shall pay royalties to the State in accordance with section 25(2)g of the MPRDA throughout the duration of the mining right • Mining operations must be conducted in accordance with the Mining Work Programme (MWP) and any amendment to the MWP and an approved Environmental Management Plan (EMP) • The holder shall not trespass or enter into any homestead, house or its curtilage nor interfere with or prejudice the interests of the occupiers and/or owners of the surface of the Mining Area except to the extent to which such interference or prejudice is necessary for the purposes of enabling the Holder to properly exercise the holder's rights under the mining right • The holder must dispose of all minerals derived from the exploitation of the mineral at competitive market prices which shall mean in all cases, non-discriminatory prices or non-export parity prices • A mining right, a shareholding, an equity, an interest or participation in the right or joint venture, or a controlling interest in a company, close corporation or JV may not be encumbered, ceded, transferred, mortgaged, let, sublet, assigned, alienated or otherwise disposed of without the written consent of the Minister, except in the case of a change of controlling interest in listed companies • All drillholes, shafts, adits, excavations and openings sunk or made by the holder during the currency of the mining right shall be sealed, closed, fenced and made safe in accordance with the approved Environmental Management Programme and the Mine Health and Safety Act or any other applicable laws or Regulations • The holder of the mining right, while carrying out mining operations shall take all such necessary and reasonable steps to adequately safeguard and protect the environment, the mining area and any person/s using or entitled to use the surface of the mining area from any possible damage or injury • The Minister and/or any person duly authorised thereto in writing by the Minister shall be entitled to inspect the Mining Area, the holder's mining operations and the execution of the approved Environmental Management Programme • A mining right may be cancelled or suspended subject to S47 of the MPRDA if the holder: 30 - Submits inaccurate, incorrect and/or misleading information in connection with any matter required to be submitted under this Act - fails to honour or carry out any agreement, arrangement or undertaking, including the undertaking made by the Holder in terms of the Broad-Based Socio-Economic Empowerment Charter and Social and Labour Plan - Breaches any material term and condition of the mining right - Conducts mining in contravention of the MPRDA - Contravenes the requirements of the approved Environmental Management Programme - Contravenes any provisions of this Act in any other manner • The holder shall submit monthly returns contemplated in S 28(2) of the MPRDA no later than the 15th of every month and maintain all such books, plans and records in regard to mining on the mining area as may be required by the Act • The holder shall, at the end of each year, following the commencement of this mining right, inform the Regional Manager in writing of any new developments and of the future mining activities planned in connection with the exploitation/mining of the minerals in the mining area • Provisions relating to section 2(d) and section 2(f) of the MPRDA, relating to the Broad-Based Socio- Economic Empowerment Charter, differ in each mining right • The Mining right does not exempt the holder from complying with the MHSA or any Act in South Africa • The holder must, annually, no later than three months before the financial year end, submit a detailed implementation plan to give effect to Regulation 46(e)(i), (ii) and (iii) in line with the Social and Labour Plan • The holder must, annually, no later than three months after the finalisation of its audited annual report, submit a detailed report on the implementation of the previous year's SLP 3.2.2.2 Social and Labour Plan Compliance Requirements • The new Social and Labour Plan is to be submitted and reviewed every five years • Social and Labour Plan Implementation Plans are to be submitted annually • Social and Labour Plan Annual Report is to be submitted annually 3.2.2.3 Environmental Management Compliance Requirements • Performance assessment relating to the Environmental Management Programme to be conducted bi-annually • Performance assessment relating to Water Use License to be conducted annually • Performance assessment relating to Atmospheric Emission License to be conducted annually 31 Table 12: Surface Rights of the Rustenburg operation FARMS REGISTERED IN THE NAME OF SIBANYE SRPM PTY LTD Farm Name Portion Magisterial District Paaredekraal 279 JQ RE\*27, RE\*28, 78, 111, 114, 119, 120, 122, 123, 124, 125 Rustenburg Hoedspruit 298 JQ 19 Rustenburg Brakspruit 299 JQ 23, RE\*12, 19, 20 Rustenburg Klipfontein 300 JQ RE\*4, RE\*5 Rustenburg Waterval 303 JQ RE\*3, RE\*5, RE\*6, 7, RE\*8, RE\*9, RE\*10, RE\*13, RE\*14, 19, RE\*48, RE\*49, 51, 54, 79, 84, 87 Rustenburg Kroondal 304 JQ RE\*76, RE\*85, RE\*122, 132, RE\*145, RE\*167, RE\*170, 172, 149, 150, 159, 164, 165, 166, 168, 169, 171, 173, 174, 185, 221, 241, 242 Rustenburg Waterval 306 JQ RE\*2 Rustenburg Spruitfontein 341 JQ 101 Rustenburg Farm 342 JQ RE\*1, 42, RE\*54, RE\*55, 56, 57, 58, 59, 60, 61, 62, 63, 64, RE\*66, 70, 71, 72, RE\*73, 79, 88, 89, 94, 95, 115, 121, 124, 125, RE\*127, 128, 129, 130, RE\*160, 161, 162, 163, 164, 171, RE\*172, 178, 180, 367, RE\*194, 198, RE\*199, RE\*200, 201, 204, 245, 246, 247, 248, 249, 271, 272, 273, 287, 290, 291, 300, 325, 333, 339, 340, RE\*345, 349, RE\*363, 364 Rustenburg Anglo Tailings 942 JQ Anglo Tailings 942 JQ Rustenburg Kroondal 304 JQ Portions 2, 4, 6, 8, 9, 10, 21, 22, 23, 24, 25, 52, 83, 84, 85, 91, 93, 95, 99, 158RE Portion 85, 92, 94 Portion 151 (a Portion of Portion 94) Portion 129 (a Portion of Portion 85) Portion 157 (a Portion of Portion 85) Rustenburg FARMS Subject to the Agreement of Sale between SRPM and Kroondal Operations Farm Name Portion Magisterial District Brakspruit 299 JQ Portion 19, 20, Re12 Rustenburg Farm(K-Kraal) 342 JQ Portions 42, 56-64, 70-72, 79,88,89,94, 95,115, 121, 124, 125, 128, -130, 161-164, 171, 178, 180, 198, 201, 204, 245- 249, 271-273, 287, 290, 291, 300, 325, 333, 339, 364, 367, RE1,54, 55, 66, 73, 127,160, 172, 194, 199, 200, 345, 363, Rustenburg Kroondal 304 JQ Portions 149, 150, 159, 164, 165, 166, 168, 169, 173, 174, 183, 221, 242 RE241 Portion 171 Rustenburg Spruitfontein341 JQ\* Portion 101 Rustenburg 3.3 Royalties Sibanye-Stillwater Rustenburg operation is not a royalty company nor receives royalties from any other operation. 32 Royalties paid by Marikana are discussed in Sections 18-19. 3.4 Legal Proceedings and Significant Encumbrances to the Property The QPs have been advised by Sibanye-Stillwater that there are no material legal proceedings in relation to the Rustenburg operation. It should, however, be noted that Sibanye-Stillwater may be involved in various non-material legal matters such as employment claims, third-party subpoenas, and collection matters on an ongoing basis, which are not material to the Mineral Resources and Mineral Reserves reported in this TRS. From the documentation reviewed and input by the relevant Technical Specialists and Experts, the QPs could not identify any significant encumbrances or any other significant factors or risks with regard to the title permitting, access, surface ownership, environmental and community factors that would prevent the mining or the ability to perform work on the Rustenburg operation, and the declaration and disclosure of the Mineral Resources and Mineral Reserves for the Rustenburg operation. All mineral titles in relation to the Rustenburg operation are in good standing. 4 Accessibility, Climate, Local Resources, Infrastructure and Physiography 4.1 Topography, Elevation and Vegetation The area within which the Rustenburg operation is situated is characterised by undulating terrain, varying between 1,050m to 1,180m above mean sea level. The topography to the north, west and east of Rustenburg operation is dominated by well-established non-perennial watercourses. The topography for the mine area is relatively flat with sporadic hillocks and rocky outcrops. Situated to the south of the mine area is the Magaliesburg mountain range and to the east, a number of small hills. The general topography and land use can is shown in Section 15 and 17.4. The important drainage channels in the Rustenburg operation area include the Hex River bisecting the western and central sections of the licence area and the Sterkstroom River on the eastern perimeter. The natural vegetation present in the area is relatively heterogeneous, consisting of a mosaic of open grassland, old fallow lands, scrub-thornveld, mesophyllous woodland and drainage-line thickets and small hills. The majority of the area, occurring on black clay soils, is open grassland with occasional small trees and denser treed zones where surface rock is present and more frost- and fire cover is provided to seedlings. The areas located on the sandier red soils are made up of mixed savanna, with both microphyllous (fine-leaved) and mesophyllous (broad-leaved) vegetation present. Most of the area surrounding Rustenburg has been and is to a certain extent still used for agriculture purposes, in particular the growing of sunflowers and tobacco crops. With the growth in the mining sector due to extensive platinum and chromium deposits in the region, agriculture is on the decline. Urban development has taken place mainly in the town of Rustenburg, but informal settlements also exist, including on the Rustenburg operation lease area.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 4.2 Access, Towns and Regional Infrastructure The Rustenburg operation is situated near Rustenburg town in the North West Province of South Africa. The site is accessed via the multiple networks of well-maintained tarred roads. The operations are accessed via the N4 highway into Rustenburg town, then the R24 to the operations from Pretoria. From Johannesburg, Rustenburg town is accessed via the R24 road passing through Magaliesburg or the R512 (regional dual carriage tarred road) from Johannesburg, which intersects with the N4. A railway line runs through the town of Rustenburg. Major international airports including OR Tambo and Lanseria international airports are in Gauteng Province. Most services needed are found in the surrounding towns and cities. 4.3 Climate Rainfall occurs throughout the year, but predominantly between November and March, mainly as thunderstorms. Annual rainfall averages approximately 650mm. The wettest month of the year is January, with an average monthly total rainfall of 132mm. The driest month is July, with an average monthly rainfall of approximately 2mm. Mean annual air temperatures range from 11.8°C in June/July to 23.8°C in January. Average daily maxima range from 20.4°C to 30.3°C, and minima from 2.8°C to 17.2°C. Winds are mainly light to moderate and blow from the north-easterly sector, except for short periods during thunderstorms or weather changes when they have a southerly component. The lightning ground flash density in the area is a moderate risk to the concentrators with between 5 to 7 strikes/km2/year (on a scale of 0 to 19). No severe climatic effects influence the mining and ore processing operations at the Rustenburg operation which proceed all year round. 4.4 Infrastructure and Bulk Service Supplies Rustenburg has been operating for decades. The regional and onsite infrastructure for mining and ore processing is well established. There is a good supply chain for all required consumables and equipment in or near the mine site. The Rustenburg operation, through Sibanye-Stillwater, is well connected to the international supply markets for any materials and equipment that are not available locally. The Rustenburg operation is supplied with bulk electricity from the regional grid, which is owned and operated by the state-owned company, Eskom. Details for power are supplied in Section 15.3 and for water supplies see Section 17.4.6. 4.5 Personnel Sources Rustenburg operation has specific policies, procedures, and practices in place, which address, on an integrated basis, its human resource requirements. Recruitment is predominantly informed by the operational requirements for specific skills, by the extent of labour turnover levels and by relevant legislation. 34 The economic climate, cost infrastructure and the Mineral Reserves profile also influence the organisational structures and required labour complement (Table 13). Additional information on Personal Requirements is given in Section 17.2 and 17.3. Table 13: Number of Permanent Employees No. of Employees 2021 2022 2023 2024 2025 Total 18,106 17,861 17,330 16,616 16,570 \*Total Includes temporary employees Many of the Rustenburg operation's employees live in Rustenburg and neighbouring towns but labour is sourced from different areas of South Africa and beyond. Although preference is given to manpower from local communities within the Northwest Province in support of local economic development, the majority (60%) originates from outside the North West province. Table 14 provides a breakdown of the origin of employees as per province, including beyond the border of South Africa. Table 14: Origin of Employees Province Number of Permanent Employees Number of Contractors Total Percentage Eastern Cape 4,414 837 5,251 24.21% Free State 548 217 765 3.53% Gauteng 781 397 1,178 5.43% Kwazulu-Natal 243 169 412 1.90% Limpopo 967 524 1,491 6.87% Mpumalanga 497 254 751 3.46% North West 6,379 2,509 8,888 40.97% Northern Cape 133 55 188 0.87% Western Cape 7 5 12 0.06% Non-South Africans 2,601 156 2,757 12.71% Total 16,570 5,123 21,693 100,00% 5 History 5.1 Ownership History The Rustenburg operation was started in 1925 and run by Anglo American Platinum (now Valterra Platinum) until the acquisition by Sibanye -Stillwater in 2016. Kroondal Operations (Pty) Ltd was started in 1996 by Aquarius Platinum Limited until the acquisition by Sibanye-Stillwater in 2016. The historical development of the Rustenburg operation is summarised in Table 15. 35 Table 15: Historical Development Rustenburg operation Rustenburg operation Company/ Ownership/ Operator Date Activity Anglo American Platinum 1925 Exploration on the Eastern Limb of the Bushveld Complex started as far back as 1925. Exploration was carried out by renowned explorer Hans Merensky. Hans discovered platinum mineralisation in pyroxenite Anglo American Platinum 1929 The 1st vertical Shaft at Rustenburg Section – West vertical Shaft Anglo American Platinum 1935 Waterval Vertical Shaft constructed Anglo American Platinum 1951 Central deep Shaft constructed Anglo American Platinum 1953 Siphumelele 3 Shaft and West 20 compressor station constructed Anglo American Platinum 1961 Siphumelele 2 Shaft commissioned Anglo American Platinum 1967 Frank Concentrators commissioned Anglo American Platinum 1968 Khomanani Shaft commissioned Anglo American Platinum 1970 Thembelani 1 mine commissioned Anglo American Platinum 1972 Khuseleka 1 mine commissioned Anglo American Platinum 1978 Siphumelele 1 mine commissioned Anglo American Platinum 1984 Khuseleka 2 Shaft commissioned Anglo American Platinum 1993 Khomanani 2 Shaft commissioned Anglo American Platinum 2013 Thembelani 2 Shaft sinking Sibanye-Stillwater 2016 Sale of Rustenburg operation to Sibanye on 1 November 2016. At the point of sale Thembelani 2, Khomanani 1 & 2, Khuseleka 2 and Siphumelele 2 & 3 were all on C&M Sibanye-Stillwater 2017 Commencement of operations under Sibanye-Stillwater Sibanye-Stillwater 2021 Optimisation of mine boundaries between Bathopele (SRPM), K6 and Kopaneng (Kroondal) and deepening of the Kroondal East complex (Kopaneng and Bambanani) into Siphumelele(SPRM) ground to extended LoM for Kroondal with Rustenburg Mineral Reserves, as part of the new agreement between AAP and SSW Sibanye-Stillwater 2022 Hoedspruit Mineral Resources incorporated into Rustenburg operation after approval of the renewal of prospecting right Sibanye-Stillwater 2023 Prospecting Rights of Waterval and Paardekraal incorporated into Rustenburg operation Sibanye-Stillwater r 2024 Siphumelele UG2 Mechanised Project included in LoM extension. Removal of the Hoedspruit Mineral Resources into inventory due to economic reasons Sibanye-Stillwater r 2025 Amalgamation of Kroondal Operations into SRPM 36 Kroondal Operations (Pty) Ltd Company/ Ownership/ Operator Date Activity Aquarius Platinum Limited 1996 A pre-feasibility study on the Kroondal Platinum Project was completed Aquarius Platinum Limited 1997 The bankable feasibility study of the Kroondal Platinum Project was completed and confirmed a Mineral Resource of 25Mt at a cut-off grade of 5.4g/t Aquarius Platinum Limited 1998 Mine development began and an initial off-take agreement was signed with Implats that continues until 2008 Aquarius Platinum Limited 1999 Mining via two decline shafts (originally the Central and East shafts, now Kopaneng and Simunye) began in March and by year-end, full production was achieved, and the initial plant commissioned Aquarius Platinum Limited 2000 Aquarius increased its stake in Kroondal to 94.57% and then to 100% Aquarius Platinum Limited 2001 Initial joint venture (50:50) agreement entered into with Rustenburg Platinum Mines, a subsidiary of Anglo-American Platinum that was effective 1 July 2001 and included a second concentrator plant Aquarius Platinum Limited 2003 Aquarius enters into a 50:50 pool and share agreement with Anglo American Platinum aimed at doubling output. This agreement was effective November 2003 and included an off-take agreement with Anglo Platinum for the Mineral Resources covered by the agreement Aquarius Platinum Limited 2005 Second concentrator plant commissioned Aquarius Platinum Limited 2006 Construction of fourth shaft, Kwezi (K5), begins, Marikana 6 Shaft placed on C&M Aquarius Platinum Limited 2008 Production ramp-up at Kwezi began and continued into the following year with a total of four decline shafts in production Aquarius Platinum Limited 2011 Development of a fifth shaft, K6, was started Aquarius Platinum Limited 2012 Marikana 4,5 shafts placed on C&M Aquarius Platinum Limited 2013 The extent of the resource included in the PSA agreement was extended, thus further prolonging Kroondal's LoM Aquarius Platinum Limited 2015 Production ramp-up at K6 completed Aquarius Platinum Limited/ Sibanye-Stillwater 2016 Sibanye-Stillwater acquired a 50% stake in Kroondal following the acquisition in full of Aquarius Platinum Limited on 12 April 2016 Sibanye-Stillwater 2017 Commencement of operations under Sibanye-Stillwater Sibanye-Stillwater 2021 Optimisation of mine boundaries between Bathopele (SRPM), K6 and Kopaneng (Kroondal) and deepening of the Kroondal East complex (Kopaneng and Bambanani) into Siphumelele ground resulted in an extended LoM for Kroondal as part of the new agreement between AAP and Sibanye-Stillwater Sibanye-Stillwater 2021-22 A 50:50 PSA was reached in 2021 with Anglo American Platinum that allows Kroondal to mine into the Rustenburg mining right situated down-dip of the original PSA agreement area. In 2022 Anglo American Platinum agreed to Sibanye-Stillwater taking full ownership of Kroondal upon the conclusion of certain commercial agreements. Meccano Feasibility Study is being advanced Sibanye-Stillwater 2022-2023 Klipfontein UG2 Open Pit comes into Production. Meccano Feasibility study is being revised Sibanye-Stillwater 2024 Klipfontein UG2 Open Pit extension approved

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 Kroondal Operations (Pty) Ltd Company/ Ownership/ Operator Date Activity Sibanye-Stillwater 2025 Amalgamation of Kroondal Operations into SRPM 5.2 Previous Exploration and Mine Development 5.2.1 Previous Exploration The discovery and development of the Merensky Reef in Rustenburg can be traced back to 1925. After intense exploration in the Rustenburg area, the first vertical shaft (West vertical was commissioned in 1928. The Klipfontein Plant (Phase 1) was also constructed in 1928. The Rustenburg operation have been intensively explored by surface and underground exploration drilling, geophysical surveys (airborne magnetic and 3D seismic), trenching and geological mapping carried out over a period of more than 55 years. This intensive exploration has proven the extension of the Merensky and UG2 Reefs to the north-northeast. The acquisition and re-processing of the 3D seismic data over most of the Rustenburg operation, when correlated with drillhole data, has provided a much higher level of confidence in the validity of these interpretations. However different levels of confidence are applicable to different areas, reflecting the amount of mining or exploration work undertaken, and additional exploration drilling will be necessary for some areas to increase confidence in resource modelling ahead of future development beyond the current LoM plan. There has been a significant decline in surface exploration drilling over the past five years. However, exploratory visits are conducted in previously mined areas to confirm structure and facies. Drilling history is given in Table 16. Drilling information includes cover drilling and structural drilling. It does not include legacy data for which there is no complete/detailed drillhole log captured in the drilling database. 38 Table 16:Drilling History Rustenburg operation Year Total No. of Holes Total Metres Merensky Reef Intersections UG2 Reef Intersections <2000 844 136,337 678 313 2000-2005 2,626 515,426 2,065 838 2005-2010 2,740 635,676 1,769 1,341 2010-2015 1,114 137,679 679 497 2015-2020 902 71,051 674 331 2020-2021 152 12,685 128 49 2021-2022 157 11,842 125 72 2022-2023 125 10,786 93 81 2023-2024 145 11,794 28 117 2024-2025 108 10,283 5 103 Totals 8,913 1,557,275 6,244 3,742 Kroondal operation Year Total No. of Holes Total Metres Merensky Reef Intersections UG2 Reef Intersections <2000 19 2,888 - 19 2000-2005 199 18,057 - 199 2005-2010 164 28,356 - 164 2010-2015 12 4,052 - 12 2015-2020 215 10,557 - 215 2020-2021 80 4,789 - 80 2021-2022 142 15,592 - 142 2022-2023 229 20,054 - 229 2023-2024 29 3,848 - 28 Totals 1,089 108,193 - 1,088 Totals 10,002 1,661,568 - 4,830 5.2.1.1 Aeromagnetic Surveys The entire Rustenburg operation area has been covered by a high-resolution helicopter borne aeromagnetic ('AM') and radiometric surveys, carried out in late 2002 and early 2003 by Fugro Airborne Surveys, on behalf of Anglo-American Platinum, at a line spacing of 50m and a sensor clearance of 20m with results. Various image processing techniques were used to enhance and aid the interpretation of this data and, as shown in Figure 5 this allowed interpretation of major northwest- southeast structural trends and east-west striking faults. In addition, two dominant trends of magnetically susceptible dykes have been recognised; the northwest-southeast striking positively and 39 negatively magnetised dolerite dykes as well as the east-west trending dolerite dykes. The AM data has also assisted with the identification of dunite pipes as well as potential IRUP areas. Experience at the Rustenburg operation has however shown that the dimensions of actual Iron-rich replacement pegmatites (IRUP) at the Merensky Reef and UG2 Reef elevations are commonly smaller than the dimensions of the associated magnetic anomaly. Consequently, the actual IRUPs have a smaller impact on geological losses than suggested by the AM data. Also apparent is the magmatic layering of Bushveld stratigraphy as an indication of the strike of the strata. Figure 5: Aeromagnetic Image Over Rustenburg operation 5.2.1.2 3D Seismics Between 2003 and 2007, three 3D seismic surveys were completed across the Rustenburg operation Lease Area and adjacent regions, with data acquisition undertaken by Compagnie Générale de Geophysique ("CGG"), a French-based company, on behalf of Anglo-American Platinum. The 2003 40 seismic survey was a low-resolution regional survey of the Rustenburg area, while the 2005 seismic survey on the Paardekraal (now Thembelani Mine area) and 2007 seismic survey on the Rustenburg Deeps area (Siphumelele and Khomanani shafts) were high-resolution surveys. These seismic surveys were merged and re-interpreted during the 2007 campaign while also integrating new drillhole information from all areas across the Rustenburg operation. Modelling and interpretation of the merged seismic datasets were carried out by Rock Deformation Research Limited ("RDR"), a company contracted by Anglo-American Platinum. Although the Merensky Reef and UG2 Reef could not be imaged directly, close approximations are provided by near reef reflectors which are laterally persistent and stable across the operation. The modelled UG2 Reef and Merensky Reef surfaces show a very good correlation with drillhole control. The seismic surveys contributed important and precise identification and confirmation of structural patterns and faults, geometry of economic horizons, major/regional depression-like features and larger potholes. This information is of great value in the computation of fault throws and geological reef losses and also provides detailed insights into stratigraphic variations across the property. Isopach estimations for various units show a very good correlation with drillhole observations and give confidence that the seismic widths interpreted indicate real geological variation. This also suggests that the seismic data can be used to support drillhole isopach estimates in areas of low-density drillhole coverage. However, as the seismic model is calibrated to drillhole intersections, the accuracy of predicted elevations tends to diminish away from drillhole control. Seismic surveys targeted the area underlain by Merensky Reef which is limited to the Rustenburg section. No seismic surveys were undertaken over the Kroondal Section which only hosts UG2 Reef.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 5.2.2 Previous Development Table 17 and Table 18 presents details of the historical production and financial parameters in calendar years, 2021 to 2025. Table 17: Historical Production and Financial Parameters- Khuseleka, Thembelani, Siphumelele, Bathopele Item Location Unit Years 2021 2022 2023 2024 2025 Main development Advanced (km) 23 22 23 20 34 Area mined ('000m2) 1,072 1,047 979 1,540 Tonnes milled Underground ('000t) 6,341 6,037 6,073 5,575 10,642 Surface ('000t) 5,712 15,951 15,662 13,892 15,030 Total ('000t) 12,053 21,988 21,735 9,749 25,673 Yield(4E) Underground (g/t) 3.4 3.3 3.41 3,49 2.75 Surface (g/t) 1.1 1 0.82 0.89 0.88 Combined (g/t) 2.3 1.68 1.54 1.63 1.66 4E produced @ 100% Underground (Moz) 0.604 0.554 0.537 0.538 0.846 Surface (Moz) 0.286 0.075 0.136 0.118 0.108 Total (Moz) 0.672 0.628 0.673 0.656 0.955 Operating Costs(4,5) Underground (R/t) 957 1,085 2,075 2,400 2,008 Surface (R/t) 1,161 1,227 247 249 258 Total (R/t) 1,249 1,377 1,207 1,345 1,446 Operating Costs(4,5) (US$/4/2Eoz) 1,160 1,227 1,151 1,316 1,420 (R/4/2Eoz) 17,151 20,084 21,195 24,112 25,396 All in cost(,5) (US$/4Eoz) 1,131 1,248 989 1,172 1,355 (R/4Eoz) 18,624 18,460 18,204 21,473 24,235 Capital Expenditure(4) (Rm) 1,248 1,377 1,313 1,703 2,283 1. Tonnes are from operations at the time of reporting at the shaft head 2. Ounces and kilograms are based on 4E PGM 3. Yield is in 4E PGM 4. 2025 OPEX and CAPEX includes Kroondal 5. The reason for the All-in-cost being lower than the operating cost are that for the All-in-cost cost the by-product credits (Revenue for Ir, Ru, Ni, Cu, Co, and Chrome) are deducted from the All-in-cost before credits, and the credits are normally higher than the ongoing capital and allocated sundries on top of the operating cost 42 Table 18: Historical Production and Financial Parameters Kwezi, K6, Bambanani, Kopaneng Item Location Unit Years 2021 2022 2023 2024 2025 Main development Advanced (km) 9 9 12 10 Included in Rustenburg Area mined ('000m2) 884 710 569 540 Tonnes milled Underground ('000t) 7,050 5,929 4,993 4,428 Surface ('000t) 0 0 0 0 Total ('000t) 7,050 6,502 5,448 4,704 Yield(4E) Underground (g/t) 2.4 2.4 2.22 1.80 Surface (g/t) 0 0 0 0 Combined (g/t) 2.4 2.4 2.29 1.97 4E produced @ 100% Underground (Moz) 0.453 0.404 0.296 0.260 Surface (Moz) 0 0 0 0 Total (Moz) 0.453 0.404 0.330 0.281 Operating Costs Underground (R/t) 896 1,049 1,282 1,392 Surface (R/t) 0 0 0 0 Total (R/t) 896 1,049 1,282 1,392 Operating Costs (US$/4/2Eoz) 943 1,033 1,146 1,291 (R/4/2Eoz) 13,941 16,907 21,111 23,642 All in cost (US$/4Eoz) 875 948 1,062 1,188 (R/4Eoz) 12,943 15,514 19,549 21,757 Capital Expenditure (Rm) 268 373 307 504 43 6 Geological Setting, Mineralisation and Deposit This section contains descriptions of the regional geology of the Bushveld Complex (BC), descriptions of similar deposits in other locations and a brief outline of the major components of the property geology. 6.1 Regional Geology The majority of the world's PGM resources are located in Southern Africa, which accounts for over 80% of global PGM resources. Most of these are contained in the BC. The BC (Figure 6) is approximately 2,060 million years old. Its mafic to ultramafic rock sequence, the Rustenburg Layered Suite (RLS), is the world's largest known mafic layered intrusion. In addition to PGMs, extensive deposits of iron, tin, chromium, titanium, vanadium, copper, nickel, and cobalt also occur within different layers of the RLS. The BC extends approximately 450km east to west and approximately 250km north to south. It underlies an area of some 67,000km2, spanning parts of Limpopo, North West, Gauteng, and Mpumalanga Provinces in South Africa. The RLS which was derived from the differential crystallisation of multiple magma injections, occurs geographically as five discrete compartments termed "limbs," three of which are being exploited for PGMs. These are the Western, Eastern, and Northern Limbs. The Rustenburg operation is located on the Western Limb (Figure 7). The RLS comprises rocks ranging from dunite and pyroxenite through norite, gabbro and anorthosite to magnetite- and apatite-rich diorite. The RLS is subdivided in terms of a mineralogically based zonal stratigraphy into five principal zones. 44 Figure 6: Geology of the Bushveld Complex, South Africa

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 Figure 7: Geology of the Western Limb of the Bushveld Complex, South Africa From the bottom of the sequence to the top (Figure 8), these zones are the 1) Marginal Zone, 2) ultramafic-rich Lower Zone, 3) mafic-rich Critical Zone which hosts multiple chromitite and PGM layers, 4) a mafic-rich Main Zone consisting mostly of gabbro-norites and norites, 5) and the final Upper Zone derived from the crystallisation of iron-rich residual fluids. The RLS varies in vertical thickness, reaching up to 8km in places with some individual layers traceable for over 150km. However, the PGM bearing reefs are typically only 0.3m to 15m thick, although much greater thicknesses are recorded in the Platreef of the Northern Limb. In the Eastern and Western Limbs, the Critical Zone contains the two principal PGM-bearing reefs: the Merensky Reef and the UG2 Reef. Mineral Resources and Mineral Reserves are reported for both the Merensky and UG2 Reefs which are the primary PGM and base metal sources mined at the operations. 46 Figure 8: General Stratigraphic Column of the Rustenburg Layered Suite 6.2 Deposit Types PGM reef-type deposits are predominantly magmatic Ni-Cu-PGM systems hosted by large layered mafic-ultramafic intrusions. In these deposits, platinum group metals are the principal economic products, while nickel, copper, cobalt and chromium are commonly by-products. They generally contain low sulphide contents and occur as laterally persistent stratiform horizons or "reefs" that can be traced once intersected. Their formation is linked to mantle-derived magma that intrudes the crust, undergoes contamination and cooling, and reaches sulphur saturation, allowing immiscible sulphide liquids to concentrate Ni, Cu and PGMs within mafic to ultramafic host rocks. The Bushveld Complex the Stillwater Complex, the Great Dyke are classic examples of layered intrusion-hosted PGM mineralisation. The BC remains the most significant global example, with the Merensky and UG2 Reefs in the Critical Zone hosting the world's largest platinum and chromite resources. At Stillwater, the economically important J-M Reef occurs in the Lower Banded Series as a relatively continuous olivine-rich horizon that extends for about 36km and averages roughly 2m in thickness. In Zimbabwe's Great Dyke, economic mineralisation is concentrated mainly in the Main Sulphide Zone, with the Lower Sulphide Zone representing a thicker but lower-grade unit. 47 Norilsk and Sudbury illustrate important variations on the broader Ni-Cu-PGM theme. In the Norilsk Province, mineralisation is associated with layered ultramafic intrusions emplaced within a large volcanic sequence, but the ores are more variable than the reef-style deposits, ranging from massive to disseminated sulphides. The massive sulphide bodies are the most economic and are notable for high nickel content and strong palladium enrichment. Sudbury is distinct because it is impact-related rather than a conventional layered intrusion; mineralisation occurs in contact zones, footwall breccias and radial dykes around the impact structure, and mining is directed primarily at nickel and copper with PGMs recovered as by-products. Taken together, these deposits demonstrate that Ni-Cu-PGM mineralisation is overwhelmingly associated with mafic-ultramafic magmatism, although the geometry, continuity, grade distribution and economic drivers differ between districts. The Bushveld, Stillwater, and the Great Dyke are dominated by stratiform reef-style mineralisation with relatively predictable continuity, whereas Norilsk and Sudbury contain more variable ore morphologies and stronger base-metal characteristics. This comparison provides a concise framework for understanding the principal geological controls on the world's major Ni-Cu-PGM deposit types. 6.3 Local and Property Geology 6.3.1 Stratigraphy The recognised stratigraphy underlying the Rustenburg operation comprises the Main and Critical Zones of the RLS. The stratigraphy of the RLS, as formalised by the South African Committee for Stratigraphy (SACS, 1980), is used in this report. The Main Zone predominantly comprises gabbro–norite and norite rock types, whereas, in the Upper Critical Zone, pyroxenite, norite, anorthosite, and chromitite lithologies are found. The Upper Critical Zone stratigraphy of the RLS, which contains the units of economic interest, the Merensky and UG2 Reefs, comprises well-developed cyclic units divided into six sub-units as follows (Figure 9): • Bastard Pyroxenite • Merensky Reef • Merensky Footwall • UG2 Hangingwall • UG2 Chromitite Layer/Reef • UG1 Chromitite Layer Section 6.3.3, Figure 11 shows the dip cross-section through the reefs. In Rustenburg operation, there are local variations in the thicknesses of individual stratigraphic units within the Boschfontein farm in the far west and the Hoedspruit farm in the east. The Giant Poikilitic Anorthosite (GPA) generally defines the start of the Critical Zone, which normally occurs 5m to 10m above Bastard Pyroxenite and approximately 20m to 25m above Merensky Reef. The GPA is normally about 7m to 10m in thickness. 48 Figure 9: General Stratigraphic Column of the Local Geological Succession After Smith et al 2004 6.3.2 The Mineralised Horizons 6.3.2.1 Merensky Reef The hangingwall of Merensky Reef comprises medium-grained pyroxenite, which grades into a fine- grained melanorite (Hangingwall 1 – HW1) grading into norite (HW2) and a poikilitic anorthosite which is termed HW3. These three units are situated below the Bastard Pyroxenite with thicknesses ranging between 100cm and 300cm. Merensky Reef is underlain by the norite/leuconorite and a thin anorthosite layer which is approximately 10cm to 20cm thick, which is in turn underlain by norite with a layered texture. The norite is separated into sublayers of anorthosite and pyroxenite. Several stratigraphic markers exist in the footwall stratigraphy of Merensky Reef, namely, Footwall marker, Brakspruit marker, Pioneer marker, and a Boulder Bed. The Boulder Bed is a poikilitic anorthosite

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 layer with thicknesses ranging between 10cm to 20cm. The elongated coarse-grained pyroxenite boulders, which are often pegmatoidal in texture, occur within the layer. The style of occurrence of the Merensky Reef is affected by several geological features throughout the Western Limb of the BC. The mineralisation thickness varies on a local scale. The stratigraphic definition of the physical geology of normal Merensky Reef is a pegmatoidal feldspathic pyroxenite layer bounded by the top and bottom chromitite stringers. On average the thickness of this stratigraphic unit varies between 5cm to 60cm over large areas. Where this unit reaches thicknesses up to 1,500cm, the bottom chromitite layer is poorly developed or even absent. In this case, the texture of the pegmatoidal pyroxenite becomes patchier due to the presence of fine- grained pyroxenite. The lower zone of the thicker Merensky Reef becomes less mineralised and often serpentinised. 6.3.2.2 UG2 Reef The UG2 Reef includes the Main and Leader Seam chromitites and the UG2 pyroxenite parting. Overlying the UG2 Main Seam is an unmineralised pyroxenite layer, locally termed the pyroxenite parting or simply parting (UG2P). Above the pyroxenite parting (UG2P) another chromite layer, the UG2L, locally referred to as the Leader Seam, which is the topmost mining mineralised lithological unit. The thickness of the Main Seam ranges from 65cm to 80cm, whilst the pyroxenite parting varies from 10cm to 400cm and the Leader Seam thickness varies from 12cm to 25 cm. In areas where the pyroxenite parting is too wide (greater then 250cm), then only the Main Seam is exploited. The UG2 Main Seam and UGL display a mottled appearance due to the presence of large bronzite crystals within the chromitite. UG2 Main Seam The UG2 Main Seam is chromitite rich, but lower in gold, copper, and nickel values compared to Merensky Reef. It is consistently developed in the RLS, occurring vertically between 90m to 150m below the Merensky Reef in the Rustenburg operation. The UG2 Reef dips in a northerly direction. The hangingwall to the UG2 Reef is a 6m to 7m thick feldspathic pyroxenite interlayered by a succession of multiple chromitite layers that are referred to as Leader Seam and triplets layers. The Leader Seam The Leader Seam is a chromitite band that is approximately 15cm thick. The stratigraphic separation between the Main Seam and the Leader Seam is a feldspathic pyroxenite with a vertical thickness ranging between 20cm to 250 cm. The Triplet Chromitite Layers These chromitite layers above the Leader Seam are interlayered with feldspathic pyroxenite. This succession is between 30cm to 70cm thick. The triplets are found between 2m to 10m above the UG2 Main Seam. The variation in the separation between chromitite layers and the UG2 Seam affects the mining of the UG2 Reef. The UG2 Main Seam, Leader Seam and triplets layers are variably separated in thicknesses 50 which results in thinning and thickening of the stratigraphic package. The geotechnical consideration is where the separation distance between the Leader Seam and the Main Seam is less than 30cm. The geotechnical beam for a stable hangingwall to the mining excavation is required to be greater than 30cm thick. Underlying the UG2 Main Seam is the pegmatoidal feldspathic pyroxenite which varies in thickness from a few centimetres up to 200cm. The normal footwall stratigraphy comprises pegmatoidal pyroxenite, which is in turn underlain by a succession of norite, pyroxenite, and anorthosite. The UG2 Main Seam is occasionally unconformably underlain by norite footwall. For the UG2 Reef, the number and position of the chromitite layers associated with the pyroxenite hangingwall stratigraphy determine the geozone definition. In-situ mineralisation of the UG2 Reefs is captured by the definition of geozones (Section 11.1.2). 6.3.3 Structure The UG2 and Merensky Reefs form an east-west trending open arc, with a strike varying between 90° in the east to 145° in the west. The general dip of the reef is 9° to 10°. The middling between UG2 Reef and Merensky Reefs varies between 90m to 150m. The dip of the encompassing regional stratigraphy also varies between 9° and 10° with a general east-west strike direction. On the farm of Paardekraal, the dip decreases locally between 1° to 5° and increases to between 15° to 30° along a monocline trending east-west at depth. The dip decreases from 3° to 7° across the farms of Klipgat and Turffontein, also roughly striking east-west. Localised geological discontinuities associated with the Merensky and UG2 Reefs include potholes, faults, joints, shears zones, dykes, and IRUP bodies. These are the main structures that impact the material asset. The structure map is shown in Figure 10. Figure 11 shows a typical cross-section of the reefs in the Rustenburg operation. 51 Figure 10: Structural Interpretation of the Rustenburg operation 52 Figure 11: A Down Dip Cross-section Showing Merensky and UG2 Reefs (S-N) 6.3.3.1 Faults The Qualified Person has defined faults in Figure 10 that transect the mining operation, i.e., the Hex River fault, which is a prominent structure. Low angle faults exist which have very small displacements but are very important to understand to ensure correct hangingwall support recommendations. At depth, the farms of Klipgat and Turffontein have various strike-orientated faults trending in a west- northwest to east-southeast direction with varying throws. The F-series faults are boundary faults: F1 faults have throws of up to 350m, whereas the F3 faults have throws of up to 120m. The F1 and F3 faults constitute the boundaries of a regional graben structure. The Turfontein shear cuts across the eastern Kroondal Sections and is a fault zone with multiple faults of various throws with both strike and dip displacements. 6.3.3.2 Dykes Post-mineralisation dykes of various scales are prominent across the operations. These structures typically define strike mining limits as well as influence reef continuity. Dyke occurrences are between 1cm and 30m wide. They have steep dips varying between 70° and 90°. Dykes may be water-bearing. 6.3.3.3 Potholes The term Pothole is applied to features that affect the Merensky and the UG2 Reef and refers to the downward transgression of the reef through single or multiple underlying footwall layers, only to stabilise (unless catastrophic, which occurs sporadically) on a specific footwall layer, lower than the original or normal stratigraphic position. The hypotheses for pothole formation involve several mechanisms,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 including downward erosion, upward fluid movement, or syn-magmatic deformation (Watson et al., 2021). Potholes associated with the Merensky and UG2 Reefs are generally observed as semi-circular features. They vary in size from a few meters to hundreds of meters in diameter. The depth of the potholes is highly variable. There is no clear-cut relationship between the depth and the size of potholes. To a certain degree, the following the relationship between the dip and size of potholes has been observed: the steeper the dip of the pothole, the smaller the size. Potholes and certain steep dipping roll structures in the reef result in geological losses. Schematic sections in Figure 12 and Figure 13 below describe the type of potholing of the UG2 Reef. Similar structures are found on the Merensky Reef. Various complementary geological datasets define two major slump structures namely the Brakspruit pothole in the eastern section of the Rustenburg operation and Regional Depression within Thembelani 2 Shaft area and Paardekraal farm which has a diameter of 1.5 km. Both Merensky and UG2 Reefs are affected by these features. Figure 12: Example of a Shallow Dipping Pothole Associated with the UG2 54 Figure 13: Example of Deep Potholing Associated with the UG2 6.3.3.4 Iron-rich replacement pegmatites (IRUP) Iron-rich replacement pegmatoids (IRUP) comprise a suite of coarse crystalline, and unconformable replacement bodies, which occur throughout the BC. They range from small, irregular, and vein-like features, to large sheet-like bodies up to hundreds of metres across, and pipe-like plugs up to 1.5km wide (Figure 14). Within the operations, different levels of IRUP replacement occur but it is only the total replacement of the Merensky Reef that causes large difficulties, as lithological units become unrecognisable. IRUP replacement is typically pegmatoidal, often containing high levels of titanium rich magnetite (Reid and Basson, 2002). Close to the IRUPs the UG2 may be partially replaced but is still recognisable. The UG2 Reef is not replaced where the IRUP only affects the hangingwall or footwall stratigraphy. However, the mineralogy of the reefs is changed due to the high temperature, high pressure, and volatiles associated with the replacement process which reduces plant recoveries of the PGM assemblage. 55 Figure 14: IRUP (red) Unconformably Cut Across the Layered Lithological Sequence 6.3.4 Mineralogy 6.3.4.1 Merensky Reef The Merensky Reef mineralogy comprises major silicate minerals: pyroxene, plagioclase, and biotite. These minerals form secondary minerals such as talc and chlorite in structurally disturbed and weathered areas. PGM mineralisation is closely related to thin chromite layers (1mm to 5cm thick). PGM and sulphide mineralisation can also occur in the immediate footwall rocks. The dominant platinum group minerals are ~30% Pt-Pd sulphides (braggite-cooperite), ~11% PGM tellurides and arsenides, ~6% sperrylite and minor PGM alloys. Platinum group mineral grain sizes have two size ranges in the Merensky Reef: 10µm to 30µm and 50µm to 350µm. The platinum-group minerals of the Merensky Reef occur in three textural associations: • Enclosed in or attached to base metal sulphides (38% to 97 %). This is a common occurrence on the western limb • Enclosed in silicate (3% to 62%) and further north along the western limb past the regional Swartklip facies (62%) • Enclosed in/or attached to chromite or Fe-oxide 6.3.4.2 UG2 Reef The UG2 Reef is composed of 60% to 90% (by volume) chromite, 5% to 25% orthopyroxene, 5% to 15% plagioclase and accessory amounts of other minerals, including clinopyroxene, base metal and other sulphides, platinum-group minerals, ilmenite, and magnetite. The UG2 Reef often has a mottled 56 appearance due to the presence of large poikilitic bronzite crystals. The UG2 Reef contains much less sulphide minerals compared to the Merensky Reef. The base metal sulphides are predominantly pentlandite, pyrrhotite, pyrite and chalcopyrite. PGM minerals identified in the UG2 are Cooperite, Laurite, Braggite, Sperrylite and Pt alloys (Pt-Fe & PT-As). Platinum group mineral grains in UG2 Reef can be classified into one of the following categories according to their textural setting: • Locked in base-metal sulphide • Locked in chromite • Locked in silicate • At grain boundaries of base metal-sulphides, silicates and chromite 7 Exploration This section contains descriptions of data used for the Mineral Resources estimate. 7.1 Exploration Data The Rustenburg operation is an established mining operation in a mature mining district. There are no greenfields exploration programs associated with this operation. However, underground (brownfield) evaluation drilling and ad hoc surface definition drilling continue. New geophysical surveys and non-drilling exploration are not relevant to the property at this stage of development, but all the historic surface drilling and geophysical surveys, as described under Section 5.2.1.2. is still used to help interpret structure and resource extent. 7.2 Geophysical Surveys No geophysical surveys have been flown over the property recently. No gravity surveys had been conducted over the property recently. A brief description of historical aeromagnetic and 3D seismic surveys is given in Sections 5.2.1.1 and 5.2.1.2. 7.3 Topographic Surveys The topography in the lease areas is well mapped from historical surveys. There have been no new surveys related to exploration recently. Recent changes to the surface topography will not affect the geological interpretation or infrastructure. Drone surveys are flown regularly over the property for monitoring and updating surface information. 7.4 Exploration and Mineral Resource Evaluation Drilling Result of the infill and underground drilling are the drilling are incorporated into the current geological models to refine the mining plans there are no separate results or interpretations to report.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 7.4.1 Overview The geostatistical evaluation models are based on surface and underground drillhole data together with underground channel sample data. Surface diamond drillholes, drilled to depths of up to 2,000m, generally intersect the reef horizons at near-vertical angles and were historically completed on irregular grid spacings of approximately 50m to 2,000m (Figure 15), depending on exploration strategy, depth, and geological uncertainty. Extensive drilling by previous owners resulted in most areas being classified as Measured Mineral Resources, and subsequent surface infill drilling has therefore been undertaken only on an ad hoc basis to refine geological, grade, structural, and facies models where underground drilling is unsuitable. Underground infill drilling, once access is available, is typically completed from haulages and crosscuts at 30m to 100m spacing for geological and structural definition, particularly pothole delineation, but is not used directly for Mineral Resource estimation at Rustenburg. Historical surface drill samples up to 2015 were analysed by SGS Laboratories, while channel samples and current operational samples are analysed by Marikana Laboratory Services, a SANAS-accredited laboratory. Sample sections are captured in the SABLE database, where spatial validity is checked, supported by planned and unplanned QA/QC observations and formal approval steps before final acceptance Rustenburg operation Drillhole Inventory A total of11,746 drillholes are included in the drillhole dataset. These can be divided as follows: • 7,064 drillholes (including deflections) are derived from surface drilling campaigns up to 2025 • 6,658 drillholes are derived from underground drilling intersections that were sampled and assayed • 1,926 drillholes were removed due to geological disturbances, i.e., potholes, faults, IRUP, etc • 760 drillholes were removed due to specific validation errors detailed in the data processing macros • 2,287 drillholes were removed due to other reasons, e.g., cover holes or flat dipping holes < 60 degrees that could not be accurately corrected for length compositing • 171 drillholes were excluded from Mineral Resource estimation due to historical problems • 6,602 drillholes (including deflections) in the SABLE database are authorised and validated for Mineral Resource estimation A single surface hole may have several deflections. Each deflection/intersection is counted as a "drillhole" for the purposes of reconciliation. Rustenburg operation Underground Channel Sampling • A total of 9,373 intersections is included in the total estimation dataset and these can be derived as follows: • 1,215 sections were added between 2023 and 2025, and 178 of these were removed due to validation errors • 87 channels were added for the Merensky while 1,128 were added for the UG2 Reef 58 Kroondal TSFs A total of 178 holes were drilled on the three Kroondal TSFs in 2020, at a nominal grid of 100m X 100m. 7.4.2 Planned Evaluation Drilling for 2026 Table 19 represents the planned surface and underground drilling that will be carried out at Rustenburg in 2026. Drilling metres and costs shown represent the actual underground and surface drilling quantities for all Rustenburg shafts for 2024 and 2025. Table 19: Rustenburg Evaluation Drilling Costs Exploration (WC & Capital All Reefs) 2026 Plan 2025 Actual 2024 Actual Meters Planned R Million Meters Drilled R Million Meters Drilled R Million Khuseleka UG 3,900 5.4 2,132 3.0 2,163 2.9 Thembelani UG 6,100 5.5 2,931 3.8 3,028 2.6 Siphumelele UG 4,200 3.8 1,839 2.1 1,855 2.4 Siphumelele Surface 1,792 7.6 0 0.0 0 0.0 Bathopele UG 6,600 8.7 6,374 7.2 4,902 5.7 Bathopele Surface 841 2.7 621 2.2 872 3.1 Kwezi UG 2,220 1.9 1,456 1.2 1,083 0.9 Kwezi Surface - - 1,018 3.2 0 0.0 K6 UG 840 0.6 920 0.8 728 0.7 K6 Surface - - 663 2.5 0 0.0 Kopaneng UG 2,319 2.9 2,079 2.4 982 0.9 Kopaneng Surface 1479 4.4 0 0.0 0 0.0 Bambanani UG 2,040 1.7 2,085 2.2 1,793 1.9 Bambanani Surface 2,115 6.2 0 0.0 3,343 9.9 Klipfontein Surface 0 0.0 0 0.0 260 0.6 Total 34,446 51.4 22,118 30.6 21,009 31.6 Surface exploration diamond drilling is planned for Rustenburg operation at Bathopele Shaft, Siphumelele Shaft, Kopaneng Shaft and Bambanani Shaft, mainly as infill drilling where historical surface exploration drilling was sparse to firm up geology in these areas due to structural complexities as well as enhance the Mineral Resource models. Underground exploration/evaluation drilling is carried out on a standard pattern once development has taken place at the three conventional shafts (Khuseleka, Thembelani and Siphumelele). At the mechanised shafts (Kwezi, K6, Bathopele, 59 Kopaneng and Bambanani Shafts), drilling is mainly on the reef plane and is primarily prospect drilling for structural interpretation and delineation of frequent potholes structures. An overview of all drilling is given in Figure 15 and Figure 16. Figure 15: Overview of Surface Drillholes 60 Figure 16: Overview of Kroondal TSF Drillholes 7.4.3 Drilling Methods 7.4.3.1 Surface Surface drilling is currently taking place as outlined above. The drilling pattern in a typical hole is shown in Figure 17. It consisted of a motherhole, and short deflections to acquire a minimum of three acceptable intersections per reef. Horizontal distance between the mother hole and deflections were generally 10cm to 20cm between intersections. In cases of adverse drilling conditions, more than four deflections may be drilled. The typical steps would start with a drillhole start note prepared showing the hole identification, collar position, planned depth, and any potential underground intersections. The collar is set out by the responsible geologist using GPS, the site is established and demarcated in accordance with approved procedures, and the collar is surveyed to determine accurate X, Y, and Z coordinates. Drilling starts with a large-diameter open hole through overburden and weathered material to bedrock, after which the hole is reduced to core size and advanced until the target reef is intersected or the hole is

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 abandoned if unsuccessful. Once the reef is intersected, drilling generally continues for a further 50m to complete the mother hole, after which downhole and any required geophysical surveys are undertaken. Additional reef intersections are commonly obtained by wedging, whereby successive deflections are drilled from the mother hole and identified as D1 to Dn; under normal conditions, four deflections are typically planned. All reef runs are drilled at TBW core size. On completion, the rods are removed, the upper hole is plugged or cemented, recoverable casing is removed, and the site is rehabilitated and capped or marked to the landowner's requirements. Figure 17: Schematic Vertical Section of a Typical Surface Drillhole 7.4.3.2 Underground Drilling Underground diamond drilling is undertaken for three main purposes: cover drilling, short exploration holes, and mining support holes such as drain holes and geophone holes. Cover drilling comprises flat to slightly inclined holes drilled ahead of mining to detect water and flammable gas that could pose safety or operational risks. An annual digital plan of all development ends is prepared for each shaft and submitted to the DMPR, with shafts divided into hydrological or risk areas based on geology and historical water intersections. The required cover standard for each area is defined on the water plan and may comprise single or double staggered cover-hole patterns, while certain excavations close to haulages are deemed to be already in cover. 62 Short exploration holes are drilled from underground workings to intersect the target reef or, where required, to investigate geological structures such as dykes and faults. These holes are typically limited to about 120m for air-powered drilling and 250m for hydraulic drilling, usually provide only one reef intersection per hole, and are generally spaced to give intercepts near raiseline tip positions at approximately 30m to 50m intervals, often from an excavated bay alongside the haulage serving the reef. These holes are normally not surveyed downhole, although collars may be surveyed where necessary. Where significant water or gas is intersected, the flow is either controlled under managed conditions or sealed at source by a specialist contractor appointed on behalf of Sibanye-Stillwater. 7.4.4 Core Logging and Reef Delineation For both drillhole and underground diamond saw-cut channel samples, the Rustenburg operation has a comprehensive standard defining the specific methodology for sampling, which is designed to ensure as far as possible unbiased and representative samples as well as to ensure the consistency of the sampling. 7.4.4.1 Surface Historical Drilling procedures were largely as follows. At the time of drilling, all drillhole core, whether recovered from surface or underground drilling was logged and sampled. After each drill run, the core was removed from the core barrel and placed in an appropriately sized tray for transport to the operation's core yard, where it was cleaned and marked with run depths, drillhole identification, metre marks, and any recorded core loss; this initial mark-up was undertaken by the drilling contractor before the core was transferred to permanent trays. The geologist then checked the core for cleanliness, fit, orientation, continuity, and stratigraphic correctness, confirmed core loss or gain and the start of BQ core, investigated any unexplained lithological changes, and resolved discrepancies with the diamond drill foreman where necessary. Major stratigraphic units, including the hanging wall and footwall contacts of the UG2 and Merensky reefs, were identified before detailed geological logging was completed manually on the prescribed log sheets using the required SABLE codes, with dip measurements recorded as alpha angles and all work carried out in accordance with applicable safety procedures. Logging and sampling are captured directly into the SABLETM Database. All quality control analysis on logging is carried out via standard routines in SABLETM and assays via Excel templates and once authorised, drillhole data is exported to an Excel spreadsheet. 7.4.4.2 Underground Channel Sampling Within underground workings, reef exposures are sampled by channel sampling across development faces using a rotary saw fitted with diamond-tipped blades. A representative section of each reef intersection is recorded in the field book, with sample numbers shown sequentially from footwall to hanging wall. Sampling intervals vary by shaft, reef facies, and mining method: for the UG2 Reef, samples are generally taken at 30m intervals on dip, while for the Merensky Reef they are taken at 5m intervals on dip at the western shafts and 10m at the eastern shafts. Channels are cut perpendicular to the reef plane and positioned relative to survey pegs, with the reef subdivided according to a defined sampling pattern so that individual samples, typically 10cm to 20cm in length and not less 63 than 10cm at the contacts, reflect the internal reef geometry; sample masses are generally in the order of 500g to 1,000g. Sampling data is captured in linked databases, with field data entered into MRM, validated spatially and geologically in MineRP, transferred to MES for assay management and QC, populated with assay results from LIMS, and, once accepted, extracted from MRM as authorised location and assay data in standard CSV format. 7.4.4.3 Quality Control in Drilling. Drilling quality control has been an established part of both historical and current drilling practice for many decades. Typical controls are aimed at preventing errors such as mixed or misplaced core, unrecognised core loss, poor recovery in friable or voided ground, and incorrect depth marking. These risks are mitigated through careful checking that core pieces fit together and that lithological and stratigraphic continuity is maintained, close control during transfer from core barrel to tray and from tray to sample bag, recording and reconciling core loss, cementing and redrilling where ground conditions require it, verifying measuring tools, and conducting regular reviews and increased supervision to ensure that recorded depths and drilling intervals are accurate. 7.5 Survey Data Typically, two survey types are required for each drillhole; these are: • Collar survey • Downhole survey Collar surveys for surface holes are usually carried out by a qualified land surveyor, either using trigonometric beacons and triangulation (historical practice) or, lately by using a differential GPS System. Location accuracy is within the 10cm range. Collar surveys for underground holes are usually taken from the nearest survey underground peg and measured using tapes and a clinorule. Location accuracy is probably of the order of 20cm. Downhole survey methods have changed over the lifetime of the mine. Generally, the most up to date methods were used. This has included acid bottle, photographic downhole, and gyroscope surveys. The QPs are satisfied with the surveying methodology at the Rustenburg operation. These activities are performed by trained surveyors who have sufficient experience with this type of orebody and mining method. The surveys are deemed to be of sufficient quality for use in Mineral Resource estimation. 7.6 Density Determination 7.6.1 Underground Drillholes and Channel Samples All surface exploration holes and underground channels reef intersections densities are determined in the laboratory using a gas pycnometer. The QPs are aware of the potential overestimation of tonnage and metal content by up to 3% due to the use of the pycnometer density. The defaults were determined by carrying out a classical statistical analysis per stratigraphic unit (length and density weighted). The following default mean densities were applied: 64 • UG2 Leader Seam - 3.60t/m3 • UG2 Leader Seam Parting - 3.10t/m3 • UG2 Main Seam – 3.99t/m3 • UG2 Footwall - 3.36t/m3 • UG2 Norite - 2.80 -t/m3 • Merensky Hangingwall - 3.29t/m3 • Merensky Reef - 3.22t/m3 • Merensky Footwall - 2.97t/m3 7.6.2 Tailings Storage Facility A default density of 1.7t/m3 was used for the compositing process. This density has been used for all tailings dam calculations by the survey department on the Rustenburg TSFs for over the last 20 years. This density gives the best reconciliation between the calculated and treated tonnes for historic and current tailings dams across the Rustenburg operation. 7.7 Underground Mapping Underground mapping is undertaken on a routine basis and covers all major development tunnels as well as those that have intersected reef or are designed to expose reef. This mapping is plotted at 1:200 scale on a mapping report and later digitised onto Microstation. The principal objectives of underground mapping are to: • Identify and record the positions of faults, dykes and any other disturbances in a working place, so that projections can be made ahead of the face and/or up to the reef plane • Record the thickness and nature of the reef so that facies trends can be delineated and later reconciled with sampling data • Record and bring to the attention of the Mining Department any areas where reef remains in the hanging or footwall of the stope and/or new geological structures identified Mapping is carried out continuously, using a set of documented procedures, and plans updated as data is collected. 7.8 Hydrological Drilling and Testwork 7.8.1 Geohydrological Analysis and Pumping Two main aquifer types exist in the area: • A shallow aquifer, which lies within the weathered and fractured zone and • A deep aquifer, which has developed in through secondary fracture and fault zones These two are discussed separately and in more detail in the following sections. Most of the studies were conducted more than 15 years ago, and information on laboratories, testing and analyses were not reported and the information is not available to the QPs. The QPs do not have

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 access to the original hydrological study results. There is sufficient information from ongoing mining to adequately characterise the hydrological environment. Shallow Aquifer The water level of this aquifer is often shallow and may daylight as springs occasionally when intersected by barriers such as topography, dykes and basement highs in valleys and topographic lows/depressions. This aquifer is important as it often acts as a pathway for contaminants migrating from surface (anthropological) activities to surface water bodies such as rivers/dams/streams. Deep Aquifer The groundwater flow occurrence within the area of the site is contained in intergranular interstices and fractures (with expected yields ranging from 0.5 l/sec – 2.0l/sec to 2.0 l/sec – 5.0l/sec) within the rock mass. The aquifer associated with these geological units is classified as a minor aquifer system with a low vulnerability of groundwater contamination, variable groundwater quality, and a negligible permeability for groundwater flow. Dolerite and/or granite intrusions usually act as an aquitard and compartmentalise the groundwater regime. Highly conductive groundwater flow paths are expected at intersections of fracture zones or in transition/contact zones between the host rock and the intrusions. The faulted and fractured contact zones interconnect the strata, both vertically and horizontally into a highly heterogeneous and anisotropic unit. The mafic intrusive norite that outcrops over most of the Rustenburg operation is characterised by weathering in the first few meters from surface – usually between zero and 20m deep. Extensive mapping and related geological field work indicate that weathering follows a broad pattern due to regional stresses and deformation with weathered basins mostly orientated in north-west by south-east trending valleys. The more permeable weathered areas form elongated basins of weathering with un-weathered ridges in between, meaning that preferred flow paths are seldom very long (few tens of meters) in extent. Where no weathering and associated fractures/fissures occur, the norite rock matrix is virtually impervious for groundwater flow. Groundwater flow and mass transport is thus directly dependent on geological structures (open fractures/fissures/joints) and weathering of the mafic intrusive rocks. Although flow and mass transport can be significant within a significantly weathered area, the areas are confined by unweathered, low permeability zones which act as natural containment features. For this reason, relatively small volumes of water reports to underground operations through fissures and pumping systems are mainly purposed to recirculate water for production purposes. The systems are adequate to prevent operations from flooding during periods where higher water ingress is experienced and well maintained in accordance with a planned maintenance programme. 7.8.2 Groundwater The current groundwater data indicates that the zone of influence from a water quality perspective is largely limited to the source (boreholes located at the TSFs, dirty water dams and waste rock dumps) and plume boreholes (boreholes located within the expected plumes of the TSFs, dirty water dams and waste rock dumps). No dewatering impacts are expected or are highly localised to the shaft 66 areas. Impacts from groundwater contamination may however occur on the adjacent Hex River, Klipfonteinspruit, Klipgatspruit, Paardekraalspruit and a tributary of the Sterkstroom due to the location of the contamination sources within the buffer area, and in some case historical areas of the wetlands. These impacts occur because of ground-surface water interactions. Refer to the Surface Water discussion for further information (Section 17.4.3.2). 7.9 Geotechnical Data, Testing and Analysis All surface and underground exploration diamond drilling core is geotechnically logged. 7.9.1 Data Collection Rock engineering and support designs have been developed using a combination of geotechnical drillcore logging and underground mapping data. Geotechnical drillcore logging is the primary method of gathering rock strength and quality parameters. Geotechnical core logging entails the collection of structural information from the cores. There are many parameters that are recorded during geotechnical core logging, but the following are the main ones; • Depth defining the start of each geotechnical unit • Depth representing the end of each geotechnical unit • Unique identification of each geotechnical unit • Detailed description of the geotechnical feature (type, of plane, number of discontinuities, angle of discontinuity, infill type and integrity, thickness of infill, small scale and large-scale roughness, alteration type) Underground mapping includes scanline mapping techniques, rock mass classification (RMC) data collection techniques, and data collected using drillhole cameras, ground penetrating radars (GPRs), and sub-surface profilers (SSPs). Rock mass classification data is collected regularly during routine inspections. Scanline mapping and geotechnical core logs by rock engineering personnel are done on an ad-hoc basis. Various tests are then commissioned based on the data obtained from drill core runs and the information derived. Samples from drill cores are sent to the laboratory to determine the properties of intact rock and joint walls. Data is collected from laboratories approved by the International Society for Rock Mechanics (ISRM), South African National Bureau of Standards (SANBS) using ISRM testing techniques. It is expected that the laboratories perform all the preparation and testing according to the ISRM standards and procedures. At these laboratories, preparation tools and testing machines are calibrated annually. Samples are typically tested at these laboratories over a number of weeks. Therefore, ad hoc visits to these laboratories are conducted by Sibanye-Stillwater geotechnical staff to visually verify the preparation, calibration, and testing of the samples. In addition, data is also collected and reviewed from various other sources, including academic research institutions, various internal and external research projects, and underground mapping where excavations exist. 67 7.9.2 Testing Methods There are various methods available to test the material strength of rocks. Two of the most valid, reliable, cost effective and easy to use methods are rock quality designation (RQD) and point load index (PLI). The former provides an estimation of rockmass properties, and the latter is designed to give specific rock properties. These are typically conducted as routine tests on site and are performed by site rock engineering and/or geotechnical staff. Where required, International Society for Rock Mechanics and Rock Engineering (ISRM) testing methods are used to assess rock properties at accredited rock testing laboratories in South Africa. These are significantly more expensive than the tests conducted on site and are performed on an ad hoc basis. Typically, during a feasibility study, and/or where the rock engineer is unsure of specific rock strength or stress data for mine design purposes, will these tests be commissioned. Intact core samples are usually required for such tests and should be handled as per the ISRM sample collection and preparation methods. As the rockmass is not homogeneous, a number of samples are usually submitted for testing and these generate a range of values. The laboratory data is then downgraded (according to specific criteria) for underground in-situ representation for mine design purposes. The information is used to calibrate numerical models for the mine design. As the mine design is being executed, monitoring of the excavations is conducted and the data is used to provide a back analysis of the numerical models. Further optimisation can then be done based on the outcomes of these numerical models. This process is used by all rock engineers in the South African Mining Industry. 7.9.2.1 Rock Quality Designation RQD is a standard technique in the mining and engineering industries for the qualitative and quantitative assessment of rock quality using the degree of jointing, fracturing, and shearing in a rock mass. RQD is defined as the percentage of intact drill core pieces recovered that are >10cm for a single core run. Therefore, it is indicative of a measure of the strength of the rockmass and is used for preliminary macro designs. Therefore, low RQDs will indicate low-quality rockmasses which will require additional geotechnical work to understand the rockmass further before any design work continues. Contrary to popular belief, high RQD rockmasses will also generate similar needs for design work as the geophysical and geomechanical properties of rocks and rockmasses are not uniform. The general equation for RQD is expressed as: RQD index (%) = 100 × Σ (Length of core pieces ≥ 0.10m)/(Total length of core run) 7.9.2.2 Point Load Index Summary Point Load (PL) is a test that aims at characterising intact rock strengths. It is an index test, meaning that it can be performed relatively quickly and without the necessity of sophisticated equipment to provide important data on the mechanical properties of rocks. Many more tests can be conducted in this way, as it does not need a laboratory or perfect rock specimens to perform the tests. 68 The test apparatus consists of a rigid loading frame, a loading measuring system, and a simple system of measuring the distance between the two platens. Rock samples are compressed between the platens, which are usually about 1,5-10cms apart, so that various sizes of similar rock materials can be tested. The point load index (I s) is the force needed to fracture a sample of rock between conical points: I s = P/D2, where P is force and D is the distance between the points, both at failure. I s is related to uniaxial compressive strength (approximately equal to I s × 24). As such, this test can be used crudely to infer the rock UCS strength value. It is not used widely. 7.9.3 Geotechnical Rockmass Characterisation The main aim of geotechnical characterisation is to employ the best possible mine design and support the rationale to cater for the varying rockmass conditions. Therefore, the appropriate characterisation of the rockmass is imperative. The Rustenburg operation's Mandatory Code of Practice (MCOP) to combat rockfall and rockburst accidents adopts a geotechnical Ground Control District (GCD) methodology to classify areas of the mine plan with different geotechnical parameters. There are four MCOPs at SA PGM that typically consider depth, type of reef, thickness of the seams and the relative position thereof, hangingwall types and distances to unstable and less cohesive partings; driving forces from joints, major fault zones and shear zones, minor shears and faults, domes, dykes, IRUP, water, pegmatite intrusions, variations in middling between chromitite layers as a result of rolling reefs and potholes, etc. These aspects feed into the geotechnical design of the surface and underground workings. In the deeper reef horizons (>1,000m below surface), some mines undergo strain release from facebursts, rockbursting and seismicity. Geotechnical design and support strategies need to consider these elements in conjunction with the factors mentioned above. In the conventional tabular operations, the UG2 chromitite Main Seam and the overlying chromitite Leader seam, together with the intervening waste parting, form the mineable reef horizon. The thickness of the Main Seam, the waste parting and the Leader Seam varies across the entire property and in most instances the Leader Seam is mined simultaneously with the Main Seam. However, if the width of the feldspathic pyroxenite parting becomes excessive only the Main Seam is mined, in which case, mining is done along the LT Geotech chromitite parting. In the bord and pillar operations, the UG2 chromitite Main Seam and the overlying chromitite Leader seam, together with the intervening waste parting, form the mineable reef horizon. The thickness of the Main Seam, the waste parting and the Leader Seam varies across the entire property and in most instances the Leader Seam is mined simultaneously with the Main Seam; however, if the width of the feldspathic pyroxenite parting becomes excessive only the Main Seam is mined, in which case, mining is done along the LT Geotech chromitite parting. The thicknesses of the individual seams that make up the Doublets are also highly variable, as is the distance between the bands forming the doublets/triplets horizon. Where the doublets are situated less than 0.4m above the top of the Leader Seam, it is mined out, to avoid falls-of-ground.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 The hanging wall of the Merensky Reef is feldspathic pyroxenite, which grades up into a melanorite and ultimately into a norite and a poikilitic anorthosite, before entering the Bastard pyroxenite unit. The pyroxenite is typically 1m to 3m thick. The footwall of the Merensky Reef comprises norite/leuconorite and a thin anorthosite layer, which is underlain by norite. Several stratigraphic markers exist in the footwall (Footwall Marker, Brakspruit Marker, and Pioneer Marker), one of which is the Boulder Bed, a poikilitic anorthosite layer, some 20m below the reef. Instability within both reef horizons is driven by joints, major fault zones and shear zones, minor shears and faults, domes, dykes, IRUP, water, pegmatite intrusions, variations in middling between chromitite layers as a result of rolling reefs and potholes, and seismicity. The majority of the joints are steep dipping. Contributors to major collapses are shallow dipping structures, parting planes and major fault zones. Water generally acts as an accelerator for deterioration in jointed rock mass. The operations mine through dykes and fault zones that outcrop, with some operations in close proximity to the Hex River. Major geological structures such as the Turfontein shear traverse several operations and ground conditions are challenging characterised by blocky and friable rock mass. Cover holes and pilot holes are drilled in all development ends to check for ground water and/or gas. These pilot holes are coverage ahead of the advancing excavations. Cover drilling is also done in sections mining towards or through major structures and large potholes. Methods employed to monitor the middling between the various chromitite partings include borehole inspections using borehole cameras, ground penetrating radars (GPRs) and sub-surface profilers (SSPs). Current mining depth ranges from 75mbs to 1,300mbs, which is technically considered shallow to intermediate depth. However, from underground support performance observations, conditions mimic deep level gold mining operations. At such depth, strategies are aimed at controlling the tensile zone on a regional basis to prevent large scale rock failure and immediate stope hangingwall to prevent local FOGs in the working area. Stress conditions in the deeper shafts range from low to moderately high. Stope closure rates vary widely. Stress levels in the mechanised shafts are low at shallow depth however, undermining of surface structures is a concern. As such, pillars are designed to support the overburden up to the surface. The Rustenburg operation makes use of the Institute of Mine Seismology (IMS) system for seismic monitoring. Seismic events in these mines relate to current mining activities traversing geological features, and most notably in the back areas of the stopes and in the deeper mining areas. Reports on average pillar stresses and pillar factors of Safety are generated on a monthly basis and areas of concern are addressed accordingly. Seismicity is not a concern for bord and pillar operations in the shallower portions of the Rustenburg operation. A tributary of the Hex River, known as the Kroondal tributary, drains to the west across the Kroondal property; however, it is seasonal and a minor contributor to the flow of the Hex River. No adverse interactions between the mine workings and the Kroondal tributary have been experienced or are expected. Hydrogeological investigations have indicated that there are two main aquifer systems present in the Rustenburg orebody: a shallow weathered aquifer between depths of 14m and 22m below surface 70 and a deeper, confined weathered and/or rock aquifer at depths ranging from 24m to 29m below surface. However, mining currently does not extend to 29m below surface. Underground working intersects water only in areas mining through major geological structures. 7.9.4 Geotechnical Results and Interpretation The Rustenburg operation employs widely used empirical techniques (Bieniawski's RMR and Barton's Q rating), rockmasses are classified and included into the GCDs. Both scanline mapping and RMC data are conducted using industry best practices. In the deeper sections of the mine, rock condition factor (RCF) is used to determine the theoretical susceptibility of a particular excavation to damage. This forms part of a suite of geotechnical numerical modelling packages that are used to quantify the susceptibility of excavations to damage and to determine the support strategy to mitigate such hazard. The appointed rock engineer is responsible for overseeing the collection and capturing of the data, as well as the data and back analyses required to run the numerical models. In addition, geotechnical instrumentation data is collected and used as input parameters to the numerical modelling. The modelling assesses the mine design using established, approved and recognised numerical modelling techniques. These are various outputs, including stress states (e.g. sigma 1), energy release rates (ERR) and excess shear stress (ESS), that can be used to pin-point elevated levels of susceptibility and optimise layouts to reduce the susceptibility to damage. The visual evidence of hand samples, observations made underground, the results of selective laboratory testing and data from geotechnical instrumentation, show that the dominant hanging wall and footwall rocks are typical of the Critical Zone rocks found across the western Bushveld. Table 20 summarises their average material properties. Table 20 shows the data for the conventional shafts. The UCS values summarised show that the rocks are of moderate to high strength as per ISRM grading. Norite and anorthosite are of higher strength compared to pyroxenite and hence they tend to be brittle in nature. Table 21 shows the information for bord and pillar mining areas. The UCS values summarised show that the rocks are of moderate to high strength as per the ISRM grading. As we have established, general rockmass conditions are catered for with the use of GCDs. However, in some cases, variations in the middling between the chromitite layers may exist, and data is then collected from surface and underground additional core drilling. This is confirmed using geotechnical instrumentation specific to the investigation required. In the instance of variable stable beam thickness, data from instrumentation is used to refine the original geology isopachs that were historically constructed using surface and underground core drilling. In addition, using underground observations and drill core results, RMR and Q are calculated. RMR values range between 50 and 70 (fair to good rockmasses) for the majority of the mining areas. E Anomalies exist closer to major geological intersections where RMR values may be <35. These areas are treated as special areas as per the requirements contained in the MCOP. In general, joint properties are generally dry, planar, smooth/rough and with little to no infill for higher RMR values, and for lower RMR values, discontinuities are damp, smooth, planar/undulating and with thick infill as shown in Table 22. 71 Table 20: Summary of the Material Properties of the Dominant Hangingwall and Footwall Rock Types (Conventional) UCS Young's Brazilian Disc Poisson's (MPa) Modulus (GPa) Strength (MPa) Ratio Density (kg/m3) Rock Type Av. Range Av. Range Av. Range Av. Range Ave Range Anorthosites Spotted 210 170 - 240 80 75 - 90 14 11-16 0.22 0.20 - 0.25 2,750 2,700 - 2,800 Mottled 215 170 - 240 85 75 - 90 13.5 11-15 0.22 0.18 - 0.25 2,750 2,700 - 2,800 Norites Leuconorite 215 150 - 240 80 75 - 90 15.5 12 – 17 0.22 0.18 - 0.24 2,750 2,700 - 2,800 Norite 220 150 - 240 85 75 - 90 15.5 13 – 17 0.2 0.18 - 0.22 2,800 2,750 - 2,850 Melanorite 220 160 – 240 90 80 - 90 16 13 - 17 0.2 0.18 - 0.22 2,850 2,750 - 2,900 Pyroxenite Pyroxenite (Hanging wall and Footwall) 150 135 - 165 115 100 - 125 12.5 11-13 0.23 0.20 - 0.26 3,200 3,150 - 3,300 Table 21: Summary of the Material Properties of the Dominant Hangingwall and Footwall Rock Types (Mechanised) Sample position Triaxial compressive strength UCS Tests Density Strength UCS Tangent elastic modulus @ 50% UCS Poisson's ratio @50%UCS Brazilian tensile strength g/cm³ MPa GPa GPa MPa Reef - UG2 4.16 136.9 133.3 0.32 5.3 Hangingwall - Feldspathic pyroxenite 3.26 156.4 159.0 0.24 18.9 Footwall - Pegmatoidal pyroxenite 3.31 121.9 152.3 0.27 14.8 Table 22: Rockmass Classes Determined from RMR Total Ratings and Meaning RMR Ratings 81-100 61-80 41-60 21-40 <20 Rock Mass Class A B C D E Description very good rock good rock fair rock poor rock very poor rock 72 8 Sample Preparation, Analyses and Security This Section addresses sampling related to geological samples only. For sampling related to plant operations, please refer to Section 14.3; geotechnical sampling is discussed in Sections 7.9 and 13.3. Hydrology and environmental studies monitoring and sampling is discussed in Section 17.4. Geological samples consist of drill core from both surface and underground drillholes, face sampling and mapping. Rustenburg operation uses a third party Laboratory for sample preparation and analyses of geological samples. Rustenburg operation has set protocols for sampling, recording, and storing results. Assaying is carried out at a third party laboratory. The service provider has it own set of audited and certified protocols for assaying. Rustenburg has a full industry standard quality control programme to ensure the security of the samples and the accuracy of the results. 8.1 Sampling Governance and Quality Assurance The governance system at the Rustenburg operation relies on directive control measures and makes use of internal manuals (standard procedures) to govern and standardise data collection, validation, and storage. Furthermore, the standard procedures are mandatory instructions that prescribe acceptable methods and steps for executing various tasks relating to the ongoing gathering, validation, processing, approval, and storage of geological data, which is utilised for Mineral Resource estimation. In addition to internal standard procedures, Sibanye-Stillwater implements an analytical quality control protocol that assesses the extent of contamination and analytical precision at the laboratory. Batches of samples sent to the laboratory include routine "blank" samples (Magaliesburg quartzite) and certified reference material (CRM). The results of the analytical quality control are discussed in Section 8.5.2. The governance system also emphasises training to achieve the level of competence required to perform specific functions in data gathering, validation and storage. Lithological data is acquired through the logging of drill core recovered from underground drilling. The logging is undertaken by trained geologists who are familiar with the various reefs, footwall and hangingwall stratigraphy and rock types. The core logging is also guided by existing drillhole information from previous core logging. Routine validations are undertaken by the experienced Geologists at various stage gate points in the data collection process flows, with the ultimate validation performed by the QPs. Another aspect of the governance system is the documentation of the geological data gathering process flow (i.e., data collection, processing, and validation). The QPs acknowledge that this documentation facilitates the auditability of the process flow activities and outcomes, as well as the measures undertaken to rectify anomalous or spurious data. The historic surface core is stored at a central facility in the Waterval Core yard, near Rustenburg. Storage facilities are fenced off to prevent unauthorised entry, with limited access. 8.2 Reef Sampling – Surface The surface drilling core is sampled using a comprehensive standard procedure which includes QA/QC procedures. The core is split in half where one half is retained for reference, whereas the other half is sent to the laboratory for analysis. Samples include bottom and top contacts together with 2cm

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 of footwall and a minimum of 2cm of hangingwall, with the contact samples being no less than 10cm. In addition, at least one sample of unmineralised footwall and hangingwall is included. The core is cut into individual samples no less than 20cm for BQ core size to ensure enough material is available for analysis. Furthermore, for the BQ size core, the entire drill core sample, is submitted to the analytical laboratory and no core splitting is performed. The samples are assigned unique sample identification numbers and tags before the Evaluation Team Leader transports them to the laboratory. In addition, the samples for each drillhole and the associated quality control samples (CRM and blanks) are submitted to the laboratory. The Geologists prepare sample submission sheets that accompany the samples. Records of the sample data are captured in the SABLE database. 8.3 Reef Sampling – Underground 8.3.1 Core Samples At the Rustenburg operation, currently, only vertical holes drilled in haulages/crosscuts are sampled. Samples include bottom and top contacts together with 2cm of footwall and a minimum of 2cm of hangingwall, with the contact samples being no less than 10cm. In addition, at least one sample of unmineralised footwall and hangingwall is included. Samples are broken into individual pieces no less than 20cm for BQ core size to ensure enough material is available for analysis. The entire drill core sample is submitted to the analytical laboratory and no core splitting is performed. The samples are assigned unique sample identification numbers and tags before the Evaluation Team Leader transports them to the laboratory. In addition, the samples for each drillhole and the associated quality control samples (CRM and blanks) are submitted to the laboratory. The geologists prepare sample submission sheets that accompany the samples. Records of the sample data are captured in the SABLE database. 8.3.2 Channel Sampling Within underground workings, exposures of the reef have channel samples taken. Individual channels are cut from the underground development-working faces using a diamond saw. A representative section of the target reef intersection should be recorded in the field book and the respective sample numbers, relative to their sequential position, should be reflected relative to the profile, from footwall to hangingwall. The Rustenburg operation development channel sampling interval standards vary per shaft and facies. For the UG2 Reef at all shafts samples are taken at 30m intervals on dip and the strike component varies by mining method. For the Merensky Reef, samples are taken at 40m intervals on dip. Channels are defined perpendicular to the reef plane and each section's position is fixed by offsetting from survey pegs. The reef is segregated according to a sampling pattern and is correlated between sample sections, and individual samples of 10cm – 15cm in length are taken to reflect the internal geometry of the reef, with not less than a 10cm sample being taken on top and bottom contacts. The sample mass taken is in the order of 300g to 500g. The data is stored in one database but linked to the assay laboratory automatically via a second system. The following capture process is followed: 74 The sampling data is captured in the MRM System linked to the Sable Database. Sable is used to submit samples to the laboratory via an automated process. The laboratory uses a Laboratory Information Management System (LIMS) which then reports the results automatically back into Sable where QA/QC is done. Once QA/QC is completed, the information is relayed back into the MRM system. At the operations, the MRM data is authorised before it is used for evaluation. 8.4 Sample Preparation and Analysis 8.4.1 Laboratory The surface and underground sampling assays are analysed by various International Organisation for Standardisation (ISO) accredited laboratories for the Rustenburg operation. The following ISO accredited, independent laboratories have been utilised since January 2010: • Anglo American Research Laboratory ("AARL") • Genalysis Laboratory Services (SA) (Pty) Limited ("Genalysis") • SGS South Africa (Pty) Ltd ("SGS") • Mintek (Pty) Limited ("Mintek") • SetPoint Industrial Technology (Pty) Limited ("Setpoint") and • Quality Laboratory Services Limited (QLS) Sibanye-Stillwater does not have an interest in any of these laboratories. All current Rustenburg operation samples (underground channels and surface drillholes) are analysed at Quality Laboratory Services, an independent South African National Accreditation System (SANAS) accredited laboratory (SANAS17025) for geochemical analysis (4E, 6E and Ni and Cu). The laboratory has facilities for sample preparation, chemical analysis (via fire assay and instrumental techniques) and is equipped with the LIMS software, which facilitates effective and efficient management of samples and associated data. It handles geological drilling and grade control samples as well as samples from the concentrators. QLS laboratory has in place quality assurance and control procedures for the analysis and handling of the samples. An overall high level of cleanliness is maintained to minimise contamination. Furthermore, the laboratory also included standards and blanks in each sample batch and any anomaly identified in the quality control samples is addressed as required. The QA/QC procedures include regular audits, Proficiency Testing Schemes, round-robin benchmarking, as well as the submission of blanks and standards to the laboratory. In addition to external audits, the Mine Technical Services Management (MTS) Department conducts regular audits of the laboratory. 8.4.2 Sample Preparation and Analysis Samples received at the laboratory are labelled with a unique laboratory identifier and logged into a Laboratory Information Management System (LIMS) which also generate a unique LIMS ID. The samples are then emptied into a drying pan and dried to a constant mass in drying ovens at 105°C. After drying, 75 the sample is pulverised to a 95% pass rate on a -75µm and emptied into a labelled sample bag for further processing. Samples are assayed for 6E (Pt, Pd, Rh, Au, Ru & Ir), Cu, Ni, and density. PGMs and Au contained in concentrate samples are collected in a single fusion step, using nickel sulphide (NiS). The resulting NiS buttons are subjected to leaching and filtration processes to separate the PGMs and Au. The PGMs and Au are dissolved using aqua regia. The resulting solutions are analysed by Inductively Coupled Plasma (ICP) to determine the concentrations of Pt, Pd, Rh, Ir, Ru and Au contained in a sample. Cu and Ni are analysed using sodium peroxide and sodium carbonate fusion to decompose the sample. Nitric acid is added to dissolve the fused sample. The cooled solutions are transferred into labelled 250ml volumetric flasks and send to the ICP for analysis. The determination of density (SG) is achieved by using the AccuPyc 1340 Pycnometer which is a fully automated gas displacement pycnometer. Density and volume are determined by pressure change of helium within calibrated volumes. Assays, including the results from laboratory internal standards, are reported within one to three months turn-around time. 8.4.3 QP Opinion The QPs are satisfied with the sample preparation, analytical methods, accuracy and precision and the level of cleanliness at the analytical laboratory. Security methods employed are appropriate to the level of risk to the samples. The analytical methods employed are suited to the mineralisation style and grades. Accordingly, the analytical data from the laboratory is suitable input for grade estimation. Note on historical assays: Assay procedures used at Rustenburg are well-established and have been used in South African mines for many decades. The results are well validated and changes in procedures over time have not significantly affected the accuracy and comparability over the life of the mine. 8.5 Analytical Quality Control 8.5.1 Nature and Extent of the Quality Control Procedures Rustenburg operation implements an analytical quality control protocol requiring ongoing monitoring of the laboratory performance. Ad hoc and unannounced visits are done to the laboratory to check all the processes taking place at the laboratory. No formal, laboratory independent, QA/QC has been performed on the historical drillhole data set. During the various earlier drilling campaigns, the samples have been consigned to external laboratories where their internal controls were accepted to be adequate. It has been assumed that the grade values derived from the earlier assays were reliable and suitable for estimation. The reliability of the channel sample assays is considered in terms of the laboratory's own internal controls and standards. Additional confidence in the application of historical channel sample data for estimation was achieved through Q–Q plot analysis. Comparisons with surface drillhole data were undertaken where sufficient data density allowed for meaningful evaluation. The results showed no material differences, with both datasets demonstrating similar distribution patterns. 76 8.5.2 Quality Control Results Analytical results for the blank and standards are analysed graphically on control charts to facilitate the identification of anomalous data points (Figure 18 and Figure 19). Any standard result exceeding three standard deviations from the certified value triggers re-assay of the batch and a laboratory investigation. A sufficient number of standards and blanks are inserted into the sample stream (equivalent to between 5% and 15% of all samples). Standards consist of in-house standards as well as external 'AMIS' CRMs. All in-house standards have been South African Bureau of Standards ("SABS") certified using a round-robin process. The blank material utilised has no certified value, and the blank sample data is analysed visually on plots to identify anomalous values that may suggest overwhelming contamination or sample swapping. Blank samples are accepted to 0.25g/t, after which after which investigation and re-assay is requested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 Figure 18: Example of CRM Result Monitoring Figure 19: Example of Blank Result Monitoring 8.5.3 QP Opinion The QP is satisfied that the laboratory's analytical data shows overall acceptable precision and accuracy, and no evidence of overwhelming contamination by the laboratory that would affect the integrity of the data. Security methods employed are appropriate to the level of risk to the samples. 78 As a result, the analytical data from the laboratories is of acceptable integrity and can be relied upon for Mineral Resource estimation. 9 Data Verification This section contains information about data verification of geological data for Mineral Resources estimation. For information on data sources and validation for Mineral Reserve modifying factors or other types of data, please see the relevant sections. For Mineral Reserves see Section 12, for geotechnical data see section 7.9, for hydrology see Sections 15.4 and 17.4. Short descriptions are given for database management, data validation, and the procedures for capturing face-mapping, drillholes and underground channel sampling. 9.1 Data Storage and Database Management Procedures are in place to ensure the accuracy and security of the databases. Mine data are split into two databases: exploration drilling and underground sample sections. All the surface and underground exploration drilling data is captured and stored using SABLE Data Warehouse software. The underground sample section data is stored in a separate database known as the MRM database. However, a new interface has now been created between the MRM and SABLE Databases such that all laboratory dispatches of the MRM data are done through SABLE where QC and data analysis for the MRM data is carried out in SABLE. The SABLE database administrator oversees data management procedures while the database manager on-site oversees exploration drillhole data. Data capture is continuous, regularly monitored and validated. Information stored in the database includes collar coordinates, dates of completion of each stage, survey data, lithological logging, alteration logging, structural logging, mineralisation, core size, sampling, CRM information and assay data. The SABLE database is stored on the central IT server, where it is backed up and has rigorous controls (e.g., password protection and access restrictions) to ensure the security and integrity of the data. The QPs are satisfied with data storage and validation as well as database management practices, which are all aligned with industry practice. There are sufficient provisions to ensure the security and integrity of the data stored in the SABLE database. 9.2 Database Verification Underground channel samples, underground definition drillhole, surface drillhole and mapping data is the primary data utilised for geological interpretation and Mineral Resource estimation. All data has been through multiple rounds of verification by the operators of the mine at the time the data was collected and periodically over the life of the mine. Due to the large volume of information collected, it is not possible for the QPs to directly validate all information. Rustenburg has quality control systems in place to ensure the integrity of the data and identify deficiencies. The QPs rely on these systems to identify and remove any material errors in the data before authorising the data for use in Mineral Resource and Reserve estimations or other decision-making tools. Any errors remaining are not material to the outcome of the Mineral Resource estimation results. 79 Any limitations in the data are considered to be confined to the historical data, which may not have been subjected to the current standards but are considered acceptable due to Industry standard practices which are similar to those used today and good reconciliation with past production. 9.2.1 Mapping Mapping is checked underground by the responsible geologist when conducting start up assessments. The responsible geologist will print a plan when proceeding underground and will ensure that the geological mapping is correct and that all features are recorded. 9.2.2 Drillholes The validation of drillhole data is a continuous process completed at various stages during data collection, before and after import into the SABLE database and during geological interpretation and Mineral Resource estimation. As the QPs are fulltime employees of Sibanye-Stillwater working at the Rustenburg operation, they either performed or supervised the validation of the drillhole data after which they approved and signed-off the validated data used for Mineral Resource estimation. The logging is guided by procedures which standardise data gathering, and the type of detail required for each drillhole log. Any deviations or anomalous entries are flagged by the inbuilt validations tools available in the SABLE database. Geologists validate the survey data by comparing it against planned coordinates and through visual checks in the Datamine environment. 9.2.3 Channel Sampling The validation of development samples is a continuous process completed at various stages during data collection. Unique barcoded sample numbers are generated and printed by an external service provider, preventing duplicate ticket numbers. Samples are captured into the MineRP database with controls in place, which includes drawing of sections and validation of location and geology by experienced fulltime employees. Data is then synchronised with the SABLE database. Plots using the final authorised assays and location data, along with the workings, are printed to ensure that the spatial distribution is correct. Planned task observations are conducted quarterly to ensure sampling procedures are followed correctly. 9.3 QP Opinion The QPs acknowledge the rigorous validation of the extensive database utilised for Mineral Resource estimation at the Rustenburg operation. The data was validated continuously at critical points during collection, in the SABLE database and during geological interpretation and Mineral Resource estimation. Similar practices which were inherited by Sibanye-Stillwater were in use by the previous owners for the collection of historical data. The QPs have accessed and assessed the historical and recent data with no limitations placed on this access by the Registrant and concluded that it is suitable for Mineral Resource estimation. In general, the data validations are consistent with industry practice, 80 and the QPs confirm the quantity and type of data are appropriate for the nature and style of the mineralisation and the evaluations reported in this TRS. 10 Mineral Processing and Metallurgical Testing There is no metallurgical testing that is material to operations at this stage. The plants are well established, have a long and successful operating history, and no changes are planned. Accordingly, there has not been any recent testwork completed for the purposes of process design and metallurgical amenability assessment as these are unnecessary for operating plants. The type of ore material is consistent with historical processing, and any metallurgical testwork conducted is to support short term operational issues. The plant recovery factors are benchmarked to actual recoveries achieved by the plant. For mineral processing and for ongoing production related sampling and analysis, see Section 14.2. QP Opinion The Qualified Person is satisfied that the historical mineral processing testwork and data to the extent still relevant is adequate for the purposes of this TRS. The mineral processing is appropriate to the deposit and there is no material risk to the planned plant recovery factors. 11 Mineral Resource Estimates This Section describes the evaluation of the Mineral Resources, key assumptions, parameters, and methods. 11.1 Estimation Domains Geological interpretations based on structural, thickness and grade data are used to construct the estimation domains (geozones) (Section 11.1.2). 11.1.1 Compositing Selection criteria for composites are based on a minimum mining width of 105cm (conventional shafts) or 200cm (mechanised shafts), a well-defined marker horizon(s) in the economic zones and geotechnical requirements of the hangingwall. There is no maximum mining width. No cut-off grade is used. The areas with variable width are composited to include as much of the mineralised material as possible within the geotechnical constraints. Where the chromitites in the UG2 Reef are less than the minimum mining width, the additional thickness is taken in the footwall. For an explanation of why no cut-off grade is used, see Section 11.3.2.2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 11.1.1.1 Merensky Reef In the Merensky Reef the highest PGM concentrations are associated with narrow chromitite layers (Upper-, Lower- and Basal-chromitite). The PGM mineralisation generally diminishes into the enclosing pyroxenite but becomes rapidly depleted when approaching the hangingwall norite and footwall norite. See Section 6.3.2.1. A minimum composite cut of 105cm was modelled for all thin reef Geozones. The composite boundary includes the Merensky Hangingwall, Merensky Reef and Footwall component. Figure 20 shows the Merensky Reef geozones. A variable composite boundary was applied for the thick Geozone 8 that includes the Merensky reef and 20cm hang and 20cm footwall. Analysis of the grade distribution for the composite cut selection was done using histograms produced from the Datamine system. The distributions of 4E grade referenced on different lithological markers were visually inspected in the histograms (Figure 20) to determine the limits of the best average composite for each data intersection based on a minimum mining width of 105cm. Section plots were completed per geozone to investigate different cut scenarios, with one scenario illustrated as shown in Figure 21. Figure 20: Example of a Merensky Reef Composite Definition 82 Figure 21: Example of a Merensky Reef Composite - Section Plot 11.1.1.2 UG2 Reef Composites per lithological unit (i.e. drillhole and channel sample data composted by lithology) are used to inform the Mineral Resource model. Composite boundaries are determined by geological contacts and grade distribution for the following primary components: • Geotechnical Component – Chromitite Layers- not always developed, • Leader Seam • Main Seam, and • Footwall Unit A minimum thickness of 105cm is modelled for the conventional mining operations (Figure 23). The composites include the Main Seam, 10cm (minimum) Footwall Pegmatoid and where applicable Chromitite Layers (geotechnical component), (see Figure 22). For the mechanised operations, a minimum thickness of 200cm is modelled. The composites comprise the Main and Leader seams, 25cm (minimum) Footwall Pegmatoid and any additional Chromitite layers (geotechnical component) together with internal waste partings. 83 Figure 22: UG2 Reef Mineral Resource Composite 84 Figure 23: Example of UG2 Reef Composite cuts for Conventional Shafts Figure 24: Example of UG2 Reef Composite for Kwezi, K6, Bathopele, Kopaneng and Bambanani

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 11.1.2 Estimation Domains 11.1.2.1 Merensky Reef The Merensky Reef has predominantly hard (constrained) geozone boundaries (Figure 25). This means that only the composites within a geozone boundary will inform estimates for the applicable geozone. The facies classification is based on a combination of lithology, the thickness of the Merensky Reef and the PGM value distribution. For the Merensky Reef, the estimation domains are defined by facies and resource composites. The composites include the Merensky hangingwall, reef and footwall components. A variable mining cut was modelled for the thick reef facies that includes the reef, hangingwall and footwall components. Thembelani Thick Geozone (Geozone 8) The Thembelani Thick geozone is characterised by a pegmatoidal feldspathic pyroxenite with thicknesses ranging from 0.7m to 0.9m and PGM grades ranging between 6g/t and 8g/t over the resource cut. It has a top chromitite layer and also two interstitial chromitite layers. The reef stabilises on a 5cm to 10cm thick anorthosite layer. The hangingwall stratigraphy of the reef is a medium-grained feldspathic pyroxenite which is 1m to 1.2m thick. The feldspathic pyroxenite is in turn overlain by leuconorite. Thembelani/Khuseleka Rolling Geozone (Geozones 3&6) The lithological description of Thembelani Rolling geozone is similar to the Thembelani Thick geozone. The differences however lie in the grade and thickness, which are 5.52g/t 4E over a thickness that varies between 0.3m to 0.4m. The Merensky rolling geozone is characterised by a medium to course-grained pegmatoidal plagioclase pyroxenite with a shallow dipping pothole. The amplitude and wavelength of the rolls vary between 4m to 6 m. These Merensky geozones have a well-defined top chromitite contact and a poorly developed bottom contact. The reef is overlying approximately 5cm thick anorthosite (FW1a) which in turn is underlain by the approximately 5m thick leuconorite (FW1b). Thembelani Thin Geozone (Geozone 7, 10, 11&12) The Thembelani Thin geozone has well-developed top and bottom chromitite layers bounding a 0.15m to 0.20m thick pegmatoidal felspathic pyroxenite. The lithology in the footwall and the hangingwall are the same as that of Thembelani Thick geozone and Thembelani rolling geozone. The Thembelani Thin geozone has an average 4E grade of 7.04g/t over the resource cut. Khuseleka/Thembelani Contact Geozone (Geozone 4&6) The contact geozone is characterised by a single chromitite layer, which is approximately 3cm thick. This chromitite layer is overlain by a feldspathic pyroxenite which is 60cm to 100cm thick. The footwall stratigraphy to the reef is an anorthosite that is up to 4m thick. The contact geozone has an average 4E grade of 2.56g/t over the composite boundary. Geozones 2, 9 and 16 have been mined out. 86 Figure 25: Merensky Reef Geozones 11.1.2.2 UG2 Reef Geozones The UG2 facies classification (Figure 26) is based on a combination of thickness and the PGM value distribution. For the UG2 Reef, the estimation domains are defined by facies and resource cut. The width of the reef between the facies varies from 71cm for facies 4 to 85cm for facies 1. A minimum composite thickness of 105cm was modelled for the conventional mines. The variable width composite includes the UG2 Main seam, 10cm (minimum) Footwall Pegmatoid and the Geotech component. A high profile minimum composite thickness of 186cm was modelled for the Bathopele mechanised mine at the Rustenburg section where a low-profile trackless mining method is applied. All other mechanised mines have a minimum composite thickness of 200cm.The variable width composite for the 87 mechanised mines includes UG2 Main seam, 10cm (minimum) Footwall Pegmatoid, Leader Seam and parting width between the UG2 Main Seam and Leader. Geozone 1 Thick Reef In Geozone 1, the Main Seam has an average 4E grade of 5.66g/t over the thickness of 85cm. In this zone, the Leader Seam is included as part of the geotechnical unit. The Leader Seam has an average 4E grade of 2.92g/t over an average thickness of 24cm. The average 4E grade of the footwall over a thickness of 40cm is 0.55g/t. The minimum and maximum density are 3.68g/cm3 and 4.58g/cm3, respectively. Geozone 2 Normal Reef Geozone 2 has an average Main Seam thickness of 70cm with an average 4E grade of 6.72g/t. The Leader Seam varies between 10cm to 20cm with an average 4E grade of 2.57g/t. No geotechnical parting is included in Geozone 2. The footwall has an average 4E grade of 0.91g/t. The minimum and maximum density are 3.22t/m3 and 5.23t/m3, respectively. Geozone 3 Thin Reef The UG2 Main Seam, referred to as Thin reef, in Geozone 3 has an average 4E grade of 6.87g/t over an average thickness of 64cm. In Geozone 3, the Leader Seam is narrowing down dip to less than 10cm and is included in the resource cut. The Leader Seam has an average 4E grade of 1.03g/t. The footwall has an average grade of 1.56g/t. The minimum and maximum density are 3.57t/m3 and 5.08t/m3 respectively. Geozone 4 Central Reef Geozone 4, the UG2 Main Seam has an average thickness of 71cm and an average grade of 6.39g/t. The minimum and maximum density are 3.57t/m3 and 5.65t/m3 respectively. Geozone 5 Upper Reef The Upper Reef of Geozone 5 has an average 4E PGM grade of 6.31g/t over an average thickness of 77cm. This Geozone includes a mixture of Leader Seam and/or triplet stringer chromitites, depending on where the geotechnical beam is found in the hangingwall stratigraphy. The minimum and maximum density are 3.16g/cm3 and 5.18g/cm3 respectively. 88 Figure 26: UG2 Reef Geozones 11.1.2.3 Tailings Storage Facility For the TSF estimate, the distribution of values follows a spatial trend rather than abrupt boundaries. There is only one statistical domain. 11.2 Estimation Techniques 11.2.1 Grade and Tonnage Estimation 11.2.1.1 Statistics and Capping The primary software used was Datamine Studio RM for estimation and Snowden Supervisor for statistics and variogram modelling.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 The Mineral Resource footprint was divided into various estimation domains based on the geological facies. Detailed exploratory data analysis included sample verification, histogram and cumulative distribution plots. No declustering was applied for variography, given the relatively even data point distribution across the operations. No cutting or capping was applied to the 4E grade and width for both the Merensky and UG2 Reef as there were no extreme values in the distributions (Figure 27 and Figure 28). Cuts and caps were applied to the prill element (Pt, Pd, Rh and AU), Base Metals (Cu+Ni) on the TSF and on lithological units above and below the UG2 Reef. Capping was generally applied at the 99th percentile per domain to reduce the effects of extremely high grades on each estimated block. Figure 27: Examples of Histograms of PGM Distributions - Merensky Reef 90 Figure 28: Examples of Histograms of PGM Distributions- UG2 Reef 11.2.1.2 Variogram Modelling and Estimation Parameter Selection The variography analyses for the Merensky and UG2 Reefs' individual geozones were conducted using the validated composites for the combined underground channel and surface drillhole data. No transformation of the data was applied to the variograms as the data distribution approaches a normal distribution for thickness and grade where there are sufficient composites. 91 The variograms were treated as isotropic as there are no trends and no convincing anisotropy effect was noticed (Figure 29 and Figure 30). This is a common phenomenon of the PGM Reefs within the BC. Examples of the variogram results for two domains for each Reef and the TSF are shown in Table 23 to Table 25. Search distances for grade and width estimation were based on variogram ranges for each element. Snowden Supervisor is used for variogram maps (Figure 29), and variography, as per examples in Figure 30. Figure 29: Example of a Variogram Map 92 Figure 30: Example of Variogram for 4E Grade and Thickness Table 23: Example of Variogram Model Parameters for the Merensky Facies PARAMETERS FACIES VREFNUM VANGLE1 NUGGET ST1PAR1 ST1PAR2 ST2PAR1 ST2PAR2 ST3PAR1 ST3PAR2 PRP0000 6 6.11 -90 0.44 79 79 275 275 810.5 810.5 PGE0000 6 6.12 -90 0.77 25 25 87 87 795.5 795.5 PGE40105 6 6.2 -90 0.68 82.5 82.5 677 677 - - PT40105 6 6.4 -90 0.71 22.5 22.5 629.5 629.5 - - PD40105 6 6.5 -90 0.57 79 79 614.5 614.5 - - RH40105 6 6.6 -90 0.52 45 45 892 892 - - AU40105 6 6.7 -90 0.45 41.5 41.5 617.5 617.5 - - CU40105 6 6.8 -90 0.66 28.5 28.5 752.5 752.5 - - NI40105 6 6.9 -90 0.60 82 82 646.5 646.5 - - PRP0000 11 11.11 -90 0.28 106.5 106.5 386 386 1761.5 1761.5 PGE0000 11 11.12 -90 0.70 10.5 10.5 417 417 1138 1138 PGE40105 11 11.2 -90 0.70 64 64 1250 1250 - - PT40105 11 11.4 -90 0.76 156 156 1940.5 1940.5 - - PD40105 11 11.5 -90 0.73 72.5 72.5 1615.5 1615.5 - - RH40105 11 11.6 -90 0.56 122.5 122.5 1528.5 1528.5 - - AU40105 11 11.7 -90 0.66 72.5 72.5 407 407 1937.5 1937.5 CU40105 11 11.8 -90 0.64 97 97 364.5 364.5 2796.5 2796.5 NI40105 11 11.9 -90 0.73 84 84 301 301 1957.5 1957.5

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 Table 24: Example of Variogram Model Parameters for all the UG2 Facies FACIES VREFNUM VANGLE1 NUGGET ST1PAR1 ST1PAR2 ST2PAR1 ST2PAR2 ST3PAR1 ST3PAR2 PGE 1 1 -90 0.59 8 8 245.5 245.5 808.5 808.5 PERPLENG 1 2 -90 0.20 61 61 349 349 654.5 654.5 PT 1 4 -90 0.71 133 133 467 467 - - PD 1 5 -90 0.55 33.5 33.5 325.5 325.5 - - RH 1 6 -90 0.62 96.5 96.5 583.5 583.5 - - AU 1 7 -90 0.47 34.5 34.5 355.5 355.5 - - CU 1 8 -90 0.23 70.5 70.5 650.5 650.5 - - NI 1 9 -90 0.06 88.5 88.5 650.5 650.5 - - PGE 2 11 -90 0.45 37.5 37.5 402 402 729 729 PGE 3 21 -90 0.57 0.15 0.15 207.5 207.5 1,837 1,837 PERPLENG 3 22 -90 0.38 37.5 37.5 298.5 398.5 1,553 1,553 PT 3 24 -90 0.36 39 39 316.5 316.5 2,266.5 2,266.5 PD 3 25 -90 0.54 28.5 28.5 43 43 1,393 1,393 RH 3 26 -90 0.31 80 80 423.5 423.5 1,871 1,871 AU 3 27 -90 0.50 41.5 41.5 282.5 282.5 812.5 812.5 CU 3 28 -90 0.30 64 64 719 719 2,381.5 2,381.5 NI 3 29 -90 0.42 46 46 347.5 347.5 2171 2171 Table 25: Estimation Parameters for the Tailings Storage Facility ASSAY VREFNUM VANGLE1 NUGGET ST1PAR1 ST1PAR2 ST1PAR3 ST1PAR4 ST2PAR1 ST2PAR2 ST2PAR3 ST2PAR4 PGE 2 -90 0.13 40 31.5 17 0.38 118 80 21 0.23 PT 3 -90 0.12 59.5 38.5 18 0.47 117.5 115.5 19.5 0.24 PD 4 -90 0.10 45 111 18 0.64 88.5 117.5 21 0.26 RH 5 -90 0.13 83.5 76 17 0.37 90.5 76.5 18.5 0.28 AU 6 -90 0.13 124.5 113 28.5 0.48 233.5 18.5 33.5 0.39 CU 7 -90 0.13 34 75 18 0.35 94.5 82.5 19.5 0.52 NI 8 -90 0.13 59 114 19.5 0.23 132 122.5 21 0.67 Kriging Neighbourhood Analysis (KNA) is a tool that assists in determining the appropriate estimation parameters as per the examples below. KNA determined appropriate block sizes of 125m x 125m and 500m x 500m blocks(Table 23 to Table 26). The QP decided to use 125m x125m for the well-informed current mining areas and 500m x 500m for the deeper areas for both Merensky and UG2 Reefs. 94 The KNA for the number of samples for the 125m x 125m blocks provides the Kriging Efficiency vs. Slope of Regression relationship ((Figure 31 and Figure 32). Table 26 shows the parameters used in modelling. Figure 31: KNA for Block Sizes – Well Informed Blocks Figure 32: KNA for Discretisation – Poorly Informed Blocks 95 Table 26: Kriging Parameters Data Block Size Minimum number of samples Maximum number of samples Search Volume No. 2 Minimum number of samples Maximum number of samples Search Volume No. 3 Minimum number of samples Maximum number of samples Point Data 125m x 125m 7 20 1.5 7 20 50 20 40 Point Data 500m x 500m 7 20 1.5 7 20 50 20 40 11.2.1.3 Interpolation Methods Estimation by ordinary kriging (OK) was done for elements with sufficient data, and ID2 (Inverse distance to the power of two) estimates for elements with limited data. No arithmetic mean values were applied to the model blocks. A 2D block modelling approach was used. Because faulting is post- mineralisation, the 2D estimation is preferred as this removes statistical discontinuities due to faulting. Smaller blocks of 125m by 125m were used in well-informed areas and bigger blocks of 500m by 500m were used in the deeper areas (poorly informed) based on a KNA study. The QP validated the block models on several levels including visual checks comparing block grades to sample grades, section plots comparing model grades to actual sampling grades, as well as reconciliations comparing previous estimations to the current estimation. An example of a section plot and data versus modelled visual plots that were used for validation is shown in Figure 33 and Figure 34. A Grade plot for the UG2 Reef is shown in Figure 35. Block comparisons showing the previous versus new models are shown in Figure 36. 96 Figure 33: Section Plot UG2 Reef – Data versus Model

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 Figure 34: Section Plot Merensky - Model vs Data 98 Figure 35: UG2 Reef grade -4E –Data (points) 99 Figure 36: UG2 Reef Grade -4E – Model 2021 vs 2025 11.2.2 Grade Control and Reconciliation Grade control and reconciliation practices follow similar procedures to those applied elsewhere within the BC platinum mining operations. The reefs, hanging wall and footwall lithologies are visually identifiable, and channel sampling ensures that the face grade is monitored accordingly. As part of the reconciliation exercises, physical factors, including channel width, stoping width, dilution, and Mine Call Factor ('MCF') are monitored and recorded on a monthly basis. Monthly evaluation is carried out by means of histograms drawn from the Mineral Resource model that evaluate the current mining block against the business plan. Histograms are updated periodically from the Mineral Resource models. Stoping and development are measured monthly to provide an accurate broken ore tonnage and 4E PGM ounces estimate that is compared to the budgeted tonnes hoisted, trammed, and milled on a monthly basis. The 4E PGM grade accounted for by the plant is in turn compared to the survey called for grade to determine the mine call factor ('MCF'). Belt sampling is performed daily at all shafts to verify underground grades. The underlying grade control and reconciliation processes are considered appropriate by the QP. 100 11.3 Mineral Resource Classification 11.3.1 Classification Criteria The Mineral Resource is reported as an in-situ Mineral Resource (reference point) inclusive and exclusive of Mineral Reserves. The Mineral Resource is classified with varying levels of confidence ranging from Measured, high confidence, in current mining and sampling areas to Inferred, lower confidence, in areas further away from current workings. The Mineral Resource classification is determined using the classification matrix method, which has been implemented across the PGM operations of Sibanye-Stillwater. It consists of various geological and statistical components. Table 27 shows factors considered in applying confidence measurements to the Mineral Resource. For the geological parameters, a set of up to three categories of polygons is constructed for each element that represents the confidence in the areas encapsulated. The polygons applied are considered as 'confidence polygons,' i.e., they indicate areas of greater or lesser confidence. For the statistical parameters, ranked values are assigned based on the criteria given in the table below. A weighting file that defines how significant the parameters are relative to one another and to the particular orebody is created. The weighted scores of the eleven elements are then calculated per model cell and the final classification is determined as follows: • Where the weighted score lies between 1 and 1.5: then the cell is deemed to be measured • Where the weighted score lies between 1.5 and 2.5: then the cell is deemed to be indicated • Where the weighted score is greater than 2.5: then the cell is deemed to be inferred Figure 37 and Figure 38 depict the Mineral Resource Classification for each reef. The Mineral Resource classification for 2025 has not changed from the 2021 or 2023 Mineral Resource classifications.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 Table 27: Confidence Levels for Key Criteria for Mineral Resource Classification Items Discussion Confidence Aeromagnetic survey Available aeromagnetic data is available and data appears of reasonable quality and has been derived from internationally recognised and procedures and techniques High Seismic interpretation Available seismic data is available and data appears of reasonable quality and has been derived from internationally recognised and procedures and techniques High Structural model Stratigraphic definition and delineation are considered of reasonable quality. Major structures identified High Geozones (Facies) interpretation Facies definition and delineation are considered of reasonable quality. Major changes to facies model were identified High Geological loss estimates Geological loss estimates are considered of reasonable quality and has been derived from internationally recognised procedures and techniques. Major structures are accounted for and historical actuals form the basis of calculations High Historical data Available data appears of reasonable quality and has been derived from internationally recognised and procedures and techniques High Assay - QAQC QA/QC programme employed. QA/QC monitoring in place and regular follow ups occur with the mine laboratory Moderate to High Kriging variance Parameter is based on the standardised kriging variances (KV). Ranked values assigned are where KV<0. 2, the ranked value is given a value of 1 (high confidence); where 0.2≤KV<0.4, a value of 2 is assigned; and where KV≥0.4, a value of 3 is applied (low confidence) Moderate Kriging efficiency Ranked values for kriging efficiency assigned are where KE≥0.5, the ranked value is given a value of 1 (high confidence); where 0.3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 Figure 40: Total Geological Losses for the UG2 Reef 11.3.2.2 Paylimits and Cut-off Grade Historically, Rustenburg operation has not applied cut-off grades in their Mineral Resource estimation due to there being no opportunity for mining selectivity, given the relatively flat grade profile of the various orebodies. The ore bodies are laterally continuous and have persistent metal distribution profiles which have been used as the basis for reef identification, modelling, and exploitation. Mining volumes and costs, as opposed to grade, therefore is the main factors impacting economics. To illustrate the prospects of eventual economic extraction at the Mineral Resources cut-off grade calculations were made based on economic, mining and processing assumptions. The metal prices assumed in the calculation are the long-term prices (as at 2025) in Table 28. See Section 16.3 for a discussion on price determination. 106 Table 28: Commodity Price and Exchange Rate Assumptions for Cut-off Calculations 6E Metals Units Long Term Prices 2025 Platinum US$/oz 1,350 Palladium US$/oz 1,350 Rhodium US$/oz 5,000 Gold US$/oz 2,650 Iridium US$/oz 5,500 Ruthenium US$/oz 450 R/US$18.24 The prill splits used per operation are shown in Table 29. Table 29: 6E Prill Split Percentages Applied per Reef (proportional) Metal Merensky UG2 Surface Platinum 0.58 0.46 0.55 Palladium 0.25 0.29 0.31 Rhodium 0.04 0.09 0.12 Gold 0.05 0.007 0.02 Iridium 0.02 0.03 - Ruthenium 0.06 0.13 - Selected cost parameters were used in the cut-off calculations and include both mining and processing assumptions below and in Section 12.4. The first factor used is the Mineral Resource to Mineral Reserve factor and is calculated by factoring in the percentage of grade lost in the conversion from Mineral Resource to Mineral Reserve grade. Typically, this would be due to dilution, Mine Call Factor and other modifying factors applied to the Mineral Resource. Concentrator recoveries used were based on 2025 actual figures per reef type, per operation and represent the average concentrator recovery for the total operation. Net smelter returns are assumed to be the same across the operations, although the material is processed at different facilities. Costs were assumed to be the same for both reef types. The parameters assumed for the cut-off calculation for the Merensky and UG2 Reef are detailed in Table 30. 107 Table 30: Parameters Used in the Cut-off Calculation for the Merensky and UG2 Reef and Surface Tailings Operation Parameters Unit Merensky UG2 Rustenburg Conventional Total Mining Cost R/t 2,008 2,008 Mining Recovery % 83 83 Plant Recovery % 86 86 Net smelter return % 99 99 MCF % 98 98 Operation Parameters Unit UG2 Rustenburg Mechanised Total Mining Cost R/t 1,380 Mining Recovery % 63 Plant Recovery % 81 Net smelter return % 99 MCF % 94 Based on the parameters assumed above for the cut-off calculation for the Merensky and UG2 packages, the following cut-off grades were calculated for the operations, and these are detailed in Table 31. The 6E grades were used in the cutoff grade calculation and a conversion factor of 1.09 for Merensky and 1.19 for UG2 is used to estimate the 4E cut-off grade. Table 31: Cut-off Grades Calculated for the MR, UG2 Reef and Surface Operations Conventional Mechanised Merensky UG2 UG2 Cut-off grade (4E – g/t) 2.84 2.61 2.71 The Mineral Resource tonnes and metals available at the cut-off grades calculated are no different from what is obtained using no cut-off grade. For the Mineral Resources at Rustenburg, the UG2 has 0.1% of the tonnage below cut-off and 2.5% of the tonnage in the Merensky is below the cut-off. 11.4 Mineral Resource Statements 11.4.1 Mineral Resources Mineral Resources are stated as exclusive (Table 33 and Table 34) and inclusive of Mineral Reserves (Table 35 and Table 36). Mineral Resources are for in-situ mineralisation (reference point) assessed to have reasonable prospects for economic extraction by the QP. The Mineral Resource as stated is not highly sensitive to realistic changes in the PGM prices, nor the R/US$ exchange rates. Therefore, no sensitivity analysis has been completed for Mineral Resources. 108 The prill split for the Mineral Resources is given in Table 32. There is no significant difference in composition between Mineral Resources Exclusive of Mineral Reserves and the Mineral Resources included in the Mineral Reserves. Prill split for Mineral Resource inclusive and exclusive of Mineral Reserves is the same. Notes on the Mineral Resource Tabulations: • Mineral Resources are not Mineral Reserves • Mineral Resources have been reported in accordance with the classification criteria of Subpart 1300 of Regulation S-K • Information on metal prices is found in Section 16.3 • The attributable Mineral Resource for 2025 is 74% of the total Mineral Resource • Due to non-selective mining, no cut-off grade is applied • Mineral Resources are reported after the removal of known and anticipated geological losses • Quantities and grades have been rounded to one decimal place • Technical and economic factors are discussion in Section 11.3.2 • Risks are discussed in Section 21

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 Table 32: 4E Prill Split Mineral Resources as at 31 December 2025 4E Prill split Pt% Pd% Rh% Au% 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 UG2(Rustenburg) 59.0 54.5 52.29 29.1 34.4 33 11.3 10.2 13.82 0.6 0.9 0.89 UG2 (Kroondal) N/A 58.1 57.84 N/A 31.1 31.37 N/A 10.2 10.08 N/A 0.7 0.71 Merensky 61.6 63.6 63.67 27.9 27.5 27.38 3.4 3.9 3.99 7.1 4.9 4.97 TSF (Rustenburg) 55.3 56.7 54.99 30.5 32.7 31.67 11.9 8.7 11.48 2.4 1.9 1.86 Open Pit (Kroondal) 0.0 0.0 57.84 0.0 0.0 31.37 0.0 0.0 10.08 0.0 0.0 0.71 \*\*Averages were not calculated for 2023 and 2021 as Rustenburg and Kroondal were separate companies. Prill split for Mineral Resources inclusive and exclusive is the same because the grade profiles are not materially different 110 Table 33: Mineral Resources Exclusive of Mineral Reserves as at 31 December 2025 at 100% Classification – 4E Tonnes (Mt) 4E Grade (g/t) 4E (Moz) 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 Underground Measured (Rustenburg) 246.4 235.6 240.1 4.9 5.1 5.0 39.0 38.5 39.2 Measured (Kroondal) N/A 29.1 31.5 N/A 3.3 3.4 N/A 3.1 3.4 Indicated (Rustenburg) 104.2 113.6 112.0 5.2 5.3 5.4 17.5 19.5 18.9 Indicated (Kroondal) N/A 5.6 9.5 N/A 3.3 3.8 N/A 0.6 1.2 Total Measured and Indicated 350.6 384.0 393.1 5.0 5.0 5.2 56.5 61.8 62.7 Inferred (Rustenburg) 14.7 32.4 14.9 5.6 5.7 5.6 2.6 5.9 2.6 Inferred (Kroondal) N/A 0.0 4.9 N/A 0.0 3.0 N/A 0.0 0.5 Total Underground 365.3 416.4 412.9 5.0 5.2 5.0 59.1 67.6 65.8 Surface Measured TSF (Rustenburg) 77.7 0.0 0.0 0.9 0.0 0.0 2.4 0.0 0.0 Measured TSF (Kroondal) N/A 0.0 0.0 N/A 0.0 0.0 N/A 0.0 0.0 Total Surface 77.7 0.0 0.0 0.9 0.0 0.0 2.4 0.0 0.0 Total Resource 443.0 416.4 412.9 4.3 5.2 5.0 61.5 67.6 65.8 111 Table 34: Attributable Mineral Resource Exclusive of Mineral Reserves as at 31 December 2025 Classification – 4E Tonnes (Mt) Tonnes (Mt) Tonnes (Mt) 4E Grade (g/t) 4E Grade (g/t) 4E Grade (g/t) 4E (Moz) 4E (Moz) 4E (Moz) 31 Dec 25 31 Dec 23++ 31 Dec 21\*\* 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23++ 31 Dec 21\*\* Underground Measured (Rustenburg operation) 182.3 174.9 177.6 4.9 5.1 5.0 28.9 28.7 29.0 Measured (Kroondal operation) N/A 25.3 15.8 N/A 3.3 3.4 N/A 2.7 1.7 Indicated (Rustenburg operation) 77.1 85.0 92.9 5.2 5.1 5.3 12.9 14.5 14.2 Indicated (Kroondal operation) N/A 4.8 4.8 N/A 3.3 3.8 N/A 0.5 0.6 Total Measured and Indicated 259.4 290.1 281.2 5.0 4.9 5.0 41.8 46.4 45.5 Inferred (Rustenburg operation 10.9 26.1 11.0 5.6 5.6 5.6 2.0 4.8 1.9 Inferred (Kroondal operation) N/A 0.0 2.5 N/A 3.3 3.0 N/A 0.0 0.2 Total Underground 270.3 316.1 294.7 5.0 5.0 5.1 43.8 51.2 47.6 Surface - TSF Measured TSF (Rustenburg operation) 57.5 0.0 0.0 0.9 0.0 0.0 1.8 0.0 0.0 Measured TSF (Kroondal operation) N/A 0.0 0.0 N/A 0.0 0.0 N/A 0.0 0.0 Total Surface 57.5 0.0 0.0 0.9 0.0 0.0 1.8 0.0 0.0 Total Resource 327.8 316.1 294.7 4.3 5.0 5.1 45.5 51.2 47.6 \*\* 2021 Kroondal attributable at 50% of total MR ++ 2023 Kroondal attributable at 87% 112 Table 35: Mineral Resources Inclusive of Mineral Reserves as at 31 December 2025 at 100% Classification – 4E Tonnes (Mt) 4E Grade (g/t) 4E (Moz) 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 Underground Measured (Rustenburg) 367.8 345.3 368.2 4.6 4.9 4.8 55.0 53.8 56.7 Measured (Kroondal) N/A 42.6 53.6 N/A 3.3 3.3 N/A 4.5 5.7 Indicated (Rustenburg) 126.3 120.8 119.7 5.0 5.3 5.3 20.2 20.6 20.2 Indicated (Kroondal) N/A 5.6 9.5 N/A 3.3 3.8 N/A 0.6 1.2 Total Measured and Indicated 494.1 514.3 551.0 4.7 5.0 4.8 75.2 79.5 83.8 Inferred (Rustenburg) 14.9 32.4 14.9 5.6 5.7 5.7 2.7 5.9 2.6 Inferred (Kroondal) N/A 0.0 4.9 N/A 0.0 3.0 N/A 0.0 0.5 Total Underground 509.0 546.7 570.8 4.8 5.6 5.0 77.8 85.4 86.9 Surface Measured TSF (Rustenburg) 82.4 19.8 48.5 0.9 1.0 1.1 2.5 0.6 1.7 Measured TSF/Open-Pit (Kroondal) N/A 0.0 2.0 N/A 0.0 4.3 N/A 0.0 0.3 Total Surface 82.4 19.8 50.5 0.9 1.0 1.2 2.5 0.6 2.0 Total Resource 591.5 566.5 621.3 4.2 4.9 4.7 80.3 86.0 88.9

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 Table 36: Attributable Mineral Resource Inclusive of Mineral Reserves as at 31 December 2025 Classification – 4E Tonnes (Mt) 4E Grade (g/t) 4E (Moz) 31 Dec 25 31 Dec 23++ 31 Dec 21\*\* 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23++ 31 Dec 21\*\* Underground Measured (Rustenburg operation) 272.2 255.6 272.4 4.6 4.9 4.9 40.7 39.8 41.9 Measured (Kroondal operation) N/A 37.0 26.8 N/A 3.3 3.3 N/A 3.9 5.7 Indicated (Rustenburg operation) 93.5 90.2 88.6 5.0 5.1 5.3 14.9 15.4 15.1 Indicated (Kroondal operation) N/A 4.8 4.8 N/A 3.3 3.8 N/A 0.5 1.2 Total Measured and Indicated 365.6 387.6 292.6 4.7 4.8 4.9 55.6 59.6 63.9 Inferred (Rustenburg operation) 11.1 26.1 11.0 5.6 5.6 5.6 2.0 4.8 1.9 Inferred (Kroondal operation) N/A 0.0 2.5 N/A 0.0 3.0 N/A 0.0 0.5 Total Underground 376.7 413.7 406.1 4.8 5.6 4.6 57.5 64.4 66.3 Surface Measured TSF (Rustenburg operation) 61.0 14.6 35.9 0.9 1.0 1.1 1.9 0.5 1.3 Measured Open-Pit (Kroondal operation) N/A 0.0 1.0 N/A 0.0 4.3 N/A 0.0 0.3 Total Surface 61.0 14.6 36.9 0.9 1.0 3.2 1.9 0.5 1.6 Total Resource 437.7 428.3 443.0 4.2 4.9 4.5 59.5 64.9 68.0 \*\* 2021 Kroondal attributable at 50% of total MR ++ 2023 Kroondal attributable at 87% 114 11.4.2 Mineral Resources per Mining Area Table 37:Mineral Resource Exclusive of Mineral Reserves per Mining Area as at 31 December 2025 at 100% Mining Area Measured Indicated Inferred Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Khuseleka 18.9 4.9 3.0 8.4 5.1 1.4 0.0 0.0 0.0 Thembelani 101.4 5.1 16.7 13.6 5.7 2.5 0.3 7.1 0.1 Siphumelele 1 76.6 5.3 13.0 66.0 5.3 11.2 9.5 5.5 1.7 Siphumelele 2 19.6 4.8 3.0 8.1 5.4 1.4 4.9 5.8 0.9 Khomanani 2.0 4.8 0.3 0.0 0.0 0.0 0.0 0.0 0.0 Bathopele 1.6 4.2 0.2 2.5 5.4 0.4 0.0 0.0 0.0 Kwezi 0.6 2.9 0.1 0.0 0.0 0.0 0.0 0.0 0.0 K6 0.2 3.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Kopaneng 0.4 2.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Bambanani 2.9 3.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 Marikana 22.1 3.4 2.4 5.5 3.3 0.6 0.0 0.0 0.0 Total Underground 246.4 4.9 39.0 104.2 5.2 17.5 14.7 5.6 2.6 Total: Surface TSF 77.7 0.9 2.4 0.0 0.0 0.0 0.0 0.0 0.0 Grand Total (Underground and Surface) 324.1 4.0 41.4 104.2 5.2 17.5 14.7 5.6 2.6 115 Table 38: Mineral Resource Inclusive of Mineral Reserves per Mining Area as at 31 December 2025 at 100% Mining Area Measured Indicated Inferred Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Khuseleka 49.2 4.8 7.6 8.6 5.1 1.4 0.0 0.0 0.0 Thembelani 135.6 5.0 22.0 18.3 5.6 3.3 0.3 7.1 0.1 Siphumelele 1 99.9 4.9 15.6 83.2 4.9 13.0 9.7 5.4 1.7 Siphumelele 2 19.6 4.8 3.0 8.1 5.4 1.4 4.9 5.8 0.9 Khomanani 2.0 4.8 0.3 0.0 0.0 0.0 0.0 0.0 0.0 Bathopele 7.6 3.3 0.8 2.5 5.6 0.4 0.0 0.0 0.0 Kwezi 4.7 3.0 0.5 0.0 0.0 0.0 0.0 0.0 0.0 K6 4.2 2.8 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Kopaneng 0.6 2.8 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Bambanani 22.3 3.2 2.3 0.0 0.0 0.0 0.0 0.0 0.0 Marikana 22.1 3.4 2.4 5.5 3.3 0.6 0.0 0.0 0.0 Total Underground 367.8 4.6 55.0 126.3 5.0 20.1 14.9 5.6 2.7 Total: Surface TSF 82.4 0.9 2.5 0.0 0.0 0.0 0.0 0.0 0.0 Grand Total (Underground and Surface) 450.2 4.0 57.5 126.3 5.0 20.1 14.9 5.6 2.7 11.4.3 Changes in the Mineral Resources from Previous Estimates The 2025 estimation varies from 2023 and 2021 as shown in the waterfall plot (Figure 44). Mineral Resource depletion due to mining between 2021 and 2025 is 5.9Moz, with changes due to geological losses, and the addition of new data resulting in a decrease of 3.1Moz. The inclusion of the Hoedspruit project in 2022 into the Mineral Resource and the inclusion of the Kroondal TSFs added 5.0Moz. The Hoedspruit project Mineral Resources were removed in 2024 due to economic reasons. It is not possible to fully separate changes only to the exclusive Mineral Resources as geology, methodology, rock engineering, pillars and economic parameters are global estimates and cannot be localised to only exclusive Mineral Resources. The Mineral Resource classification considers relevant sources of uncertainty see Section 11.3 for a more detailed discussion. The table above reflects the combined Mineral Resources for the former Rustenburg and Kroondal Mines. The portion attributable to other stakeholders (third party) is 20.9Moz. 116 Figure 41: Rustenburg operation Underground and Surface Mineral Resource Reconciliation 11.4.4 Metal Equivalents All estimates are presented as 4E comprising various proportions of platinum, palladium, rhodium and gold. This is discussed in detail in Section 11.3.2 and the proportions are presented in Table 32, Section 11.4.1 All estimates are for individual metals and not metal equivalents. 11.5 QP Opinion The Mineral Resources declared are estimated based on the geological facies and constrained by appropriate geostatistical techniques using Ordinary Kriging for elements with sufficient data and ID (Inverse distance to the power of two) estimates for elements with limited data. The Mineral Resource classification follows sound and reasonable geostatistical and geological guidelines. The Mineral Resources are declared inside the structural blocks and outside of the mined-out areas. No cut-off grade is applied. The minimum mining unit is the shaft and its accessible volumes. The underlying grade control and reconciliation processes are considered appropriate. It is the QP's opinion that all issues relating to any technical or economic factors that would be likely to influence the condition of reasonable prospects for economic extraction are addressed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 12 Mineral Reserve Estimates This section includes discussion and comments on the conversion of Mineral Resources to Mineral Reserves. Specifically, comment is given on the mine planning process, historical production from the last five years, cut-off grades and modifying factors, Life-of Mine- plan (LoM) and specific inclusions and exclusions. The Mineral Reserves statement includes the global Mineral Reserves and Mineral Reserves per shaft, as well as comment on the sensitivity of the Mineral Reserves to cut-off grades and input costs. Mining methods and Infrastructure are discussed in Sections 13 and 15. A map of the LoM layout is found in Section 13.9. Commodity pricing and financial information are found in Sections 16, 18 and 19. Section 12.4.2 and Table 42, Section 13.9 provide details of the LoM plan from 2026 to 2057. 12.1 Mineral Reserve Methodology Mine planning is done on 100m block sizes. There is no block selection using a cut-off grade in the Mineral Reserve classification. The following factors are considered in aggregate for mine planning and Mineral Reserve: • Mining • Metallurgical • Processing • Infrastructural • Economic • Marketing • Legal and • Environmental, social and governmental factors The Mineral Reserve classification follows from the Mineral Resource classification i.e., Proven Mineral Reserves are derived from Measured Mineral Resources, Probable Mineral Reserves are derived from Indicated Mineral Resources and no Inferred Mineral Resources are included in the LoM plan or converted to Mineral Reserves. 12.2 Mine Planning Process The reported Mineral Resources and Mineral Reserves are derived through a comprehensive annual operational planning process. The annual planning process is cyclical, starting in January and running through to December. It begins with a review of the previous LoM plans and the development of strategic plans based on that portion of the Mineral Resource for which technical and economic studies have demonstrated justified extraction at the time of disclosure, to a minimum pre-feasibility study (PFS) level. Strategic plan directives, parameters, and factors are issued to guide the operations. An analysis of the historical performance is done to assist with the development of realistic productivity and cost parameters and modifying factors. All mine design and planning is based on the latest available geological and Mineral Resource models. Mineral Resource classification categories guide and constrain the mining layouts. Measured and Indicated Mineral Resources typically get converted to Proven and Probable Mineral Reserves respectively, but additional mining risk can be factored in and 118 used to downgrade Mineral Reserve confidence. The annual operational plan is based on detailed monthly scheduling and zero-based costing. All underground mine design, sequencing, scheduling and evaluation is done using appropriate 3D software applications. Once detailed 12-month production profiles, operating and capital cost estimates, and the required stay-in-business capital estimates to sustain the business have been prepared, these are extended to five-year and LoM production schedules. Multi-disciplinary review processes are conducted at stage-gate intervals during the planning process. During these reviews, mining, support and technical departments are involved in the verification of the inputs and the modifying factors that are incorporated into the business plan. Ultimately, all business and LoM plans are approved by both the relevant regional management team, as well as the Group executives. Technical economic modelling is undertaken using a discounted cash-flow approach (See Section 19). The detailed one-year operating budget is used to determine cost drivers, down to shaft level, which are then applied to the remainder of the LoM plan. Sensitivities are calculated based on a range of commodity prices and operating and capital costs to assess the robustness of the plan. The financial and technical assumptions underlying the Mineral Resources and Mineral Reserves estimations contained in this report are current as at 31 December 2025. Such assumptions rely on various factors that may change after the reporting period, including as a result of operational reviews which Sibanye- Stillwater undertakes from time to time and when necessary. 12.3 Historical Mining Parameters The planning parameters applied are primarily based on historical achievements. Table 15 provides the historical mining performance for the Rustenburg operation, where mining expenditures are stated in nominal terms. Historical mining statistics for Rustenburg operation from 2021 to 2025 and historical averages, are provided in Table 39. 119 Table 39: Historical Mining Statistics by Shaft Shaft Units 2021 2022 2023 2024 2025 Thembelani 1 Primary Reef Development (m) 3,162 2,643 2,922 2,526 2,803 Primary Waste Development (m) 3,952 3,966 3,867 3,421 3,579 Stoping Square metres (m2) 240,048 228,410 242,719 225,507 239,479 Tonnes Milled (kt) 1,178 1,170 1,247 1,147 1,214 4E ounces Metal in Concentrate (oz) 135,132 129,486 140,298 128,614 134,535 Siphumelele 1 Primary Reef Development (m) 1,460 1,318 933 1,350 678 Primary Waste Development (m) 138,414 112,077 87,659 560 489 Stoping Square metres (m2) 547 477 398 76,658 83,142 Tonnes Milled (kt) 81,539 60,629 54,131 41,442 392,071 4E ounces Metal in Concentrate (oz) 1,460 1,318 933 48,362 51,692 Khuseleka 1 Primary Reef Development (m) 4,181 4,354 4,013 3,578 3,680 Primary Waste Development (m) 7,032 7,129 6,914 6,468 6,529 Stoping Square metres (m2) 313,918 330,237 342,633 341,675 348,191 Tonnes Milled (kt) 1,541 1,564 1,593 1,587 1,699 4E ounces Metal in Concentrate (oz) 166,309 165,108 175,284 178,549 190,933 Bathopele Primary Reef Development (m) 1,549 1,605 2,913 2,315 3,551 Primary Waste Development (m) 0 0 0 0 0 Stoping Square metres (m2) 430,920 401,931 374,496 335,613 319,029 Tonnes Milled (kt) 3,024 2,826 2,835 2,498 2,530 4E ounces Metal in Concentrate (oz) 218,072 194,968 203,366 182,767 188,879 Kwezi Primary Reef Development (m) 1,909 1,790 1,078 1,155 1,612 Primary Waste Development (m) 136 371 56 82 150 Stoping Square metres (m2) 157,314 122,116 96,754 88,502 89,851 Tonnes Milled (kt) 1,235 997 784 741 768 4E ounces Metal in Concentrate (oz) 79,450 61,603 47,630 43,787 45,986 120 Shaft Units 2021 2022 2023 2024 2025 K6 Primary Reef Development (m) 1,653 1,611 1,888 1,639 2,148 Primary Waste Development (m) 0 0 0 0 0 Stoping Square metres (m2) 199,430 184,016 185,789 181,017 196,350 Tonnes Milled (kt) 1,660 1,525 1,487 1,452 1,610 4E ounces Metal in Concentrate (oz) 112,122 98,157 92,961 86,902 98,770 Bambanani Primary Reef Development (m) 2,055 2,939 2,055 3,807 4,556 Primary Waste Development (m) 45 - 45 20 498 Stoping Square metres (m2) 146,005 141,066 146,005 133,525 134,895 Tonnes Milled (kt) 1,117 1,055 1,117 1,083 1,218 4E ounces Metal in Concentrate (oz) 71,526 64,053 71,526 61,730 71,209 Kopaneng Primary Reef Development (m) 1,809 1,879 1,809 3,320 4,456 Primary Waste Development (m) 791 249 791 52 0 Stoping Square metres (m2) 189,516 171,343 189,516 137,401 129,911 Tonnes Milled (kt) 1,561 1,508 1,561 1,213 1,211 4E ounces Metal in Concentrate (oz) 95,672 87,804 95,672 67,674 63,875 Total Underground Rustenburg operation Primary Reef Development (m) 17,887 18,654 18,286 19,690 19,937 Primary Waste Development (m) 150,370 123,792 99,332 10,603 11,245 Stoping Square metres (m2) 1,869,288 1,671,033 1,583,063 1,519,837 874,295 Tonnes Milled (kt) 94,289 72,117 65,081 49,951 401,111 4E ounces Metal in Concentrate (oz) 972,068 854,690 845,150 711,570 747,208 12.4 Shaft Modifying Factors 12.4.1 Paylimits and Cut-off Grades • No paylimits or mining cut-off grades are applied to the Mineral Resources and Mineral Reserves that are quoted due to there being no mining selectivity based on the grades applied at any of the Shafts at the Rustenburg operation

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 • Costs for the LoM plan were derived from the actual 2025 costs, the current year's operational business plan and projected forward using the required production profile. Costs used in the operational plan have been benchmarked against current costs with adjustments made for inflation and labour costs • Long term prices used in the Mineral Reserves are given in Section 16.3 • Margin analysis is carried out based on cost and revenue variability • Refer to Section 11.3.2.2 for more information on paylimits and cut-off grades 12.4.2 Modifying Factors and LoM plan Table 40 and Table 41 provide details of the historical and projected mining modifying factors. Table 42, Table 43 and Table 44 present the LoM plan. Mining dilution is catered for in the Mineral Resources compositing (Section 11.1.1) and provision in the Modifying factors (Table 40 and Table 41). Recovery factors are given in Section 14. Table 40: Mineral Reserve Mining Modifying Factors Conventional Shafts Modifying Factors Survey Actuals Survey Actuals Survey Actuals Survey Actuals Survey Actuals Planned Units 2021 2022 2023 2024 LoM Dilution cm 11 8 9 5 9 Off Reef Mining % 3 2 2 3 4 RIH/RIF\* Loss % 4 3 1 3 2 Mine Call Factor % 101 99 102 103 98 \*Reef in Hangingwall/Reef in Footwall No Survey actuals for 2025 at the time of planning Table 41: Mineral Reserve Mining Modifying Factors Mechanised Shafts Modifying Factors Survey Actuals Survey Actuals Survey Actuals Survey Actuals Survey Actuals Planned Units 2021 2022 2023 2024 LoM Dilution cm 16 16 15 19 20 Off Reef Mining % 6 7 7 8 7 RIH/RIF\* Loss % 5 6 6 3 3 Scalping Ore Loss % 5 4 4 4 3 Ore used for Ballast % 1 1 0 1 1 Mine Call Factor % 94 95 95 93 95 \*Reef in Hangingwall/Reef in Footwall No Survey actuals for 2025 at the time of planning 122 Table 42: LoM Plans – Current Operations 2026-2035 Rustenburg operation Units LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 1 2 3 4 5 6 7 8 9 10 Underground Primary On-Reef Development (m) 275,920 27,984 20,744 22,802 21,839 18,382 15,003 13,078 11,591 11,716 10,676 Primary Off-Reef Development (m) 138,859 14,827 14,794 12,733 10,617 9,954 8,825 7,744 7,913 7,222 6,916 RoM (Mill) Tonnes (kt) 112,498 10,405 9,731 8,663 6,672 6,525 6,360 5,586 5,555 5,650 5,594 RoM Grade (g/t) 3.44 2.91 2.97 3.05 3.24 3.26 3.28 3.35 3.39 3.39 3.43 Recovery (%) 86 85 85 85 86 86 86 86 86 86 87 Recovered Grade (Yield) (g/t) 2.97 2.47 2.52 2.60 2.79 2.80 2.83 2.89 2.93 2.93 2.97 4E Produced (koz) 10,774 827 789 725 599 588 578 518 524 532 534 Surface No surface sources are scheduled for mining RoM (Mill) Tonnes (kt) 4,710 4,710 RoM Grade (g/t) 0.90 0.90 Recovery (%) 25% 25 Recovered Grade (Yield) (g/t) 0.23 0.23 4E Produced (koz) 34.00 34 Total Mine Mill Tonnes (kt) 117,208 15,115 9,731 8,663 6,672 6,525 6,360 5,586 5,555 5,650 5,594 RoM Grade (g/t) 3.34 2.29 2.97 3.05 3.24 3.26 3.28 3.35 3.39 3.39 3.43 Recovery (%) 84 66 85 85 86 86 86 86 86 86 87 Recovered Grade (g/t) 2.83 1.51 2.52 2.60 2.79 2.80 2.83 2.89 2.93 2.93 2.97 4E Produced (koz) 10,808 861 789 725 599 588 578 518 524 532 534 123 Table 43: LoM Plans – Current Operations 2036-2045 Rustenburg operation Units LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 11 12 13 14 15 16 17 18 19 20 Underground Primary On-Reef Development (m) 275,920 10,945 9,851 9,562 8,402 7,737 7,195 6,827 6,035 5,508 4,638 Primary Off-Reef Development (m) 138,859 4,872 3,875 3,032 2,436 2,262 2,312 1,806 1,626 1,448 1,485 RoM (Mill) Tonnes (kt) 112,498 5,500 5,162 4,899 3,748 3,597 2,748 2,373 2,083 1,822 1,583 RoM Grade (g/t) 3.44 3.46 3.48 3.55 3.71 3.76 4.12 4.15 4.21 4.18 4.18 Recovery (%) 86 87 87 87 88 88 88 89 89 89 89 Recovered Grade (Yield) (g/t) 2.97 3.00 3.02 3.08 3.25 3.30 3.64 3.67 3.73 3.71 3.71 4E Produced (koz) 10,774 530 501 486 392 381 322 280 250 217 189 Surface No surface sources are scheduled for mining RoM (Mill) Tonnes (kt) 4,710 RoM Grade (g/t) 0.90 Recovery (%) 25 Recovered Grade (Yield) (g/t) 0.23 4E Produced (koz) 34.00 Total Mine Mill Tonnes (kt) 117,208 5,500 5,162 4,899 3,748 3,597 2,748 2,373 2,083 1,822 1,583 RoM Grade (g/t) 3.34 3.46 3.48 3.55 3.71 3.76 4.12 4.15 4.21 4.18 4.18 Recovery (%) 84 87 87 87 88 88 88 89 89 89 89 Recovered Grade (g/t) 2.83 3.00 3.02 3.08 3.25 3.30 3.64 3.67 3.73 3.71 3.71 4E Produced (koz) 10,808 530 501 486 392 381 322 280 250 217 189 124 Table 44: LoM Plans – Current Operations 2046-2057 Rustenburg operation Units LoM 2046- 2050 2051- 2055 2056- 2057 20-24 25-29 30-31 Underground Primary On-Reef Development (m) 275,920 12,761 10,014 2,630 Primary Off-Reef Development (m) 138,859 7,861 4,067 232 RoM (Mill) Tonnes (kt) 112,498 4,160 3,048 1,035 RoM Grade (g/t) 3.44 4.19 4.45 4.34 Recovery (%) 86 89 89 89 Yield (g/t) 2.97 3.71 3.97 3.87 4E Produced (koz) 10,774 496 389 129 Surface No surface sources are scheduled RoM (Mill) Tonnes (kt) 4,710 RoM Grade (g/t) 0.90 Recovery (%) 25 Yield (g/t) 0.23 4E Produced (koz) 34 Total Mine - RoM (Mill) Tonnes (kt) 117,208 4,160 3,048 1,035 RoM Grade (g/t) 3.34 4.19 4.45 4.34 Recovery (%) 84 89 89 89 Yield (g/t) 2.83 3.71 3.97 3.87 4E Produced (koz) 10,808 496 389 129

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 12.5 LoM Projects Phase 1 of the Siphumelele UG2 mechanised project is in execution. This project combines the shallow, mechanised Bambanani decline and the conventional Siphumelele 1 vertical shaft infrastructure to facilitate the mechanised mining of UG2 to a depth of 980m. A further phase 2 PFS, aimed at extending this mining down to 1,200m in depth, is in progress. 12.6 Mineral Reserve Estimation The tonnage and grades scheduled in Measured Mineral Resources classified as Proven Mineral Reserves and those in the Indicated Mineral Resources are classified as Probable Mineral Reserves. No Measured Mineral Resources were converted to Probable Reserves. Additional mining risk can be factored in and used to downgrade Mineral Reserve confidence. The Mineral Reserve estimation process at the Rustenburg operation is based on the development of an appropriately detailed and engineered LoM plan, which accounts for all necessary access development and stope designs to at least the pre-feasibility level. The terms and definitions are those given in United States Securities and Exchange Commission's (SEC's) Subpart 1300 of Regulation S-K. All design and scheduling work are undertaken within Cadsmine, a mine planning and scheduling programme. The mill tonnes are quoted as mill delivered metric tonnes and RoM, grades, inclusive of all mining dilutions. Mineral Reserves classification is shown in Figure 42 and Figure 43. 126 Figure 42: Mineral Reserves Classification as at 31 December 2025 - Merensky Reef 127 Figure 43: Mineral Reserves Classification as at 31 December 2025 - UG2 Reef 128 12.7 Surface Sources Surface sources refer to low grade waste and processed materials, from a TSF at the Rustenburg operation. 12.8 Mineral Reserves Statement The Mineral Reserve is declared separately for underground and surface sources. The prill split for the Mineral Reserves is given in Table 45. The Mineral Reserves are provided in Table 46 and Table 47. The Mineral Reserves per shaft are given in Table 48 and Table 49. Figure 44 shows the main changes year on year due to various factors. Notes on the Mineral Reserves: • All Mineral Reserves are quoted as of 31 December 2025 • Mineral Reserve is reported in accordance with the classification criteria of Regulation S-K 1300 • All Mineral Reserves are quoted in terms of the expected RoM grades and tonnage as delivered to the metallurgical processing facilities, and therefore the quantities reported account for dilution and mineral loss • Mineral Reserve statements include only Measured and Indicated Mineral Resources modified to produce Mineral Reserves and contained in the LoM plan • All Mineral Reserves are evaluated to at least a Pre-Feasibility level within cost limits as given in Section 19 • Mineral Reserve was estimated on all blocks accessible from the infrastructure and no cut-off grade was applied as explained in Section 12.9 • Recoveries are dependent on the material type and processing stream recoveries are discussed in Section 14.1 • Mineral Reserves are estimated using the prices in Section 16.4 • Risks are discussed in Section 21.1.2 • Attributable Mineral Reserves Rustenburg operation is 74% for all years • Attributable Mineral Reserves for Kroondal Section is 50% for 2021 • Attributable Mineral Reserves for Kroondal Section is 87% for 2023

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 Table 45: 4E Prill Split and Recovery for Mineral Reserves @ 100% Pt% Pd% Rh% Au% Recovery 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 UG2(Rustenburg) 59.0 54.5 52.3 29.1 34.4 33.0 11.3 10.2 13.8 0.6 0.9 0.9 84% 85% 85% UG2 (Kroondal) N/A 58.1 57.8 N/A 31.1 31.4 N/A 10.2 10.8 N/A 0.7 0.7 N/A 82% 83% Merensky 61.6 63.6 63.7 27.9 27.5 27.4 3.4 4.0 4.0 7.1 4.9 5.0 84% 84% 84% TSF (Rustenburg) 55.3 56.7 55.0 30.5 32.7 31.7 11.9 8.7 11.5 2.4 1.9 1.9 27% 27% 27% 130 Table 46: Mineral Reserve as at 31 December 2025 at 100% Classification – 4E Tonnes (Mt) 4E Grade (g/t) 4E (Moz) 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 31 Dec 25 31 Dec 23 31 Dec 21 Underground Proved (Rustenburg operation) 104.4 98.6 112.7 3.4 3.6 3.5 11.4 11.4 12.9 Proved (Kroondal operation) N/A 10.5 19.1 N/A 2.5 2.5 N/A 0.8 1.6 Probable (Rustenburg operation) 8.1 4.5 8.0 3.8 4.0 4.2 1.0 0.6 1.1 Probable (Kroondal operation) N/A 0.0 0.0 N/A 0.0 0.0 N/A 0.0 0.0 Total Underground 112.5 113.5 139.9 3.4 3.5 3.5 12.4 12.8 15.5 Surface \* Proved (Kroondal operation) N/A 0.0 1.7 N/A 0.0 3.3 N/A 0.0 0.2 Probable TSF (Rustenburg operation) 4.7 19.8 48.3 0.9 1.0 1.0 0.1 0.6 1.6 Total Surface 4.7 19.8 50.0 0.9 1.0 1.1 0.1 0.6 1.7 Total Proved 104.4 109.1 133.5 3.4 3.5 3.4 11.4 12.2 14.4 Total Probable 12.8 24.2 56.4 2.7 1.6 1.5 1.1 1.2 2.6 Total Mineral Reserve 117.2 133.3 189.9 3.3 3.1 2.8 12.6 13.4 17.3 \*2021 Tonnes reported were for an open-pit which is mined out. The current surface reserves are from a TSF 131 Table 47: Attributable Mineral Reserve as at 31 December 2025 Classification – 4E Tonnes (Mt) 4E Grade (g/t) 4E (Moz) 31 Dec 25 31 Dec 23++ 31 Dec 21\*\* 31 Dec 25 31 Dec 23++ 31 Dec 21\*\* 31 Dec 25 31 Dec 23++ 31 Dec 21\*\* Underground Proved (Rustenburg operation) 77.2 72.9 83.4 3.4 3.6 3.5 8.5 8.4 9.5 Proved (Kroondal operation) N/A 9.1 9.6 N/A 2.5 2.5 N/A 0.7 0.8 Probable (Rustenburg operation) 6.0 3.3 6.0 3.8 4.0 4.2 0.7 0.4 0.8 Probable (Kroondal operation) N/A 0.0 0.0 N/A 0.0 0.0 N/A 0.0 0.0 Total Underground 83.2 85.4 98.9 3.4 3.5 3.5 9.2 9.6 11.1 Surface \* Proved (Open-Pit Kroondal) N/A 0.0 0.8 N/A 0.0 3.3 N/A 0.0 0.1 Probable (TSF Rustenburg) 3.5 14.6 35.8 0.9 1.0 1.0 0.1 0.5 1.2 Total Surface 35 14.6 36.6 0.9 1.0 1.1 0.1 0.5 1.3 Total Proved 77.2 82.1 93.8 3.4 3.5 3.4 8.5 9.1 10.4 Total Probable 9.5 17.9 41.7 2.7 1.6 1.5 0.8 0.9 2.0 Total Mineral Reserve 86.7 100.0 135.5 3.3 3.1 2.8 9.3 10.0 12.4 \*\* 2021 Kroondal attributable at 50% of total MR ++ 2023 Kroondal attributable at 87% \*2021 Tonnes reported were for an open-pit which is mined out. The current surface reserves are from a TSF 132 Table 48: Mineral Reserve per Mining Area as at 31 December 2025 at 100% Mining Area Proved Probable Total Dec-25 Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Thembelani 30.3 4.1 4.0 4.7 4.4 0.7 35.0 4.1 4.6 Khuseleka 30.2 4.0 3.9 0.2 4.2 0.0 30.4 4.0 3.9 Siphumelele 1 29.7 2.6 2.5 2.6 2.8 0.2 32.3 2.6 2.7 Bathopele 5.6 2.7 0.5 0.0 0.0 0.0 5.6 2.7 0.5 Kwezi\*\* 2.1 2.2 0.1 0.0 0.0 0.0 2.1 2.2 0.1 K6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Kopaneng 0.0 2.3 0.0 0.0 2.5 0.0 0.0 2.3 0.0 Bambanani 6.5 2.5 0.5 0.6 2.6 0.0 7.1 2.5 0.6 Total Underground 104.4 3.4 11.4 8.1 3.8 1.0 112.5 3.4 12.4 Total: Surface Open-pit 0.0 0.0 0.0 4.7 0.9 0.1 4.7 0.9 0.1 Grand Total (Underground and Surface) 104.4 3.4 11.4 12.8 2.7 1.1 117.2 3.3 12.6 \*\*See Section 3.2, Table 11. The Kwezi Shallows area fall within the NW30/5/1/2/2/80MR and was the area subject to legal proceedings. The legal decision received in March 2026 prevents mining of the area. Mining will be rescheduled to other areas

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 Table 49: Attributable Mineral Reserve per Mining Area as at 31 December 2025 Mining Area Proved Probable Total Dec-25 Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Tonnes (Mt) 4E Grade (g/t) 4E PGM (Moz) Thembelani 22.4 4.1 2.9 3.5 4.4 0.5 25.9 4.1 3.4 Khuseleka 22.3 4.0 2.9 0.2 4.2 0.0 22.5 4.0 2.9 Siphumelele 1 22.0 2.6 1.8 1.9 2.8 0.2 23.9 2.6 2.0 Bathopele 4.2 2.7 0.4 0.0 0.0 0.0 4.2 2.7 0.4 Kwezi\*\* 1.5 2.2 0.1 0.0 0.0 0.0 1.5 2.2 0.1 K6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Kopaneng 0.0 2.3 0.0 0.0 2.5 0.0 0.0 2.3 0.0 Bambanani 4.8 2.5 0.4 0.4 2.6 0.0 5.2 2.5 0.4 Total Underground 77.2 3.4 8.5 6.0 3.8 0.7 83.2 3.4 9.2 Total: Surface Open-pit 0.0 0.0 0.0 3.5 0.9 0.1 3.5 0.9 0.1 Grand Total (Underground and Surface) 77.2 3.4 8.5 9.5 2.7 0.8 86.7 3.3 9.3 \*\*See Section 3.2, Table 11. The Kwezi shallows area fall within the NW30/5/1/2/2/80MR and was the area subject to legal proceedings. The legal decision received in March 2026 prevents mining of the area. Mining will be rescheduled to other areas Figure 44: The Rustenburg operation Mineral Reserve Reconciliation at 31 December 2025 12.9 Mineral Reserve Sensitivity Mineral Reserves like Mineral Resources are not sensitive to grade for three reasons: • Blocks that cannot be mined for geological or other technical reasons are excluded for the Mineral Resource and are not available for Mineral Reserves • The Merensky and UG2 Reefs have low grade variability, and • All available blocks in the Mineral Resource are above the nominal cut-off grade (Section 11.3.2.2), and are planned to be mined, which is essentially a blanket mining approach Cost sensitivity for the entire operation is given in Section 19.6. The primary factors limiting the Mineral Reserves are: • Access to Mineral Resource blocks (infrastructure) and • Long term major changes in prices or input costs which can affect shaft sustainability or new project introduction 135 12.10 QP Opinion The Mineral Reserves declared are estimated from detailed LoM plans developed per shaft and are based on the Mineral Resource estimates as at 31 December 2025. The assumptions applied in determining the modifying factors are reasonable and appropriate and the LoM plans were developed with a first principles approach that is sufficient in detail to ensure achievability. All the inputs used in the estimation of the Mineral Reserves have been thoroughly reviewed and can be considered technically robust. The QP considers the modifying factors to be based on a robust historical database of several years history and no material changes are anticipated that will have a significant bearing on the Mineral Reserve estimation process. Risks to the Mineral Reserve are further discussed in Section 21. 13 Mining Methods 13.1 Introduction This section includes discussion and comments on the mining engineering aspects of the LoM plan associated with Rustenburg operation. Specifically, the comment is given on the mining methods, geotechnics (rock engineering) underground environment management. Mine layouts are shown in Figure 45 and Figure 46. 136 Figure 45: Mine Layout Bord and Pillar

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 Figure 46: Mine Layout Conventional Breast Mining 13.2 Shaft Infrastructure, Hoisting and Mining Methods 13.2.1 Shaft Infrastructure The schematic view section of the vertical shafts is shown in Figure 47. Figure 48 shows the schematic representation of the decline shafts. Positions of the shafts are shown in Figure 42 and Figure 43. 138 Figure 47: Cross Sectional Schematic of the Vertical Shafts 139 Figure 48: Cross Sectional Schematic of a Decline Shaft Rustenburg Section Figure 49: Schematic Infrastructure Sections of the Kopaneng, Simunye, Bambanani, Kwezi and K6 shaft's infrastructure (Not to scale)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2 Hoisting Underground mining operations are accessed via vertical shafts or decline ramp systems. The operating capacities of the Rustenburg operation is given in Table 50. Blasted material is transported to the tipping places underground with low profile Load Haul Dump (LHD) machines. At the tips, broken material is screened at grated grizzlies. From the grizzlies, the material is automatically loaded onto an intricate system of conveyor belts. Material is moved from underground via conveyor belt systems to surface storage silos before being transported again via the conveyor belt system, trains, and trucks to the processing plants. Table 50: Hoisting Capacities of the Rustenburg Shafts Shaft Operating Capacity(ktpm) 5-year Planned production(ktpm) Siphumelele 163 80 Khuseleka 156 141 Thembelani 132 119 Bathopele 280 156 Kwezi 240 87 K6 240 74 Kopaneng 156 92 Bambanani 159 96 13.2.3 Mining Methods See Section 12.6, Section 13.1 and Figure 42 and Figure 43 for the distribution of Mineral Reserves and mined out areas. The mining methods employed at the Rustenburg operation vary between shafts and can be subdivided as follows: Conventional Scattered Breast Mining: Khuseleka, Thembelani A conventional breast mining method is used at Khuseleka and at Thembelani, on both UG2 and Merensky reef horizons. The conventional breast mining method incorporates in-stope crush pillars and regional dip pillars to maintain the stability of the workings. It allows for greater flexibility in the mining of moderately dipping narrow tabular reefs and the negotiation of geological structures. It involves a development grid followed by breast mining; whereby regional dip pillars are left permanently unmined. Mechanised Bord and Pillar: Bathopele, Kopaneng and Siphumelele 1 UG2 Traditionally only a conventional breast mining method was used at Siphumelele (Merensky), however the recently approved UG2 mechanised Project has been designed using a bord and pillar mining method. These are mechanised operations mining the UG2 Reef. Current operations are at depths between 40m and 750m below surface, with a planned depth of 980m below surface. The average dip of the reef is 143 9°, and as a result, bord and pillar is the mining method used. Regularly spaced pillars support the middling to the surface are designed not to yield or fail. The protection of surface structures such as buildings, roads and railway lines is achieved by ensuring that the pillars are capable of supporting the overburden. Where the standard pillar configuration does not provide the necessary support, additional pillars are designed. All remnant area mining undergoes a continual risk assessment process and those areas that pose a risk are excluded from the Mineral Reserves. Ongoing evaluation studies are routinely done to define optimal extraction scenarios that are cost- effective and meet best operational practices. No backfilling is used in underground operations. There are no open pit operations and therefore no stripping requirements for the property. Mechanised Bord and Pillar: Kwezi, K6 and Bambanani UG2 The mining method applied at all these shafts is mechanised bord and pillar. There are, however, a few sections where handheld drill and blast operations take place. The mining unit consists of a UG2L (Leader Seam), approximately 20cm thick, a UG2P (parting waste) of variable thickness and the UG2 (Main Seam). The UG2P is unmineralised and hence undesirable but has to be mined to extract the mineralised UG2 and UG2L. Mining employs a specialised drilling pattern in the UG2P to create large rocks that will not pass through the grizzly so that they can be separated from the ore material going to the surface and packed in back areas underground. This technique improves the quality of the ore that is mined from underground to the processing plant. No backfilling is used on underground operations. Open pit mining has ceased. There is no requirement for stripping in the open-pit operations. 13.3 Geotechnical Analysis The TRS has been compiled with inputs from the qualified Rock Engineers. Strategic planning and major design issues were completed with the relevant input from the responsible Rock Engineers. The primary aspects making up the geotechnical analysis are: • Geotechnical conditions • Stress and seismological setting, and • Regional and local support 13.3.1 Geotechnical Conditions Major structures/fault zones intersect the orebody at most of the shafts. Structures of note are: • Hex River fault – this is associated with weathering and poor ground conditions and affects Bathopele, Thembelani, and Khuseleka. Appropriate mitigation strategies are in place, and these include bracket pillars, secondary and tertiary support as well as limiting mining to necessary development only. Mining is planned at lower advance rates in the vicinity of the fault • F1 fault – this affects the Thembelani and Siphumelele shafts. Similar mitigations strategies as the Hex River fault are in place 144 • Siphumelele/Turfontein Shear zone – affects Bambanani Shaft. Ground conditions characterised by blocky rockmass. Mitigation strategies include secondary support and reduced panel spans. • Kwezi Shaft – Prominent faulting affecting over 70% of the operation. These faults typically dip at less than 60° with throws of up to 5m. Potholes and reef rolls are a ubiquitous feature. These adverse geological conditions have been successfully managed with appropriate strategies such as reduced bord spans, secondary and tertiary support • K6 Shaft – Similar to Kwezi Shaft, K6 is affected by prominent faults, potholes, reef rolls and IRUPs. Mitigation strategies include reduced bord spans, secondary and tertiary support • Bambanani Shaft – the operation is affected by major geological features (a shear zone and N-S striking dolerite dykes) on the eastern side. Bracket pillars, reduced bord spans, reduced advance per blast, secondary and tertiary support are some of the strategies that have been used to mitigate the risk posed by the prevailing geotechnical conditions • Kopaneng Shaft – the operation has experienced increased geotechnical complexities on the Western side due to faults and poor rock mass quality. Reduced panel spans and secondary support have been used to mitigate the risk. 13.3.2 Stress and Seismological Setting Stress and seismicity risk is higher at the conventional operations than for the mechanised operations, with Siphumelele having the highest seismic risk operation. Seismic sources are fault slip and pillar failure. Seismic monitoring systems are in place at all conventional shafts. All mechanised shafts are classified as shallow mining with a concomitant low stress and seismicity risk. Seismic monitoring systems are not required these operations. 13.3.3 Regional and Local Support In the bord and pillar operations, regularly spaced intact pillars are left as part of the layout. These pillars support the middling to the surface and should not be allowed to yield or fail. The protection of surface structures, i.e. buildings, roads, railway lines, etc., is achieved by ensuring that the pillars in the stoping environment, are capable of supporting the overburden. These pillars have a factor of safety (FoS) >2,0. This empirically derived FoS is a requirement of the Mandatory Code of Practice (MCOP) to combat rockfall and rockburst accidents. In conventional operations, regional dip pillars ranging from 10m to 20m in width, depending on the depth below the surface and the back length dip span, are placed midway between planned raises. Raise lines are planned to be spaced on average 180m to 230m apart on strike, resulting in dip pillars to be spaced to suite, centre to centre. Where required breaks in these regional dip pillars are planned so that effective overstoping of the haulages can be done. Known geological losses (potholes, dykes & faults) can be incorporated as regional support. Both the Mandatory Code of Practice (MCOP) and Technical Source Document (TSD) details the design. Crush pillars measuring 3.0m x 3.0m are cut for all UG2 Reef stoping (32m panel spans) and a crush pillar size of 4.0m x 2.5m are cut for all Merensky Reef stoping (35m panel spans) up to a mining depth of

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 1,400m below surface, with ventilation holings of 3m wide between these crush pillars (every 3m to 4m depending on reef type). 13.4 Mine Ventilation All projects and new infrastructure designs incorporate detailed ventilation modelling and associated recommendations as part of the standard feasibility and planning processes coordinated by the environmental engineering staff. All underground mining are subdivided into defined ventilation districts to ensure effective control of airflow distribution. For conventional mining operations, the ventilation design is based on achieving a minimum airflow velocity of 0.25m/s, in line with legal requirements. For trackless mining operations, a higher design velocity of 1.0m/s is applied to adequately dilute diesel particulate matter and exhaust gases and to maintain safe working conditions. 13.5 Refrigeration and Cooling Due to the high geothermal gradient of the BC, the resulting elevated virgin rock temperatures necessitate the use of ventilation, refrigeration, and cooling systems. Ventilation modelling is applied to determine the required ventilation, refrigeration, and cooling capacities to ensure compliance with legal standards and to maintain safe, healthy, and environmentally acceptable underground working conditions. Within the Rustenburg complex Siphumelele 1 is the only shaft equipped with an operational refrigeration and bulk air-cooling plant. Based on current ventilation modelling and thermal conditions, no refrigeration or cooling systems are required for the other mines in the complex. 13.6 Flammable Gas Management Sporadic flammable gas intersections are encountered across the shafts. These occurrences are effectively managed through the procedures outlined in the Flammable Gas Mandatory Code of Practice. Continuous gas measuring instruments are utilised to detect both flammable and noxious gases. In addition, an extensive telemetry system, equipped with fixed Carbon Monoxide (CO) sensors installed at strategic locations throughout the operations, provides early detection of CO. 13.7 Mine Equipment The major mine equipment installed and utilised at the Rustenburg conventional operations is shown in (Table 51 and Table 52). 146 Table 51: Major Mine Equipment Major Equipment Quantity Locomotives 148 Chairlifts 7 Winches 667 Rock Winder 3 Emergency Generators 3 Trackless Mobile Machinery 23 Decline Winders 6 Loaders 80 Main Pumps 14 Personnel Winders 3 Surface Conveyors 12 Surface Vent Fans 23 Transformers 89 U/G Conveyors 18 Surface & U/G Sub Stations 63 Service Winder 3 Mini Subs 116 Shaft Conveyors 5 Koepe Winder 0 Headgear Lift 3 Decline Conveyors 16 Conveyors 22 Vent Fans 10 Table 52: Rail Bound Equipment Summary Asset Type Avg 12 months Loco's 160 Loaders 78 Explosive Cars 197 Material Cars 808 Hoppers 1,077 Drill Rigs 33 Bogeys 54 Personnel carriages (8 mths) 31 147 The following major mine equipment (Table 53 and Table 55) is installed and utilised at the Rustenburg mechanised operations: Table 53: Major Equipment Quantity Summary Major Equipment Quantities Chairlifts 20 Conveyors 210 Mini-Subs 178 Substations 17 Vent Fans 19 Table 54Table 54: Mobile Equipment Summary - 2023 Asset Type Quantities Ambulance 6 Forklift 0 Grader 4 LDV 119 LHD 133 Manitou 5 Roof-bolter 29 Drill Rig 28 Jeeps 0 UVS 59 UPC 1 13.8 Personnel Requirements Personnel requirements and related information are available in Sections 4.5, 14.6 and 17.2. 13.9 Final Layout Map Refer to Section 12.6, Section 13.1 and Figure 42 and Figure 43 for the distribution of Mineral Reserves and mined out areas. 14 Processing and Recovery Methods This section covers the metallurgical and mineral processing aspects associated with the Rustenburg operation relating to plant capacity, production plans for the LoM, metallurgical performance and metal accounting practices. 14.1 Processing Facilities Seven process plants are located at the Rustenburg Section, namely: • Waterval UG2 Concentrator, treating only UG2 ore (has an 85.3% 4E recovery factor) • Waterval Retrofit Concentrator, treating a blend of Merensky and UG2 ores. This plant has an 85.8% recovery factor. The Retrofit plant is on C&M from 2026 due to concentrator optimisation. Going forward, all the Rustenburg ores will be processed at the Waterval UG2 plant • K1 Concentrator, treating UG2 ore from Kopaneng and K6 shafts (has an 82% 4E recovery factor) • K2 Concentrator, treating UG2 ore from Bambanani, Kwezi and K6 shafts (has an 82% 4E recovery factor) • Chrome Recovery Plant (CRP). The CRP treats the primary rougher middlings of UG2 from the Waterval UG2 plant to recover a saleable chromite concentrate. The plant has a 12.0% recovery factor • Western Limb Tailings Retreatment plant (WLTR plant), treating tailings from the Klipfontein TSF has a 28.0% recovery factor • Platinum Mile Concentrator (PMC) treats current arising tailings from the Waterval UG2 and Waterval Retrofit Concentrators as well as tailings from the Waterval West TSF and has a 16.0% recovery factor. In 2019, PMC started to treat tailings from the Waterval East and West TSF with a recovery factor of 24.0%. In 2023 PMC has commissioned a chrome recovery plant to process the UG2 tails for the recovery of a saleable chromite concentrate. This chrome plant now forms part of the CMA agreement with Glencore as the operator of the plant which was signed in 2025 The mineral processing plant parameters are shown in Table 55. Capacity is based on current retention times and historical achievement. Table 55: Mineral Processing Plant Parameters Plant Design Capacity (ktpm) Current Operation Capacity (ktpm) Average Recovery Factor (%) Material Treated Waterval UG2 concentrator 450 475 86 UG2 Waterval retrofit concentrator 620 130 86 Merensky and UG2 K1 290 148 82 UG2 K2 300 255 82 UG2 CRP 440 440 30-35 Fresh UG2 Talings WLTR 450 450 32 Historic Tailings Platinum Mile Retrofit 1,000 940 16 Fresh and historic tailings

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 The following major process equipment is installed and utilised at the Rustenburg Concentrators Table 56. Table 56: Process Equipment Summary all Concentrators Major Equipment Quantity Dense Media Separators (DMS) 2 Ball mills 9 Regrind mills 7 Flotation cells 164 Thickeners 10 Crusher 8 14.1.1 Waterval UG2 Concentrator 14.1.1.1 Process Description The Waterval UG2 concentrator has a 450,000tpm nameplate capacity. The plant has a two-stage milling and flotation (MF2) configuration circuit with two cleaning stages and a final column flotation circuit to reduce chromite in the final concentrate The process plant comprises the following main circuits: • Ore receiving • Crushing and screening • Milling • Flotation • Concentrate, and • Tailings The concentrator receives Merensky and UG2 RoM ore from both the Rustenburg conventional Shafts and Bathopele ore receiving circuits. Ore is fed to primary crushing from the Rustenburg operation from either a 2,000t bin or from a 70,000t stockpile. Bathopele ore is fed to primary crushing from a 6,500t silo. Crushed ore from both Rustenburg vertical shafts and Bathopele are combined and screened to either the fine ore mill feed silo with a capacity of 13,500t, or a coarse ore mill feed silo with a capacity of 6,500t. The milling plants consist of primary, secondary and Mainstream Inert Grinding ("MIG") milling circuits. As part of a business decision the MIG circuits are not being used anymore. The crushed product is milled and floated in an MF2 configured circuit. A single primary mill is operated in the closed circuit while both the cyclone overflow and cyclone underflow reports to a classifying screen. The screen underflow reports to the primary flotation circuit whilst screen overflow is returned to the primary mill. In the primary flotation circuit, the material reports to the rougher cells. The floated material reports as a primary concentrate which is fed for further upgrading in cleaning and re-cleaning stages. The rougher tail reports to the CRP plant for chromite removal. After chromite removal, the tails from the CRP plant 150 are pumped to a single secondary mill for further finer grinding and this product reports to the secondary rougher cells. The low-grade tails from the secondary rougher circuit are pumped to the final tailings Thickener prior to disposal to the TSF. Final concentrate from the primary and secondary recleaner circuits report to the final concentrate transfer tank. The final flotation concentrate stream from the flotation circuit is thickened and filtered at the Waterval Retrofit Concentrator. The responsibility for concentrate extraction and filtration currently resides with the Valterra - Waterval Smelter. 14.1.1.2 Production Plan The recent history and operational parameters for the Waterval UG2 Concentrator are presented in Table 57, Figure 51 and Figure 52. The 2021 to 2025 data presented reflect the actual annual performance whilst the 2026 to 2054 data represent current LoM targets. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. Figure 50: The Schematic Process Flow Diagram for Waterval UG2 Concentrator Table 57: Waterval UG2 Concentrator Production Forecast and Operational Data Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total Feed (kt) 4,865 4,808 4,858 4,675 4,939 5,609 5,441 5,606 4,938 4,629 4,679 4,498 4,440 4,526 Head Grade (g/t) 3.14 3.18 3.24 3.00 3.40 3.42 3.47 3.44 3.51 3.56 3.62 3.55 3.61 3.62 Concentrate Produced (kt) 74 77 79 78 83 91 88 90 80 74 75 70 69 70 4E Recovery (%) 87 85 86 86 86 86 86 86 86 87 87 87 87 87 4E Metal Produced (koz) 427 417 432 436 464 532 524 534 482 460 474 445 447 458 Parameter LoM 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 Total Feed (kt) 4,486 4,497 4,214 4,121 3,988 3,785 3,553 3,148 2,570 2,008 1,643 1,399 1,060 824 Head Grade (g/t) 3.66 3.67 3.72 3.74 3.72 3.77 3.81 3.80 3.93 4.04 4.12 4.09 4.17 4.17 Concentrate Produced (kt) 69 70 65 64 62 59 55 49 40 31 25 21 16 13 4E Recovery (%) 87 87 87 87 87 87 88 87 88 88 88 88 89 89 4E Metal Produced (koz) 459 462 440 433 416 400 381 337 285 230 193 163 126 98 Parameter LoM 2049 2050 2051 2052 2053 2054 Total Feed (kt) 706 684 657 607 608 594 Head Grade (g/t) 4.28 4.34 4.40 4.47 4.48 4.49 Concentrate Produced (kt) 11 10 10 9 9 9 4E Recovery (%) 89 89 89 89 89 89 4E Metal Produced (koz) 86 85 83 78 78 77

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Figure 51: Waterval UG2 Concentrator Throughput Forecast Figure 52: Waterval UG2 Concentrator Production and Recovery Forecast 154 14.1.2 Waterval Retrofit Concentrator 14.1.2.1 History The Waterval Retrofit concentrator consists of two sets of 310,000tpm mainstream modules operating in parallel to give a combined plant nameplate capacity of 620,000tpm. Note: Retrofit Plant has been placed on C&M from 2026 due to limited ore supply from mining. All material from the Rustenburg shafts is now being processed at the WUG2 Concentrator. 14.1.2.2 Process Description The plant consists of two MF2 modules in parallel with shared cleaner flotation banks. The process plant comprises the following main circuits: • Ore receiving • Crushing and screening • Milling • Flotation • Concentrate, and • Tailings UG2 and Merensky RoM ore is received into a 2,000t bin and fed to the primary crushing section. The crushed ore is fed to four mill feed silos. Each module has two dedicated feed silos. The milling plant for each module has a dedicated primary and secondary mill circuit. Note: As part of a business decision, MIG mills are not in use. Tailings material can also be received from the TSF and treated in each of the modules. The crushed product is milled and floated in an MF2 configured circuit. Two primary mills (one per module) are operated in a closed circuit. Woodchip removal cyclones are installed ahead of the classification screens. Figure 53 shows the process flow. The cyclone overflow material, after woodchip removal, and cyclone underflow reports to a classifying screen. Screen underflow reports to the primary flotation circuit whilst screen overflow is returned to the primary mill. In the primary flotation circuit, the floated material reports as a primary concentrate and is fed for further upgrading in cleaning and re-cleaning stages. A number of processing options are available for the concentrate produced. The tails from the primary rougher cells are pumped to the secondary milling circuit, each consisting of two secondary and two MIG mills (MIG's not in use) for further finer grinding, with this product reporting to the primary scavenger cells and the subsequent product going to the secondary scavenger cells. 155 The low-grade tails from the secondary scavenger circuit are pumped to the final tails thickener and water reticulation area where the material is cycloned and thickened before being transferred to the TSF. Final flotation concentrates from the primary, secondary and tertiary recleaner circuits is fed to two final concentrate thickeners. The responsibility for concentrate extraction and filtration currently resides with the Waterval Smelter. The concentrator shares multiple services including potable water, process water, fire water, tailings disposal, electrical and motor control buckets with the Waterval Smelter which is owned by Valterra Platinum. All of these services need to be separated or a service agreement reached before the plants can be operated as standalone units. Agreements have been established for shared services. process, gland seal (GSW), as well as the fire hydrant water systems have been successfully separated. Tailings disposal is still integrated and will continue until further notice. There is no operational data presented as the Retrofit plant is now on C&M. Figure 53: The Schematic Process Flow Diagram for Waterval Retrofit Concentrator

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.3 Western Limb Tailings Retreatment Plant (WLTR Plant) 14.1.3.1 Process Description The WLTR plant has 450,000tpm original name plate capacity (Figure 54). The Klipfontein tailings dam in the WLTR Klipfontein complex receives recovered tailings which are trucked from the Waterval East e- feed to the Klipfontein Tailings Dam from where the slurry is pumped to the WLTR concentrator. The process plant is divided into the following main circuits, namely: • Feed receiving • Milling • Flotation • Concentrate, and • Final tailings Feed from Klipfontein is fed to the WLTR plant thickener and pumped to the cyclone cluster for desliming. Milled product is combined with deslimed cyclone overflow and fed to a cyclone cluster for classification. Cyclone underflow is returned to the mill with the overflow fed to the primary flotation circuit. In primary flotation, the floated material reports as primary high-grade concentrate and is fed to flotation cells for further upgrading. An intermediate grade concentrate is upgraded in further cleaning stages. The tails from the primary rougher cells are pumped to the final tailings thickener before being pumped to the TSF. Flotation concentrate from the various circuits is fed to the final concentrate thickener prior to being filtered and trucked to the Waterval Smelter. Figure 54: The Schematic Process Flow Diagram for Western Limb Tailings Recovery Plant 159 14.1.3.2 Production Plan The recent history and operational parameters for the WLTR Plant are presented in the Table 58, Figure 55 and Figure 56. The 2021 to 2025 data presented reflect the actual annual performance whilst the 2026 to 2043 data represent current LoM targets. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. The feed material for WLTR from the Waterval West dam will be depleted in 2026, after which WLTR will be fed with remined material from KTD1 and current arising tailings from Waterval UG2. Although the WLTR plant remains operational in 2026, its operations will be limited to reclaiming the remaining material from the West dams while awaiting the completion of the chrome plant at WLTR, after which remining and processing of KTD1 can commence. Table 58: Western Limb Tailings Retreatment Plant Production Forecast and Operational Data Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total Feed (kt) 5,712 5,609 5,486 5,370 5,205 0 2,319 2 497 2,579 2,491 2,511 2,441 2,250 2,636 Head Grade (g/t) 1.09 1.05 1.03 1.06 1.10 0.00 0.61 0.61 0.61 0.61 0.61 0.61 0.61 0.62 Concentrate Produced (kt) 31 29 26 26 28 0 4 4 5 4 5 4 4 5 4E Recovery (%) 34 40 33 32 28 0 15 15 15 15 15 15 15 15 4E Metal Produced (koz) 68 75 60 59 52 0 7 7 8 7 7 7 7 8 Parameter LoM 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 Total Feed (kt) 2,324 1,892 1,641 1,441 1,266 1,225 1,133 1,067 979 973 988 968 9489 952 Head Grade (g/t) 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 Concentrate Produced (kt) 4,184 3,406 2,954 2,594 2,278 2,206 2,039 1,921 1,762 1,751 1,779 1,743 1,708 1,713 4E Recovery (%) 15 15 15 15 15 15 15 15 15 15 15 15 15 15 4E Metal Produced (koz) 7,027 5,742 4,976 4,368 3,858 3,735 3,449 3,249 2,977 2,957 3,005 2,943 2,884 2,894 160 Figure 55: Western Limb Tailings Retreatment Plant Throughput Forecast Figure 56: Western Limb Tailings Retreatment Plant Production and Recovery Forecast

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 14.1.4 Waterval Chrome Recovery Plant ("WCRP") 14.1.4.1 Process Description A Chromite Recovery Plant (WCRP) was constructed at Waterval UG2 concentrator (Section 14.1.1) to treat primary rougher tails (PRT). The entire PRT stream from rougher tailings sump is diverted to the WCRP Plant. The existing pumps at UG2 send tailings to surge tank, of 500m3 capacity situated at WCRP plant. From the surge tank, pumps feed the cyclone cluster, the underflow from which gravitates through the existing vibrating screen, then proceed to magnetic separators followed by the roughers spirals feed tank. The overflow from cluster cyclones reports to the splitter box which feeds the two tailing thickeners. The feed from spiral feed is separated to two modules; primary circuit module 1 and module 2. The primary circuit of both modules consist of spirals, the process starts from the rougher spirals, cleaner spirals, recleaner spirals, re-recleaner spirals, final cleaner spirals and rewash spirals. The feed from the spiral feed enters the feed box of the spirals and then flows on the surface of the spirals. The spirals separate the material by size and specific gravity generating three products namely: concentrate, middlings and tails. After the primary spiral circuit, there is also the scavenger circuit that takes in the most of tails streams (waste) from the primary circuit so that it can be recycled to scavenge chromite, this consists of three stages which is the roughers, cleaners and recleaner. The final product is then pumped to laydown area where it's stacked according to grade, and dispatched to various areas for further processing. Chromium is used with various other metals to give hardness to steel, also as a plating material because of its non-corrosive nature. Chromite bricks are used to a considerable extent as linings for metallurgical furnaces, because of their neutral and refractory character. The operational parameters and production plan for the WLTR Plant are presented in Production Plan The recent history and operational parameters for the WLTR Plant are presented in the Table 58, Figure 55 and Figure 56. The 2021 to 2025 data presented reflect the actual annual performance whilst the 2026 to 2043 data represent current LoM targets. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. The feed material for WLTR from the Waterval West dam will be depleted in 2026, after which WLTR will be fed with remined material from KTD1 and current arising tailings from Waterval UG2. Although the WLTR plant remains operational in 2026, its operations will be limited to reclaiming the remaining material from the West dams while awaiting the completion of the chrome plant at WLTR, after which remining and processing of KTD1 can commence. There are no historical production data as this is a new production stream. The 2026 to 2064 data represent current LoM planning. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. 162 14.1.4.2 Production Plan Table 59: Waterval Chrome Recovery Plant ("WCRP") Production Forecast and Operational Data Parameter LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Feed to WCRP (kt) 4,819 4,614 4,747 4,365 4,014 3,946 3,964 3,943 3,954 3,857 3,908 3,725 3,532 3,602 Cr2O3 in WCRP feed (kt) 714 752 1,022 1,270 1,259 1,256 1,298 1,334 1,358 1,328 1,347 1,234 1,126 1,176 Cr2O3 in WCRP feed %) 14.81 16.30 21.52 17.54 31.37 31.84 32.75 33.84 34.33 34.43 34.48 33.12 31.89 32.66 Produced (kt) 547 529 552 509 470 470 478 482 487 479 485 463 440 450 WCRP Yield (%) 11.4 11.5 11.6 11.7 11.7 11.9 12.1 12.2 12.3 12.4 12.4 12.4 12.5 12.5 Cr2O3 Produced grade (%) 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 Cr2O3 Produced(kt) 221 214 224 206 190 190 194 195 197 194 197 188 178 182 Cr2O3 Recovery (%) 31.0 28.46 21.88 16.21 15.12 15.15 14.93 14.62 14.52 14.61 14.59 15.21 15.83 15.50 Parameter LoM 2040 2041 2042 2043 2044 2045 2046- 2050 5201- 2055 2056- 2060 2061- 2065 Feed to WCRP (kt) 3,325 3,060 2,596 2,292 1,808 1,396 5,149 2,691 2,080 1,067 Cr2O3 in WCRP feed (kt) 1,056 991 851 757 521 331 1,065 509 394 202 Cr2O3 in WCRP feed (grade) 31.8 32.4 32.8 33.0 28.8 23.7 21% 19% 19% 19% Produced (kt) 416 383 325 287 226 175 644 336 260 133 WCRP Yield (%) 12.5 12.5 12.5 12.5 12.5 12.5 2.5 2.5 2.5 2.5 Cr2O3 Produced grade (%) 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 40.5 Cr2O3 Produced(kt) 168 155 131 116 92 71 261 136 105 54 Cr2O3 Recovery (%) 15.95 15.63 15.44 15.33 17.58 21.39 24.5 26.8 26.7 26.7 163 Figure 57: Waterval Chrome Recovery Plant (WCRP) Throughput Forecast 164 Figure 58: Waterval Chrome Recovery Plant (WCRP) Production and Recovery Forecast 14.1.5 Platinum Mile Concentrator (PMC) 14.1.5.1 Process description The PMC plant has a 1,000,000tpm original nameplate capacity. Tailings are fresh arisings from the Waterval UG2 Plant and Retrofit Plant (Figure 59). Additionally, tailings are re-mined from the E/W TSF; and are then pumped to the PMC plant for reprocessing. The process plant is divided into the following main circuits, namely: • Feed receiving • Milling • Flotation • Concentrate, and • Final tailings UG2 and Retrofit tailings feed is pumped into the plant on separate circuits. Retrofit tailings are eventually combined with E/W TSF-feed material. Feed from the West Feed re-mining is fed to the PMR through a regrind process at Retrofit Plant and pumped to the PMC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 The Waterval UG2 tails is first processed for chrome recovery at PMC chrome recovery plant to recover a saleable chromite concentrate before being pumped to the PGM recovery plant. The chrome recovery plant was commissioned in December 2023. In the PGM primary flotation circuit, the floated material reports as primary high-grade concentrate and is fed to the flotation cells for further upgrading. An intermediate grade concentrate is upgraded in further cleaning stages. The tails from the primary rougher cells are pumped to the final tailings thickener before being pumped to the TSF. Flotation concentrate from the various circuits is fed to the final concentrate thickener prior to being filtered and trucked to the Waterval Smelter. The recent history and LoM operational parameters for the PMC plant are presented in Table 60, Figure 60 and Figure 61. The 2021 to 2025 data presented reflect the actual annual performance whilst the 2026 represents current LoM planning. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable budget targets. No material is currently being fed from the Retrofit plant, as the plant was placed on C&M in 2026. The remined material from the East and West dams will be depleted during 2026, after which PMC will be placed on C&M, as operating the PMC plant on the UG2 tailings stream alone is not financially viable. Figure 59: The Schematic Process Flow Diagram for Platinum Mile 166 14.1.5.2 Production Plan Table 60: Platinum Mile Plant Production Forecast and Operational Data Parameter Actual LoM 2021 2022 2023 2024 2025 2026 Total Feed (kt) 10,637 5,158 10,150 8,489 9,416 9,681 Head Grade (g/t) 0.72 0.72 0.73 0.79 0.72 0.70 Concentrate Produced (kt) 17 7 16 19 16 18 4E Recovery (%) 21 21 22 21 15 16 4E Metal Produced (koz) 52 25 52 46 32 39 167 Figure 60: Platinum Mile Retrofit Concentrator Throughput Forecast Figure 61: Platinum Mile Retrofit Concentrator Production and Recovery Forecast 168 14.1.6 K1 Plant 14.1.6.1 Process Description The initial processing plant capacity for K1 plant was 100,000tpm. Since then, the plant has undergone several expansion phases, increasing its capacity to the current level of 290,000 tpm. K1 Plant treats RoM ore from Kopaneng, Simunye and K6 shafts. RoM ore is transported by truck or conveyor to the primary crusher, where it is crushed and screened before being passed through a secondary crusher. The correctly sized material is then conveyed to the DMS feed silos. A grizzly feeder is used to remove most of the fines before the RoM ore is sent to the primary crusher to better utilise the crusher. An intermediate silo with a capacity of 800t was developed between the primary and secondary crushing sections. The process plant comprises the following main circuits: • Ore receiving • Crushing and screening • Dense Media Separation • Milling • Flotation • Concentrate • Chromite Removal and • Tailings Dense Media Separation (DMS) Plant To minimise the treatment of waste rock and to upgrade the ore head grade, a DMS plant is located between the crusher section and the milling section of each plant. The DMS plant is fed from the DMS feed silos, which are two concrete units with a total storage capacity of approximately 8,000t and 2,500t, respectively. An automated hammer sample cutter takes samples every few minutes to determine the feed head grade of the ore coming into the DMS circuit. The DMS process treats coarse material (minus 30mm plus 2mm), whilst the fines (minus 2mm) bypass this process and are 'flash-floated' immediately after being screened ahead of the DMS section. The flash flotation cells recover the bulk of the PGM-bearing material from the fines before reporting to the primary milling-flotation circuit. The separation in the DMS circuit is enabled through ferrosilicon (FeSi) as the separation medium. The density of the medium is controlled between 3.0 and 3.1 t/cm3. This medium is continuously being recovered and circulated in circuit by means of 1) screening and washing of FeSi from the ore and 2) magnetic separators removing the FeSi from the slurry. The DMS waste is passed onto a waste conveyor which transports the material to a DMS waste rock stockpile, situated to the east of the plant. The DMS product is then conveyed to the north feed bin. Regular interval samples of the DMS waste are taken from the waste conveyor using an automated

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 sample cutter to minimise the loss of PGMs contained within the waste rocks to the waste rock stockpile. The DMS plant produces a maximum of 1,200,000tpa of waste rock. Milling The primary milling-flotation circuit treats DMS 'sinks' material (together with the flash float fines), essentially the 'reef' proportion of the coarse RoM ore. Two primary mills are installed at the plant. The two circuits are identical and are described below. To maximise recovery of the PGM, the material must be ground. The PGM bearing material is fed into the front of the mill and is broken into smaller particles. Water is also fed into the mill and the material exists as a dense slurry and is then diluted. The slurry passes over vibrating screens to remove waste and scats and is pumped to the flotation section. The Phase 1 expansion project made provision for the inclusion of a regrind ball mill circuit. The ball mill operates in an open-circuit to minimise losses. The cleaner flotation tailings are re-introduced to the ball mill circuit, which effectively 'closes' the primary cleaner flotation circuit, improves recovery, and reduces the likelihood of operational losses from the concentrator. The regrind flotation cell arrangement is similar to the primary rougher flotation circuit, resulting in parallel flotation trains. Flotation (Addition of Reagents) The floatation process is used to concentrate the PGMs. In the flotation process, the minerals of the PGM attach to bubbles of air and are thus separated from the slurry of milled ore. The concentrate collected on the bubbles is upgraded through a series of flotation steps. Reagents for the flotation process are added to the slurry from the mill. These reagents are: • Sodium isobutyl xanthate (SIBX) links up with sulphide minerals, these minerals are naturally hydrophobic and the SIBX enhances this • Poly-propylene-glycol (frother) which stabilises the bubbles • Carboxy-methyl-cellulose (CMC depressant) stops fine silica and slimes attaching to the bubbles and makes talc and gangue material in the solution fuse together K1 operates an MF2 circuit, whereby the product of the primary mill feeds the primary rougher circuit with the tails from the primary roughers feeding the secondary mill. The secondary mill product feeds the secondary roughers. The primary roughers produce high grade and medium grade concentrate, the high-grade concentrate reports to the primary cleaner bank 1. The primary medium grade concentrate reports to the secondary cleaner bank 1. The secondary roughers produce high and medium grade concentrate. The high-grade concentrate from the secondary roughers reports to primary cleaner bank 1 and the medium grade concentrate from the secondary roughers reports to the secondary cleaner bank 1. The primary cleaner circuit comprise of 4 banks of primary cleaners. The primary cleaner circuit like the secondary is an upgrading floatation circuit with concentrate from bank 1 upgraded in bank 2, bank 2 concentrate upgraded in bank 3 and bank 3 concentrate upgraded in bank 4 which is the final concentrate. The secondary cleaner section is similar to the primary cleaners section. The final concentrate is pumped to the concentrate thickener for thickening and dispatch via slurry trucks. The tails from the secondary rougher flotation cells pass to the chromite removal section. 170 Chrome Recovery Associated with the processing plant is the Chrome Spiral Plant. The secondary rougher flotation tailings pass through the spiral plant to recover a chromite concentrate from the milled product. The chrome recovery circuit of the K1 plant was upgraded to contain additional spiral concentrator units to increase the chromite concentrate yield. On average, the K1 Spiral Plant produces 26,000tpm of chrome with a Cr2O3 grade of about 40.5%. The discard from the K1 spiral plant reports to the K150 Glencore facility for further chrome removal before reporting to tailings disposal. Reagent Make-Up and Distribution The chemicals used in the flotation process are delivered as either concentrated solutions or dry. Except for the frother, these chemicals must be made up, hydrated, or diluted prior to use in the flotation plant. Although the exact make-up system varies for each chemical, basically, each reagent is added to a tank, to which water is added and then the resultant solution is mixed and circulated and then pumped into the flotation plant. Tailings Separation Slurry from the secondary rougher flotation step is discarded as tailings, after the chrome is removed by the spirals. The tailings are thickened in thickeners and then discharged to one of the tailings storage facilities, namely K1 and K150 Tailings dams. Flow diagram of the K1 Plant is given in Figure 62 171 Figure 62: The Schematic Process Flow Diagram for K1 Processing Plant 172 14.1.6.2 Production Plan The recent history and operational parameters for the K1 concentrator are presented in Table 61, Figure 63 and Figure 64. The 2021 to 2025 data presented reflect the actual annual performance, whilst the 2026 to 2028 data represent current LoM planning. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. Table 61: K1 Concentrator Production Forecast and Operational Data Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 Total Feed (kt) 3,532 3,249 2,277 1,678 1,896 1,356 1,220 1,220 Head Grade (g/t) 2.39 2.33 2.19 2.17 2.10 2.28 2.27 2.27 Concentrate Produced (kt) 28 27 17 13 13 11 10 10 4E Recovery (%) 88 82 82 82 82 82 82 82 4E Metal Produced (koz) 225 199 131 96 104 81 73 73

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 Figure 63: K1 Concentrator Throughput Forecast Figure 64: K1 Concentrator Production and Recovery Forecast 174 14.1.7 K2 Plant 14.1.7.1 Process description K2 Plant was built and commissioned in 2005. At that stage, there were three operational shafts, with the construction of a fourth shaft (Kwezi) to start in the following year. In 2008 the production ramp-up began at Kwezi and continued into the following year with a total of four decline shafts in production. The current capacity of the K2 Plant is 300,000tpm. Crushing The K2 Plant treats RoM ore from the Simunye, Kwezi and Bambanani shafts. The RoM ore is transported via train, truck, or conveyor to an elevated RoM silo. From this silo, it is crushed down to minus 20mm by a two-stage crushing circuit. The primary crushing consists of a grizzly feeder feeding the jaw crusher, which crushes the RoM ore down to 75mm. This ore is then transported via an overland conveyor to the secondary crushing. The secondary crushing consists of a vibrating screen that removes the minus 30mm particles. The oversize is sent to a small bin with a vibrating feeder that feeds the secondary cone crusher which has a closed side setting of 19mm to 22mm. The cone crusher product will then go back to the vibrating screen. The secondary crushing thus operates in a closed loop. The undersize of the vibrating screen is then sent to a 4,000t fine ore silo, also known as the DMS feed silo. Dense Media Separation (DMS) Plant The operation of the DMS at the K2 Plant is very similar to the DMS of the K1 Plant. Both are used to upgrade the feed ore head grade and to minimise the treatment of waste rock. Minor differences exist in the plant itself, such as original equipment manufacturer (OEM) designs of certain equipment and sizes due to the K2 Plant being able to feed 325ktpm to the DMS. Regular automated samples of the DMS feed, as well as the DMS floats (waste rock), are taken for metal accounting purposes, the same as at K1. K2 also has its own waste rock stockpile situated next to the plant, where conveyor belts transport waste rock to the stockpile. Around 3.7Mtpa of waste rock is produced by K2 Plant. The sinks (product rock) from the DMS, together with the particles smaller than 2mm (the feed prep screen underflow), are sent by conveyor to the concrete mill feed silo, which has a capacity of 3,500t. Milling The primary milling phase is carried out in a single primary ball mill similar in design to the mills at the K1 Plant, but larger in capacity. Grinding balls (70mm diameter for primary mill and 40mm diameter for secondary mill) are used to grind the material down. The K2 Plant also follows a mill-float-mill float (MF2) processing circuit, meaning that the discharge of the primary mills will be fed to the primary roughers. The tails of the primary roughers are then sent to the secondary ball mill to be re-grinded. The discharge of the secondary ball mill is then sent to the secondary floatation to be floated again. 175 Flotation (Addition of Reagents) The floatation process of the K2 Plant has the same purpose as that of the K1 Plant, which is to concentrate the PGMs, but with a different flow in the process. The difference between the floatation circuit of the K1 and K2 Plants is that the K2 Plant has additional fast cleaners in the primary as well as the secondary circuit. The concentrate of these fast cleaners is of a grade high enough to go directly to the final concentrate. Reagents for the flotation process at the K2 Plant are the same as the K1 Plant, except for the additional copper sulphide. These reagents are: • SIBX, which links up with sulphide minerals, these minerals are naturally hydrophobic and the SIBX enhances this • Poly-propylene-glycol (frother) which stabilises the bubbles • CMC depressant which stops fine silica and slimes attaching to the bubbles and makes talc and gangue material in the solution fuse together • Copper sulphide (activator) acts as a promoter for the PGM's to be floated • K2 basically has four product streams which will all go to the final concentrate. These four streams are: o Flash float concentrate from the DMS section o Fast cleaner concentrate from the primary floatation circuit o Secondary re-re-cleaner concentrate o Primary re-cleaner concentrate All the above mentioned is blended to deliver a final concentrate of around 180g/t PGM's. The secondary rougher tails are also pumped to the spiral section for the chrome removal. K2 operates a MF2 circuit, whereby the product of the primary mill feeds the primary rougher circuit with the tails from the primary roughers feeding the secondary mill. The secondary mill product feeds the secondary roughers. The primary roughers produce high grade and medium grade concentrate, the high-grade concentrate reports to the fast cleaners. The primary medium grade concentrate reports to the secondary cleaners. The secondary roughers produce medium and low-grade concentrate. The medium grade concentrate from the secondary roughers reports to primary cleaners and the low- grade concentrate from the secondary roughers reports to the secondary cleaners. The primary cleaner circuit comprises of fast cleaners, primary cleaners, and primary re-cleaners. The concentrate from the fast and primary – re cleaners is the final concentrate and it is pumped to the concentrate thickener for dispatch. The secondary cleaner circuit is made up of the secondary cleaners, secondar re-cleaners and secondary re-re-cleaners. The concentrate from the secondary re- re-cleaners is the final concentrate from this circuit and is pumped to the concentrate thickener for dispatch. The tails from the secondary rougher flotation cells pass to the chromite removal section. Chrome Recovery Like the K1 plant, the K2 Plant also has an associated Chrome Spiral Plant. The secondary rougher flotation tailings pass through the spiral plant to recover a chromite concentrate from the milled 176 product. A total of approximately 41,000t of chromite concentrate is produced per month from both plants. Flow diagram of the K1 Plant is given in Figure 65.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 Figure 65: Flowsheet for K2 Plant 14.1.7.2 Production Plan The recent history and operational parameters for the K2 concentrator are presented in Table 62, Figure 66, and Figure 67. The 2021 to 2025 data presented reflect the actual annual performance whilst the 2026 to 2043 data represent current LoM planning. The current operational methods and capacities are adequate. Metallurgical efficiencies projected have also been sustainably obtained historically and are thus reasonable targets. 178 Table 62: K2 Concentrator Production Forecast and Operational Data Parameter Actual LoM 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Feed (kt) 3,518 3,253 3,172 3,128 3,268 3,440 3,070 3,506 2,487 1,915 1,681 1,465 Head Grade (g/t) 2.42 2.38 2.36 2.25 2.30 2.34 2.35 2.32 2.48 2.50 2.34 2.50 Concentrate Produced (kt) 37 31 30 28 30 32 29 33 23 18 16 14 4E Recovery (%) 83 82 83 83 83 83 83 83 84 84 83 84 4E Metal Produced (koz) 228 205 201 187 201 214 192 216 166 129 105 99 Parameter LoM 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Total Feed (kt) 1,319 1,129 1,108 1,003 949 778 759 695 535 421 55 Head Grade (g/t) 2.57 2.47 2.42 2.51 2.43 2.44 2.39 2.25 2.52 2.49 2.50 Concentrate Produced (kt) 12 11 10 9 9 7 7 7 5 4 1 4E Recovery (%) 84 84 84 84 83 84 83 84 83 82 84 4E Metal Produced (koz) 92 75 75 68 61 53 49 46 34 25 4 179 Figure 66: K2 Concentrator Throughput Forecast Figure 67: K2 Concentrator Production and Recovery Forecast 180 14.2 Sampling, Analysis, PGM Accounting and Security Adequate attention is given to sampling and sample preparation with a good accounting procedure in place. Samples are prepared in the on-site labs at the concentrator plants whereafter it will go to the Sibanye Marikana laboratories or Quality Labs, a third party analytical service, for PGM and chrome analysis. A final analysis of the concentrates produced is conducted at the Waterfall smelter to complete the metal accounting process. Before the amalgamation, the Rustenburg section has used Marikana for analyses and the Kroondal Section has used Quality Labs. This arrangement is still in place. Calibration of measuring equipment, i.e., weightometers, weighbridges, flowmeters and densitometers is done on a regular basis to ensure accurate measurements are taken at all times. Accountability checks are done on sample results to compare measured head grades and tail grades vs the built-up head grade (BUHG) and calculated tail grade. The concentrates pumped (dispatched) to Waterfall smelter are sampled and split to be analysed both at Valterra Platinum (formerly Anglo-American Platinum) Labs and the Marikana operation laboratory. The Valterra results are used for metals accounting. These results are compared are compared with the Marikana results and if large discrepancies are observed, a request can be made to re-test the samples and make necessary corrections. Standard approved Rustenburg concentrators sample preparation procedures and standard sampling procedures for all samples are well maintained. These procedures are adequate and comply with all approved regulations and internal audits. 14.3 Plant Lock-up The quantity of clean-up PGMs that can be anticipated on the closure of a concentrator or processing plant is uncertain. 14.4 Final Product The final product for the Rustenburg operation is a concentrate that is smelted and refined by Valterra facilities in Rustenburg on agreed commercial terms. Further details are provided in Section 16. 14.5 Personnel, Energy and Water Requirements The complement for Rustenburg processing is ± 298 permanent employees. The compliment is broken up in 109 Retrofit employees, 154 UG2 employees and the remaining 35 residing at Central services (Table 63). Tailings Retreatment plants compliment is 197 employees. The management team is made up of one plant manager and one engineering manager, who is looking after the total footprint. An individual process superintended is allocated to each plant. The plant manager reports to the VP of the Rustenburg operation. Middle management at Rustenburg is made up of three mechanical foremen (2 – UG2, 1- Retrofit), two Instrumentation foreman (1 per plant), two electrical foreman (1 per plant) and two boilermaker foreman (1 per plant). The operations runs 24 hours with three shifts on rotation. Each operation has five shift leaders, i.e. 1 per shift and 1 on a dayshift. The complement at the Kroondal plants is ±231 permanent employees, with K2 accounting for 120 and K1, 111. The management team is made up of an area manager who is looking after the two plants, a

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 plant manager, plant engineer, and a process superintended for each plant. Middle management is made up of materials controller, mechanical foreman, Instrumentation foreman, electrical foreman, lab supervisor and 4 shift supervisors. The operation runs 24 hours with 3 shifts on rotation. South African power utility Eskom is the main energy supplier to the Rustenburg operation. Grinding mills are the highest consumer of power at the Rustenburg process plants. The Rustenburg section comprises of the Retrofit and UG2 operation. The maximum installed power rating for the UG2 mills is 21.0 MW (there are two mills of 10.5Mw each, utilised for grinding purposes). The maximum installed power for the Retrofit Mills is 17.7MW (Primary mill – 10.5MW, 4 equally sized secondary mills at 1.8MW each). Two of the Retrofit secondary mills (1.8MW each) is utilised for processing of surface tailings material). The average monthly power consumption for UG2 (main grinding mills as well as all auxiliary pumping and float equipment) is ±19,614MW while the average monthly consumption for Retrofit (main grinding mills as well as all auxiliary pumping and float equipment) is ±7,740MW . The maximum rating for K2 mills is 10.4kW, made up of two mills of equal rating. The maximum rating for K1 mills is 7.6kW, this is made up of two mills rated 1.2kW and one mill rated 5.2kW. K2 uses about 8,915MWh/month on average and K1 uses about 5,090MWh/month on average. Retrofit and Waterval plants receive process water from the Klipgat return water dam. The tailings stream from both the UG2 and Retrofit operations are pumped to the Platinum Mile scavenger plant. The barren tailings stream after all PGM's have been removed by the Platinum Mile scavenger plant is deposited onto the Paardekraal tailings complex. The tailings complex comprises of three TSFs i.e. PK4, PK5 and Central. Water is recovered via a penstock decant system from each TSF and collected in return water dams (Phase 3 and Phase 4) and pumped to the Klipgat return water dam. Phase 1 return water dam also supplies process water to the Paardekraal return water dams. Rand Water Board supplies potable water to Rustenburg operation for domestic use. The average monthly potable water usage for UG2 is approximately 32Ml and for Retrofit 12.6Ml. K1 and K2 plants receive water from the K150, K1, K2 and Kroondal-Marikana return water dams. The slurry from the plants in the form of tailings discards is pumped to Marikana, K1, K150, K2 these TSF's retain solids and through the penstock to the return water dams. The major source of water for the these plants is rainwater which is collected via the TSF's return water dams, Kroondal-Marikana pits and storm water dams. The water from the return water dams is pumped to both K1 and K2 process water dams for use in the plants. Rand Water Board supplies water to operation for domestic use. 182 The budget for energy, water and personnel for the Rustenburg operation plants is presented in Table 63. Table 63: Rustenburg operation Plant Requirements for Energy, Water and Personnel (2025 Actuals) Plant Electricity Usage (kWh) Electricity Cost (R) Water Usage (Kl) Water Cost (R) Stores Cost (R) Total Employees (No.) Labour Costs (R) UG2 230,256,003 528,037,30 2,299,303 32,931,462 519,604,123 164 134,221,393 Retrofit 21,618,442 61,529,212 201,000 3,135,789 30,865,652 59 51,353,971 Services 43 Plat Mile 5,574,973 11,748,883 9,684 335,058 18,433,863 95 4,633,021 WLTR 9,385,813 23,416,933 40,544 1,530,438 13,384,563 89 6,362,239 K1 Plant 32,484,883 83,390,126 39,380 891,707 90,585,141 111 N/A K2 Plant 111,983,308 260,900,192 137,305 3,109,357 246,281,319 120 N/A Total 396,342,636 933,856,831 2,676,988 40,068,316 887,336,236 681 30,683,855 14.6 QP Opinion The QP considers the plants to be in good condition both mechanically and structurally and, subject to adequate ongoing maintenance, should meet the LoM requirements. The concentrators are adequately staffed to ensure a safe and efficient operation. The power supply is sufficient for the processing circuit and this includes milling, crushing, screening and floatation. Water supply is sufficient for the processing circuit and this includes milling, crushing, screening and floatation. Adequate attention is given to sampling and sample preparation. While there are accounting anomalies that require further investigation, good accounting procedures are largely in place. The current operational methods and capacities are adequate. Metallurgical efficiencies projected are reasonable LoM targets. The QP is satisfied that the mineral processing and recovery methods are appropriate and sufficient to support the LoM plan and that all material issues have been addressed in this document. 15 Infrastructure 15.1 Overview of Infrastructure Engineering infrastructure at the Rustenburg operation includes a wide range of operating technology, which varies in age and extent of mechanisation. Figure 3, Figure 68 and Figure 75 shows the layout of the mine and the placement of shafts and other surface infrastructure within the mine boundaries. The infrastructure supporting each mine shaft and the concentrator plants within the Rustenburg operation include the supply of electrical and emergency power, the supply of water services (including 183 potable, effluent and process water), fuel storage and supply, compressed air supply, workshops, stores, roads, a rail network, various offices, change houses and accommodation facilities. Underground operations comprise access infrastructure to convey personnel, materials and equipment to and from the working areas and associated services to support mining operations. Horizontal infrastructure includes crosscut haulages, footwall haulage levels and declines/inclines shafts. The infrastructure required for ore flow and services includes reef and waste ore passes, conveyor belts, underground rail networks, ore bins, loading stations, water dams, pump stations, secondary ventilation, workshops and power, compressed air and water reticulation systems. Surface infrastructure includes headgears and winding systems, primary ventilation, refrigeration plants, and process facilities, office blocks and training centres, workshops and stores, lamp rooms, change houses and accommodation. There are also several services and supply centres. These include compressed air supply stations and minor workshops for small repairs to plant and equipment, surface fridge plants and pumping stations. Notwithstanding the age of the general infrastructure, all surface and underground infrastructure are reasonably maintained and equipped. In conjunction with the planned maintenance programmes, including specific remedial action. Valterra Platinum owns, operates and maintains the Waterval Smelter, Anglo Converter Plant (ACP), Base Metals Refinery (BMR), Precious Metals Refinery (PMR), Waterval East TSF and the new Western Limb Distribution Centre ("WLDC") and these facilities are excluded from the Rustenburg operation. Apart from the PMR, each of the Valterra operations listed above being retained by owned and operated by dedicated electrical substation and switchyard infrastructure. 15.2 Tailings Storage Facilities A group tailings management system has been implemented and tailings storage facilities (TSFs) are managed in accordance with all relevant legislation and SANS 10286: Code of Practice for Mine Residue deposits, 1998. The Global Industry Standard for Tailings Management (GISTM) was launched in August 2020. As a member of the International Council on Mines and Metals (ICMM), Sibanye-Stillwater has committed to aligning tailings management with the GISTM requirements. All TSF's are now conformant. The Waterval TSF complex has seven tailings storage facilities ("TSFs") namely: Waterval East, Waterval West, Klipfontein, Hoedspruit, Paardekraal Central, Paardekraal PK4 and Paardekraal PK5. Retreatment of tailings is underway on Waterval West, with depletion scheduled Q4 2026. Klipfontein was depleted to ground level with the footprint now undergoing open-pit mining. Waterval East was depleted in the fourth quarter of 2021. Active TSFs are: • Paardekraal Complex (Paardekraal Central, Paardekraal PK4 and Paardekraal PK5) • Hoedspruit • K1 TSF which receives tailings from the K1 Plant and K2 Plant in emergencies • K150 TSF which receives tailings from the K1 Plant • K2 TSF which receives tailings from the K1 Plant • Marikana (Kroondal-Marikana) TSF which received tailings from the K2 Plant 184 15.2.1 Paardekraal Tailings Complex The Paardekraal tailings complex consists of three TSFs; Paardekraal Central, Paardekraal PK4 and Paardekraal PK5 (Table 64). The newest of the three TSFs, PK5, received its first tailings in 2007. The Waterval concentrator tailings and remined tailings from Waterval West TSF are deposited onto the Paardekraal TSF Complex via the Platinum Mile Concentrator. Paardekraal Central reaches the end of life in 2026, the same time that Waterval West TSF is depleted. PK4 and PK5 have sufficient capacity for the Waterval concentrator LoM plan. Table 64: Paardekraal Central Planned Deposition Strategy Period Volume (ktpm) PK Central PK4 PK5 Total Jan 2026 – Dec 2026 310 245 180 735 Jan 2027 – Mar 2030 0 230 174 404 Apr 2031 – Apr 2040 0 201 149 350 December 2041- 2050 To be planned closer to time of deposition 15.2.2 Hoedspruit Tailings Complex The Hoedspruit Tailings Complex was commissioned in 2003 with a footprint area of 598ha. It caters for the deposition of re-processed tailings from the WLTR plant, and re-processed tailings material from Waterval West TSF. On depletion of Waterval West, selected tailings streams from the Karee and Kroondal concentrators are to be pumped to WLTR with deposition continuing on Hoedspruit, and thereafter, to the planned Marikana Pit TSF. Tailings from the K3B concentrator are to be pumped to WLTR at the end of life of KTD2. The tailings will however not be re-processed but mixed with the WLTR tailings stream prior to deposition on Hoedspruit TSF. Tailings from the EPL concentrator will be diverted to Hoedspruit from ~2030/2031 up to ~2045, whereafter the new Marikana Pits TSF will be used for further deposition. Hoedspruit TSF was originally conceived (and design studies completed) to be double its current size. At the time, the WLTR plant was built, had the option existed to lease the adjacent land from the Royal Bafokeng Nation ("RBN") and essentially double the size of the Hoedspruit TSF. This option however is not being pursued due to the construction of the Marikana Pit TSF. 15.2.3 Waterval East and West TSF The WLTR plant was constructed to reprocess previously stockpiled tailings residue from the Klipfontein TSF. The Klipfontein TSF is depleted. Reprocessing of the tailings from Waterval East and West TSFs at the Waterval Retrofit concentrator commenced in August 2015. The remining and reprocessing of Waterval East tailings through Retrofit concentrator was ceased in 2017. Platinum Mile concentrator resumed the remining of Waterval East tailings in February 2020 through the redundant Retrofit regrind mills 3 and 4. The tailings are mined, loaded and hauled from the West TSF to the Klipfontein slurrying/pumping site. The re-slurried tailings gravitate to a low-lying catchment area, where it is initially screened and then pumped to the WLTR plant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 15.2.4 K1 TSF K1 TSF is almost at its full capacity. A maximum of 28,000tpm of tailings can be pumped to the K1 TSF per month. Return water from this TSF is pumped back to the K1 Plant. The K1 TSF was used as an emergency deposition facility for the K2 Plant. 15.2.5 K150 TSF K150 TSF is being used by the K1 Plant. Return water can also be transferred back to either the K1 Plant process water dam or the K2 Plant process water dam. Most of the water is pumped back to the K1 Plant as K150 is the plants' main source of water. K150 elevated Penstock project was completed in Q3 2022. 15.2.6 K2 TSF The K2 TSF is used by the K1 Plant. A buttress to control seepage on the south flank was completed at the end of February 2023. 15.2.7 Marikana TSF The Marikana TSF was used during the time that Marikana Concentrator Plant was still operational. It has been utilised again by K2 Plant (2019) to deposit its tailings. A booster pump station (BPS) is situated between the K2 Plant and Marikana TSF due to the distance between the K2 Plant and the TSF. Critical sections of the TSF have been buttressed due to seepage concerns. The buttresses were constructed in phases with the final phase completed during 2024. 15.2.8 TSFs Composition The TSFs represent the waste product from the processing of PGM and chrome ores. The primary economic mineralisation of importance on the TSFs is 4E. By-products to the re-processing of the tailing's material are available chrome and the base metals (Cu, Ni & Zn). 15.2.9 LoM Deposition There is adequate storage capacity for the tailings resulting from ore processing at the K1 processing facility (Table 65) for the LoM Plan till 2027, and the Tailings Storage Facilities are in good condition. The Kroondal TSFs (K1, K150 and K2) come to end of life December 2027. Due to various reasons, extending the life of the TSFs is not an option hence the alignment between LoM deposition and capacity. Post 2026, tailings from the K1 concentrator, reprocessed from the Kroondal TSFs, are to be diverted to WLTR with deposition on Hoedspruit TSF. There is no capital required for additional tailings facilities for the LoM. 186 Table 65: LoM Assessment of Tailings Facilities(2050) Tailings Facility LoM Deposition (Mt) Available Capacity (Mt) Surplus / (Shortfall) (%) Paardekraal - Central (Consolidated PK1, PK2 and PK3) 1.8 1.8 0 Paardekraal - PK4 48.1 66.3 37.8 Paardekraal - PK5 35.3 53.2 50.7 Hoedspruit 106.2 106.2 0 K1 0.3 0.3 0 K150 2.3 2.3 0 K2 1.7 1.7 0 Marikana 14.4 16.7 16 Total 210.1 248.5 18.3 15.3 Power Supply & Emergency Generation 15.3.1 Power Supply The Rustenburg operation are directly supplied with bulk electrical power from the national grid, which is operated by Eskom, a power utility company that is owned by the state. Power is delivered through Eskom substations which are dedicated to the various production business units of Sibanye-Stillwater. The Eskom substations are commonly referred to as Points of Delivery (POD's), and Table 66 lists the Rustenburg POD's together with the production units that are supplied from the particular POD. The actual maximum demand (MD) for each POD is lower than the notified maximum demand (NMD). 187 Table 66: Eskom Points Of Delivery for Rustenburg operation. Eskom POD Production Units MD(MW) Energy (MWh)/pa Paardekraal PMC (Platinum Mile Concentrator), Thembelani 1 (Shaft) 33.2 190,328 Kaytoo K2 (Concentrator), Bambanani (Shaft) 27.5 183,826 Kroondal 304-JQ K1 (Concentrator), Simunye (Shaft), C&M Kopaneng (Shaft) 26.8 139,202 Spruitfontein Meccano Concentrator - Demolished 2.0 1,789 Concentrator UG2 (Concentrator) Bathopele Shaft) 41.3 270,827 Comminution Waterfall (Concentrator) 21.9 111,019 Incline K6 (Shaft), Kwezi (Shaft) Khuseleka 2 - Compressors 24.1 127,311 Tailings WLT (Concentrator) 18.0 104,435 Plats Properties 2.6 8,173 Shaft Sub Khuseleka 1 (Shaft) 25.4 130,553 Turf Shaft Siphumelele 1 (Shaft) 36.1 160,702 Frank 33kV – Not used Khomanani 2, C&M 0 0 Compressor Central Compressors (West 10) 11.2 40,075 Total 213.8 1,143,427 The Rustenburg Eskom power network is supplied at 88kV, which is then transformed at the POD to medium voltages (6.6kV, 11kV, 33kV). Associated with each POD would be a medium voltage intake substation which is owned by Sibanye-Stillwater, which then distributes power to the internal power network, via cables and overhead power lines. Electrical power is also distributed to non-production areas which include facilities that are under C&M, central services areas, and pump stations. The power distribution network is shown in Figure 68. 188 Figure 68: Power Distribution Network at Rustenburg operation • Red – Internal OHL (Overhead Lines) • Yellow – ESKOM 88kV (OHL) • Purple – ESKOM 400kV (OHL) • Light Blue on Western Side – RLM (Vandalised Network) 15.3.2 Emergency Generation According to the legislation and the MHSA, each vertical shaft needs to be supplied with two separate power sources. For all the SA PGM operations this is in place. Additionally, there are generators installed at key points to be able to supply emergency power to the vertical shaft operations to extract people and protect infrastructure. o Khuseleka, 2 x 3MW o Thembelani, 2 x 3MW o Siphumelele, 2 x 3MW To ascertain the effective and efficient operation of the installed generators blackout simulations are conducted on an annual basis. The maintenance further requires monthly starting and synchronising with the Eskom grid. Fuel is stored in underground and surface tanks at the generators. Further than this procurement has established contracts with the main fuel suppliers and these are required to keep a large amount of fuel available for SA PGM operations. The map below (Figure 69) indicated key infrastructure as laid out in the black out simulations and preparations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 Figure 69: Key Infrastructure Points at Rustenburg operation 15.3.3 Risk to Power Supply The primary risks to the power supply are: • Vandalism of power infrastructure. Power pylons are cut down, overhead power lines stolen, etc • Own – Repair with onboarded contractors • Eskom – Communication with the key customer officer in Eskom. The utility is also alerted to issues and challenges observed during inspections done by SSW maintenance personnel • Rustenburg Local Municipality – Major issue. Bypassed the RLM supply to K6 and supplying from Incline POD 15.4 Bulk Water, Fissure Water and Pumping Pipelines are discussed in this section and in Section 17.4. 15.4.1 Bulk Potable Water Reticulation Water supply to the Rustenburg operation is feed from several supply lines. The description below is divided into operating section for ease of reading, but the whole system is interconnected. This section deals with the engineering aspects only. Environmental management of water is discussed in Section 17.4.6. 190 Thembalani, Siphumelele, Kuseleka, and Bathopele, K6 and Kwezi Shafts PGM operations are fed with potable water from three different water sources. All systems are inter- connected: • Rand Water through the Barnardsvlei system • Municipal feed from the Bospoort Water Treatment Works • Vaalkop feed from Magalies water treatment works (Limited due to supply and line constraints) The total daily potable water supplied into the system amounts to 16Ml/day. Third parties consume a total of 1.2Ml/day. Emergency or low water supply – Water is stored in ten reservoirs strategically placed throughout the operations with a combined capacity of 39.5Ml. During these events water outflow is controlled to operations, villages and communities throttled and communication conducted as per the relevant procedure. Bambanani, Simunye and Kopaneng Shafts These shafts are fed with potable water from Rand Water through the Barnardsvlei System with two main supply and one back-up supply lines. • Total daily potable water supplied into the system amounts to 2Ml/day • Third parties' consumption 0.1Ml/day • Emergency water is stored in one shared reservoir with Rustenburg operation with a capacity of 2Ml 15.4.2 Concentrator Process Water Supply • A total of 7Ml/day of secondary water is fed into the Retrofit Concentrator and Western Limb Tailings Retreatment Plant systems from Klipgat Dam with a storage capacity of 360Ml (Figure 70). • Klipgat is fed from various sources: - Treated effluent from Khuseleka wastewater Treatment Works - Rustenburg Local Municipality main wastewater treatment works final effluent is pump at approximately 17Ml/day into Klipgat - The Paardekraal RWD (Return water dams) pump water tailings water - A small footprint area that accumulates rainwater - Thembelani and Kwezi pumps excess water to Klipgat - Khomanani 2 pumps excess water to Paardekraal TSF trenches - Valterra - Figure 70 depicts the pipe routes for Rustenburg operation. However, the rest of the Klipgat water is pumped to Valterra Smelter. • Treated effluent from Waterval wastewater treatment works are pumped into the Retrofit Concentrator complex process water system • Not all RWD processes are indicated – However there is zero overflow from these facilities and all water is reused 191 • This document does not address the RWD that is close proximity to K1 and K2 concentrators. However, it illustrates the process water that is fed into the concentrator systems via the Marikana Return Water Dam (Figure 71) which is fed from the Marikana Pits/Voids and from the Marikana TSF • A total amount of 26Ml/day can be pumped to the respective Kroondal concentrators from the Return Water Dam. This is dependent on whether conditions and the availability of water • The voids and pits are a shared system with the Marikana operation. The main intent of this system is to reduce the dependency on potable water from the main utilities, cost saving, etc • Boreholes also feed into the system during emergency low water conditions • This water source is solely used as process water. • Total secondary capacity stored water are listed below. Levels vary during the year and are dependent on long term weather conditions: - Marikana Pits – 1,100Ml - Supplied with excess water from Marikana and Pandora dam - Kroondal Voids – 1,300Ml - Natural influx and additional pumper from Marikana pits - Kroondal Return Water Dam – 50Ml Figure 70: Main Secondary Water Reticulation Layout Retrofit Concentrator and WLTR 192 Figure 71: Main Secondary Water Reticulation Lay-K1 and K2 plants 15.4.3 Shaft flooding The risk that run-off from surrounding areas would enter the mine via the surface portals is well managed by measures to divert run-off away from the portals. Fresh and processed water sent underground could be stopped immediately if circumstances threatened underground flooding, limiting the ingress of water to groundwater, i.e., from fissures. Fissure water ingress varies considerably by the shaft. 'Other water' entering the system is as little as 5% of the total volume pumped to the surface at Kopaneng and Bambanani shafts, but as much as 35% at the K6 decline shaft, with the Kwezi decline shaft at 20% and the Simunye decline shaft at 25%. Since the area is already extensively mined, there is little likelihood of intersecting a significant underground lake. For all operations, the potential for storm water ingress into the mine workings is minimal under normal operating conditions. Seasonal increases in fissure water inflow are experienced during the rainy period. At the main vertical shafts, additional mitigation is provided by allowing water to report to the incline clusters, thereby protecting critical infrastructure. Flood mitigation systems and procedures are in place at all shafts. Considering the installed pump capacity relative to the expected fissure water ingress rates, the current mitigation measures are considered adequate under normal operating conditions. On this basis, the probability of accidental flooding is low. 15.5 Roads & Rail The road network on the Rustenburg operation (Figure 74) consists of paved and unpaved roads, which are primarily used for the transport of personnel and for access to the offices, shafts, plants and infrastructure positioned around the mine site. Due to the presence of communities around the operations these roads can be considered public roads, however maintained by Rustenburg.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 Global platinum demand shrank by 2% in 2025 to 7.13Moz, owing to a decline in automotive and industrial requirements, which more than offset a rebound in jewellery demand. Platinum demand for automotive applications fell by 4% in 2025. Battery electric vehicles continue to take market share from combustion engine vehicles reducing the demand for PGMs in autocatalysis, a trend that is predicted to continue in the future. Industrial demand for platinum declined by 9% as the scale of expansion in glass fibre capacity was reduced following robust growth in previous years in China which had resulted in overcapacity. Other areas of industrial demand had moderate growth. Jewellery demand was 1.55Moz, boosted by fabricator restocking in China in the first half of the year. However, consumer sales did not grow as anticipated despite platinum's significant price discount to gold and lower jewellery demand is anticipated in 2026. Platinum is required across the entire hydrogen value chain, including the upstream, mid-stream and downstream segments. While numerous green hydrogen projects have been announced the economic environment has become more challenging and not all projects are being advanced. Platinum demand from hydrogen related applications is expected to rise in the long-term from 95koz in 2025. The platinum market is estimated to have ended 2025 with a deficit of 665koz. The deficit is projected to shrink to 365koz in 2026. Palladium The palladium price traded in a range in the first few months of 2025 before following platinum higher and ending the year at $1,611/oz, a rise of 76% over the year. The price peaked at $1,942/oz in December 2026, its highest price for more than three years. Global primary palladium supply fell by 6% year-on-year to 6.05Moz in 2025, with production declining in South Africa, Russia, and North America, although Zimbabwean output did rise modestly. Low palladium prices have resulted in the reassessment of mine plans and reduced output from North American operations. Primary palladium supply is forecast to fall by 6% to 5.77Moz in 2026. South African production is expected to recover from the disruptions suffered in 2025, but yield will remain below the level seen from 2022-2024. Output from Russia is anticipated to drop by around 10% owing to lower grade material being processed. Secondary palladium supply from auto catalyst recycling expanded by 10% in 2025 and is predicted to continue to climb as greater numbers of old vehicles are scrapped, particularly in China which has seen a dramatic increase in car sales over the last 20 years. Automotive palladium demand has been on a declining trend. Over the last few years, a combination of price-driven substitution for platinum and reduced combustion engine vehicle sales as battery electric vehicles have gained market share has reduced demand. With platinum now trading at a premium to palladium, a reversal of the substitution is anticipated which will support palladium demand. However, the ongoing rise in BEV sales is expected to result in a continued gradual decline in automotive demand from 7.34Moz in 2025. Industrial demand for palladium was 1.39Moz in 2025 and is expected to remain steady. The high gold price has resulted in some additional electrical demand for palladium, although dental use remains in 198 long-term decline owing to the relatively high palladium price and cosmetically more appealing alternative materials. Chemical demand is stable. Palladium demand related to the hydrogen economy is restricted to the mid-stream and downstream segments including catalysts for methanol synthesis, and for sustainable aviation fuel and diesel manufacture. Demand is current modest and any additional demand for palladium over the next decade will depend on the pace of development of these hydrogen economy segments. The palladium market is estimated to have had a 65koz supply deficit in 2025 and the market is predicted to have a similar sized deficit in 2026. Rhodium Rhodium has been a significant revenue enhancer in the South African PGM mines. Rhodium prices recovered to over US$10,000/oz in 2025. The demand outlook for rhodium is largely dependent on the use of autocatalysts which represents almost 90% of demand. Autocatalyst demand has fallen to 890koz in 2025 from over 1Moz in 2019. Demand is expected to decline in the future as electric vehicles continue to take market share from combustion engine vehicles. Further tightening of emissions standards is slated for China which could lift demand when implemented in 2027-2028 but other major markets do not have further tightening scheduled that would notably impact rhodium demand. Industrial uses see some growth in the long term but remain a small part of overall demand. Total demand is expected to decline by 30% up to 2040. Rhodium Supply is expected to decline in the long term mostly due to a 40% decline in production from the South African mines by 2040. Supply from recycled autocatalysis is expected to rise by 50% by 2030. Despite reserve depletion South Africa will still be expected to account for 70% of the world supply in 2040. With the rhodium market expected to move into surplus as automotive demand declines, the price outlook for rhodium does not see any significant increases in the near to long term. 199 16.3 Metals Price Determination For business planning and Mineral Reserve estimation, Sibanye-Stillwater uses forward looking, "through the cycle", prices that it considers will stay stable for at least three to five years, and will only significantly change if there is a fundamental, perceived long-term shift in the market, as opposed to basing it only on short term analyst consensus forecasts. Sibanye-Stillwater also considers its general view of the market, the relative position of its operations on the cost curve, as well as its operational and company strategy in its forecasting of forward-looking prices. On a monthly basis, Sibanye-Stillwater also receives an independent report from UBS Bank (Commodity Consensus Forecasts Report) which contains consensus outlooks from the various banks on a broad range of commodities. It benchmarks its forward-looking prices to the market consensus forecast. Mineral Resources price assumptions, which focus on longer timeframes, are based on moderately higher prices than for Mineral Reserves to reflect the ore-body flexibility. In this regard, rather than basing our assumption and referencing it to any one specific market study or report, it is derived via a management consensus view, taking into consideration market research. For this reason, and also taking into consideration that capital decisions on operating entities requires price stability over long periods, for the PGM mineral properties, the US$ based, forward looking commodity prices for Platinum and Palladium used for the 2026 LoM and Mineral Reserve estimates are similar to those used in the 2021/2023 except for rhodium, iridium and gold prices. Rhodium has been adjusted downwards to US$6,000/oz from US$8,000/oz, iridium and gold been adjust upwards. The longer-term outlook of US$1,250/oz for platinum has been maintained and palladium reduced by 8% to US$1,150/oz on our evaluation of sustainable, through the cycle, price assumptions. A conservative view has been taken on the gold price to reflect long term outlook rather than short term volatility. The following are the commodities produced at the Rustenburg operation, the scenarios considered and the final parameters chosen. Additional comment on Risk is provided in Section 21.1.2. The price deck for the Mineral Resources and Mineral Reserves is shown in Table 67 A comparison of the current process with prices from previous filings is shown in Table 68. 200 Table 67: PGM Deck Price Mineral Resources and Mineral Reserves Unit Mineral Resource Price Mineral Reserve Price Gold US$/oz 2,650 2,421 Platinum US$/oz 1,350 1,250 Palladium US$/oz 1,350 1,150 Rhodium US$/oz 5,000 4,500 Iridium US$/oz 5,500 4,015 Ruthenium US$/oz 450 400 Nickel US$/tonne 18,739 17,637 Copper US$/tonne 10,009 9,259 Cobalt US$/lb 19 20 Chromium oxide (Cr2O3), (40.5% concentrate) US$/tonne 250 230 Exchange rate R/US$18.24 18.24 Table 68: Comparison of Mineral Reserve Prices at 31 December 2025 to 31 December 2021 31-Dec-25 31-Dec-21\*\* Precious metals US$/oz R/oz R/kg US$/oz R/oz R/kg Gold 2,421 44,159 1,419,744 1,659 24,855 800,000 Platinum 1,250 20,976 674,393 1,250 18,750 602,826 Palladium 1,150 20,976 674,393 1,250 18,750 602,826 Rhodium 4,500 82,080 2,638,929 8,000 120,000 3,858,084 Iridium 4,015 73,234 2,354,512 2,500 37,500 1,205,651 Ruthenium 400 7,296 234,572 300 4,500 144,678 Base metals US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne Nickel 8.00 17,637 282,192 7.35 16,200 243,000 Copper 4.20 9,259 148,144 4.06 8,950 134,250 Cobalt 20.00 44,092 705,472 22.00 33,069 727,525 Chromium oxide (Cr2O3), (40.5% concentrate) 0.104 230 3,680 0.07 150 2,250 \*\*Rustenburg operation was last reported in 2021 and Kroondal Operations as a separate operation in 2023. The US$ metal prices for these two years were the same except for the gold and Rhodium prices which were US$1,650 and US$6,000 respectively. The R/US$ exchange rate was 15.00 in 2021 and 17.00 in 2023

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 17 Environmental Studies, Permitting, Plans, Negotiations/ Agreements with Local Individuals or Groups 17.1 Social and Community Agreements 17.1.1 Overview- Mine Community Development Social performance is guided by Sibanye-Stillwater's socio-economic development agenda, which is aimed at ensuring that the Rustenburg operation contribute to the upliftment of the communities and environments in which Sibanye-Stillwater operates during and beyond mining activities. Sibanye- Stillwater's performance will be supported by authentic stakeholder engagement, fit for purpose systems, credible data and capability that aligns with international standards and locally negotiated commitments. Sibanye-Stillwater's primary objective is to avoid harm to people and the environment, ensuring a stable operating environment in which all our stakeholders within the Company's footprint can derive value during the LoM. Sibanye-Stillwater will endeavour to create equitable engagement capability in host communities to ensure constructive dialogue with our neighbours. The key to responsible mining is protecting the Company's reputation as work continues building the Sibanye- Stillwater brand globally. As part of international leading practice, the Group has implemented an accessible complaints and grievance mechanism procedure, enabling communities to raise issues and concerns through multiple platforms. The findings support the feedback the Company regularly receives from its engagement partners and therefore engagement and communication have been strengthened to ensure that stakeholders are informed and where applicable engaged and consulted on issues of mutual interest. 17.1.2 Legislation and Regulations The legislative framework is detailed in Section 17.5.1. The legislative framework is detailed in Section 17.5.1. As pertains to the social and community agreements, The Mining Charter includes Social and Labour Plan guidelines. Regulation 42 to the Minerals and Petroleum Resources Development Act requires mining companies to submit to the Department of Mineral and Petroleum Resources a Social and Labour Plan (SLP) as a pre-requisite for the granting of a mining right. These pans are required to be revised and resubmitted every five years during the life of a mining right. Pillars within the Mining Charter III, endorsed through the SLP & Targets: • Ownership • Mine community development • Housing and living conditions • Employment equity • Human resource development • Inclusive procurement, supplier and enterprise development 202 17.1.3 Communities' Priorities Rustenburg community priorities are as follows: • Supporting communities to deliver local social economic benefits through economic empowerment and the delivery on the Mining Charter and Social and Labour Plan commitments • Strengthening institutional capacity and unlocking and mobilising partnerships and resources to resolve collective challenges • Deliver on programs that retain sustainable community benefits and its social impacts that are well understood by all stakeholders • Create shared value beyond compliance • Facilitate integrated spatial development by improving the living conditions and surrounding amenities for our workers. The third generation Social and Labour Plans (SLP) (2021-2025) for SRPM 82MR (Rustenburg Section) and 82MR (Kroondal Section) were approved in Nov 2023 and have expired at the end of 2025. The tables below provide the list and status of the projects set out in this specific SLP. Table 69 and Table 70 provides the status of current and planned SLP projects for SRPM 82MR and 80MR. Table 69: SLP projects for SRPM 82MR SRPM 82MR 2021-2025 SLP Municipality Status 1 Provision of emergency response vehicles Rustenburg LM Completed 2 Provision of Mobile Water Tankers Rustenburg LM Completed 3 RPM High Mast Lights Rustenburg LM Completed 4 Renovation of Tlhabane CHC Rustenburg LM Completed 5 Provision of Additional Classrooms at David Brink Rustenburg LM In Progress 6 Stormwater Project (Photsaneng) Rustenburg LM In Progress 7 Support to District Hospital (JST) Rustenburg LM In Progress 8 Community Hall (Mfidikwe/Thekwane) Rustenburg LM In Progress 9 Construction of Tirelong School Rustenburg LM In Progress 10 Support to School Leadership Rustenburg LM In Progress 11 Agricultural project – RLM Sunflower flagship project Rustenburg LM Planning - Engagement 12 Waste Management Project Rustenburg LM Planning - Engagement 13 ICT Connectivity project inclusive WIFI Access Rustenburg LM Planning - Engagement 14 Equipping Digital Resource Centres (Boitekong and Tshukudu Multi-purpose centre) Rustenburg LM In Progress 15 Upgrade of the School Sanitation Programme Rustenburg LM Planning - Engagement 16 High impact Agricultural Project LSA - EC Planning - Engagement 203 Table 70: SLP Projects for 80MR Kroondal 80MR 2021-2025 SLP Municipality Status 1 Support with Waste Removal Truck and Skip bins Rustenburg LM Completed 2 Construction of Tirelong Secondary School Rustenburg LM In Progress 3 Renovation of Kroondal Primary School Rustenburg LM In Progress 4 Enterprise Development Training & Coaching Rustenburg LM Planning – Engagement 17.2 Human Resources 17.2.1 Introduction This section includes discussion and comment on the human resources, health and safety related aspects associated with Rustenburg operation. Specifically, information is included on the current organisational structures and operational management, recruitment, training, productivity initiatives and remuneration policies, industrial relations, safety statistics and performance. Rustenburg operation follows the Sibanye-Stillwater Code of Ethics, which is compliant with the Sarbanes-Oxley Act of the United States of America. This policy was adopted and communicated to all employees. A Human Rights Policy has also been adopted, which confirms full compliance with all applicable International Labor Organisation Conventions. 17.2.2 Legislation Rustenburg operation is committed to promoting Historically Disadvantaged South African's (HDSA) in its management structure by instituting a framework geared toward local recruitment and human resources development. Vacancies are primarily filled by candidates from local communities. Where specialist skills are not available locally, they are sourced from outside local communities. The Mine's long-term objective is to have these skills shortages addressed via skills development programs. Labour distribution is shown in (Table 71 and Table 72). Employee turnover is around 7% to 8% annually. Labour unavailability is approximately 13% at with the primary reasons for absenteeism being annual leave and sick leave. Various regulatory authorities, in addition to mining and labour codes, govern labour legislation in South Africa. In general, these are well established in conjunction with current operating policies and form the cornerstone of human resource management. The following key acts and associated regulations governing Labour.Constitution of the RSA (Act 108 of 1996) (Constitution). • Mine Health and Safety Act, (Act 29 of 1996) and amendments (MHSA) • The Occupational Health and Safety Act (85 of 1993) (OHSA) • Labour Relations Act, 1995 as amended 204 • Employment Equity Act, 1998 with specific reference to medical testing and HIV/AIDS • Compensation for Occupational Injuries and Diseases Act, 1993 • Basic Conditions of Employment Act, 1997 • Employment Equity, 1998 • Promotion of Equality and Prevention of Unfair Discrimination Act, 2000, and • Protection of Personal Information Act, 2013 Broad-Based Socio-Economic Empowerment Charter for the Mining and Minerals Industry, Mining Charter III of 2018. Table 71: Rustenburg operation Total Employees – Snapshot Report for the Month December 2025 Occupational Levels Male Female Foreign Total A C I W A C I W M F Senior management 12 0 1 15 3 0 0 2 2 0 35 Professionally qualified and experienced specialists and mid-management 87 2 0 73 34 1 0 33 11 1 241 Skilled technical and academically qualified workers, junior management, supervisors, foremen, and superintendents 1,670 19 5 377 554 6 3 93 114 3 2,841 Semi-skilled and discretionary decision making 7,014 11 0 31 1,206 0 0 12 2,147 2 10,421 Unskilled and defined decision making 1,353 0 0 7 872 0 0 1 228 90 2,461 Non graded 45 0 0 4 17 0 0 0 0 1 67 TOTAL PERMANENT\*\* 10,181 32 6 507 2,686 7 3 141 2,502 97 16,162 \*\*Total excludes temporary employees

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 Table 72: Rustenburg operation Total Contractors (excluding Ad-Hoc Contractors) Occupational Levels Male Female Total A C I W A C I W Senior management 17 0 0 28 5 1 0 2 53 Professionally qualified and experienced specialists and mid-management 53 1 0 16 2 0 1 6 79 Skilled technical and academically qualified workers, junior management, supervisors, foremen, and superintendents 527 16 4 214 91 0 1 17 870 Semi-skilled and discretionary decision making 1,494 5 0 38 138 2 0 13 1,690 Unskilled and defined decision making 1,866 8 0 38 336 2 0 2 2,252 TOTAL Contractors 3,957 30 4 334 572 5 2 40 4,944 \*\*Total excludes Foreign Nationals 17.2.3 Human Resource Development (Training) Sibanye -Stillwater's Human Resources Development (HRD) model aims to ensure development of requisite skills in respect of learnerships, bursaries (core and critical skills), artisans, Adult Education and Training (AET) (Level I, II, III), AET Level 4/NQF Level 1 and other training initiatives reflective of demographics as defined in the Mining Charter and MPRDA. All efforts in this regard have been aligned with the National Development Plan and the UN Global Goals for Sustainable Development in relation to education, gender equality, reduced inequalities, decent work and economic growth. • Specific areas of focus in the training and development programmes include Safe working practice training by means of programmes aligned with the requirements of the National Qualifications Framework • Functional literacy and numeracy • Interventions aimed at improving the business awareness and teamwork of employees at the lower levels of the organisation in particular • Improved middle management skills through the implementation of an internal leadership programme to help fulfil the human resources requirement of the Mining Charter • Systems to track and manage, on an integrated basis, employee development and performance • Portable skills training • Cadet training • Safety training • Mining skills training, and • Engineering skills training 206 17.2.4 Remuneration Policies The Rustenburg operation's remuneration and employee benefits policies that recognise labour market conditions, collective bargaining processes, equity and legislation. The provisions of the Sibanye- Stillwater approval framework guide remuneration policies. 17.2.5 Industrial Relations Industrial relations are managed at a number of levels and in several formalised structures, encompassing the corporate and mining asset domains in accordance with a number of key driving factors. These include the prevailing legislative requirements, regulatory bodies, labour representation, collective bargaining arrangements, operation specific employer-employee agreements, and the quality of labour relations management philosophies and practices. An employee relations/engagement framework also governs all engagements with organised labour and other stakeholders. The principal strategy elements are to entrench an improved understanding of the business imperatives on the part of labour, appropriate and timeous intervention to pre-empt industrial relations issues and timely delivery by management on its undertakings to labour. Some 89% of the permanent employees of Rustenburg are paid up members of registered trade unions and associations. Most of these unionised employees are from the lower category employees are represented by the Association of Mining and Construction Workers Union (AMCU). Employees in the skilled and supervisory categories are represented by the United Association of South Africa (UASA). Historically, trade unions with such a power base have exercised a strong influence over social and political reform. The labour legislative framework reflects this by strongly empowering trade unions in the collective bargaining processes. The clear implication is that industrial relations are an area of critical focus for Sibanye-Stillwater. 17.2.6 Employment Equity The purpose of the Employment Equity Plan is to ensure that a demographically appropriate profile is achieved through the participation of HDSAs in all decision-making positions and core occupational categories at the operation. In striving to achieve a 40% HDSA composition in the management structure and 10% participation of women in core mining occupations, Sibanye-Stillwater seeks to redress the existing gender and racial disparities. The plan reflects Sibanye-Stillwater's annual progressive targets and embraces the challenge to transform the composition of the Company's workforce and management. This is a business imperative to ensure that we tap into the entire skill base of the South African population. All efforts in this regard have been aligned with the National Development Plan and the UN Global Goals for Sustainable Development. Where appropriate, Employment Equity is implemented in consultation with employee representative bodies. As a key business imperative for Rustenburg operation, Employment Equity is critical in assisting the operation to place competent employees in the correct jobs aligned with the operation's objectives. 207 17.3 Health and Safety 17.3.1 Policies and Procedures Since Sibanye-Stillwater's inception the Rustenburg operation has formed part of the Health and Safety Strategy and Policy development process, as well as the adoption and implementation thereof. The Safe Production Strategy that was developed as part of an ongoing safety improvement journey takes into account "fit for purpose systems" such as ISO 45001 that was published in 2018. The Sibanye- Stillwater Health and Safety Strategy and Policy are further aligned with the Mine Health and Safety Act, the International Council on Mining and Metals, the World Bank Policies and Guidelines, International Finance Corporation Operational Policies and International Labour Organisation Conventions. 17.3.2 Statistics Table 73 and Table 74 present safety statistics for Rustenburg operation and includes the total number of fatalities, fatality rate, and the lost day injury frequency rate (LDIFR) from 2021 to 2025. Table 73: Safety Statistics Khuseleka, Thembelani, Siphumelele, Bathopele Safety Statistics Units 2021 2022 2023 2024 2025 Fatalities (No.) 3 1 1 1 1 Fatality Rate (per mmhrs) 0.10 0.03 0.03 0.034 0.032 LDIFR (per mmhrs) 5.11 4.01 4.02 2.53 2.66 MHSA Section 54's (No.) 15 11 12 5 9 mmhrs = million man hours worked Table 74: Safety Statistics Kwezi, K6, Bambanani, Kopaneng Safety Statistics Units 2021 2022 2023 2024 2025 Fatalities (No) 2 0 0 1 0 Fatality Rate (per mmhrs) 0.14 0 0 0.05 0.00 LDIFR (per mmhrs) 4.87 3.01 3.4 3.74 3.14 MHSA Section 54's (No.) 10 4 3 6 2 mmhrs = million-man hours worked 17.3.3 Occupational Health and Safety Management As part of the rollout of the Safe Production Strategy, the management of Critical Controls, Rules of Life, Risk Management as well as management of A Hazards is a key focus area at the operations. 17.3.4 HIV/AIDS Prevalence of HIV/AIDS at the Sibanye-Stillwater's Rustenburg operation is currently at around 15% of the workforce. However, impact on sick absenteeism and mortality due to this pandemic is relatively low. This is attributed to the development and implementation of effective and comprehensive HIV/AIDS programme, which includes the following elements: 208 • Creating a supportive workplace environment, where discrimination is not tolerated to allow employees with HIV/AIDS to remain employed and productive • Access to Primary Health Care Clinics and Occupational Health Centres providing voluntary, confidential counselling and testing • Aggressive treatment of sexually transmitted diseases, which in turn reduce the risk of HIV infection • Prophylaxis and treatment of opportunistic infections related to HIV/AIDS, and • Access to Antiretroviral therapy to help employees with HIV/AIDS to stay healthy and productive 17.4 Environmental Studies 17.4.1 Introduction Anglo American Platinum (AAP) sold their Mines and Concentrators at the Rustenburg Section to Sibanye-Stillwater Rustenburg Platinum Mines (Pty) Ltd (NW30/5/1/2/2/82MR) (SRPM). The sale agreement included 82MR. In order to facilitate the sale agreement, an EMPr consolidation process was undertaken to consolidate all EMPr amendments/addendums from into the original 1996 EMPr. The DMRE approved the consolidated document on the 23rd of August 2016. As part of an MPRDA Section 11 ceding process 82MR and the consolidated EMPr commitments were transferred to SRPM. The DMRE requested the consolidated AAP EMPr be updated to refer to SRPM as the on-going applicant. The 2016 EMPr is current and represents the alignment to SRPM and will form the overarching environmental authorisation for SRPM Mines and Concentrators at Rustenburg. As part of the amalgamation of SRPM (Rustenburg) and Kroondal Operations (South Africa) (Pty) Ltd SRPM has assumed all liabilities of Kroondal. Environmental liabilities remain tied to the individual Mining Rights. As part of the Sibanye-Stillwater Integrated Compliance, Governance and Risk (ICGR) framework, the Company has embedded a process for improved regulatory risk profile and action plans to address any gaps in the identification of risk, level of adequacy and effectiveness of control measures. This has provided the Environmental and other Departments, e.g. the ESG Department with a much clearer picture of all the legal requirements, its risk exposure and what mitigatory actions (compliance risk management plans) need to be put in place to improve and ensure compliance. The following generic environmental risks have been identified and are applicable to the Rustenburg operation: • Third party liability claims because of uncontrolled grazing on mine-owned properties. • Non-compliance with applicable environmental legislation • Uncertainty on the quantum of closure liability for SRPM Operations, pending the proposed amended 2015 Financial Provisioning (FP) Regulations • Ageing infrastructure and its contribution towards legal non-compliances (environmental) • Increase in illegal activity, sabotage and theft of environmental infrastructure leading to increased frequency and severity of associated environmental non-compliances • Poor hazardous waste and hydrocarbon management • Lack of a coherent regional closure strategy and not being able to clarify SRPM's role and obligation towards this • Failure to obtain applicable environmental approvals, timeously as a result of slow responses from Regulators in respect of approving licences and amendments

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 • Undue reliance on water board/municipal water (with a resultant increase in water costs) • Impacts of water constraints on the production profile of SRPM • Climate change and global warming In addition, and from an Environmental, Social and Governance (ESG) perspective, the following key environmental and social legislation, and its associated subsequent amendments, was identified to be applicable, wholly or partially, to the Rustenburg operation: • Constitution of the RSA, 1996 • The Companies Act, Act 71 of 2008 • King IV Report on Corporate Governance for South Africa 2016 (Institute of Directors in Southern Africa NPC) • Promotion of Administrative Justice Act, Act 3 of 2000 • Protection of Personal Information Act, Act 4 of 2013 • Minerals & Petroleum Resources Development Act (MPRDA), Act No 28 of 2002 and all its Regulations and subsequent Amendments • National Environmental Management Act (1998) • National Environmental Management: Biodiversity Act, Act No 10 of 2004 • National Environmental Management: Waste Act, 2008 • National Nuclear Regulatory Act, 1999 • National Environmental Management: Air Quality Act (NEM:AQA), Act No 39 of 2005 • National Water Act (NWA), Act No 36 of 1998 • Water Services Act (NWS), Act 108 of 1997 • Labour Relations Act, Act 66 of 1995 • Mineral and Petroleum Resources Royalty Act 28 of 2008 • Hazardous Substances Act, Act No 15 of 1973 • National Heritage Resources Act (NHRA), Act No 25 of 1999 • National Forest Act, Act No 84 of 1998 • National Road Traffic Act, Act 93 of 1996 • Road Transportation Act, Act 74 of 1977 • Fertilisers, Farm Feeds, Agricultural Remedies and Stock Remedies Act, Act No 36 of 1947 • Conservation of Agricultural Resources Act (CARA), Act No 43 of 1983 • National Veld and Forest Fire Act, Act No 101 of 1998 • National Environmental Management: Protected Areas Act, Act 57 of 2003 • Promotion of Access to Information Act, 2000 • Agricultural Pest Act, Act No 36 of 1983 • Skills Development Act, Act 97 of 1998 • Skills Development Levies Act, Act 9 of 1999 • Broad-Based Black Economic Empowerment Act, Act 53 of 2003, and • Employment Equity Act, Act 47 of 2013 An important change in the regulation of mining related environmental activities was that on 8th December 2014, with the launch of the so-called "One Environmental System" (OES), the Minister and thus the newly-renamed DMPR became the Competent Authority for environmental issues within the mining industry. The Minister of Environmental Affairs -Department is now referred to as the Department 210 of Environment, Forestry and Fisheries (DEFF) became the appeal authority for mine environmental issues. Since its inception in 2014, the OES has not yet fully taken off as not all of the relevant Government Departments/Regulators seem to be on-board with the new, stricter approval timeframes and/or other OES requirements which has led to the implementation of OES being, at best, mediocre and at worst, not meeting applicants' expectations. In November 2015, new regulations regarding financial provisioning (FP) were gazetted, with onerous legal obligations around FP on several closure-related issues. The mining industry has and is in the process of challenging these proposed FP Regulations, with a view to have the most onerous Regulations excluded from any revised FP Regulations. Stakeholder engagement and consultation on the revised FP Regulations is ongoing, and while the compliance date for the 2015 FP Regulations had initially been set as 20 February 2020, this compliance date was subsequently revised to 19 June 2021. The compliance date has been postponed, and no new date has been set. The FP Regulations have not been approved to this date. 17.4.2 Baseline Studies 17.4.2.1 History NW30/5/1/2/2/82MR (EMPr-SRPM) The Rustenburg operation began before the current Regulations were in place. Baseline Studies refer to more recent information (last 20 years) and the 2016 EMPr. No impact assessment was undertaken during the compilation of the 2016 report. The Original 1996 EMPr and associated Amendments/Addendums are existing authorisations. Each EMPr Amendment/Addendum process was accompanied by an impact assessment during the compilation of each (commencement year of each varies). The following were considered in the baseline studies (Table 75). Table 75: Baseline Studies - EMPr-SRPM Description of the Baseline Environment Geology SA Bushveld Complex and PGM Deposit description Topography General Topographic features Climate Climatic Zone, temperature, Rainfall and wind Soil, Land Use and Land Capability Soil types, Erosion potential of soils, Land use and Capability Hydrology Water management area, Wetlands, Surface water hydrology and water quality, Resource class and river health Geohydrology Aquifer characterisation, Groundwater quality, Hydrocensus Biodiversity Flora, Terrestrial Fauna, Aquatic Fauna, Current Status Air Quality Ambient air quality characterisation Vibration and Noise Comprehensive blasting assessment, A baseline noise survey was undertaken by dB Acoustics as part of the Ventilation Shafts project Archaeology and Cultural Heritage Archaeological and cultural sites assessment 2005 211 Visual Landscapes Visual character and quality, Sense of Place Socio-Economic Provincial and district overview Land use NW30/5/1/2/2/80MR, NW30/5/1/2/2/104MR, NW30/5/1/2/2/113MR, NW30/5/1/2/2/368MR, NW30/5/1/2/2/369MR, NW30/5/1/2/2/370MR – Kroondal EMPr The first Environmental Management Programme (EMPr) for Kroondal was approved in 1999. The EMPr was modified via various amendments during mine development in 2001, 2004 and 2010. A consolidated EMPr for Kroondal was compiled in 2016 to combine the 1999 EMPr and all EMPr Amendments and updates into a single document. This document has since been revised in 2022 upon request from the DMRE in order to conclude approval of the consolidated document. The first Environmental Management Programme (EMPr) for PSA was approved in 2002 for K5 (Kwezi) Shaft, followed by an addendum which was approved in 2003. The first EMPr for Klipfontein Open-Pit and MK4 Shaft was approved in 2005. The first EMPr approval for K6 Shaft was in 2010. In 2016 these EMPr's were consolidated into a single EMPr for PSA and approved by the DMRE. As at 31 December 2025, the EMPr is still relevant and remains in practice with minor adjustments or additions where a need is identified. The assessment of the impacts for the 2016 EMPR was conducted according to a synthesis of criteria required by the integrated environmental management procedure. This methodology was constructed by SLR Consulting (Africa) (Pty) Ltd, the consultants who compiled the studies. A summary of study areas and assessed environmental Impacts is given in Table 76. 212 Table 76: Summary of Anticipated Environmental Impacts (revised EMP,2016) Section Potential impact Significance of the impact (the ratings are negative unless otherwise specified) Unmitigated Mitigated Geology Loss and sterilisation of mineral resources High Medium Topography Hazardous excavations/structures/surface subsidence High Medium Soil and land capability Loss of soil resources and land capability through pollution High Medium Loss of soil and land capability through physical disturbance High Medium Terrestrial Biodiversity Physical destruction of biodiversity High Medium General disturbance of biodiversity High Medium Aquatic Biodiversity Physical destruction and / or disturbance of aquatic biodiversity High Medium Surface water Pollution of surface water resources High Medium Alteration of natural drainage patters High Medium Groundwater Contamination of groundwater resources High Medium Dewatering High Medium Air quality Air pollution High Medium Noise Noise pollution High Medium Visual Visual impact Medium Medium Blasting Blasting impacts (fly rock, air blasts and ground vibrations) High Medium Traffic Traffic impact High Medium Heritage/ cultural and palaeontological resources Loss of heritage, cultural and palaeontological resources High Medium Socio-economic Economic impact High positive High positive Inward migration High Medium Land use Land use impact High Medium 17.4.2.2 Methodologies for Impact and Risk Assessment The assessment results and criteria in the studies presented above are as submitted by the companies undertaking the assessments. Sibanye-Stillwater uses consultants for the specialists' studies. Each company has its own methodologies that it applies. Where there are no material conflicts with Sibanye's criteria, other studies, or regulatory requirements the methodologies are accepted as valid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 17.4.3 Zone of Influence 17.4.3.1 Studies and Methodologies The Zone of Influence of a project (Rustenburg as a whole) is defined as the area within which it has or can have material impacts or can influence impacts due to the establishment and continuation of the project's activities, products or services. The Zone of Influence is unique to each project and each aspect thereof, is larger than the actual project footprint and can either be positive or negative. The Zone of Influence is determined by evaluating and mapping the following environmental and social components of the project. 17.4.3.2 Surface Water Surface water quality in the Hex River, Sterkstroom and associated tributaries is affected by a combination of mining-related and external sources, including direct discharges, diffuse seepage, groundwater interflows, activities within wetlands and drainage lines, potential contributions from the Hoedspruit TSF, and sewage inputs and other land and water uses within the broader catchment. The principal identified and potential impacts include deterioration in water quality, changes to wetland ecological function and service delivery, eutrophication, salinisation and possible toxicity associated particularly with chloride and ammonia exceedances. In response, Sibanye-Stillwater is undertaking updated wetland delineation, water quality monitoring against RWQOs, and site-specific mitigation, maintenance, restoration and catchment management measures, including collaboration with other water users through joint task teams. The Company also continues to engage with the Department of Water and Sanitation on water use licence conditions and the application of realistic, science- and risk- based water quality limits. 17.4.3.3 Visual Zone of Influence A Visual Zone of Influence for the whole Rustenburg operation has not yet been developed and will be developed given budgetary and time constraints. The following comment was included in the 2023 TRS for the Kroondal operation. The comment is substantially applicable to the entire Rustenburg operation. The broader landscape was already characterised by a strong mining influence prior to the establishment of the mine, with mining infrastructure forming a prominent visual element alongside agricultural and rural residential land uses. The area comprises gently undulating plains with scattered koppies, with the Magaliesberg range located approximately 10km to the south. Over time, mining activities, dumps and storage facilities have become an established part of the landscape character, particularly north of the N4/R104 where mining infrastructure and associated settlements dominate, while areas south of the route retain a more pastoral character. Although mining-related views may be perceived negatively by some tourists and community members, visual receptors are already exposed to substantial existing mining disturbance, and overall visual sensitivity is therefore considered to have been materially reduced. 214 17.4.3.4 Noise Zone of Influence A noise impact assessment completed in 2022 for the Rustenburg Section, and considered substantially applicable to the Kroondal Section, found that the local acoustic environment is influenced by a combination of industrial, community, transport and natural noise sources. 17.4.4 Climate Change and Greenhouse Gas Emissions, Air Quality Climate change, greenhouse gas emissions and air quality management programs are governed by Sibanye- Stillwater's group policies. The Group monitors and reports greenhouse gas emissions in accordance with the South African Department of Forestry, Fisheries and the Environment's Technical Guidelines for monitoring, reporting and verification, together with the World Resources Institute Greenhouse Gas Protocol. The Group's main emission sources comprise direct fuel use (Scope 1), purchased electricity (Scope 2) and indirect value-chain emissions (Scope 3). The 2025 review shows a significant increase in reported Scope 3 emissions following a more comprehensive reassessment of emission sources, factors and inventory completeness (Table 77). The most material contributors to this increase were newly quantified purchased goods and services, revised fuel- and energy-related emission factors, updated transport emissions, and the inclusion of downstream processing emissions by third parties, particularly from carbon-intensive chrome ore processing. To mitigate climate-related impacts, the Group is implementing its Energy and Decarbonisation Strategy, targeting carbon neutrality by 2040 and pursuing absolute Scope 1, 2 and 3 reductions aligned with science-based targets to support limiting global temperature increase to below 2°C. Management actions include improving the understanding of operational carbon hotspots, evaluating the role of carbon offsets, strengthening resilience to climate risk, and maintaining compliance with Group ESG policies, standards and procedures. Sibanye-Stillwater's approach is also framed within South Africa's national peak-plateau-decline emissions pathway, and the Group continues to align its emissions management, disclosure and target-setting with regulatory expectations and broader government climate policy. Table 77: Rustenburg tCO2e Emissions Inventory 2025 Scope of emissions Emissions (tonnes, carbon dioxide equivalent – tCO2e) 2023 2024 2025 Scope 1: Emissions from direct fuel sources such as petrol and diesel 50,064 45,428 41,111 Scope 2: Emissions from purchased electricity 1,409,865 1,368,003 1,464,957 Scope 3: Emissions from other indirect sources such as purchased goods and services 453,921 449,307 2,802,565 The Afrigle System implemented at the Rustenburg operation is designed to monitor and optimise diesel combustion efficiency and thereby reduce carbon emissions, has been successfully implemented 215 across the operation. The system provides accurate, automatic, electronic records and real-time reporting of fuel usage and eliminates driver intervention, data manipulation, unauthorised refuelling, possible theft and human error, enabling each shaft to understand their usage and better control fuel consumption and their resulting emissions. 17.4.5 Biodiversity Management Since Sibanye-Stillwater took ownership of the Rustenburg operation, there have been no major infrastructure expansions that would have resulted in the loss of key biodiversity areas. Current initiatives to manage biodiversity are implemented in line with the approved EMPs. Sibanye-Stillwater developed its first Biological Diversity Procedure that embeds the mitigation hierarchy into all decision-making processes from feasibility to post-mining. It ensures the use of the best practice local science-based methods for monitoring and assessment, the outcomes thereof are then incorporated into option analyses along with consideration of health, safety, engineering, social and economic considerations to arrive at the best practicable and sustainable way forward. Ultimately it aims to enhance avoidance of impacts on sensitive ecosystems and thereafter integrate mitigation, restoration and off-setting to achieve our net gain and no net loss targets as applicable to the sites. Managed by the EWT, the BDP will build the capacity of businesses to manage their biodiversity risks and opportunities and enable them to disclose their biodiversity performance in a standardised and comparable manner. 17.4.6 Water Use Strategy Rustenburg operation is dependent on water to sustain operations. The operations receive water from the following water sources: • Excess underground fissure water • Potable water purchased from the Rand Water Board and Municipal distribution networks and • Greywater purchased from the Rustenburg Water Service Trust (RWST) in terms of an agreement with Anglo-American Platinum The context summary of water use at the Rustenburg operation for 2025 is presented in Figure 74. The Rustenburg operation abstracted on average 24.81Ml/day to process 33,023 tonnes per day. 67% of this was purchased from the Rustenburg Local Municipality, Rustenburg Water Service Trust, and Rand Water Board which supplied mainly from the Vaal River System (VRS). A small portion of the purchased water is supplied from Vaalkop system which forms part of the Crocodile catchment. 216 Figure 74: Rustenburg Water Use Summary 17.4.6.1 Licensing The Rustenburg operation has the following Water Use Licenses. • SRPM Water Use Licence dated: licence no: 07/A21D/AIJGC/7026. SRPM also applied for additional water uses which was approved 26 June 2025 under the same licence number • Platinum Mile Chrome Expansion Water Use Licence dated: Licence no: 6/A22H/CGI/15071 • K6 Shaft Water Use Licence dated 2 July 2021, Licence no: 06/A22H/ACGIJ/14646 with an amendment approved in May 2025 • WLTR pipelines and chrome stockpile Water Use Licence dated: 3 December 2025, Licence no: 06/A21K/CGI/17218 • Kwezi Shaft Water Use Licence dated: 11 June 2021, Licence no: 03/A22H/AG/726. Kwezi Shaft also applied for additional water uses approved 7 November 2024, Licence no: 06/A22H/ACGIJ/14646 • Kwezi Shallows Water Use Licence, dated: 18 June 2025, Licence no: 06/A22H/CGI/16533 with an amendment approved 13 May 2025 • K6 Shaft Water Use Licence dated 22 June 2021, Licence no: 03/A22H/ABGJ/3973 • Kroondal Operations Water Use Licence, dated 24 May 2018, Licence no: 07/A22H/CGIAJ/7827 Kroondal has since applied for an amendment to the said WUL in 2024 with additional water uses. The approval of these is expected in 2026 • Marikana Water Use Licence, dated: 4 October 2013, Licence no: 03/A21K/ABCGIJ/1469 . Marikana has since applied for an amendment to the said WUL in 2024 with additional water uses. The approval of these is expected in 2026 • West-West Pit Water Use Licence, dated 17 March 2016, Licence no: 07/A21D/AIJGC/7026 • Klipfontein Opencast Water Use Licence dated : Licence no: 07/A22H/AGJ/11545

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 availability of sufficient funds to undertake rehabilitation and remediation of the adverse environmental impacts of mining. An amendment to GNR 1147 (Regulations for Financial Provision for Prospecting, Exploration, Mining and Production Operations,2015) in October 2016, extended the Transitional Arrangements to February 2019 (which was subsequently further extended to February 2020 and again to June 2022). The alignment of these plans and documents to the 2015 FP Regulations is ongoing. Compliance with the FP Regulations is required within three months from the first financial year-end following June 2022, which is the new promulgated compliance date for the amended FP Regulations. Therefore Sibanye-Stillwater Marikana Operations is required to be compliant by 2023. In order to ensure that all aspects potentially applicable during the closing of a facility is considered during the quantum assessment, a standard checklist have been provided by the guidelines which was used in compilation of this plan. It is however recognised that all the items will not always be applicable for all the areas, but it was considered in any event to make sure that all possible issues were addressed and assessed. Closure Components to be considered during the Quantum Assessment are given in Table 79. In addition, Long Term C&M plans as well as Future Monitoring programmes will be established as part of the Closure Plans. Table 79: Closure Components Component No. Description 1 Infrastructural Areas 1.1 Dismantling of processing plant and related structures (including overland conveyers and powerlines) 1.2 Demolition of steel buildings and structures 1.3 Demolition of other buildings and structures 1.4 Rehabilitation of roads and paved surfaces 1.5 Demolition and rehabilitation of railway lines 1.6 Other linear infrastructure 1.7 Disposal of demolition waste 1.8 Making good of infrastructure 2 Mining Areas 2.1 Opencast rehabilitation, including final voids and ramps 2.2. Sealing of shafts, audits and inclines 2.3 Rehabilitation of stockpiles and processing residues 2.4 Rehabilitation of clean water impoundments 2.5 Rehabilitation of dirty water impoundments 3 General surface rehabilitation 3.1 Infrastructural areas 3.2 Other surface disturbances 222 Component No. Description 4 Runoff Management 4.1 River diversions and watercourse reinstatement 4.2 Reinstatement of drainage lines 5 P&Gs, Contingencies and additional allowances 6 Pre-site relinquishment monitoring and aftercare 17.4.9.1 Life of Mine Planning and Closure The current LoM plan for Rustenburg operation is to 2057, while the current mining rights are under renewal or expire between 2039 and 2042. An annual rehabilitation plan is developed that informs the LoM process. At the same time, it tracks concurrent rehabilitation implemented on site, to ensure that adequate funds are available for rehabilitation and remediation work during the LoM. The selection of potential land use options is dependent on the typical drivers of regional land use. In the Rustenburg area, the key drivers of regional land use are mining (large and small scale), agriculture, tribal land/activities, and settlements. In light of the above, potential post mining land uses have been identified with the preferred land uses intensive agriculture, reinstating functionality of impacted ecological areas and protection of existing conservation areas, housing development and commercial and/or light industrial redevelopment. 17.4.9.2 Unscheduled Closure Cost Estimate SRPM total closure liability and associated financial provision is based on unplanned closure, with specific costs allocated to the demolition of mining and associated infrastructure, the rehabilitation of mine-impacted land and post-closure monitoring and maintenance. The mechanisms and methods of the demolition, remediation and rehabilitation processes are described in rehabilitation and final closure plans. However, as far as possible, Rustenburg will embark on a concurrent rehabilitation programme during the operational phase of the mine. This programme will be completed irrespective of unplanned closure and/or continued operations. A closure cost estimate for an unscheduled closure at the Rustenburg operation is updated annually, in line with the International Financial Reporting Standards ("IFRS") of the International Accounting Standards Board and South African Statements of Generally Accepted Accounting Practice as well as applicable environmental legislation (MPRDA and NEMA) and in accordance with the Draft GN1147. Closure Costs are kept separate for the Rustenburg and Kroondal Sections. Khuseleka, Thembelani, Siphumelele, Bathopele During the 2025 closure costs assessment, an estimate of R1,817,467,106 has been calculated for unscheduled closure costs for the Rustenburg operation (excluding Kroondal shafts and rehabilitated areas), which is made up of the following elements: 223 • infrastructural aspects – R539,224,105 (29,7% of the total estimate) • mining aspects – R612,992,411 (33,7% of the total estimate) • general surface rehabilitation – R211,565,600 (11,6% of the total estimate) • surface water reinstatement – R5,001,121 (0.3% of the total estimate) • preliminary and general – R8,212,699 (4,5% of the total estimate) • contingencies – R107,572,798 (5,9% of the total estimate) • post closure cost – R178,850,086 (9,8% of the total estimate) • additional studies – R80,133,989 (4,4% of the total estimate) The closure liability for Rustenburg operation is provided through a combination of cash in trust and third party financial guarantees. Kwezi, K6, Bambanani, Kopaneng, C&M shafts During the 2025 closure costs assessment, an estimate of R1,912,143,020 has been calculated for unscheduled closure costs for the former Kroondal Operations (inclusive of Kroondal, Kroondal- Marikana and Old PSA areas), which is made up of the following elements: • infrastructural aspects – R213,197,521 (11,1,0% of the total estimate) • mining aspects – R1,424,614,330 (74,5% of the total estimate) • general surface rehabilitation – R93,582,506 (4,9% of the total estimate) • surface water reinstatement – R7,055,477 (0.4% of the total estimate) • preliminary and general –R104,306,990 (5,5% of the total estimate) • contingencies –R132,194,139 (6,9% of the total estimate) • post closure cost –R4,239,287 (10% of the total estimate) • additional studies –R75,970,736 (4,0% of the total estimate) 17.5 QP Opinion The QP is satisfied that all material issues relating to Environmental, Social and Governance have been considered in Rustenburg's planning. All relevant issues are being addressed, have plans in place to remedy any deficiencies or have been identified for further consideration. 18 Capital and Operating Costs 18.1 Overview The following sections contain summaries of the capital and operating cost projections. Projections are compared to the last three years actual figures. Accuracy limits for metal pricing and costs are given in Table 95 in Section 21.1.1. Risks are discussed in Section 21.1.2.2. 224 18.2 Capital Costs Capital expenditure in Table 80 and Table 81 for Rustenburg includes project capital, capitalised development and sustaining capital. Ongoing capital expenditure estimates are based on a provision of an approximate 5% of operating cost expenditures for shallow shafts and 9% for the mechanised shafts, this percentage is based on historical spend, and the current business plan generally are included for the first year of the LoM plan. These amounts cater for expenditures of a capital nature and are considered prudent provisions (contingencies) to maintain the operations infrastructure, given that limited detail is provided beyond the current three-year horizon. Project capital and capitalised development are budgeted separately and depend on the projects requirements. 18.3 Operating Costs This section provides details on the forecast operating cost estimates for Rustenburg operation. 18.3.1 Operating Costs by Activity Table 82 provides details of historical and forecast operating costs by activity grouped according to: • Mining costs–underground and surface sources costs, including ore handling costs • Processing costs, including tailings and waste disposal costs and • The cost of maintaining key on-mine infrastructure In addition, Rustenburg has incorporated costs for environmental rehabilitation and closure and costs associated with terminal benefits, which will be payable on cessation of mining activities. No salvage values have been assumed for plants and equipment. The operating cost are based on the current year's operational business plan and projected forward using the required production profile taking into account the likely physical changes in the operating parameters over the full period of the LoM plan. 18.3.2 Operating Costs The operating cost for Rustenburg operation for the Mineral Reserves in the LoM plan is R2,085/t. The actual operating cost for 2025 was R1,274/t for underground and surface combined (Table 82). The five- year forecast average is R1,812/t. 18.3.3 Surface Sources Costs The surfaces sources and purchase of concentrate in the Mineral Resource or LoM plan are included in the total operating cost.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 18.3.4 Processing Costs The treatment cost for 2026 is estimated at R228/t milled for underground. For the LoM, the expected unit costs increase as the production plan decreases. The average processing cost over the next five years is R331/tonne. Surface costs for the LoM are negligible as there are only 11 Months left of Surface Reserves. 18.3.5 Allocated Costs Allocated costs have been forecast at an average of R2,862 million per annum over the next five years. These include costs for rehabilitation, royalties, retrenchment cost, engineering, occupational environment and hygiene, environmental management, health and safety, and other typical centralised costs (Table 80 to Table 82). 226 Table 80: Historical and Forecast Capital Expenditure 2021 - 2035 Historical Real Forecast Units 2021 2023 2025 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Total 1 2 3 4 5 6 7 8 9 10 Project Capital (Rm) 4,274 1,055 1,474 663 798 270 0 0 0 0 0 Capitalised Development (Rm) 5,319 860 861 673 540 480 418 386 382 373 346 Sustaining/SIB Capital (Rm) 887\* 951\* 1,536\* 7,899 1,309 1,929 1,148 587 521 507 476 474 477 473 Total (Rm) 17,493 3,224 4,264 2,484 1,926 1,271 925 862 856 850 819 \*Includes capitalised development and includes Kroondal operation historical capital 227 Table 81: Historical and Forecast Capital Expenditure 2036 - 2057 Real Forecast Units LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 11 12 13 14 15 16 17 18 19 20 21 Project Capital (Rm) 4,274 0 0 0 0 0 0 0 0 0 0 0 Capitalised Development (Rm) 5,319 245 194 161 135 134 134 116 89 97 87 97 Sustaining/SIB Capital (Rm) 7,899 442 401 354 335 311 298 273 218 172 137 130 Total (Rm) 17,493 687 595 515 469 445 431 389 306 270 224 228 Units LOM 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 22 23 24 25 26 27 28 29 30 31 32 Project Capital (Rm) 4,274 0 0 0 0 0 0 0 0 0 0 0 Capitalised Development (Rm) 5,319 104 111 104 86 70 64 60 48 41 11 2 Sustaining/SIB Capital (Rm) 7,899 118 109 98 96 93 88 89 87 57 27 0 Total (Rm) 17,493 223 220 202 182 163 152 148 136 98 38 2 228 Table 82: Historical and Forecast Operating Costs 2021 – 2035 Historical Real Forecast Units 2021 2023 2025 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Total 1 2 3 4 5 6 7 8 9 10 Processing Costs (Rm) 2,752 3,902 4,843 51,377 3,441 3,355 3,258 2,702 2,691 2,673 2,485 2,469 2,506 2,489 Direct Shaft Costs (Rm) 11,520 14,419 14,877 175,474 16,550 14,759 13,082 9,754 9,338 9,221 7,698 7,686 7,717 7,644 Production Overheads (Rm) 1,206 853 920 17,557 1,316 1,293 1,202 954 945 935 862 858 867 860 Allocated Centralised Costs (Rm) 2.370 2,645 2,790 46,508 3,196 3,140 2,961 2,515 2,497 2,477 2,333 2,321 2,347 2,333 Total Operating Cost (Rm) 15,480 21,819 23,430 290,915 24,504 22,547 20,504 15,925 15,471 15,307 13,379 13,334 13,437 13,326 Environmental (Rm) 0 0 0 832 0 0 0 0 0 0 0 0 0 0 Unit Costs Tonnes Milled (Kt) 12,053 17,695 16,205 117,208 15,115 9,731 8,663 6,672 6,525 6,360 5,586 5,555 5,650 5,594 Operating Cost (R/t) 957 1,084 1,274 2,085 1,410 1,994 2,025 2,010 1,988 2,017 1,977 1,982 1,963 1,965 Allocated Centralised Costs (R/t) 131 149 172 397 211 323 342 377 383 389 418 418 415 417

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 Table 83: Historical and Forecast Operating Costs 2036 – 2058 Real Forecast Units LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Total 11 12 13 14 15 16 17 18 19 20 21 Processing Costs (Rm) 51,377 2,481 2,303 2,240 1,730 1,683 1,517 1,343 1,210 1,087 976 721 Direct Shaft Costs (Rm) 175,474 7,544 7,322 7,186 6,062 6,003 4,589 4,261 4,013 3,730 3,777 1,970 Production Overheads (Rm) 17,557 855 822 799 624 607 514 451 406 366 330 192 Allocated Centralised Costs (Rm) 46,508 2,320 2,078 2,015 1,567 1,522 1,286 1,138 1,024 921 827 612 Total Operating Cost (Rm) 290,915 13,200 12,525 12,239 9,983 9,815 7,906 7,193 6,653 6,104 5,910 3,495 Environmental (Rm) 832 0 0 0 0 0 0 0 0 0 0 0 Unit Costs Tonnes Milled (Kt) 117,208 5,500 5,162 4,899 3,748 3,597 2,748 2,373 2,083 1,822 1,583 1,037 Operating Cost (R/t) 2,085 1,978 2,024 2,087 2,246 2,306 2,409 2,552 2,702 2,845 3,211 2,779 Allocated Centralised Costs (R/t) 397 422 403 411 418 423 468 480 491 505 522 590 230 Real Forecast Units LoM 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057/2058\* Total 22 23 24 25 26 27 28 29 30 31 32 Processing Costs (Rm) 51,377 665 621 570 560 548 526 527 520 513 489 477 Direct Shaft Costs (Rm) 175,474 1,782 1,638 1,468 1,434 1,393 1,318 1,319 1,298 1,278 1,201 1,439 Production Overheads (Rm) 17,557 174 160 144 140 136 129 129 127 125 118 114 Allocated Centralised Costs (Rm) 46,508 563 526 482 473 462 443 443 438 432 413 402 Total Operating Cost (Rm) 290,915 3,185 2,945 2,663 2,607 2,540 2,415 2,418 2,383 2,349 2,221 2,432 Environmental (Rm) 832 0 0 0 0 0 0 0 0 0 0 832 Unit Costs Tonnes Milled (Kt) 117,208 914 819 706 684 657 607 608 594 581 531 504 Operating Cost (R/t) 2,085 2,868 2,955 3,088 3,121 3,163 3,248 3,246 3,273 3,297 3,408 4,026 Allocated Centralised Costs (R/t) 397 617 643 682 691 704 729 728 736 744 778 798 \*LoM ends in 2057. Environmental Rehabilitation costs are incurred in 2058 231 19 Economic Analysis 19.1 Introduction The following Section presents a discussion and comment on the economic assessment of Rustenburg. Specific comment is included on the methodology used to generate the financial models for Rustenburg to establish a base case, including the basis of the techno-economic model, modelling techniques, and evaluation results. 19.2 Economic Analysis Approach Rustenburg operation can be classified as a Production Property as it has significant, detailed cost and capital information specific to the geographic and economic locality of its assets. The cash-flow approach is the most appropriate method to use for economic analysis. 19.3 Economic Analysis Basis The assumptions on which the economic analysis is based include: • All assumptions are on 31 December 2025 money terms, which is consistent with the Mineral Reserve declaration date • Royalties on revenue are consistent with relevant South African legislation (0.5% to 12.5% based on the formula) (refer to Table 84) • Corporate taxes that can be offset against assessed losses and capital expenditure (refer to Table 84) • A Real base case (no inflation) Discount Rate of 15.76%, and • Discounted cash-flow (DCF) techniques applied to post-tax pre-finance cash flows • Sensitivity analysis was performed to ascertain the effect of discount factors, product prices, total cash costs and capital expenditures • The post-tax pre-finance cash flows presented for the mining asset incorporate macroeconomic projections as set put in Table 85 and Table 86 • The Technical – Economic Model is presented in real terms are based on annual cash-flow projections determined at the end-point 31 December • Revenue and costs considers contributions from all metals produced i.e. 4Eoz (Pt, Pd, Rh, Au), other metals (Ru, Ir) and base metals (Ni, Cu, Co and Cr). Rustenburg operation is ongoing with an annual positive cashflow 232 19.4 TEM Parameters Table 84 provides details of the parameters applied in the Technical – Economic Model. Table 84: TEM Parameters Parameter Units Historical Corporate Tax Rate (%) 27% Royalties (based on formula) (%) 0.5% - 12.5% Trading Terms Debtors (Days) 3 Creditors (Days) 45 Stores (Days) 45 Balance at 31 December 2025 Debtors (Rm) 11,346 Creditors (Rm) 3,605 Stores-opening balances (Rm) 36 Unredeemed Capital – 31 December (Rm) Environmental Closure Liability–31 December (Rm) 1,398 Terminal Benefits Liability Based on LoM (Rm) 1,570 Assessed Losses (Years) N/A The following working capital parameters have been applied in the model: Debtors – 3 days; Creditors – 45 days; and Stores – 45 days. Sibanye-Stillwater has indicated that the balances for working capital will be settled at the effective date of the Mineral Reserve declaration, and as such the opening balances have been set to zero. The corporate tax rate applied is based on a formula that uses capital expenditure and assessed tax losses. Royalties are calculated using the formula for refined metals [Royalty Payable = 0.5+ (EBIT/Gross Sales)/12.5]. 19.5 Technical Economic Model The technical inputs used to determine the financial parameters for the TEMs are provided in Table 85 to Table 89, as well as an assessment of the financial parameters on a unit cost basis: R/4Eoz.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 Table 85: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2026-2035 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Units Total 1 2 3 4 5 6 7 8 9 10 Underground Mining Development (m) 431,016 42,811 51,777 35,535 32,455 28,336 23,828 20,822 19,504 18,938 17,592 RoM (kt) 112,498 10,405 9,731 8,663 6,672 6,525 6,360 5,586 5,555 5,650 5,594 Head Grade (g/t) 3.44 2.91 2.97 3.05 3.24 3.26 3.28 3.35 3.39 3.39 3.43 Recoveries (%) 86.6 84.8 85.0 85.3 86.1 86.0 86.1 86.2 86.4 86.4 86.5 PGM Ounces (4Eoz'000) 10,774 827 789 725 599 588 578 518 524 532 534 Recovered Grade (g/t) 2.98 2.47 2.52 2.60 2.79 2.80 2.83 2.89 2.93 2.93 2.97 Surface No surface material is scheduled RoM (kt) 4,710 4,710 Head Grade (g/t) 0.90 0.90 Recoveries (%) 25.0 25.0 PGM Ounces (4Eoz'000) 34 34 Recovered Grade (g/t) 0.23 0.23 Processing Ore Processing (kt) 117,208 15,115 9,731 8,663 6,672 6,525 6,360 5,586 5,555 5,650 5,594 Head Grade (g/t) 3.34 2.29 2.97 3.05 3.24 3.26 3.28 3.35 3.39 3.39 3.43 Recoveries (%) 86.0 77.4 85.0 85.3 86.1 86.0 86.1 86.2 86.4 86.4 86.5 Recovered Grade (g/t) 2.87 1.77 2.52 2.60 2.79 2.80 2.83 2.89 2.93 2.93 2.97 PGM Produced (4Eoz'000) 10,808 861 789 725 599 588 578 518 524 532 534 234 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Units Total 1 2 3 4 5 6 7 8 9 10 Revenue 4E Revenue (Rm) 294,640 23,922 21,510 19,776 16,314 16,000 15,740 14,177 14,303 14,518 14,521 Other Metals (Rm) 18,403 1,512 1,380 1,256 986 978 997 954 959 981 989 Base Metals (Rm) 20,595 1,580 1,469 1,457 1,094 1,106 1,112 1,053 1,040 1,062 1,053 Revenue from sales of mining products (Rm) 333,638 27,015 24,359 22,488 18,394 18,083 17,849 16,184 16,303 16,561 16,563 Operating Cost Direct Operations Cost (Rm) 289,345 24,504 22,396 20,175 15,925 15,471 15,074 13,379 13,334 13,437 13,326 RBN Royalties (Rm) 0 0 0 0 0 0 0 0 0 0 0 Terminal benefits costs (Rm) 1,570 0 151 329 0 0 233 0 0 0 0 Environmental closure cost (Rm) 832 0 0 0 0 0 0 0 0 0 0 Royalty payable (Rm) 3,945 135 122 112 92 196 252 267 281 295 304 Recurring pre-tax income from continuing operations (EBITDA) (Rm) 37,945 2,376 1,690 1,872 2,377 2,416 2,290 2,538 2,688 2,830 2,933 Taxation (Rm) 6,670 0 0 0 0 181 481 557 598 635 664 Net Income from continuing operations (Rm) 31,275 2,376 1,690 1,872 2,377 2,234 1,809 1,981 2,090 2,194 2,268 Capital Expenditure (Rm) 16,093 2,363 3,402 1,811 1,385 791 507 476 474 477 473 Net Free cash (Rm) 15,182 12 -1,712 61 992 1,443 1,302 1,506 1,617 1,718 1,796 235 Table 86: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2036-2045 LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Units Total 11 12 13 14 15 16 17 18 19 20 Underground Mining Development (m) 431,016 15,817 13,726 12,594 10,838 9,999 9,507 8,632 7,661 6,956 6,123 RoM (kt) 112,498 5,500 5,162 4,899 3,748 3,597 2,748 2,373 2,083 1,822 1,583 Head Grade (g/t) 3.44 3.46 3.48 3.55 3.71 3.76 4.12 4.15 4.21 4.18 4.18 Recoveries (%) 86.6 86.6 86.7 86.9 87.6 87.7 88.4 88.5 88.7 88.6 88.6 PGM Ounces (4Eoz'000) 10,774 530 501 486 392 381 322 280 250 217 189 Recovered Grade (g/t) 2.98 3.00 3.02 3.08 3.25 3.30 3.64 3.67 3.73 3.71 3.71 Surface No surface material is scheduled RoM (kt) 4,710 Head Grade (g/t) 0.90 Recoveries (%) 25.0 PGM Ounces (4Eoz'000) 34 Recovered Grade (g/t) 0.23 Processing Ore Processing (kt) 117,208 5,500 5,162 4,899 3,748 3,597 2,748 2,373 2,083 1,822 1,583 Head Grade (g/t) 3.34 3.46 3.48 3.55 3.71 3.76 4.12 4.15 4.21 4.18 4.18 Recoveries (%) 86.0 86.6 86.7 86.9 87.6 87.7 88.4 88.5 88.7 88.6 88.6 Recovered Grade (g/t) 2.87 3.00 3.02 3.08 3.25 3.30 3.64 3.67 3.73 3.71 3.71 PGM Produced (4Eoz'000) 10,808 530 501 486 392 381 322 280 250 217 189 236 LoM 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Units Total 11 12 13 14 15 16 17 18 19 20 Revenue 4E Revenue (Rm) 294,640 14,414 13,632 13,206 10,667 10,349 8,773 7,622 6,781 5,877 5,104 Other Metals (Rm) 18,403 984 917 880 613 595 487 424 378 328 285 Base Metals (Rm) 20,595 1,054 986 961 685 665 623 535 468 408 353 Revenue from sales of mining products (Rm) 333,638 16,452 15,534 15,047 11,965 11,610 9,882 8,580 7,627 6,613 5,742 Operating Cost Direct Operations Cost (Rm) 289,345 13,200 12,525 12,145 9,983 9,657 7,906 7,193 6,653 6,104 5,584 RBN Royalties (Rm) 0 0 0 0 0 0 0 0 0 0 0 Terminal benefits costs (Rm) 1,570 0 0 95 0 159 0 0 0 0 326 Environmental closure cost (Rm) 832 0 0 0 0 0 0 0 0 0 0 Royalty payable (Rm) 3,945 307 286 272 190 177 184 132 99 60 29 Recurring pre-tax income from continuing operations (EBITDA) (Rm) 37,945 2,945 2,723 2,536 1,792 1,618 1,792 1,255 875 449 -197 Taxation (Rm) 6,670 676 627 589 389 353 404 265 177 75 0 Net Income from continuing operations (Rm) 31,275 2,269 2,096 1,947 1,403 1,265 1,389 990 697 374 -197 Capital Expenditure (Rm) 16,093 442 401 354 335 311 298 273 218 172 137 Net Free cash (Rm) 15,182 1,827 1,695 1,593 1,068 954 1,091 717 480 202 -333

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 Table 87: TEM – Mining, Processing, PGM's Sold and Revenue, Cash Costs, Taxation, Capital Expenditure and Free Cash – 2044-2055 LoM 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057/8\* Units Total 21 22 23 24 25 26 27 28 29 30 31 32 Underground Mining Development (m) 431,016 4,607 4,309 4,201 3,989 3,514 3,156 2,837 3,112 2,522 2,453 1,656 1,206 RoM (kt) 112,498 1,037 914 819 706 684 657 607 608 594 581 531 504 Head Grade (g/t) 3.44 4.07 4.15 4.17 4.28 4.34 4.40 4.47 4.48 4.49 4.38 4.35 4.34 Recoveries (%) 86.6 88.3 88.5 88.6 88.9 89.0 89.2 89.3 89.4 89.4 89.1 89.1 89.0 PGM Ounces (4Eoz'000) 10,774 120 108 97 86 85 83 78 78 77 73 66 63 Recovered Grade (g/t) 2.98 3.60 3.68 3.69 3.80 3.86 3.93 3.99 4.01 4.02 3.90 3.87 3.86 Surface No surface material is scheduled RoM (kt) 4,710 Head Grade (g/t) 0.90 Recoveries (%) 25.0 PGM Ounces (4Eoz'000) 34 Recovered Grade (g/t) 0.23 Processing Ore Processing (kt) 117,208 1,037 914 819 706 684 657 607 608 594 581 531 504 Head Grade (g/t) 3.34 4.07 4.15 4.17 4.28 4.34 4.40 4.47 4.48 4.49 4.38 4.35 4.34 Recoveries (%) 86.0 88.3 88.5 88.6 88.9 89.0 89.2 89.3 89.4 89.4 89.1 89.1 89.0 Recovered Grade (g/t) 2.87 3.60 3.68 3.69 3.80 3.86 3.93 3.99 4.01 4.02 3.90 3.87 3.86 PGM Produced (4Eoz'000) 10,808 120 108 97 86 85 83 78 78 77 73 66 63 238 LoM 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057/8\* Units Total 21 22 23 24 25 26 27 28 29 30 31 32 Revenue 4E Revenue (Rm) 294,640 3,243 2,925 2,630 2,342 2,294 2,238 2,108 2,118 2,074 1,974 1,792 1,697 Other Metals (Rm) 18,403 180 162 146 130 127 124 117 118 115 109 99 94 Base Metals (Rm) 20,595 230 203 182 157 152 146 135 135 132 129 118 112 Revenue from sales of mining products (Rm) 333,638 3,654 3,290 2,957 2,628 2,573 2,508 2,360 2,371 2,321 2,212 2,009 1,903 Operating Cost Direct Operations Cost (Rm) 289,345 3,495 3,185 2,945 2,663 2,607 2,540 2,415 2,418 2,383 2,349 2,221 2,154 RBN Royalties (Rm) 0 0 0 0 0 0 0 0 0 0 0 0 0 Terminal benefits costs (Rm) 1,570 0 0 0 0 0 0 0 0 0 0 0 278 Environmental closure cost\*\* (Rm) 832 0 0 0 0 0 0 0 0 0 0 0 832 Royalty payable (Rm) 3,945 18 16 15 13 13 13 12 12 12 11 10 10 Recurring pre-tax income from continuing operations (EBITDA) (Rm) 37,945 140 88 -2 -48 -47 -44 -68 -59 -73 -148 -222 -1370 Taxation (Rm) 6,670 0 0 0 0 0 0 0 0 0 0 0 0 Net Income from continuing operations (Rm) 31,275 140 88 -2 -48 -47 -44 -68 -59 -73 -148 -222 -1370 Capital Expenditure (Rm) 16,093 130 118 109 98 96 93 88 89 87 57 27 0 Net Free cash (Rm) 15,182 10 -30 -111 -146 -143 -138 -156 -148 -160 -205 -249 -1370 \*\*LoM ends in 2057. Environmental Rehabilitation costs are incurred in 2028 239 Table 88: TEM – Unit Analysis (R/4Eoz) – 2024-2033 LoM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Units Total 1 2 3 4 5 6 7 8 9 10 Revenue 4E Revenue (R/4Eoz) 27,261 27,795 27,267 27,294 27,239 27,216 27,227 27,351 27,304 27,284 27,212 Other Metals (R/4Eoz) 1,703 1,757 1,750 1,733 1,646 1,663 1,724 1,840 1,832 1,844 1,853 Base Metals (R/4Eoz) 1,905 1,836 1,862 2,010 1,827 1,881 1,924 2,032 1,986 1,995 1,973 Revenue from sales of mining products (R/4Eoz) 30,869 31,387 30,879 31,038 30,712 30,760 30,875 31,223 31,121 31,123 31,037 Operating Cost Direct Operations Cost (R/4Eoz) 26,771 28,470 28,391 27,845 26,590 26,317 26,075 25,811 25,453 25,252 24,972 RBN Royalties (R/4Eoz) 0 0 0 0 0 0 0 0 0 0 0 Terminal benefits costs (R/4Eoz) 145 0 191 454 0 0 403 0 0 0 0 Environmental closure cost (R/4Eoz) 77 0 0 0 0 0 0 0 0 0 0 Royalty payable (R/4Eoz) 365 157 154 155 154 334 436 516 537 554 570 Recurring pre-tax income from continuing operations (EBITDA) (R/4Eoz) 3,511 2,760 2,143 2,583 3,969 4,109 3,961 4,897 5,132 5,318 5,495 Taxation (R/4Eoz) 617 0 0 0 0 308 833 1,074 1,141 1,194 1,245 Net Income from continuing operations (R/4Eoz) 2,894 2,760 2,143 2,583 3,969 3,801 3,129 3,822 3,990 4,124 4,251 Capital Expenditure (R/4Eoz) 1,489 2,746 4,313 2,499 2,313 1,346 877 918 904 896 885 Net Free cash (R/4Eoz) 1,405 14 -2,170 84 1,656 2,455 2,252 2,905 3,086 3,228 3,365 240 Table 89: TEM – Unit Analysis (R/4Eoz) – 2036-2058 LoM C2036 - C2040 C2041 - C2045 C2046 - C2050 C2051 - C2055 C2056 - C2058 Units Total 11 - 15 16 - 20 21 - 25 26 - 30 31 - 35 Revenue 4E Revenue (R/4Eoz) 27,261 27,197 27,158 27,058 27,023 27,116 Other Metals (R/4Eoz) 1,703 1,742 1,512 1,500 1,500 1,500 Base Metals (R/4Eoz) 1,905 1,901 1,897 1,862 1,742 1,787 Revenue from sales of mining products (R/4Eoz) 30,869 30,840 30,568 30,419 30,265 30,404 Operating Cost Direct Operations Cost (R/4Eoz) 26,771 25,119 26,589 30,003 31,120 34,003 RBN Royalties (R/4Eoz) 0 0 0 0 0 0 Terminal benefits costs (R/4Eoz) 145 111 259 0 0 2,158 Environmental closure cost (R/4Eoz) 77 0 0 0 0 12,934 Royalty payable (R/4Eoz) 365 538 400 152 151 152 Recurring pre-tax income from continuing operations (EBITDA) (R/4Eoz) 3,511 5,073 3,319 264 -1,006 -18,843 Taxation (R/4Eoz) 617 1,150 732 0 0 0 Net Income from continuing operations (R/4Eoz) 2,894 3,923 2,587 264 -1,006 -18,843 Capital Expenditure (R/4Eoz) 1,489 805 873 1,112 1,067 210 Net Free cash (R/4Eoz) 1,405 3,118 1,714 -847 -2,073 -19,053

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 19.6 DCF Analysis The discount rate has increased from 5.0% (2021) to 15.76% (2025) to reflect a change from a legacy, inherited rate to an asset-specific weighted average cost of capital methodology. The historical 5.0% rate was established in a South Africa-focused, debt-free context and did not adequately reflect the Group's current international portfolio, financing environment, jurisdictional risk, or asset phase. The revised rate therefore incorporates the Group's current cost of capital together with relevant jurisdictional and project-stage risk premiums and is considered more appropriate for valuation and capital allocation purposes. NPV's at a range of discount factors are shown in Table 90. Based on the sensitivity of the discount rate, it can be seen that the Rustenburg operation is very robust and supports the declaration of the 31 December 2025 Mineral Reserve. NPV sensitivity to sales revenue and capital expenditure derived from twin parameter sensitivities at the Discount Rate of 15.76% (Real) (Table 91). Twin parameter sensitivities are presented evaluating Revenue against capital expenditure costs. Capital expenditures are estimates until contracts, which specify the deliverable, are signed by clients. It is for this reason that Rustenburg operation presents sensitivities for capital costs from -20% to +20%. The most optimistic analysis, which assumes prices have been under- estimated by 20% and capital expenditure costs over-estimated by 20%, yields an NPV in the top right- hand corner of Table 91. Conversely, the most pessimistic analysis, which assumes prices have been over-estimated by 20% and capital expenditure costs under-estimated by 20%, yields an NPV in the bottom left-hand corner of Table 91. Twin parameter sensitivities are presented evaluating Revenue against operating costs. NPV's at higher product price levels are shown up to a 20% increase in price, which captures any upside potential. Since markets are inherently volatile, the downside risk is reflected in the 20% decrease in price in increments. The achievability of LoM plans, budgets and forecasts cannot be assured as they are based on economic assumptions, many of which are beyond the control of Rustenburg. Future cash flows and profits derived from such forecasts are inherently uncertain and actual results may be significantly more or less favourable. It is for this reason that Rustenburg operation presents sensitivities for operating costs, ranging from -20% to +20%. The most optimistic analysis, which assumes prices have been under- estimated by 20% and operating costs over-estimated by 20%, yields an NPV in the top right-hand corner of Table 92. Conversely, the most pessimistic analysis, which assumes prices have been over-estimated by 20% and operating costs under-estimated by 20%, yields an NPV in the bottom left-hand corner of Table 92. 242 Table 90: NPV (Post-tax) at Various Discount Factors Discount Factor (%) NPV (Rm) 0.00 15,182 5.00 10,455 10.00 6,960 14.00 5,029 16.00 4,282 18.00 3,649 Table 91: Twin Parameter NPV (Post-tax) Sensitivity at a 15.76% Discount Rate (Revenue, Capital Expenditure) Post-Tax NPV@15.76% Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Capital cost sensitivity range -20% -20,699 -7,229 -494 6,241 12,975 19,710 33,180 -10% -21,633 -8,163 -1,428 5,307 12,041 18,776 32,246 -5% -22,100 -8,630 -1,895 4,839 11,574 18,309 31,779 0% -22,567 -9,097 -2,362 4,372 11,107 17,842 31,312 5% -23,034 -9,564 -2,830 3,905 10,640 17,375 30,845 10% -23,501 -10,031 -3,297 3,438 10,173 16,908 30,378 20% -24,435 -10,966 -4,231 2,504 9,239 15,974 29,443 Table 92: Twin Parameter NPV (Post-tax) Sensitivity at a 15.76% Discount Rate (Revenue, Operating Costs) Post-Tax NPV@15.76% Revenue Sensitivity Range (Rm) -20% -10% -5% 0% 5% 10% 20% Total operating cost sensitivity range -20% 1,283 14,753 21,488 28,222 34,957 41,692 55,162 -10% -10,642 2,828 9,563 16,297 23,032 29,767 43,237 -5% -16,604 -3,135 3,600 10,335 17,070 23,805 37,274 0% -22,567 -9,097 -2,362 4,372 11,107 17,842 31,312 5% -28,529 -15,060 -8,325 -1,590 5,145 11,880 25,349 10% -34,492 -21,022 -14,287 -7,553 -818 5,917 19,387 20% -46,417 -32,947 -26,213 -19,478 -12,743 -6,008 7,462 243 19.7 Summary Economic Analysis The summary economic analysis of Rustenburg operation is based on the Discounted Cash-Flow Approach. The economic analysis has been undertaken to support the declaration of the Mineral Reserves and is not intended for valuation purposes as proposed by any international valuation codes. Table 93 contains the summary economic evaluation based on the current LoM plan of the operation and excludes any impact of other taxes and adverse international or local events. Current operations at Rustenburg are Cashflow positive. Internal Rate of Return (IRR) and payback periods are not applicable. Table 93: NPV (Post-tax) Relative to R/4Eoz at a 15.76% Discount Rate Long Term Price(R/4Eoz) Revenue Sensitivity Range -20% -10% -5% 0% 5% 10% 20% NPV@Base case Discount Rate (Rm) -22,567 -9,097 -2,362 4,372 11,107 17,842 31,312 19.8 QP Opinion The QP is satisfied that the economic analysis fairly represents the financial status of the operation as at 31 December 2025. 20 Adjacent Properties Rustenburg is part of the Western Limb of the BC. The location of mines are shown in Figure 2. Table 94 gives the mine, owner, commodities mined and link to the company websites of the adjacent operations. For current information on these properties, the reader should refer to the official websites. Mineralisation on the adjacent properties is continuous across all properties however, variations across the deposit occur and the quantum and grade of the mineralisation at these mines may not be indicative of the same at Rustenburg. The neighbouring property, Marikana operation, is owned and operated by the Registrant. There are shared services between the operations. The QPs for the Mineral Resources and Mineral Reserves of the Marikana operation are the same as for Rustenburg operation. The QP's have verified the information in the public sources. The QPs have not verified the information on Impala in public sources. Table 94: Adjacent Mines/Operations Mine name Owners Commodities Source of information Impala Mine Impala Platinum Holdings Limited PGM https://www.implats.co.za/ Marikana operation Sibanye-Stillwater PGM https://www.sibanyestillwater.com/ 244 21 Other Relevant Data and Information 21.1 Risk Analysis 21.1.1 Financial Assessment Accuracy Table 95 provides details of accuracy limits in the major financial categories. Kroondal does not directly report contingencies for operating costs but rather provides for this as part of sustaining capital at 4% of operating cost. There are no new capital projects and no assessed capital risks. Table 95: Financial Assessment Accuracy Risks Mitigation Measures Price Risk (Mineral Reserve Risk) - Revenue assessed the prices using various sensitivities (-10% to +10%) the forecast price considered multiple scenarios Economic Viability Risk (Mineral Reserve Risk) - Operating Costs assessed the operating costs using various sensitivities (-20% to +20%) Economic Viability Risk (Mineral Reserve Risk) - Capital Expenditure based on 5% to –9% of operating costs for sustaining capital and new projects (-20% to +20%) 21.1.2 Risk to the Mineral Resources and Mineral Reserves As part of the annual operational planning process, the Rustenburg operation management team assessed all the major risks that impact the execution of the plan. Sibanye-Stillwater maintains operational risk registers at the corporate level detailing all significant risks that may impact the operations. The Risk registers are reviewed and updated quarterly. Risks are listed by the source of the risk, the type of operational risk. Risks are assessed for likelihood of occurrence and severity for inherent risks to assess the unmitigated impact on the operations. The risk is reassessed once reasonable mitigation plans have been applied to give a residual risk using the same scale as for inherent risk. The following major risks have been identified. 21.1.2.1 Mineral Resources There are no deemed material risks to the Mineral Resource estimate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 21.1.2.2 Mineral Reserves The key operational risks that could impact the Mineral Reserves are listed below. Commodity prices and exchange rate assumptions Sibanye-Stillwater has assumed forward-looking price assumptions. Any material deviations from these assumptions could impact the Mineral Reserves, especially at marginal operations. Eskom electricity supply Loadshedding and load curtailment due to unreliable and erratic electricity supply from the national service provider has started to impact productivity at the operations. Even though Sibanye-Stillwater is actively working towards becoming less reliant on Eskom, with various renewable energy projects in operational and execution phase, this risk persists in the short to medium term. Cost escalation: Above average cost inflation could impact operating margins, and hence Mineral Reserves. Although cost increases have been well maintained and cost escalation assumptions relating to factors such as wages, utilities (including electricity) and other operational consumables are guided by PPI forecasts, continuous improvement initiatives are adopted to contain cost escalation to mitigate this risk. Operational performance Operational underperformance and slower-than-planned production build-up at projects may result in variations between planned and achieved production rates. Short interval controls are in place to enable the implementation of timeous interventions and, therefore, correction of deviations to plans. Environmental and social factors From an environmental perspective, the operations experience significant pressure on potable and fresh water supply. A new water strategy (2025) is being implemented with the objective of becoming independent from 3rd party water supply. The SA PGM operations are situated in close proximity to large communities with high unemployment rates. As such, they are exposed to potential social unrest. From a social and governance perspective, Sibanye-Stillwater has implemented appropriate actions to address this risk. 21.2 Rustenburg and Kroondal Amalgamation Kroondal operation was amalgamated with Rustenburg operation under SPRM on 31 January 2025. The Pool and Share (PSA) agreement outlined in previous filings is no longer relevant as all benefits and liabilities accrue to SRPM and as such are fully attributable to the Registrant as shown in Section 2.1. In the company structure (Section 2.1), the areas amalgamated are still referred to as Marikana PSA and Kroondal PSA. These legal entities are part of the Rustenburg operation. The mining rights and all physical assists (Plants and equipment) of Kroondal Operations (Pty) Limited have been transferred to SRPM. The transfer of the surface Rights requires the normal property transfer process to be completed. There are 87 individual properties that need to be transferred. This is expected to be a lengthy process. Date of completion is unknown. As all of the properties are owned by a subsidiary of the Registrant there is no risk to the Mineral Reserves. 246 21.3 Mineral Reserves Mined from Marikana Operation. A small amount of UG2 ore in the Rustenburg operation MR80 will be mined from the Marikana operation's K3 shaft (Figure 76), an adjacent property owned by the Registrant. These Mineral Resources and Mineral Reserves are accounted for the in the Marikana Mineral Resources and Reserves statement and benefits accrue to the Marikana operation. Figure 76: Mineral Reserves Classification as at 31 December 2025- UG2 Reef at Marikana 22 Interpretation and Conclusions The Qualified Persons have conducted a comprehensive review and assessment of all material issues likely to influence the future activities of the Rustenburg operation based on information available up to 31 December 2025. Critical factors are the assumptions regarding the future projection is the metal prices and the South African Rand exchange rate against the US$. The assumptions and about the 247 Mineral Resources, operating conditions and modifying factor in converting Mineral Resources to Mineral Reserves are considered reasonable given the recent past and expected future operating conditions. There are no deemed material risks to the Mineral Resource estimate. There are no unmanaged Risks to the Mineral Reserve. The operation has all the necessary infrastructure on Rustenburg operation for the full LoM plan. Rustenburg operation has access to the necessary materials and labour locally. The views expressed in this Technical Report Summary have been based on the fundamental assumption that the required management resources and proactive management skills will be focused on meeting the LoM plans, and production targets provided by Rustenburg operation. 23 Recommendations QPs do not recommend additional work or changes. 24 References 24.1 List of Reports and Sources of Information 24.1.1 Publications and Reports Keays, R.R. and Lightfoot, P.C. (2004) 'Formation of Ni-Cu-platinum-group-element sulfide mineralisation in the Sudbury Impact Melt Sheet', Mineralogy and Petrology, 82(3), pp. 217–258. doi:10.1007/s00710- 004-0050-8. Krivolutskaya, N.A. (2014) Evolution of trap magmatism and Pt-Cu-Ni mineralisation in the Noril'sk region. Moscow: Publishing Association of Scientific Publications KMK. [In Russian]. McCallum, I.S. (1996) 'The Stillwater Complex', in Developments in Petrology. Elsevier, pp. 441–483. doi:10.1016/S0167-2894(96)80015-7. Reczko, B.F.F., Oberholzer, J.D., Res, M., Eriksson, P.G. and Schreiber, U.M. (1995) 'A re-evaluation of the volcanism of the Palaeoproterozoic Pretoria Group (Kaapvaal Craton) and hypothesis on basin development', Journal of African Earth Sciences, 21, pp. 505–519. Reid, D.L. and Basson, I.J. (2002) 'Iron-rich ultramafic pegmatite replacement bodies within the Upper Critical Zone, Rustenburg Layered Suite, Northam Platinum Mine, South Africa', Mineralogical Magazine, 66(6). Scoon, R.A. and Mitchell, A.A. (2011) 'The principal geological features of the Mooihoek platiniferous dunite pipe, eastern limb of the Bushveld Complex, and similarities with replaced Merensky Reef at the Amandelbult Mine, South Africa', South African Journal of Geology, 114(1), pp. 15–40. Smith, D.S., Basson, I.J. and Reid, D.L. (2004) 'Normal Reef subfacies of the Merensky Reef at Northam Platinum Mine, Zwartklip Facies, Western Bushveld Complex, South Africa', The Canadian Mineralogist, 42(2), pp. 243–260. doi:10.2113/gscanmin.42.2.243. 248 Tetteh, M. and Cawood, F. (2014) 'Variable components of the mine call factor from a surface mine perspective using AngloGold Ashanti Iduapriem Mine as a case study', in AfricaGEO 2014 Conference Proceedings, Cape Town, South Africa, 1–3 July 2014. Watson, B.P., Hoffmann, D. and Roberts, D.P. (2021) 'Investigation of stress in a pothole in the Bushveld Complex: A case study', Journal of the Southern African Institute of Mining and Metallurgy, 121(1).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 24.2 Glossary of Terms South African Mining terms Mine Call Factor (MCF) - compares the sum of metal produced in recovery plus residue to the metal called for by the mines evaluation methods expressed as a percentage. For explanation see Tetteh and Cawood (2014). Reef – South African Mining term for a Seam. Derived from Afrikaans/Dutch rif- ridge for the Witwatersrand goldfields where the seam formed ridges in outcrop. 250 25 Reliance on Information Provided by the Registrant The QPs have relied on information provided by the Registrant in preparing the findings and conclusions regarding the following aspects of the Modifying Factors outside of the QPs' expertise: • Macroeconomic trends, data, and assumptions, (Section 16) The QPs believe that it is reasonable to rely on the Registrant for such information because Sibanye- Stillwater assess the factors above at a corporate level and has the necessary skills to make this assessment. 26 Qualified Person Disclosure We, the signees, in our capacity as Qualified Persons in connection with the Technical Report Summary of Rustenburg operation effective 31 December 2025 (the Rustenburg operation Technical Report Summary) as required by Subpart 1300 of Regulation S-K (SK-1300) and filed as an exhibit to Sibanye- Stillwater Limited's annual report on Form 20-F for the year ended 31 December 2025 and any amendments or supplements and/or exhibits thereto (collectively, the Form 20-F), each hereby consent to: • the public filing and use by Sibanye-Stillwater of the Rustenburg operation Technical Report Summary for which I am responsible; • the use and reference to my name, including my status as an expert or "Qualified Person" (as defined by SK-1300) in connection with the Form 20-F and Technical Report Summary for which I am responsible; • the use of any extracts from information derived from or summary of the Rustenburg operation Technical Report Summary in the Form 20-F; and • the incorporation by reference of the above items as included in the Form 20-F into any registration statement filed by Sibanye-Stillwater. I am responsible for authoring, and this consent pertains to, the Rustenburg operation Technical Report Summary for which my name appears in Table 88 and certify that I have read the 20-F and that it fairly and accurately represents the information in the Rustenburg operation Technical Report Summary for which I am responsible. 251 Table 96: Qualified Persons' Details Property Name Date QP Name Affiliation to Registrant Field or Area of Responsibility Signature Sibanye Rustenburg Platinum Mines Proprietary Limited(a subsidiary of Sibanye- Stillwater Limited) 24 April 2026 Mr Hermanus Jacobus Keyser Vice President Mining Technical Services 1-5, 7.8, 7.9,13,15, 16, 17.1-17.3,17.5 20-25 /s/ Manie Keyser Sibanye Rustenburg Platinum Mines Proprietary Limited(a subsidiary of Sibanye- Stillwater Limited) 24 April 2026 Mr Leonard Changara Unit Manager Geology - Operations 5.2.1, 6, 7.1 to 7.7 /s/ Leonard Changara Sibanye Rustenburg Platinum Mines Proprietary Limited(a subsidiary of Sibanye- Stillwater Limited) 24 April 2026 Ms Nicole Wansbury Unit Manager Geology Mineral Resources 1.4, 8-11 /s/ Nicole Wansbury Sibanye Rustenburg Platinum Mines Proprietary Limited(a subsidiary of Sibanye- Stillwater Limited) 24 April 2026 Mr Brian Smith Unit Manager Survey 1.5, 12 /s/ Brian Smith Sibanye Rustenburg Platinum Mines Proprietary Limited(a subsidiary of Sibanye- Stillwater Limited) 24 April 2026 Mr Stephan Botes Unit Manager – Surface and Mineral Rights 1.7, 3.2, 3.4 /s/ Stephan Botes Sibanye Rustenburg Platinum Mines Proprietary Limited(a subsidiary of Sibanye- Stillwater Limited) 24 April 2026 Mr Phillip Ramphisa Environmental Manager (SA PGM) 17.4 /s/ Phillip Ramphisa Sibanye Rustenburg Platinum Mines Proprietary Limited(a subsidiary of Sibanye- Stillwater Limited) 24 April 2026 Mr Peter Motlana SVP Processing 14 /s/ Peter Motlana Sibanye Rustenburg Platinum Mines Proprietary Limited(a subsidiary of Sibanye- Stillwater Limited) 24 April 2026 Mr Roderick Mugovhani SVP Finance 1.6, 18, 19 /s/ Roderick Mugovhani

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