EX-99.1 2 form6-kq1.htm EX-99.1
Exhibit 99.1
Johannesburg, 5 May 2022: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an operating update for the quarter ended 31 March 2022 (Q1 2022). The Group's financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 31 MARCH 2022 COMPARED TO QUARTER ENDED 31 MARCH 2021 (Q1 2021)
•Solid Group financial performance with Group adjusted EBITDA of R13.7 billion (US$898 million)
•Consistent operating performance across all PGM segments
•US PGM recycling operations deliver solid performance
•Lockout at SA gold operations continues
•Keliber definitive feasibility study (DFS) completed

US dollar |  |  |  |  |  | SA rand
Quarter ended |  | KEY STATISTICS |  | Quarter ended
Mar 2021 | Dec 2021 | Mar 2022 |  | UNITED STATES (US) OPERATIONS |  | Mar 2022 | Dec 2021 | Mar 2021
|  |  |  | PGM operations 1,2 |  |  |  |
154,350 |  | 127,774 |  | 122,389 |  | oz | 2E PGM production 2 | kg | 3,807 |  | 3,974 |  | 4,801 |
2,128 |  | 1,729 |  | 2,058 |  | US$/2Eoz | Average basket price | R/2Eoz | 31,323 |  | 26,661 |  | 31,835 |
920 |  | 1,120 |  | 1,244 |  | US$/2Eoz | All-in sustaining cost 4 | R/2Eoz | 18,940 |  | 17,265 |  | 13,763 |
|  |  |  | PGM recycling 1,2 |  |  |  |
195,474 |  | 172,511 |  | 190,871 |  | oz | 3E PGM recycling 2 | kg | 5,937 |  | 5,366 |  | 6,080 |
2,909 |  | 3,459 |  | 3,061 |  | US$/3Eoz | Average basket price | R/3Eoz | 46,588 |  | 53,338 |  | 43,519 |
|  |  |  | SOUTHERN AFRICA (SA) OPERATIONS |  |  |  |
|  |  |  | PGM operations 2 |  |  |  |
425,484 |  | 441,900 |  | 410,848 |  | oz | 4E PGM production 2,5 | kg | 12,779 |  | 13,745 |  | 13,234 |
3,524 |  | 2,470 |  | 2,961 |  | US$/4Eoz | Average basket price | R/4Eoz | 45,061 |  | 38,094 |  | 52,722 |
1,186 |  | 1,182 |  | 1,175 |  | US$/4Eoz | All-in sustaining cost 4 | R/4Eoz | 17,886 |  | 18,230 |  | 17,738 |
|  |  |  | Gold operations |  |  |  |
249,392 |  | 260,325 |  | 137,091 |  | oz | Gold production | kg | 4,264 |  | 8,097 |  | 7,757 |
1,782 |  | 1,784 |  | 1,873 |  | US$/oz | Average gold price | R/kg | 916,351 |  | 884,643 |  | 857,126 |
1,606 |  | 1,682 |  | 2,420 |  | US$/oz | All-in sustaining cost 4 | R/kg | 1,183,944 |  | 833,848 |  | 772,572 |
|  |  |  | GROUP |  |  |  |
1,325 |  | 855 |  | 898 |  | US$m | Adjusted EBITDA 3,6 | Rm | 13,664 |  | 13,180 |  | 19,826 |
14.96 |  | 15.42 |  | 15.22 |  | R/US$ | Average exchange rate using daily closing rate |  |  |  |

1 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (rand). In addition to the US PGM operations’ underground production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents palladium, platinum, and rhodium ounces fed to the furnace
2 Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US operations is principally platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)
3 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 may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in addition to and not as a substitute for other measures of financial performance and liquidity. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA reconciliation - Quarters"
4 See “Salient features and cost benchmarks - Quarters” for the definition of All-in sustaining cost (AISC)
5 The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
6 Group Adjusted EBITDA includes Sibanye-Stillwater Sandouville Refinery (Sandouville Refinery) for the two months since acquisition (4 February 2022)

Stock data for the quarter ended 31 March 2022 |  | JSE Limited - (SSW) |
Number of shares in issue |  | Price range per ordinary share (High/Low) | R49.12 to R75.40
- at 31 March 2022 | 2,829,789,481 | Average daily volume | 14,998,316
- weighted average | 2,813,863,510 | NYSE - (SBSW); one ADR represents four ordinary shares |
Free Float | 99 | % | Price range per ADR (High/Low) | US$12.52 to US$20.32
Bloomberg/Reuters | SSWSJ/SSWJ.J | Average daily volume | 4,938,199

Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 1

OVERVIEW FOR THE QUARTER ENDED 31 MARCH 2022 COMPARED TO QUARTER ENDED 31 MARCH 2021
The strategic benefits of the Group's growth and diversification are evident in the solid financial performance delivered for Q1 2022. The operating environment during 2022 has been characterised by socio-political and economic uncertainty, however the Group remains well positioned to navigate through these challenges, both in the internal and the external environment.
Restrictions relating to COVID-19 have reduced significantly in most of the world with the chip shortage affecting global auto production during H2 2021 alleviating during the quarter. The continued pursuit of a zero COVID strategy in China and the conflict in Ukraine, combined with the economic sanctions imposed on Russia have however heightened economic uncertainty, resulting in significant commodity price volatility. In South Africa the socio-economic and labour environment remains challenging, with the lockout of the Association of Mineworkers and Construction Union (AMCU) and the National Union of Mineworkers (NUM) at our SA gold operations, following extended wage negotiations, currently entering the third month. We continue to engage with organised labour in order to secure a fair and sustainable agreement, but will not be coerced into above inflation wage demands which may impact on the sustainability of our operations and negatively impact other stakeholders.
Notwithstanding the prevailing global geopolitical uncertainties, precious metal prices have remained robust, albeit with significant volatility, and, underpinned by a strong operating performance from our SA PGM operations, Group adjusted EBITDA of R13.7 billion (US$898 million) for Q1 2022 was strong, albeit 31% lower than for Q1 2021 (which at the time was a record quarterly financial result). On an annualised basis, Q1 2022 adjusted EBITDA equates to approximately R55 billion (US$3.6 billion). This is well above adjusted EBITDA for 2020 of R49.4 billion (US$3 billion) and R15 billion (US$1 billion) for 2019. Other than the record adjusted EBITDA of R68.6 billion (US$4.6 billion) for 2021, the Q1 2022 annualised adjusted EBITDA is the highest since the inception of the Group, signaling a significant and sustainable transformation in the financial position and outlook of the Group.
Our value creation journey and solid financial position, was recently confirmed by a meaningful upgrade in the Group's credit rating by Moody's Investors Service at the end of April 2022 from Ba3 to Ba2 with a positive outlook.
Another highlight for the quarter, was Sibanye-Stillwater's re-inclusion in the Bloomberg Gender-Equality Index (GEI) at the end of January 2022, an affirmation of progress in our inclusivity journey. Subsequent to the inclusion in the GEI, our senior leadership was further diversified and strengthened with two out of three executive-level promotions awarded to women from historically disadvantages backgrounds during the period.
SAFE PRODUCTION
Following the implementation of additional targeted safety initiatives, including our "Rules of Life" campaign during H2 2021 and decisive actions taken during Q4 2021 to address the occurrence of fatal incidents, including suspending operations across the Group and halting production at high incident shafts, we have seen a pleasing improvement in the Group safety performance.
The consistent improvements in all safety injury indicators observed during H2 2021, were maintained during Q1 2022, with the overall Group Total Recordable Injury Frequency Rate (TRIFR) reducing from 7.84 (per million hours) for Q1 2021 to 5.71 for Q1 2022, a notable 27% improvement year-on-year.
Similar trends were observed in other safety indicators including a 23% improvement in the Serious Injury Frequency Rate (SIFR), and a 30% improvement in the Lost Day Injury Frequency Rate (LDIFR) for Q1 2022 compared with Q1 2021.
While the focus on continued improvement in all aspects of safety will be maintained, the primary focus during 2022, will be on the continued implementation of the "Fatal elimination strategy", which was developed in conjunction with independent experts during Q4 2021. The focus of the strategy is to operationalise and institutionalise the commitment and responsibility for safety among line management of operations and to mitigate high energy risks.
The tragic occurrence of three fatalities during Q1 2022 (compared with three fatalities experienced during Q1 2021), has again underscored the importance of implementing this campaign which is well advanced in its roll out throughout the Group. On 19 January 2022, Mr Thabile Cele (age 36), a locomotive operator at Driefontein Pitseng shaft, was fatally injured in a tramming accident, and on 14 February 2022, Mr Mhahapile Mphaphuli (age 52), a train driver assistant at the Rustenburg Central Service Railway Operations was fatally injured in a surface railway accident. Regrettably, after an extended period in hospital after a scraper related incident on 21 October 2021 at Beatrix South shaft, on 27 February 2022, Mr Makatisi Madie (age 47) a winch operator succumbed to injuries he incurred during the incident. As a result of these unfortunate events, the fatal injury frequency rate (FIFR) increased from 0.079 in Q1 2021 to 0.084 in Q1 2022.
The Board and Management of Sibanye-Stillwater extend their sincere condolences to the family, friends and colleagues of our three departed colleagues. We remain committed to the continuous improvement in health and safety at our operations and we have enhanced our risk approach to make fatality prevention our main priority.
OPERATING REVIEW
US PGM operations
2E PGM production from the US PGM operations was in line with Q4 2021 (due to the operational stoppages in June 2021 and subsequent operating restrictions, it is more meaningful to compare the US PGM operations with Q4 2021 rather than Q1 2021) with production stabilising. The US PGM operations remained constrained by the Mine Safety and Health Administration (MSHA) section 103(k) order imposed after the fatal incident which occurred in June 2021, which was only lifted on 1 March 2022 (after 265 days). Despite the lifting of the MSHA order, production from the Stillwater West mine will remain restricted due to the current self-imposed rail operating procedures which will remain in place until collision avoidance systems have been implemented at the operations, at which point these procedures will be reviewed in consultation with MSHA.
The operational review to optimise operating output to ensure an appropriate sustainable return on capital from the US PGM operations is currently being undertaken considering: operating, inflation, supply chain and human resources constraints currently being experienced (e.g. increased reliance on contract labour due to a skills shortage in Montana), as well as the medium and longer term outlook for the palladium market. The review is expected to be completed by mid-year. Since the acquisition of Stillwater, the world-class high-grade orebody has repaid its acquisition cost and further prudent allocation of capital is expected to continue to deliver superior returns over more than three decades of operating life.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 2

Mined 2E PGM production from the US PGM operations of 122,389 2Eoz for Q1 2022 was negatively impacted by the constraints mentioned above. In addition, certain blocks at the East Boulder mine encountered poor ground conditions which are having a short term impact on both grade and productivity at this operation.
AISC of US$1,244/2Eoz (R18,940/2Eoz) for Q1 2022 was 11% higher than for Q4 2021 (US$1,120/2Eoz, R17,265/2Eoz), primarily due to lower grades and the operational challenges at the East Boulder mine and higher ore reserve development expenditure (ORD). ORD increased by 36% to US$42 million (R637 million) due to an increase in primary development quarter on quarter and a change in the accounting classification of growth capital expenditure (see below*) resulted in sustaining capital increasing by 14% quarter on quarter to US$11 million (R166 million). AISC was also impacted by higher royalties, insurance and taxes which combined accounted for US$177/2Eoz in Q1 2022 compared to US$153/2Eoz for Q4 2021, a 16% increase.
Total capital expenditure for Q1 2022 declined by 8% to US$74 million (R1.1 billion) quarter on quarter with project capital declining by 47% to US$21 million (R319 million) due to the change in accounting classification of ORD.
*The change in the classification of Stillwater East development from growth capital to sustaining capital (ORD) during the quarter, resulted in an increase in ORD expenditure (and corresponding decrease in Project capital) which contributed to the increase in AISC. Part of the operational review involves reassessing the rate of development at Stillwater East in the light of significant development costs arising from premiums on contractor costs. As a result, the completion of the 56 level holing to the Benbow decline later this year will be the only remaining Stillwater East expansion project in the short term.
US PGM recycling operations
The global autocatalyst recycling market remains constrained due to ongoing logistics, transport (port congestion and truck shortage) and fuel cost challenges, which affected receipt rates for our US PGM recycling operation during Q1 2022. Despite these constraints, the US PGM recycling operation delivered a solid operational and financial performance. The US PGM recycling operations fed an average of 23.7 tonnes per day (tpd) of spent autocatalyst material for Q1 2022, consistent with the 23.8 tpd fed for Q1 2021. During Q1 2022, recycling operations fed 190,871 3Eoz, marginally less than the 195,474 3Eoz fed in Q1 2021.
PGM recycling ounces sold declined by 32% to 147,571 3Eoz with the average basket price received for Q1 2022 of US$3,061/3Eoz, 5% higher than for Q1 2021. The marginal pipeline build during the quarter, largely due to the timing of customer receipts, is expected to be released during Q2 2022.
SA PGM operations
The SA PGM operations continued to perform strongly, producing 421,540 4Eoz in Q1 2022 (including third party purchase of concentrate (PoC)), 5% lower than for Q1 2021. Underground production of 370,272 4Eoz was 5% lower year-on-year but partly offset by 15% higher surface production of 40,576 4Eoz.
4E PGM production from the SA PGM operations (excluding PoC) of 410,848 4Eoz, was 3% lower year-on-year, primarily due to a slower than planned return to work at the Marikana and Rustenburg operations after the Christmas break.
Cost management excellence, despite inflationary pressures was again evident from the 6% reduction in AISC compared to Q1 2021 (including third party PoC purchases) to R18,600/4Eoz (US$1,222/4Eoz), primarily due to reduced third party PoC material purchases. AISC (excluding PoC) for Q1 2022 was only 1% higher year-on-year at R17,886/4Eoz (US$1,175/4Eoz), despite marginally lower production. This consistently good cost management from the SA PGM operations was maintained despite the impact of inflationary pressures affecting the mining industry globally, partially offset by higher credits received from the by- products sold as result of increased metal prices and is in stark contrast to the double-digit cost increases reported by PGM industry peers during the past 12 months.
The Marikana operation continued to deliver consistently good operating results. Production of 169,102 4Eoz (excluding PoC) was 3% lower year-on-year with production from surface sources down 2% to 6,562 4Eoz and underground production 3% lower at 162,540 4Eoz, due to a slower than expected ramp-up in January 2022. Costs for Q1 2022 were again well managed with AISC (excluding PoC) R17,806/4Eoz (US$1,170/4Eoz) 5% lower year-on-year. PGM production of 179,794 4Eoz in Q1 2022 (including PoC) was 7% lower than Q1 2021 primarily due to 44% lower third party PoC production of 10,692 4Eoz due to the wind down of two third party PoC contracts during Q4 2021. AISC (including PoC) of R19,372/4Eoz (US$1,273/4Eoz) was 17% lower year-on-year due to a significant reduction in PoC purchase costs due to the lower levels of PoC material purchased.
4E PGM production from the Rustenburg operation for Q1 2022 of 149,041 4Eoz was 5% lower year-on-year. Underground production of 130,171 4Eoz declined by 6% also due to the slower than expected start-up in January 2022, temporary operational challenges at Siphumelele and Khuseleka conventional shafts and at the Bathopele mechanised mine which is currently mining through the Hex River fault. This was partly offset by 6% higher surface production of 18,870 4Eoz. AISC for the Rustenburg operation increased by only 5% year-on-year to R20,041/4Eoz (US$1,317/4Eoz) driven by lower underground production and inflationary cost pressures, partly offset by lower royalties and the impact on inventory movement caused by the 4E basket mix included in the period end inventory valuation.
PGM production of 49,518 4Eoz from the Kroondal operation, was 7% lower than for Q1 2021 due to adverse ground conditions at both Kroondal East and West which led to lower yields, particularly in March 2022 and is expected, as planned to continue for the remainder of the year. AISC of R14,863/4Eoz (US$977/4Eoz), was 22% higher than for Q1 2021 as a result of lower production and additional underground support required for the adverse ground conditions. The open pit Klipfontein project is now fully ramped up and produced around 3,000 4Eoz (metal in concentrate) in March 2022 on a 100% basis. The final project capital expenditure of R10 million (<US$1 million) was incurred during Q1 2022 for fencing and establishment of the boxcut. This high-return rapid-payback project achieved throughput of approximately 54,000 tonnes milled (on a 100% basis) in March 2022.
Attributable PGM production from Mimosa for Q1 2022 of 28,043 4Eoz was 6% lower than for Q1 2021. The focus on optimising the reagent suite and cell settings across the flotation circuit continues. Mimosa has maintained steady costs, with AISC increasing by only 2% to US$918/4Eoz (R13,979/4Eoz).
PGM production from Platinum Mile in Q1 2022 of 15,144 4Eoz was 41% higher compared to Q1 2021 due to additional surface tonnes added to the flotation output from the Rustenburg concentrator — resulting in a temporary boost to the yield. The increase in output, resulted in 28% lower AISC to R7,462/4Eoz (US$490/4Eoz), by far the lowest in the Group.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 3

Q1 2022 Chrome sales of 640k tonnes were 73% higher compared to 370k tonnes sold for Q1 2021. Chrome revenue of R662 million for Q1 2022 was 91% higher than Q1 2021, mainly due to increased production and higher chrome prices received. The chrome price received increased by 21% for Q1 2022 relative to Q1 2021 to US$196/tonne.
Capital expenditure for Q1 2022 of R974 million (US$64 million) was 62% higher compared with R600 million (US$40 million) for Q1 2021. This is primarily due to R204 million (US$13 million) project investment at the Marikana K4 project. Sustaining capital was 55% higher year on year at R386 million (US$25 million) and ORD was 9% higher at R384 million (US$25 million) but both were lower than planned as a result of the slower than expected start to the year.
The K4 PGM project
The K4 shaft project was approved in February 2021, with expenditure commencing in June 2021. The overall project status (at 14.3% completion) is currently slightly ahead of schedule. The early works portion of the schedule, however, remains behind the target at 88.2% compared to 100% planned. Despite this, capital development and overstoping commenced during March 2022, with a focus on critical ends on 26, 27 and 28 levels. Underground construction and equipping are continuing on the remaining levels. Although development is behind target for Q1 2022 it is expected to recover by the end of the year.
Critical work around the Main shaft continues, and includes refurbishment of the settlers, completion of the fire suppression system on 36 level and construction of refuge bays on the lower levels. It is anticipated that the shaft will be ready for hoisting ore and waste within Q2 2022. Surface works continue as per plan, with the change houses at an advanced stage of completion.
Capital expenditure for Q1 2022 amounted to R204 million (US$13 million), while capital expenditure for the 2022 year is expected to be about R925 million (US$62 million).
SA gold operations
The managed SA gold operations were impacted by various operational disruptions during Q1 2022. Production from the Beatrix underground operations only commenced in February 2022, following the suspension of all operating activities from 3 December 2021 to address safety concerns. Moreover, during the reinforcement of the tailings storage facility (TSF) at the Beatrix operation, processing operations at Beatrix were suspended from 28 December 2021 with no ore processed or gold sold during Q1 2022 aside from minor amounts from the processing pipeline. Subsequent to the notification of strike action and lockout of members of AMCU and the NUM, following extended wage negotiations which began in June 2021, operating activities across the SA gold operations ceased from 9 March 2022. As such, operating results from the SA gold operations for Q1 2022 are not comparable to previous periods.
During the lockout period management is actively managing costs at the SA gold operations. In addition to reduced wage payments to striking AMCU and NUM members due to the observance of the "no work no pay" principle, power costs have been significantly reduced, with electricity consumption more than halving from normal levels.
SA gold strike update
After 10 months of wage negotiations, two of the representative unions, AMCU and the NUM, gave notice of a strike at the SA gold operations beginning on 9 March 2022. Subsequent to a lockout by the Company of all four unions forming the coalition, two of the unions, UASA and Solidarity, unconditionally accepted our offer. As the employer, we have continued to avail ourselves for engagement and have made numerous amendments to our offer. Unfortunately AMCU and the NUM have remained rigid in their demands and rejected all our offers to date. Our final settlement offer is fair, takes into account inflationary living costs and is in the interests of all stakeholders, and we will not be coerced into an agreement which may compromise the sustainability of the SA gold operations and negatively impact other stakeholders.
Update on Beatrix Tailings Storage facility (TSF)
As announced on 20 January 2022, processing operations at Beatrix were temporarily suspended from 28 December 2021 whilst precautionary reinforcement and buttressing work was undertaken on a limited portion of the Beatrix TSF. During the rehabilitation, processing of ore at Beatrix was also suspended resulting in no ore being milled or gold sales for the quarter. The project is forecast for completion by the end of May 2022. Should the AMCU and NUM strike be resolved before the completion of the project, ore will be stockpiled and processed over the remainder of 2022.
DRDGOLD
DRDGOLD being independent and unaffected by the SA gold strike, increased its gold produced in Q1 2022 by 1% to 1,391kg (44,722oz) compared to Q1 2021 due to a 10% increase in the yield to 0.21g/t, offset by 8% less tonnes milled in Q1 2022. The decrease in the amount of tonnes milled for the quarter was a result of multiple factors including: temporary equipment failure (crane, thickener and mill), load shedding and power grid failures (planning for alternative energy sources are underway) and downtime due to higher than seasonal rainstorms when employees were unable to operate on surface.
AISC in Q1 2022 increased by 10% to R712,418/kg (US$1,456/oz) due to a 25% increase in R/tonne milled cost as a result of lower throughput and higher consumption of cyanide (the latter due to lower densities in slurry due to excessive rain), as well as a 3% increase in sustaining capital. DRDGOLD also incurred R23 million (US$2 million) on project capital expenditure for Q1 2022 (no project capital expenditure in Q1 2021) due to the upgrade of tailings storage facilities, increase in plant throughput capacity and ongoing development of two new recovery sites – this investment will continue in the short and medium term.
SA gold Burnstone project
The Burnstone project continued to progress, achieving 23% completion prior to the lockout, with only essential work subsequently being performed. Capital expenditure of R300 million (US$20 million) had been incurred by the end of Q1 2022 (project-to-date). Expenditure by year-end is forecasted at R1,779 million (US$119 million) against a cumulative plan of R1,881 million (US$125 million), which is likely to be adjusted downwards should the strike and lockout continue. The final assessment of the plant, to determine earliest start-up, is expected to be completed in June 2022.
Progress on our Green metals strategy
During Q1 2022 the acquisition of the Sandouville nickel refinery in Le Havre, France was concluded. Integration of the Sandouville plant has commenced and further detail will be provided in our H1 2022 results.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 4

Positive progress has also been made at the Keliber project. The Definitive Feasibility Study (DFS) confirms the robust technical and financial case for the project.
The updated DFS was finalised in January 2022 and issued by Keliber on 25 March 2022, confirmed a solid financial and technical feasibility for Keliber’s lithium project. First production of battery-grade lithium hydroxide monohydrate is planned for 2024, with full production in 2026. For the full announcement from Keliber, refer to https://www.keliber.fi/en/news/. A summary of the DFS outcomes (all figures are in real terms) are as follows:

Key figures (100% basis)* | Unit | DFS Value 2022
Financial |  |
Total project capital expenditure | EUR million | 475
Post-tax NPV (8% discount rate) | EUR million | 1,228
Post-tax Internal Rate of Return (IRR) | % | 31
Payback period (from the start of production) | Years | 3.5
Annual average EBITDA (FY2030) | EUR million | 253
Other |  |
Life of mine | Years | 16
Total Ore reserves | million tonnes | 12.3
Annual production battery-grade lithium hydroxide monohydrate (own ore) | tonnes/year | 15,000
Cash cost (per LiOH tonne from own ore in 2030) | EUR/tonne | 4,198

*In the updated DFS, Keliber has used a price estimate for the battery-grade lithium hydroxide prepared by Roskill – Wood Mackenzie. The average LiOH price used in Keliber’s financial model is US$24,936/tonne, significantly below the current price of around US$70,000/tonne.
The forecasted demand for lithium hydroxide remains robust, which is reflected in the price outlook of lithium hydroxide.
On 27 April 2022, Keliber was granted the Building permit for its Lithium Chemical plant by the city of Kokkola. The lithium chemical plant will be built in the Kokkola Industrial Park (KIP) in Finland. At the chemical plant, Keliber’s spodumene concentrate is converted to battery-grade lithium hydroxide monohydrate, used in electric vehicles batteries, among other things.
OPERATING GUIDANCE FOR 2022*
4E PGM production from the SA PGM operations for 2022 remains unchanged at between 1,750,000 4Eoz and 1,850,000 4Eoz with AISC between R18,500/4Eoz and R19,200/4Eoz (US$1,233/4Eoz and US$1,280/4Eoz). Capital expenditure is forecast at R4,800 million (US$317 million) including R950 million (US$63 million) of project capital expenditure on the K4 project.
Forecast mined 2E PGM production from the US PGM operations for 2022 currently remains unchanged at between 550,000 2Eoz and 580,000 2Eoz, with AISC of between US$980/2Eoz to US$1,030/2Eoz. Capital expenditure is forecast to be between US$290 million and US$310 million (including US$70 million of project capital). As mentioned, management is currently undertaking an optimisation planning process to ensure an appropriate ongoing return on capital invested is achieved in the current and medium-term environment. The results of this study are expected by mid year 2022 and will inform future guidance.
The US Recycling operations are forecast to feed between 750,000 and 800,000 3Eoz. Capital expenditure is forecast at approximately US$3 million.
Annual guidance for the SA gold operations is suspended due to the ongoing lockout. Guidance will be revised and updated on the lifting of the lockout.
*The dollar costs of the SA operations quoted as part of the guidance, are based on an average exchange rate of R15.00/US$.
NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 5

SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations

|  |  |  | US OPERA-TIONS | SA OPERATIONS
|  |  | Total US and SA PGM 1 | Total US PGM | Total SA PGM 1 | Rustenburg | Marikana 1 | Kroondal | Plat Mile | Mimosa
Attributable |  |  |  | Under- ground 2 | Total | Under- ground | Surface | Under- ground | Surface | Under- ground | Surface | Attribu-table | Surface | Attribu-table
Production |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tonnes milled/treated | 000't | Mar 2022 | 9,291 |  | 328 |  | 8,963 |  | 4,131 |  | 4,832 |  | 1,420 |  | 1,422 |  | 1,538 |  | 928 |  | 833 |  | 2,482 |  | 340 |
|  | Dec 2021 | 9,614 |  | 326 |  | 9,288 |  | 4,219 |  | 5,069 |  | 1,442 |  | 1,478 |  | 1,610 |  | 999 |  | 811 |  | 2,592 |  | 356 |
|  | Mar 2021 | 9,319 |  | 389 |  | 8,930 |  | 4,219 |  | 4,711 |  | 1,505 |  | 1,330 |  | 1,536 |  | 892 |  | 830 |  | 2,489 |  | 348 |
Plant head grade | g/t | Mar 2022 | 2.38 |  | 12.74 |  | 2.00 |  | 3.29 |  | 0.89 |  | 3.29 |  | 1.11 |  | 3.78 |  | 0.85 |  | 2.28 |  | 0.77 |  | 3.57 |
|  | Dec 2021 | 2.42 |  | 13.46 |  | 2.03 |  | 3.45 |  | 0.85 |  | 3.52 |  | 1.00 |  | 3.90 |  | 0.87 |  | 2.39 |  | 0.75 |  | 3.57 |
|  | Mar 2021 | 2.49 |  | 13.54 |  | 2.01 |  | 3.34 |  | 0.81 |  | 3.24 |  | 1.11 |  | 3.89 |  | 0.88 |  | 2.38 |  | 0.63 |  | 3.60 |
Plant recoveries 3 | % | Mar 2022 | 75.15 |  | 90.08 |  | 71.42 |  | 84.74 |  | 29.35 |  | 86.66 |  | 37.18 |  | 86.96 |  | 25.87 |  | 81.09 |  | 24.65 |  | 71.86 |
|  | Dec 2021 | 76.20 |  | 89.26 |  | 72.86 |  | 85.44 |  | 30.35 |  | 87.41 |  | 36.98 |  | 86.93 |  | 27.01 |  | 83.37 |  | 27.08 |  | 72.85 |
|  | Mar 2021 | 77.72 |  | 90.07 |  | 73.73 |  | 86.15 |  | 28.68 |  | 88.79 |  | 37.42 |  | 87.55 |  | 26.51 |  | 83.52 |  | 21.29 |  | 74.18 |
Yield 3 | g/t | Mar 2022 | 1.79 |  | 11.48 |  | 1.43 |  | 2.79 |  | 0.26 |  | 2.85 |  | 0.41 |  | 3.29 |  | 0.22 |  | 1.85 |  | 0.19 |  | 2.57 |
|  | Dec 2021 | 1.84 |  | 12.01 |  | 1.48 |  | 2.95 |  | 0.26 |  | 3.08 |  | 0.37 |  | 3.39 |  | 0.23 |  | 1.99 |  | 0.20 |  | 2.60 |
|  | Mar 2021 | 1.94 |  | 12.20 |  | 1.48 |  | 2.88 |  | 0.23 |  | 2.88 |  | 0.42 |  | 3.41 |  | 0.23 |  | 1.99 |  | 0.13 |  | 2.67 |
PGM production 3,4 | 4Eoz - 2Eoz | Mar 2022 | 533,237 |  | 122,389 |  | 410,848 |  | 370,272 |  | 40,576 |  | 130,171 |  | 18,870 |  | 162,540 |  | 6,562 |  | 49,518 |  | 15,144 |  | 28,043 |
|  | Dec 2021 | 569,674 |  | 127,774 |  | 441,900 |  | 399,853 |  | 42,047 |  | 142,642 |  | 17,572 |  | 175,492 |  | 7,547 |  | 51,952 |  | 16,928 |  | 29,767 |
|  | Mar 2021 | 579,834 |  | 154,350 |  | 425,484 |  | 390,298 |  | 35,187 |  | 139,194 |  | 17,762 |  | 168,180 |  | 6,691 |  | 53,046 |  | 10,734 |  | 29,878 |
PGM sold 5 | 4Eoz - 2Eoz | Mar 2022 | 563,328 |  | 111,153 |  | 452,175 |  |  |  | 155,095 |  | 17,167 |  | 187,611 | 49,518 |  | 15,144 |  | 27,640 |
|  | Dec 2021 | 644,419 |  | 144,925 |  | 499,494 |  |  |  | 167,506 |  | 15,592 |  | 222,295 | 51,952 |  | 16,928 |  | 25,221 |
|  | Mar 2021 | 596,486 |  | 129,900 |  | 466,586 |  |  |  | 164,689 |  | 16,970 |  | 193,783 | 53,046 |  | 10,734 |  | 27,364 |
Price and costs 6 |  |  |  |  |  |  |  |  |  |  |  |  |
Average PGM basket price 7 | R/4Eoz - R/2Eoz | Mar 2022 | 42,210 |  | 31,323 |  | 45,061 |  |  |  | 46,559 |  | 29,993 |  | 45,007 | 48,327 |  | 36,793 |  | 34,514 |
|  | Dec 2021 | 35,418 |  | 26,661 |  | 38,094 |  |  |  | 38,904 |  | 26,850 |  | 38,071 | 41,043 |  | 31,693 |  | 30,074 |
|  | Mar 2021 | 47,954 |  | 31,835 |  | 52,722 |  |  |  | 52,982 |  | 31,114 |  | 53,663 | 58,377 |  | 37,944 |  | 38,383 |
Average PGM basket price6 | US$/4Eoz - US$/2Eoz | Mar 2022 | 2,773 |  | 2,058 |  | 2,961 |  |  |  | 3,059 |  | 1,971 |  | 2,957 | 3,175 |  | 2,417 |  | 2,268 |
|  | Dec 2021 | 2,297 |  | 1,729 |  | 2,470 |  |  |  | 2,523 |  | 1,741 |  | 2,469 | 2,662 |  | 2,055 |  | 1,950 |
|  | Mar 2021 | 3,205 |  | 2,128 |  | 3,524 |  |  |  | 3,542 |  | 2,080 |  | 3,587 | 3,902 |  | 2,536 |  | 2,566 |
Operating cost 8 | R/t | Mar 2022 | 977 |  | 5,704 |  | 797 |  |  |  | 1,820 |  | 155 | 1,277 | 945 |  | 53 |  | 1,203 |
|  | Dec 2021 | 993 |  | 5,755 |  | 819 |  |  |  | 1,879 |  | 164 |  | 1,305 | 980 |  | 63 |  | 1,180 |
|  | Mar 2021 | 948 |  | 5,061 |  | 762 |  |  |  | 1,581 |  | 163 |  | 1,287 | 853 |  | 43 |  | 1,050 |
Operating cost7 | US$/t | Mar 2022 | 64 |  | 375 |  | 52 |  |  |  | 120 |  | 10 |  | 84 | 62 |  | 3 |  | 79 |
|  | Dec 2021 | 64 |  | 373 |  | 53 |  |  |  | 122 |  | 11 |  | 85 | 64 |  | 4 |  | 77 |
|  | Mar 2021 | 63 |  | 338 |  | 51 |  |  |  | 106 |  | 11 |  | 86 | 57 |  | 3 |  | 70 |
Operating cost7 | R/4Eoz - R/2Eoz | Mar 2022 | 17,306 |  | 15,287 |  | 17,952 |  |  |  | 19,858 |  | 11,659 |  | 18,616 | 15,893 |  | 8,716 |  | 14,585 |
|  | Dec 2021 | 17,020 |  | 14,682 |  | 17,744 |  |  |  | 18,992 |  | 13,829 |  | 18,597 | 15,303 |  | 9,570 |  | 14,110 |
|  | Mar 2021 | 15,465 |  | 12,755 |  | 16,521 |  |  |  | 17,093 |  | 12,211 |  | 17,865 | 13,351 |  | 10,043 |  | 12,233 |
Operating cost7 | US$/4Eoz - US$/2Eoz | Mar 2022 | 1,137 |  | 1,004 |  | 1,179 |  |  |  | 1,305 |  | 766 |  | 1,223 | 1,044 |  | 573 |  | 958 |
|  | Dec 2021 | 1,104 |  | 952 |  | 1,151 |  |  |  | 1,232 |  | 897 |  | 1,206 | 992 |  | 621 |  | 915 |
|  | Mar 2021 | 1,034 |  | 853 |  | 1,104 |  |  |  | 1,143 |  | 816 |  | 1,194 | 892 |  | 671 |  | 818 |
All-in sustaining cost 9 | R/4Eoz - R/2Eoz | Mar 2022 | 18,142 |  | 18,940 |  | 17,886 |  |  |  | 20,041 | 17,806 | 14,863 |  | 7,462 |  | 13,979 |
|  | Dec 2021 | 18,001 |  | 17,265 |  | 18,230 |  |  |  | 20,148 | 18,379 | 15,437 |  | 6,971 |  | 16,394 |
|  | Mar 2021 | 16,621 |  | 13,763 |  | 17,738 |  |  |  | 19,002 | 18,755 | 12,137 |  | 10,369 |  | 13,401 |
All-in sustaining cost8 | US$/4Eoz - US$/2Eoz | Mar 2022 | 1,192 |  | 1,244 |  | 1,175 |  |  |  | 1,317 | 1,170 | 977 |  | 490 |  | 918 |
|  | Dec 2021 | 1,167 |  | 1,120 |  | 1,182 |  |  |  | 1,307 | 1,192 | 1,001 |  | 452 |  | 1063
|  | Mar 2021 | 1,111 |  | 920 |  | 1,186 |  |  |  | 1,270 | 1,254 | 811 |  | 693 |  | 896
All-in cost 9 | R/4Eoz - R/2Eoz | Mar 2022 | 19,177 |  | 21,546 |  | 18,419 |  |  |  | 20,041 | 19,012 | 14,863 |  | 7,462 |  | 13,979 |
|  | Dec 2021 | 19,400 |  | 22,047 |  | 18,579 |  |  |  | 20,148 | 19,165 | 15,437 |  | 6,971 |  | 16,394 |
|  | Mar 2021 | 17,678 |  | 17,523 |  | 17,739 |  |  |  | 19,002 | 18,757 | 12,137 |  | 10,369 |  | 13,401 |
All-in cost8 | US$/4Eoz - US$/2Eoz | Mar 2022 | 1,260 |  | 1,416 |  | 1,210 |  |  |  | 1,317 | 1,249 | 977 |  | 490 |  | 918 |
|  | Dec 2021 | 1,258 |  | 1,430 |  | 1,205 |  |  |  | 1,307 | 1,243 | 1,001 |  | 452 |  | 1,063 |
|  | Mar 2021 | 1,182 |  | 1,171 |  | 1,186 |  |  |  | 1,270 | 1,254 | 811 |  | 693 |  | 896 |
Capital expenditure 6 |  |  |  |  |  |  |  |  |  |  |  |  |
Ore reserve development | Rm | Mar 2022 | 1,021 |  | 637 |  | 384 |  |  |  | 142 | 242 | — |  | — |  | — |
|  | Dec 2021 | 864 |  | 476 |  | 388 |  |  |  | 148 | 240 | — |  | — |  | — |
|  | Mar 2021 | 657 |  | 306 |  | 351 |  |  |  | 146 | 205 | — |  | — |  | — |
Sustaining capital | Rm | Mar 2022 | 552 |  | 166 |  | 386 |  |  |  | 156 | 183 | 46 |  | 1 |  | 113 |
|  | Dec 2021 | 1,050 |  | 147 |  | 903 |  |  |  | 271 | 519 | 107 |  | 6 |  | 181 |
|  | Mar 2021 | 499 |  | 250 |  | 249 |  |  |  | 112 | 96 | 35 |  | 6 |  | 114 |
Corporate and projects | Rm | Mar 2022 | 523 |  | 319 |  | 204 |  |  |  | — | 204 | — |  | — |  | — |
|  | Dec 2021 | 751 |  | 611 |  | 140 |  |  |  | — | 140 | — |  | — |  | — |
|  | Mar 2021 | 580 |  | 580 |  | — |  |  |  | — | — | — |  | — |  | — |
Total capital expenditure | Rm | Mar 2022 | 2,096 |  | 1,122 |  | 974 |  |  |  | 298 | 629 | 46 |  | 1 |  | 113 |
|  | Dec 2021 | 2,665 |  | 1,234 |  | 1,431 |  |  |  | 419 | 899 | 107 |  | 6 |  | 181 |
|  | Mar 2021 | 1,736 |  | 1,136 |  | 600 |  |  |  | 258 | 301 | 35 |  | 6 |  | 114 |
Total capital expenditure | US$m | Mar 2022 | 138 |  | 74 |  | 64 |  |  |  | 20 | 41 | 3 |  | — |  | 7 |
|  | Dec 2021 | 173 |  | 80 |  | 93 |  |  |  | 27 | 58 | 7 |  | — |  | 12 |
|  | Mar 2021 | 116 |  | 76 |  | 40 |  |  |  | 17 | 20 | 2 |  | — |  | 8 |

Average exchange rate for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R15.22/US$, R15.42/US$ and R14.96/US$, respectively
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 6

Figures m ay not add as they are rounded independently
1 The Total US and SA PGM, Total SA PGM and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana – Quarters”
2 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’
underground production, the operation treats various recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
3 The Eastern Tailings Treatment Plant (ETTP) processing facility ounce production resulting from the processing of material from the Marikana underground operation was previously reported under the surface operation. These produced ounces are now appropriately included in the Marikana underground production resulting in a revision of March 2021 reported plant recoveries and yield for the Marikana underground and surface operations
4 Production per product – see prill split in the table below
5 PGM sold includes the third party PoC ounces sold
6 The Group and total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
7 The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
8 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period, by the PGM produced in the same period
9 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see “All-in costs – Quarters”
Mining - PGM Prill split including third party PoC, excluding recycling operations

| GROUP | SA OPERATIONS | US OPERATIONS
| Mar 2022 | Dec 2021 | Mar 2021 | Mar 2022 | Dec 2021 | Mar 2021 | Mar 2022 | Dec 2021 | Mar 2021
|  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | % |  | %
Platinum | 278,259 |  | 51 | % | 297,498 |  | 51 | % | 299,695 |  | 50 | % | 250,401 |  | 59 | % | 268,519 | 59 | % | 264,712 |  | 60 | % | 27,858 |  | 23 | % | 28,979 |  | 23 | % | 34,983 |  | 23 | %
Palladium | 220,820 |  | 41 | % | 234,266 |  | 40 | % | 251,570 |  | 42 | % | 126,289 |  | 30 | % | 135,471 | 30 | % | 132,203 |  | 30 | % | 94,531 |  | 77 | % | 98,795 |  | 77 | % | 119,367 |  | 77 | %
Rhodium | 36,738 |  | 7 | % | 39,815 |  | 7 | % | 38,485 |  | 6 | % | 36,738 |  | 9 | % | 39,815 | 9 | % | 38,485 |  | 8 | % |  |  |  |  |  |
Gold | 8,112 |  | 1 | % | 10,097 |  | 2 | % | 9,209 |  | 2 | % | 8,112 |  | 2 | % | 10,097 | 2 | % | 9,209 |  | 2 | % |  |  |  |  |  |
PGM production 4E/2E | 543,929 |  | 100 | % | 581,676 |  | 100 | % | 598,959 |  | 100 | % | 421,540 |  | 100 | % | 453,902 | 100 | % | 444,609 |  | 100 | % | 122,389 |  | 100 | % | 127,774 |  | 100 | % | 154,350 |  | 100 | %
Ruthenium | 58,777 |  |  | 72,993 |  |  | 60,996 |  |  | 58,777 |  |  | 72,993 |  | 60,996 |  |  |  |  |  |  |  |
Iridium | 14,566 |  |  | 16,561 |  |  | 15,436 |  |  | 14,566 |  |  | 16,561 |  | 15,436 |  |  |  |  |  |  |  |
Total 6E/2E | 617,272 |  |  | 671,230 |  |  | 675,391 |  |  | 494,883 |  |  | 543,456 |  | 521,041 |  |  | 122,389 |  |  | 127,774 |  |  | 154,350 |  |

Figures may not add as they are rounded independently
Recycling at US operations

| Unit | Mar 2022 | Dec 2021 | Mar 2021
Average catalyst fed/day | Tonne | 23.7 |  | 23.0 |  | 23.8 |
Total processed | Tonne | 2,132 |  | 2,114 |  | 2,139 |
Tolled | Tonne | — |  | — |  | 14 |
Purchased | Tonne | 2,132 |  | 2,114 |  | 2,125 |
PGM fed | 3Eoz | 190,871 |  | 172,511 |  | 195,474 |
PGM sold | 3Eoz | 147,571 |  | 176,433 |  | 218,450 |
PGM tolled returned | 3Eoz | — |  | 1,951 |  | 9,203 |

Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 7

SA gold operations

|  |  | SA OPERATIONS
|  |  | Total SA gold | Driefontein | Kloof | Beatrix | Cooke | DRDGOLD
|  |  | Total | Under- ground | Surface | Under- ground | Surface | Under- ground | Surface | Under- ground | Surface | Surface | Surface
Production |  |  |  |  |  |  |  |  |  |  |  |  |
Tonnes milled/treated | 000't | Mar 2022 | 8,748 |  | 492 |  | 8,256 |  | 236 |  | 200 |  | 256 |  | 623 |  | — |  | — |  | 774 |  | 6,659 |
|  | Dec 2021 | 10,641 |  | 1,125 |  | 9,516 |  | 328 |  | 358 |  | 451 |  | 831 |  | 346 |  | 204 |  | 1,078 |  | 7,045 |
|  | Mar 2021 | 11,150 |  | 1,206 |  | 9,944 |  | 338 |  | — |  | 429 |  | 1,331 |  | 439 |  | 198 |  | 1,143 |  | 7,272 |
Yield | g/t | Mar 2022 | 0.49 |  | 4.95 |  | 0.22 |  | 5.95 |  | 0.40 |  | 3.89 |  | 0.30 |  | — |  | — |  | 0.21 |  | 0.21 |
|  | Dec 2021 | 0.76 |  | 5.17 |  | 0.24 |  | 6.51 |  | 0.47 |  | 4.95 |  | 0.36 |  | 4.20 |  | 0.45 |  | 0.26 |  | 0.20 |
|  | Mar 2021 | 0.70 |  | 4.60 |  | 0.22 |  | 6.57 |  | — |  | 4.69 |  | 0.37 |  | 3.00 |  | 0.31 |  | 0.24 |  | 0.19 |
Gold produced | kg | Mar 2022 | 4,264 |  | 2,437 |  | 1,827 |  | 1,404 |  | 79 |  | 996 |  | 189 |  | 37 |  | 9 |  | 159 |  | 1,391 |
|  | Dec 2021 | 8,097 |  | 5,818 |  | 2,279 |  | 2,134 |  | 170 |  | 2,232 |  | 297 |  | 1,452 |  | 91 |  | 284 |  | 1,437 |
|  | Mar 2021 | 7,757 |  | 5,547 |  | 2,210 |  | 2,220 |  | — |  | 2,010 |  | 487 |  | 1,317 |  | 61 |  | 280 |  | 1,382 |
| oz | Mar 2022 | 137,091 |  | 78,351 |  | 58,739 |  | 45,140 |  | 2,540 |  | 32,022 |  | 6,076 |  | 1,190 |  | 289 |  | 5,112 |  | 44,722 |
|  | Dec 2021 | 260,325 |  | 187,053 |  | 73,272 |  | 68,610 |  | 5,466 |  | 71,760 |  | 9,549 |  | 46,683 |  | 2,926 |  | 9,131 |  | 46,201 |
|  | Mar 2021 | 249,392 |  | 178,340 |  | 71,052 |  | 71,375 |  | — |  | 64,623 |  | 15,657 |  | 42,343 |  | 1,961 |  | 9,002 |  | 44,432 |
Gold sold | kg | Mar 2022 | 4,746 |  | 2,829 |  | 1,917 |  | 1,494 |  | 100 |  | 1,185 |  | 224 |  | 150 |  | 9 |  | 207 |  | 1,377 |
|  | Dec 2021 | 8,426 |  | 6,148 |  | 2,278 |  | 2,330 |  | 176 |  | 2,289 |  | 282 |  | 1,529 |  | 91 |  | 266 |  | 1,463 |
|  | Mar 2021 | 7,536 |  | 5,348 |  | 2,188 |  | 2,204 |  | — |  | 1,966 |  | 479 |  | 1,178 |  | 61 |  | 285 |  | 1,363 |
| oz | Mar 2022 | 152,587 |  | 90,954 |  | 61,633 |  | 48,033 |  | 3,215 |  | 38,099 |  | 7,202 |  | 4,823 |  | 289 |  | 6,655 |  | 44,272 |
|  | Dec 2021 | 270,902 |  | 197,663 |  | 73,239 |  | 74,911 |  | 5,659 |  | 73,593 |  | 9,067 |  | 49,158 |  | 2,926 |  | 8,552 |  | 47,037 |
|  | Mar 2021 | 242,287 |  | 171,942 |  | 70,345 |  | 70,860 |  | — |  | 63,208 |  | 15,400 |  | 37,874 |  | 1,961 |  | 9,163 |  | 43,821 |
Price and costs |  |  |  |  |  |  |  |  |  |  |  |  |
Gold price received | R/kg | Mar 2022 | 916,351 |  |  |  | 916,562 | 915,543 | 924,528 | 913,043 | 916,485 |
|  | Dec 2021 | 884,643 |  |  |  | 885,874 | 883,703 | 883,333 | 879,699 | 886,535 |
|  | Mar 2021 | 857,126 |  |  |  | 855,399 | 858,364 | 853,592 | 870,526 | 858,107 |
Gold price received | US$/oz | Mar 2022 | 1,873 |  |  |  | 1,873 | 1,871 | 1,889 | 1,866 | 1,873 |
|  | Dec 2021 | 1,784 |  |  |  | 1,787 | 1,783 | 1,782 | 1,774 | 1,788 |
|  | Mar 2021 | 1,782 |  |  |  | 1,778 | 1,785 | 1,775 | 1,810 | 1,784 |
Operating cost 1 | R/t | Mar 2022 | 511 |  | 6,486 |  | 155 |  | 5,301 |  | 295 |  | 5,637 |  | 254 |  | — |  | — |  | 183 |  | 135 |
|  | Dec 2021 | 519 |  | 3,695 |  | 143 |  | 4,223 |  | 274 |  | 3,787 |  | 148 |  | 3,075 |  | 230 |  | 191 |  | 126 |
|  | Mar 2021 | 459 |  | 3,220 |  | 124 |  | 3,765 |  | — |  | 3,716 |  | 196 |  | 2,315 |  | 116 |  | 145 |  | 108 |
| US$/t | Mar 2022 | 34 |  | 426 |  | 10 |  | 348 |  | 19 |  | 370 |  | 17 |  | — |  | — |  | 12 |  | 9 |
|  | Dec 2021 | 34 |  | 240 |  | 9 |  | 274 |  | 18 |  | 246 |  | 10 |  | 199 |  | 15 |  | 12 |  | 8 |
|  | Mar 2021 | 31 |  | 215 |  | 8 |  | 252 |  | — |  | 248 |  | 13 |  | 155 |  | 8 |  | 10 |  | 7 |
| R/kg | Mar 2022 | 1,048,077 |  | 1,309,397 |  | 699,507 |  | 891,026 |  | 746,835 |  | 1,448,795 |  | 835,979 |  | 13,432,432 |  | 2,111,111 |  | 893,082 |  | 647,017
|  | Dec 2021 | 681,857 |  | 714,507 |  | 598,508 |  | 649,016 |  | 576,471 |  | 765,233 |  | 414,141 |  | 732,782 |  | 516,484 |  | 725,352 |  | 619,346 |
|  | Mar 2021 | 659,688 |  | 700,090 |  | 558,281 |  | 573,288 |  | — |  | 793,134 |  | 535,524 |  | 771,830 |  | 375,410 |  | 593,929 |  | 567,149 |
| US$/oz | Mar 2022 | 2,142 |  | 2,676 |  | 1,430 |  | 1,821 |  | 1,526 |  | 2,961 |  | 1,708 |  | 27,450 |  | 4,314 |  | 1,825 |  | 1,322 |
|  | Dec 2021 | 1,375 |  | 1,441 |  | 1,207 |  | 1,309 |  | 1,163 |  | 1,544 |  | 835 |  | 1,478 |  | 1,042 |  | 1,463 |  | 1,249 |
|  | Mar 2021 | 1,372 |  | 1,456 |  | 1,161 |  | 1,192 |  | — |  | 1,649 |  | 1,113 |  | 1,605 |  | 781 |  | 1,235 |  | 1,179 |
All-in sustaining cost 2 | R/kg | Mar 2022 | 1,183,944 |  |  |  | 1,080,928 | 1,462,030 | 4,188,679 | 908,213 |  | 712,418 |
|  | Dec 2021 | 833,848 |  |  |  | 822,426 | 908,207 | 869,753 | 819,549 |  | 684,211 |
|  | Mar 2021 | 772,572 |  |  |  | 731,851 | 844,744 | 882,082 | 658,596 |  | 648,129 |
All-in sustaining cost2 | US$/oz | Mar 2022 | 2,420 |  |  |  | 2,209 | 2,988 | 8,560 | 1,856 |  | 1,456 |
|  | Dec 2021 | 1,682 |  |  |  | 1,659 | 1,832 | 1,754 | 1,653 |  | 1,380 |
|  | Mar 2021 | 1,606 |  |  |  | 1,522 | 1,756 | 1,834 | 1,369 |  | 1,348 |
All-in cost 2 | R/kg | Mar 2022 | 1,224,821 |  |  |  | 1,080,928 | 1,486,870 | 4,213,836 | 908,213 |  | 729,121 |
|  | Dec 2021 | 865,061 |  |  |  | 822,426 | 933,100 | 872,840 | 819,549 |  | 700,615 |
|  | Mar 2021 | 784,554 |  |  |  | 731,851 | 865,440 | 882,082 | 658,596 |  | 648,129 |
All-in cost2 | US$/oz | Mar 2022 | 2,503 |  |  |  | 2,209 | 3,039 | 8,611 | 1,856 |  | 1,490 |
|  | Dec 2021 | 1,745 |  |  |  | 1,659 | 1,882 | 1,761 | 1,653 |  | 1,413 |
|  | Mar 2021 | 1,631 |  |  |  | 1,522 | 1,799 | 1,834 | 1,369 |  | 1,348 |
Capital expenditure |  |  |  |  |  |  |  |  |  |  |  |  |
Ore reserve development | Rm | Mar 2022 | 468 |  |  |  | 252 | 185 | 31 | — | — |
|  | Dec 2021 | 622 |  |  |  | 290 | 220 | 112 | — | — |
|  | Mar 2021 | 603 |  |  |  | 272 | 209 | 123 | — | — |
Sustaining capital | Rm | Mar 2022 | 270 |  |  |  | 61 | 94 | 35 | — | 80 |
|  | Dec 2021 | 480 |  |  |  | 119 | 223 | 68 | — | 70 |
|  | Mar 2021 | 186 |  |  |  | 41 | 58 | 10 | — | 78 |
Corporate and projects 3 | Rm | Mar 2022 | 183 |  |  |  | — | 35 | 4 | — | 23 |
|  | Dec 2021 | 243 |  |  |  | — | 64 | 5 | — | 24 |
|  | Mar 2021 | 61 |  |  |  | — | 51 | — | — | — |
Total capital expenditure | Rm | Mar 2022 | 921 |  |  |  | 313 | 314 | 70 | — | 103 |
|  | Dec 2021 | 1,345 |  |  |  | 409 | 507 | 185 | — | 94 |
|  | Mar 2021 | 850 |  |  |  | 312 | 317 | 133 | — | 78 |
Total capital expenditure | US$m | Mar 2022 | 61 |  |  |  | 21 | 21 | 5 | — | 7 |
|  | Dec 2021 | 87 |  |  |  | 27 | 33 | 12 | — | 6 |
|  | Mar 2021 | 57 |  |  |  | 21 | 21 | 9 | — | 5 |

Average exchange rates for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R15.22/US$, R15.42/US$ and R14.96/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold produced in the same period
2 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see “All-in costs – Quarters”
3 Corporate project expenditure for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R121 million (US$8 million), R150 million (US$10 million) and R10 million (US$1 million), respectively, the majority of which related to the Burnstone project and various IT projects
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 8

ALL-IN COSTS - QUARTERS
SA and US PGM operations
Figures are in millions unless otherwise stated

|  |  |  | US OPERATIONS | SA OPERATIONS
| R' million |  | Total US and SA PGM 1 | Total US PGM 2 | Total SA PGM 1 | Rustenburg | Marikana 1 | Kroondal | Plat Mile | Mimosa | Corporate
Cost of sales, before amortisation and depreciation 3 |  | Mar 2022 | 10,927 |  | 1,797 |  | 9,130 |  | 3,451 |  | 4,709 |  | 838 |  | 132 |  | 430 |  | (430) |
|  | Dec 2021 | 10,986 |  | 2,396 |  | 8,590 |  | 3,306 |  | 4,251 |  | 871 |  | 162 |  | 394 |  | (394) |
|  | Mar 2021 | 9,133 |  | 1,618 |  | 7,515 |  | 2,797 |  | 3,845 |  | 765 |  | 108 |  | 372 |  | (372) |
Royalties |  | Mar 2022 | 638 |  | — |  | 638 |  | 365 |  | 269 |  | 4 |  | — |  | 31 |  | (31) |
|  | Dec 2021 | 401 |  | — |  | 401 |  | 242 |  | 156 |  | 3 |  | — |  | 23 |  | (23) |
|  | Mar 2021 | 829 |  | — |  | 829 |  | 440 |  | 385 |  | 4 |  | — |  | 44 |  | (44) |
Carbon tax |  | Mar 2022 | — |  | — |  | — |  | (1) |  | 1 |  | — |  | — |  | — |  | — |
|  | Dec 2021 | 1 |  | — |  | 1 |  | — |  | 1 |  | — |  | — |  | — |  | — |
|  | Mar 2021 | 1 |  | — |  | 1 |  | — |  | 1 |  | — |  | — |  | — |  | — |
Community costs |  | Mar 2022 | 40 |  | — |  | 40 |  | — |  | 40 |  | — |  | — |  | — |  | — |
|  | Dec 2021 | (5) |  | — |  | (5) |  | 3 |  | (8) |  | — |  | — |  | — |  | — |
|  | Mar 2021 | 34 |  | — |  | 34 |  | 3 |  | 31 |  | — |  | — |  | — |  | — |
Inventory change |  | Mar 2022 | (1,297) |  | 74 |  | (1,371) |  | (476) |  | (895) |  | — |  | — |  | (21) |  | 21 |
|  | Dec 2021 | (884) |  | (520) |  | (364) |  | (138) |  | (226) |  | — |  | — |  | 26 |  | (26) |
|  | Mar 2021 | 843 |  | 351 |  | 492 |  | (92) |  | 584 |  | — |  | — |  | (6) |  | 6 |
Share-based payments 4 |  | Mar 2022 | 35 |  | 14 |  | 21 |  | 8 |  | 10 |  | 3 |  | — |  | — |  | — |
|  | Dec 2021 | 47 |  | 19 |  | 28 |  | 11 |  | 13 |  | 3 |  | — |  | — |  | — |
|  | Mar 2021 | 28 |  | 16 |  | 12 |  | 5 |  | 6 |  | 2 |  | — |  | — |  | — |
Rehabilitation interest and amortisation 5 |  | Mar 2022 | 55 |  | 13 |  | 42 |  | 2 |  | 19 |  | 21 |  | — |  | 1 |  | (1) |
|  | Dec 2021 | 79 |  | 8 |  | 71 |  | 1 |  | 42 |  | 28 |  | — |  | 1 |  | (1) |
|  | Mar 2021 | 70 |  | 8 |  | 62 |  | 1 |  | 43 |  | 18 |  | — |  | 1 |  | (1) |
Leases |  | Mar 2022 | 16 |  | 2 |  | 14 |  | 3 |  | 9 |  | 2 |  | — |  | — |  | — |
|  | Dec 2021 | 14 |  | — |  | 14 |  | 3 |  | 9 |  | 2 |  | — |  | — |  | — |
|  | Mar 2021 | 14 |  | — |  | 14 |  | 4 |  | 8 |  | 2 |  | — |  | — |  | — |
Ore reserve development |  | Mar 2022 | 1,021 |  | 637 |  | 384 |  | 142 |  | 242 |  | — |  | — |  | — |  | — |
|  | Dec 2021 | 864 |  | 476 |  | 388 |  | 148 |  | 240 |  | — |  | — |  | — |  | — |
|  | Mar 2021 | 657 |  | 306 |  | 351 |  | 146 |  | 205 |  | — |  | — |  | — |  | — |
Sustaining capital expenditure |  | Mar 2022 | 552 |  | 166 |  | 386 |  | 156 |  | 183 |  | 46 |  | 1 |  | 113 |  | (113) |
|  | Dec 2021 | 1,050 |  | 147 |  | 903 |  | 271 |  | 519 |  | 107 |  | 6 |  | 181 |  | (181) |
|  | Mar 2021 | 499 |  | 250 |  | 249 |  | 112 |  | 96 |  | 35 |  | 6 |  | 114 |  | (114) |
Less: By-product credit |  | Mar 2022 | (2,350) |  | (385) |  | (1,965) |  | (663) |  | (1,104) |  | (178) |  | (20) |  | (162) |  | 162 |
|  | Dec 2021 | (2,351) |  | (320) |  | (2,031) |  | (619) |  | (1,150) |  | (212) |  | (50) |  | (137) |  | 137 |
|  | Mar 2021 | (1,783) |  | (424) |  | (1,359) |  | (433) |  | (741) |  | (182) |  | (3) |  | (124) |  | 124 |
Total All-in-sustaining costs 6 |  | Mar 2022 | 9,637 |  | 2,318 |  | 7,319 |  | 2,987 |  | 3,483 |  | 736 |  | 113 |  | 392 |  | (392) |
|  | Dec 2021 | 10,202 |  | 2,206 |  | 7,996 |  | 3,228 |  | 3,847 |  | 802 |  | 118 |  | 488 |  | (488) |
|  | Mar 2021 | 10,324 |  | 2,124 |  | 8,200 |  | 2,982 |  | 4,462 |  | 644 |  | 111 |  | 400 |  | (400) |
Plus: Corporate cost, growth and capital expenditure |  | Mar 2022 | 523 |  | 319 |  | 204 |  | — |  | 204 |  | — |  | — |  | — |  | — |
|  | Dec 2021 | 755 |  | 611 |  | 144 |  | — |  | 144 |  | — |  | — |  | — |  | — |
|  | Mar 2021 | 581 |  | 581 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total All-in-costs 6 |  | Mar 2022 | 10,160 |  | 2,637 |  | 7,523 |  | 2,987 |  | 3,687 |  | 736 |  | 113 |  | 392 |  | (392) |
|  | Dec 2021 | 10,957 |  | 2,817 |  | 8,140 |  | 3,228 |  | 3,991 |  | 802 |  | 118 |  | 488 |  | (488) |
|  | Mar 2021 | 10,905 |  | 2,705 |  | 8,200 |  | 2,982 |  | 4,462 |  | 644 |  | 111 |  | 400 |  | (400) |
PGM production | 4Eoz - 2Eoz | Mar 2022 | 543,929 |  | 122,389 |  | 421,540 |  | 149,041 |  | 179,794 |  | 49,518 |  | 15,144 |  | 28,043 |  | — |
|  | Dec 2021 | 581,676 |  | 127,774 |  | 453,902 |  | 160,214 |  | 195,041 |  | 51,952 |  | 16,928 |  | 29,767 |  | — |
|  | Mar 2021 | 598,959 |  | 154,350 |  | 444,609 |  | 156,956 |  | 193,995 |  | 53,046 |  | 10,734 |  | 29,878 |  | — |
| kg | Mar 2022 | 16,918 |  | 3,807 |  | 13,111 |  | 4,636 |  | 5,592 |  | 1,540 |  | 471 |  | 872 |  | — |
|  | Dec 2021 | 18,092 |  | 3,974 |  | 14,118 |  | 4,983 |  | 6,066 |  | 1,616 |  | 527 |  | 926 |  | — |
|  | Mar 2021 | 18,630 |  | 4,801 |  | 13,829 |  | 4,882 |  | 6,034 |  | 1,650 |  | 334 |  | 929 |  | — |
All-in-sustaining cost | R/4Eoz - R/2Eoz | Mar 2022 | 18,680 |  | 18,940 |  | 18,600 |  | 20,041 |  | 19,372 |  | 14,863 |  | 7,462 |  | 13,979 |  | — |
|  | Dec 2021 | 18,485 |  | 17,265 |  | 18,852 |  | 20,148 |  | 19,724 |  | 15,437 |  | 6,971 |  | 16,394 |  | — |
|  | Mar 2021 | 18,142 |  | 13,763 |  | 19,771 |  | 19,002 |  | 23,000 |  | 12,137 |  | 10,369 |  | 13,401 |  | — |
| US$/4Eoz - US$/2Eoz | Mar 2022 | 1,227 |  | 1,244 |  | 1,222 |  | 1,317 |  | 1,273 |  | 977 |  | 490 |  | 918 |  | — |
|  | Dec 2021 | 1,199 |  | 1,120 |  | 1,223 |  | 1,307 |  | 1,279 |  | 1,001 |  | 452 |  | 1,063 |  | — |
|  | Mar 2021 | 1,213 |  | 920 |  | 1,322 |  | 1,270 |  | 1,537 |  | 811 |  | 693 |  | 896 |  | — |
All-in-cost | R/4Eoz - R/2Eoz | Mar 2022 | 19,694 |  | 21,546 |  | 19,118 |  | 20,041 |  | 20,507 |  | 14,863 |  | 7,462 |  | 13,979 |  | — |
|  | Dec 2021 | 19,853 |  | 22,047 |  | 19,192 |  | 20,148 |  | 20,462 |  | 15,437 |  | 6,971 |  | 16,394 |  | — |
|  | Mar 2021 | 19,162 |  | 17,523 |  | 19,772 |  | 19,002 |  | 23,002 |  | 12,137 |  | 10,369 |  | 13,401 |  | — |
| US$/4Eoz - US$/2Eoz | Mar 2022 | 1,294 |  | 1,416 |  | 1,256 |  | 1,317 |  | 1,347 |  | 977 |  | 490 |  | 918 |  | — |
|  | Dec 2021 | 1,287 |  | 1,430 |  | 1,245 |  | 1,307 |  | 1,327 |  | 1,001 |  | 452 |  | 1,063 |  | — |
|  | Mar 2021 | 1,281 |  | 1,171 |  | 1,322 |  | 1,270 |  | 1,538 |  | 811 |  | 693 |  | 896 |  | — |

Average exchange rates for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R15.22/US$, R15.42/US$ and R14.96/US$, respectively
Figures may not add as they are rounded independently
1 The Total US and SA PGM, Total SA PGM and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana – Quarters”
2 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 various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown
3 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
4 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
5 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
6 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 9

Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters
|  | Total US and SA PGM | Total SA PGM | Marikana
| R' million | Mar 2022 | Dec 2021 | Mar 2021 | Mar 2022 | Dec 2021 | Mar 2021 | Mar 2022 | Dec 2021 | Mar 2021
Cost of sales, before amortisation and depreciation as reported per table above |  | 10,927 |  | 10,986 |  | 9,133 |  | 9,130 |  | 8,590 |  | 7,515 |  | 4,709 |  | 4,251 |  | 3,845 |
Inventory change as reported per table above |  | (1,297) |  | (884) |  | 843 |  | (1,371) |  | (364) |  | 492 |  | (895) |  | (226) |  | 584 |
Less: Chrome cost of sales |  | (353) |  | (384) |  | (224) |  | (353) |  | (384) |  | (224) |  | (132) |  | (92) |  | (58) |
Total operating cost including third party PoC |  | 9,277 |  | 9,718 |  | 9,752 |  | 7,406 |  | 7,842 |  | 7,783 |  | 3,682 |  | 3,933 |  | 4,371 |
Less: Purchase cost of PoC |  | (534) |  | (529) |  | (1,247) |  | (534) |  | (529) |  | (1,247) |  | (534) |  | (529) |  | (1,247) |
Total operating cost excluding third party PoC |  | 8,743 |  | 9,189 |  | 8,505 |  | 6,872 |  | 7,313 |  | 6,536 |  | 3,148 |  | 3,404 |  | 3,124 |
PGM production as reported per table above | 4Eoz- 2Eoz | 543,929 |  | 581,676 |  | 598,959 |  | 421,540 |  | 453,902 |  | 444,609 |  | 179,794 |  | 195,041 |  | 193,995 |
Less: Mimosa production |  | (28,043) |  | (29,767) |  | (29,878) |  | (28,043) |  | (29,767) |  | (29,878) |  | — |  | — |  | — |
PGM production excluding Mimosa |  | 515,886 |  | 551,909 |  | 569,081 |  | 393,497 |  | 424,135 |  | 414,731 |  | 179,794 |  | 195,041 |  | 193,995 |
Less: PoC production |  | (10,692) |  | (12,002) |  | (19,125) |  | (10,692) |  | (12,002) |  | (19,125) |  | (10,692) |  | (12,002) |  | (19,125) |
PGM production excluding Mimosa and third party PoC |  | 505,194 |  | 539,907 |  | 549,956 |  | 382,805 |  | 412,133 |  | 395,606 |  | 169,102 |  | 183,039 |  | 174,870 |
PGM production including Mimosa and excluding third party PoC |  | 533,237 |  | 569,674 |  | 579,834 |  | 410,848 |  | 441,900 |  | 425,484 |  | 169,102 |  | 183,039 |  | 174,870 |
Tonnes milled/treated | 000't | 9,291 |  | 9,614 |  | 9,319 |  | 8,963 |  | 9,288 |  | 8,930 |  | 2,466 |  | 2,609 |  | 2,428 |
Less: Mimosa tonnes |  | (340) |  | (356) |  | (348) |  | (340) |  | (356) |  | (348) |  | — |  | — |  | — |
PGM tonnes excluding Mimosa and third party PoC |  | 8,951 |  | 9,258 |  | 8,971 |  | 8,623 |  | 8,932 |  | 8,582 |  | 2,466 |  | 2,609 |  | 2,428 |
Operating cost including third party PoC | R/4Eoz-R/2Eoz | 17,983 |  | 17,608 |  | 17,137 |  | 18,821 |  | 18,489 |  | 18,768 |  | 20,479 |  | 20,165 |  | 22,532 |
| US$/4Eoz-US$/2Eoz | 1,182 |  | 1,142 |  | 1,146 |  | 1,237 |  | 1,199 |  | 1,255 |  | 1,346 |  | 1,308 |  | 1,506 |
| R/t | 1,036 |  | 1,050 |  | 1,087 |  | 859 |  | 878 |  | 907 |  | 1,493 |  | 1,507 |  | 1,800 |
| US$/t | 68 |  | 68 |  | 73 |  | 56 |  | 57 |  | 61 |  | 98 |  | 98 |  | 120 |
Operating cost excluding third party PoC | R/4Eoz-R/2Eoz | 17,306 |  | 17,020 |  | 15,465 |  | 17,952 |  | 17,744 |  | 16,521 |  | 18,616 |  | 18,597 |  | 17,865 |
| US$/4Eoz-US$/2Eoz | 1,137 |  | 1,104 |  | 1,034 |  | 1,179 |  | 1,151 |  | 1,104 |  | 1,223 |  | 1,206 |  | 1,194 |
| R/t | 977 |  | 993 |  | 948 |  | 797 |  | 819 |  | 762 |  | 1,277 |  | 1,305 |  | 1,287 |
| US$/t | 64 |  | 64 |  | 63 |  | 52 |  | 53 |  | 51 |  | 84 |  | 85 |  | 86 |

Reconciliation of AISC and AIC excluding PoC for SA PGM and Marikana - Quarters
|  | Total US and SA PGM | Total SA PGM | Marikana
| R' million | Mar 2022 | Dec 2021 | Mar 2021 | Mar 2022 | Dec 2021 | Mar 2021 | Mar 2022 | Dec 2021 | Mar 2021
Total All-in-sustaining cost as reported per table above |  | 9,637 |  | 10,202 |  | 10,324 |  | 7,319 |  | 7,996 |  | 8,200 |  | 3,483 |  | 3,847 |  | 4,462 |
Less: Purchase cost of PoC |  | (534) |  | (529) |  | (1,247) |  | (534) |  | (529) |  | (1,247) |  | (534) |  | (529) |  | (1,247) |
Add: By-product credit of PoC |  | 62 |  | 46 |  | 64 |  | 62 |  | 46 |  | 64 |  | 62 |  | 46 |  | 64 |
Total All-in-sustaining cost excluding PoC |  | 9,165 |  | 9,719 |  | 9,141 |  | 6,847 |  | 7,513 |  | 7,017 |  | 3,011 |  | 3,364 |  | 3,280 |
Plus: Corporate cost, growth and capital expenditure |  | 523 |  | 755 |  | 581 |  | 204 |  | 144 |  | — |  | 204 |  | 144 |  | — |
Total All-in-cost excluding PoC |  | 9,688 |  | 10,474 |  | 9,722 |  | 7,051 |  | 7,657 |  | 7,018 |  | 3,215 |  | 3,508 |  | 3,280 |
PGM production excluding PoC | 4Eoz- 2Eoz | 505,194 |  | 539,907 |  | 549,956 |  | 382,805 |  | 412,133 |  | 395,606 |  | 169,102 |  | 183,039 |  | 174,870 |
All-in-sustaining cost excluding PoC | R/4Eoz-R/2Eoz | 18,142 |  | 18,001 |  | 16,621 |  | 17,886 |  | 18,230 |  | 17,738 |  | 17,806 |  | 18,379 |  | 18,755 |
| US$/4Eoz-US$/2Eoz | 1,192 |  | 1,167 |  | 1,111 |  | 1,175 |  | 1,182 |  | 1,186 |  | 1,170 |  | 1,192 |  | 1,254 |
All-in-cost excluding PoC | R/4Eoz-R/2Eoz | 19,177 |  | 19,400 |  | 17,678 |  | 18,419 |  | 18,579 |  | 17,739 |  | 19,012 |  | 19,165 |  | 18,757 |
| US$/4Eoz-US$/2Eoz | 1,260 |  | 1,258 |  | 1,182 |  | 1,210 |  | 1,205 |  | 1,186 |  | 1,249 |  | 1,243 |  | 1,254 |

Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 10

SA gold operations
Figures are in millions unless otherwise stated

|  |  | SA OPERATIONS
| R' million |  | Total SA gold | Driefontein | Kloof | Beatrix | Cooke | DRDGOLD | Corporate
Cost of sales, before amortisation and depreciation 1 |  | Mar 2022 | 4,775 |  | 1,378 |  | 1,757 |  | 581 |  | 172 |  | 887 |  | — |
|  | Dec 2021 | 5,760 |  | 1,605 |  | 1,860 |  | 1,189 |  | 192 |  | 914 |  | — |
|  | Mar 2021 | 4,892 |  | 1,245 |  | 1,768 |  | 917 |  | 170 |  | 792 |  | — |
Royalties |  | Mar 2022 | 15 |  | 7 |  | 6 |  | 1 |  | 1 |  | — |  | — |
|  | Dec 2021 | 49 |  | 30 |  | 11 |  | 7 |  | 1 |  | — |  | — |
|  | Mar 2021 | 27 |  | 31 |  | 11 |  | 5 |  | 1 |  | — |  | (21) |
Carbon tax |  | Mar 2022 | (12) |  | — |  | — |  | (12) |  | — |  | — |  | — |
|  | Dec 2021 | — |  | — |  | — |  | — |  | — |  | — |  | — |
|  | Mar 2021 | 1 |  | — |  | — |  | 1 |  | — |  | — |  | — |
Community costs |  | Mar 2022 | 34 |  | 13 |  | 10 |  | 9 |  | — |  | 2 |  | — |
|  | Dec 2021 | 31 |  | 11 |  | 9 |  | 8 |  | — |  | 3 |  | — |
|  | Mar 2021 | 33 |  | 12 |  | 10 |  | 11 |  | — |  | — |  | — |
Share-based payments 2 |  | Mar 2022 | 19 |  | 4 |  | 6 |  | 4 |  | — |  | 5 |  | — |
|  | Dec 2021 | 26 |  | 6 |  | 9 |  | 6 |  | — |  | 5 |  | — |
|  | Mar 2021 | 13 |  | 2 |  | 4 |  | 2 |  | — |  | 5 |  | — |
Rehabilitation interest and amortisation 3 |  | Mar 2022 | 36 |  | 8 |  | (1) |  | 10 |  | 13 |  | 5 |  | 1 |
|  | Dec 2021 | 43 |  | — |  | 1 |  | 13 |  | 22 |  | 5 |  | 2 |
|  | Mar 2021 | 53 |  | 11 |  | 4 |  | 17 |  | 14 |  | 5 |  | 1 |
Leases |  | Mar 2022 | 19 |  | 1 |  | 4 |  | 7 |  | 2 |  | 5 |  | — |
|  | Dec 2021 | 20 |  | 2 |  | 3 |  | 7 |  | 3 |  | 5 |  | — |
|  | Mar 2021 | 20 |  | 2 |  | 4 |  | 7 |  | 3 |  | 4 |  | — |
Ore reserve development |  | Mar 2022 | 468 |  | 252 |  | 185 |  | 31 |  | — |  | — |  | — |
|  | Dec 2021 | 622 |  | 290 |  | 220 |  | 112 |  | — |  | — |  | — |
|  | Mar 2021 | 603 |  | 272 |  | 209 |  | 123 |  | — |  | — |  | — |
Sustaining capital expenditure |  | Mar 2022 | 270 |  | 61 |  | 94 |  | 35 |  | — |  | 80 |  | — |
|  | Dec 2021 | 480 |  | 119 |  | 223 |  | 68 |  | — |  | 70 |  | — |
|  | Mar 2021 | 186 |  | 41 |  | 58 |  | 10 |  | — |  | 78 |  | — |
Less: By-product credit |  | Mar 2022 | (5) |  | (1) |  | (1) |  | — |  | — |  | (3) |  | — |
|  | Dec 2021 | (5) |  | (2) |  | (1) |  | (1) |  | — |  | (1) |  | — |
|  | Mar 2021 | (5) |  | (2) |  | (1) |  | (1) |  | — |  | — |  | — |
Total All-in-sustaining costs 4 |  | Mar 2022 | 5,619 |  | 1,723 |  | 2,060 |  | 666 |  | 188 |  | 981 |  | 1 |
|  | Dec 2021 | 7,026 |  | 2,061 |  | 2,335 |  | 1,409 |  | 218 |  | 1,001 |  | 2 |
|  | Mar 2021 | 5,822 |  | 1,613 |  | 2,065 |  | 1,093 |  | 188 |  | 883 |  | (20) |
Plus: Corporate cost, growth and capital expenditure |  | Mar 2022 | 194 |  | — |  | 35 |  | 4 |  | — |  | 23 |  | 132 |
|  | Dec 2021 | 263 |  | — |  | 64 |  | 5 |  | — |  | 24 |  | 170 |
|  | Mar 2021 | 90 |  | — |  | 51 |  | — |  | — |  | — |  | 40 |
Total All-in-costs 4 |  | Mar 2022 | 5,813 |  | 1,723 |  | 2,095 |  | 670 |  | 188 |  | 1,004 |  | 133 |
|  | Dec 2021 | 7,289 |  | 2,061 |  | 2,399 |  | 1,414 |  | 218 |  | 1,025 |  | 172 |
|  | Mar 2021 | 5,912 |  | 1,613 |  | 2,116 |  | 1,093 |  | 188 |  | 883 |  | 19 |
Gold sold | kg | Mar 2022 | 4,746 |  | 1,594 |  | 1,409 |  | 159 |  | 207 |  | 1,377 |  | — |
|  | Dec 2021 | 8,426 |  | 2,506 |  | 2,571 |  | 1,620 |  | 266 |  | 1,463 |  | — |
|  | Mar 2021 | 7,536 |  | 2,204 |  | 2,445 |  | 1,239 |  | 285 |  | 1,363 |  | — |
| oz | Mar 2022 | 152,587 |  | 51,248 |  | 45,300 |  | 5,112 |  | 6,655 |  | 44,272 |  | — |
|  | Dec 2021 | 270,902 |  | 80,570 |  | 82,660 |  | 52,084 |  | 8,552 |  | 47,037 |  | — |
|  | Mar 2021 | 242,287 |  | 70,860 |  | 78,608 |  | 39,835 |  | 9,163 |  | 43,821 |  | — |
All-in-sustaining cost | R/kg | Mar 2022 | 1,183,944 |  | 1,080,928 |  | 1,462,030 |  | 4,188,679 |  | 908,213 |  | 712,418 |  | — |
|  | Dec 2021 | 833,848 |  | 822,426 |  | 908,207 |  | 869,753 |  | 819,549 |  | 684,211 |  | — |
|  | Mar 2021 | 772,572 |  | 731,851 |  | 844,744 |  | 882,082 |  | 658,596 |  | 648,129 |  | — |
All-in-sustaining cost | US$/oz | Mar 2022 | 2,420 |  | 2,209 |  | 2,988 |  | 8,560 |  | 1,856 |  | 1,456 |  | — |
|  | Dec 2021 | 1,682 |  | 1,659 |  | 1,832 |  | 1,754 |  | 1,653 |  | 1,380 |  | — |
|  | Mar 2021 | 1,606 |  | 1,522 |  | 1,756 |  | 1,834 |  | 1,369 |  | 1,348 |  | — |
All-in-cost | R/kg | Mar 2022 | 1,224,821 |  | 1,080,928 |  | 1,486,870 |  | 4,213,836 |  | 908,213 |  | 729,121 |  | — |
|  | Dec 2021 | 865,061 |  | 822,426 |  | 933,100 |  | 872,840 |  | 819,549 |  | 700,615 |  | — |
|  | Mar 2021 | 784,554 |  | 731,851 |  | 865,440 |  | 882,082 |  | 658,596 |  | 648,129 |  | — |
All-in-cost | US$/oz | Mar 2022 | 2,503 |  | 2,209 |  | 3,039 |  | 8,611 |  | 1,856 |  | 1,490 |  | — |
|  | Dec 2021 | 1,745 |  | 1,659 |  | 1,882 |  | 1,761 |  | 1,653 |  | 1,413 |  | — |
|  | Mar 2021 | 1,631 |  | 1,522 |  | 1,799 |  | 1,834 |  | 1,369 |  | 1,348 |  | — |

Average exchange rates for the quarters ended 31 March 2022, 31 December 2021 and 31 March 2021 was R15.22/US$, R15.42/US$ and R14.96/US$, respectively
Figures may not add as they are rounded independently
1 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
2 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
3 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 11

ADJUSTED EBITDA RECONCILIATION - QUARTERS

|  |  |  |  |  |  | Quarter ended Mar 2022 1 |  |  |  |  |  |  | Quarter ended Dec 2021 |  |  |  |  |  |  | Quarter ended Mar 2021
Figures in million - SA rand |  |  |  |  |  |  | Total |  |  |  |  |  |  | Total |  |  |  |  |  |  | Total
Profit before royalties and tax |  |  |  |  |  |  | 10,468 |  |  |  |  |  |  | 227 |  |  |  |  |  |  | 17,775
Adjusted for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortisation and depreciation |  |  |  |  |  |  | 1,643 |  |  |  |  |  |  | 2,301 |  |  |  |  |  |  | 1,815
Interest income |  |  |  |  |  |  | (238) |  |  |  |  |  |  | (277) |  |  |  |  |  |  | (288)
Finance expense |  |  |  |  |  |  | 722 |  |  |  |  |  |  | 721 |  |  |  |  |  |  | 600
Share-based payments |  |  |  |  |  |  | 153 |  |  |  |  |  |  | 41 |  |  |  |  |  |  | 98
Loss on financial instruments |  |  |  |  |  |  | 333 |  |  |  |  |  |  | 6,040 |  |  |  |  |  |  | 374
Loss/(gain) on foreign exchange differences |  |  |  |  |  |  | 978 |  |  |  |  |  |  | (917) |  |  |  |  |  |  | 106
Share of results of equity-accounted investees after tax |  |  |  |  |  |  | (350) |  |  |  |  |  |  | (228) |  |  |  |  |  |  | (652)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable |  |  |  |  |  |  | — |  |  |  |  |  |  | (162) |  |  |  |  |  |  | —
Gain on disposal of property, plant and equipment |  |  |  |  |  |  | (62) |  |  |  |  |  |  | (27) |  |  |  |  |  |  | (5)
Impairments |  |  |  |  |  |  | — |  |  |  |  |  |  | 5,148 |  |  |  |  |  |  | —
Early redemption premium on the 2025 Notes |  |  |  |  |  |  | — |  |  |  |  |  |  | 196 |  |  |  |  |  |  | —
Restructuring cost |  |  |  |  |  |  | 9 |  |  |  |  |  |  | 59 |  |  |  |  |  |  | 28
IFRS 16 lease payments |  |  |  |  |  |  | (37) |  |  |  |  |  |  | (37) |  |  |  |  |  |  | (36)
Occupational healthcare expense |  |  |  |  |  |  | — |  |  |  |  |  |  | 10 |  |  |  |  |  |  | —
Loss due to dilution of interest in joint operation |  |  |  |  |  |  | — |  |  |  |  |  |  | 2 |  |  |  |  |  |  | —
Other non-recurring costs |  |  |  |  |  |  | 45 |  |  |  |  |  |  | 83 |  |  |  |  |  |  | 11
Adjusted EBITDA |  |  |  |  |  |  | 13,664 |  |  |  |  |  |  | 13,180 |  |  |  |  |  |  | 19,826

1 Adjusted EBITDA includes Sibanye-Stillwater Sandouville Refinery for the two months since acquisition (4 February 2022)
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 12

DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres, which are reported separately where appropriate.

US PGM operations | Mar 2022 quarter |  | Dec 2021 quarter |  | Mar 2021 quarter |
| Reef |  |  |  |  | Stillwater incl Blitz | East Boulder |  |  |  |  | Stillwater incl Blitz | East Boulder |  |  |  |  | Stillwater incl Blitz | East Boulder
Stillwater | Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Primary development (off reef) | (m) |  |  |  |  | 1,852 |  | 667 |  |  |  |  |  | 1,576 |  | 476 |  |  |  |  |  | 1,784 |  | 476 |
Secondary development | (m) |  |  |  |  | 2,899 |  | 1,086 |  |  |  |  |  | 3,169 |  | 980 |  |  |  |  |  | 4,375 |  | 1,402 |

SA PGM operations | Mar 2022 quarter |  | Dec 2021 quarter |  | Mar 2021 quarter |
| Reef |  |  | Bathopele | Thembe-lani | Khuseleka | Siphume-lele |  |  | Bathopele | Thembe-lani | Khuseleka | Siphume-lele |  |  | Bathopele | Thembe-lani | Khuseleka | Siphume-lele
Rustenburg | Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advanced | (m) |  |  | 343 |  | 1,393 |  | 2,220 |  | 559 |  |  |  | 426 |  | 1,817 |  | 2,417 |  | 699 |  |  |  | 306 |  | 1,500 |  | 2,465 |  | 698 |
Advanced on reef | (m) |  |  | 343 |  | 604 |  | 892 |  | 317 |  |  |  | 426 |  | 848 |  | 1,026 |  | 322 |  |  |  | 306 |  | 667 |  | 878 |  | 385 |
Height | (cm) |  |  | 212 |  | 293 |  | 281 |  | 274 |  |  |  | 223 |  | 305 |  | 282 |  | 287 |  |  |  | 219 |  | 287 |  | 286 |  | 269 |
Average value | (g/t) |  |  | 2.8 |  | 2.4 |  | 2.1 |  | 2.9 |  |  |  | 2.9 |  | 3.2 |  | 2.3 |  | 3.1 |  |  |  | 2.1 |  | 2.3 |  | 2.2 |  | 3.1 |
| (cm.g/t) |  |  | 601 |  | 691 |  | 600 |  | 806 |  |  |  | 634 |  | 960 |  | 645 |  | 899 |  |  |  | 466 |  | 665 |  | 644 |  | 831 |
SA PGM operations |  | Mar 2022 quarter |  | Dec 2021 quarter |  | Mar 2021 quarter |
| Reef | K3 | Rowland | Saffy | E3 | 4B | K4 | K3 | Rowland | Saffy | E3 | 4B | K4 | K3 | Rowland | Saffy | E3 | 4B | K4
Marikana | Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Primary development | (m) | 6,678 |  | 4,641 |  | 3,122 |  | 649 |  | 789 |  | 29 |  | 7,419 |  | 5,632 |  | 3,607 |  | 957 |  | 969 |  | — |  | 6,459 |  | 5,332 |  | 3,982 |  | 896 |  | 1,147 |  | — |
Primary development - on reef | (m) | 5,138 |  | 3,366 |  | 2,049 |  | 381 |  | 565 |  | 2 |  | 5,590 |  | 4,346 |  | 2,234 |  | 581 |  | 698 |  | — |  | 4,929 |  | 4,213 |  | 2,835 |  | 552 |  | 776 |  | — |
Height | (cm) | 217 |  | 220 |  | 224 |  | 215 |  | 222 |  | 230 |  | 216 |  | 221 |  | 218 |  | 218 |  | 217 |  | — |  | 215 |  | 221 |  | 218 |  | 216 |  | 221 |  | — |
Average value | (g/t) | 2.8 |  | 2.6 |  | 2.5 |  | 2.8 |  | 2.8 |  | 3.0 |  | 2.9 |  | 2.6 |  | 2.8 |  | 2.8 |  | 2.8 |  | — |  | 3.2 |  | 2.5 |  | 2.7 |  | 3.0 |  | 2.7 |  | — |
| (cm.g/t) | 607 |  | 572 |  | 553 |  | 603 |  | 620 |  | 700 |  | 628 |  | 563 |  | 606 |  | 603 |  | 612 |  | — |  | 692 |  | 548 |  | 586 |  | 641 |  | 597 |  | — |
SA PGM operations |  | Mar 2022 quarter |  | Dec 2021 quarter |  | Mar 2021 quarter |
| Reef |  | Kopaneng | Simunye 1 | Bamba-nani | Kwezi | K6 |  | Kopaneng | Simunye 1 | Bamba-nani | Kwezi | K6 |  | Kopaneng | Simunye 1 | Bamba-nani | Kwezi | K6
Kroondal | Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advanced | (m) |  | 478 |  | 533 |  | 553 |  | 210 |  |  | 488 |  |  | 570 |  | 496 |  | 369 |  |  | 504 |  | 110 |  | 460 |  | 437 |  | 455 |
Advanced on reef | (m) |  | 261 |  | 390 |  | 210 |  | 82 |  |  | 377 |  |  | 385 |  | 146 |  | 196 |  |  | 450 |  | — |  | 260 |  | 332 |  | 455 |
Height | (cm) |  | 229 |  | 214 |  | 213 |  | 261 |  |  | 236 |  |  | 219 |  | 220 |  | 243 |  |  | 241 |  | 291 |  | 218 |  | 223 |  | 238 |
Average value | (g/t) |  | 1.2 |  | 1.9 |  | 1.1 |  | 0.7 |  |  | 1.8 |  |  | 1.7 |  | 0.8 |  | 1.2 |  |  | 2.2 |  | — |  | 1.4 |  | 2.4 |  | 2.3 |
| (cm.g/t) |  | 270 |  | 415 |  | 224 |  | 173 |  |  | 417 |  |  | 379 |  | 178 |  | 294 |  |  | 538 |  | — |  | 309 |  | 525 |  | 540 |

1 The Simunye ore reserve was completely developed in the March 2021 quarter and is continuing with normal stoping activities until anticipated shaft closure
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 13

SA gold operations |  | Mar 2022 quarter |  | Dec 2021 quarter |  | Mar 2021 quarter |
| Reef |  |  |  | Carbon leader | Main | VCR |  |  |  | Carbon leader | Main | VCR |  |  |  | Carbon leader | Main | VCR
Driefontein | Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advanced | (m) |  |  |  | 676 |  | 293 |  | 958 |  |  |  |  | 953 |  | 296 |  | 909 |  |  |  |  | 759 |  | 136 |  | 1,136 |
Advanced on reef | (m) |  |  |  | 118 |  | 90 |  | 258 |  |  |  |  | 117 |  | 50 |  | 267 |  |  |  |  | 80 |  | 43 |  | 366 |
Channel width | (cm) |  |  |  | 22 |  | 59 |  | 72 |  |  |  |  | 21 |  | 77 |  | 76 |  |  |  |  | 18 |  | 72 |  | 97 |
Average value | (g/t) |  |  |  | 36.3 |  | 11.0 |  | 47.3 |  |  |  |  | 34.9 |  | 17.2 |  | 49.1 |  |  |  |  | 18.4 |  | 9.9 |  | 43.2 |
| (cm.g/t) |  |  |  | 818 |  | 644 |  | 3,422 |  |  |  |  | 736 |  | 1,332 |  | 3,735 |  |  |  |  | 324 |  | 709 |  | 4,202 |

SA gold operations |  | Mar 2022 quarter |  | Dec 2021 quarter |  | Mar 2021 quarter |
| Reef |  |  | Kloof | Main | Libanon | VCR |  |  | Kloof | Main | Libanon | VCR |  |  | Kloof | Main | Libanon | VCR
Kloof | Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advanced | (m) |  |  | 998 |  | 375 |  | 20 |  | 839 |  |  |  | 1,461 |  | 522 |  | — |  | 1,135 |  |  |  | 1,197 |  | 430 |  | — |  | 1,241 |
Advanced on reef | (m) |  |  | 266 |  | 102 |  | 20 |  | 122 |  |  |  | 334 |  | 188 |  | — |  | 157 |  |  |  | 245 |  | 142 |  | — |  | 165 |
Channel width | (cm) |  |  | 143 |  | 99 |  | 110 |  | 99 |  |  |  | 141 |  | 128 |  | — |  | 146 |  |  |  | 167 |  | 61 |  | — |  | 106 |
Average value | (g/t) |  |  | 13.0 |  | 10.8 |  | 2.5 |  | 13.4 |  |  |  | 8.5 |  | 9.4 |  | — |  | 6.4 |  |  |  | 8.3 |  | 15.7 |  | — |  | 16.6 |
| (cm.g/t) |  |  | 1,861 |  | 1,061 |  | 279 |  | 1,321 |  |  |  | 1,192 |  | 1,201 |  | — |  | 931 |  |  |  | 1,393 |  | 959 |  | — |  | 1,761 |

SA gold operations |  | Mar 2022 quarter |  | Dec 2021 quarter |  | Mar 2021 quarter |
| Reef |  |  |  |  | Beatrix | Kalkoen-krans |  |  |  |  | Beatrix | Kalkoen-krans |  |  |  |  | Beatrix | Kalkoen-krans
Beatrix | Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advanced | (m) |  |  |  |  | 787 |  | 53 |  |  |  |  |  | 2,792 |  | 67 |  |  |  |  |  | 2,799 |  | 105 |
Advanced on reef | (m) |  |  |  |  | 231 |  | — |  |  |  |  |  | 777 |  | 36 |  |  |  |  |  | 597 |  | 35 |
Channel width | (cm) |  |  |  |  | 132 |  | — |  |  |  |  |  | 153 |  | 53 |  |  |  |  |  | 134 |  | 160 |
Average value | (g/t) |  |  |  |  | 8.7 |  | — |  |  |  |  |  | 9.0 |  | 16.2 |  |  |  |  |  | 7.4 |  | 5.9 |
| (cm.g/t) |  |  |  |  | 1,141 |  | — |  |  |  |  |  | 1,371 |  | 861 |  |  |  |  |  | 993 |  | 947 |

SA gold operations |  |  |  |  |  |  | Mar 2022 quarter |  | Dec 2021 quarter |  | Mar 2021 quarter |
| Reef |  |  |  |  |  |  |  |  |  |  | Kimberley |  |  |  |  |  | Kimberley |  |  |  |  |  | Kimberley
Burnstone | Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advanced | (m) |  |  |  |  |  |  |  |  |  |  | 38 |  |  |  |  |  |  | — |  |  |  |  |  |  | — |
Advanced on reef | (m) |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  | — |
Channel width | (cm) |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  | — |
Average value | (g/t) |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  | — |
| (cm.g/t) |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  | — |

Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 14

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) Neal Froneman (CEO) Charl Keyter (CFO) Dr Elaine Dorward-King* Harry Kenyon-Slaney* Jeremiah Vilakazi* Keith Rayner* Nkosemntu Nika* Richard Menell*^ Savannah Danson* Susan van der Merwe* Timothy Cumming* Sindiswa Zilwa* * Independent non-executive ^ Lead independent director 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 JP 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 Ernst & Young Inc. (EY) 102 Rivonia Road Sandton 2196 South Africa Private Bag X14 Sandton 2146 South Africa Tel: +27 11 772 3000 AMERICAN DEPOSITARY RECEIPTS TRANSFER AGENT BNY Mellon Shareowner Services PO Box 358516 Pittsburgh PA 15252-8516 US toll free: +1 888 269 2377 Tel: +1 201 680 6825 Email: shrrelations@bnymellon.com Tatyana Vesselovskaya Relationship Manager BNY Mellon Depositary Receipts Direct line: +1 212 815 2867 Mobile: +1 203 609 5159 Fax: +1 212 571 3050 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

Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 15

FORWARD-LOOKING STATEMENTS
The information in this document 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 document.
All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements also often use words such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States 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 current 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, 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; 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 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 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 or sufficient technically skilled employees, 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 adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). 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 2021 Integrated Report and the annual report on Form 20-F for the fiscal year ended 31 December 2021.
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.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2022 16