EX-99.1 2 form6-kq1.htm EX-99.1

Document

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 operations1,2
154,350			127,774			122,389			oz			2E PGM production2									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 cost4									R/2Eoz			18,940			17,265			13,763
												PGM recycling1,2
195,474			172,511			190,871			oz			3E PGM recycling2									kg			5,937			5,366			6,080
2,909			3,459			3,061			US$/3Eoz			Average basket price									R/3Eoz			46,588			53,338			43,519
												SOUTHERN AFRICA (SA) OPERATIONS
												PGM operations2
425,484			441,900			410,848			oz			4E PGM production2,5									kg			12,779			13,745			13,234
3,524			2,470			2,961			US$/4Eoz			Average basket price									R/4Eoz			45,061			38,094			52,722
1,186			1,182			1,175			US$/4Eoz			All-in sustaining cost4									R/4Eoz			17,886			18,230			17,738
												Gold operations
249,392			260,325			137,091			oz			Gold production									kg			4,264			8,097			7,757
1,782			1,784			1,873			US$/oz			Average gold price									R/kg			916,351			884,643			857,126
1,606			1,682			2,420			US$/oz			All-in sustaining cost4									R/kg			1,183,944			833,848			772,572
												GROUP
1,325			855			898			US$m			Adjusted EBITDA3,6									Rm			13,664			13,180			19,826
14.96			15.42			15.22			R/US$			Average exchange rate using daily closing rate

1The 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

2Platinum 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)

3The 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"

4See “Salient features and cost benchmarks - Quarters” for the definition of All-in sustaining cost (AISC)

5The 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"

6Group 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 PGM1			Total US PGM			Total SA PGM1									Rustenburg						Marikana1						Kroondal			Plat Mile			Mimosa
Attributable												Under- ground2			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 recoveries3			%			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
Yield3			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 production3,4			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 sold5			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 costs6
Average PGM basket price7			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 cost8			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$/2Eoz			Mar 2022			1,137			1,004			1,179									1,305			766			1,223						1,044			573			958
						Dec 2021			1,104			952			1,151									1,232			897			1,206						992			621			915
						Mar 2021			1,034			853			1,104									1,143			816			1,194						892			671			818
All-in sustaining cost9			R/4Eoz - R/2Eoz			Mar 2022			18,142			18,940			17,886									20,041						17,806						14,863			7,462			13,979
						Dec 2021			18,001			17,265			18,230									20,148						18,379						15,437			6,971			16,394
						Mar 2021			16,621			13,763			17,738									19,002						18,755						12,137			10,369			13,401
All-in sustaining cost8			US$/4Eoz - US$/2Eoz			Mar 2022			1,192			1,244			1,175									1,317						1,170						977			490			918
						Dec 2021			1,167			1,120			1,182									1,307						1,192						1,001			452			1063
						Mar 2021			1,111			920			1,186									1,270						1,254						811			693			896
All-in cost9			R/4Eoz - R/2Eoz			Mar 2022			19,177			21,546			18,419									20,041						19,012						14,863			7,462			13,979
						Dec 2021			19,400			22,047			18,579									20,148						19,165						15,437			6,971			16,394
						Mar 2021			17,678			17,523			17,739									19,002						18,757						12,137			10,369			13,401
All-in cost8			US$/4Eoz - US$/2Eoz			Mar 2022			1,260			1,416			1,210									1,317						1,249						977			490			918
						Dec 2021			1,258			1,430			1,205									1,307						1,243						1,001			452			1,063
						Mar 2021			1,182			1,171			1,186									1,270						1,254						811			693			896
Capital expenditure6
Ore reserve development			Rm			Mar 2022			1,021			637			384									142						242						—			—			—
						Dec 2021			864			476			388									148						240						—			—			—
						Mar 2021			657			306			351									146						205						—			—			—
Sustaining capital			Rm			Mar 2022			552			166			386									156						183						46			1			113
						Dec 2021			1,050			147			903									271						519						107			6			181
						Mar 2021			499			250			249									112						96						35			6			114
Corporate and projects			Rm			Mar 2022			523			319			204									—						204						—			—			—
						Dec 2021			751			611			140									—						140						—			—			—
						Mar 2021			580			580			—									—						—						—			—			—
Total capital expenditure			Rm			Mar 2022			2,096			1,122			974									298						629						46			1			113
						Dec 2021			2,665			1,234			1,431									419						899						107			6			181
						Mar 2021			1,736			1,136			600									258						301						35			6			114
Total capital expenditure			US$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 may not add as they are rounded independently

1The 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”

2The 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

3The 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

4Production per product – see prill split in the table below

5PGM sold includes the third party PoC ounces sold

6The 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

7The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment

8Operating 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

9All-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$/oz			Mar 2022			1,873									1,873						1,871						1,889						1,866			1,873
						Dec 2021			1,784									1,787						1,783						1,782						1,774			1,788
						Mar 2021			1,782									1,778						1,785						1,775						1,810			1,784
Operating cost1			R/t			Mar 2022			511			6,486			155			5,301			295			5,637			254			—			—			183			135
						Dec 2021			519			3,695			143			4,223			274			3,787			148			3,075			230			191			126
						Mar 2021			459			3,220			124			3,765			—			3,716			196			2,315			116			145			108
			US$/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$/oz			Mar 2022			2,142			2,676			1,430			1,821			1,526			2,961			1,708			27,450			4,314			1,825			1,322
						Dec 2021			1,375			1,441			1,207			1,309			1,163			1,544			835			1,478			1,042			1,463			1,249
						Mar 2021			1,372			1,456			1,161			1,192			—			1,649			1,113			1,605			781			1,235			1,179
All-in sustaining cost2			R/kg			Mar 2022			1,183,944									1,080,928						1,462,030						4,188,679						908,213			712,418
						Dec 2021			833,848									822,426						908,207						869,753						819,549			684,211
						Mar 2021			772,572									731,851						844,744						882,082						658,596			648,129
All-in sustaining cost2			US$/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 cost2			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$/oz			Mar 2022			2,503									2,209						3,039						8,611						1,856			1,490
						Dec 2021			1,745									1,659						1,882						1,761						1,653			1,413
						Mar 2021			1,631									1,522						1,799						1,834						1,369			1,348
Capital expenditure
Ore reserve development			Rm			Mar 2022			468									252						185						31						—			—
						Dec 2021			622									290						220						112						—			—
						Mar 2021			603									272						209						123						—			—
Sustaining capital			Rm			Mar 2022			270									61						94						35						—			80
						Dec 2021			480									119						223						68						—			70
						Mar 2021			186									41						58						10						—			78
Corporate and projects3			Rm			Mar 2022			183									—						35						4						—			23
						Dec 2021			243									—						64						5						—			24
						Mar 2021			61									—						51						—						—			—
Total capital expenditure			Rm			Mar 2022			921									313						314						70						—			103
						Dec 2021			1,345									409						507						185						—			94
						Mar 2021			850									312						317						133						—			78
Total capital expenditure			US$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

1Operating 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

2All-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”

3Corporate 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 PGM1			Total US PGM2			Total SA PGM1			Rustenburg			Marikana1			Kroondal			Plat Mile			Mimosa			Corporate
Cost of sales, before amortisation and depreciation3						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 payments4						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 amortisation5						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 costs6						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-costs6						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

1The 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”

2The 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

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

4Share-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

5Rehabilitation 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

6All-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 depreciation1						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 payments2						Mar 2022			19			4			6			4			—			5			—
						Dec 2021			26			6			9			6			—			5			—
						Mar 2021			13			2			4			2			—			5			—
Rehabilitation interest and amortisation3						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 costs4						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-costs4						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 20221																					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			Simunye1			Bamba-nani			Kwezi			K6						Kopaneng			Simunye1			Bamba-nani			Kwezi			K6						Kopaneng			Simunye1			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