<SEC-DOCUMENT>0001104659-23-030510.txt : 20230309
<SEC-HEADER>0001104659-23-030510.hdr.sgml : 20230309
<ACCEPTANCE-DATETIME>20230309134047
ACCESSION NUMBER:		0001104659-23-030510
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230306
FILED AS OF DATE:		20230309
DATE AS OF CHANGE:		20230309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sibanye Stillwater Ltd
		CENTRAL INDEX KEY:			0001786909
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			T3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-234096
		FILM NUMBER:		23719077

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

	MAIL ADDRESS:	
		STREET 1:		BRIDGEVIEW HSE, BLD 11,CONSTANTIA OFFICE
		STREET 2:		GRND FL, CNR 14TH AVE&HENDRIK POTIETER
		CITY:			WELTEVREDEN PARK
		STATE:			T3
		ZIP:			1709
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm239031d1_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dated
</B></FONT><B>March&nbsp;9, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 333-234096</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sibanye Stillwater Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Constantia Office Park</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cnr 14th Avenue and Hendrik Potgieter Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bridgeview House, Ground Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Weltevreden Park, 1709</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>South Africa</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in; width: 21%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>&nbsp; Form&nbsp;20-F&nbsp;</TD>
    <TD STYLE="width: 79%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp; Form&nbsp;40-F</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Indicate by check
mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1):&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Indicate by check
mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7):&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sibanye Stillwater Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March&nbsp;9, 2023</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Charl Keyter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charl Keyter</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 88%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm239031d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm239031d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market release</FONT></A></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm239031d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sibanye Stillwater Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Incorporated in the Republic of South Africa</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Registration number 2014/243852/06</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share codes: SSW (JSE) and SBSW (NYSE)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ISIN &ndash; ZAE000259701</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issuer code: SSW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(&ldquo;Sibanye-Stillwater&rdquo; or the &ldquo;Group&rdquo;
or the &ldquo;Company&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Website: <FONT STYLE="color: #0A0A0A">www.sibanyestillwater.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sibanye-Stillwater concludes Section&nbsp;189 consultations at its
Beatrix 4 shaft and Kloof 1 plant </B>Constructive consultations with stakeholders minimise job losses</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Johannesburg, 9 March&nbsp;2023: </B>Sibanye-Stillwater (JSE: SSW
and NYSE: SBSW) is pleased to advise that consultations with relevant stakeholders in terms of Section&nbsp;189A (S189) of the Labour
Relations Act, 66 of 1995 (LRA), regarding the proposed restructuring of its SA gold operations, pursuant to ongoing losses experienced
at the Beatrix 4 shaft and the impact of depleting surface mineral reserves to the Kloof 1 plant, as previously announced on 1 November&nbsp;2022,
have been concluded.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Constructive consultations were held between the Company and affected
stakeholders, which considered various avoidance measures to mitigate possible retrenchments and minimise job losses due to the potential
cessation or downscaling of operations and associated services at the Beatrix 4 shaft and Kloof 1 plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outcome of the consultations is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As per the announcement on 1 November&nbsp;2022,
2,314 employees were affected, with up to 1,959 employees potentially facing retrenchment. Pleasingly, this outcome has been avoided through
the S189 consultation process with the following avoidance measures being agreed to and implemented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,136 employees accepted transfer opportunities
to available positions at other Group operations in the SA region</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">552 employees were granted voluntary separation
or early retirement packages</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Natural attrition accounted for 103 less affected
employees</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regrettably 168 employees could not be accommodated,
or chose not to participate in the agreed avoidance measures, and as such will be retrenched. This number includes 39 learners who will
be given the opportunity to complete their training, as well as 59 employees who declined a reasonable alternative position within the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neal Froneman, CEO of Sibanye-Stillwater commented:
 &ldquo;While the decision to close or restructure operations is never taken lightly, the closure of the end of life, and loss making operations
are necessary to ensure sustainability for the remainder of the business. We are pleased with the outcome of this S189 process regarding
the Beatrix 4 shaft and Kloof 1 plant, where, through constructive and co-operative engagement we have been able to preserve the vast
majority of jobs initially at risk. We acknowledge and thank all stakeholders for their constructive engagement&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please refer to <FONT STYLE="color: #0A0A0A">https://soundcloud.com/user-155552468/section-189-consultations-completed-09mar2023</FONT>
for a media sound clip by the spokesperson, James Wellsted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>About Sibanye-Stillwater</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sibanye-Stillwater is a multinational mining
and metals processing Group with a diverse portfolio of operations, projects and investments across five continents. The Group is also
one of the foremost global recyclers of PGM autocatalysts and has interests in leading mine tailings retreatment operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sibanye-Stillwater has established itself as
one of the world&rsquo;s largest primary producers of platinum, palladium, and rhodium and is a top tier gold producer. It also produces
and refines iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to build and diversify its asset portfolio
into battery metals mining and processing and is increasing its presence in the circular economy by growing and diversifying its recycling
and tailings reprocessing operations globally. For more information refer to <FONT STYLE="color: #0A0A0A">www.sibanyestillwater.com</FONT>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investor relations contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: ir@sibanyestillwater.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">James Wellsted, Executive Vice President: Investor
Relations and Corporate Affairs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tel: +27 (0) 83 453 4014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Website: www.sibanyestillwater.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">YouTube: <FONT STYLE="color: #0A0A0A">www.youtube.com/channel/UCl9UZT87nncSvSvJ8i7az8Q</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sponsor: J.P. Morgan Equities South Africa Proprietary
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FEFEFE"><B>FORWARD LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information in this document may contain forward-looking
statements within the meaning of the &ldquo;safe harbour&rdquo; 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&rsquo;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 announcement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &ldquo;will&rdquo;,
 &ldquo;would&rdquo;, &ldquo;expect&rdquo;, &ldquo;forecast&rdquo;, &ldquo;potential&rdquo;, &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;believe&rdquo;,
 &ldquo;aim&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;target&rdquo;, &ldquo;estimate&rdquo; 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The important factors that could cause Sibanye-Stillwater&rsquo;s
actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements
include, without limitation, Sibanye-Stillwater&rsquo;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&rsquo;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&rsquo;s ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater&rsquo;s estimation
of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies
and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as
at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater&rsquo;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 (including the Rhyolite Ridge project); 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&rsquo;s credit rating; the impact of South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater&rsquo;s
properties by claimants to land under restitution and other legislation; Sibanye-Stillwater&rsquo;s ability to implement its strategy
and any changes thereto; the outcome of legal challenges to the Group&rsquo;s mining or other land use rights; the occurrence of labour
disputes, disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of
industry standards, regulatory costs and relevant government regulations, particularly environmental, sustainability, tax, health and
safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof
which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings, including
in relation to any environmental, health or safety issues; failure to meet ethical standards, including actual or alleged instances of
fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater&rsquo;s business; the
concentration of all final refining activity and a large portion of Sibanye-Stillwater&rsquo;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&rsquo;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&rsquo;s operations; fluctuations in exchange rates, currency devaluations, inflation and
other macro-economic monetary policies; the occurrence of temporary stoppages&nbsp;or precautionary suspension of operations at its mines
for safety or environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater&rsquo;s ability to hire
and retain senior management and employees with sufficient technical and/or production skills across its global operations necessary to
meet its labour recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged
South Africans in its management positions; failure of Sibanye-Stillwater&rsquo;s information technology, communications and systems;
the adequacy of Sibanye-Stillwater&rsquo;s insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements
in the vicinity of some of Sibanye-Stillwater&rsquo;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).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further details of potential risks and uncertainties
affecting Sibanye-Stillwater are described in Sibanye-Stillwater&rsquo;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&nbsp;20-F for the fiscal year ended
31 December&nbsp;2021 (SEC File no. 333-234096).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&rsquo;s
external auditors.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NON-IFRS MEASURES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information contained in this document may
contain certain non-IFRS measures, including adjusted EBITDA, AISC, AIC and Nickel equivalent sustaining cost. These measures may not
be comparable to similarly-titled measures used by other companies and are not measures of Sibanye-Stillwater&rsquo;s financial performance
under IFRS. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance
with IFRS. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this report
because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information presented
have not been reviewed or reported on by the Group&rsquo;s external auditors.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MINERAL RESOURCES AND MINERAL RESERVES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sibanye-Stillwater&rsquo;s Mineral Resources and
Mineral Reserves are estimates at a particular date, and are affected by fluctuations in mineral prices, the exchange rates, operating
costs, mining permits, changes in legislation and operating factors. Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves
in accordance with the rules&nbsp;and regulations promulgated by each of the United States Securities and Exchange Commission (SEC) and
the JSE at all managed operations, development, and exploration properties. Sibanye-Stillwater expects to file the information required
by Subpart 1300 of Regulation S-K under the Securities Act of 1933, including a Technical Report Summary in respect of the Keliber project,
with its annual report on Form&nbsp;20-F for the year ended 31 December&nbsp;2022.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WEBSITES</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References in this document to information on
websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not
form part of, this report.</P>

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