SIBANYE STILLWATER LIMITED - Sibanye-Stillwater concludes Section 189 consultations at its SA PGM operations

Sibanye-Stillwater concludes Section 189 consultations at its SA PGM operations

Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
("Sibanye-Stillwater" or the "Group" or the "Company")
Website: www.sibanyestillwater.com

Sibanye-Stillwater concludes Section 189 consultations at its SA PGM operations

Johannesburg, 23 February 2024: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) advises
that consultations with relevant stakeholders in terms of Section 189A (S189) of the
Labour Relations Act, 66 of 1995 (LRA) regarding the proposed restructuring of four
shafts at its SA PGM operations (Simunye shaft, Kroondal operation, 4Belt (4B) shaft
(subject to certain conditions), Marikana operation, Rowland shaft, Marikana operation
and Siphumelele shaft, Rustenburg operation), as previously announced on 25 October
2023, have been concluded.

As per the announcement on 25 October 2023, 4,095 employees and contractors (3,500
employees and 595 contractors), including support services employees were potentially
affected by the S189 process.

Through constructive consultations held between the Company and affected stakeholders,
during which various avoidance measures to mitigate possible retrenchments and minimise
job losses at the operations and associated services were considered, the number of
possible retrenchments was significantly reduced.

The outcome of the consultations was:

• the Simunye shaft which ceased production in 2023, has been closed
• the Rowland and Siphumelele shafts remain in operation but have been repositioned for
  sustainable levels of production at a lower cost structure
• 4B shaft will continue to operate conditional on there being no net losses on a monthly
  basis. Should this not be sustained and subject to certain conditions the shaft will
  be closed.

Consequently, of the 4,095 employees and contractors (3,500 employees and 595
contractors), including support services employees who were potentially affected:

•   the 4B shaft currently employs 1,496 employees and 54 contractors
•   there were 467 fewer potentially affected employees due to natural attrition since
    1 September 2023
•   351 employees accepted transfers to other shafts at the SA PGM operations to fill
    vacancies due to natural attrition since the start of the S189 process
•   1,281 employees were granted voluntary separation or early retirement packages
•   47 employees could not be accommodated through the agreed avoidance measures, and
    have been retrenched with 805 contractor employees also impacted

Neal Froneman, Sibanye-Stillwater's CEO commented: "While the decision to close or
restructure operations is never taken lightly, the S189 consultation process
encouragingly achieved the necessary requirement of addressing loss-making operations
and ensuring the sustainability of our SA PGM operations and the benefits and value
they bring to multiple stakeholders. We acknowledge and thank all stakeholders for their
constructive engagement."

About Sibanye-Stillwater

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.

Sibanye-Stillwater has established itself as one of the world's largest primary producers of
platinum, palladium, and rhodium and is a top tier gold producer. It also produces and refines
iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to
diversify its asset portfolio into battery metals mining and processing and increase its
presence in the circular economy by growing its recycling and tailings reprocessing exposure
globally. For more information refer to www.sibanyestillwater.com.

Investor relations contact:

Email: ir@sibanyestillwater.com
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
LinkedIn: https://www.linkedin.com/company/sibanye-stillwater
Facebook: https://www.facebook.com/SibanyeStillwater
YouTube: https://www.youtube.com/@sibanyestillwater/videos
X: https://twitter.com/SIBSTILL

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

DISCLAIMER

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 with respect to Sibanye Stillwater
Limited's (Sibanye-Stillwater or the Group) financial condition, results of operations, business strategies, operating
efficiencies, competitive position, growth opportunities for existing services, plans and objectives of management for
future operations, markets for stock and other matters. These forward-looking statements, including, among others,
those relating to Sibanye-Stillwater's future business prospects, revenues and income, climate change-related targets
and metrics, the potential benefits of past and future acquisitions (including statements regarding growth, cost
savings, benefits from and access to international financing and financial re-ratings), gold, PGM, nickel and lithium
pricing expectations, levels of output, supply and demand, information relating to Sibanye-Stillwater's new or ongoing
development projects, any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and
estimations or expectations of enterprise value, adjusted EBITDA and net asset, 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", "goal", "vision",
"potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar meaning. By
their nature, forward-looking statements involve risk and uncertainty because they relate to future events and
circumstances and should be considered in light of various important factors, including those set forth in this
disclaimer. Readers are cautioned not to place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ
materially from estimates or projections contained in the forward-looking statements include, without limitation,
Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected costs
and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business,
political and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives
of management for future operations; Sibanye-Stillwater's ability to obtain the benefits of any streaming arrangements
or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and
difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater's ability to service its bond
instruments; changes in assumptions underlying Sibanye-Stillwater's estimation of its Mineral Resources and Mineral
Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost
savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, 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 (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's credit rating; the impact of South Africa's grey listing; a challenge
regarding the title to any of Sibanye-Stillwater's properties by claimants to land under restitution and other
legislation; Sibanye-Stillwater's ability to implement its strategy and any changes thereto; the outcome of legal
challenges to the Group's mining or other land use rights; the occurrence of labour disputes, disruptions and industrial
actions; the availability, terms and deployment of capital or credit; changes in the imposition of industry standards,
regulatory costs and relevant government regulations, particularly environmental, sustainability, tax, health and
safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any
interpretation thereof which may be subject to dispute; increasing regulation of environmental and sustainability
matters such as greenhouse gas emissions and climate change; being subject to, and the outcome and consequence of, any
potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety
issues; the ability of Sibanye-Stillwater to meet its decarbonisation targets, including by diversifying its energy
mix with renewable energy projects; failure to meet ethical standards, including actual or alleged instances of fraud,
bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater's business;
the concentration of all final refining activity and a large portion of Sibanye-Stillwater's PGM sales from mine
production in the United States with one entity; the identification of a material weakness in disclosure and internal
controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries;
the effect of South African Exchange Control Regulations on Sibanye-Stillwater's financial flexibility; operating in
new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions,
constraints and cost increases; supply chain disruptions and shortages and increases in the price of production inputs;
the regional concentration of Sibanye-Stillwater's operations; fluctuations in exchange rates, currency devaluations,
inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension
of operations at its mines for safety or environmental incidents (including natural disasters) and unplanned
maintenance; Sibanye-Stillwater's ability to hire and retain senior management and employees with sufficient technical
and/or production skills across its global operations necessary to meet its labour recruitment and retention goals,
as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its
management positions; 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, including global pandemics.

Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's
filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the
2022 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2022 on Form 20-F filed
with the United States Securities and Exchange Commission on 24 April 2023 (SEC File no. 333-234096).

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any
obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).
These forward-looking statements have not been reviewed or reported on by the Group's external auditors.

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

Date: 23-02-2024 09:20:00
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