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Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2025
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","the Company" and/or "the Group")
Registered Address:
Constantia Office Park
Bridgeview House - Building 11 - Ground Floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park - 1709
Postal Address:
Private Bag X5 - Westonaria - 1780
Tel +27 11 278 9600 - Fax +27 11 278 9863
Website: www.sibanyestillwater.com
MARKET RELEASE
Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2025
Johannesburg, 17 February 2026: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is pleased to report
attributable Group Mineral Resources and Mineral Reserves as at 31 December 2025.
The declared Mineral Resources and Mineral Reserves for the Group's managed operations and projects are
the outcome of a detailed annual operational and life of mine (LoM) planning process and are indicative of
the considerable underlying mineral assets base which supports sustainable, long-life production. In addition,
attributable Mineral Resources and Mineral Reserves are also declared based on our legal interest in non-
managed mineral properties.
This Mineral Resources and Mineral Reserves declaration represents a condensed and consolidated summary
of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration, which will be available in the
Group Mineral Resources and Mineral Reserves Report. The report will be published on 24 April 2026 at
www.sibanyestillwater.com/news-investors/reports/annual/.
1. Salient features
- 4E PGM Mineral Resources of 177.3Moz (-2.0%) and Mineral Reserves of 29.4Moz (+4.7%) at our SA PGM
operations
– The inclusion of the Marikana E4 mechanised UG2 project Mineral Reserves added +2.9Moz to Mineral
Reserves following the completion of a feasibility study
- 2E PGM Mineral Resources of 80.9Moz (+2.2%) and Mineral Reserves of 19.4Moz (+2.1%) at our US PGM
operations
- Gold Mineral Resources of 36.4Moz (-25.5%) and Mineral Reserves of 9.4Moz (-6.3%) at our SA gold
operations (including DRDGOLD) and development projects (including Burnstone)
– At the Kloof operation, production constraints, including geotechnical considerations which led to the
removal of isolated blocks of ground, have impacted the economic viability of the operation, leading
to a writedown of the majority of the Mineral Reserves (-1.4Moz)
- Uranium Oxide (U3O8) Mineral Resources of 59.3Mlb (+0.1%) and Mineral Reserves of 25.2Mlb at our SA gold
operations
– The maiden uranium Mineral Reserve is based on the completion of the Cooke TSF feasibility study
- Lithium Mineral Resources of 510kt lithium carbonate equivalent (LCE) (-24.0%) and Mineral Reserves of
248kt (unchanged)
– The change in Mineral Resource is informed by the disposal of our interest in Ioneer Ltd (-201kt) and an
updated Mineral Resource estimate at the Keliber lithium project (+40kt) in Finland following successful
exploration
- Zinc Mineral Resources of 963kt (-17.4%) and Mineral Reserves of 308kt (-44.2%)
– Informed by the ongoing depletion of the tailings Mineral Reserve at the Century operation, which now
has ~18 months of reserve life left
- Copper Mineral Resources of 5,500kt (-31.1%) and Mineral Reserves of 478kt
– At the Mt Lyell copper project in Tasmania, Australia, the completion of the feasibility study has resulted
in a maiden Mineral Reserve under Sibanye-Stillwater
– At the Altar project in Argentina, a reduction in project ownership (40% to 20%) following a further earn-
in by Aldebaran Resources, has resulted in an attributable Mineral Resource reduction (-2,478kt)
2. Group overview
Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa1 Operations Measured 472.3 3.8 57.7 79.6 488.7 3.9 60.5 82.0
Indicated 666.1 4.1 86.8 110.0 671.9 4.0 87.4 110.8
Measured + Indicated 1,138.4 3.9 144.5 189.6 1,160.5 4.0 147.9 192.8
Inferred 237.3 4.3 32.8 42.0 238.3 4.3 32.9 42.2
Exploration Measured 1.8 4.2 0.2 0.3 1.8 4.2 0.2 0.3
Indicated 244.5 4.1 32.5 45.1 244.5 4.1 32.5 45.1
Measured + Indicated 246.2 4.1 32.7 45.4 246.2 4.1 32.7 45.4
Inferred 158.8 3.7 18.8 26.2 158.8 3.7 18.8 26.2
Americas2 Operations Measured 41.0 15.4 20.2 20.2 37.3 15.5 18.6 18.6
Indicated 44.1 13.8 19.6 19.6 41.5 14.6 19.4 19.4
Measured + Indicated 85.1 14.6 39.8 39.8 78.7 15.0 38.1 38.1
Inferred 96.5 13.2 41.1 41.1 91.2 14.0 41.1 41.1
Exploration Measured 19.9 0.7 0.5 3.9 22.0 0.8 0.6 4.1
Indicated 9.7 0.5 0.2 1.4 10.0 0.6 0.2 1.3
Measured + Indicated 29.6 0.7 0.6 5.3 31.9 0.7 0.7 5.4
Inferred 3.6 0.5 0.1 0.5 4.0 0.5 0.1 0.4
Total Measured + Indicated 1,499.4 4.5 217.7 280.2 1,517.5 4.5 219.5 281.7
Grand total 1,995.6 4.8 310.4 389.8 2,009.8 4.8 312.3 391.6
Attributable 100% Attributable 100%
GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa Operations Measured 392.3 1.2 15.2 17.6 439.2 1.7 24.2 26.8
Indicated 249.8 1.3 10.6 12.0 379.1 1.1 13.9 16.2
Measured + Indicated 642.0 1.2 25.8 29.6 818.3 1.4 38.1 43.0
Inferred 21.1 2.5 1.7 1.7 22.0 3.0 2.1 2.2
Development Measured 0.9 5.6 0.2 0.2 0.9 5.5 0.2 0.2
Indicated 24.9 5.8 4.7 4.7 24.7 5.8 4.6 4.6
Measured + Indicated 25.9 5.8 4.8 4.8 25.6 5.8 4.8 4.8
Inferred 28.7 4.4 4.0 4.0 27.8 4.3 3.9 3.9
Exploration Measured - - - - - - - -
Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Measured + Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Inferred 4.0 3.6 0.5 0.5 4.0 3.6 0.5 0.5
Americas Exploration Measured 270.6 0.1 0.9 3.1 409.2 0.1 1.4 3.1
Indicated 519.8 0.1 0.9 3.0 797.8 0.1 1.4 3.0
Measured + Indicated 790.4 0.1 1.8 6.1 1,207.0 0.1 2.8 6.1
Inferred 386.6 0.04 0.5 1.8 595.5 0.04 0.8 1.8
Australia Development Measured 3.7 0.2 0.03 0.03 3.7 0.2 0.03 0.03
Indicated 71.5 0.3 0.6 0.6 71.5 0.3 0.6 0.6
Measured + Indicated 75.2 0.3 0.6 0.6 75.2 0.3 0.6 0.6
Inferred 11.3 0.3 0.1 0.1 11.3 0.3 0.1 0.1
Total Measured + Indicated 1,577.6 0.8 39.5 47.6 2,170.2 0.8 52.7 60.9
Grand total 2,029.3 0.7 46.3 55.6 2,830.8 0.7 60.0 69.2
Attributable 100% Attributable 100%
LITHIUM3 Tonnes Li Li2O LCE LCE Tonnes Li Li2O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Europe Development Measured 3.3 0.61 1.31 106 133 3.3 0.62 1.33 108 135
Indicated 9.7 0.55 1.18 282 353 8.0 0.57 1.22 241 302
Measured + Indicated 12.9 0.56 1.21 388 486 11.3 0.58 1.25 349 437
Inferred 4.3 0.54 1.16 123 154 4.5 0.51 1.10 122 153
Americas Exploration Measured - - - - - 4.6 0.18 0.40 45 734
Indicated - - - - - 11.3 0.17 0.36 102 1,645
Measured + Indicated - - - - - 16.0 0.17 0.37 147 2,379
Inferred - - - - - 5.8 0.18 0.38 54 874
Total Measured + Indicated 12.9 0.56 1.21 388 486 27.3 0.34 0.74 496 2,816
Grand total 17.2 0.56 1.20 510 640 37.5 0.34 0.73 672 3,843
Attributable 100% Attributable 100%
URANIUM Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U3O8
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Southern Africa Operations Measured 62.6 0.24 33.0 40.8 63.8 0.24 33.2 41.0
Indicated 48.3 0.25 26.1 28.6 47.5 0.25 25.9 28.3
Measured + Indicated 110.9 0.24 59.2 69.4 111.4 0.24 59.1 69.3
Inferred 0.04 1.10 0.1 0.1 0.04 1.10 0.1 0.1
Grand total 111.0 0.24 59.3 69.5 111.4 0.24 59.2 69.4
Attributable 100% Attributable 100%
COPPER Tonnes Grade Copper Copper Tonnes Grade Copper Copper
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Australia Development Measured 3.7 0.93 35 35 3.7 0.93 35 35
Indicated 75.1 0.96 724 724 75.1 0.96 724 724
Measured + Indicated 78.8 0.96 759 759 78.8 0.96 759 759
Inferred 14.2 0.86 123 123 14.2 0.86 123 123
Americas Exploration Measured 270.6 0.40 1,092 3,668 409.2 0.41 1,671 3,668
Indicated 519.8 0.41 2,114 6,822 797.8 0.41 3,255 6,809
Measured + Indicated 790.4 0.41 3,206 10,491 1,207.0 0.41 4,926 10,478
Inferred 386.6 0.37 1,412 4,527 595.5 0.37 2,177 4,525
Total Measured + Indicated 869.2 0.46 3,965 11,250 1,285.8 0.44 5,685 11,237
Grand total 1,270.0 0.43 5,500 15,900 1,895.6 0.42 7,985 15,885
Attributable 100% Attributable 100%
ZINC4 Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Australia Operations Measured 12.8 3.09 395 395 19.6 3.06 598 598
Indicated - - - - - - - -
Measured + Indicated 12.8 3.09 395 395 19.6 3.06 598 598
Inferred - - - - - - - -
Exploration Measured 1.0 4.80 48 48 1.0 4.80 48 48
Indicated 8.9 5.66 504 504 8.9 5.66 504 504
Measured + Indicated 9.9 5.58 552 552 9.9 5.58 552 552
Inferred 0.6 2.67 16 16 0.6 2.67 16 16
Total Measured + Indicated 22.7 4.18 947 947 29.5 3.90 1,150 1,150
Grand total 23.3 4.14 963 963 30.1 3.88 1,166 1,166
Note: Mineral Resources are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis
1 For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)
2 For the US PGM operations, PGM is represented by the 2E (Pt and Pd)
3 For the Lithium Mineral Resources, Li (%) was derived from Li2O by dividing by a factor of 2.153. LCE content was calculated by multiplying
the Li (%) content by a factor of 5.323. Lithium Hydroxide Monohydrate (LiOH.H2O) can be derived from LCE by dividing by a factor of 0.88
4 Silver and lead content excluded, please refer to detailed operational tables
Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa1 Operation Proved 118.9 3.5 13.3 18.3 115.3 3.5 13.0 18.0
Probable 178.3 2.8 16.2 20.2 147.2 3.2 15.1 18.9
Proved + Probable 297.2 3.1 29.4 38.6 262.5 3.3 28.1 37.0
Americas2 Operation Proved 7.9 14.8 3.7 3.7 9.5 13.1 4.0 4.0
Probable 37.1 13.1 15.6 15.6 35.1 13.3 15.0 15.0
Proved + Probable 45.0 13.4 19.4 19.4 44.5 13.3 19.0 19.0
Grand total Proved + Probable 342.2 4.4 48.8 57.9 307.1 4.8 47.1 56.0
Attributable 100% Attributable 100%
GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa Operation Proved 181.1 0.6 3.7 5.4 197.9 0.8 4.9 6.7
Probable 221.8 0.4 2.9 4.3 119.6 0.7 2.6 3.5
Proved + Probable 402.9 0.5 6.7 9.7 317.5 0.7 7.5 10.2
Development Proved - - - - - - - -
Probable 19.9 4.2 2.7 2.7 20.0 4.0 2.5 2.5
Proved + Probable 19.9 4.2 2.7 2.7 20.0 4.0 2.5 2.5
Grand total Proved + Probable 422.8 0.7 9.4 12.4 337.4 0.9 10.0 12.7
Attributable 100% Attributable 100%
LITHIUM3 Tonnes Li Li2O LCE LCE Tonnes Li Li2O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Europe Development Proved 3.5 0.51 1.09 93 117 3.5 0.51 1.09 93 117
Probable 6.9 0.42 0.91 155 195 6.9 0.42 0.91 155 195
Grand total Proved + Probable 10.3 0.45 0.97 248 311 10.3 0.45 0.97 248 311
Attributable 100% Attributable 100%
URANIUM Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U3O8
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Southern Africa Operations Proved - - - - - - - -
Probable 62.2 0.18 25.2 33.2 - - - -
Grand total Proved + Probable 62.2 0.18 25.2 33.2 - - - -
Attributable 100% Attributable 100%
COPPER Tonnes Grade Copper Copper Tonnes Grade Copper Copper
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Australia Development Proved 1.4 0.75 10 10 - - - -
Probable 53.2 0.88 467 467 - - - -
Grand total Proved + Probable 54.6 0.88 478 478 - - - -
Attributable 100% Attributable 100%
ZINC4 Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Australia Operation Proved 10.1 3.05 308 308 18.7 2.95 553 553
Probable - - - - - - - -
Grand total Proved + Probable 10.1 3.05 308 308 18.7 2.95 553 553
Note: Mineral Reserves are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis
1 For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)
2 For the US PGM operations, PGM is represented by the 2E (Pt and Pd)
3 For the Lithium Mineral Reserves, Li (%) was derived from Li2O by dividing by a factor of 2.153. LCE content was calculated by multiplying
the Li (%) content by a factor of 5.323. Lithium Hydroxide Monohydrate (LiOH.H2O) can be derived from LCE by dividing by a factor of 0.88
4 Silver and lead content excluded, please refer to detailed operational tables
3. About our disclosure and related assumptions
The Group reports in accordance with both the JSE and the US Securities and Exchange Commission (SEC) rules
and guidelines for the estimation of Mineral Resources and Mineral Reserves at all managed operations,
development, and exploration properties. This specific disclosure is in compliance with the JSE rules, while the
SEC compliant version can be located at https://www.sibanyestillwater.com/download/reserves-resources-dec2025-nyse.
The exchange rate applied for the South African Mineral Resources and Mineral Reserves calculations as at 31
December 2025 is ZAR18.24:US$ (unchanged year-on-year). Other rates applied are US$1.12:EUR (unchanged
year-on-year), ZAR20.43:EUR (up from ZAR19.80:EUR at end 2024) and US$0.68:AUD (down from US$0.71:AUD at
end 2024).
Price assumptions as at 31 December 2025 for managed Mineral Resources & Mineral Reserves (excluding SA
gold Mineral Reserves)
31 Dec 2025 31 Dec 2024
MINERAL RESOURCES MINERAL RESERVES MINERAL RESERVES
Precious metals US$/oz R/oz R/kg US$/oz R/oz R/kg US$/oz R/oz R/kg
Gold1 2,650 48,336 1,554,037 2,421 44,159 1,419,745 1,750 31,920 1,026,251
Platinum 1,350 24,624 791,679 1,250 22,800 733,036 1,250 22,800 733,036
Palladium 1,350 24,624 791,679 1,150 20,976 674,394 1,150 20,976 674,394
Rhodium 5,000 91,200 2,932,146 4,500 82,080 2,638,931 4,500 82,080 2,638,931
Iridium 5,500 100,320 3,225,360 4,015 73,234 2,354,513 5,500 100,320 3,225,360
Ruthenium 450 8,208 263,893 400 7,296 234,572 400 7,296 234,572
Base and other metals US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne
Nickel 8.50 18,739 341,804 8.00 17,640 321,754 8.00 17,640 321,754
Copper 4.54 10,009 182,654 4.20 9,259 168,892 4.06 8,950 163,248
Cobalt 20.00 44,092 804,245 18.50 40,785 743,927 22.00 48,502 884,670
Zinc 1.30 2,866 52,276 1.20 2,646 48,255 1.15 2,535 46,244
Uranium oxide (U3O8)2 100.00 220,462 4,021,232 90.00 198,416 3,619,108 63.00 138,891 2,533,373
Chromium oxide (Cr2O3, 40.5% 0.11 250 4,560 0.10 230 4,195 0.10 230 4,195
UG2 conc.)2
Lithium hydroxide monohydrate 9.98 22,000 401,280 9.07 20,000 364,800 9.07 20,000 364,800
1 Long term (2030 onwards)
2 Long term contract prices
Price assumptions as at 31 December 2025 for Mineral Reserves at managed gold operations
2026 2027 2028 2029 Long Term
(US$/oz) 2,837 2,655 2,589 2,484 2,421
(R/kg) 1,663,911 1,557,089 1,518,355 1,456,397 1,419,745
4. Group Mineral Resources and Mineral Reserves per geographical region & commodity
4.1. Southern Africa
4.1.1. Platinum group metals
4.1.1.1. SA PGM operations
- Total 4E PGM Mineral Resources of 177.3Moz, a year-on-year decrease of -2.0%
- Total 4E PGM Mineral Reserves of 29.4Moz, a year-on-year increase of +4.7%
PGM Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
PGM Southern Africa Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Marikana1 Measured 75.7 4.2 10.2 12.6 81.1 4.3 11.1 13.8
Indicated 564.4 3.9 70.9 87.9 565.5 3.9 71.1 88.2
Measured + Indicated 640.1 3.9 81.1 100.6 646.6 4.0 82.3 102.0
Inferred 212.8 4.3 29.3 36.3 212.8 4.3 29.3 36.3
Rustenburg2 Measured 359.9 3.7 43.4 58.6 268.8 4.6 39.5 53.4
Indicated 93.5 5.0 14.9 20.2 92.6 5.0 14.7 19.9
Measured + Indicated 453.3 4.0 58.3 78.8 361.4 4.7 54.3 73.4
Inferred 11.1 5.6 2.0 2.7 11.1 5.6 2.0 2.7
Kroondal3 Measured - - - - 102.2 1.7 5.7 6.6
Indicated - - - - 4.8 3.3 0.5 0.6
Measured + Indicated - - - - 107.1 1.8 6.2 7.2
Inferred - - - - - - - -
Mimosa4 Measured 36.8 3.5 4.2 8.3 36.5 3.5 4.1 8.2
Indicated 8.2 3.6 0.9 1.9 8.9 3.6 1.0 2.0
Measured + Indicated 45.0 3.5 5.1 10.2 45.4 3.5 5.1 10.3
Inferred 13.4 3.4 1.5 3.0 14.5 3.4 1.6 3.2
Total Measured + Indicated 1,138.4 3.9 144.5 189.6 1,160.5 4.0 147.9 192.8
Grand total 1,375.7 4.0 177.3 231.5 1,398.9 4.0 180.8 235.0
PGM Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
PGM Southern Africa Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Marikana1 Proved 30.1 3.7 3.5 4.4 17.7 3.9 2.2 2.7
Probable 167.9 2.8 15.2 18.9 125.8 3.4 13.9 17.3
Proved + Probable 198.0 2.9 18.8 23.3 143.5 3.5 16.1 20.0
Rustenburg2 Proved 77.2 3.4 8.5 11.4 76.6 3.6 8.8 11.9
Probable 9.5 2.7 0.8 1.1 19.9 1.6 1.0 1.4
Proved + Probable 86.7 3.3 9.3 12.6 96.5 3.2 9.8 13.2
Kroondal3 Proved - - - - 9.1 2.5 0.7 0.8
Probable - - - - - - - -
Proved + Probable - - - - 9.1 2.5 0.7 0.8
Mimosa4 Proved 11.6 3.4 1.3 2.5 12.0 3.4 1.3 2.6
Probable 0.9 3.4 0.1 0.2 1.4 3.3 0.2 0.3
Proved + Probable 12.5 3.4 1.4 2.7 13.5 3.4 1.5 2.9
Grand total Proved + Probable 297.2 3.1 29.4 38.6 262.5 3.3 28.1 37.0
1
80.64% Attributable, managed; 274% Attributable, managed; 387% Attributable, managed; 450% Attributable, non-managed
The Mineral Resources were largely stable, only
impacted by mining depletion. Noteworthy is that
the Kroondal and SRPM Mineral Resources and
Mineral Reserves have been consolidated under
SRPM due to the amalgamation of the operations.
A detailed reconciliation of the 2024 to 2025 SA
PGM operations Mineral Reserves is shown in the
table below.
SA PGM operations – Mineral Reserves reconciliation For the Mineral Reserves, apart from depletion
4E PGM (-1.8Moz), the following aspects informed the
Factors (Moz) changes:
31 Dec 2024 28.1 - Marikana operation, where the E4 Mechanised
UG2 project, for which a feasibility study has
Depletion -1.8 been completed, has been included in the
Post depletion 26.3 Mineral Reserves for the first time (+2.9Moz). This
project is a capital efficient, high margin,
Area inclusions/exclusions (E4, KTD1) 3.5 shallow, mechanised room and pillar,
Geological interpretation -0.1 brownfields opportunity
Estimation methodology -0.1 - The inclusion of the Marikana KTD1 TSF (+0.6Moz)
- Minor adjustments due to geological
Economic valuation -0.1 interpretation, estimation methodology,
Modifying factors -0.2 economic valuation and a change in modifying
factors (-0.5Moz)
31 Dec 2025 29.4
4.1.1.2. SA PGM exploration projects
- Total 4E PGM Mineral Resources of 51.5Moz, unchanged year-on-year
PGM Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
PGM Southern Africa Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Exploration Akanani1 Measured - - - - - - - -
Indicated 164.5 4.2 22.0 27.5 164.5 4.2 22.0 27.5
Measured + Indicated 164.5 4.2 22.0 27.5 164.5 4.2 22.0 27.5
Inferred 87.9 3.4 9.6 12.0 87.9 3.4 9.6 12.0
Limpopo2 Measured 1.8 4.2 0.2 0.3 1.8 4.2 0.2 0.3
Indicated 80.0 4.1 10.5 17.6 80.0 4.1 10.5 17.6
Measured + Indicated 81.7 4.1 10.7 17.9 81.7 4.1 10.7 17.9
Inferred 70.9 4.0 9.2 14.2 70.9 4.0 9.2 14.2
Total Measured + Indicated 246.2 4.1 32.7 45.4 246.2 4.1 32.7 45.4
Grand total 405.0 4.0 51.5 71.6 405.0 4.0 51.5 71.6
1 80.13% Attributable, managed, 2Attributable for Baobab and Doornvlei (80.64%), and Dwaalkop (40.32%)
4.1.2. Gold
4.1.2.1. SA gold operations
- Total gold Mineral Resources of 27.5Moz, a year-on-year decrease of -31.5%
- Total gold Mineral Reserves of 6.7Moz, a year-on-year decrease of -10.8%
Gold Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Kloof Measured 7.6 7.6 1.9 1.9 26.5 11.4 9.8 9.8
Indicated 11.1 6.1 2.2 2.2 22.9 6.5 4.8 4.8
Measured + Indicated 18.7 6.7 4.0 4.0 49.4 9.2 14.5 14.5
Inferred 2.4 4.8 0.4 0.4 6.2 5.3 1.0 1.0
Driefontein Measured 17.5 11.8 6.6 6.6 18.1 12.6 7.3 7.3
Indicated 8.9 9.0 2.6 2.6 9.2 8.9 2.6 2.6
Measured + Indicated 26.4 10.8 9.2 9.2 27.3 11.4 10.0 10.0
Inferred 3.3 6.0 0.6 0.6 3.4 6.4 0.7 0.7
Beatrix Measured 18.5 5.9 3.5 3.5 18.9 6.0 3.6 3.6
Indicated 24.6 5.2 4.1 4.1 23.1 5.1 3.8 3.8
Measured + Indicated 43.2 5.5 7.6 7.6 42.0 5.5 7.4 7.4
Inferred 4.3 4.9 0.7 0.7 1.7 4.9 0.3 0.3
Cooke1 Measured 151.3 0.3 1.2 1.6 155.0 0.3 1.3 1.7
Indicated 42.3 0.3 0.4 0.6 41.7 0.3 0.4 0.5
Measured + Indicated 193.5 0.3 1.7 2.2 196.8 0.3 1.7 2.2
Inferred - - - - - - - -
DRDGOLD2 Measured 197.3 0.3 2.0 3.9 220.7 0.3 2.2 4.3
Indicated 162.9 0.3 1.3 2.6 282.1 0.2 2.2 4.5
Measured + Indicated 360.2 0.3 3.3 6.6 502.8 0.3 4.4 8.8
Inferred 11.1 0.1 0.03 0.1 10.7 0.2 0.1 0.2
Total Measured + Indicated 642.0 1.2 25.8 29.6 818.3 1.4 38.1 43.0
Grand total 663.1 1.3 27.5 31.3 840.3 1.5 40.2 45.2
Gold Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Kloof Proved 0.7 4.3 0.1 0.1 6.6 5.8 1.2 1.2
Probable - - - - 2.4 5.2 0.4 0.4
Proved + Probable 0.7 4.3 0.1 0.1 8.9 5.6 1.6 1.6
Driefontein Proved 6.6 6.6 1.4 1.4 5.6 6.9 1.2 1.2
Probable 3.9 7.6 1.0 1.0 5.4 6.8 1.2 1.2
Proved + Probable 10.5 7.0 2.4 2.4 11.0 6.8 2.4 2.4
Beatrix Proved 5.6 3.1 0.6 0.6 4.6 3.9 0.6 0.6
Probable 2.1 3.3 0.2 0.2 1.4 2.6 0.1 0.1
Proved + Probable 7.7 3.1 0.8 0.8 6.0 3.6 0.7 0.7
Cooke1 Proved - - - - - - - -
Probable 67.6 0.3 0.6 0.8 5.4 0.3 0.04 0.1
Proved + Probable 67.6 0.3 0.6 0.8 5.4 0.3 0.04 0.1
DRDGOLD2 Proved 168.3 0.3 1.7 3.4 181.1 0.3 1.8 3.6
Probable 148.1 0.2 1.2 2.4 105.0 0.3 0.9 1.7
Proved + Probable 316.4 0.3 2.9 5.7 286.1 0.3 2.7 5.4
Grand total Proved + Probable 402.9 0.5 6.7 9.7 317.5 0.7 7.5 10.2
1 76% Attributable, managed, 250.10% Attributable, non-managed and based on a gold price of ZAR1,689,997/kg
The change in the Mineral Resources, apart from For the Mineral Reserves, apart from depletion
mining depletion, were principally driven by: (-0.6Moz), the following aspects informed the
- Kloof operation, due to the exclusion of Mineral changes:
Resources below 35 level (due to 7 shaft closure) - Kloof operation, where production constraints,
and the exclusion of the majority of high-grade including geotechnical considerations which led
VCR Resources due to rock engineering to the removal of isolated blocks of ground,
constraints have impacted the economic viability of the
- Driefontein operation, due to the exclusion of operation, leading to a writedown of the
inaccessible areas relating to infrastructure majority of the Mineral Reserves (1.4Moz)
constraints at 8 shaft - Driefontein operation, where the depletion
- DRDGOLD, with the removal of the (0.2Moz) was offset by one year life extensions at
Daggafontein TSF due to being reclassified as a 4 shaft and 5 shaft (0.3Moz)
depositional site; and the Grootvlei TSF due to - Beatrix operation, where the LoM was extended
regulatory and legal considerations by three years through the inclusion of below
infrastructure mining, an extension into the
A detailed reconciliation of the 2024 to 2025 SA Vlakpan area and a reduced production rate
Gold operations Mineral Reserves is shown in the - Cooke operation, where the gold content from
below table. the Cooke TSF uranium project is included for
the first time following the successful feasibility
SA gold operations – Mineral Reserves reconciliation study
Factors Gold (Moz) - DRDGOLD, where the Daggafontein TSF
(0.7Moz) was excluded, and the Crown
31 Dec 2024 7.5 Complex (1.1Moz) was added
Depletion -0.6
Post depletion 6.9
Area inclusions/exclusions 0.6
Attributable adjustment 0.3
Geological interpretation -0.2
Economic parameters -0.9
31 Dec 2025 6.7
4.1.2.2. SA gold - Burnstone development project
- Total gold Mineral Resources of 8.9Moz, a year-on-year increase of +2.5%
- Total gold Mineral Reserves of 2.7Moz, a year-on-year increase of +7.2%
Gold Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Development Burnstone Measured 0.9 5.6 0.2 0.2 0.9 5.5 0.2 0.2
Indicated 24.9 5.8 4.7 4.7 24.7 5.8 4.6 4.6
Measured + Indicated 25.9 5.8 4.8 4.8 25.6 5.8 4.8 4.8
Inferred 28.7 4.4 4.0 4.0 27.8 4.3 3.9 3.9
Grand total 54.5 5.0 8.9 8.9 53.3 5.0 8.6 8.6
Gold Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Development Burnstone Proved - - - - - - - -
Probable 19.9 4.2 2.7 2.7 20.0 4.0 2.5 2.5
Grand total Proved + Probable 19.9 4.2 2.7 2.7 20.0 4.0 2.5 2.5
A feasibility study into the re-commencement of
construction at the Burnstone project is ongoing, SA gold development – Mineral Reserves reconciliation
with a decision expected during 2026. As part of Factors Gold (Moz)
this work, the Mineral Resource and Mineral Reserve
estimates were revisited, leading to minor upward 31 Dec 2024 2.5
adjustments, largely relating to a change in Area inclusions/exclusions 0.2
geological domaining and mine design and 31 Dec 2025 2.7
scheduling.
4.1.2.3. SA gold - Southern Free State (SOFS) exploration project
- Total gold Mineral Resources of 6.9Moz, unchanged year-on-year
Gold Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Exploration SOFS Measured - - - - - - - -
Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Measured + Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Inferred 4.0 3.6 0.5 0.5 4.0 3.6 0.5 0.5
Grand total 48.1 4.4 6.9 6.9 48.1 4.4 6.9 6.9
The SOFS project in the Free State, adjacent to our Beatrix mining right, remains a fully mining permitted project.
4.1.3. Uranium exploration projects
- Total uranium oxide (U3O8) Mineral Resources of 59.3Mlb, effectively unchanged year-on-year
- A maiden uranium oxide (U3O8) Mineral Reserve of 25.2Mlb
Uranium Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
URANIUM Southern Africa Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U3O8
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Exploration Beatrix (Beisa) Measured 3.6 1.09 8.5 8.5 3.6 1.09 8.5 8.5
Indicated 7.8 1.07 18.3 18.3 7.8 1.07 18.3 18.3
Measured + Indicated 11.4 1.07 26.9 26.9 11.4 1.07 26.9 26.9
Inferred 0.04 1.10 0.1 0.1 0.04 1.10 0.1 0.1
Operations Cooke1 Measured 59.0 0.19 24.5 32.2 60.3 0.19 24.7 32.5
Indicated 40.6 0.09 7.8 10.3 39.7 0.09 7.6 9.9
Measured + Indicated 99.6 0.15 32.3 42.5 100.0 0.15 32.2 42.4
Inferred - - - - - - - -
Total Measured + Indicated 110.9 0.24 59.2 69.4 111.4 0.24 59.1 69.3
Grand total 111.0 0.24 59.3 69.5 111.4 0.24 59.2 69.4
Uranium Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
URANIUM Southern Africa Tonnes Grade U3O8 U3O8 Tonnes Grade U3O8 U3O8
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Operations Cooke1 Proved - - - - - - - -
Probable 62.2 0.18 25.2 33.2 - - - -
Grand total Proved + Probable 62.2 0.18 25.2 33.2 - - - -
1 76% Attributable, managed
The feasibility study into the exploitation of the Cooke TSF (gold and uranium) was completed, leading to a
maiden uranium Mineral Reserve. The gold Mineral Resources and Mineral Reserves within the TSF is reported
within the SA gold tables.
The Beisa Mineral Resource, previously reported as subject to a pending transaction with Neo Energy Metals,
expected to close in 2026, is still included.
4.2. Americas
4.2.1. Platinum group metals (PGM)
4.2.1.1. US PGM operations
- Total 2E PGM Mineral Resources of 80.9Moz, a year-on-year increase of +2.2%
- Total 2E PGM Mineral Reserves of 19.4Moz, a year-on-year increase of +2.1%
PGM Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
PGM Americas Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Stillwater and Measured 41.0 15.4 20.2 20.2 37.3 15.5 18.6 18.6
East Boulder Indicated 44.1 13.8 19.6 19.6 41.5 14.6 19.4 19.4
Measured + Indicated 85.1 14.6 39.8 39.8 78.7 15.0 38.1 38.1
Inferred 96.5 13.2 41.1 41.1 91.2 14.0 41.1 41.1
Grand total 181.6 13.9 80.9 80.9 170.0 14.5 79.1 79.1
PGM Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
PGM Americas Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Stillwater and Proved 7.9 14.8 3.7 3.7 9.5 13.1 4.0 4.0
East Boulder Probable 37.1 13.1 15.6 15.6 35.1 13.3 15.0 15.0
Grand total Proved + Probable 45.0 13.4 19.4 19.4 44.5 13.3 19.0 19.0
2E PGM = Pt (22%) + Pd (78%)
The year-on-year change in Mineral Resources, For the Mineral Reserves, apart from depletion
apart from mining depletion, were primarily driven (-0.3Moz), the following aspects informed the
by an adjustment in estimation methodology and changes:
an update to the geological loss calculation. - Area inclusions due to Mineral Resource
expansion, an adjustment in estimation
A detailed reconciliation of the 2024 to 2025 US methodology, revised economic valuation and
PGM operations Mineral Reserves is shown in the a change in modifying factors (0.7Moz)
below table.
US PGM operations – Mineral Reserves reconciliation
2E PGM
Factors (Moz)
31 Dec 2024 19.0
Depletion -0.3
Post depletion 18.7
Area inclusions/exclusions 0.4
Estimation methodology 1.3
Economic valuation -0.2
Modifying factors -0.8
31 Dec 2025 19.4
4.2.1.2. US PGM - Marathon exploration project
- Total 2E PGM Mineral Resources of 0.7Moz, a year-on-year decrease of -12.7%
PGM Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
PGM Americas Tonnes PGM PGM Copper Copper Tonnes PGM PGM Copper Copper
(Mt) (g/t) (Moz) (%) (kt) (Mt) (g/t) (Moz) (%) (kt)
Exploration Marathon1 Measured 19.9 0.7 0.5 0.20 39 22.0 0.8 0.6 0.20 45
Indicated 9.7 0.5 0.2 0.21 21 10.0 0.6 0.2 0.22 22
Measured + Indicated 29.6 0.7 0.6 0.20 60 31.9 0.7 0.7 0.21 67
Inferred 3.6 0.5 0.1 0.22 8 4.0 0.5 0.1 0.23 9
Grand total 33.3 0.7 0.7 0.21 68 35.9 0.7 0.8 0.21 76
1 12.14% Attributable, non-managed, excluding gold and silver by-products which are not considered economically material. Reported
within an optimised pit shell at a cut-off net smelter royalties (NSR) value of C$13.60/t (Marathon), and C$13/t (Geordie and Sally). Based on
US$ metal prices of US$1,550/oz for palladium, US$1,100/oz for platinum, US$4.50/lb for copper, US$2,300/oz for gold and US$27/oz for silver
and US$:C$ of 0.74(Marathon). Based on US$ metal prices of US$1,600/oz for palladium, US$900/oz for platinum, US$3.00/lb for copper,
US$1,500/oz for gold and US$18/oz for silver and US$:C$ of 0.77(Geordie and Sally).The NSR estimates for the project use flotation recoveries
of 94.0% for copper, 89.5% for palladium, 84.0% for platinum, 83.1% for gold, 68.0% for silver and smelter payables of 96.5% for copper, 95.0%
for palladium, 93.0% for platinum, 93.5% for gold and 93.5% for silver. The open-pit optimisation used a mining cost of C$2.90/t, combined
processing, general and administration, sustaining capital, rehabilitation and closure of C$13.60/t with pit slopes of 50º
The Mineral Resource estimate for the Marathon project in Canada has been updated as part of a revised NI
43-101 compliant feasibility study, leading to a small upward adjustment at the Marathon deposit.
The Group's shareholding in Generation Mining Ltd changed from 13.85% to 12.14% during the year, resulting in
the associated decrease in attributable Mineral Resources.
4.2.2. Battery metals
4.2.2.1. Rhyolite Ridge lithium exploration project
Lithium Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
LITHIUM Americas Tonnes Li LCE H3BO3 H3BO3 Tonnes Li LCE H3BO3 H3BO3
(Mt) (%) (kt) (%) (kt) (Mt) (%) (kt) (%) (kt)
Exploration Rhyolite Ridge1 Measured - - - - - 4.6 0.18 45 5.22 243
Indicated - - - - - 11.3 0.17 102 3.33 377
Measured + Indicated - - - - - 16.0 0.17 147 3.88 619
Inferred - - - - - 5.8 0.18 54 3.01 174
Grand total - - - - - 21.8 0.17 201 3.65 793
As announced on 26 February 2025, Sibanye-Stillwater chose not to proceed with Ioneer Ltd in the joint venture
to develop the Rhyolite Ridge Lithium-Boron project. The Group also divested of its 6.19% equity interest in
Ioneer Ltd, resulting in no attributable Mineral Resources being recognised.
4.2.2.2. Altar copper exploration project
- Total copper Mineral Resources of 4,549kt, a year-on-year decrease of -35.3%
Copper Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
COPPER Americas Tonnes Copper Copper Gold Gold Tonnes Copper Copper Gold Gold
(Mt) (%) (kt) (g/t) (Moz) (Mt) (%) (kt) (g/t) (Moz)
Exploration Altar1 Measured 250.7 0.42 1,053 0.1 0.9 387.2 0.42 1,626 0.1 1.3
Indicated 510.0 0.41 2,093 0.1 0.9 787.8 0.41 3,233 0.1 1.4
Measured + Indicated 760.7 0.41 3,146 0.1 1.8 1,175.1 0.41 4,859 0.1 2.7
Inferred 383.0 0.37 1,404 0.04 0.5 591.6 0.37 2,168 0.04 0.8
Grand total 1,143.7 0.40 4,549 0.1 2.3 1,766.6 0.40 7,027 0.1 3.6
1 31.47% Attributable, non-managed. Contained within a conceptual pit shell, using cut-off grades based on a net smelter return (NSR) and
metal prices of $3.75/lb copper, $1,800/oz gold, $23.00/oz silver
Aldebaran Resources Ltd (Aldebaran), the operator of the project, has acquired an additional 20% interest in
the Altar project, after satisfying the requisite earn-in expenditure threshold, bringing its total interest to 80% (up
from 60% as at 31 December 2024). Following this, the Group's combined attributable interest of 31.47% (48.61%
in 2024) derives from a 14.34% equity interest in Aldebaran and a direct 20% (40% in 2024) project level interest.
This has led to a reduction in attributable Group Mineral Resources.
Noteworthy is that Aldebaran has completed a Preliminary Economic Assessment (PEA) during the year for an
open pit mining operation of what is one of the largest undeveloped copper Mineral Resources worldwide.
4.3. Europe
4.3.1. Battery metals
4.3.1.1. Keliber lithium development project
- LCE Mineral Resources of 510kt, a year-on-year increase of +8.4%
- LCE Mineral Reserves of 248kt, unchanged year-on-year
Lithium Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
LITHIUM Europe Tonnes Li Li2O LCE LCE Tonnes Li Li2O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Development Keliber1 Measured 3.3 0.61 1.31 106 133 3.3 0.62 1.33 108 135
Indicated 9.7 0.55 1.18 282 353 8.0 0.57 1.22 241 302
Measured + Indicated 12.9 0.56 1.21 388 486 11.3 0.58 1.25 349 437
Inferred 4.3 0.54 1.16 123 154 4.5 0.51 1.10 122 153
Grand total 17.2 0.56 1.20 510 640 15.8 0.56 1.21 471 590
Lithium Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
LITHIUM Europe Tonnes Li Li2O LCE LCE Tonnes Li Li2O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Development Keliber1 Proved 3.5 0.51 1.09 93 117 3.5 0.51 1.09 93 117
Probable 6.9 0.42 0.91 155 195 6.9 0.42 0.91 155 195
Grand total Proved + Probable 10.3 0.45 0.97 248 311 10.3 0.45 0.97 248 311
1 79.82% Attributable, managed
The increase in Mineral Resource is due to ongoing, (reduced to 0.18% Li2O), to bring it in line with the
successful exploration activities which led to the latest estimated mining cut-off grades.
identification of further mineralisation at the
Leviäkangas and Tuoreetsaaret deposits. This The Mineral Reserves at the Syväjärvi and Rapasaari
prompted a Mineral Resource estimate update open pit mines for the first 18 years of the
(+40kt). In parallel, adjustments have also been production are unchanged.
made to our Mineral Resource cut-off grade
4.4. Australia
4.4.1. Zinc tailings retreatment
4.4.1.1. Century zinc operation (including on-lease in-situ exploration projects)
- Zinc Mineral Resources of 963kt, a year-on-year decrease of -17.4%
- Zinc Mineral Reserves of 308kt, a year-on-year decrease of -44.2%
Zinc Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025
ZINC Australia Tonnes Zinc Zinc Silver Silver Lead Lead
(Mt) (%) (kt) (g/t) (Moz) (%) (kt)
Operations Century Measured 12.8 3.09 395 16.4 6.7 0.6 73
Indicated - - - - - - -
Measured + Indicated 12.8 3.09 395 16.4 6.7 0.6 73
Inferred - - - - - - -
Exploration Century Measured 1.0 4.80 48 56.0 1.8 5.4 54
Indicated 8.9 5.66 504 44.4 12.7 2.4 211
Measured + Indicated 9.9 5.58 552 45.6 14.5 2.7 265
Inferred 0.6 2.67 16 31.1 0.6 6.2 37
Total Measured + Indicated 22.7 4.18 947 29.1 21.2 1.5 338
Grand total 23.3 4.14 963 29.2 21.8 1.6 375
31 Dec 2024
ZINC Australia Tonnes Zinc Zinc Silver Silver Lead Lead
(Mt) (%) (kt) (g/t) (Moz) (%) (kt)
Operations Century Measured 19.6 3.06 598 15.3 9.6 0.5 102
Indicated - - - - - - -
Measured + Indicated 19.6 3.06 598 15.3 9.6 0.5 102
Inferred - - - - - - -
Exploration Century Measured 1.0 4.80 48 56.0 1.8 5.4 54
Indicated 8.9 5.66 504 44.4 12.7 2.4 211
Measured + Indicated 9.9 5.58 552 45.6 14.5 2.7 265
Inferred 0.6 2.67 16 31.1 0.6 6.2 37
Total Measured + Indicated 29.5 3.90 1,150 25.4 24.1 1.2 367
Grand total 30.1 3.88 1,166 25.6 24.7 1.3 404
Zinc Mineral Reserves
31 Dec 2025
ZINC Australia Tonnes Zinc Zinc Silver Silver Lead Lead
(Mt) (%) (kt) (g/t) (Moz) (%) (kt)
Operations Century Proved 10.1 3.05 308 15.7 5.1 0.6 57
Probable - - - - - - -
Grand total Proved + Probable 10.1 3.05 308 15.7 5.1 0.6 57
31 Dec 2024
ZINC Australia Tonnes Zinc Zinc Silver Silver Lead Lead
(Mt) (%) (kt) (g/t) (Moz) (%) (kt)
Operations Century Proved 18.7 2.95 553 14.3 8.6 0.5 97
Probable - - - - - - -
Grand total Proved + Probable 18.7 2.95 553 14.3 8.6 0.5 97
The year-on-year change in Mineral Resources and Mineral Reserves were driven solely by mining depletion of
the finite TSF Mineral Reserves. The TSF will be depleted by mid-2027, and the Group is studying commercial
options (regional phosphate mining partnerships) to extend the life of the significant fixed infrastructure which
includes a processing plant, pipeline, port facility and maritime shipping vessel.
4.4.1.1. Mt Lyell copper project
- Copper Mineral Resources of 882kt, unchanged year-on-year
- A maiden copper Mineral Reserve of 478kt
Copper Mineral Resources Inclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
COPPER Australia Tonnes Copper Copper Gold Gold Tonnes Copper Copper Gold Gold
(Mt) (%) (kt) (g/t) (Moz) (Mt) (%) (kt) (g/t) (Moz)
Development Mt Lyell Measured 3.7 0.93 35 0.2 0.03 3.7 0.93 35 0.2 0.03
Indicated 75.1 0.96 724 0.3 0.6 75.1 0.96 724 0.3 0.6
Measured + Indicated 78.8 0.96 759 0.3 0.6 78.8 0.96 759 0.3 0.6
Inferred 14.2 0.86 123 0.3 0.1 14.2 0.86 123 0.3 0.1
Grand total 93.1 0.95 882 0.2 0.7 93.1 0.95 882 0.2 0.7
Copper Mineral Reserves
31 Dec 2025 31 Dec 2024
COPPER Australia Tonnes Copper Copper Grade Gold Tonnes Copper Copper Grade Gold
(Mt) (%) (kt) (g/t) (Moz) (Mt) (%) (kt) (g/t) (Moz)
Development Mt Lyell Proved 1.4 0.75 10 0.2 0.01 - - - - -
Probable 53.2 0.88 467 0.2 0.4 - - - - -
Grand total Proved + Probable 54.6 0.88 478 0.2 0.4 - - - - -
The Class 2 feasibility study into the reopening of the historic Mt Lyell mine in Tasmania has been concluded,
leading to a maiden copper-gold Mineral Reserve. The project envisages a 3Mtpa operation, with an initial 23
year LoM, producing approximately 26ktpa of copper and 16kozpa of gold in concentrate.
5. Corporate governance
This Mineral Reserves and Mineral Resources declaration represents a condensed and consolidated summary
of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration, available in the Group
Mineral Resources and Mineral Reserves Report. The report will be published on 24 April 2026 and will be
available at www.sibanyestillwater.com/news-investors/reports/annual/.
The Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by
fluctuations in mineral prices, exchange rates, operating costs, mining permits, changes in legislation and
operating factors.
Sibanye-Stillwater prepares and reports its Mineral Resources and Mineral Reserves in accordance with the
SAMREC Code, the updated Section 12 of the JSE Listings Requirements, and the SEC regulation S-K Sub-part
1300. For non-managed mineral properties, Mineral Resources and Mineral Reserves are in certain cases
prepared under different codes, such as JORC and NI 43-101. These codes are closely aligned with SAMREC,
and form part of CRIRSCO (Committee for Mineral Reserves International Reporting Standards). Therefore, the
estimates are deemed to be consistent with SAMREC and S-K1300.
Production volumes are reported in metric tonnes (t). By-product metals that do not constitute material
contribution to potential revenue flows are typically excluded from the estimates, but are included in the
economic assessments.
All financial models used to determine the managed Mineral Reserves are based on current tax regulations as
at 31 December 2025. Rounding of figures may result in minor computational discrepancies. Where this
happens, it is not deemed significant.
There are Competent Persons (CPs), designated in terms of the respective national reporting codes, who take
responsibility for the reporting of Mineral Resources and Mineral Reserves at the respective operations and
projects. Corporate governance on the overall compliance of the Group's figures and responsibility for the
generation of a Group consolidated statement has been overseen by the Group's lead CP, included below.
The Group has the written confirmation of the lead CP that the information, as disclosed in this report, is
compliant with the relevant security exchanges' listing requirements (Section 14 of the JSE listing requirements,
SAMREC Table 1 and the US SEC SK1300), and that it may be published in the form and context in which it was
intended.
For the managed operations, Stephan Stander, full-time employee of Sibanye-Stillwater is the Group Lead CP
for Mineral Resources and Mineral Reserves. Stephan is a registered member of the South African Council for
Natural Scientific Professions (SACNASP 400089/96).
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
EVP: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
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 a suite
of metals 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 also diversified into battery metals mining and processing and has
increased its presence in the circular economy by growing its recycling and tailings reprocessing exposure
globally. For more information refer to www.sibanyestillwater.com.
Ends.
6. 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", "potential", "may", "could", "believe", "aim", "anticipate",
"intend", "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,
business strategies and other strategic initiatives, business prospects, industry forecasts, objectives, capital expenditures, projected costs
and anticipated cost savings, financing plans, dept 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 (including Metallix), as well as at existing operations; the
ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater's business strategy and
exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent
sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with requirements that it operate in
ways that provide progressive benefits to affected communities; changes in the market price of gold, silver, PGMs, battery metals (e.g.,
nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements; the
occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa's credit rating; the impact
of South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater's properties by claimants to land under restitution
and other legislation; Sibanye-Stillwater's ability to implement its strategy and any changes thereto; the outcome of legal challenges to the
Group's mining or other land use rights; the 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, or maintain required board gender diversity; failure
of Sibanye-Stillwater's information technology, communications and systems, evolving cyber threats to Sibanye-Stillwater's operations and
the impact of cybersecurity incidents or breaches; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or
natural or man-made disaster in surrounding mining communities, including informal settlements in the vicinity of some of Sibanye-
Stillwater's South African-based operations; and the impact of contagious diseases, including global pandemics.
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the
Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the 2024 Integrated Report and the
Annual Financial Report for the fiscal year ended 31 December 2024 on Form 20-F filed with the United States Securities and Exchange
Commission on 25 April 2025 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or
undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements
have not been reviewed or reported on by the Group's external auditors.
Non-IFRS Measures
The information contained in this document may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted
EBITDA margin, AISC, AIC, and normalised earnings. These measures may not be comparable to similarly-titled measures used by other
companies and are not measures of Sibanye-Stillwater's financial performance under IFRS. 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 document 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's external auditors.
Mineral Resources and Mineral Reserves
Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in accordance with the rules and regulations promulgated by the JSE
and United States Securities and Exchange Commission at all managed operations, development and exploration properties. Any material
changes to the Group's Technical Report Summaries will be filed with its annual report on Form 20-F for the year ended 31 December 2025.
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: 17-02-2026 04:17:00
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