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SIBANYE GOLD LIMITED - Operating update for the quarter ended 31 March 2018

Release Date: 03/05/2018 08:00
Code(s): SGL     PDF:  
Wrap Text
Operating update for the quarter ended 31 March 2018

SIBANYE GOLD LIMITED                        
Trading as SIBANYE-STILLWATER               
Incorporated in the Republic of South Africa
Registration number 2002/031431/06          
Share code: SGL                             
Issuer code: SGL                            
ISIN: ZAE E000173951     

Operating update for the quarter ended 31 March 2018

Johannesburg, 3 May 2018: Sibanye Gold Limited trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group) (JSE: SGL & NYSE: SBGL)
is pleased to present an operating update for the quarter ended 31 March 2018. Financial results are only provided on a six-monthly basis.

SALIENT FEATURES FOR THE QUARTER ENDED 31 MARCH 2018

-   Solid Group operating performance with significant benefits from strategic commodity and geographic diversification
-   30% year-on-year increase in Group adjusted EBITDA to R1,575 million (US$132 million)
-   Strong rand impacting negatively on the Southern Africa (SA) region margins
-   United States (US) region performing strongly, contributing 60% of Group adjusted EBITDA
-   SA PGM operations deliver further operational gains, with significantly improved unit cost performance resulting in positive cash flow
-   SA gold operations impacted by poor safety performance with unit costs increasing by 4%
-   Net debt: adjusted EBITDA(1,3) at end of March 2018 improved by 8%, decreasing from 2.6x at end of 2017 to 2.4x

         US dollar                                                                            SA rand
       Quarter ended                                                                        Quarter ended
 Mar 2017  Dec 2017  Mar 2018                      KEY STATISTICS                      Mar 2018  Dec 2017   Mar 2017
                                           SOUTHERN AFRICA (SA) REGION
                                                 PGM operations
  286,716   297,452   286,194   oz               4E PGM(2) production           kg        8,902     9,252      8,918
      917       997     1,073   US$/4Eoz        Average basket price        R/4Eoz       12,839    13,594     12,109
     16.6      43.6      21.6   US$m              Adjusted EBITDA(3)            Rm        258.3     593.6      219.8
        7        16         9   %              Adjusted EBITDA margin(3)         %            9        16          7
      802       781       851   US$/4Eoz        All-in sustaining cost(4)   R/4Eoz       10,186    10,641     10,590
                                                 Gold operations
  330,100   342,200   291,500   oz                 Gold produced                kg        9,068    10,640     10,266
    1,215     1,269     1,320   US$/oz           Average gold price           R/kg      507,719   556,297    515,998
     75.0     122.9      31.3   US$m              Adjusted EBITDA(3)            Rm        374.2   1,675.3      990.8
       18        28         8   %              Adjusted EBITDA margin(3)         %            8        28         18
    1,163     1,078     1,336   US$/oz          All-in sustaining cost(4)     R/kg      513,829   472,293    493,872
                                            UNITED STATES (US) REGION
                                                 PGM operations(5)
        -   147,046   148,549   oz               2E PGM(2) production           kg        4,620     4,574          -
            193,397   191,404   oz                 PGM recycling(5)             kg        5,953     6,015          -
        -       980     1,027   US$/2Eoz        Average basket price        R/2Eoz       12,289    13,360          -
        -      72.4      78.8   US$m              Adjusted EBITDA(3)            Rm        942.4     986.2          -
        -        26        26   %              Adjusted EBITDA margin(3)         %           26        26          -
        -       629       632   US$/2Eoz        All-in sustaining cost(4)   R/2Eoz        7,559     8,656          -
                                                      GROUP
     91.6     238.9     131.7   US$m              Adjusted EBITDA(3)            Rm      1,574.9   3,255.1    1,210.6
    13.21     13.63     11.96   R/US$          Average exchange rate

(1) For the purposes of calculating the Net Debt: Adjusted EBITDA ratio, Adjusted EBITDA is calculated over the immediately preceding 12 months. Net Debt excludes Burnstone cash and debt
    due to the non-recourse nature of the financing as explained in the 2017 Annual Financial Statements. Adjusted EBITDA as reported is an accounting calculation based on financial results
    from the date of acquisition and consolidation.
(2) The Platinum Group Metals (PGM) production in the SA Region is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US Region is principally platinum
    and palladium, referred to as 2E (2PGM)
(3) The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the definitions in Sibanye-Stillwater's revolving credit facility agreements. Adjusted
    EBITDA is a pro forma number for JSE Listings Requirements purposes. It not an IFRS measure and is for illustrative purposes only and is the responsibility of the directors. For a reconciliation of
    the components of Adjusted Ebitda, please refer to note 24.10 on page 89 of the 2017 Group Annual Financial Statements available at https://www.sibanyestillwater.com/investors/financial-
    reporting/annual-reports/2017. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
(4) See "salient features and cost benchmarks for the quarter ended" on page 6 and 7 for the definition of All-in sustaining cost
(5) The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations' underground
    production, the operation treats recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM recycling represents
    palladium, platinum, and rhodium ounces fed to the furnace

Stock data for the quarter ended 31 March 2018               JSE Limited - (SGL)
Number of shares in issue                                    Price range per ordinary share                           R11.22 to R16.64
- at 31 March 2018                           2,178,647,129   Average daily volume                                     9,527,340
- weighted average                           2,257,612,321   NYSE - (SBGL); one ADR represents four ordinary shares
Free Float                                   78%             Price range per ADR                                      US$3.70 to US$5.27
Bloomberg/Reuters                            SGLS/SGLJ.J     Average daily volume                                     3,765,983

OVERVIEW AND UPDATE FOR THE QUARTER ENDED 31 MARCH 2018 COMPARED WITH THE QUARTER ENDED 31 MARCH 2017

During a difficult period, in which margins of the South African mining industry have been negatively impacted by a relatively strong
rand (ZAR), the benefits from our strategic commodity and geographical diversification during the last two years are clearly evident.

Another solid operating performance by the SA and US PGM operations offset a challenging quarter for the SA gold operations,
which were impacted by a lower average rand gold price and a number of safety related stoppages and operational disruptions
(including the power failure at Beatrix). The March quarter is seasonally the most challenging for the SA mining industry, due to a
slower start and build-up to normal production levels post the December break. Despite the impact of the strong ZAR on revenues
from our SA operations, Group adjusted earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) for the
March 2018 quarter, increased by 30% to R1,575 million (US$132 million), relative to the comparable quarter in 2017. The Group PGM
operations, which benefitted from increasing palladium and rhodium prices, delivered 76% of Group adjusted EBITDA.

Following another good operating performance, the US PGM operations reported adjusted EBITDA of US$79 million (R942 million),
which was 9% higher in dollar terms than the December 2017 quarter and accounted for 60% of Group adjusted EBITDA. The Blitz
project continues to deliver ahead of expectations and by 2022 it is anticipated to add 300,000 2Eoz of annual production. This will
be the primary driver in lowering AISC at the US PGM operations by approximately US$100/2Eoz (in real terms), further enhancing the
contribution of the US region to Group cash flow.

Adjusted EBITDA from the SA PGM operations of R258 million (US$22 million)for the March 2018 quarter, increased by 18% relative to
the comparable quarter in 2017. Further cost reductions and a 4% higher average 4E PGM ZAR basket price, resulted in the adjusted
EBITDA margin increasing from 7% for the March 2017 quarter to 9% for the March 2018 quarter.

The SA gold operations were affected by a poor safety performance, which, together with a 2% decline in the average ZAR gold
price received, resulted in adjusted EBITDA declining by 62% from R991 million (US$75 million) for the March 2017 quarter to R374 million
(US$31 million) for the March 2018 quarter.

An operational review under a sustained strong ZAR environment across Group operations is well advanced. Approximately
R550 million (US$46 million) in non-essential capital expenditure has been deferred, while operational teams are targeting further
annualised savings and accelerating further synergies across the Group.

Due largely to the inclusion of the US PGM operations, net debt: adjusted EBITDA of 2.4x at 31 March 2018, was 8% lower than at 31
December 2017. This is well below prevailing covenant levels of 3.5x, as well as below longer term covenant levels of 2.5x. In addition
to deleveraging through the Group's cash flows we are considering a number of additional financial initiatives to reduce gearing
levels, should it be commercially smart. These initiatives include, amongst others, streaming agreements and recycled inventory
pipeline financing. These options are currently being assessed and will be implemented if appropriate. The Group has no need or
intention to issue equity in order to reduce debt. Even under significantly more challenging economic circumstances, this remains
an unlikely scenario.

The recent refinancing of the US$ Revolving Credit Facility (RCF), which was upsized from US$350million to US$600million on improved
terms, reflects the confidence that lenders have in Sibanye-Stillwater's strategy and financial outlook. Utilised shorter term RCF's now
constitute only 30% of net debt, which along with the strong support repeatedly shown by our lenders, highlights the improved Group
liquidity position and financing flexibility going forward.

SAFETY

Following significant improvements in most safety metrics at the SA operations towards the end of 2017 and during January 2018, the
SA region regrettably suffered a number of incidents during February 2018. After a record period of 155 days fatality free for the gold
operations, there were three separate incidents at our SA gold operations, in which four employees were fatally injured. At our SA
PGM operations two employees were fatally injured in two separate incidents.

Sibanye-Stillwater management and the board express their sincere condolences to the family and colleagues of the deceased
employees: Solly Ngobeni, Chicco Dube, Matela Mating, Zanempi Mncwazi, Otshepeng Ramosito and Ntokozo Ntame.

Compared to the same period last year, safety lagging indicators in the SA region showed a 4% regression (3.43 March quarter 2017
vs 3.58 March quarter 2018) in terms of the Serious Injury Frequency Rate and an encouraging 7% improvement (5.84 March quarter
2017 vs 5.46 March quarter 2018) in the Lost Time Injury Frequency Rate (both measured per million hours).

We have intensified our safety efforts, embarking on a Safety Culture Transformation Process, which is aimed at achieving an
improved and sustainable safety performance, similar to that being achieved at our US PGM operations.

The Total Recordable Injury Frequency Rate (TRIFR) (measured per million hours) for the US PGM operations increased to 16.6,
compared to a record low of 12.7 in the year ended December 31, 2017. Of the 14 recordable injuries in the March quarter six were
related to slips, trips and falls. Regional management is refocussing its efforts on eliminating all injuries.

OPERATING REVIEW

SA REGION

SA PGM operations

Attributable 4E PGM production from the SA PGM operations of 286,194 4Eoz for the March 2018 quarter was flat compared to the
March 2017 quarter (286,716 4Eoz).

Ongoing cost benefits derived from cost and operational synergies realised in 2017 resulted in an 8% reduction in underground
operating cost for the SA PGM operations to R11,032/4Eoz (US$922/4Eoz). Underground operating costs at Rustenburg were 12%
lower year-on-year at R11,044/4Eoz, which is a significant achievement considering that this is net of annual inflationary cost
increases. Operating cost increases at the other underground PGM operations were maintained below inflation.

The SA PGM operations recorded adjusted EBITDA of R258 million (US$21 million) for the March 2018 quarter, at an average 9%
adjusted EBITDA margin. Attributable adjusted EBITDA from Mimosa, of approximately R193 million (US$16 million) is not included in
Group adjusted EBITDA, but is equity accounted separately, under sundry items in the Income statement (and will be disclosed in
the H1 2018 results).

AISC (which includes sustaining capital expenditure and royalties, net of by-product credits, per ounce of PGM produced) for the
SA PGM operations was 4% lower at R10,186/4Eoz (US$851/4Eoz) compared to the March 2017 quarter, due to ongoing benefits from
cost and operational synergies realised in 2017.

Chrome production for the March 2018 quarter was approximately 194,000 tonnes (Rustenburg 135,000 tonnes, Kroondal 59,000
tonnes) compared with approximately 185,000 tonnes (Rustenburg 120,000 tonnes, Kroondal 65,000 tonnes) for the same period in
2017. Realised metallurgical chrome prices decreased from US$370/tonne for the March 2017 quarter, to US$223/tonne for the March
2018 quarter.

At the Rustenburg operations, 4E PGM production of 195,578oz during the March 2018 quarter was consistent with the comparable
period in 2017. Kroondal, Mimosa and Platinum Mile reported attributable 4E PGM production of 90,616oz for the quarter ended 31
March 2018 which is in line with production for the comparable period in 2017 (90,409oz).

As previously mentioned, due to the impact of the strong ZAR on cash flow in the March 2018 quarter, a decision has been taken to
defer all non-essential capital expenditure, with approximately R300 million associated with the construction of a dense media
separator and the Rustenburg chrome plant, deferred at the SA PGM operations.

SA gold operations

Production from the SA gold operations declined to 9,068kg (291,500oz) for the March 2018 quarter, 12% lower than the comparable
quarter in 2017. The suspension of underground mining at the Cooke operations in late 2017, accounted for 701kg (22,500oz) or 53%
of the year-on-year decline. On a like-for-like basis (excluding the Cooke underground operations), production from the SA gold
operations declined by 5% or 497kg (16,100oz) compared to the March 2017 quarter. Production was affected by the power failure
at Beatrix in February 2018 and safety stoppages following fatal accidents at Driefontein and Kloof. Gold production from surface
sources was 84kg (2,900oz) lower year-on-year.

The average dollar gold price received for the quarter ended 31 March 2018 of US$1,320/oz, was 9% higher than for the comparable
period in 2017. However, the average rand gold price received declined by 2%, from R515,998/kg to R507,719/kg, due to the 9%
appreciation of the average ZAR relative to the US dollar.

Lower production output resulted in unit operating cost for the SA gold operations increasing by 4% to R444,387/kg (1,155/oz). AISC
at Kloof was 1% lower than for the March 2017 quarter, but AISC at Driefontein and Beatrix increased by 14% and 15% respectively
due to lower production output.

Adjusted EBITDA for the March 2018 quarter of R374 million (US$31 million) was 62% lower than for the comparable period in 2017. The
SA gold operations contributed 24% to the Group adjusted EBITDA during the quarter.

Compared to the March 2017 quarter, underground production from the Kloof operations increased by 4% to 3,323kg (106,900oz),
due to higher underground grades and a significantly higher mine call factor (MCF). Surface production at Kloof increased by 40%
to 524kg (16,800oz) due to a 32% increase in throughput as well as a 5% increase in yield.

Underground production of 2,833kg (91,900oz) from the Driefontein operations was 7% lower year-on-year, predominantly due to
safety related stoppages, which contributed to a 6% decline in throughput. Gold production from surface sources decreased by
50% to 238kg (7,600oz) due to the depletion of higher grade surface reserves.

At the Beatrix operations, underground gold production was 15% lower at 1,846kg (59,400oz) mainly due to the loss of production
shifts following the collapse of both the primary and secondary Eskom power supply lines, which was caused by a severe storm on
31 January 2018. For more information on this event, please refer to the fact sheet on the website at
https://www.sibanyestillwater.com/investors/financial-reporting/annual-reports/2017). Production from surface sources for Beatrix
declined to 64kg (2,058oz) for the quarter. It is expected that Beatrix will deplete all its surface reserves in the next couple of the
months.

Capital expenditure of R699 million (US$3 million) was 13% lower than for the comparable period in 2017. This is primarily due to the
cessation of underground mining at Cooke (accounting for approximately R44 million/US$3.7million) and the suspension of ore
reserve development at Beatrix West (accounting for approximately R22 million/US$1.8millon).

At the gold operations approximately R250 million of growth capital expenditure has been deferred, primarily at the the Burnstone
project and the Driefontein drop down project.

US REGION

US PGM operations

The US PGM operations maintained their strong operating performance from 2017. Underground 2E PGM production of 148,549oz,
was reported for the March 2018 quarter, at an AISC of US$632/2Eoz. This compares to 2E production of 147,046oz at an AISC of
US$629/2Eoz for the quarter ended 31 December 2017. Production from the Stillwater Mine (including the Blitz expansion project)
comprised approximately 62% of total 2E PGM production.

The Columbus Metallurgical Complex processed 345,821oz (mined: 154,417 2Eoz and recycled: 191,404 3Eoz) during the quarter,
compared to 334,025oz (mined: 140,628 2Eoz and recycled: 193,397 3Eoz) for the previous quarter ended 31 December 2017. The
volume of material processed during the first quarter of 2018 was a new record for the Columbus smelter.

Capital expenditure in the US region for the three month period ended 31 March 2018 was US$48.0 million, including project capital
at Blitz. Capital expenditure for the period includes US$1.4 million spent on exploration at Altar in Argentina and Marathon in Canada.

Our recycling operation in Columbus, Montana, processed average throughput of 25.8 tonnes of feed material per day for the
quarter, compared to 24.7 tonnes per day for the quarter ended 31 December 2017. Total fed recycling ounces of 191,404 3Eoz
(including 38,260 3Eoz tolled) for the quarter compare to 193,398 3Eoz (including 45,280 3Eoz tolled) fed ounces during the prior
quarter. The US PGM operations as a whole contributing US$79 million (R942 million) to Group adjusted EBITDA during the quarter, at
an average adjusted EBITDA margin of 26%.

Metal prices remained strong during most of the first quarter of 2018, reducing towards quarter end. The average 2E basket price
achieved for mined production for the quarter was US$1,027/2Eoz, 5% higher than the average basket price of US$980/2Eoz for the
December 2017 quarter. The average 3E basket price achieved for recycled ounces sold for the three months was US$1,001/3Eoz,
8% higher than the average basket price of US$927/3Eoz for the December 2017 quarter.

OUTLOOK

The outlook for 2018 remains positive. The US and SA PGM operations are expected to maintain the strong operational performance
reported in the quarter under review, with operating results from the SA gold operations expected to improve. The ZAR, which is the
most significant driver of revenue and margins for the SA operations, has recently begun to depreciate from an average of
R11.96/US$ in the first quarter of 2018 to the current spot price of R12.60/US$. This bodes well for a further improved financial
performance from the SA operations.

Production guidance for the SA gold operations for 2018 is unchanged, with production lost in the March 2018 quarter expected to
be recovered during the course of the year. Production is forecast at between 38,500kg and 40,000kg (1.24Moz and 1.29Moz) for the
year ending 31 December 2018 with AISC between R475,000/kg and R495,000/kg (US$1,130/oz and US$1,180/oz). Following a review
of capital expenditure, resulting in the deferral of non-essential capital, the capital expenditure forecast is approximately R250 million
(US$19million) lower than previously guided at R3,250 million (US$249 million). Sustaining capital relating to ore reserve development
will not be cut to ensure the reserves and operational flexibility stays intact.

4E PGM production from the SA PGM operations for the year ending 31 December 2018 is forecast at between 1.1 Moz and 1.15Moz
with AISC between R10,750/4Eoz and R11,250/4Eoz (US$825/4Eoz and US$860/4Eoz). Capital expenditure is forecast at R1,200 million
(US$92 million), with approximately R300million (US$22 million) of initially planned R350 million (US$27 million) project capital deferred.

The dollar costs are based on an average exchange rate of R13.05/US$.

2E PGM production from the US PGM operations for the year ending 31 December 2018 is forecast to be between 580,000oz and
610,000oz. Due to a better than expected year to date cost performance, AISC guidance has been reduced to between
US$640/2Eoz and US$680/2Eoz for the full year. Capital expenditure is expected to be up to US$222 million.

Strategically the Sibanye-Stillwater Group remains well positioned to deliver significant sustainable value to all of its stakeholders,
consistent with our vision.

NEAL FRONEMAN

CHIEF EXECUTIVE OFFICER

SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTER ENDED 31 MARCH 2018,
31 DECEMBER 2017 AND 31 MARCH 2017

SA and US PGM operations

                                                                    GROUP                                              SA REGION                                                US REGION
                                                                                                                                                                                 Total US
                                                                  Total SA                                                                                                            PGM
                                                                    and US             Total SA PGM(1)            Kroondal       Mimosa     Plat Mile         Rustenburg       Stillwater
                                                                       PGM                 Under-                                                         Under-                   Under-
Attributable                                                    operations      Total      ground    Surface  Attributable Attributable       Surface     ground      Surface   ground(2)
Production
Tonnes milled/treated       000't                     Mar 2018       6,128      5,803       2,890      2,913           874          338         1,678      1,678        1,235         325
                                                      Dec 2017       6,269      5,943       3,047      2,896           988          345         1,655      1,714        1,241         326
                                                      Mar 2017       6,563      6,563       2,904      3,659           888          335         2,121      1,681        1,538           -
Plant head grade            g/t                       Mar 2018        2.80       2.09        3.30       0.89          2.47         3.56          0.58       3.68         1.31       15.52
                                                      Dec 2017        2.90       2.21        3.31       1.06          2.50         3.58          0.67       3.73         1.57       15.39
                                                      Mar 2017        2.10       2.10        3.29       1.15          2.41         3.58          0.69       3.69         1.79           -
Plant recoveries            %                         Mar 2018       78.74      73.51       84.94      31.41         81.92        78.15         11.94      87.32        43.09       91.38
                                                      Dec 2017       76.08      70.34       83.33      27.45         81.92        78.04         15.60      84.90        34.22       90.62
                                                      Mar 2017       64.76      64.76       82.36      25.01         81.40        77.72          9.16      83.59        33.46           -
Yield                       g/t                       Mar 2018        2.21       1.53        2.80       0.28          2.02         2.77          0.07       3.21         0.56       14.22
                                                      Dec 2017        2.21       1.56        2.76       0.29          2.05         2.79          0.10       3.17         0.54       14.03
                                                      Mar 2017        1.36       1.36        2.71       0.29          1.97         2.78          0.06       3.09         0.60           -
PGM production(3)           4Eoz - 2Eoz               Mar 2018     434,743    286,194     260,069     26,125        56,764       30,129         3,723    173,176       22,402     148,549
                                                      Dec 2017     444,498    297,452     270,467     26,985        64,974       30,940         5,574    174,553       21,411     147,046
                                                      Mar 2017     286,716    286,716     252,737     33,979        56,106       29,975         4,328    166,656       29,651           -
PGM sold                    4Eoz - 2Eoz               Mar 2018     420,856    286,194     260,069     26,125        56,764       30,129         3,723    173,176       22,402     134,662
                                                      Dec 2017     439,093    297,452     270,467     26,985        64,974       30,940         5,574    174,553       21,411     141,641
                                                      Mar 2017     286,716    286,716     252,737     33,979        56,106       29,975         4,328    166,656       29,651           -
Price and costs(3)
Average PGM basket price(4) R/4Eoz - R/2Eoz           Mar 2018      12,637     12,839      12,871     12,643        12,955       12,655        12,962     12,830       12,590      12,289
                                                      Dec 2017      13,511     13,594      13,599     13,551        13,677       13,586        13,666     13,569       13,522      13,360
                                                      Mar 2017      12,109     12,109      12,198     11,525        12,062       12,085        12,028     12,243       11,451           -
                            US$/4Eoz                  Mar 2018       1,058      1,073       1,076      1,057         1,083        1,058         1,083      1,073        1,053       1,027
                                                      Dec 2017         991        997         997        994         1,003          997         1,002        995          992         980
                                                      Mar 2017         917        917         923        872           913          915           911        927          867           -
Operating cost(5)           R/t                       Mar 2018         626        502         994         72           714          769            18      1,140          145       2,708
                                                      Dec 2017         698        549       1,049         82           626          929            22      1,292          162       3,269
                                                      Mar 2017         459        459       1,040         51           659          798            13      1,241          103           -
                            US$/t                     Mar 2018          52         42          83          6            60           64             2         95           12         226
                                                      Dec 2017          51         40          77          6            46           68             2         95           12         240
                                                      Mar 2017          35         35          79          4            50           60             1         94            8           -
                            R/4Eoz - R/2Eoz           Mar 2018       6,785     10,722      11,032      7,996        10,986        8,620         8,165     11,044        7,968       5,921
                                                      Dec 2017       7,426     11,523      11,829      8,801         9,515       10,362         6,512     12,691        9,397       7,239
                                                      Mar 2017      11,128     11,128      11,991      5,471        10,430        8,921         6,470     12,516        5,325           -
                            US$/4Eoz - US$/2Eoz       Mar 2018         567        896         922        669           919          721           683        923          666         495
                                                      Dec 2017         545        845         868        646           698          760           478        931          689         531
                                                      Mar 2017         842        842         908        414           790          675           490        947          403           -
All-in sustaining cost(6)   R/4Eoz - R/2Eoz           Mar 2018       9,310     10,186                               10,477        8,706        10,341              9,990            7,559
                                                      Dec 2017       9,935     10,641                                9,933        9,916         6,206             11,001            8,656
                                                      Mar 2017      10,590     10,590                               10,443        7,797         6,839             10,714                -
                            US$/4Eoz - US$/2Eoz       Mar 2018         778        852                                  876          728           864                835              632
                                                      Dec 2017         729        781                                  729          727           455                807              629
                                                      Mar 2017         802        802                                  791          590           518                811                -
All-in cost(6)              R/4Eoz - R/2Eoz           Mar 2018      10,152     10,186                               10,477        8,706        10,341              9,990            9,695
                                                      Dec 2017      10,798     10,650                                9,933        9,916         6,619             11,001           11,065
                                                      Mar 2017      10,590     10,590                               10,443        7,797         6,839             10,714                -
                            US$/4Eoz - US$/2Eoz       Mar 2018         849        852                                  876          728           864                835              811
                                                      Dec 2017         792        781                                  729          727           486                807              804
                                                      Mar 2017         802        802                                  791          590           518                811                -
Capital expenditure
Ore reserve development     Rm                        Mar 2018       327.8      110.4                                    -            -             -              110.4            217.4
                                                      Dec 2017       329.6      110.7                                    -            -             -              110.7            218.9
                                                      Mar 2017           -          -                                    -            -             -                  -                -
Sustaining capital          Rm                        Mar 2018        98.6       77.1                                 20.9         72.3          10.2               46.0             21.5
                                                      Dec 2017       283.5      199.0                                 71.0         64.3           1.8              126.2             84.5
                                                      Mar 2017       175.5      175.5                                 23.7         55.3           1.6               94.9                -
Corporate and projects      Rm                        Mar 2018       335.9          -                                    -            -             -                  -            335.9
                                                      Dec 2017       355.6        2.3                                    -            -           2.3                  -            353.3
                                                      Mar 2017           -          -                                    -            -             -                  -                -
Total capital expenditure   Rm                        Mar 2018       762.2      187.4                                 20.9         72.3          10.2              156.3            574.8
                                                      Dec 2017       968.7      312.0                                 71.0         64.3           4.1              236.9            656.7
                                                      Mar 2017       175.5      175.5                                 23.7         55.3           1.6               94.9                -
                            US$m                      Mar 2018        64.0       16.0                                  2.0          6.0           1.0               13.0             48.0
                                                      Dec 2017        71.7       22.9                                  5.2          4.7           0.3               17.4             48.8
                                                      Mar 2017        13.3       13.3                                  1.8          4.2           0.1                7.2                -

Average exchange rates for the quarters ended 31 March 2018, 31 December 2017 and 31 March 2017 were R11.96/US$, R13.63/US$ and R13.21/US$, respectively.
Figures may not add as they are rounded independently.

(1) The Stillwater operations were acquired in May 2017 and, therefore, the US PGM operations' results for the quarter ended 31 March 2017 are not reported. Stillwater's production is
    converted to metric tonnes. The income and expenses are translated into SA rand. In addition to Stillwater's on-mine underground production, the operation treats various recycling
    material which is excluded from the underground statistics shown above and is detailed in the PGM recycling table below.
(2) Production per product - see prill split in the table below.
(3) The Group and total SA PGM operations' unit cost benchmarks exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales.
(4) The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment.
(5) Operating cost is the average cost of production and calculated by dividing the cost of sales, before amortisation and depreciation in a period by the tonnes milled/treated in the same
    period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation in a period by the gold produced in the same
    period.
(6) All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed
    to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate
    and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in
    sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM production in the same period.

Mining - Prill split excluding Recycling operations

                                                      GROUP                                                            SA REGION                                    US REGION
                                       Mar 2018           Dec 2017                Dec 2017            Mar 2018         Dec 2017        Mar 2017              Mar 2018          Dec 2017  
                              4Eoz / 2Eoz      %   4Eoz / 2Eoz      %      4Eoz / 2Eoz      %      4Eoz      %       4Eoz      %      4Eoz      %         2Eoz        %       2Eoz      %   
Platinum                          199,629    46%       205,833    46%          168,080    59%   166,440    58%    172,798    58%   168,080    59%       33,189      22%     33,035    22%   
Palladium                         204,269    47%       206,619    46%           88,654    31%    88,909    31%     92,608    31%    88,654    31%      115,360      78%    114,011    78%   
Rhodium                            24,156     6%        25,262     6%           20,006     7%    24,156     8%     25,262     8%    20,006     7%                                           
Gold                                6,690     2%         6,784     2%            9,976     3%     6,690     2%      6,784     2%     9,976     3%                                           
PGM production                    434,744   100%       444,498   100%          286,716   100%   286,195   100%    297,452   100%   286,716   100%      148,549     100%    147,046   100%   
Ruthenium                          37,964               38,814                  37,642           37,964            38,814           37,642                                                  
Iridium                             7,249                8,825                   8,780            7,249             8,825            8,780                                                  
Total                             479,957              492,137                 333,138          331,408           345,091          333,138             148,549             147,046          

Recycling operation - 3E PGM
                                               US REGION              
                                       Unit       Mar 2018   Dec 2017   
Average catalyst fed/day               Tonne          25.8       24.7   
Total processed                        Tonne         2,323      2,271   
Tolled                                 Tonne           365        278   
Purchased                              Tonne         1,958      1,993   
PGM fed                                Troy oz     191,404    193,397   
PGM sold                               Troy oz     155,455    141,745   
PGM tolled returned                    Troy oz      38,260     45,280   

SA gold operations
                                                                                                              SA REGION
                                                         Total SA gold                  Driefontein                     Kloof                  Beatrix                   Cooke
                                                              Under-                  Under-                     Under-                     Under-                   Under-
                                                Total         ground      Surface     ground       Surface       ground         Surface     ground       Surface     ground       Surface
Production
Tonnes milled/treated     000't    Mar 2018     4,283          1,525        2,758        500           815          478           1,075        547           173          -           695
                                   Dec 2017     4,241          1,737        2,504        519           973          527             942        647           226         44           363
                                   Mar 2017     4,858          1,852        3,006        531           845          506             813        621           336        194         1,012
Yield                     g/t      Mar 2018      2.12           5.25         0.39       5.67          0.29         6.95            0.49       3.37          0.37          -          0.35
                                   Dec 2017      2.51           5.51         0.42       6.32          0.39         7.31            0.45       3.29          0.30       7.27          0.53
                                   Mar 2017      2.11           4.92         0.38       5.72          0.56         6.33            0.46       3.50          0.32       3.61          0.19
Gold produced             kg       Mar 2018     9,068          8,002        1,066      2,833           238        3,323            524       1,846            64          -           240
                                   Dec 2017    10,640          9,578        1,062      3,279           377        3,853             426      2,126            67        320           192
                                   Mar 2017    10,266          9,116        1,150      3,038           474        3,201             375      2,176           109        701           192
                          000'oz   Mar 2018     291.5          257.4         34.1       91.1           7.6        106.9            16.8       59.4           2.0          -           7.7
                                   Dec 2017     342.2          308.0         34.2      105.4          12.1        123.9            13.7       68.4           2.2       10.3           6.2
                                   Mar 2017     330.1          293.1         37.0       97.7          15.2        102.9            12.1       70.0           3.5       22.5           6.2
Gold sold                 kg       Mar 2018     9,068          8,002        1,066      2,833           238        3,323            524       1,846            64          -           240
                                   Dec 2017    10,640          9,578        1,062      3,279           377        3,853             426      2,126            67        320           192
                                   Mar 2017    10,395          9,234        1,161      3,122           474        3,235             375      2,176           109        701           203
                          000'oz   Mar 2018     291.5          257.4         34.1       91.1           7.6        106.9            16.8       59.4           2.0          -           7.7
                                   Dec 2017     342.2          308.0         34.2      105.4          12.1        123.9            13.7       68.4           2.2       10.3           6.2
                                   Mar 2017     334.2          296.9         37.3      100.4          15.2        104.0            12.1       70.0           3.5       22.5           6.5
Gold price received       R/kg     Mar 2018   507,719                                         511,918                    511,152                    510,157                  529,583
                                   Dec 2017   556,297                                         556,072                    556,041                    555,221                  566,211
                                   Mar 2017   515,998                                         515,406                    515,263                    516,674                  519,580
                          US$/oz   Mar 2018     1,320                                          1,331                      1,329                      1,326                    1,377
                                   Dec 2017     1,269                                          1,269                      1,269                      1,267                    1,292
                                   Mar 2017     1,215                                          1,214                      1,213                      1,217                    1,223
Operating cost(1)         R/t      Mar 2018       934          2,314          182      2,661           208        2,668             182      1,680            97          -           172
                                   Dec 2017       987          2,151          179      2,475           171        2,388             182      1,462            57      5,650           265
                                   Mar 2017       896          2,113          147      2,538           200        2,375             182      1,461           130      2,352            80
                          US$/t    Mar 2018        78            193           15        222            17          223              15        140             8          -            14
                                   Dec 2017        72            158           13        182            13          175              13        107             4        414            19
                                   Mar 2017        68            160           11        192            15          180              14        111            10        178             6
                          R/kg     Mar 2018   444,387        440,890      470,638    469,714       710,924      383,720         374,237    497,941       262,500          -       498,333
                                   Dec 2017   393,289        390,175      421,375    391,705       442,175      326,629         403,286    444,779       191,045    776,875       501,042
                                   Mar 2017   428,288        433,348      388,174    452,535       356,540      378,757         395,200    416,820       400,917    650,785       445,833
                          US$/oz   Mar 2018     1,155          1,146        1,224      1,221         1,848          998             973      1,295           682          -         1,296
                                   Dec 2017       897            890          961        894         1,009          745             920      1,015           436      1,772         1,143
                                   Mar 2017     1,008          1,020          914      1,066           839          892             931        981           944      1,532         1,050
All-in sustaining cost(2) R/kg     Mar 2018   513,818                                         565,093                     447,777                    557,958                 560,417
                                   Dec 2017   472,293                                         481,318                     420,776                    504,378                 704,102
                                   Mar 2017   493,872                                         497,831                     450,859                    486,871                 666,150
                          US$/oz   Mar 2018     1,336                                          1,469                       1,165                      1,451                   1,457
                                   Dec 2017     1,078                                          1,098                        960                       1,151                   1,606
                                   Mar 2017     1,163                                          1,172                       1,062                      1,146                   1,568
All-in cost(2)            R/kg     Mar 2018   535,829                                         565,093                     456,408                    558,010                 560,417
                                   Dec 2017   493,459                                         481,647                     434,798                    504,651                 704,102
                                   Mar 2017   514,518                                         503,226                     460,277                    486,871                 673,783
                          US$/oz   Mar 2018     1,393                                          1,469                       1,187                      1,451                   1,457
                                   Dec 2017     1,126                                          1,099                        992                       1,151                   1,606
                                   Mar 2017     1,211                                          1,185                       1,084                      1,146                   1,586
Ore reserve
development               Rm       Mar 2018     498.2                                          198.8                       194.1                      105.3                      -
                                   Dec 2017     537.8                                          214.5                       211.4                      111.9                      -
                                   Mar 2017     571.3                                          201.8                       209.6                      127.5                    32.4
Sustaining capital                 Mar 2018      77.9                                          28.2                        40.2                        9.5                       -
                                   Dec 2017     205.9                                           92.1                        93.4                       20.4                      -
                                   Mar 2017      80.4                                           38.6                        21.2                       16.3                     4.3
Corporate and projects(3)          Mar 2018     123.1                                             -                        33.2                        0.1                       -
                                   Dec 2017     137.8                                            1.3                        60.0                        0.3                      -
                                   Mar 2017     154.8                                           19.4                        34.0                         -                      6.9
Total capital
expenditure               Rm       Mar 2018     699.2                                          227.0                       267.5                      114.9                      -
                                   Dec 2017     881.6                                          307.9                       364.8                      132.6                      -
                                   Mar 2017     806.5                                          259.8                       264.8                      143.8                    43.6
                          US$m     Mar 2018      58.5                                          19.0                        22.4                        9.6                       -
                                   Dec 2017      64.8                                           22.6                        26.9                        9.6                      -
                                   Mar 2017      61.1                                           19.7                        20.0                       10.9                     3.3

Average exchange rates for the quarters ended 31 March 2018, 31 December 2017 and 31 March 2017 were R11.96/US$, R13.63/US$ and R13.21/US$, respectively.
Figures may not add as they are rounded independently.

(1) Operating cost is the average cost of production and calculated by dividing the cost of sales, before amortisation and depreciation in a period by the tonnes milled/treated in the same
    period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation in a period by the gold produced in the same
    period.
(2) All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed
    to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate
    and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) is calculated by dividing the All-in
    sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period.
(3) Corporate project expenditure for the quarters ended 31 March 2018, 31 December 2017 and 31 March 2017 amounted to R89.8 million (US$47.5 million), R76.3 million (US$5.7 million),
    and R94.5 million (US$7.2 million), respectively. The majority of this expenditure was on the Burnstone project..

DEVELOPMENT RESULTS

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

SA gold operations

Quarter ended                                 31 March 2018                                        31 December 2017                                   31 March 2017
                                                 Carbon                                                 Carbon                                            Carbon
                   Reef              Black Reef  leader    Main     VCR                   Black Reef    leader   Main     VCR                 Black Reef  leader   Main     VCR
Driefontein        Unit                                                                                                                           
Advanced           (m)                       66   1,441     660     992                          141     1,578    804     995                              1,309    844     802   
Advanced on reef   (m)                       49     293     228     128                          110       222    202     189                                165    255     151   
Channel width      (cm)                      46      35      62      56                           15        36     50      65                                 63     69      94   
Average value      (g/t)                    4.7    30.0     8.6    85.8                          1.7      30.2   14.5    46.5                               16.6    9.5    34.5   
                   (cm.g/t)                 214   1,041     534   4,774                           26     1,088    724   3,025                              1,049    660   3,242   

Quarter ended                                          31 March 2018                                    31 December 2017                              31 March 2017  
                   Reef               Cobble   Kloof       Main   Libanon     VCR      Cobble   Kloof       Main   Libanon     VCR      Cobble   Kloof   Main   Libanon     VCR   
Kloof              Unit                                                                                                                                                           
Advanced           (m)                         1,158        605         9   1,148               1,271        560        28   1,715                 779    441       219   1,816   
Advanced on reef   (m)                           373         81         9     255                 348        114        28     279                 167     42        62     243   
Channel width      (cm)                          129        126        99     104                 155        108       127      98                 169     36       138      91   
Average value      (g/t)                         9.6        6.6      11.3    20.5                 9.2       10.9      12.7    22.5                 5.6   23.4       5.9    18.1   
                   (cm.g/t)                    1,244        832     1,120   2,139               1,427      1,177     1,615   2,201                 945    834       816   1,656   

Quarter ended                                                 31 March 2018                                        31 December 2017                           31 March 2017           
                   Reef                                         Beatrix   Kalkoenkrans                          Beatrix   Kalkoenkrans                   Beatrix   Kalkoenkrans   
Beatrix            Unit                                                                                                                                                           
Advanced           (m)                                            3,909             64                            4,256            153                     3,698            476   
Advanced on reef   (m)                                            1,234             21                              997             15                       806             60   
Channel width      (cm)                                             118            168                              132            149                       156             90   
Average value      (g/t)                                            5.8            9.6                              7.1           26.6                       5.7           22.7   
                   (cm.g/t)                                         688          1,619                              935          3,962                       889          2,034   

Quarter ended                                    31 March 2018                                 31 December 2017                                31 March 2017
                                                  Elsburgs   Elsburgs   Kimberley               Elsburgs   Elsburgs    Kimberley                Elsburgs   Elsburgs   Kimberley
                   Reef                    VCR       Reefs   Massives       Reefs         VCR      Reefs   Massives        Reefs           VCR     Reefs   Massives       Reefs
Cooke              Unit                                                                                                                                                               
Advanced           (m)                                                                                                        50           145       717                    177   
Advanced on reef   (m)                                                                                                        26            59       139                     38   
Channel width      (cm)                                                                                                       81            44       116                    129   
Average value      (g/t)                                                                                                    26.5           8.5       8.4                    4.9   
                   (cm.g/t)                                                                                                2,151           373       974                    631   

Quarter ended                                                   31 March 2018                                31 December 2017                         31 March 2017
                                                                                Kimberley                                       Kimberley                             Kimberley
                   Reef                                                             Reefs                                           Reefs                                 Reefs
Burnstone          Unit                                                                                                                                       
Advanced           (m)                                                              1,266                                           1,174                                 1,348   
Advanced on reef   (m)                                                                193                                             185                                   135   
Channel width      (cm)                                                                69                                              30                                    84   
Average value      (g/t)                                                              9.2                                            13.6                                   4.8   
                   (cm.g/t)                                                           634                                             412                                   406   

SA PGM operations

Quarter ended                                 31 March 2018                                      31 December 2017                                  31 March 2017
                   Reef       Kopaneng     Simunye      Bambanani   Kwezi    K6   Kopaneng   Simunye     Bambanani   Kwezi    K6   Kopaneng   Simunye   Bambanani   Kwezi    K6   
Kroondal           Unit                                                                                                                                                           
Advanced           (m)             428         481            578     609   802        558       546           775     930   925        323       559         737   1,118   682   
Advanced on reef   (m)             409         362            402     535   657        558       424           622     571   798        221       559         558     917   682   
Height             (cm)            236         229            217     245   246        234       231           222     245   225        255       253         227     237   247   
Average value      (g/t)           2.2         2.2            2.0     2.2   2.2        2.3       2.1           3.2     1.5   2.4        1.5       2.5         2.0     2.1   2.5   
                   (cm.g/t)        520         494            429     543   536        538       486           711     367   539        390       635         453     494   607   

Quarter ended                               31 March 2018                                 31 December 2017                                  31 March 2017
                    Reef       Bathopele    Thembelani  Khuseleka  Siphumelele    Bathopele  Thembelani  Khuseleka  Siphumelele   Bathopele  Thembelani  Khuseleka  Siphumelele
Rustenburg         Unit
Advanced           (m)               302         1,466      2,190        1,057          332       1,803      2,575          990         334       1,369      1,178        1,113
Advanced on reef   (m)               302           502        596          340          332         741        626          396         334         611        306          270
Height             (cm)              209           281        288          296          210         117        115          121         198         117        116          117
Average value      (g/t)             2.7           2.1        2.1          3.1          1.6         1.9        2.1          2.0         2.6         1.9        2.1          1.9
                   (cm.g/t)          559           582        614          932          345         225        235          238         511         218        248          225

US PGM operations

Quarter ended                                              31 March 2018                             31 December 2017                           31 March 2017
                                                                 Stillwater                                 Stillwater                                Stillwater
                                Reef                             incl Blitz   East Boulder                  incl Blitz  East Boulder                  incl Blitz   East Boulder
Stillwater(1)                   Unit
Primary development (off reef)  (m)                                   3,019            657                       4,823           778
Secondary development           (m)                                   2,038          1,451                       1,200         1,014

(1) The Stillwater operations were acquired in May 2017 and, therefore, the development data for the quarter ended 31March 2017 are not reproted.

ADMINISTRATION AND CORPORATE INFORMATION

SIBANYE GOLD LIMITED                                DIRECTORS                                             AMERICAN DEPOSITORY
Trading as SIBANYE-STILLWATER                       Sello Moloko(1) (Chairman)                            RECEIPTS TRANSFER AGENT
Incorporated in the Republic of South Africa        Neal Froneman (CEO)                                   BNY Mellon Shareowner Services
Registration number 2002/031431/06                  Charl Keyter (CFO)                                    PO Box 358516
Share code: SGL                                     Savannah Danson(1)                                    Pittsburgh
Issuer code: SGL                                    Timothy Cumming(1)                                    PA15252-8516
ISIN: ZAE E000173951                                Barry Davison(1)                                      US toll-free: +1 888 269 2377
                                                    Rick Menell(1)                                        Tel: +1 201 680 6825
LISTINGS                                            Nkosemntu Nika(1)                                     Email: shrrelations@bnymellon.com
JSE: SGL                                            Keith Rayner(1)
NYSE: SBGL                                          Susan van der Merwe(1)                                Tatyana Vesselovskaya
                                                    Jerry Vilakazi(1)                                     Relationship Manager
WEBSITE                                                                                                   BNY Mellon
http://www.sibanyestillwater.com                           (1) Independent non-executive                         Depositary Receipts
                                                                                                          Direct Line: +1 212 815 2867
REGISTERED OFFICE                                   JSE SPONSOR                                           Mobile: +1 203 609 5159
Libanon Business Park                               JP Morgan Equities South Africa Proprietary Limited   Fax: +1 212 571 3050
1 Hospital Street (Off Cedar Ave)                   (Registration number : 1995/011815/07)                Email: tatyana.vesselovskaya@bnymellon.com
Libanon                                             1 Fricker Road
Westonaria 1780                                     Illovo                                                TRANSFER SECRETARIES
South Africa                                        Johannesburg 2196                                     SOUTH AFRICA
                                                    South Africa                                          Computershare Investor Services Proprietary Limited  
Private Bag X5                                                                                            Rosebank Towers       
Westonaria 1780                                     Private Bag X9936                                     15 Biermann Avenue     
South Africa                                        Sandton 2196                                          Rosebank 2196            
Tel: +27 11 278 9600                                South Africa                                    
Fax: +27 11 278 9863                                                                                      PO Box 61051
                                                    OFFICE OF THE UNITED KINGDOM SECRETARIES LONDON       Marshalltown 2107
INVESTOR ENQUIRIES                                  St James's Corporate Services Limited                 South Africa           
James Wellsted                                      Suite 31                                              Tel: +27 11 370 5000
Senior Vice President:                              Second Floor                                          Fax: +27 11 688 5248
Investor Relations                                  107 Cheapside                                              
Tel: +27 83 453 4014                                London EC2V 6DN                                       TRANSFER SECRETARIES    
+27 10 493 6923                                     United Kingdom                                        UNITED KINGDOM
Email: james.wellsted@sibanyestillwater.com         Tel: +44 20 7796 8644                                 Capita Asset Services     
or ir@sibanyestillwater.com                         Fax: +44 20 7796 8645                                 The Registry        
                                                                                                          34 Beckenham Road
CORPORATE SECRETARY                                 AUDITORS                                              Beckenham
Cain Farrel                                         KPMG Inc.                                             Kent BR3 4TU         
Tel: +27 10 493 6921                                KPMG Crescent                                         England     
Fax: +27 11 278 9863                                85 Empire Road                                        Tel: 0871 664 0300     
Email: cain.farrel@sibanyestillwater.com            Parktown 2193                                         (calls cost 10p a minute plus network extras, lines are     
                                                    Johannesburg                                          open 8.30am - 5pm Mon-Fri) or
                                                    South Africa                                          +44 20 8639 3399 (from overseas)
                                                    Tel: +27 11 647 7111                                  Fax: +44 20 8658 3430      
                                                                                                          Email: ssd@capitaregistrars.com

FORWARD-LOOKING STATEMENTS

NOT FOR RELEASE, PRESENTATION, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO
SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

This announcement is for informational purposes only and does not constitute or form a part of any offer or solicitation to purchase or
subscribe for securities in the United States or any other jurisdiction nor a solicitation of any vote of approval, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. The shares to be issued in connection with the offer for Lonmin plc ("Lonmin" and the "New Sibanye Shares",
respectively) have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") and, accordingly, may not
be offered or sold or otherwise transferred in or into the United States except pursuant to an exemption from the registration requirements
of the Securities Act. The New Sibanye Shares are expected to be issued in reliance upon the exemption from the registration requirements
of the Securities Act provided by Section 3(a)(10) thereof. This announcement is not a prospectus for purposes of Directive 2003/71/EC (and
amendments thereto, including Directive 2010/73/EU, to the extent implemented in any relevant Member State) (the "Prospectus
Directive"). In any EEA Member State that has implemented the Prospectus Directive, this announcement is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the Prospectus Directive. This announcement is not directed to,
or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other
jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any
registration or licensing within such jurisdiction. No statement in this announcement should be construed as a profit forecast.

Forward looking statements

This announcement contains forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private
Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Gold Limited
trading as Sibanye-Stillwater ("Sibanye-Stillwater")'s 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
Lonmin. All statements other than statements of historical facts included in this Announcement may be forward-looking statements.
Forward-looking statements also often use words such as "will", "forecast", "potential", "estimate", "expect" 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 and Lonmin's actual results, performance or
achievements to differ materially from those in the forward-looking statements include, among others, economic, business, political and
social conditions in the United Kingdom, South Africa, Zimbabwe and elsewhere; changes in assumptions underlying Sibanye-Stillwater's
and Lonmin's estimation of their current mineral reserves and resources; the ability to achieve anticipated efficiencies and other cost
savings in connection with past, ongoing and future acquisitions, as well as at existing operations; the success of Sibanye-Stillwater's and
Lonmin's business strategy, exploration and development activities; the ability of Sibanye-Stillwater and Lonmin to comply with
requirements that they operate in a sustainable manner; changes in the market price of gold, PGMs and/or uranium; the occurrence of
hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial
action; the availability, terms and deployment of capital or credit; changes in relevant government regulations, particularly environmental,
tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any
interpretations thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or
regulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain
shortages and increases in the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macroeconomic
monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; their
ability to hire and retain senior management or sufficient technically skilled employees, as well as their ability to achieve sufficient
representation of historically disadvantaged South Africans' in management positions; failure of information technology and
communications systems; the adequacy of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal
settlements in the vicinity of some of Sibanye-Stillwater's operations; and the impact of HIV, tuberculosis and other contagious diseases.
These forward-looking statements speak only as of the date of this Presentation. Sibanye-Stillwater and Lonmin expressly disclaim any
obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required).

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