SIBANYE GOLD LIMITED - Operating and financial results for the six months ended 30 June 2018

Release Date: 23/08/2018 08:00
Code(s): SGL
 
Wrap Text
Operating and financial results for the six months ended 30 June 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 and financial results
For the six months ended 30 June 2018

JOHANNESBURG, 23 August 2018: Sibanye Gold Limited trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group) (JSE: SGL and NYSE: SBGL)
is pleased to report operating results and reviewed condensed consolidated interim financial statements for the six months ended 30 June 2018.

SALIENT FEATURES FOR THE SIX MONTHS ENDED 30 JUNE 2018 COMPARED TO SIX MONTHS ENDED 30 JUNE 2017

- Group adjusted EBITDA2 increased by 26% to R3.9 billion (US$316 million)
- Further operational improvement from the SA PGM operations with 2% lower AISC of R10,106/4Eoz (US$821/4Eoz) and adjusted EBITDA
  increasing by 115% to R1,001 million
- Another solid performance from the US PGM operations with 2E PGM production of 293,959oz and AISC of US$653/2Eoz and the Blitz project
  remains ahead of schedule
- On a like-for-like basis (excluding the Cooke operations) production from the SA gold operations declined by 7% to 18,616kg (598,500oz) with
  AISC 7% higher to R520,488/kg (US$1,315/oz), mainly as a result of lower volumes
- Good operational recovery by Beatrix and Kloof from safety related disruptions, with only Driefontein not fully recovering
- Deleveraging accelerated through US$500 million stream financing in July 2018, resulting in pro forma ND:adjusted EBITDA reducing to
  approximately 1.85x
- Lonmin acquisition remains on track with approval received from SARB and the competition authority in the UK

                   US dollar                                                                                                SA rand
              Six months ended                                                                                           Six months ended
Jun 2017         Dec 2017        Jun 2018                           KEY STATISTICS                            Jun 2018     Dec 2017     Jun 2017
                                                             SOUTHERN AFRICA (SA) REGION
                                                                   PGM operations
 590,712          603,636         569,166   oz                   4E PGM(1) production                 kg        17,703         18,775       18,373
     910              975           1,051   US$/4Eoz            Average basket price              R/4Eoz        12,941         13,066       12,006
    35.2             84.6            81.3   US$m                  Adjusted EBITDA(2)                  Rm       1,001.1        1,128.4        465.6
       8               16              15   %                  Adjusted EBITDA margin(2)               %            15             16            8
     785              778             821   US$/4Eoz            All-in sustaining cost(3)         R/4Eoz        10,106         10,432       10,364
                                                                   Gold operations
 688,604          714,260         598,517   oz                     Gold produced                      kg        18,616         22,216       21,418
   1,233            1,274           1,314   US$/oz               Average gold price                 R/kg       519,994        549,064      523,303
   170.8            228.0            81.8   US$m                  Adjusted EBITDA(2)                  Rm       1,007.1        3,052.5      2,256.0
      20               25              10   %                  Adjusted EBITDA margin(2)               %            10             25           20
   1,143            1,114           1,315   US$/oz              All-in sustaining cost(3)           R/kg       520,488        480,010      485,441
                                                              UNITED STATES (US) REGION
                                                                   PGM operations(4)
  93,725          282,631         293,959   oz                   2E PGM(1) production                 kg         9,143          8,791        2,915
 126,445          390,703         360,246   oz                      PGM recycling(4)                  kg        11,205         12,152        3,933
     850              947             996   US$/2Eoz            Average basket price              R/2Eoz        12,260         12,699       11,242
    27.9            133.1           153.3   US$m                  Adjusted EBITDA(2)                  Rm       1,887.4        1,774.5        368.1
      19               25              25   %                  Adjusted EBITDA margin(2)               %            25             25           19
     622              660             653   US$/2Eoz            All-in sustaining cost(3)         R/2Eoz         8,045          8,899        8,134
                                                                        GROUP
 (363.8)             30.6             6.4   US$m                     Basic earnings                   Rm          76.7          366.3    (4,803.7)
 (165.2)            148.4             8.2   US$m                  Headline earnings                   Rm         101.0        1,957.9    (2,181.8)
   233.9            445.7           316.4   US$m                   Adjusted EBITDA                    Rm       3,895.6        5,955.4      3,089.7
   13.21            13.41           12.31   R/US$              Average exchange rate

(1) 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).
(2) The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt
    covenant formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 9.2 of the condensed consolidated interim financial statements. Adjusted EBITDA
    margin is calculated by dividing adjusted EBITDA by revenue.
(3) See "salient features and cost benchmarks for the six months ended 30 June 2018, 31 December 2017 and 30 June 2017" for the definition of All-in sustaining cost.
(4) The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated to 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. As the US operations were only acquired in May 2017, the period ended 30 June 2017 represents only two months.

Stock data for the six months ended 30 June 2018                     JSE Limited - (SGL)
Number of shares in issue                                            Price range per ordinary share                                R7.45 to R16.64
- at 30 June 2018                                    2,265,879,337   Average daily volume                                               12,608,577
- weighted average                                   2,261,752,549   NYSE - (SBGL); one ADR represents four ordinary shares
Free Float                                                     80%   Price range per ADR                                        US$2.25 to US$5.27
Bloomberg/Reuters                                      SGLS/SGLJ.J   Average daily volume                                                3,921,062

STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER
The six month period ended 30 June 2018 (H1 2018), was extremely challenging for all Sibanye-Stillwater stakeholders. The spate of
fatalities at our SA operations was traumatic and emotionally testing for everyone at Sibanye-Stillwater. Safety is a core component
of our CARES (Commitment, Accountability, Respect, Enabling Environment, Safe Production) values and our values guide every
decision made, every day. We employ over 66,000 people globally and our success is enabled and driven by our people. Nothing
is more important to all of us at Sibanye-Stillwater than safe production. As such, the recent events have caused much concern and
we are implementing a comprehensive safety remediation plan in order to re-instil core, safe working practices at our operations.

The significant operational disruptions associated with these tragic events were compounded by the challenging operating
environment prevailing during the period. The acute appreciation of the rand in the early part of the year, combined with volatile
dollar prices of precious metals which came under pressure later in the period due to global developments, severely squeezed SA
margins.

Considering the challenging economic backdrop in H1 2018 and the significant operational disruptions faced at our SA gold
operations, the generally solid, overall operating and financial results delivered by the Group are pleasing, confirming the rationale
for geographical and commodity diversification, as well the Sibanye-Stillwater's inherent capacity to successfully accommodate
and integrate acquisitions in different geographies and sectors.

Despite the significant disruptions across the SA gold operations, Beatrix and Kloof delivered solid results. Production from both
operations was marginally lower than for the comparable period in 2017 and All-in Sustaining Cost (AISC) increases were below
inflation (South African CPI). Only the Driefontein operations were unable to recover due to seismic damage to the footwall
infrastructure that provides access to the western side of the Masakhane mine. Rehabilitation efforts are underway but access to the
area will be restricted until Q1 2019, following which normal levels of production from Driefontein are expected to resume.

The SA and US PGM operations continued to perform well in H1 2018, delivering on their production targets and generating solid
financial outcomes in an improved rand basket price environment during the period. The PGM operations in both regions delivered
positive cash flow for the period, largely offsetting the decline from the SA gold operations and validating the commodity and
geographic diversification undertaken by the Group since 2015.

The graphs below reflect the diversification benefits, with quarterly Group adjusted EBITDA in 2018 higher than for the comparable
periods in 2017 and with adjusted EBITDA from the US and SA PGM operations consistently increasing. This offset the decline in
adjusted EBITDA from the SA gold operations.

On the back of a steady production outlook and continued appreciation of the rand PGM basket price during the year, the SA PGM
operations' contribution to Group adjusted EBITDA is likely to increase further in H2 2018. At the US PGM operations, the ongoing ramp
up to full production at Blitz likely to continue to drive higher revenue and lower unit costs.

Our confidence in the positive fundamental outlook for both palladium and platinum remains intact, despite the recent abrupt
decline in spot prices. The decline appears to be driven by short term speculative trading and fueled by the uncertain economic
impact of recent global trade hostilities. Further restructuring, which was recently announced by our SA PGM industry peers, is
consistent with, and supports our fundamental view of impending deficits.

The outlook for the SA gold operations remains similarly positive, despite production from the western side of Driefontein's Masakhane
shaft being constrained while the rehabilitation project continues. Unit costs during this period will also be temporarily elevated. From
Q1 2019 production levels should revert to normal with an expected commensurate decline in unit costs.

Despite the imperative of addressing safety and other operational issues experienced during H1 2018, we have maintained focus on
the execution of our strategy. As a critical element in our accelerated deleveraging, US$500 million was raised, post interim end,
through a well-structured and competitively priced streaming transaction. At the end of H1 2018, our ND:adjusted EBITDA ratio was
2.55x, having declined from 2.56x at the end of the 2017 financial year. The US$500 million upfront cash raised through the stream,
enables an approximate 0.7x reduction in Group ND:adjusted EBITDA at the end of H1 2018, thereby reducing the Group leverage
ratio to approximately 1.85x on a pro forma basis. This is well below the 3.5x existing covenant and future 2.5x covenant ratios. The
stream was generally well received by the market and was followed by a sharp decline in open short trading positions. Other
measures to further accelerate deleveraging continue to be assessed.

Positive progress was made in bringing the proposed Lonmin transaction to completion, with approvals obtained from both the South
African Reserve Bank and the Competition and Markets Authority (CMA) in the UK. The approval process with the South African
competition authorities continues. The transaction is subject to the fulfilment of certain other conditions precedent and is expected
to complete during the second half of 2018.

Progress was also made on realising value from non-core assets. The DRDGOLD transaction, in terms of which selected gold surface
assets and reserves have been sold to DRDGOLD for a 38% equity stake in the company, was concluded in late July 2018. An earn-
in transaction was entered into with Regulus Resources Inc. regarding the Altar copper-gold project in Argentina, which will see
Sibanye-Stillwater benefitting from an upfront cash payment of US$15 million, while still retaining significant exposure to potential
upside in the Altar project. More detail on these transactions is provided in the corporate activity section below.

We have managed to navigate our way through a very challenging period and I am confident that we have emerged in a stronger
position than we were at the beginning. The Group has been refocused and re-energised and I am confident that we are well
positioned to deliver significant value to all of our stakeholders in future.

SAFETY

The Group suffered a number of tragic safety incidents during H1 2018. Q2 2018 was dominated by two safety disasters in which 12
of our colleagues passed away in separate incidents at our Driefontein and Kloof mines. A seismic event on 3 May 2018 at
Driefontein's Masakhane shaft resulted in severe damage to the workings with seven of our employees fatally injured and a further
six rescued. On 11 June 2018, five employees passed away when a shift boss led employees into a temporary stopped barricaded
area. Severe events of this nature, leading to multiple fatalities at the SA Gold operations, are unparalleled in Sibanye-Stillwater's
history and are a significant departure from our safety performance. Investigation of these events by the DMR continues.

Sibanye-Stillwater management and Board, express their sincere condolences to the family and colleagues of the employees who
perished during the period. In Q1: Solly Ngobeni, Chicco Dube, Matela Mating, Zanempi Mncwazi, Otshepeng Ramosito and Ntokozo
Ntame and in Q2: Mlungisi Vukuthi , Luke Bongumusa Mngomezulu, Baptista Paulino Cuambe, X-Mas Madikizela, Mbulelo Albert
Sonqowa, Thabo Abram Ntsekhe, Nkosiphendule Dudlela, Luis Ernesto LumbeGazala, Thokozani Tembe, Lingani Innocent Mngadi,
Lakhi Msada, Mthokozisi Msutu, Cedrick Nkuna, Kholekile Phelile and Bhekithemba Thembinkosi Ndabeni.

On a positive note, it is pleasing to report that Beatrix has now been fatality free for more than 15 months and that there were no
fatal incidents at the SA PGM operations in Q2.

We continue to take structured and well-defined steps to restore our SA gold operations back to industry leading safety performance.
At our 2017 year end results presentation in February this year, I stated that in order to break through the safety plateau we had
reached we would need to do things differently by impacting attitude and safe behaviour, and that a Health and Safety compact
between all stakeholders was necessary if we were to achieve ZERO HARM in the workplace. ZERO HARM involves rethinking and
recommitting to building bridges of collaboration between every stakeholder in the mining sector. It is our singular focus to improve
mine safety and enhance the values-based behaviours that will achieve that success.

We convened a multi-stakeholder Safety Summit on 25 May 2018, which was well attended by all the unions and the DMR as well as
senior management from Sibanye-Stillwater. All the stakeholders committed to working together to make the workplaces safer,
protect jobs and collaborate on all matters pertaining to the health, safety and wellbeing of workers. A safety pledge was jointly
developed setting out the scope and spirit in which stakeholders agree to work further towards achieving ZERO HARM underpinning
a substantial shared resolve to jointly strive to address the safety challenges. This is a significant achievement and the first time that I
am aware that all stakeholders in the industry have committed to a compact of this nature.

The Safety Summits are ongoing and joint implementation task teams will monitor and report on progress made in implementing the
priority areas that were jointly identified by stakeholders at the summits.

Considering the substantial behavioural component involved in most fatal incidents, organisational culture and leadership are being
reviewed to ensure that safety is inculcated as the foremost consideration in decisions at all levels. The need has been identified to
re-instil our CARES values as the context within which we take all our decisions as a cornerstone of culture transformation. An intense
programme to promote the responsible application of the provisions of Section 23 of the Mine Health and Safety Act, which affords
employees the right to withdraw from unsafe conditions, confirms our top level commitment to safe operations.

In the US region, the operations have been fatality free since October 2011. The total injury frequency rate for H1 2018 increased to
18.2 compared to a rate of 12.7 per million hours in 2017, while the serious injury frequency rate also increased to 8.8 from 5.9 per
million hours when comparing H1 2018 to 2017. Although no common theme with the increase in the injury rates could be established,
US region management continues to address this disappointing increase as a priority.

A recognised expert in mine safety, Dr Kobus de Jager has been appointed as Group Head of Safe operations. Kobus has over 40
years' experience in mine safety with academic and practical credentials in leadership and behavioural safety. His primary remit will
be to fully review the Company's safety management systems and processes.

FINANCIAL OVERVIEW

Group revenue of R23,910 million (US$1,942 million) for H1 2018 was 24% higher than for the comparable period in 2017. The inclusion
of a full six months production from the US PGM operations which were acquired in May 2017, and higher PGM basket prices, offset
lower revenue from the SA gold operations, which declined by R1,596 million (US$67 million). Revenue for the SA gold operations was
impacted by the 13% decline in gold produced, primarily due to the closure of the Cooke operations in H2 2017 and the impact of
operational disruptions at the Driefontein operations, compounded by a 1% decline in the average rand gold price received to
R519,994/kg (US$1,314/oz).

Group adjusted EBITDA for the six months ended 30 June 2018 of R3,896 million (US$316million) increased by 26% year-on-year,
positively impacting Group leverage measures.

Primarily due to the successful refinancing of the bridge loan, net finance expenses for H1 2018 decreased by R52 million (US$3 million)
year-on-year to R1,193 million (US97 million).

A R710 million (US$58 million) gain on financial instruments compared to a R261 million (US$20 million) loss for the previous comparable
period, was largely due to the decline in the market value of the US$450 million Convertible Bond during H1 2018.

The financial results for H1 2017 were significantly affected by transaction and financing costs associated with the acquisition of
Stillwater, and higher restructuring costs and impairments associated with the early, decisive action taken by the Group to address
losses at its SA gold operations (resulting in the cessation of mining at the Cooke underground operations and jointly agreed
interventions at the Beatrix West mine). These costs were compounded by a R1,077 million (US$82 million) occupational healthcare
expense being recognised in anticipation of a possible settlement of class action claims and related costs, resulting in combined
non-underlying costs of R4,423 million (US$335 million). Following the resumption of more normal operating activities, the costs
(combined) for H1 2018, were R4,066 million (US$330 million) lower at R357 million (US$29 million) than for H1 2017.

The Group recorded a net profit of R78 million (US$7 million) for H1 2018 compared with a loss of R4,803 million (US$364 million) for the
comparable period in 2017.

The Normalised loss (attributable earnings adjusted for non-cash gains and losses, non-recurring items and share of result of equity-
accounted investees) for the six months ended 30 June 2018 of R521 million (US$42 million), was significantly less than the
R1,002 million (US$76 million) normalised loss reported for the first half of the previous year.
OPERATING REVIEW

SA REGION

SA PGM operations
The SA PGM operations delivered another robust operating result for the six months ended 30 June 2018, with attributable 4E PGM
production of 569,166oz marginally lower than for the comparable period in 2017, but at the upper end of guidance for 2018 on an
annualised basis. Despite lower production, AISC declined further to R10,106/4Eoz (US$821/4Eoz), 4% lower in nominal terms than for
the comparable period in 2017. This reflects a significant reduction in unit costs in real terms despite these operations absorbing
above inflation increases in wages and electricity costs over the course of the year. This excellent result reflects the tangible and
sustainable benefits derived from the integration of these operations into the Sibanye-Stillwater group.

Kroondal in particular excelled, with 4E PGM production of 120,461oz, 5% higher than for the comparable period in 2017 and AISC
of R10,187/4Eoz, 1% lower.

The average PGM basket price for the six months ended 30 June 2018, was 8% higher in rand terms than the comparable period in
2017 at R12,941/4Eoz and 16% higher in dollar terms at US$1,051/4Eoz. This increase was primarily due to significantly higher palladium
and rhodium prices (which comprise approximately 30% and 8% of the 4E PGM basket respectively), which offset the impact of the
strong rand in the first quarter.

The financial contribution from by-product metals is significant, with chrome in particular contributing to revenue and reducing AISC.
By-product credits reduced AISC from the SA PGM operations by R1,040 million (US$84.4 million) in H1 2018.

Contributions from Mimosa was also consistent and contributed a further R136 million (US$11 million) to Group earnings.

The significant operational turnaround achieved at the SA PGM operations, and the inherent gearing of these operations to higher
PGM basket prices is clearly evident in the vastly improved financial results for the period under review. Adjusted EBITDA more than
doubled from R466 million (US$35 million) for H1 2017 to R1,001 million (US$81 million) for H1 2018, with the SA PGM operations'
contribution to Group adjusted EBITDA increasing from 15% in H1 2017 to 26% in H1 2018.

This is a notable reversal in the fortunes of these SA PGM operations, which generated significant losses for many years and reinforces
the rationale of industry consolidation.

SA gold operations

Gold production from the SA gold operations was 13% lower year-on-year, declining from 21,418kg (688,600oz) for H1 2017 to 18,616kg
(598,500oz) for H1 2018, with AISC increasing by 7%, to R520,488/kg (US$1,315/oz). On a like-for-like basis, after normalising for the
closure of the Cooke underground operations in H2 2017, which accounted for 1,308kg (42,000oz) of the production difference,
production declined by 7% or 1,494kg (48,033oz). This shortfall in production resulted largely from a number of operational disruptions
during the period, including the power outage at Beatrix in February 2018 due to severe storm damage to Eskom power lines
supplying the mine, the tragic fatal incidents at the West Wits gold operations and seismic damage to infrastructure providing access
to sections of the Driefontein Masakhane shaft. Kloof and Beatrix performed well despite these disruptions, with only Driefontein not
able to compensate for lost production.

The average rand gold price declined by 1% to R519,994/kg for H1 2018, despite the average dollar gold price increasing by 7% to
US$1,314/oz, due to significant appreciation of rand in Q1 2018, yielding an average exchange rate of R12.31/US$ for H1 2018,
compared with R13.21/US$ for H1 2017. As a result of these factors, revenue from the SA gold operations declined by R1,596 million
(US$67 million) year-on-year to R9,680 million (US$786 million). Cost of sales, before amortisation and depreciation decreased by
approximately 6% in absolute terms, to R8,373 million (US$680 million) resulting in a R1,249 million (US$89 million) decline in adjusted
EBITDA, to R1,007 million (US$82 million), with the SA Gold operations' contribution to Group adjusted EBITDA declining to 26% from
73% in H1 2017.

Underground production from Kloof of 6,775kg (217,800oz) was only marginally lower than for the comparable period in 2017, with
an 11% decline in underground throughput, largely offset by a higher yield due to an 8% improvement in the Mine Call Factor. Surface
throughput increased by 59% to 2,699,000 tonnes due to an increase in toll treatment of Kloof surface sources at the Driefontein and
Ezulwini plants, but at a lower yield of 0,42g/t, resulting in gold produced from surface sources increasing by 43% to 1,130kg (36,300oz).
AISC increased by 5% to R464,301/kg (US$1,173/oz), which was in line with South African CPI inflation; a commendable result.

Beatrix recovered well from the electrical power outage in February 2018, with underground gold production of 4,275kg (137,500oz)
2% lower than for the comparable period in 2017. A 9% increase in the underground yield largely offset the 10% decline in
underground throughput largely due to the power disruption. Gold production from surface sources decreased 27% to 105kg
(3,400oz), which was expected due to depletion of surface reserves at Beatrix West. The 2% increase in AISC year-on-year to
R511,712/kg (US$1,293/oz) was lower than South African CPI inflation and is a solid performance, considering that above inflation
wage and electricity cost increases had to be absorbed during the year.

Driefontein was unable to recover from operational disruptions during H1 2018 due to the cessation of mining activity on the western
side of the Masakhane shaft from 3 May 2018, following seismic damage to footwall infrastructure providing access to the area.
Underground production from Driefontein of 5,349kg (172,000oz) for H1 2018, was 20% lower than for the comparable period in 2017.
Production from surface sources at Driefontein also declined by 52% to 441kg (14,200oz), due to the depletion of available surface
reserves, resulting in AISC increasing substantially to R603,092/kg (US$1,524/oz).

Rehabilitation of the affected footwall infrastructure at the Masakhane shaft has commenced, with ramp up to normal levels of
production of approximately 250kg (8,038oz) per month, expected to be achieved by April 2019, with costs returning to more normal
levels.
US REGION

US PGM operations

The US PGM operations delivered another solid operating result, with mined 2E PGM production of 293,959oz at an AISC of
US$653/2Eoz, consistent with annual guidance for 2018. This performance compares favourably with 2E PGM production of 282,631oz
at an AISC of US$660/2Eoz for the six-months ended 31 December 2017 (H2 2017), and reflects initial production from the Blitz project
(Blitz). Blitz remains ahead of schedule, having produced approximately 20,200 2Eoz in H1 2018, with a further increase in production
rate expected during H2 2018. The ramp up of Blitz to full 2E PGM production of approximately 300,000oz by the end of 2021, is
expected to continue to drive revenues from the US PGM operations higher, and AISC lower by approximately US$100/2Eoz, to
around US$550/2Eoz.

The Columbus Metallurgical Complex processed 308,253oz of mined 2E PGM and 360,246oz of recycled 3E PGM, marginally lower
than for H1 2017. Our recycling operation averaged 23.8 tonnes of feed material per day for H1 2018 compared to 23.9 tonnes per
day during H2 2017. Following a matte run out at the second electric furnace (EF2) in February 2018, a decision was made to not
repair the furnace but to progress the planned 2018 rebuild and expansion of EF2 to cater for future Blitz throughput. The restart of
EF2 is expected in the fourth quarter of 2018. The runout at EF2 resulted in a short-term lock-up of mined and recycled material in
process. This locked up metal in inventory is expected to be released during H2 2018.

Metal prices remained elevated for most of H1 2018 and the average 2E PGM basket price was US$996/2Eoz, 5% higher than the
average basket price of US$947/2Eoz for H2 2017. The US PGM operations contributed US$153 million (R1,887 million) to Group
adjusted EBITDA at an average adjusted EBITDA margin of 25% in H1 2018, with the recycling operation comprising US$10 million
(R123 million) of this total.

Capital expenditure in the US region for H1 2018 was US$99 million, including project capital at Blitz. Capital expenditure for the period
includes US$5 million spent on exploration at Altar in Argentina and Marathon in Canada.

CORPORATE ACTION

The DRDGOLD transaction

As announced on 1 August 2018, all conditions precedent to the DRDGOLD transaction were met and the transaction was
implemented on 31 July 2018. Sibanye-Stillwater has sold selected gold processing and surface tailings storage facilities (TSFs), which
were a component of the West Rand Tailings Retreatment project (WRTRP), to DRDGOLD for the issue of 265,000,000 DRDGOLD new
ordinary shares, equivalent to 38.05% of the issued share capital of DRDGOLD, worth R895.7 million*.

In addition, Sibanye-Stillwater may, within 24 months from the date of implementation of the Transaction, exercise an option to
increase its shareholding in DRDGOLD up to 50.1%, by subscribing for additional shares which will be issued at a 10% discount to the
30 day volume weighted average traded price of a DRDGOLD share on the day prior to the date of exercise of the option.

The transaction unlocks immediate value from underutilised surface infrastructure and TSFs whilst retaining exposure to the future
development of this long life surface reclamation project and future growth in DRDGOLD.

Sibanye-Gold will be consolidating DRDGOLD in its operational and financial results in future, which is expected to have a positive
impact on production and financial metrics as well as gold Reserves and Resources. Further information on the transaction is
available at https://www.sibanyestillwater.com/investors/transactions/drdgold.

* DRDGOLD's closing share price of R3.38 as at 31 July 2018 multiplied by the 265 million shares issued to Sibanye-Stillwater.

Altar

On 29 June 2018 Sibanye-Stillwater announced it had entered into an agreement with Regulus Resources Inc. (Regulus) and a newly
formed subsidiary of Regulus, Aldebaran Resources Inc. (Aldebaran), to create a strategic partnership to unlock value at the Altar
copper-gold project located in Argentina.

The consideration to Sibanye-Stillwater, for Aldebaran's option to acquire up to an 80% interest in the Altar Project, comprises:

-   An upfront cash payment of US$15 million to Sibanye-Stillwater upon closing of the Arrangement
-   19.9% of the shares of Aldebaran, subject to proration if the initial financing exceeds US$30 million (up to a maximum of
    US$40 million)
-   A commitment from Aldebaran to carry the next US$30 million of spend at the Altar Project over a maximum of five years, as an
    initial earn-in of a 60% interest in the Altar Project (the Initial Earn-in)
-   Aldebaran may also elect to earn into an additional 20% interest in the Altar Project by spending an additional US$25 million over
    a three-year period following the Initial Earn-in.

The Arrangement sees Sibanye-Stillwater benefit from upfront proceeds (US$15 million), while retaining a direct interest in the project
of either 40% or 20% (should Aldebaran exercise its additional earn in option) as well as an indirect exposure though its 19.9%
shareholding in Aldebaran. The transaction is expected to close in Q4 2018.

The proposed Lonmin acquisition

The proposed all share acquisition of Lonmin Plc remains on schedule. South African Reserve Bank approval for the proposed
transaction was received in May, with the Competition and Markets Authority (CMA), the UK authority responsible for investigating
any merger that could restrict competition, unconditionally clearing the proposed acquisition in June 2018. Engagement with the
South African competition authorities continues. Pending the fulfilment of the remaining conditions precedent, we remain fully
committed to the transaction and believe that the rationale for the transaction remains compelling for all stakeholders. Further
information on the transaction is available at https://www.sibanyestillwater.com/investors/transactions/Lonmin.

Stream financing

On 25 July 2018, Sibanye-Stillwater announced the completion of a gold and palladium stream agreement with Wheaton Precious
Metals International Ltd (Wheaton International), in terms of which, Sibanye-Stillwater has received US$500 million from Wheaton
International in exchange for an agreed percentage of planned gold and palladium production from its US PGM operations
(comprised of the East Boulder and Stillwater mining operations).

The US$500 million arising from the Transaction is competitively priced relative to existing Group debt and alternative financing
available in international capital markets and immediately reduces Sibanye-Stillwater's leverage, decreasing Net Debt:adjusted
EBITDA by about 0.7x on a pro forma basis. This achieves a Group leverage ratio which is well below current and future covenant
levels as per the facility agreements and yields a reduction in Group financing costs. Further detail on the stream is available at:
https://www.sibanyestillwater.com/investors/events/streaming-transaction

Purported class action

Two purported class action lawsuits have been filed against Sibanye Gold Limited (Sibanye-Stillwater), Neal Froneman and Charl
Keyter in the United States District Court for the Eastern District of New York, alleging violations of the US securities laws. The first lawsuit,
Case No. 18-cv-03721, was filed on 27 June 2018 by Kevin Brandel, individually and on behalf of all other persons who purchased
Sibanye securities between 7 April 2017 and 26 June 2018, inclusive (the "Class Period"). The second lawsuit, Case No. 18-cv-03902,
was filed on 6 July 2018 by Lester Heuschen, Jr., also individually and on behalf of members of the Class Period (collectively, the
"Class Actions"). The Class Actions allege that certain statements by Sibanye-Stillwater in its annual reports filed with the US Securities
and Exchange Commission were false and/or misleading. Specifically, the Class Actions allege that Sibanye made false and/or
misleading statements about its safety practices and record and thereby violated the US securities laws. The Class Actions seek an
unspecified amount of damages.

As the cases are in the early stages, it is not possible to determine the likelihood of success on the merits or to quantify any potential
liability from the Class Actions nor estimate the duration of the litigation. Sibanye-Stillwater intends to defend the cases vigorously.

OUTLOOK

The operating/safety challenges experienced in H1 2018 have been our primary focus and are being proactively addressed. I am
confident that collaboration with key stakeholders will have a significant impact on safety at our mines. Restoring and then improving
the safety performance at our operations globally remains a priority.

Despite the difficult operating environment and potentially crippling operational challenges we have endured, the outlook for the
remainder of the year remains positive, with the weaker rand in particular providing significant earnings upside for the SA region.

4E PGM production from the SA PGM operations is likely to be at the upper end of guidance of between 1.1Moz and 1.15Moz, with
AISC towards the bottom end of guidance, of 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).

Guidance for the SA gold operations for the year ending 31 December 2018 was revised in July 2018 to between 36,500kg and
37,500kg (1.17Moz and 1.21Moz), with AISC forecast at between R515,000/kg and R530,000/kg (US$1,227/oz and US$1,263/oz) and
capital expenditure of R3,000 million (US$230 million).

2E PGM production guidance from the US PGM operations for the year ending 31 December 2018 is maintained at between
580,000oz and 610,000oz with AISC between US$640/2Eoz and US$680/2Eoz. Capital expenditure is expected to be up to
US$222 million.

NEAL FRONEMAN

CHIEF EXECUTIVE OFFICER

FINANCIAL AND OPERATING REVIEW OF THE SIBANYE-STILLWATER GROUP

FOR THE SIX MONTHS ENDED 30 JUNE 2018 (H1 2018) COMPARED WITH THE SIX MONTHS ENDED 30 JUNE 2017 (H1 2017)

Revenue

Revenue increased by 24% to R23,910 million (US$1,942 million) from R19,219 million (US$1,455 million). This included R7,441 million
(US$605 million) from the US PGM operations. The increase in revenue at the US PGM operations was due to the inclusion for the full
six months in H1 2018 compared with R1,946 million (US$147 million) for two months in H1 2017. Revenue from the SA PGM operations
increased by 13% to R6,789 million (US$552 million) due to chrome and by-product sales of R1,040 million, and a 8% higher average
4E basket price and partly offset by a 4% decline in 4E PGM production. Revenue from the SA gold operations decreased by 14% to
R9,680 million (US$786 million) due to a 1% lower average gold price and a 13% decline in gold production year-on-year.

Cost of sales, before amortisation and depreciation

Cost of sales, before amortisation and depreciation increased by 23% to R19,642 million (US$1,596 million). The increase was largely
due to the inclusion of the US PGM operations, which had cost of sales, before amortisation and depreciation of R5,554 million
(US$451 million) for the full six months in H1 2018 compared with R1,572 million (US$119 million) for two months in H1 2017. Cost of sales,
before amortisation and depreciation at the SA PGM operations increased by 4% to R5,716 million (US$464 million) due to above
inflation increases in wages, partly offset by synergies realised. Cost of sales, before amortisation and depreciation at the SA gold
operations decreased by 6% to R8,373 million (US$680 million) due to the cessation of underground operations at Cooke, partly offset
by above inflation increases in wages and other costs related to various operational disruptions during the period.

Amortisation and depreciation

Amortisation and depreciation increased by 24% to R3,095 million (US$251 million). This included R1,025 million (US$83 million) from the
US PGM operations for the full six months in H1 2018 compared with R313 million (US$24 million) for two months in H1 2017. Amortisation
and depreciation at the SA PGM operations increased by 53% to R501 million (US$41 million) as the useful lives of individual assets
were reassessed. The SA gold operations decreased by 16% to R1,569 million (US$128 million) mainly due to the cessation of
underground operations and impairment at Cooke.

Finance expense

The finance expense decreased by 4% to R1,384 million (US$112 million) from R1,440 million (US$109 million). Included in finance
expense in H1 2018 was R749 million interest on borrowings (H1 2017: R1,101 million), R233 million unwinding of the US$450 million
Convertible Bond, US$1.05 Bond and Burnstone Debt (H1 2017: R70 million), R190 million environmental rehabilitation liability accretion
expense (H1 2017: R179 million), R51 million occupational healthcare liability accretion expense, R100 million unwinding of the
Rustenburg Deferred Payment (H1 2017: R74 million) and R62 million sundry interest charges (H1 2017: R15 million).

Interest decreased by R189 million due to the successful refinancing of the Stillwater Bridge Facility through the US$1 billion rights offer,
the US$1.05 billion Bond and the US$450 million Convertible Bond. Sibanye-Stillwater's average outstanding gross debt, excluding the
Burnstone Debt and including the derivative financial instrument, was approximately R26,215 million in H1 2018 compared with
approximately R17,898 million in H1 2017. For additional information on Sibanye-Stillwater's borrowings see note 9 of the financial
statements.

Gain on financial instruments

The net gain on financial instruments of R710 million (US$58 million) for H1 2018 compares with a loss of R261 million (US$20 million) for
H1 2017. This net gain included a fair value gain on the US$450 million Convertible Bond derivative financial instrument of R810 million
(US$66 million), mainly due to the convertible bonds trading well below par, driven by the share price deterioration; and net
unrealised losses on the rand gold forward sale contracts of R91 million (US$7 million).

Net other costs, including care and maintenance

The net other cost for H1 2018 of R372 million (US$30 million) (H1 2017: R198 million (US$15 million)) included additional care and
maintenance costs at the Cooke operations of R273 million (US$22 million) (H1 2017: R114 million (US$9 million)).

Non-recurring items

Impairments

In H1 2018, the Altar and Marathon exploration costs capitalised were impaired as the carrying amounts of the assets exceeded the
recoverable amounts. In the comparative period (H1 2017), the continued losses and outcome of the Section 189 of the Labour
Relations Act 66 of 1995 process at the Cooke Operations and Beatrix West mine, resulted in the impairment of the mining assets by
R2,792 million (Cooke 1, 2 and 3: R2,187 million (US$167 million) and Beatrix West: R604 million (US$47 million)) at 30 June 2017.

Occupational healthcare expense

As a result of the progress made by the Occupational Lung Disease Working Group (the Working Group) since 31 March 2017 on a
variety of issues, management was in a position to reliably estimate, within an acceptable range, the Group's potential share of a
possible settlement of the class action claims and related costs, and provided R1,077 million (US$82 million) before tax for this liability.

On 3 May 2018, the Working Group (representing African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields,
Harmony and Sibanye-Stillwater) agreed to a class action settlement with the claimants of approximately R5 billion. The estimated
costs were reviewed at 30 June 2018, discounted using a risk-free rate, and as a result, a change in estimate of R10.2 million was
recognised in profit or loss.

Transaction costs

Transaction costs of R193 million (US$16 million) for H1 2018 mainly included advisory and legal fees of R83 million (US$7 million) related
to the Lonmin transaction and legal fees of R92 million (US$7 million) related to the Stillwater Mining Company dissenting shareholders
claim. Transaction costs of R402 million (US$30 million) in H1 2017 related to the Stillwater transaction.

Mining and income tax

Current tax increased from R39 million (US$3 million) to R154 million (US$13 million) due to the increase in taxable mining income for
the period. The deferred tax credit decreased from R453 million (US$34 million) to R70 million (US$6 million). The significant deferred
tax credit for H1 2017 was due to the impact of the impairment of Beatrix and the occupational healthcare expense.

The effective tax (expense) rate of 52% for H1 2018 was higher than the South African statutory company tax rate of 28% mainly due
to an increase of deferred tax assets not recognised at the Cooke operations and Burnstone project. The effective tax (credit) rate
of 8% for H1 2017 was lower than the South African statutory company tax rate of 28% mainly due to the tax effect of non-deductible
finance expenses and transaction costs (related to the Stillwater acquisition) and an increase of deferred tax assets not recognised
at the Cooke operations. For additional information on Sibanye-Stillwater's mining and income tax see note 4 of the financial
statements.

Cash flow analysis
Sibanye-Stillwater defines free cash flow as cash from operating activities before dividends paid, less additions to property, plant and
equipment.

A free cash outflow of R732 million (US$59 million) compares with R831 million (US$63 million) for H1 2017. The items contributing to the
decrease in H1 2018 are indicated in the table below.

Figures in million - SA rand
                                                                                                                                H1 2018      H1 2017
Increase/(decrease) in cash generated by operations(1)                                                                            1,715      (3,217)
Decrease in cash-settled share-based payments paid(2)                                                                               424        1,059
(Decrease)/increase in investment in working capital(3)                                                                         (2,075)        1,077
Decrease/(increase) in interest paid                                                                                                263        (930)
Decrease in royalties and tax paid                                                                                                  319          378
Increase in capital expenditure (i.e. additions to property, plant and equipment)(4)                                              (582)        (723)
Other                                                                                                                                36         (11)
Decrease/(increase) in free cash outflow                                                                                            100      (2,367)

(1) The increase in cash generated by operations in H1 2018 was mainly due to the inclusion of the US PGM operations for the full six months in H1 2018 compared with two months in
    H1 2017. The decrease in cash generated by operations in H1 2017 was mainly due to the decrease in the average realised gold price to R523,303/kg in H1 2017 from R603,427/kg in
    H1 2016.
(2) Approximately 70% of cash-settled share-based payment instruments vested during 2016 resulting in a decrease in cash-settled share-based paid from H1 2017 and the outstanding
    instruments vested in H1 2017 resulting in a decrease in cash-settled share-based paid in H1 2018.
(3) The investment in working capital in H1 2018 (of R488 million) was mainly due to the short-term lock-up of mined and recycled material in process and an increase in total in-process
    inventory at the US PGM operations, and an increase in gold sales receivables. The release from working capital in H1 2017 (of R1,586 million) was due to a decrease in gold sales
    receivables and prepayments, and increase accruals.
(4) The increase in capital expenditure in H1 2018 was largely due to the inclusion of the US PGM operations capital expenditure of US$99 million (R1,218 million) for the full six months in H1
    2018 compared with US$25 million (R330 million) for two months in H1 2017, partly offset by deferred capital expenditure at the SA gold and PGM operations. The increase in capital
    expenditure in H1 2017 was largely due to the inclusion of the SRPM capital expenditure (of R436 million (US$33 million)) and the US PGM operations capital expenditure for two months
    (compared with Rnil (US$nil) in H1 2016).

Cash at 30 June 2018, after net loans raised of R601 million (US$49 million) increased marginally to R2,100 million (US$153 million) from
R2,062 million (US$167 million) at 31 December 2017.

MINERAL RESOURCES AND MINERAL RESERVES

There were no changes to the Mineral Resources and Mineral Reserves from what was previously reported by the Group at
31 December 2017.

CHANGE IN COMPANY SECRETARY

Cain Farrel retired as company secretary with effect form 31 May 2018. Lerato Matlosa was appointed as company secretary on
1 June 2018. Lerato holds a Bachelor of Law (LLB) degree from the National University of Lesotho and is an advocate of the High
Court of Lesotho. She is a qualified Chartered Secretary with the South African Institute of Corporate Secretaries and she also
completed a certificate in Prospecting and Mining Law with the University of Witwatersrand Mandela Institute. Lerato's memberships
include the Chartered Secretaries of South Africa, the Institute of Directors South Africa and a member of the Canadian Society of
Corporate Secretaries. She was previously the Company Secretary of Atlatsa Resources Corporation, a Toronto Stock Exchange and
JSE listed company.

SALIENT FEATURES AND COST BENCHMARKS FOR THE SIX MONTHS ENDED 30 JUNE 2018,
31 DECEMBER 2017 AND 30 JUNE 2017

SA and US PGM operations

                                                                                                                        SA REGION                                                      US REGION
                                                               Total SA                                                                                                             Total US PGM
                                                             and US PGM                Total SA PGM                 Kroondal        Mimosa      Plat Mile        Rustenburg           Stillwater
Attributable                                                                               Under-                                                            Under-                       Under-
                                                                            Total          ground     Surface   Attributable Attributable         Surface    ground     Surface        ground(1)
Production
Tonnes milled/treated      000't                Jun   2018      13,084     12,434           5,945       6,489          1,835           698          3,748     3,412         2,741            650
                                                Dec   2017      13,492     12,857           6,257       6,600          1,966           704          3,857     3,587         2,743            635
                                                Jun   2017      13,559     13,339           6,005       7,334          1,812           681          4,193     3,512         3,141            220
Plant head grade           g/t                  Jun   2018        2.66       2.00            3.25        0.84           2.48          3.56           0.60      3.61          1.21          15.35
                                                Dec   2017        2.71       2.10            3.28        0.98           2.45          3.58           0.63      3.69          1.47          15.13
                                                Jun   2017        2.27       2.07            3.31        1.05           2.40          3.58           0.66      3.72          1.57          14.74
Plant recoveries           %                    Jun   2018       77.26      71.77           83.77       28.44          82.35         77.95          10.66     85.28         38.76          91.35
                                                Dec   2017       75.32      69.49           83.78       24.27          81.88         78.12          13.48     85.47         30.77          90.82
                                                Jun   2017       69.07      66.66           83.09       24.23          81.93         77.60           9.99     84.51         32.24          92.00
Yield                      g/t                  Jun   2018        2.05       1.42            2.72        0.23           2.04          2.77           0.06      3.08          0.47          14.07
                                                Dec   2017        2.04       1.46            2.75        0.24           2.00          2.80           0.09      3.15          0.45          13.84
                                                Jun   2017        1.57       1.38            2.75        0.25           1.97          2.78           0.07      3.15          0.51          13.24
PGM production(2)          4Eoz - 2Eoz          Jun   2018     863,125    569,166         520,268      48,899        120,461        62,270          7,718   337,537        41,181        293,959
                                                Dec   2017     886,267    603,636         553,133      50,503        126,606        63,274         10,545   363,253        39,958        282,631
                                                Jun   2017     684,437    590,712         530,769      59,943        114,619        60,879          8,898   355,271        51,045         93,725
PGM sold                   4Eoz - 2Eoz          Jun   2018     840,512    569,166         520,268      48,899        120,461        62,270          7,718   337,537        41,181        271,346
                                                  Dec 2017         883,738      603,636         553,133      50,503         126,606          63,274       10,545      363,253           39,958         280,102
                                                  Jun 2017         665,877      590,712         530,769      59,943         114,619          60,879        8,898      355,271           51,045          75,165
Price and costs(3)
Average PGM basket
price(4)                    R/4Eoz - R/2Eoz       Jun   2018        12,691       12,941           12,965     12,715          13,217          12,733       13,048       12,875           12,652          12,260
                                                  Dec   2017        12,940       13,066           13,063     13,095          13,114          13,107       13,195       13,045           13,068          12,699
                                                  Jun   2017        11,883       12,006           12,037     11,685          12,030          12,015       12,068       12,039           11,618          11,242
                            US$/4Eoz - US$/2Eoz   Jun   2018         1,031        1,051            1,053      1,033           1,074           1,034        1,060        1,046            1,028             996
                                                  Dec   2017           965          975              974        977             978             978          984          973              975             947
                                                  Jun   2017           980          910              912        885             911             910          914          912              880             850
Operating cost(5)           R/t                   Jun   2018           731          487            1,003         69             684             837           17        1,175              141           2,716
                                                  Dec   2017           640          502            1,010         74             626             838           18        1,221              153           3,287
                                                  Jun   2017           469          434              952         58             643             897           14        1,111              116           2,491
                            US$/t                 Jun   2018            59           40               82          6              56              68            1           95               11             221
                                                  Dec   2017            48           37               75          6              47              63            1           91               11             245
                                                  Jun   2017            36           33               72          4              49              68            1           84                9             190
                            R/4Eoz - R/2Eoz       Jun   2018         9,344       11,277           11,497      9,221          10,424           9,377        8,253       11,879            9,402           6,010
                                                  Dec   2017         9,948       11,289           11,453      9,704           9,718           9,318        6,676       12,057           10,504           7,383
                                                  Jun   2017         9,686       10,365           10,786      7,065          10,169          10,035        6,687       10,985            7,131           5,847
                            US$/4Eoz - US$/2Eoz   Jun   2018           759          916              934        749             847             762          671          965              764             488
                                                  Dec   2017           742          842              855        724             725             695          498          899              784             551
                                                  Jun   2017           734          785              817        535             770             760          506          832              540             443
Adjusted EBITDA margin(6)   %                     Jun   2018                         15                                          15              36           24                   15                       25
                                                  Dec   2017                         16                                          20              32           41                   14                       25
                                                  Jun   2017                          8                                           9              29            8                    7                       19
All-in sustaining cost(7)   R/4Eoz - R/2Eoz       Jun   2018         9,349       10,106                                      10,187           8,060        8,318               10,116                    8,045
                                                  Dec   2017         9,905       10,432                                      10,057           9,223        6,619               10,650                    8,899
                                                  Jun   2017        10,029       10,364                                      10,307           8,643        6,799               10,458                    8,134
                            US$/4Eoz - US$/2Eoz   Jun   2018           760          821                                         828             655          676                  822                      653
                                                  Dec   2017           739          778                                         750             688          494                  794                      660
                                                  Jun   2017           760          785                                         781             655          515                  792                      622
All-in cost(7)              R/4Eoz - R/2Eoz       Jun   2018        10,226       10,173                                      10,187           8,060       12,646               10,118                   10,316
                                                  Dec   2017        10,787       10,436                                      10,057           9,223        6,837               10,650                   11,458
                                                  Jun   2017        10,312       10,364                                      10,307           8,643        6,799               10,458                   10,014
                            US$/4Eoz - US$/2Eoz   Jun   2018           831          826                                         828             655        1,027                  822                      838
                                                  Dec   2017           805          779                                         750             688          510                  794                      855
                                                  Jun   2017           781          785                                         781             655          515                  792                      765
Capital expenditure
Total capital               Rm                    Jun   2018       1,622.2        404.2                                        49.9            65.7         38.2                316.1                  1,218.0
expenditure(8)                                    Dec   2017       1,839.0        514.9                                       111.6           117.9          7.9                395.4                  1,324.1
                                                  Jun   2017         849.7        520.0                                        78.9           104.6          5.4                435.7                    329.7
                            US$m                  Jun   2018         131.7         32.8                                         4.1             5.3          3.1                 25.7                     98.9
                                                  Dec   2017         137.5         38.3                                         8.3             8.8          0.6                 29.4                     99.2
                                                  Jun   2017          64.4         39.4                                         6.0             7.9          0.4                 33.0                     25.0

Average exchange rate for the six months ended 30 June 2018, 31 December 2017 and 30 June 2017 was R12.31/US$, R13.41/US$ and R13.21/US$, respectively.
Figures may not add as they are rounded independently.

(1) The US PGM operations' results for the six months ended 30 June 2017 are for two months since acquisition. 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 statistics shown, except for adjusted EBITDA margin 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 costs of sales, before amortisation and depreciationin a period by the tonnes milled/treated in the same
    period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation in a period by the PGM produced in the same
    period. The US PGM operatoins
(6) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue.
(7) All-in costs exclude 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 costs are made up of All-in sustaining costs, being the costs to sustain current operations, given as a sub-total in the All-in costs 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 costs and All-in costs,
    respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales, before amortisation and depreciation to All-in costs, see "All-in costs for the
    six months ended 30 June 2018, 31 December 2017 and 30 June 2017".
    The US region All-in-cost, excluding the corporate project expenditure (on the Altar and Marathon projects), for the six months ended 30 June 2018, 31 December 2017 and 30 June
    2017 was US$822/2Eoz, US$845/2Eoz and US$765/2Eoz, respectively.
(8) The US region corporate project expenditure for the six months ended 30 June 2018, 31 December 2017 and 30 June 2017 was R58.1 million (US$4.8 million), R30.4 million (US$2.3 million)
    and R9.4 million (US$0.7 million), respectively, which related to the Altar and Marathon projects.

Mining - Prill split excluding recycling operations

                                                                  GROUP                                        SA REGION                                           US REGION
                                                                 Jun 2018              Jun 2018             Dec 2017           Jun 2017                Jun 2018             Dec 2017               Jun 2017(1)
                                                                  4Eoz      %         4Eoz       %        4Eoz       %        4Eoz       %         2Eoz          %         2Eoz      %             2Eoz      %
Platinum                                                       397,351    46%      331,399    58%      349,906     58%     345,050    58%        65,952        22%       63,978    23%           21,260    23%
Palladium                                                      404,611    47%      176,603    31%      188,784     31%     183,433    31%       228,008        78%      218,653    77%           72,465    77%
Rhodium                                                         44,252     5%       44,252      8%      51,137      8%      49,028      8%
Gold                                                        16,912     2%       16,912       3%        13,809       2%     13,201       2%
PGM production                                             863,126   100%      569,166     100%       603,636     100%    590,712     100%      293,959         100%     282,631      100%         93,725     100%
Ruthenium                                                   75,429              75,429                 79,079              77,132
Iridium                                                     17,218              17,218                 18,086              17,916
Total                                                      955,773             661,813                700,801             685,760               293,959                  282,631                   93,725

Recycling operation
                                                                                                                                                                                              US REGION
                                                                                                                                                                                 Unit      Jun 2018   Dec 2017
Average catalyst fed/day                                                                                                                                                         Tonne         23.8        23.9
Total processed                                                                                                                                                                  Tonne        4,308       4,392
Tolled                                                                                                                                                                           Tonne          672         637
Purchased                                                                                                                                                                        Tonne        3,636       3,754
PGM fed                                                                                                                                                                          3Eoz       360,246     390,703
PGM sold                                                                                                                                                                         3Eoz       303,326     283,431
PGM tolled returned                                                                                                                                                              3Eoz        68,256      79,888

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         Jun   2018     9,055     3,144           5,911           950              1,203          957               2,699        1,232               284            5             1,725
                                    Dec   2017     9,165     3,744           5,421         1,070              2,063        1,101               1,875        1,372               304          201             1,179
                                    Jun   2017     9,865     3,831           6,034         1,067              1,842        1,076               1,699        1,365               474          323             2,019
Yield                      g/t      Jun   2018      2.06      5.22            0.37          5.63               0.37         7.08                0.42         3.47              0.37         1.20              0.31
                                    Dec   2017      2.42      5.37            0.39          6.15               0.40         7.26                0.44         3.28              0.29         5.12              0.33
                                    Jun   2017      2.17      5.01            0.37          6.26               0.50         6.35                0.46         3.19              0.30         4.05              0.19
Gold produced              kg       Jun   2018    18,616    16,405           2,211         5,349                441        6,775               1,130        4,275               105            6               535
                                    Dec   2017    22,216    20,107           2,109         6,585                815        7,990                 816        4,502                88        1,030               390
                                    Jun   2017    21,418    19,178           2,240         6,677                927        6,836                 790        4,357               144        1,308               379
                           oz       Jun   2018   598,517   527,432          71,085       171,974             14,178      217,821              36,330      137,444             3,376          193            17,201
                                    Dec   2017   714,260   646,454          67,806       211,712             26,203      256,884              26,235      144,743             2,829       33,115            12,539
                                    Jun   2017   688,604   616,586          72,018       214,670             29,804      219,782              25,399      140,081             4,630       42,053            12,185
Gold sold                  kg       Jun   2018    18,616    16,405           2,211         5,349                441        6,775               1,130        4,275               105            6               535
                                    Dec   2017    22,216    20,107           2,109         6,585                815        7,990                 816        4,502                88        1,030               390
                                    Jun   2017    21,547    19,296           2,251         6,761                927        6,870                 790        4,357               144        1,308               390
                           oz       Jun   2018   598,517   527,432          71,085       171,974             14,178      217,821              36,330      137,444             3,376          193            17,201
                                    Dec   2017   714,260   646,454          67,806       211,712             26,203      256,884              26,235      144,743             2,829       33,115            12,539
                                    Jun   2017   692,752   620,380          72,372       217,371             29,804      220,875              25,399      140,081             4,630       42,053            12,539
Price and costs
Gold price received        R/kg     Jun   2018   519,994                                          521,123                          521,392                          526,370                        539,556
                                    Dec   2017   549,064                                          548,068                          549,023                          549,237                        554,366
                                    Jun   2017   523,303                                          523,062                          523,538                          523,150                        523,734
                           US$/oz   Jun   2018     1,314                                           1,317                            1,317                            1,330                          1,363
                                    Dec   2017     1,274                                           1,272                            1,274                            1,274                          1,286
                                    Jun   2017     1,233                                           1,232                            1,234                            1,232                          1,234
Operating cost(1)          R/t      Jun   2018       925     2,330           177           2,876                204        2,773                 190        1,571             107            740             151
                                    Dec   2017       977     2,142           173           2,561                173        2,361                 184        1,439              78          3,515             177
                                    Jun   2017       900     2,081           150           2,550                194        2,322                 181        1,376             162          2,709              82
                           US$/t    Jun   2018        75       189            14             234                 17          225                  15          128               9             60              12
                                    Dec   2017        73       160            13             191                 13          176                  14          107               6            262              13
                                    Jun   2017        68       158            11             193                 15          176                  14          104              12            205               6
                           R/kg     Jun   2018   449,758   446,522       473,768         510,806            555,782      391,720             452,832      452,702         290,476        616,667         486,355
                                    Dec   2017   403,151   398,901       443,670         416,173            439,018      325,369             423,407      438,450         270,455        686,019         534,872
                                    Jun   2017   414,595   415,758       404,643         407,548            384,898      365,550             389,494      431,076         531,944        669,037         436,148
                           US$/oz   Jun   2018     1,136     1,128         1,197           1,291              1,404          990               1,144        1,144             734          1,558           1,229
                                    Dec   2017       935       926         1,029             965              1,018          755                 982        1,017             627          1,591           1,241
                                    Jun   2017       977       979           953             960                907          861                 917        1,015           1,253          1,576           1,027
Adjusted EBITDA
margin(2)                  %        Jun   2018        10                                             1                               23                               14                             (84)
                                    Dec   2017        25                                            23                               39                               20                             (32)
                                    Jun   2017        20                                            22                               29                               17                             (31)
All-in sustaining cost(3) R/kg      Jun   2018   520,488                                          603,092                          464,301                          511,712                        524,954
                                    Dec   2017   480,010                                          502,257                          420,089                          501,438                        666,972
                                    Jun   2017   485,441                                          474,168                          442,650                          504,110                        678,857
                           US$/oz   Jun   2018     1,315                                           1,524                            1,173                            1,293                          1,326
                                    Dec   2017     1,114                                           1,165                             975                             1,163                          1,548
                                    Jun   2017     1,143                                           1,117                            1,043                            1,187                          1,600
All-in cost(3)             R/kg     Jun   2018   539,337                                          603,143                          473,498                          511,781                        524,954
                                    Dec   2017   498,474                                          504,122                          429,866                          501,939                        666,972
                                    Jun   2017   504,845                                          478,148                          450,614                          504,155                        685,689
                           US$/oz   Jun   2018     1,363                                           1,524                            1,196                            1,293                          1,326
                                    Dec   2017     1,157                                           1,170                             997                             1,165                          1,548
                                      Jun 2017       1,189                                        1,126                       1,062                           1,188                    1,616
Capital expenditure
Total capital
expenditure(4)             Rm         Jun   2018   1,430.3                                        503.5                       546.0                           237.8                       -
                                      Dec   2017   1,776.0                                        621.2                       693.6                           265.4                       -
                                      Jun   2017   1,634.1                                        534.3                       539.9                           280.2                     73.9
                           US$m       Jun   2018     116.2                                         40.9                        44.4                            19.3                       -
                                      Dec   2017     132.7                                         46.4                        51.9                            19.7                       -
                                      Jun   2017     123.6                                         40.4                        40.8                            21.2                      5.6

Average exchange rate for the six months ended 30 June 2018, 31 December 2017 and 30 June 2017 was R12.31/US$, R13.41/US$ 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 costs of sales, before amortisation and depreciation in a period by the tonnes milled/treated in the same
    period, and operatings 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) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue.
(3) All-in costs exclude 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 costs are made up of All-in sustaining costs, being the costs to sustain current operations, given as a sub-total in the All-in costs calculation, together with
    corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing
    the All-in sustaining cost and All-in costs, respectively, in a period by the total gold production in the same period. For a reconciliation of cost of sales, before amortisation and
    depreciation to All-in costs, see "All-in costs for the six months ended 30 June 2018, 31 December 2017 and 30 June 2017".
(4) Corporate project expenditure for the six months ended 30 June 2018, 31 December 2017 and 30 June 2017 was R143.0 million (US$11.7 million), R195.8 million (US$14.7 million), and
    R205.8 million (US$15.6 million), respectively, the majority of which related to the Burnstone project.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Condensed consolidated income statement

Figures are in millions unless otherwise stated

                  US dollar                                                                                                                                     SA rand
             Six months ended                                                                                                                              Six months ended
  Reviewed     Unaudited      Reviewed                                                                                                          Reviewed     Unaudited      Reviewed
  Jun 2017      Dec 2017      Jun 2018                                                                                                Notes     Jun 2018      Dec 2017      Jun 2017
   1,454.9       1,994.5       1,942.3                                              Revenue                                                     23,910.0      26,692.4      19,219.2
 (1,210.2)     (1,530.8)    (1,595.6)                        Cost of sales, before amortisation and depreciation                              (19,642.4)    (20,496.0)   (15,986.7)
     244.7         463.7         346.7                                                                                                           4,267.6       6,196.4       3,232.5
   (189.0)       (239.2)       (251.4)                               Amortisation and depreciation                                             (3,094.7)     (3,203.0)    (2,496.7)
      14.7          16.5          15.5                                       Interest income                                                       191.3         220.7         194.8
   (109.0)       (114.3)       (112.4)                                        Finance expense                                             2    (1,384.2)     (1,532.2)    (1,439.6)
     (8.8)         (8.6)        (10.9)                                    Share-based payments                                                   (134.7)       (115.7)       (116.2)
    (19.8)        (63.9)          57.7                               Gain/(loss) on financial instruments                                 3        710.2       (853.1)       (261.3)
      25.3         (3.3)          17.1                         Gain/(loss) on foreign exchange differences                                         210.1        (42.2)         334.6
       7.4          14.5          16.1                    Share of results of equity-accounted investees after tax                        7        198.5         193.5          98.1
    (15.0)        (32.5)        (30.2)                                         Net other costs                                                   (372.0)       (434.6)       (198.1)
     (9.1)         (9.6)        (22.6)                                  - Care and maintenance                                                   (278.3)       (128.7)       (120.5)
                                            - Change in estimate of environmental rehabilitation obligation, and right of recovery
     (4.2)        (14.5)             -                                    receivable and payable                                                       -       (193.6)        (55.3)
     (1.7)         (8.4)         (7.6)                                           - Other                                                          (93.7)       (112.3)        (22.3)
       2.3           0.8           2.6                      Gain on disposal of property, plant and equipment                                       31.8          10.2          30.5
   (211.7)       (119.7)         (4.8)                                         Impairments                                                        (59.6)     (1,615.0)     (2,796.0)
    (81.5)         (1.7)         (0.8)                            Occupational healthcare expense                                        10       (10.2)        (29.7)     (1,077.2)
    (11.2)        (43.6)         (7.7)                                    Restructuring costs                                                     (94.4)       (581.8)       (148.0)
    (30.4)        (11.1)        (15.7)                                      Transaction costs                                                    (193.0)       (150.5)       (401.6)
   (382.0)       (142.4)          21.8                              Profit/(loss) before royalties and tax                                         266.7     (1,937.0)     (5,044.2)
    (13.1)        (16.8)         (8.4)                                            Royalties                                                      (103.7)       (225.6)       (172.9)
   (395.1)       (159.2)          13.4                                    Profit/(loss) before tax                                                 163.0     (2,162.6)     (5,217.1)
      31.4         190.0         (6.9)                                   Mining and income tax                                            4       (84.7)       2,532.2         414.4
     (2.9)        (35.0)        (12.5)                                         - Current tax                                                     (154.2)       (465.3)        (38.9)
      34.3         225.0           5.6                                         - Deferred tax                                                       69.5       2,997.5         453.3
   (363.7)          30.8           6.5                                   (Loss)/profit for the period                                               78.3         369.6     (4,802.7)
                                                                (Loss)/profit for the period attributable to:
   (363.8)          30.6            6.4                                - Owners of Sibanye-Stillwater                                               76.7         366.3     (4,803.7)
       0.1           0.2            0.1                                  - Non-controlling interests                                                 1.6           3.3           1.0
                                                                   Earnings per ordinary share (cents)
      (23)             1            -                                    Basic earnings per share                                       5.1            3            16         (298)
      (23)             1            -                                   Diluted earnings per share                                      5.2            3            16         (298)
 1,614,151     2,255,316    2,261,753                           Weighted average number of shares ('000)                                5.1    2,261,753     2,255,316     1,614,151
 1,614,151     2,255,316    2,286,698                       Diluted weighted average number of shares ('000)                            5.2    2,286,698     2,255,316     1,614,151
                                                              Headline earnings per ordinary share (cents)
       (9)            10              -                               Headline earnings per share                                       5.3            4              87       (135)
       (9)            10              -                           Diluted headline earnings per share                                   5.4            4              87       (135)
     13.21         13.41          12.31                                      Average R/US$ rate

Condensed consolidated statement of other comprehensive income
Figures are in millions unless otherwise stated

                   US dollar                                                                                                                               SA rand
              Six months ended                                                                                                                        Six months ended
 Reviewed       Unaudited         Reviewed                                                                                                 Reviewed      Unaudited     Reviewed
 Jun 2017        Dec 2017         Jun 2018                                                                                                 Jun 2018       Dec 2017     Jun 2017
  (363.7)            30.8              6.5                                (Loss)/profit for the period                                         78.3          369.6   (4,802.7)
                                                                     Other comprehensive income
     56.6              62.0        (100.2)                       Other comprehensive income, net of tax                                     1,309.6        (519.7)      (107.5)
        -                 -              -                         Foreign currency translation adjustments                                 1,309.2        (519.1)      (113.3)
      0.4                 -              -                                Mark to market valuation(1)                                           0.4          (0.6)          5.8
     56.2              62.0        (100.2)                           Currency translation adjustments(1,2)                                        -              -            -
  (307.1)              92.8         (93.7)                             Total comprehensive income                                           1,387.9        (150.1)    (4,910.2)
                                                                Total comprehensive income attributable to:
  (307.2)            92.6           (93.8)                              - Owners of Sibanye-Stillwater                                      1,386.3        (153.4)    (4,911.2)
      0.1             0.2              0.1                                 - Non-controlling interests                                          1.6            3.3          1.0
    13.21           13.41            12.31                                    Average R/US$ rate

(1) These gains and losses will never be reclassified to profit or loss.
(2) The currency translation adjustments arise on the convenience translation of the SA rand amount to the US dollars.

Condensed consolidated statement of financial position

Figures are in millions unless otherwise stated

                US dollar                                                                                                                                 SA rand
 Reviewed         Audited         Reviewed                                                                                                 Reviewed        Audited     Reviewed
 Jun 2017        Dec 2017         Jun 2018                                                                                        Notes    Jun 2018       Dec 2017     Jun 2017
  5,146.5         5,183.6          4,875.1                                 Non-current assets                                              66,933.4       64,067.3     67,216.4
  4,163.6         4,162.2          3,875.1                           Property, plant and equipment                                         53,204.7       51,444.6     54,378.2
    521.3           517.5            510.7                                      Goodwill                                                    7,012.2        6,396.0      6,809.9
    165.7           181.6            195.5                           Equity-accounted investments                                     7     2,683.7        2,244.1      2,164.0
    246.9           282.6            259.5                    Environmental rehabilitation obligation funds                                 3,562.4        3,492.4      3,225.0
     34.9            23.0             21.2                                 Other receivables                                                  290.6          284.0        455.1
     14.1            16.7             13.1                                 Deferred tax assets                                                179.8          206.2        184.2
  1,173.7           971.2          1,030.7                                   Current assets                                                14,150.6       12,004.5     15,327.9
    226.8           285.3            308.5                                    Inventories                                                   4,235.2        3,526.5      2,962.0
    395.4           501.4            459.9                            Trade and other receivables                                           6,314.8        6,197.6      5,164.5
     24.0             2.8              2.6                                 Other receivables                                                   35.2           35.2        313.2
     28.0            14.8             14.3                                  Tax receivable                                                    195.8          182.8        365.0
        -                -            92.5                           Non-current assets held for sale                                 8     1,270.0               -           -
    499.5           166.9            152.9                             Cash and cash equivalents                                            2,099.6        2,062.4      6,523.2
  6,320.2         6,154.8          5,905.8                                    Total assets                                                 81,084.0       76,071.8     82,544.3
  1,842.6         1,941.6          1,858.2                                    Total equity                                                 25,512.8       23,998.2     24,064.5
  3,339.4         3,530.3          3,490.4                               Non-current liabilities                                           47,921.7       43,635.8     43,614.8
  1,733.3         1,941.1          2,065.4                                      Borrowings                                            9    28,358.0       23,992.0     22,636.7
        -            88.5             22.7                            Derivative financial instrument                                 9       311.1        1,093.5            -
    346.8           378.5            356.8                       Environmental rehabilitation obligation                                    4,898.7        4,678.7      4,529.0
      1.3             0.9              0.8                        Post-retirement healthcare obligation                                        11.1           11.3         16.4
     75.6            93.2             77.5                        Occupational healthcare obligation                                 10     1,063.5        1,152.5        987.9
     22.3            34.2             31.0                         Share-based payment obligations                                            425.0          422.2        291.8
    249.0           304.2            291.0                                    Other payables                                         11     3,995.7        3,760.4      3,252.0
    911.1           689.7            645.2                                 Deferred tax liabilities                                         8,858.6        8,525.2     11,901.0
  1,138.2           682.9            557.2                                  Current Liabilities                                             7,649.5        8,437.8     14,865.0
    579.8           134.1             24.3                                     Borrowings                                             9       334.3        1,657.5      7,571.8
      6.8             0.1             11.0                         Occupational healthcare obligation                                10       150.6            0.8         89.3
      0.7             1.0              2.3                          Share-based payment obligations                                            31.0           12.3          8.9
    547.7           541.5            497.8                             Trade and other payables                                             6,834.4        6,690.4      7,153.1
        -             3.4              3.1                                   Other payables                                          11        41.9           41.9            -
      3.2             2.8             18.7                              Tax and royalties payable                                             257.3           34.9         41.9
  6,320.2         6,154.8          5,905.8                             Total equity and liabilities                                        81,084.0       76,071.8     82,544.3
    13.06          12.36             13.73                                  Closing R/US$ rate

Condensed co                           nsolidated statement     of changes   in equity

Figures are in millions unless otherwise stated

                        US dollar                                                                                                          SA rand
                              Accum-          Non-                                                                                  Non-       Accum-
 Stated        Other          ulated   controlling      Total                                                        Total   controlling       ulated        Other       Stated
capital     reserves            loss     interests     equity                                                       equity     interests         loss     reserves      capital
2,388.6        375.3       (1,562.2)           1.3    1,203.0         Balance at 31 December 2016 (Audited)       16,469.1          17.7    (8,262.0)      2,978.8     21,734.6
      -         56.6         (363.8)           0.1    (307.1)        Total comprehensive income for the period   (4,910.2)           1.0    (4,803.7)      (107.5)            -
      -            -         (363.8)           0.1    (363.7)                  Loss for the period               (4,802.7)           1.0    (4,803.7)            -            -
      -         56.6               -                     56.6          Other comprehensive income, net of tax      (107.5)             -            -      (107.5)            -
      -             -         (42.4)          -     (42.4)                    Dividends paid                     (560.2)          (2.0)       (558.2)             -            -
      -           7.8              -          -        7.8                 Share-based payments                    103.3              -             -         103.3            -
  981.3             -              -          -      981.3                       Rights issue                   12,962.5              -             -             -     12,962.5
3,369.9         439.7      (1,968.4)        1.4    1,842.6          Balance at 30 June 2017 (Reviewed)          24,064.5           16.7    (13,623.9)       2,974.6     34,697.1
      -          62.0           30.6        0.2       92.8        Total comprehensive income for the period      (150.1)            3.3         366.3       (519.7)            -
      -             -           30.6        0.2       30.8                  Profit for the period                  369.6            3.3         366.3             -            -
      -          62.0              -                  62.0         Other comprehensive income, net of tax        (519.7)              -             -       (519.7)            -
      -             -              -          -          -                      Dividends paid                     (0.2)          (0.2)             -             -            -
      -           8.5              -          -        8.5                Share-based payments                     114.1              -             -         114.1            -
  (2.3)             -              -          -      (2.3)            Rights issue (transaction costs)            (30.1)              -             -             -       (30.1)
3,367.6         510.2      (1,937.8)        1.6    1,941.6        Balance at 31 December 2017 (Audited)         23,998.2           19.8    (13,257.6)       2,569.0     34,667.0
      -       (100.2)            6.4        0.1     (93.7)      Total comprehensive income for the period        1,387.9            1.6          76.7       1,309.6            -
      -             -            6.4        0.1        6.5                  Loss for the period                     78.3            1.6          76.7             -            -
      -       (100.2)              -          -    (100.2)        Other comprehensive income, net of tax         1,309.6              -             -       1,309.6            -
      -             -              -          -          -                     Dividends paid                      (0.6)          (0.6)             -             -            -
      -          10.3              -          -       10.3                 Share-based payments                    127.3              -             -         127.3            -
3,367.6         420.3      (1,931.4)        1.7    1,858.2          Balance at 30 June 2018 (Reviewed)          25,512.8           20.8    (13,180.9)       4,005.9     34,667.0

Condensed consolidated statement of cash flows

Figures are in millions unless otherwise stated

               US dollar                                                                                                                               SA rand
          Six months ended                                                                                                                        Six months ended
 Reviewed    Unaudited Reviewed                                                                                                            Reviewed    Unaudited        Reviewed
 Jun 2017     Dec 2017 Jun 2018                                                                                              Notes         Jun 2018     Dec 2017        Jun 2017
                                                                Cash flows from operating activities
      144.5        388.3      294.4                                Cash generated by operations                                             3,623.9        5,182.4       1,909.1
     (32.6)            -      (0.6)                           Cash-settled share-based payments paid                                          (7.5)          (2.4)       (431.2)
      120.1      (159.3)     (39.7)                                  Change in working capital                                              (488.4)      (2,108.7)       1,586.4
      232.0        229.0      254.1                                                                                                         3,128.0        3,071.3       3,064.3
        3.9          5.0        7.1                                         Interest received                                                  87.6           66.9          51.8
     (83.3)       (71.0)     (68.0)                                           Interest paid                                                 (837.5)        (953.7)     (1,100.2)
     (14.8)       (14.3)      (5.9)                                          Royalties paid                                                  (73.1)        (192.1)       (195.3)
     (12.7)       (25.8)        2.4                                    Tax refund received/(paid)                                              29.4        (344.2)       (167.7)
     (42.4)            -          -                                          Dividends paid                                                   (0.6)          (0.2)       (560.2)
       82.7        122.9      189.6                                 Net cash from operating activities                                      2,333.8        1,648.0       1,092.7
                                                                    Cash flows from investing activities
  (188.0)        (270.1)    (249.1)                            Additions to property, plant and equipment                                 (3,065.9)      (3,614.8)     (2,484.0)
      2.5            2.9        3.3                      Proceeds on disposal of property, plant and equipment                                 40.4           38.3          33.0
    (0.2)          (8.4)      (0.1)         Contributions to funds and payments of environmental rehabilitation obligation                    (1.7)        (111.9)         (2.6)
    (0.5)          (0.5)      (0.2)                          Loan advanced to equity-accounted investee                                       (2.3)          (6.4)         (7.1)
(2,097.0)              -          -                                      Investment in subsidiaries                                               -              -    (27,386.4)
    137.2              -          -                             Cash acquired on acquisition of subsidiaries                                      -              -       1,792.2
    272.9              -          -                                Proceeds on disposal of investments                                            -              -       3,605.3
(1,873.1)        (276.1)    (246.1)                              Net cash used in investing activities                                    (3,029.5)      (3,694.8)    (24,449.6)
                                                                  Cash flows from financing activities
  4,141.6        1,087.1      650.1                                          Loans raised                                        9          8,002.8       14,882.8      54,711.0
(2,926.4)      (1,259.9)    (601.3)                                         Loans repaid                                         9        (7,401.9)     (17,061.2)    (38,658.3)
    981.3          (2.3)          -                                 Net proceeds from rights issue                                                -         (30.1)      12,962.5
  2,196.5        (175.1)       48.8                                Net cash from financing activities                                         600.9      (2,208.5)      29,015.2
    406.1        (328.3)      (7.7)                      Net (decrease)/increase in cash and cash equivalents                                (94.8)      (4,255.3)       5,658.3
     22.7          (4.3)      (6.3)                        Effect of exchange rate fluctuations on cash held                                  132.0        (205.5)       (103.0)
     70.7          499.5      166.9                       Cash and cash equivalents at beginning of the period                              2,062.4        6,523.2         967.9
    499.5          166.9      152.9                          Cash and cash equivalents at end of the period                                 2,099.6        2,062.4       6,523.2
    13.21          13.41      12.31                                        Average R/US$ rate
    13.06          12.36      13.73                                        Closing R/US$ rate

Notes to the condensed consolidated interim financial statements

1.    Basis of accounting and preparation

The condensed consolidated interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting, the
South African Institute of Chartered Accountants Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Pronouncements as issued by Financial Reporting Standards Council and the requirements of the Companies Act of South
Africa. The accounting policies applied in the preparation of these interim financial statements are in terms of International Financial
Reporting Standards (IFRS) and are consistent with those applied in the previous consolidated annual financial statements, except
for the adoption of IFRS 15 Revenue from Contracts with Customers (IFRS 15) and IFRS 9 Financial Instruments (IFRS 9). These two
standards had no significant impact on the Group's measurement and recognition principles:

- In terms of IFRS 15, control is transferred at the same point when risks and rewards previously transferred.
- In terms of IFRS 9, the mark to market valuation recognised in the consolidated statement of other comprehensive income remains
  recognised in the consolidated statement of other comprehensive income, but will not be reclassified to profit or loss in future.

The condensed consolidated income statement, and statements of other comprehensive income and cash flows for the six months
ended 31 December 2017 were not reviewed by the Company's auditor and were prepared by subtracting the reviewed
condensed consolidated financial statements for the period ended 30 June 2017 from the audited comprehensive consolidated
financial statements for the year ended 31 December 2017.

The translation of the primary statements into US dollar is based on the average exchange rate for the period for the condensed
consolidated income statement and statements of other comprehensive income and cash flows, and the period-end closing
exchange rate for the statement of financial position. Exchange differences on translation are accounted for in the statement of
other comprehensive income. This information is provided as supplementary information only.

The condensed consolidated financial statements for the six months ended 30 June 2018 have been prepared by Sibanye-Stillwater's
Group financial reporting team headed by Alicia Brink. This process was supervised by the Group's Chief Financial Officer, Charl
Keyter and approved by the Sibanye-Stillwater board of directors.

2.   Finance expense

Figures in million - SA rand                                                                                                                             Six months ended
                                                                                                                                              Reviewed      Unaudited     Reviewed
                                                                                                                                Notes         Jun 2018       Dec 2017     Jun 2017
Interest charge on:
Borrowings - interest                                                                                                                          (749.2)        (990.6)   (1,101.3)
- US$600 million revolving credit facility (RCF)                                                                                                 (4.9)              -           -
- US$1.05 billion Bond                                                                                                                         (427.7)        (470.6)       (7.5)
- R6.0 billion RCF, R4.5 billion Facilities, and other borrowings (Rand Facilities)                                                            (280.6)        (280.6)     (299.5)
- US$350 million RCF                                                                                                                            (36.0)         (45.4)      (39.2)
- Stillwater Bridge Facility                                                                                                                         -        (194.0)     (755.1)
Borrowings - unwinding of amortised cost                                                                                             9         (233.2)        (181.8)      (70.0)
- US$450 million Convertible Bond                                                                                                              (141.2)         (80.5)           -
- US$1.05 billion Bond                                                                                                                          (27.5)         (29.3)       (0.4)
- Burnstone Debt                                                                                                                                (64.5)         (72.0)      (69.6)
Environmental rehabilitation obligation                                                                                                        (189.5)        (177.8)     (179.3)
Occupational healthcare obligation                                                                                                  10          (50.6)         (46.4)           -
Deferred Payment                                                                                                                               (100.2)         (74.1)      (74.1)
Dissenting shareholders                                                                                                                         (42.9)         (48.8)      (14.1)
Other                                                                                                                                           (18.6)         (12.7)       (0.8)
Total finance expense                                                                                                                        (1,384.2)      (1,532.2)   (1,439.6)

3.   Gain/(loss) on financial instruments

Figures in million - SA rand                                                                                                                             Six months ended
                                                                                                                                               Reviewed      Unaudited    Reviewed
                                                                                                                                   Notes       Jun 2018       Dec 2017    Jun 2017
Fair value gain/(loss) on foreign currency hedge                                                                                                   31.6         (25.1)     (337.0)
Fair value (loss)/gain on rand gold forward sale contracts(1)                                                                                    (91.2)           17.4           -
Fair value loss on Anglo American Platinum financial assets                                                                                           -        (467.5)           -
Gain on the revised cash flow of the Burnstone Debt                                                                                      9            -           74.7       107.0
Fair value gain on derivative financial instrument (US$450 million Convertible Bond)                                                     9        810.1          115.9           -
Fair value adjustment of share-based payment obligations                                                                                         (21.6)        (171.3)           -
Loss on the revised cash flow of the Deferred Payment (Rustenburg operations acquisition)                                                             -        (469.1)           -
Other                                                                                                                                            (18.7)           71.9      (31.3)
Total gain/(loss) on financial instruments                                                                                                        710.2        (853.1)     (261.3)

(1) At the end of 2017 and during 2018, Sibanye-Stillwater began a hedging programme for Sibanye Gold Limited and Rand Uranium Proprietary Limited by entering into commodity
    hedging contracts. The contracts comprise gold zero cost collars which establish a minimum (floor) and maximum (cap) gold sales price. At 30 June 2018, the net rand gold forward
    sale contracts financial liability was R130.7 million and the realised gains R56.2 million. As hedge accounting is not applied, resulting gains or losses are accounted for as gains or losses
    on financial instruments in profit or loss.

4.   Mining and income tax

Figures in million - SA rand                                                                                                                              Six months ended
                                                                                                                                               Reviewed      Unaudited   Reviewed
                                                                                                                                               Jun 2018       Dec 2017   Jun 2017
Tax on profit before tax at maximum South African statutory company tax rate                                                                     (45.6)          605.5     1,460.8
Non-deductible finance expense                                                                                                                        -           36.4     (202.2)
Non-deductible impairments                                                                                                                        (0.5)      (1,053.6)       (1.3)
Non-deductible transaction costs                                                                                                                      -         (35.1)     (119.5)
Tax benefit in respect of prior years                                                                                                              98.0              -           -
Net other non-taxable income and non-deductible expenditure                                                                                        19.7          106.9     (119.3)
Change in estimated deferred tax rate                                                                                                                 -        2,571.1           -
(Increase)/decrease of deferred tax assets not recognised                                                                                       (156.3)          301.0     (604.1)
Mining and income tax                                                                                                                            (84.7)        2,532.2       414.4

5.   Earnings per share

5.1 Basic earnings per share
                                                                                                                                                     Six months ended
                                                                                                                                              Reviewed    Unaudited      Reviewed
                                                                                                                                              Jun 2018     Dec 2017      Jun 2017
Ordinary shares in issue ('000)                                                                                                         2,265,478        2,168,721   2,125,844
Bonus element of the capitalisation issue ('000)                                                                                              402           86,749     129,272
Adjustment for weighting of ordinary shares in issue ('000)                                                                               (4,127)            (154)   (640,965)
Adjusted weighted average number of shares ('000)                                                                                       2,261,753        2,255,316   1,614,151
Profit/(loss) attributable to owners of Sibanye-Stillwater (SA rand million)                                                                 76.7            366.3   (4,803.7)
Basic earnings per share (EPS) (cents)                                                                                                          3               16       (298)

5.2 Diluted earnings per share
                                                                                                                                                      Six months ended
                                                                                                                                           Reviewed      Unaudited     Reviewed
                                                                                                                                           Jun 2018       Dec 2017     Jun 2017
Weighted average number of shares
Adjusted weighted average number of shares ('000)                                                                                       2,261,753        2,255,316   1,614,151
Potential ordinary shares ('000)                                                                                                           24,945                -           -
Diluted weighted average number of shares ('000)                                                                                        2,286,698        2,255,316   1,614,151
Diluted basic EPS (cents)                                                                                                                       3               16       (298)

5.3 Headline earnings per share

Figures in million - SA rand                                                                                                                          Six months ended
                                                                                                                                           Reviewed      Unaudited     Reviewed
                                                                                                                                           Jun 2018       Dec 2017     Jun 2017
Profit/(loss) attributable to owners of Sibanye-Stillwater                                                                                     76.7          366.3   (4,803.7)
Gain on disposal of property, plant and equipment                                                                                            (31.8)         (10.2)       (30.5)
Impairments                                                                                                                                    59.6        1,615.0      2,796.0
Taxation effect of re-measurement items                                                                                                       (3.5)         (13.2)      (143.6)
Headline earnings                                                                                                                             101.0        1,957.9   (2,181.8)
Headline EPS (cents)                                                                                                                              4             87        (135)

5.4 Diluted headline earnings per share

                                                                                                                                                      Six months ended
                                                                                                                                           Reviewed      Unaudited     Reviewed
                                                                                                                                           Jun 2018       Dec 2017     Jun 2017
Diluted headline EPS (cents)                                                                                                                      4             87        (135)

6.   Dividends

Dividend policy

Sibanye-Stillwater's dividend policy is to return at least 25% to 35% of normalised earnings to shareholders and after due consideration
of future requirements the dividend may be increased beyond these levels. Management, therefore, considers normalised earnings
in determining what value will be distributed to shareholders. Management believes normalised earnings provides useful information
to investors regarding the extent to which results of operations may affect shareholder returns. Normalised earnings is defined as
earnings attributable to the owners of Sibanye-Stillwater excluding gains and losses on financial instruments and foreign exchange
differences, impairments, gain on disposal of property, plant and equipment, occupational healthcare expense, restructuring costs,
transactions costs, share-based payment on BEE transaction, gain on acquisition, other business development costs, share of results
of equity-accounted investees, after tax, and changes in estimated deferred tax rate.

Figures in million - SA rand                                                                                                                          Six months ended
                                                                                                                                           Reviewed      Unaudited     Reviewed
                                                                                                                                           Jun 2018       Dec 2017     Jun 2017
Profit/(loss) attributable to the owners of Sibanye-Stillwater                                                                                 76.7          366.3   (4,803.7)
Adjusted for:
(Gain)/loss on financial instruments                                                                                                        (710.2)          853.1       261.3
(Gain)/loss on foreign exchange differences                                                                                                 (210.1)           42.2     (334.6)
Gain on disposal of property, plant and equipment                                                                                            (31.8)         (10.2)      (30.5)
Impairments                                                                                                                                    59.6        1,615.0     2,796.0
Restructuring costs                                                                                                                            94.4          581.8       148.0
Occupational healthcare expense                                                                                                                10.2           29.7     1,077.2
Transaction costs                                                                                                                             193.0          150.5       401.6
Other                                                                                                                                          13.3           17.3        35.4
Tax effect of the items adjusted above                                                                                                        182.2        (358.9)     (454.5)
Change in estimated deferred tax rate                                                                                                             -      (2,571.1)           -
Share of results of equity-accounted investees after tax                                                                                    (198.5)        (193.5)      (98.1)
Normalised earnings(1)                                                                                                                      (521.2)          522.2   (1,001.9)

(1) Normalised earnings is a pro forma performance measure and is not a measure of performance under IFRS, may not be comparable to similarly titled measures of other companies,
    and should not be considered in isolation or as alternatives to profit before tax, profit for the year, cash from operating activities or any other measure of financial performance
    presented in accordance with IFRS.

7.   Equity-accounted investments

Figures in million - SA rand                                                                                                                           Six months ended
                                                                                                                                            Reviewed        Audited   Reviewed
                                                                                                                                            Jun 2018       Dec 2017   Jun 2017
Balance at beginning of the period                                                                                                           2,244.1      2,164.0    2,157.4
Share of results of equity-accounted investee after tax                                                                                        198.5        193.5       98.1
- Mimosa                                                                                                                                       135.7         89.9       85.1
- Rand Refinery Proprietary Limited                                                                                                             66.5        107.6       16.9
- Other                                                                                                                                        (3.7)        (4.0)      (3.9)
Net loan advanced to equity-accounted investee                                                                                                   0.6          2.4        4.1
Foreign currency translation                                                                                                                   240.5      (115.8)     (95.6)
Balance at end of the period                                                                                                                 2,683.7      2,244.1    2,164.0
Equity accounted investments consist of:
- Mimosa(1)                                                                                                                                  2,389.2      2,012.9    2,038.8
- Rand Refinery                                                                                                                                264.9        198.4       90.9
- Other equity-accounted investments                                                                                                            29.6         32.8       34.3
Equity-accounted investments                                                                                                                 2,683.7      2,244.1    2,164.0

(1) Sibanye-Stillwater has a 50% interest in Mimosa Investments Limited (Mimosa), which owns and operates the Mimosa mine.

8.   Non-current assets held for sale

On 29 June 2018, Sibanye-Stillwater announced that it had entered into an arrangement agreement (the Arrangement Agreement)
with Regulus Resources Inc. (Regulus) and a newly formed subsidiary of Regulus, Aldebaran Resources Inc. (Aldebaran), creating a
strategic partnership in order to unlock value at its Altar copper-gold project in San Juan Province, Argentina (Altar Project), currently
held as part of the US region. Under the terms of the arrangement agreement, Stillwater Canada LLC, an indirect, wholly-owned
subsidiary of Sibanye-Stillwater (Stillwater Canada), will enter into an option and joint venture agreement with Aldebaran, whereby
Aldebaran will have the option to earn into a maximum 80% interest in a wholly-owned subsidiary of Stillwater Canada, Peregrine
Metals Ltd. which owns the Altar Project.

The consideration for Aldebaran to acquire up to an 80% interest in the Altar Project, includes:

- an upfront cash payment of US$15 million to Sibanye-Stillwater on closing of the Arrangement Agreement;
- 19.9% of the shares of Aldebaran, subject to proration if the initial financing exceeds US$30 million (up to a maximum of
  US$40 million); and
- a commitment from Aldebaran to carry the next US$30 million of spend at the Altar Project over a maximum of five years (inclusive
  of 2018 drilling that was conducted between February and May of this year) as an initial earn-in of a 60% interest in the Altar
  Project (the Initial Earn-in).

Pursuant to the Arrangement Agreement, Aldebaran may also elect to earn-in an additional 20% interest in the Altar Project by
spending an additional US$25 million over a three-year period following the Initial Earn-in.

The Arrangement Agreement is subject to customary conditions for a transaction of this nature and is expected to complete before
the end of 2018.

Figures in million - SA rand
                                                                                                                                              Reviewed    Audited   Reviewed
                                                                                                                                              Jun 2018   Dec 2017   Jun 2017
Property, plant and equipment                                                                                                                  1,270.0          -          -
Non-current assets held for sale                                                                                                               1,270.0          -          -

9.   Borrowings

Figures in million - SA rand                                                                                                                     Six months ended
                                                                                                                                          Reviewed    Unaudited     Reviewed
                                                                                                                                Notes     Jun 2018     Dec 2017     Jun 2017
Balance at beginning of the period                                                                                                        25,649.5     30,208.5      8,973.8
Borrowings acquired on acquisition of subsidiary                                                                                                 -            -      5,937.6
Loans raised                                                                                                                               8,002.8     13,586.2     54,711.0
- US$600 million RCF                                                                                                               9.1     1,913.4            -            -
- R6.0 billion RCF                                                                                                                           360.0            -        800.0
- US$350 million RCF                                                                                                                         580.0        538.5        492.9
- Other borrowings                                                                                                                         5,149.4      8,413.2      6,308.3
- US$450 million Convertible Bond                                                                                                                -      4,634.5            -
- US$1.05 billion Bond                                                                                                                           -            -     13,109.5
- Stillwater Bridge Facility                                                                                                                     -            -     34,000.3
Loans repaid                                                                                                                             (7,401.9)   (17,061.2)   (38,658.3)
- US$600 million RCF                                                                                                                       (285.2)            -            -
- R6.0 billion RCF                                                                                                                               -      (363.6)            -
- US$350 million RCF                                                                                                                     (1,779.6)    (1,198.2)            -
- Other borrowings                                                                                                                       (5,337.1)    (7,934.5)    (7,057.8)
- Stillwater Bridge Facility                                                                                                                     -    (7,564.9)   (25,739.1)
- Stillwater Convertible Debentures                                                                                                              -            -    (5,861.4)
Unwinding of loans recognised at amortised cost                                                                                      2       233.2        181.8         70.0
Accrued interest                                                                                                                             427.7        478.1            -
Accrued interest paid                                                                                                                      (516.0)      (431.5)            -
Gain on the revised cash flow of the Burnstone Debt                                                                                  3           -       (74.7)      (107.0)
Loss/(gain) on foreign exchange differences and foreign currency translation                                                               2,297.0    (1,237.7)      (718.6)
Balance at end of the period                                                                                                              28,692.3     25,649.5     30,208.5
Borrowings consist of:

Figures in million - SA rand                                                                                                                       Six months ended
                                                                                                                                           Reviewed    Unaudited     Reviewed
                                                                                                                                  Note     Jun 2018     Dec 2017     Jun 2017
US$600 million RCF                                                                                                                 9.1      1,757.5            -            -
R6.0 billion RCF                                                                                                                            5,896.4      5,536.4      5,900.0
US$350 million RCF                                                                                                                                -      1,137.1      1,828.4
US$450 million Convertible Bond                                                                                                             4,939.7      4,357.1            -
US$1.05 billion Bond                                                                                                                       14,022.2     12,597.7     13,274.6
Burnstone Debt                                                                                                                              1,780.0      1,537.5      1,633.7
Other borrowings                                                                                                                              296.5        483.7          5.2
- Other borrowings                                                                                                                            291.0        478.7            -
- Franco Nevada liability                                                                                                                       1.9          1.7          1.8
- Stillwater Convertible Debentures                                                                                                             3.6          3.3          3.4
Stillwater Bridge Facility                                                                                                                        -            -      7,566.6
Borrowings                                                                                                                                 28,692.3     25,649.5     30,208.5
Current portion of borrowings                                                                                                               (334.3)    (1,657.5)    (7,571.8)
Non-current borrowings                                                                                                                     28,358.0     23,992.0     22,636.7

Derivative financial instrument (US$450 million Convertible Bond)

Figures in million - SA rand                                                                                                                       Six months ended
                                                                                                                                           Reviewed    Unaudited       Reviewed
                                                                                                                                  Note     Jun 2018     Dec 2017       Jun 2017
Balance at the beginning of the period                                                                                                      1,093.5            -              -
Gain of financial instruments                                                                                                        3      (810.1)      (115.9)              -
Loss/(gain) on foreign exchange differences                                                                                                    27.7       (87.2)              -
Derivative financial instruments recognised                                                                                                       -      1,296.6              -
Balance at the end of the period                                                                                                              311.1      1,093.5              -

9.1 US$600 million revolving credit facility

On 21 May 2018, Sibanye-Stillwater cancelled and refinanced the US$350 million RCF by drawing under the US$600 million RCF. The
purpose of the facility was to refinance the US$350 million RCF, finance ongoing capital expenditure and working capital.

Terms of the US$600 million RCF
Facility:                         US$600 million
Interest rate:                    LIBOR
Interest rate margin:             1.85% if net debt to adjusted EBITDA is equal to or less than 2.50x
                                  2.00% if net debt to adjusted EBITDA is greater than 2.50x
Utilisation fees:                 Where the total outstanding loans under the RCF fall within the range of the percentage of the total loan as set out below, Sibanye-Stillwater shall
                                  pay an utilisation fee equal to the percentage per annum set out opposite such percentage range.
                                  % of the total loans                                                                                                         Utilisation fee
                                  Less than or equal to 33 1/3%                                                                                                          0.15%
                                  Greater than 33 1/3% and less than or equal to 66 3/3%                                                                                 0.30%
                                  Greater than 66 2/3%                                                                                                                   0.50%
Term of facility:                 Three years
Borrowers:                        Sibanye Gold Limited, Stillwater Mining Company (Stillwater), Kroondal Operations Proprietary Limited (Kroondal Operations) and Sibanye Rustenburg
                                  Platinum Mines Proprietary Limited (SRPM)
Security and/or guarantors:       The facility is unsecured and guaranteed by Sibanye Gold Limited, Stillwater, Kroondal Operations and SRPM.

9.2 Capital management

Debt maturity

The following are contractually due, undiscounted cash flows resulting from maturities of financial liabilities, excluding interest
payments:

Figures in million - SA rand
                                                                                                                                                         Between
                                                                                                                                         Within one      one and     Five years
                                                                                                                              Total            year   four years      and later
30 June 2018
US$600 million RCF                                                                                                         1,757.5                -      1,757.5              -
R6.0 billion RCF                                                                                                           5,896.4                -      5,896.4              -
US$450 million Convertible Bond                                                                                            6,178.5                -            -        6,178.5
US$1.05 billion Bond                                                                                                      14,416.5                -      6,865.0        7,551.5
Burnstone Debt                                                                                                             2,335.5                -        403.8        1,931.7
Other borrowings                                                                                                             296.5            296.5            -              -

Net debt to adjusted EBITDA

Figures in million - SA rand
                                                                                                                                              Reviewed   Unaudited     Reviewed
                                                                                                                                              Jun 2018    Dec 2017     Jun 2017
Borrowings(1)                                                                                                                              27,223.4      25,205.5   28,574.8
Cash and cash equivalents(2)                                                                                                                2,066.7       2,029.8    6,481.8
Net debt(3)                                                                                                                                25,156.7      23,175.7   22,093.0
Adjusted EBITDA(4) (12 months)                                                                                                              9,851.0       9,045.1    8,052.4
Net debt to adjusted EBITDA (ratio)(5)                                                                                                          2.6           2.6        2.7


(1) Borrowings are only those borrowings that have recourse to Sibanye-Stillwater. Borrowings, therefore, exclude the Burnstone Debt and include the derivative financial instrument.
(2) Cash and cash equivalents exclude cash of Burnstone.
(3) Net debt represents borrowings and bank overdraft less cash and cash equivalents. Borrowings are only those borrowings that have recourse to Sibanye-Stillwater and, therefore,
    exclude the Burnstone Debt and include the derivative financial instrument. Net debt excludes cash of Burnstone.
(4) The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) calculation included is based on the definitions included in the facility agreements for compliance
    with the debt covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS
    and should be considered in addition to, and not as a substitute for, other measures of financial performance and liquidity.
(5) Net debt to adjusted EBITDA ratio is defined as net debt as of the end of a reporting period divided by EBITDA of the 12 months ended on the same reporting date.

Figures in million - SA rand                                                                                                                        Six months ended
                                                                                                                                         Reviewed      Unaudited     Reviewed
                                                                                                                                Notes    Jun 2018       Dec 2017     Jun 2017
Profit/(loss) before royalties and tax                                                                                                      266.7      (1,937.0)   (5,044.2)
Adjusted for:
Amortisation and depreciation                                                                                                             3,094.7        3,203.0     2,496.7
Interest income                                                                                                                           (191.3)        (220.7)     (194.8)
Finance expense                                                                                                                     2     1,384.2        1,532.2     1,439.6
Share-based payments                                                                                                                        134.7          115.7       116.2
(Gain)/loss on financial instruments                                                                                                3     (710.2)          853.1       261.3
(Gain)/loss on foreign exchange differences                                                                                               (210.1)           42.2     (334.6)
Share of results of equity-accounted investees after tax                                                                            7     (198.5)        (193.5)      (98.1)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable                                     -          193.6        55.3
Gain on disposal of property, plant and equipment                                                                                          (31.8)         (10.2)      (30.5)
Impairments                                                                                                                                  59.6        1,615.0     2,796.0
Occupational healthcare expense                                                                                                    10        10.2           29.7     1,077.2
Restructuring costs                                                                                                                          94.4          581.8       148.0
Transaction costs                                                                                                                           193.0          150.5       401.6
Adjusted EBITDA                                                                                                                           3,895.6        5,955.4     3,089.7

10. Occupational healthcare obligation

On 3 May 2018, the Occupational Lung Disease Working Group (the Working Group), including the group, agreed to a class action
settlement with the claimants of approximately R5 billion. The estimated costs were reviewed at 30 June 2018 and discounted using
a risk-free rate. As a result, a change in estimate of R10.2 million was recognised in profit or loss. The ultimate outcome of these matters
remains uncertain, with a possible failure to obtain the requisite court approval for a potential settlement. The provision is
consequently subject to adjustment in the future, depending on the progress of the Working Group discussions, stakeholder
engagements and the ongoing legal proceedings.

Figures in million - SA rand                                                                                                                         Six months ended
                                                                                                                                          Reviewed      Unaudited   Reviewed
                                                                                                                                  Note    Jun 2018       Dec 2017   Jun 2017
Balance at beginning of the period                                                                                                         1,153.3        1,077.2           -
Interest charge                                                                                                                      2        50.6           46.4           -
Charge to profit or loss                                                                                                                      10.2           29.7     1,077.2
Balance at end of the period                                                                                                               1,214.1        1,153.3     1,077.2
Current portion of occupational healthcare obligation                                                                                      (150.6)          (0.8)      (89.3)
Non-current portion of occupational healthcare obligation                                                                                  1,063.5        1,152.5       987.9

11. Other payables

Figures in million - SA rand
                                                                                                                                            Reviewed      Audited   Reviewed
                                                                                                                                            Jun 2018     Dec 2017   Jun 2017
Dissenting shareholders(1)                                                                                                                   1,450.6      1,349.7    1,378.8
Deferred Payment (Rustenburg operations acquisition)                                                                                         2,294.8      2,194.7    1,651.5
Other non-current payables                                                                                                                     292.2        257.9      221.7
Other payables                                                                                                                               4,037.6      3,802.3    3,252.0
Current portion of other payables                                                                                                             (41.9)       (41.9)          -
Non-current other payables                                                                                                                   3,995.7      3,760.4    3,252.0

(1) Following the closing of the Stillwater Transaction on 4 May 2017, three Petitions for Appraisal of Stock were filed in the Chancery Court for the State of Delaware. The first action,
    captioned Blue Mountain Credit Alternatives Master Fund L.P. et al. vs. Stillwater Mining Company, Case No. 2017-0385-JTL, was filed 19 May 2017 on behalf of holders of a purported
    4,219,523 shares of common stock of Stillwater. The second action, captioned Brigade Leveraged Capital Structures Fund Ltd. et al. vs. Stillwater Mining Company, Case No. 2017-0389-
    JTL, was filed 22 May 2017 on behalf of holders of a purported 1,200,000 shares of common stock of Stillwater. The third action, captioned Hillary Shane Revocable Trust, et al. vs.
    Stillwater Mining Company, Case No. 2017-0400-JTL, was filed 26 May 2017 on behalf of holders of a purported 384,000 shares of common stock of Stillwater (the Shane Petitioners). On
    29 August 2017, the three actions were consolidated into a single action, captioned In re Appraisal of Stillwater Mining Company, Case No. 2017-0385-JTL.

    On 28 March 2018, Stillwater Mining Company entered into a settlement agreement with the Shane Petitioners, providing for settlement consideration of US$18 per share, plus interest
    at a rate of 1.75% per annum, for a total settlement payment of US$7.0 million. The Shane Petitioners filed a motion to voluntarily dismiss their petition on 11 June 2018, which is pending
    court approval.

    At this point, the total number of shares of Stillwater common stock subject to appraisal is approximately 5,419,523. The appraisal action seeks a determination of the fair value of the
    shares of the common stock of Stillwater under Section 262 of the General Corporation Law of the State of Delaware. Petitioners seek a judgment awarding them, among other things,
    the fair value of their Stillwater shares plus interest. The current case scheduling order provides for a four-day trial, commencing on 10 December 2018. Fact discovery has concluded,
    and the parties are currently engaged in expert discovery. The court's determination as to fair value of the shares is currently unknown. Accordingly, for accounting purposes only, we
    have used the merger price of US$18.00 per share in estimating our liability relating to the shares for which appraisal has been demanded, however, fair value may ultimately be
    determined by the court to be equal to, or different from, the merger price.

12. Fair value of financial assets and financial liabilities, and risk management

12.1 Measurement of fair value

The fair value of financial instruments is estimated based on ruling market prices, volatilities and interest rates at 30 June 2018. The
following table sets out the Group's significant financial instruments measured at fair value by level within the fair value hierarchy:

Figures in million - SA rand
                                                                                                                  Reviewed               Audited              Reviewed
                                                                                                                  Jun 2018               Dec 2017             Jun 2017
                                                                                                                Level 1    Level 2   Level 1   Level 2   Level 1   Level 2
Financial assets measured at fair value
- Environmental rehabilitation obligation funds                                                                 3,187.6     374.8    3,117.6     374.8   2,735.1     489.9
- Trade receivables - PGM sales                                                                                 4,688.4         -    4,512.4         -   3,896.7         -
- Rand gold forward sale contracts                                                                                    -       4.1          -         -         -         -
Financial liabilities measured at fair value
- Derivative financial instrument(1)                                                                                  -     311.1          -   1,093.5         -         -
- Rand gold forward sale contracts                                                                                    -     134.8          -         -         -         -

(1) The derivative financial instrument is recognised at fair value and valued using option pricing methodologies based on observable quoted inputs.

12.2 Risk management activities

Liquidity risk: working capital and going concern assessment

For the six months ended 30 June 2018, the Group realised a profit of R78.3 million (30 June 2017: loss of R4,802.7 million). As of 30 June
2018, the Group's current assets exceeded its current liabilities by R6,501.1 million (31 December 2017: R3,566.7 million) and the
Group's total assets exceeded its total liabilities by R25,512.8 million (31 December 2017: R23,998.2 million). For the six months ended
30 June 2018, the Group generated cash from operating activities of R2,322.8 million (30 June 2017: R1,092.7 million).

As gold and PGMs are sold in US dollars, and the majority of the Group's gold operations and a substantial amount of the Group's
PGM operations' costs are denominated in rand, the Group's results and financial position may be impacted if there is a material
change in the value of the rand against the US dollars. Due to the nature of deep level mining, industrial accidents and mining
accidents may result in operational disruptions such as stoppages which could result in increased production costs as well as financial
and regulatory liabilities. Further, Sibanye-Stillwater's operations and profits have been and may be adversely affected by labour
unrests and union activity. These factors may impact the cash generated or utilised by the Group.

On 6 April 2018, Sibanye-Stillwater refinanced and upsized the US$350 million RCF, due to mature on 23 August 2018, to US$600 million
on improved terms in order to provide enhanced liquidity for the enlarged Group. The key terms of the US$600 million RCF with a
syndicate of international banks, led by Bank of America Merrill Lynch International Limited and HSBC Bank Plc, are disclosed in note
9.1. Further terms include:

- An option for Sibanye-Stillwater to increase the facility size by a further US$150 million to US$750 million, through the inclusion of
  additional lenders; and
- Lenders have the option to extend the 3 year facility tenor through two further one year extensions on request from Sibanye-
  Stillwater.

On 16 July 2018, Sibanye-Stillwater concluded a US$500 million streaming agreement with Wheaton Precious Metals International Inc.
These funds were received on 25 July 2018 and will be applied to settle a portion of the Group's long-term and short-term debt
facilities in a manner still to be determined. The key terms of the streaming transaction are disclosed in note 14.

As of 30 June 2018, the Group had cash of R2,099.6 million and committed unutilised debt facilities of R7,491 million. The pro forma
cash, if the Group received the funds in terms of the streaming agreement on 30 June 2018, is R8,964.6 million. Although this surplus
liquidity will be reduced once the streaming transaction funds are applied to settle a portion of the Group's long-term and short-
term debt facilities, the Group will maintain higher than normal liquidity levels until the Lonmin acquisition is completed.

Sibanye-Stillwater's leverage ratio (or net debt to adjusted EBITDA) at 30 June 2018 is 2.6. The pro forma leverage ratio, if the Group
received the funds in terms of the streaming agreement on 30 June 2018, is 1.9. The RCFs permit a leverage ratio of 3.5:1 through to
31 December 2018, and 2.5:1 thereafter, calculated on a quarterly basis. Consistent with its long-term strategy, Sibanye-Stillwater
plans to deleverage over time to its targeted leverage ratio of no greater than 1.0:1.

The directors believe that the cash generated by its operations, cash on hand, the committed unutilised debt facilities as well as the
additional funding possibilities will enable the Group to continue to meet its obligations as they fall due. The condensed consolidated
interim financial statements for the six months ended 30 June 2018, therefore, have been prepared on a going concern basis.

13. Contingent liabilities
Purported Class Action Lawsuits

Two purported class action lawsuits have been filed against Sibanye Gold Limited (Sibanye), Neal Froneman and Charl Keyter in the
United States District Court for the Eastern District of New York, alleging violations of the US securities laws. The first lawsuit, Case No.
18-cv-03721, was filed on 27 June 2018 by Kevin Brandel, individually and on behalf of all other persons who purchased Sibanye
securities between 7 April 2017 and 26 June 2018, inclusive (the Class Period). The second lawsuit, Case No. 18-cv-03902, was filed on
6 July 2018 by Lester Heuschen, Jr., also individually and on behalf of members of the Class Period (collectively, the Class Actions).
The Class Actions allege that certain statements by Sibanye in its annual reports filed with the US Securities and Exchange Commission
were false and/or misleading. Specifically, the Class Actions allege that Sibanye made false and/or misleading statements about its
safety practices and record and thereby violated the US securities laws. The Class Actions seek an unspecific amount of damages.

As the cases are in the early stages, it is not possible to determine the likelihood of success on the merits or any potential liability from
the Class Actions nor estimate the duration of the litigation. Sibanye intends to defend the cases vigorously.

14. Events after the reporting period

There were no events that could have a material impact on the financial results of the Group after 30 June 2018, other than those
discussed below.

DRDGOLD acquisition

On 22 November 2017, Sibanye-Stillwater announced that it has entered into various agreements with DRDGOLD Limited (DRDGOLD)
in terms of which, Sibanye-Stillwater will exchange selected surface gold processing assets and tailings storage facilities (TSF) for
c.265 million newly issued DRDGOLD shares (the DRDGOLD Transaction), or 38% of the issued share capital of DRDGOLD. In addition,
pursuant to the DRDGOLD Transaction, Sibanye-Stillwater has an option to subscribe for a sufficient number of DRDGOLD ordinary
shares to attain a 50.1% shareholding in DRDGOLD at a 10% discount to the 30 day volume weighted average traded price.

Sibanye-Stillwater has received approval for the DRDGOLD Transaction from the South African competition authorities in accordance
with the Competition Act. The DRDGOLD Transaction was completed on 31 July 2018. Sibanye-Stillwater obtained control (38%) of
and will consolidated DRDGOLD from this date.

An update of the required business combination disclosures will be provided in Sibanye-Stillwater's preliminary report for the six
months and year ending 31 December 2018.

Carrying value of assets and liabilities of DRDGOLD at 31 December 2017

The following table summarises the carrying value of assets and liabilities of DRDGOLD at 31 December 2017 and is provided for
information purpose only. The assets and liabilities have been extracted from the unaudited interim financial statements as of
31 December 2017.

Figures in million - SA rand
Property, plant and equipment                                                                                                                   1,502.0
Environmental rehabilitation obligation funds                                                                                                     235.6
Other non-current assets                                                                                                                           16.3
Inventories                                                                                                                                       242.7
Trade and other receivables                                                                                                                        88.4
Cash and cash equivalents                                                                                                                         294.6
Environmental rehabilitation obligation                                                                                                         (546.5)
Deferred tax liabilities                                                                                                                        (154.2)
Other non-current liabilities                                                                                                                    (41.9)
Trade and other payables                                                                                                                        (275.8)
Other current liabilities                                                                                                                        (16.8)
Total identifiable net assets acquired                                                                                                          1,344.4

Acquisition related costs

The Group incurred acquisition related costs of R2.7 million on advisory and legal fees. These costs are recognised as transaction
costs in profit or loss.

Lonmin transaction

On 14 December 2017, Sibanye-Stillwater announced that it had reached agreement with Lonmin Plc (Lonmin) on the terms of a
recommended all-share offer to acquire the entire issued and to be issued ordinary share capital of Lonmin (the Lonmin Acquisition).
It is proposed that the Lonmin Acquisition will be effected by means of a scheme of arrangement between Lonmin and the Lonmin
Shareholders under Part 26 of the UK Companies Act. Under the terms of the Lonmin Acquisition, each Lonmin Shareholder will be
entitled to receive: 0.967 new Sibanye-Stillwater shares for each Lonmin share.

On 15 May 2018, Sibanye-Stillwater received South African Reserve Bank approval for the proposed acquisition of Lonmin and on
28 June 2018, the proposed Lonmin transaction was unconditionally cleared by the UK Competition and Markets Authority. The
Lonmin Acquisition is subject to the fulfilment of conditions precedent and is expected to complete during the second half of 2018.

Streaming transaction

Sibanye-Stillwater has secured a US$500 million upfront cash payment (the Advance Amount) through a streaming agreement with
Wheaton Precious Metals International Ltd (Wheaton International), a wholly-owned subsidiary of Wheaton Precious Metals Corp. In
return, Sibanye-Stillwater has committed to deliver a percentage of gold and palladium produced from its US PGM operations
(comprising its East Boulder and Stillwater mining operations) (the Streaming Transaction). The Streaming Transaction is effective from
1 July 2018.

Wheaton International advanced an upfront cash payment of US$500 million to Sibanye-Stillwater on closing of the transaction.

In addition to the Advance Amount, Wheaton International will pay Sibanye-Stillwater 18% of the spot palladium and gold prices for
each ounce delivered under the streaming agreement until the Advance Amount has been reduced to nil through metal deliveries.
Thereafter, Sibanye-Stillwater will receive 22% of spot US dollar palladium and gold prices for each ounce of palladium and gold
delivered. Sibanye-Stillwater has committed to deliver to Wheaton International the equivalent of:

- 100% of gold production from the US PGM operations over the life of the US PGM operations
- Annual palladium production from the US PGM operations equivalent to:
  - 4.5% of production, until the later of (i) a cumulative amount of 375koz having been delivered, and (ii) the portion of the
    Advance Amount which is attributable to palladium deliveries (i.e. US$253 million) having been reduced to nil through such
    deliveries;
  - thereafter, the equivalent of 2.25% of production, until the later of (i) a further 175koz having been delivered (or cumulatively
    550koz having been delivered), and (ii) the Advance Amount having been reduced to nil through metal deliveries; and
  - thereafter and continuing for the life of the operations, 1.0% of palladium production.

15. Review report of the independent auditor

These condensed consolidated interim financial statements for the six months ended 30 June 2018, have been reviewed by the
Company's auditor, KPMG Inc., who expressed an unmodified review conclusion.

The auditor's report does not necessarily report on all of the information contained in these financial results. Shareholders are
therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy
of the auditor's report together with the accompanying financial information from the Company's registered office.

Segment reporting

Figures in million
                                                                                    For the six months ended 30 Jun 2018 (Reviewed)
                                GROUP                                                                                  SA REGION                                                                                  US REGION
                                               Total SA      Total SA       Drie-                                            Cor-      Total SA                 Platinum                    Rusten-       Cor-
SA rand                            Total         Region          gold     fontein        Kloof     Beatrix       Cooke     porate           PGM    Kroondal         Mile      Mimosa           burg     porate   Stillwater
Revenue                         23,910.0       16,468.9       9,680.2     3,017.4      4,121.6     2,305.5       291.9     (56.2)       6,788.7     1,499.1         84.5       916.7        5,205.1    (916.7)      7,441.1
Underground                     18,285.0       14,753.5       8,521.1     2,787.7      3,534.5     2,251.2         3.9     (56.2)       6,232.4     1,499.1            -       916.7        4,733.3    (916.7)      3,531.5
Surface                          1,715.4        1,715.4       1,159.1       229.7        587.1        54.3       288.0           -        556.3           -         84.5           -          471.8          -            -
Recycling                        3,909.6              -             -           -            -           -           -           -            -           -            -           -              -          -      3,909.6
Cost of sales, before
amortisation and
depreciation                  (19,642.4)   (14,088.8)       (8,372.7)   (2,977.4)    (3,165.6)    (1,965.8)     (263.9)          -    (5,716.1)   (1,255.7)         (63.7)   (583.9)     (4,396.7)       583.9    (5,553.6)
Underground                   (14,357.1)   (12,590.4)       (7,325.2)   (2,732.3)    (2,653.9)    (1,935.3)       (3.7)          -    (5,265.2)   (1,255.7)              -   (583.9)     (4,009.5)       583.9    (1,766.7)
Surface                        (1,498.4)    (1,498.4)       (1,047.5)     (245.1)      (511.7)       (30.5)     (260.2)          -      (450.9)           -         (63.7)         -       (387.2)           -            -
Recycling                      (3,786.9)            -               -           -            -            -           -          -            -           -              -         -             -           -    (3,786.9)
Net other cash costs             (372.0)      (371.9)         (300.4)      (23.9)       (20.1)       (10.0)     (274.0)       27.6       (71.5)      (21.0)          (0.5)     (6.7)        (49.7)         6.4        (0.1)
Adjusted EBITDA                  3,895.6      2,008.2         1,007.1        16.1        935.9        329.7     (246.0)     (28.6)      1,001.1       222.4           20.3     326.1         758.7     (326.4)      1,887.4
Amortisation and
depreciation                   (3,094.7)    (2,069.9)       (1,568.5)     (586.8)      (659.8)      (304.8)       (3.0)     (14.1)      (501.4)       (180.2)        (1.3)    (90.5)        (318.0)       88.6    (1,024.8)
Interest income                    191.3        154.0           117.4        45.5         32.1         13.5        16.2       10.1         36.6          27.1          1.3       0.1            7.5        0.6         37.3
Finance expense                (1,384.2)      (598.2)         (387.2)     (117.8)      (123.1)       (70.6)      (37.1)     (38.6)      (211.0)        (63.0)            -     (4.8)        (148.0)        4.8      (786.0)
Share-based payments             (134.7)      (118.1)         (118.1)       (0.2)            -            -           -    (117.9)            -             -            -         -              -          -       (16.6)
Net other                        1,118.8      1,048.8           962.5      (36.4)       (35.6)       (16.9)      (35.8)    1,087.2         86.3          27.7            -     (1.7)         (55.8)      116.1         70.0
Non-underlying items             (325.4)      (147.9)         (127.4)         1.9         11.9          3.6      (33.7)    (111.1)       (20.5)           0.2            -         -         (21.3)        0.6      (177.5)
Royalties                        (103.7)      (103.7)          (82.8)      (15.1)       (48.4)       (17.9)       (1.5)        0.1       (20.9)         (2.4)            -    (28.9)         (18.5)       28.9            -
Current taxation                 (154.2)      (154.4)         (126.6)        63.9         25.9          3.9         0.8    (221.1)       (27.8)             -            -    (53.5)         (27.5)       53.2          0.2
Deferred taxation                   69.5         26.3           103.8       186.6         21.7         17.6           -    (122.1)       (77.5)        (20.4)        (5.1)    (11.1)         (52.5)       11.6         43.2
Profit for the period               78.3         45.1         (219.8)     (442.3)        160.6       (41.9)     (340.1)      443.9        264.9          11.4         15.2     135.7          124.6     (22.0)         33.2
Attributable to:
Owners of Sibanye-
Stillwater                          76.7           43.5       (220.1)     (442.3)         160.6      (41.9)     (340.1)      443.6        263.6          11.4         13.9       135.7        124.6     (22.0)         33.2
Non-controlling interests            1.6            1.6           0.3           -             -           -           -        0.3          1.3             -          1.3           -            -          -            -
Sustaining capital
expenditure                      (438.6)        (327.9)       (184.4)      (84.1)       (75.4)       (24.2)           -      (0.7)      (143.5)        (49.9)        (4.8)    (65.7)         (88.8)       65.7      (110.7)
Ore reserve
development                    (1,696.6)    (1,257.0)       (1,030.3)     (419.1)      (397.9)      (213.3)           -          -      (226.7)             -            -           -      (226.7)          -      (439.6)
Growth projects                  (917.3)      (249.6)         (215.6)       (0.3)       (72.7)        (0.3)           -    (142.3)       (34.0)             -       (33.4)           -        (0.6)          -      (667.7)
Total capital
expenditure                    (3,052.5)    (1,834.5)       (1,430.3)     (503.5)      (546.0)      (237.8)           -    (143.0)      (404.2)        (49.9)       (38.2)    (65.7)        (316.1)       65.7    (1,218.0)

                                                                                              For the six months ended 30 Jun 2018 (Reviewed)
                                           GROUP                                                                              SA REGION                                                                           US REGION
                                                          Total SA   Total SA     Drie-                                            Cor-   Total SA                    Platinum               Rusten-      Cor-
US dollars(1)                                Total          Region       gold   fontein       Kloof     Beatrix       Cooke      porate         PGM      Kroondal         Mile     Mimosa       burg    porate   Stillwater
Revenue                                    1,942.3         1,337.8      786.3     245.2       334.8       187.3        23.7       (4.7)       551.5         121.8          6.9       74.5      422.8    (74.5)        604.5
Underground                                1,485.3         1,198.4      692.1     226.5       287.1       182.9         0.3       (4.7)       506.3         121.8            -       74.5      384.5    (74.5)        286.9
Surface                                      139.4         139.4        94.2        18.7        47.7            4.4          23.4               -       45.2               -            6.9          -       38.3         -            -
Recycling                                    317.6             -           -           -           -              -             -               -          -               -              -          -          -         -        317.6
Cost of sales, before
amortisation and
depreciation                             (1,595.6)     (1,144.5)     (680.1)   (241.8)     (257.2)         (159.7)       (21.4)               -      (464.4)       (102.0)          (5.2)      (47.4)     (357.2)      47.4      (451.1)
Underground                              (1,166.2)     (1,022.7)     (595.0)   (221.9)     (215.6)         (157.2)        (0.3)               -      (427.7)       (102.0)              -      (47.4)     (325.7)      47.4      (143.5)
Surface                                    (121.8)       (121.8)      (85.1)    (19.9)      (41.6)           (2.5)       (21.1)               -       (36.7)             -          (5.2)           -      (31.5)         -            -
Recycling                                  (307.6)             -           -         -           -               -            -               -            -             -              -           -           -         -      (307.6)
Net other cash costs                        (30.3)        (30.2)      (24.4)     (2.1)       (1.6)           (0.8)       (22.3)             2.4        (5.8)         (1.7)          (0.1)       (0.6)       (4.0)       0.6        (0.1)
Adjusted EBITDA                              316.4         163.1        81.8       1.3        76.0            26.8       (20.0)           (2.3)         81.3          18.1            1.6        26.5        61.6    (26.5)        153.3
Amortisation and
depreciation                               (251.4)       (168.2)     (127.5)      (47.7)    (53.6)          (24.8)        (0.2)           (1.2)       (40.7)        (14.6)          (0.1)       (7.4)      (25.8)       7.2       (83.2)
Interest income                               15.5          12.5         9.6         3.7       2.6             1.1          1.3             0.9          2.9           2.2            0.1           -         0.6         -          3.0
Finance expense                            (112.4)        (48.5)      (31.4)       (9.6)    (10.0)           (5.7)        (3.0)           (3.1)       (17.1)         (5.1)              -       (0.4)      (12.0)       0.4       (63.9)
Share-based payments                        (10.9)         (9.6)       (9.6)           -         -               -            -           (9.6)            -             -              -           -           -         -        (1.3)
Net other                                     91.0          85.3        78.2       (3.0)     (2.9)           (1.4)        (2.9)            88.4          7.1           2.3              -       (0.1)       (4.5)       9.4          5.7
Non-underlying items                        (26.4)        (12.0)      (10.3)         0.2       1.0             0.3        (2.7)           (9.1)        (1.7)             -              -           -       (1.7)         -       (14.4)
Royalties                                    (8.4)         (8.4)       (6.7)       (1.2)     (3.9)           (1.5)        (0.1)               -        (1.7)         (0.2)              -       (2.3)       (1.5)       2.3            -
Current taxation                            (12.5)        (12.5)      (10.3)         5.2       2.1             0.3          0.1          (18.0)        (2.2)             -              -       (4.3)       (2.2)       4.3            -
Deferred taxation                              5.6           2.1         8.5        15.2       1.8             1.4            -           (9.9)        (6.4)         (1.7)          (0.4)       (0.9)       (4.3)       0.9          3.5
Profit for the period                          6.5           3.8      (17.7)      (35.9)      13.1           (3.5)       (27.5)            36.1         21.5           1.0            1.2        11.1        10.2     (2.0)          2.7
Attributable to:                                 -             -           -                                                                               -
Owners of Sibanye-
Stillwater                                     6.4           3.7      (17.7)      (35.9)        13.1         (3.5)       (27.5)              36.1       21.4             1.0            1.1      11.1        10.2     (2.0)          2.7
Non-controlling interests                      0.1           0.1           -           -           -             -            -                 -        0.1               -            0.1         -           -         -            -
Sustaining capital
expenditure                                 (35.7)        (26.7)      (15.0)       (6.8)     (6.1)           (2.0)              -         (0.1)       (11.7)         (4.1)          (0.4)       (5.3)       (7.2)       5.3        (9.0)
Ore reserve
development                                (137.9)       (102.2)      (83.8)      (34.1)    (32.4)          (17.3)              -             -       (18.4)               -            -            -     (18.4)         -       (35.7)
Growth projects                             (74.4)        (20.2)      (17.5)           -     (5.9)               -              -        (11.6)        (2.7)               -        (2.7)            -          -         -       (54.2)
Total capital
expenditure                                (248.0)       (149.1)     (116.3)      (40.9)    (44.4)          (19.3)              -        (11.7)       (32.8)         (4.1)          (3.1)       (5.3)      (25.6)       5.3       (98.9)

(1) The average exchange rate for the six months ended 30 June 2018 was R12.31/US$.

Figures are in millions
                                                                                     For the six months ended 31 Dec 2017 (Unaudited)
                               GROUP                                                                                    SA REGION                                                                                              US REGION
                                            Total SA      Total SA        Drie-                                              Cor-     Total SA                             Platinum                      Rusten-       Cor-
SA rand                          Total        Region          gold      fontein         Kloof     Beatrix       Cooke      porate          PGM              Kroondal           Mile        Mimosa           burg     porate   Stillwater
Revenue                       26,692.4      19,477.2      12,197.9      4,055.6       4,834.8     2,521.1       787.1       (0.7)      7,279.3               1,557.5          110.0         881.8        5,611.8    (881.8)      7,215.2
Underground                   21,464.9      17,728.0      11,042.9      3,610.7       4,388.2     2,473.3       571.4       (0.7)      6,685.1               1,557.5              -         881.8        5,127.6    (881.8)      3,736.9
Surface                        1,749.2       1,749.2       1,155.0        444.9         446.6        47.8       215.7           -        594.2                     -          110.0             -          484.2          -            -
Recycling                      3,478.3             -             -            -             -           -           -           -            -                     -              -             -              -          -      3,478.3
Cost of sales, before
amortisation and
depreciation                (20,496.0)    (15,056.7)     (8,956.5)    (3,098.4)     (2,945.2)     (1,997.7)        (915.2)               -     (6,100.2)   (1,230.3)           (70.3)     (589.6)     (4,799.6)       589.6    (5,439.3)
Underground                 (15,717.7)    (13,630.9)     (8,020.7)    (2,740.6)     (2,599.7)     (1,973.9)        (706.5)               -     (5,610.2)   (1,230.3)                -     (589.6)     (4,379.9)       589.6    (2,086.8)
Surface                      (1,425.8)     (1,425.8)       (935.8)      (357.8)       (345.5)        (23.8)        (208.7)               -       (490.0)           -           (70.3)           -       (419.7)           -            -
Recycling                    (3,352.5)             -             -            -             -             -              -               -             -           -                -           -             -           -    (3,352.5)
Net other cash costs           (241.0)       (239.6)       (188.9)       (15.1)        (21.5)         (7.9)        (125.9)          (18.5)        (50.7)      (19.1)              4.9       (7.2)        (36.2)         6.9        (1.4)
Adjusted EBITDA                5,955.4       4,180.9       3,052.5        942.1       1,868.1         515.5        (254.0)          (19.2)       1,128.4       308.1             44.6       285.0         776.0     (285.3)      1,774.5
Amortisation and
depreciation                 (3,203.0)     (2,084.6)     (1,651.0)      (594.5)       (728.4)       (301.7)         (14.6)        (11.8)         (433.6)       (124.4)          (1.2)     (113.9)        (286.1)       92.0    (1,118.4)
Interest income                  220.7         184.0          96.9         42.4          42.9           4.8          (7.5)          14.3            87.1          33.7            0.7         0.1           51.8        0.8         36.7
Finance expense              (1,532.2)       (250.8)        (73.5)      (106.6)       (121.1)        (61.5)         (37.3)         253.0         (177.3)        (51.2)              -       (4.8)        (126.2)        4.9    (1,281.4)
Share-based payments           (115.7)       (112.5)       (112.5)        (0.3)             -             -              -       (112.2)               -             -              -           -              -          -        (3.2)
Net other                    (1,136.4)     (1,110.7)          53.8          7.6           0.3        (11.7)        (149.3)         206.9       (1,164.5)       (195.6)            5.4      (13.1)        (929.4)     (31.8)       (25.7)
Non-underlying items         (2,366.8)     (2,300.2)     (2,233.1)       (70.8)        (47.0)        (68.5)      (1,467.9)       (578.9)          (67.1)         (1.0)              -           -         (62.1)      (4.0)       (66.6)
Royalties                      (225.6)       (225.6)       (184.5)       (31.1)       (119.8)        (24.4)          (9.2)             -          (41.1)         (3.1)              -      (26.3)         (38.0)       26.3            -
Current taxation               (465.3)       (341.4)       (322.4)        (9.4)       (260.9)        (11.1)              -        (41.0)          (19.0)             -          (8.8)      (43.2)         (10.0)       43.0      (123.9)
Deferred taxation              2,997.5          95.1          90.5        (5.8)          24.2          54.5              -          17.6             4.6           3.3          (7.1)       (1.1)            2.3        7.2      2,902.4
Profit for the period            369.6     (1,726.2)     (1,094.4)        188.7         679.8         103.8      (1,813.9)       (252.8)         (631.8)        (11.1)           28.7        89.9        (585.5)    (153.8)      2,095.8
Attributable to:                                                                                                                                                     `
Owners of Sibanye-
Stillwater                       366.3     (1,729.5)     (1,095.3)        188.7         679.8           103.8    (1,813.9)       (253.7)         (634.2)        (11.1)           26.3         89.9       (585.5)    (153.8)      2,095.8
Non-controlling interests          3.3           3.3           0.9            -             -               -            -           0.9             2.4             -            2.4            -             -          -            -
Sustaining capital
expenditure                    (816.6)       (636.4)       (355.2)      (150.6)       (158.4)          (36.5)            -           (9.7)       (281.2)       (111.6)          (5.6)     (117.9)        (164.0)      117.9      (180.2)
Ore reserve
development                  (1,789.9)     (1,365.8)     (1,134.4)      (456.7)       (449.1)       (228.6)              -             -         (231.4)             -              -            -       (231.4)          -      (424.1)
Growth projects              (1,008.5)       (288.7)       (286.4)       (13.9)        (86.1)         (0.3)              -       (186.1)           (2.3)             -          (2.3)            -             -          -      (719.8)
Total capital
expenditure                  (3,615.0)     (2,290.9)     (1,776.0)      (621.2)       (693.6)       (265.4)              -       (195.8)         (514.9)       (111.6)          (7.9)     (117.9)        (395.4)      117.9    (1,324.1)

                                                                                                 For the six months ended 31 Dec 2017 (Unaudited)
                                              GROUP                                                                             SA REGION                                                                                US REGION
                                                        Total SA    Total SA     Drie-                                               Cor-     Total SA                   Platinum                 Rusten-      Cor-
US dollars(1)                                  Total      Region        gold   fontein       Kloof    Beatrix           Cooke      porate          PGM      Kroondal         Mile      Mimosa        burg    porate     Stillwater
Revenue                                      1,994.5     1,453.5       909.9     302.4       360.9      188.0            58.7       (0.1)        543.6         116.3          8.2        65.8       419.1    (65.8)          541.0
Underground                                  1,603.4     1,323.1       823.8     269.2       327.6      184.5            42.6       (0.1)        499.3         116.3            -        65.8       383.0    (65.8)          280.3
Surface                                        130.4       130.4        86.1      33.2        33.3        3.5            16.1           -         44.3             -          8.2           -        36.1         -              -
Recycling                                      260.7           -           -         -           -          -               -           -            -             -            -           -           -         -          260.7
Cost of sales, before
amortisation and
depreciation                                1,530.8)   (1,123.0)     (667.8)   (231.1)     (219.7)    (148.9)        (68.1)             -      (455.2)        (91.8)        (5.3)      (44.0)     (358.2)      44.1        (407.8)
Underground                                 1,173.1)   (1,016.6)     (598.0)   (204.4)     (193.9)    (147.2)        (52.5)             -      (418.6)        (91.8)            -      (44.0)     (326.9)      44.1        (156.5)
Surface                                      (106.4)     (106.4)      (69.8)    (26.7)      (25.8)      (1.7)        (15.6)             -       (36.6)             -        (5.3)           -      (31.3)         -              -
Recycling                                    (251.3)           -           -         -           -          -             -             -            -             -            -           -           -         -        (251.3)
Net other cash costs                          (18.0)      (17.9)      (14.1)     (1.0)       (1.6)      (0.6)         (9.5)         (1.4)        (3.8)         (1.4)          0.5       (0.5)       (2.8)       0.4          (0.1)
Adjusted EBITDA                                445.7       312.6       228.0      70.3       139.6       38.5        (18.9)         (1.5)         84.6          23.1          3.4        21.3        58.1    (21.3)          133.1
Amortisation and
depreciation                                 (239.2)     (155.4)     (122.9)    (44.3)      (54.3)     (22.4)         (1.0)         (0.9)       (32.5)         (9.3)        (0.1)       (8.5)      (21.4)       6.8         (83.8)
Interest income                                 16.5        13.7         7.1       3.1         3.2        0.4         (0.6)           1.0          6.6           2.5          0.1           -         3.9       0.1            2.8
Finance expense                              (114.3)      (18.2)       (5.0)     (7.9)       (9.0)      (4.5)         (2.9)          19.3       (13.2)         (3.8)            -       (0.4)       (9.4)       0.4         (96.1)
Share-based payments                           (8.6)       (8.3)       (8.3)         -           -          -             -         (8.3)            -             -            -           -           -         -          (0.3)
Net other                                     (85.2)      (83.2)         4.0       0.6       (0.1)      (0.8)        (11.3)          15.6       (87.2)        (14.7)          0.5       (0.9)      (69.6)     (2.5)          (2.0)
Non-underlying items                         (175.3)     (170.3)     (165.3)     (5.3)       (3.5)      (4.8)       (109.0)        (42.7)        (5.0)         (0.1)            -           -       (4.6)     (0.3)          (5.0)
Royalties                                     (16.8)      (16.8)      (13.6)     (2.3)       (8.9)      (1.8)         (0.6)             -        (3.2)         (0.2)            -       (1.9)       (3.0)       1.9              -
Current taxation                              (35.0)      (25.7)      (24.1)     (0.7)      (19.5)      (0.8)             -         (3.1)        (1.6)             -        (0.7)       (3.3)       (0.8)       3.2          (9.3)
Deferred taxation                              225.0         6.9         6.5     (0.4)         1.8        3.9             -           1.2          0.4           0.2        (0.5)       (0.1)         0.2       0.6          218.1
Profit for the period                           30.8     (126.8)      (79.5)      14.1        50.9        8.3       (134.8)        (18.0)       (47.3)         (0.9)          2.2         6.7      (43.8)    (11.5)          157.6
Attributable to:                                                                                                                                     -
Owners of Sibanye-
Stillwater                                      30.6     (127.0)      (79.6)      14.1        50.9          8.3     (134.8)        (18.1)       (47.4)         (0.9)            2.1       6.7      (43.8)    (11.5)          157.6
Non-controlling interests                        0.2         0.2         0.1         -           -            -           -           0.1          0.1             -            0.1         -           -         -              -
Sustaining capital
expenditure                                   (61.1)      (47.6)      (26.7)    (11.3)      (11.9)        (2.7)             -       (0.8)       (20.9)         (8.3)        (0.4)       (8.8)      (12.2)       8.8         (13.5)
Ore reserve
development                                  (133.6)     (101.8)      (84.6)    (34.1)      (33.5)     (17.0)               -           -       (17.2)             -            -            -     (17.2)         -         (31.8)
Growth projects                               (75.5)      (21.6)      (21.4)     (1.0)       (6.5)          -               -      (13.9)        (0.2)             -        (0.2)            -          -         -         (53.9)
Total capital
expenditure                                  (270.2)     (171.0)     (132.7)    (46.4)      (51.9)     (19.7)               -      (14.7)       (38.3)         (8.3)        (0.6)       (8.8)      (29.4)       8.8         (99.2)

(1) The average exchange rate for the six months ended 31 December 2017 was R13.41/US$.

                                                                               For the six months ended 30 Jun 2017 (Reviewed)
                                GROUP                                                                             SA REGION                                                                                           US REGION(1)
                                           Total SA    Total SA        Drie-                                              Cor-          Total SA                   Platinum                      Rusten-       Cor-
SA rand                          Total       Region        gold      fontein       Kloof      Beatrix       Cooke       porate               PGM      Kroondal         Mile        Mimosa           burg     porate     Stillwater
Revenue                       19,219.2     17,272.8    11,275.7      4,021.3     4,010.3      2,354.7       889.4            -           5,997.1       1,304.0         84.1         805.9        4,609.0    (805.9)        1,946.4
Underground                   16,325.4     15,440.0    10,100.3      3,537.4     3,597.1      2,279.8       686.0            -           5,339.7       1,304.0            -         805.9        4,035.7    (805.9)          885.4
Surface                        1,832.8      1,832.8     1,175.4        483.9       413.2         74.9       203.4            -             657.4             -         84.1             -          573.3          -              -
Recycling                      1,061.0            -           -            -           -            -           -            -                 -             -            -             -              -          -        1,061.0
Cost of sales, before
amortisation and
depreciation                (15,986.7)   (14,414.3)    (8,922.7)   (3,105.1)   (2,817.5)      (1,954.8)     (1,045.3)              -   (5,491.6)     (1,165.6)         (59.5)     (610.9)     (4,266.5)       610.9      (1,572.4)
Underground                 (13,627.6)   (13,079.6)    (8,011.5)   (2,748.3)   (2,509.8)      (1,878.2)       (875.2)              -   (5,068.1)     (1,165.6)              -     (610.9)     (3,902.5)       610.9        (548.0)
Surface                      (1,334.7)    (1,334.7)      (911.2)     (356.8)     (307.7)         (76.6)       (170.1)              -     (423.5)             -         (59.5)           -       (364.0)           -              -
Recycling                    (1,024.4)            -            -           -           -              -             -              -           -             -              -           -             -           -      (1,024.4)
Net other cash costs           (142.8)      (136.9)       (97.0)      (17.3)      (16.4)          (5.4)       (117.5)           59.6      (39.9)        (15.6)         (17.5)        41.4         (5.6)      (42.6)          (5.9)
Adjusted EBITDA                3,089.7      2,721.6      2,256.0       898.9     1,176.4          394.5       (273.4)           59.6       465.6         122.8            7.1       236.4         336.9     (237.6)          368.1
Amortisation and
depreciation                 (2,496.7)    (2,183.7)    (1,856.5)     (532.0)     (676.1)        (394.5)       (241.8)        (12.1)      (327.2)         (114.6)        (1.4)      (97.8)        (228.6)      115.2        (313.0)
Interest income                  194.8        179.7        108.8        35.2        28.2           13.6          20.0          11.8         70.9            23.3          1.4         8.7           44.8      (7.3)           15.1
Finance expense              (1,439.6)    (1,266.9)    (1,108.7)     (114.3)     (125.8)         (66.9)        (39.4)       (762.3)      (158.2)          (39.5)            -       (5.2)        (118.7)        5.2        (172.7)
Share-based payments           (116.2)      (114.5)      (114.5)       (2.5)       (1.8)          (1.3)             -       (108.9)            -               -            -           -              -          -          (1.7)
Net other                       (26.7)       (22.0)       (43.4)      (16.1)      (14.8)         (36.3)       (171.0)         194.8         21.4          (20.8)       (17.3)        36.3          (5.5)       28.7          (4.7)
Non-underlying items         (4,392.3)    (4,388.0)    (4,302.7)       (4.1)       (3.4)        (606.8)     (2,196.8)     (1,491.6)       (85.3)           (8.0)            -           -         (72.8)      (4.5)          (4.3)
Royalties                      (172.9)      (172.9)      (140.8)      (46.7)      (69.5)         (20.1)         (4.5)             -       (32.1)           (2.5)            -      (34.1)         (29.6)       34.1              -
Current taxation                (38.9)       (63.9)       (63.0)       (5.4)      (89.2)          (1.3)             -          32.9        (0.9)               -        (0.5)      (16.1)              -       15.7           25.0
Deferred taxation                453.3        438.7        458.7       (6.2)        37.2          190.8           1.5         235.4       (20.0)          (28.1)          2.8       (1.7)           10.4      (3.4)           14.6
Loss for the period          (4,802.7)    (4,735.0)    (4,709.1)       224.1       277.6        (522.9)     (2,787.9)     (1,900.0)       (25.9)          (51.8)          9.6        85.1         (57.5)     (11.3)         (67.7)
Attributable to:
Owners of Sibanye-
Stillwater                   (4,803.7)    (4,736.0)    (4,709.3)       224.1       277.6        (522.9)     (2,787.9)     (1,900.2)         (26.7)        (51.8)          8.8         85.1        (57.5)     (11.3)         (67.7)
Non-controlling interests          1.0          1.0          0.2           -           -              -             -           0.2            0.8             -          0.8            -             -          -              -
Sustaining capital
expenditure                    (509.0)      (462.3)      (175.9)      (84.4)      (51.8)         (26.6)         (8.5)         (4.6)      (286.4)          (78.9)        (5.4)     (104.6)        (202.1)      104.6         (46.7)
Ore reserve development      (1,501.7)    (1,387.2)    (1,153.6)     (419.4)     (427.1)        (253.4)        (53.7)             -      (233.6)               -            -           -        (233.6)          -        (114.5)
Growth projects                (473.1)      (304.6)      (304.6)      (30.5)      (61.0)          (0.2)        (11.7)       (201.2)            -               -            -           -              -          -        (168.5)
Total capital expenditure    (2,483.8)    (2,154.1)    (1,634.1)     (534.3)     (539.9)        (280.2)        (73.9)       (205.8)      (520.0)          (78.9)        (5.4)     (104.6)        (435.7)      104.6        (329.7)
                                                                                                 For the six months ended 30 Jun 2017 (Reviewed)
                                                GROUP                                                                         SA REGION                                                                              US REGION(1)
                                                          Total SA    Total SA     Drie-                                             Cor-  Total SA                     Platinum                Rusten-     Cor-
US dollars(2)                                     Total     Region        gold   fontein         Kloof    Beatrix       Cooke      porate        PGM       Kroondal         Mile     Mimosa        burg   porate       Stillwater
Revenue                                         1,454.9    1,307.6       853.6     304.4         303.6      178.3        67.3           -     454.0            98.7          6.4       61.0       348.9   (61.0)            147.3
Underground                                     1,235.8    1,168.8       764.6     267.8         272.3      172.6        51.9           -     404.2            98.7            -       61.0       305.5   (61.0)             67.0
Surface                                           138.8      138.8        89.0      36.6          31.3        5.7        15.4           -      49.8               -          6.4          -        43.4        -                -
Recycling                                          80.3          -           -         -             -          -           -           -          -              -            -          -           -        -             80.3
Cost of sales, before
amortisation and
depreciation                                  (1,210.2)   (1,091.2)    (675.5)   (235.0)     (213.3)      (148.0)       (79.2)            -    (415.7)       (88.2)        (4.5)     (46.2)     (323.0)     46.2          (119.0)
Underground                                   (1,031.6)     (990.1)    (606.5)   (208.0)     (190.0)      (142.2)       (66.3)            -    (383.6)       (88.2)            -     (46.2)     (295.4)     46.2           (41.5)
Surface                                         (101.1)     (101.1)     (69.0)    (27.0)      (23.3)        (5.8)       (12.9)            -     (32.1)            -        (4.5)          -      (27.6)        -                -
Recycling                                        (77.5)           -          -         -           -            -            -            -          -            -            -          -           -        -           (77.5)
Net other cash costs                             (10.8)      (10.4)      (7.3)     (1.4)       (1.2)        (0.4)        (8.8)          4.5      (3.1)        (1.2)        (1.4)        3.1       (0.4)    (3.2)            (0.4)
Adjusted EBITDA                                   233.9       206.0      170.8      68.0        89.1         29.9       (20.7)          4.5       35.2          9.3          0.5       17.9        25.5   (18.0)             27.9
Amortisation and
depreciation                                    (189.0)    (165.3)     (140.6)    (40.3)        (51.2)     (29.9)      (18.3)         (0.9)       (24.7)        (8.7)      (0.1)      (7.4)      (17.3)        8.8         (23.7)
Interest income                                    14.7       13.6         8.2       2.7           2.1        1.0         1.5           0.9          5.4          1.8        0.1        0.7         3.4      (0.6)            1.1
Finance expense                                 (109.0)     (95.9)      (83.9)     (8.7)         (9.5)      (5.1)       (2.9)        (57.7)       (12.0)        (3.0)          -      (0.4)       (9.0)        0.4         (13.1)
Share-based payments                              (8.8)      (8.7)       (8.7)     (0.2)         (0.1)      (0.1)           -         (8.3)            -            -          -          -           -          -          (0.1)
Net other                                         (2.1)      (1.8)       (3.1)     (1.2)         (1.0)      (2.8)      (12.8)          14.7          1.3        (1.6)      (1.4)        2.6       (0.5)        2.2          (0.3)
Non-underlying items                            (332.5)    (332.2)     (325.7)     (0.3)         (0.3)     (45.9)     (166.3)       (112.9)        (6.5)        (0.6)          -          -       (5.5)      (0.4)          (0.3)
Royalties                                        (13.1)     (13.1)      (10.7)     (3.5)         (5.3)      (1.5)       (0.4)             -        (2.4)        (0.2)          -      (2.6)       (2.2)        2.6              -
Current taxation                                  (2.9)      (4.8)       (4.8)     (0.4)         (6.8)      (0.1)           -           2.5            -            -          -      (1.2)           -        1.2            1.9
Deferred taxation                                  34.3       33.2        34.7     (0.5)           2.8       14.5         0.1          17.8        (1.5)        (2.1)        0.2      (0.1)         0.8      (0.3)            1.1
Loss for the period                             (363.7)    (358.6)     (356.5)      17.0          21.0     (39.6)     (211.0)       (143.9)        (2.1)        (3.9)        0.7        6.4       (4.4)      (0.9)          (5.1)
Attributable to:
Owners of Sibanye-
Stillwater                                      (363.8)    (358.7)     (356.5)      17.0          21.0     (39.6)     (211.0)       (143.9)        (2.2)        (3.9)          0.6      6.4       (4.4)      (0.9)          (5.1)
Non-controlling interests                           0.1        0.1           -         -             -          -           -             -          0.1            -          0.1        -           -          -              -
Sustaining capital
expenditure                                      (38.4)     (34.9)      (13.2)     (6.4)         (3.9)      (2.0)          (0.6)      (0.3)       (21.7)        (6.0)      (0.4)      (7.9)      (15.3)        7.9          (3.5)
Ore reserve development                         (113.7)    (105.0)      (87.3)    (31.7)        (32.3)     (19.2)          (4.1)          -       (17.7)            -          -          -      (17.7)          -          (8.7)
Growth projects                                  (35.9)     (23.1)      (23.1)     (2.3)         (4.6)          -          (0.9)     (15.3)            -            -          -          -           -          -         (12.8)
Total capital expenditure                       (188.0)    (163.0)     (123.6)    (40.4)        (40.8)     (21.2)          (5.6)     (15.6)       (39.4)        (6.0)      (0.4)      (7.9)      (33.0)        7.9         (25.0)


(1) The US PGM operations' results for the six months ended 30 June 2017 includes Stillwater for two months since acquisition.
(2) The average exchange rate for the six months ended 30 June 2017 was R13.21/US$.

ALL-IN COSTS FOR THE SIX MONTHS ENDED 30 JUNE 2018, 31 DECEMBER 2017 AND 30 JUNE 2017

SA and US PGM operations

Figures are in millions unless otherwise stated
                                                                                                  GROUP                                    SA REGION                                          US REGION(1)
                                                                                                              Total SA
                                                                                                      Total         PGM      Kroondal    Mimosa     Plat Mile     Rustenburg     Corporate Stillwater(1)
Cost of sales, before amortisation and depreciation(2)                             Jun   2018       7,482.8     5,716.1       1,255.7     583.9          63.7        4,396.7       (583.9)       1,766.7
                                                                                   Dec   2017       8,187.0     6,100.2       1,230.3     589.6          70.3        4,799.6       (589.6)       2,086.8
                                                                                   Jun   2017       6,039.6     5,491.6       1,165.6     610.9          59.5        4,266.5       (610.9)         548.0
Royalties                                                                          Jun   2018          20.9        20.9           2.4      28.9             -           18.5        (28.9)             -
                                                                                   Dec   2017          39.0        39.0           3.1      26.3             -           36.0        (26.4)             -
                                                                                   Jun   2017          32.1        32.1           2.5      34.1             -           29.6        (34.1)             -
Community costs                                                                    Jun   2018           8.6         8.6           0.1         -             -            8.5             -             -
                                                                                   Dec   2017             -            -            -         -             -              -             -             -
                                                                                   Jun   2017             -            -            -         -             -              -             -             -
Inventory change                                                                   Jun   2018         236.0            -            -         -             -              -             -         236.0
                                                                                   Dec   2017           3.9            -            -         -             -              -             -           3.9
                                                                                   Jun   2017         100.0            -            -         -             -              -             -         100.0
Share-based payments(3)                                                            Jun   2018          16.6            -            -         -             -              -             -          16.6
                                                                                   Dec   2017           3.2            -            -         -             -              -             -           3.2
                                                                                   Jun   2017           1.7            -            -         -             -              -             -           1.7
Rehabilitation interest and amortisation(4)                                        Jun   2018          50.9        46.4          38.9       2.0             -            7.4         (1.9)           4.5
                                                                                   Dec   2017         (0.1)       (5.5)          17.8       2.2             -         (23.4)         (2.1)           5.4
                                                                                   Jun   2017          39.5        38.5          31.0       2.0             -            7.4         (1.9)           1.0
Ore reserve development                                                            Jun   2018         666.3       226.7             -         -             -          226.7             -         439.6
                                                                                   Dec   2017         655.5       231.4             -         -             -          231.4             -         424.1
                                                                                   Jun   2017         348.1       233.6             -         -             -          233.6             -         114.5
Sustaining capital expenditure                                                     Jun   2018         254.2       143.5          49.9      65.7           4.8           88.8        (65.7)         110.7
                                                                                   Dec   2017         461.4       281.2         111.6     117.9           5.6          164.0       (117.9)         180.2
                                                                                   Jun   2017         333.1       286.4          78.9         -           5.4          202.1             -          46.7
Less: By-product credit                                                            Jun   2018     (1,248.8)   (1,039.5)       (119.9)   (178.6)         (4.3)        (915.4)         178.7       (209.3)
                                                                                   Dec   2017     (1,197.8)   (1,009.2)        (89.5)   (152.4)         (6.1)        (913.6)         152.4       (188.6)
                                                                                  Jun   2017   (640.4)   (590.9)       (96.6)   (120.8)       (4.4)       (489.9)         120.8        (49.5)
Total All-in-sustaining costs(5)                                                  Jun   2018   7,487.5   5,122.7      1,227.1     501.9        64.2       3,831.2       (501.7)       2,364.8
                                                                                  Dec   2017   8,152.1   5,637.1      1,273.3     583.6        69.8       4,294.0       (583.6)       2,515.0
                                                                                  Jun   2017   6,253.7   5,491.3      1,181.4     526.2        60.5       4,249.3       (526.1)         762.4
Plus: Corporate cost, growth and capital expenditure                              Jun   2018     701.7      34.0            -         -        33.4           0.6             -         667.7
                                                                                  Dec   2017     725.6       2.3            -         -         2.3             -             -         723.3
                                                                                  Jun   2017     176.2         -            -         -           -             -             -         176.2
Total All-in-costs(5)                                                             Jun   2018   8,189.2   5,156.7      1,227.1     501.9        97.6       3,831.8       (501.7)       3,032.5
                                                                                  Dec   2017   8,877.7   5,639.4      1,273.3     583.6        72.1       4,294.0       (583.6)       3,238.3
                                                                                  Jun   2017   6,429.9   5,491.3      1,181.4     526.2        60.5       4,249.3       (526.1)         938.6
PGM production                                            4Eoz - 2Eoz             Jun   2018   863,125   569,166      120,461    62,270       7,718       378,717             -       293,959
                                                                                  Dec   2017   886,266   603,635      126,607    63,274      10,545       403,209             -       282,631
                                                                                  Jun   2017   684,437   590,712      114,619    60,879       8,898       406,316             -        93,725
                                                          kg                      Jun   2018    26,846    17,703        3,747     1,937         240        11,779             -         9,143
                                                                                  Dec   2017    27,566    18,775        3,938     1,968         328        12,541             -         8,791
                                                                                  Jun   2017    21,288    18,373        3,565     1,894         277        12,638             -         2,915
All-in-sustaining cost                                    R/4Eoz - R/2Eoz         Jun   2018     9,349    10,106       10,187     8,060       8,318        10,116             -         8,045
                                                                                  Dec   2017     9,905    10,432       10,057     9,223       6,619        10,650             -         8,899
                                                                                  Jun   2017    10,029    10,364       10,307     8,643       6,799        10,458             -         8,134
                                                          US$/4Eoz - US$/2Eoz     Jun   2018       760       821          828       655         676           822             -           653
                                                                                  Dec   2017       739       778          750       688         494           794             -           660
                                                                                  Jun   2017       759       785          781       655         515           792             -           622
All-in-cost                                               R/4Eoz - R/2Eoz         Jun   2018    10,226    10,173       10,187     8,060      12,646        10,118             -        10,316
                                                                                  Dec   2017    10,787    10,436       10,057     9,223       6,837        10,650             -        11,458
                                                                                  Jun   2017    10,312    10,364       10,307     8,643       6,799        10,458             -        10,014
                                                          US$/4Eoz - US$/2Eoz     Jun   2018       831       826          828       655       1,027           822             -           838
                                                                                  Dec   2017       805       779          750       688         510           794             -           855
                                                                                  Jun   2017       781       785          781       655         515           792             -           765


Average exchange rate for the six months ended 30 June 2018, 31 December 2017 and 30 June 2017 was R12.31/US$, R13.41/US$ and R13.21/US$, respectively.
Figures may not add as they are rounded independently.

(1) The US PGM operations' results for the six months ended 30 June 2017 include Stillwater for the two months since acquisition. The US PGM operations' underground prodution 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 various
    recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown.

All-in costs are calculated in accordance with the World Gold Council guidance:

(2) Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting
    costs.
(3) Share-based payments are calculated based on the fair value at initial recognition fair value and does not include the adjustment of the cash-settled share-based payment
    obligation to the reporting date fair value.
(4) Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge
    related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM
    production.
(5) All-in costs exclude 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 costs are made up of All-in sustaining costs, being the costs to sustain current operations, given as a sub-total in the All-in costs calculation, together with
    corporate and major capital expenditure associated with growth.
    The US region All-in-cost, excluding the corporate project expenditure (on the Altar and Marathon projects), for the six months ended 30 June 2018, 31 December 2017 and 30 June
    2017 was US$822/2Eoz, US$845/2Eoz and US$765/2Eoz, respectively.

SA gold operations

Figures are in millions unless otherwise stated
                                                                                                                                                      SA REGION
                                                                                                                          Total SA
                                                                                                                              gold   Driefontein     Kloof    Beatrix       Cooke   Corporate
Cost of sales, before amortisation and depreciation(1)                                                       Jun   2018    8,372.7       2,977.4   3,165.6    1,965.8       263.9           -
                                                                                                             Dec   2017    8,956.5       3,098.4   2,945.2    1,997.7       915.2           -
                                                                                                             Jun   2017    8,922.7       3,105.1   2,817.5    1,954.8     1,045.3           -
Royalties                                                                                                    Jun   2018       82.8          15.1      48.4       17.9         1.5       (0.1)
                                                                                                             Dec   2017      184.5          31.1     119.8       24.4         9.2           -
                                                                                                             Jun   2017      140.8          46.7      69.5       20.1         4.5           -
Community costs                                                                                              Jun   2018       24.7           9.8       7.9        7.0           -           -
                                                                                                             Dec   2017       22.0           3.6      12.1        5.8         0.5           -
                                                                                                             Jun   2017        9.1           3.2       3.9        1.5         0.5           -
Share-based payments(2)                                                                                      Jun   2018        0.2           0.2         -          -           -           -
                                                                                                             Dec   2017        0.3           0.3         -          -           -           -
                                                                                                             Jun   2017        5.6           2.5       1.8        1.3           -           -
Rehabilitation interest and amortisation(3)                                                                  Jun   2018        4.3        (10.2)    (21.8)       15.3        19.0         2.0
                                                                                                             Dec   2017       32.0        (20.2)      18.3       11.3        23.5       (0.9)
                                                                                                             Jun   2017       68.5        (11.4)      22.0       14.3        41.6         2.0
Ore reserve development                                                                                      Jun   2018    1,030.3         419.1     397.9      213.3           -           -
                                                                                                             Dec   2017    1,134.4         456.7     449.1      228.6           -           -
                                                                                                             Jun   2017    1,153.6         419.4     427.1      253.4        53.7           -
Sustaining capital expenditure                                                                                  Jun   2018        184.4           84.1      75.4        24.2           0          0.7
                                                                                                                Dec   2017        345.5          150.6     158.4        36.5           -            -
                                                                                                                Jun   2017        171.3           84.4      51.8        26.6         8.5            -
Less: By-product credit                                                                                         Jun   2018        (9.2)          (3.6)     (3.1)       (2.2)       (0.4)          0.1
                                                                                                                Dec   2017       (11.4)          (3.8)     (3.6)       (2.7)       (1.3)            -
                                                                                                                Jun   2017       (11.8)          (4.5)     (2.9)       (3.0)       (1.4)            -
Total All-in-sustaining costs(4)                                                                                Jun   2018      9,690.2        3,491.9   3,670.3     2,241.3       284.0          2.7
                                                                                                                Dec   2017     10,663.8        3,716.7   3,699.3     2,301.6       947.1        (0.9)
                                                                                                                Jun   2017     10,459.8        3,645.4   3,390.7     2,269.0     1,152.7          2.0
Plus: Corporate cost, growth and capital expenditure                                                            Jun   2018        215.6            0.3      72.7         0.3           0        142.3
                                                                                                                Dec   2017        298.1           13.8      86.1         2.3           -        195.9
                                                                                                                Jun   2017        418.1           30.6      61.0         0.2        11.7        314.6
Total All-in-costs(4)                                                                                           Jun   2018      9,905.8        3,492.2   3,743.0     2,241.6       284.0        145.0
                                                                                                                Dec   2017     10,961.9        3,730.5   3,785.4     2,303.9       947.1        195.0
                                                                                                                Jun   2017     10,877.9        3,676.0   3,451.7     2,269.2     1,164.4        316.6
Gold sold                                                                                            kg         Jun   2018       18,616          5,790     7,905       4,380         541            -
                                                                                                                Dec   2017       22,216          7,400     8,806       4,590       1,420            -
                                                                                                                Jun   2017       21,547          7,688     7,660       4,501       1,698            -
                                                                                                     000'oz     Jun   2018        598.5          186.2     254.2       140.8        17.4            -
                                                                                                                Dec   2017        714.2          237.9     283.1       147.6        45.6            -
                                                                                                                Jun   2017        692.7          247.2     246.3       144.7        54.5            -
All-in-sustaining cost                                                                               R/kg       Jun   2018      520,531        603,092   464,301     511,712     524,954            -
                                                                                                                Dec   2017      480,005        502,257   420,089     501,438     666,972            -
                                                                                                                Jun   2017      485,441        474,168   442,650     504,110     678,857            -
                                                                                                     US$/oz     Jun   2018        1,315          1,524     1,173       1,293       1,326            -
                                                                                                                Dec   2017        1,114          1,165       975       1,163       1,548            -
                                                                                                                Jun   2017        1,143          1,117     1,043       1,187       1,599            -
All-in-cost                                                                                          R/kg       Jun   2018      532,112        603,143   473,498     511,781     524,954            -
                                                                                                                Dec   2017      493,424        504,122   429,866     501,939     666,972            -
                                                                                                                Jun   2017      504,845        478,148   450,614     504,155     685,748            -
                                                                                                     US$/oz     Jun   2018        1,345          1,524     1,196       1,293       1,326            -
                                                                                                                Dec   2017        1,145          1,170       997       1,165       1,548            -
                                                                                                                Jun   2017        1,189          1,126     1,061       1,188       1,615            -

Average exchange rate for the six months ended 30 June 2018, 31 December 2017 and 30 June 2017 was R12.31/US$, R13.41/US$ and R13.21/US$, respectively.
Figures may not add as they are rounded independently.

All-in costs are calculated in accordance with the World Gold Council guidance:

(1) Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting
    costs.
(2) Share-based payments are calculated based on the fair value at initial recognition fair value and does not include the adjustment of the cash-settled share-based payment obligation
    to the reporting date fair value.
(3) Rehabilitation include the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge
    related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold
    production.
(4) All-in costs exclude 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 costs are made up of All-in sustaining costs, being the costs to sustain current operations, given as a sub-total in the All-in costs calculation, together with
    corporate and major capital expenditure associated with growth.

SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTERS ENDED 30 JUNE 2018 AND
31 MARCH 2018

SA and US PGM operations

                                                              GROUP                                                   SA REGION                                                             US REGION
                                                                                                                                                                                             Total US
                                                                                                                                                                                                  PGM
                                                                                    Total SA PGM                  Kroondal            Mimosa     Plat Mile         Rustenburg              Stillwater
                                                               Total SA
                                                             and US PGM                 Under-                                                                 Under-                          Under-
Attributable                                                 operations     Total       ground     Surface    Attributable      Attributable       Surface     ground           Surface     ground(1)
Production
Tonnes milled/treated       000't               Jun   2018       6,958      6,632        3,057       3,575               961             361         2,070      1,735             1,505           326
                                                Mar   2018       6,128      5,803        2,890       2,913               874             338         1,678      1,678             1,235           325
Plant head grade            g/t                 Jun   2018        2.56       1.95         3.25        0.82              2.50            3.57          0.62       3.54              1.12         15.17
                                                Mar   2018        2.80       2.09         3.30        0.89              2.47            3.56          0.58       3.68              1.31         15.52
Plant recoveries            %                   Jun   2018       74.80      68.34        81.11       24.41             82.51           77.76          9.69      83.23             34.61         91.31
                                                Mar   2018       78.74      73.51        84.94       31.41             81.92           78.15         11.94      87.32             43.09         91.38
Yield                       g/t                 Jun   2018        1.91       1.33         2.65        0.20              2.06            2.77          0.06       2.95              0.39         13.87
                                                Mar   2018        2.21       1.53         2.80        0.28              2.02            2.77          0.07       3.21              0.56         14.22
PGM production(2)           4Eoz - 2Eoz         Jun   2018     428,382    282,972      260,198      22,774            63,697          32,141         3,995    164,360            18,779       145,410
                                                Mar   2018     434,743    286,194      260,069      26,125            56,764          30,129         3,723    173,176            22,402       148,549
PGM sold                    4Eoz - 2Eoz         Jun   2018     419,656    282,972      260,198      22,774            63,697          32,141         3,995    164,360            18,779       136,684
                                                Mar   2018     420,856    286,194      260,069      26,125            56,764          30,129         3,723    173,176            22,402       134,662
Price and costs(3)
Average PGM basket price(4) R/4Eoz - R/2Eoz     Jun   2018    12,724     13,013       13,041       12,726        13,447          12,814         13,137      12,884          12,638           12,225
                                                Mar   2018    12,637     12,839       12,871       12,643        12,955          12,655         12,962      12,830          12,590           12,289
                            US$/4Eoz - US$/2Eoz Jun   2018     1,005      1,028        1,031        1,006         1,063           1,013          1,038       1,018             999              966
                                                Mar   2018     1,058      1,073        1,076        1,057         1,083           1,058          1,083       1,073           1,053            1,027
Operating cost(5)           R/t                 Jun   2018       592        474        1,012           68           657             899             16       1,209             139            2,862
                                                Mar   2018       626        502          994           72           714             769             18       1,140             145            2,708
                            US$/t               Jun   2018        47         37           80            5            52              71              1          96              11              226
                                                Mar   2018        52         42           83            6            60              64              2          95              12              226
                            R/4Eoz - R/2Eoz     Jun   2018     7,496     11,842       11,964       10,622         9,916          10,087          8,310      12,758          11,113            6,411
                                                Mar   2018     6,785     10,722       11,032        7,996        10,986           8,620          8,165      11,044           7,968            5,921
                            US$/4Eoz - US$/2Eoz Jun   2018       592        936          945          839           784             797            657       1,008             878              507
                                                Mar   2018       567        896          922          669           919             721            683         923             666              495
All-in sustaining cost(6)   R/4Eoz - R/2Eoz     Jun   2018     9,475     10,025                                   9,597           8,579          6,383                10,252                  8,526
                                                Mar   2018     9,310     10,186                                  10,477           8,706         10,341                9,990                   7,559
                            US$/4Eoz - US$/2Eoz Jun   2018       749        792                                     758             678            504                 810                      674
                                                Mar   2018       778        852                                     876             728            864                 835                      632
All-in cost(6)              R/4Eoz - R/2Eoz     Jun   2018    10,398     10,160                                   9,597           8,579         14,743                10,255                 10,809
                                                Mar   2018    10,152     10,186                                  10,477           8,706         10,341                9,990                   9,834
                            US$/4Eoz - US$/2Eoz Jun   2018       822        803                                     758             678          1,165                 810                      854
                                                Mar   2018       849        852                                     876             728            864                 835                      822
Capital expenditure
Ore reserve development     Rm                  Jun   2018     339.1      116.3                                       -               -              -                 116.3                  222.8
                                                Mar   2018     327.8      110.4                                       -               -              -                 110.4                  217.4
Sustaining capital                              Jun   2018     143.7       66.4                                    29.0            29.6          (5.4)                  42.8                   77.3
                                                Mar   2018      98.6       77.1                                    20.9            72.3           10.2                  46.0                   21.5
Corporate and projects(7)                       Jun   2018     365.9       34.0                                       -               -           33.4                   0.6                  331.9
                                                Mar   2018     335.9          -                                       -               -              -                    -                   335.9
Total capital expenditure   Rm                  Jun   2018     848.8      216.8                                    29.0            29.6           28.0                 159.8                  632.0
                                                Mar   2018     762.2      187.4                                    20.9            72.3           10.2                 156.3                  574.8
                            US$m                Jun   2018      67.1       17.1                                     2.3             2.3            2.2                  12.6                   49.9
                                                Mar   2018      64.0       16.0                                     2.0             6.0            1.0                  13.0                   48.0

Average exchange rate for the quarter ended 30 June 2018 and 31 March 2018 was R12.65/US$ and R11.96/US$, respectively.

Figures may not add as they are rounded independently.

(1) 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 statistics shown, except for adjusted EBITDA margin 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 ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation in a period by the PGM produced in the same period.
(6) All-in costs exclude 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 costs are made up of All-in sustaining costs, being the cost to sustain current operations, given as a sub-total in the All-in costs 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 costs and All-in costs, respectively, in a period by the total 4E/2E PGM produced in the same period.
    The US region All-in-cost, excluding the corporate project expenditure (on the Altar and Marathon projects), for the quarters ended 30 June 2018 and 31 March 2018 was US$832/2Eoz
    and US$811/2Eoz, respectively.
(7) The US region corporate expenditure for the quarters ended 30 June 2018 and 31 March 2018 was R41.4 million (US$3.4 million) and R16.6 million (US$1.4 million), respectively, which
    related to the Altar and Marathon projects.

Mining - Prill split excluding recycling operation
                                                                                                  GROUP                            SA REGION                             US REGION
                                                                                                  Jun 2018                  Jun 2018             Mar 2018         Jun 2018         Mar 2018
                                                                                             4Eoz /
                                                                                               2Eoz          %       4Eoz           %        4Eoz      %       2Eoz          %        2Eoz        %
Platinum                                                                                    197,721        46%    164,959         58%     166,440    58%     32,762        23%      33,189      22%
Palladium                                                                                   200,342        47%     87,694         31%      88,909    31%    112,648        77%     115,360      78%
Rhodium                                                                                      20,096         5%     20,096          7%      24,156     8%
Gold                                                                                         10,223         2%     10,223          4%       6,690     2%
PGM production                                                                              428,382      100%     282,972        100%     286,195   100%    145,410       100%     148,549     100%
Ruthenium                                                                                    37,465                37,465                  37,964
Iridium                                                                                       9,969                 9,969                   7,249
Total                                                                                       475,816               330,406                 331,408           145,410                148,549

Recycling operation
                                                                                                                                                                        US REGION
                                                                                                                                                                  Unit      Jun 2018     Mar 2018
Average catalyst
fed/day                                                                                                                                                           Tonne           21.8       25.8
Total processed                                                                                                                                                   Tonne          1,984      2,323
Tolled                                                                                                                                                            Tonne            307        365
Purchased                                                                                                                                                         Tonne          1,677      1,958
PGM fed                                                                                                                                                           3Eoz         168,842    191,404
PGM sold                                                                                                                                                                 3Eoz       147,872        155,455
PGM tolled returned                                                                                                                                                      3Eoz        29,996         38,260

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    Jun   2018     4,772        1,619        3,153       450               388         479               1,624       685               111           5              1,030
                                     Mar   2018     4,283        1,525        2,758       500               815         478               1,075       547               173           -                695
Yield                       g/t      Jun   2018      2.00         5.19         0.36      5.59              0.52        7.21                0.37      3.55              0.37        1.20               0.29
                                     Mar   2018      2.12         5.25         0.39      5.67              0.29        6.95                0.49      3.37              0.37           -               0.35
Gold produced               kg       Jun   2018     9,548        8,403        1,145     2,516               203       3,452                 606     2,429                41           6                295
                                     Mar   2018     9,068        8,002        1,066     2,833               238       3,323                 524     1,846                64           -                240
                            oz       Jun   2018   306,974      270,162       36,812    80,891             6,527     110,984              19,483    78,094             1,318         193              9,484
                                     Mar   2018   291,543      257,270       34,273    91,083             7,652     106,837              16,847    59,350             2,058           -              7,716
Gold sold                   kg       Jun   2018     9,548        8,403        1,145     2,516               203       3,452                 606     2,429                41           6                295
                                     Mar   2018     9,068        8,002        1,066     2,833               238       3,323                 524     1,846                64           -                240
                            oz       Jun   2018   306,974      270,162       36,812    80,891             6,527     110,984              19,483    78,094             1,318         193              9,484
                                     Mar   2018   291,543      257,270       34,273    91,083             7,652     106,837              16,847    59,350             2,058           -              7,716
Price and costs
Gold price received         R/kg     Jun   2018   531,640                                       531,519                       531,099                       538,907                        547,508
                                     Mar   2018   507,719                                       511,918                       511,152                       510,157                        529,583
                            US$/oz   Jun   2018     1,307                                        1,306                         1,305                         1,325                          1,346
                                     Mar   2018     1,320                                        1,331                         1,329                         1,326                          1,377
Operating cost(1)           R/t      Jun   2018       910        2,345          173     3,115               196       2,878                194      1,483             123           140               137
                                     Mar   2018       934        2,314          182     2,661               208       2,668                182      1,680              97             -               172
                            US$/t    Jun   2018        72          185           14       246                15         227                 15        117              10            11                11
                                     Mar   2018        78          193           15       222                17         223                 15        140               8             -                14
                            R/kg     Jun   2018   454,881      451,886      476,856   557,075           374,384     399,421           520,957     418,320         334,146       116,667          476,610
                                     Mar   2018   444,387      440,890      470,638   469,714           710,924     383,720           374,237     497,941         262,500             -          498,333
                            US$/oz   Jun   2018     1,118        1,111        1,172     1,369               920         982              1,280      1,028             821           287             1,171
                                     Mar   2018     1,155        1,146        1,224     1,221             1,848         998                973      1,295             682             -             1,296
All-in sustaining cost(2) R/kg       Jun   2018   526,833                                        646,083                         479,966                     475,951                        496,678
                                     Mar   2018   513,829                                        565,093                         447,777                     557,958                        560,417
                            US$/oz   Jun   2018     1,295                                         1,588                           1,180                       1,170                          1,221
                                     Mar   2018     1,336                                         1,469                           1,165                       1,451                          1,457
All-in cost(2)              R/kg     Jun   2018   542,187                                        646,193                         489,724                     476,032                        496,678
                                     Mar   2018   535,851                                        565,093                         456,408                     558,010                        560,417
                            US$/oz   Jun   2018     1,333                                         1,588                           1,204                       1,170                          1,221
                                     Mar   2018     1,393                                         1,469                           1,187                       1,451                          1,457
Capital expenditure
Ore reserve
development                 Rm       Jun   2018     532.1                                         220.3                           203.8                       108.0                            -
                                     Mar   2018     498.2                                         198.8                           194.1                       105.3                            -
Sustaining capital                   Jun   2018     105.7                                         55.9                            35.1                        14.7                             -
                                     Mar   2018      77.9                                          28.2                            40.2                        9.5                             -
Corporate and projects(3)            Jun   2018      93.1                                          0.3                            39.6                         0.2                             -
                                     Mar   2018     123.2                                           -                              33.2                        0.1                             -
Total capital
expenditure                 Rm       Jun   2018     731.0                                         276.5                           278.5                       122.9                            -
                                     Mar   2018     699.2                                         227.0                           267.5                       114.9                            -
                            US$m     Jun   2018      57.8                                          21.8                            22.0                         9.7                            -
                                     Mar   2018      58.5                                          19.0                            22.4                        9.6                             -

Average exchange rates for the quarters ended 30 June 2018 and 31 March 2018 were R12.65/US$ and R11.96/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 costs exclude 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 costs are made up of All-in sustaining costs, being the cost to sustain current operations, given as a sub-total in the All-in costs calculation, together with corporate and major capital
    expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining costs and All-in costs,
    respectively, in a period by the total gold sold in the same period.
(3) Corporate project expenditure for the quarters ended 30 June 2018 and 31 March 2018 was R53.2 million (US$4.2 million) and R89.8 million (US$7.5 million), respectively, the majority of which
    related to 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                                                                                        Jun 2018                                      Mar 2018                                 Six months ended 30 Jun 2018
                                                                                            Black      Carbon                           Black          Carbon                            Black    Carbon
                    Reef                                                                     Reef      leader       Main       VCR       Reef          leader       Main         VCR      Reef    leader       Main      VCR
Driefontein         Unit
Advanced            (m)                                                                        65         1,688      676       867           66           1,441      660       992         131       3,128        1,336     1,859
Advanced on reef    (m)                                                                        59           377      149       197           49             293      228       128         108         670          377       325
Channel width       (cm)                                                                      165            54       36        93           46              35       62        56         111          45           52        78
Average value       (g/t)                                                                     2.1          19.1     13.8      31.9          4.7            30.0      8.6      85.8         2.6        22.8         10.0      47.0
                    (cm.g/t)                                                                  346         1,025      496     2,961          214           1,041      534     4,774         287       1,032          519     3,675

Quarter ended                                                   Jun 2018                                                       Mar 2018                                            Six months ended 30 Jun 2018
                    Reef                    Cobble   Kloof        Main   Libanon             VCR    Cobble     Kloof           Main   Libanon             VCR     Cobble            Kloof         Main    Libanon             VCR
Kloof               Unit
Advanced            (m)                              1,220          579           21     1,582                 1,158            605             9     1,148                         2,377            1,184           30     2,730
Advanced on reef    (m)                                333          122            -       351                   373             81             9       255                           706              203            9       606
Channel width       (cm)                               133          126                    104                   129            126            99       104                           131              126           99       104
Average value       (g/t)                              6.2          7.8            -      21.5                   9.6            6.6          11.3      20.5                           8.0              7.3         11.3      21.1
                    (cm.g/t)                           827          986                  2,233                 1,244            832         1,120     2,139                         1,047              925        1,120     2,193

Quarter ended                                                                                                 Jun 2018                           Mar 2018                              Six months ended 30 Jun 2018
                    Reef                                                                                       Beatrix       Kalkoenkrans          Beatrix      Kalkoenkrans                         Beatrix   Kalkoenkrans
Beatrix             Unit
Advanced            (m)                                                                                            4,486                   29        3,909                  64                           8,395                 93
Advanced on reef    (m)                                                                                            1,354                    -        1,234                  21                           2,587                 21
Channel width       (cm)                                                                                             115                    -          118                 168                             116                168
Average value       (g/t)                                                                                            6.6                    -          5.8                 9.6                             6.2                9.6
                    (cm.g/t)                                                                                         760                    -          688               1,619                             726              1,619

Quarter ended                                                                                                                              Jun 2018                      Mar 2018                Six months ended 30 Jun 2018
                                                                                                                                                      Kimberley                Kimberley                            Kimberley
                    Reef                                                                                                                                  Reefs                    Reefs                                Reefs
Burnstone           Unit
Advanced            (m)                                                                                                                                      383                       1,266                                1,648
Advanced on reef    (m)                                                                                                                                      100                         193                                  293
Channel width       (cm)                                                                                                                                      30                          69                                   56
Average value       (g/t)                                                                                                                                   13.8                         9.2                                 10.0
                    (cm.g/t)                                                                                                                                 414                         634                                  559

SA PGM operations
Quarter ended                                              Jun 2018                                                      Mar 2018                                               Six months ended 30 Jun 2018
                    Reef             Kopaneng    Simunye    Bambanani     Kwezi        K6     Kopaneng      Simunye     Bambanani       Kwezi        K6     Kopaneng         Simunye       Bambanani      Kwezi                K6
Kroondal            Unit
Advanced            (m)                    678       539          592       636     555             428           481           578         609     802         1,107            1,020               1,170        1,245     1,357
Advanced on reef    (m)                    632       451          582       529     431             409           362           402         535     657         1,042              813                 984        1,064     1,089
Height              (cm)                   239       241          222       246     264             236           229           217         245     246           238              236                 220          246       253
Average value       (g/t)                  2.0       1.8          2.7       2.2     1.7             2.2           2.2           2.0         2.2     2.2           2.1              2.0                 2.3          2.2       2.0
                    (cm.g/t)               468       438          592       529     440             520           494           429         543     536           493              466                 510          536       500


Quarter ended                              Jun 2018                                               Mar 2018                                      Six months ended 30 Jun 2018
                    Reef       Bathopele    Thembelani     Khuseleka    Siphumelele           Bathopele    Thembelani         Khuseleka         Siphumelele   Bathopele      Thembelani               Khuseleka     Siphumelele
Rustenburg          Unit
Advanced            (m)              316         1,780        2,418           1,116                  302            1,466         2,190               1,057              618               3,246          4,608             2,173
Advanced on reef    (m)              316           832          775             525                  302              502           596                 340              618               1,334          1,370               865
Height              (cm)             215           297          290             288                  209              281           288                 296              212                 289            289               292
Average value       (g/t)            2.6           2.3          2.2             3.0                  2.7              2.1           2.1                 3.1              2.6                 2.2            2.2               3.1
                    (cm.g/t)         559           678          630             868                  559              582           614                 932              553                 636            622               892

US PGM operations
Quarter ended                                                                                             Jun 2018                           Mar 2018                              Six months ended 30 Jun 2018
                                                                                                              Stillwater          East            Stillwater            East                         Stillwater              East
                    Reef                                                                                      incl Blitz       Boulder            incl Blitz         Boulder                         incl Blitz           Boulder
Stillwater          Unit
Primary
development (off
reef)               (m)                                                                                              2,695           402                   3,019           657                                5,714         1,059
Secondary
development         (m)                                                                                              2,153       1,340                     2,038        1,451                                 4,191         2,791

ADMINISTRATION AND CORPORATE INFORMATION

SIBANYE GOLD LIMITED                             DIRECTORS                                                 AMERICAN DEPOSITORY
Trading as SIBANYE-STILLWATER                    Sello Moloko1 (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                                       (1) Independent    non-executive              BNY Mellon
www.sibanyestillwater.com                                                                   Depositary Receipts
                                              JSE SPONSOR                                   Direct Line: +1 212 815 2867
REGISTERED AND CORPORATE OFFICE               JP Morgan Equities South Africa Proprietary   Mobile: +1 203 609 5159
Constantia Office Park                        Limited                                       Fax: +1 212 571 3050
Cnr 14th Avenue & Hendrik Potgieter Road      (Registration number : 1995/011815/07)        Email: tatyana.vesselovskaya@bnymellon.com
Bridgeview House, Ground Floor                1 Fricker Road
Weltevreden Park 1709                         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                  Marshalltown 2107
INVESTOR ENQUIRIES                            SECRETARIES LONDON                            South Africa
James Wellsted                                St James's Corporate Services Limited         Tel: +27 11 370 5000
Senior Vice President:                        Suite 31                                      Fax: +27 11 688 5248
Investor Relations                            Second Floor
Tel: +27 83 453 4014                          107 Cheapside                                 TRANSFER SECRETARIES
+27 10 493 6923                               London EC2V 6DN                               UNITED KINGDOM
Email: james.wellsted@sibanyestillwater.com   United Kingdom                                Link Asset Services
or ir@sibanyestillwater.com                   Tel: +44 20 7796 8644                         The Registry
                                              Fax: +44 20 7796 8645                         34 Beckenham Road
CORPORATE SECRETARY                                                                         Beckenham
Lerato Matlosa                                AUDITORS                                      Kent BR3 4TU
Tel: +27 10 493 6921                          KPMG Inc.                                     England
Email: lerato.matlosa@sibanyestillwater.com   KPMG Crescent                                 Tel:0871 664 0300
                                              85 Empire Road                                (calls cost 10p a minute plus network extras, lines are
                                              Parktown 2193                                 open 8.30am - 5pm Mon-Fri) or
                                              Johannesburg                                  +44 20 8639 3399 (from overseas)
                                              South Africa                                  Fax: +44 20 8658 3430
                                              Tel: +27 11 647 7111                          Email: ssd@capitaregistrars.com

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. Forward-looking statements may be identified by the use of words such as "target", "will", "would", "expect", "can",
"potential", "could" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These
forward-looking statements, including among others, those relating to our future business prospects, financial positions, debt position and our ability
to reduce debt leverage, plans and objectives of management for future operations, plans to raise capital through streaming arrangements or
pipeline financing, our ability to service our Bond Instruments (High Yield Bonds and Convertible Bonds), our ability to achieve steady state production
at the Blitz project and the anticipated benefits and synergies of our acquisitions are necessarily estimates reflecting the best judgement of our senior
management and involve a number of known and unknown risks, uncertainties and other factors, many of which are difficult to predict and generally
beyond the control of Sibanye-Stillwater, that could cause Sibanye-Stillwater's actual results and outcomes to be materially different from historical
results or from any future results expressed or implied by such forward-looking statements. As a consequence, these forward-looking statements
should be considered in light of various important factors, including those set forth in the Group's Annual Integrated Report and Annual Financial
Report, published on 30 March 2018, and the Group's Annual Report on Form 20-F filed by Sibanye-Stillwater with the Securities and Exchange
Commission on 2 April 2018 (SEC File no. 001-35785). These forward-looking statements speak only as of the date of this announcement. Sibanye-
Stillwater undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances
after the date of this announcement or to reflect the occurrence of unanticipated events, save as required by applicable law.

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