Wrap Text
Operating Update for the Quarter ended 30 September 2025
SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
OPERATING UPDATE
QUARTER ENDED 30 SEPTEMBER 2025
Johannesburg, 6 November 2025: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to
provide an operating update for the quarter ended 30 September 2025. Comparisons include year-on-year (Q3 2025 on Q3 2024), year-
to-date (YTD) from 1 January 2025 to 30 September 2025, and Q3 2025 compared with the previous Q2 2025 quarter (quarter-on-quarter
or Q3-on-Q2) where appropriate. Group financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 30 SEPTEMBER 2025 (Q3 2025)
- Safe production: continued improvement in lagging indicators (YTD TRIFR <4, SIFR of 2.25) but elimination of fatal incidents remains our
priority
- Unique exposure to both gold and PGMs, underpinned by improved operational performance, ensures leverage to increasing precious
metal prices
- Group adjusted EBITDA (including S45X10 credits), increased by 198% to R9.9bn (US$560m) year-on-year
- Group adjusted EBITDA (excluding S45X10 credits) of R9.5bn (US$541m) was 53% higher Q3-on-Q2
- Operations stable or improving relative to Q3 2024 and H1 2025 and all on track to achieve annual guidance
- SA PGM operations: consistent delivery combined with commendable cost control and 36% higher basket price underpinned earnings
- 213% increase in adjusted EBITDA to R5.0bn (US$281m)
- US PGM operations: consistent operational delivery post restructuring optimises value from higher PGM prices
- Adjusted EBITDA of US$33m (R579m) (including US$10m (R181m) S45X10 credits), increased more than 100% year-on-year
- SA gold operations (including DRDGOLD): improved operating performance and 35% higher average gold price
- 177% increase in adjusted EBITDA to R3.7bn (US$212m) year-on-year
- US recycling (excl. Metallix) contributed US$27m (R475m) to Group adjusted EBITDA, including US$8m (R148m) S45X10 credit for US PGM
recycling
- Decarbonisation strategy advancing - two renewable energy projects achieved commercial operation in 2025, generating 99 GWh
energy with direct cost savings of R45m and 107ktCO2e avoided11
KEY STATISTICS - GROUP
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Sep 2024 Jun 2025 Sep 2025 GROUP Sep 2025 Jun 2025 Sep 2024
184 596 560 US$m Adjusted EBITDA1,8 Rm 9,872 10,964 3,312
17.96 18.29 17.64 R/US$ Average exchange rate using daily closing rate
Stock data for the Quarter ended 30 September 2025
Number of shares in issue
- at 30 September 2025 2,830,567,264
- weighted average 2,830,567,264
Free Float 99 %
Bloomberg/Reuters SSWSJ/SSWJ.J
JSE Limited - (SSW)
Price range per ordinary share (High/Low) R32.64 to R49.57
Average daily volume 28,326,857
NYSE - (SBSW); one ADR represents four ordinary shares
Price range per ADR (High/Low) US$7.27 to US$11.24
Average daily volume 8,437,421
KEY STATISTICS BY REGION
US dollar SA rand
Quarter ended KEY STATISTICS Quarter ended
Sep 2024 Jun 2025 Sep 2025 Sep 2025 Jun 2025 Sep 2024
AMERICAS REGION
US PGM underground operations
111,976 69,133 73,171 oz 2E PGM production2,3 kg 2,276 2,150 3,483
983 999 1,184 US$/2Eoz Average basket price R/2Eoz 20,886 18,272 17,663
(6) 160 33 US$m Adjusted EBITDA8 Rm 579 2,947 (108)
1,157 1,278 1,165 US$/2Eoz All-in sustaining cost4,8,9 R/2Eoz 20,555 23,375 20,771
US PGM recycling
81,762 75,153 82,503 oz 3E PGM recycling2,3 kg 2,566 2,338 2,543
1,293 1,233 1,319 US$/3Eoz Average basket price R/3Eoz 23,267 22,552 23,231
5 125 11 US$m Adjusted EBITDA8 Rm 202 2,307 98
US Reldan operations
8 11 15 US$m Adjusted EBITDA8 Rm 273 203 149
SOUTHERN AFRICA (SA) REGION
PGM operations
473,938 428,129 493,863 oz 4E PGM production3,5 kg 15,361 13,316 14,741
1,331 1,489 1,839 US$/4Eoz Average basket price R/4Eoz 32,438 27,240 23,909
88 123 281 US$m Adjusted EBITDA8 Rm 4,961 2,251 1,584
1,182 1,271 1,278 US$/4Eoz All-in sustaining cost4,8 R/4Eoz 22,537 23,250 21,228
Gold operations
179,465 159,082 175,929 oz Gold produced kg 5,472 4,948 5,582
2,470 3,249 3,402 US$/oz Average gold price R/kg 1,929,491 1,910,621 1,426,290
75 162 212 US$m Adjusted EBITDA8 Rm 3,731 2,998 1,347
2,250 2,466 2,442 US$/oz All-in sustaining cost4,8 R/kg 1,385,189 1,450,218 1,298,923
EUROPEAN REGION
Sandouville nickel refinery
2,039 163 - tNi Nickel production tNi - 163 2,039
(8) (7) (7) US$m Adjusted EBITDA8 Rm (126) (129) (152)
AUSTRALIAN REGION
Century zinc retreatment operation
27 26 24 ktZn Payable zinc production6 ktZn 24 26 27
3,093 2,585 2,696 US$/tZn Average equivalent zinc concentrate price7 R/tZn 47,562 47,276 55,553
31 26 28 US$m Adjusted EBITDA8 Rm 486 479 565
1,809 1,787 2,015 US$/tZn All-in sustaining cost4,8 R/tZn 35,539 32,679 32,486
1 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. 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 any other measure of financial performance and liquidity. For a reconciliation of profit before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA
reconciliation - Quarters"
2 The US PGM operations' underground production is converted to metric tonnes and kilograms, and financial performance is translated to SA rand (rand). In addition to the US PGM operations'
underground production, the operation treats various 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
3 The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) and measured at the concentrator, and in
the US underground operations is principally platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)
4 See "Salient features and cost benchmarks - Quarters" for the definition of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes the production and costs associated with the
purchase of concentrate (PoC) from third parties
5 The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to
the "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters"
6 Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
7 Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
metal sold
8 Adjusted EBITDA and AISC are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial performance prepared in
accordance with IFRS. See "Non-IFRS measures" for more information on the Non-IFRS metrics presented by Sibanye-Stillwater
9 The US PGM operations' All-in sustaining cost for the quarter ended 30 September 2024 was adjusted to include the Section 45X (S45X) Advance Manufacturing Production Credits. During the
quarter ended 30 June 2025 the US PGM operations recognised R237 million (US$13 million) which related to mining costs for the quarter ended 30 September 2024
10 The adjusted EBITDA for Q3 2025 includes S45X for both the US underground and recycling operations totalling R329 million ($19 million). The adjusted EBITDA for Q2 2025 includes S45X credits for
both the US underground and recycling operations for FY2023 (R2.5 billion, US$140 million), FY2024 (R1.9 billion, US$109 million), Q1 2025 (R305 million, US$17 million) and Q2 2025 (R344 million,
US$19 million) totalling R5.1 billion (US$285 million)
11 Conversion factor used of 1.08 tCO2e/MWh
STATEMENT BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER
This is my first official update to the investment market and to other stakeholders as CEO of Sibanye-Stillwater, since assuming the mantle
from Neal Froneman on 1 October 2025. As such, I am really pleased to present this positive operating update for the third quarter of 2025
(Q3 2025) as my inaugural report.
The Group's operating performance for Q3 2025 was pleasing, reflecting greater operational stability post the restructuring undertaken in
2023 and 2024, and with the quarter-on-quarter (Q3-on-Q2) performance reflecting improved operational output and cost control across
all our major operations, which are all on track to deliver on annual guidance for 2025. This continued improvement, combined with
higher precious metal prices, delivered a significantly enhanced financial performance across the Group, with all operations contributing
positively on an operating cost and all-in sustaining cost (AISC) basis, except for the Sandouville refinery which is currently ramping down
production to be placed on care and maintenance.
Safe production is our first priority. The improvement in leading and lagging indicators at our operations continued in Q3 2025, reflecting
progress in real risk reduction. Several operations are achieving global leading safety rates, reflected in the 2025 year-to-date total
recordable injury frequency rate (TRIFR) remaining below 4 and the serious injury frequency rate (SIFR) at 2.25. The positive lagging
indicator trends were maintained during Q3 2025, with continued improvements recorded in Group safety indicators when compared to
Q3 2024. The Group SIFR (per million hours worked) for the Q3 2025 of 2.24 improved by 9%, with the lost day injury frequency rate (LDIFR)
of 3.43 and TRIFR of 4.09, improving by 14% and 12% respectively, year-on-year. The Group fatal injury frequency rate (FIFR) for Q3 2025
improved by 35% (from 0.074 to 0.048) when compared to the corresponding period in 2024.
However, safety for us is not about statistics; it is about eliminating harm. Tragically, during the quarter, we lost two colleagues. The Board
and management of Sibanye-Stillwater extend their heartfelt condolences to the families and friends of Mr. Phaswisi Ramaila and Mr.
Brian Hanson, who are deeply mourned. On 26 July 2025, Mr. Hanson, an electrician at the Stillwater mine, was fatally injured after
contacting energised switchgear. On 28 August 2025, Mr. Ramaila, a miner at Driefontein Khomanane shaft, sustained serious injuries
during a seismic-related fall of ground and sadly passed away on 6 September 2025. Our commitment to preventing fatalities through our
Fatality elimination strategy is unwavering and remains our highest priority.
The stable operating performance from all Group operations underpinned a strong financial performance, which, combined with
increasing commodity prices, resulted in a 198% increase in Group adjusted EBITDA to R9.9 billion (US$560 million), from R3.3 billion (US$184
million) for Q3 2024. Adjusted EBITDA for Q2 2025 of R11.0 billion (US$596 million) includes R4.7 billion (US$266 million) S45X credits for 2023,
2024 and Q1 2025. Adjusted EBITDA for Q2 2025 excluding these credits, of R6.3 billion (US$330 million) was 53% lower than adjusted EBITDA
for Q3 2025, illustrating the significant leverage of the Group to higher precious metal prices, which have continued to rise in Q4 2025.
In an uncertain macro economic and socio-political environment, change is inevitable and heightened commodity price volatility should
be expected in the near term. Despite the volatility, the outlook for precious metal prices remains constructive for the balance of 2025
and into 2026. The uncertain current macroeconomic and sociopolitical outlook and disruptive global changes are supportive for gold,
the perennial safe haven asset. The recent rally in PGM prices has largely been driven by increased investment demand and restocking,
driven by similar macro uncertainty, but longer term are supported by positive market fundamentals.
The SA PGM operations delivered a pleasing production performance which, combined with good cost management, resulted in unit
costs increasing by less than mining inflation year-on-year. Unit operating cost increased by 3% year-on-year but was 5% lower Q3-on-Q2,
with AISC (excluding purchase of concentrate (PoC)) 6% higher year-on-year but 3% lower Q3-on-Q2. This consistent delivery of safe
production and cost management continues to drive the SA PGM operations down the industry cost curve, improving their competitive
position relative to industry peers.
On 1 November 2025, Sibanye-Stillwater implemented strategic enhancements to the historical Marikana contract between Lonmin and
the Glencore Merafe (GM) Venture, and began implementing the new Chrome Management Agreement (CMA) at our SA PGM
operations, as announced on 19 February 2025. The closure of the GM Venture agreements marked a pivotal step in unlocking long-term
value from significant chrome by-product potential at our SA PGM operations, which will further reduce costs and increase operating
margins, enhancing the commercial viability, and laying the foundation for long term sustainability, of the SA PGM operations.
Production from the US PGM operations for Q3 2025 was in-line with the planned outcomes of the Q4 2024 restructuring and increased by
6% Q2-on-Q3, with a corresponding decline in unit operating costs. This operating improvement, combined with the Section 45X credits
and recent PGM price increases, have contributed to a significant increase in adjusted EBITDA from the US PGM operations. The return to
profitability by the US PGM operations validates our decision to restructure these strategic operations in discrete phases since mid-2022.
While the recent increase in PGM prices and S45X credits provide welcome relief for the US PGM operations, management's priority is to
assess opportunities to further reduce AISC, targeting US$1,000/2Eoz, in the medium term.
The SA gold operations delivered improved results for Q3 2025, with the Driefontein and Beatrix operations recovering from challenges
which affected H1 2025. Production from the Driefontein operation, increased by 21% year-on-year, and by 25% Q3-on-Q2, with AISC
benefiting from the increase in production, declining by 2% year-on-year and by 6% Q3-on-Q2. Production from the Beatrix operation
improved by 13% Q3-on-Q2, with AISC 8% lower Q3-on-Q2. Significant progress has been made addressing challenges in the Beatrix
processing plant, which constrained throughput during H1 2025, affecting processing and sales during Q3 2025. An estimated, 78 kt of ore
on surface stockpiles at the end of Q3 2025 is expected to be processed over the next two quarters, boosting gold sales and revenue
from the Beatrix operation. Production from the Kloof operation stabilised quarter-on-quarter, following the decision to cease operations
at Kloof 7 shaft and reduce exposure to seismically active areas. A sustainable production plan for Kloof is currently under assessment with
a revised production profile expected in Q1 2026.
Earnings from the recycling operations benefitted from increased metal prices and, at the US PGM recycling operations, S45X credits,
which resulted in the recycling contribution to Group adjusted EBITDA doubling year-on-year. The integration of Metallix and realisation of
synergies is expected to further increase the financial contribution from the recycling operations.
Steady production from the Century reprocessing operations, despite the rescheduling of annual plant maintenance from Q4 to Q3 2025
and a favourable price environment, led to a consistent financial contribution from from the Century reprocessing operations, which is
expected to be maintained in 2026.
It has been extremely satisfying to advance our renewable energy projects in South Africa, adding 164 MW of capacity year-to-date
toward a long-term target of 600 MW, marking a major step towards our target of carbon neutrality by 2040. The Castle Wind Farm
(commissioned in March 2025), with an 89 MW capacity, has generated 140 GWh to date, avoiding 151ktCO?e and delivering R62 million
in savings. During Q3 2025, Sibanye-Stillwater also benefited from its first solar project-the Springbok solar project (operational since
September 2025)-a 150 MW plant, of which Sibanye-Stillwater plans to procure 75 MW for 10 years. Together, these projects delivered
R45 million in Q3 2025 savings and avoided 107ktCO?e emissions for the quarter, and year to date generated, 156GWh energy, avoided
168ktCO2e emissions and saved R67 million.
The antidumping and countervailing duty petitions on imports of unwrought palladium from Russia filed on 30 July 2025, by Sibanye-
Stillwater and the United Steelworkers, supported by 70% of US palladium industry participants (domestic palladium mining and recycling
companies), with the US Department of Commerce and the US International Trade Commission (ITC) is under consideration. A preliminary
hearing was held in mid-August, and on 12 September 2025, the ITC issued an unanimous preliminary determination that there is a
reasonable indication that the US palladium industry is materially injured by reason of imports of unwrought palladium from Russia. The US
Department of Commerce's final determination is expected to be announced at the end of March 2026 at the earliest and the ITC
hearing to occur in the same timeframe. The ITC's final phase investigation should conclude in late May 2026. It should be noted that
these deadlines may be extended in the event of a prolonged shutdown of the US government.
Operating review
Southern Africa (SA) region
SA PGM operations
The SA PGM operations continue to deliver consistent and reliable operating results. PGM production for Q3 2025 of 493,863 4Eoz
(including attributable production from Mimosa and excluding third-party PoC was 4% higher year-on-year and 15% higher quarter-on-
quarter (Q3-on-Q2). Underground production increased by 8% to 464,803 4Eoz, due to increased production from both the Rustenburg
and Marikana operations for Q3 2025, while production from the surface operations declined by 31% to 29,060 4Eoz year-on-year,
primarily due to depletion of the Waterval West Tailings Storage Facility, and lower throughput from the ETD1 facility at the Marikana
operation, which is reaching the end of life. Third-party PoC production of 17,189 4Eoz was 32% lower, in line with annual contractual
agreements.
Unit operating cost for Q3 2025 of R24,094/4Eoz (US$1,366/4Eoz) was 3% higher year-on-year, well within historical annual mining inflation
rates. This is particularly pleasing considering the higher tolling costs incurred by the Kroondal operation following the change from a PoC
to toll processing arrangement from 1 September 2024. AISC (excluding PoC) increased by 6% year-on-year to R22,537/4Eoz
(US$1,278/4Eoz), primarily due to a 26% increase in sustaining capital expenditure, a significant increase in royalty tax due to higher PGM
prices and tolling costs at Kroondal. AISC (excluding PoC) was 3% lower Q3-on-Q2 mainly due to the 15% increase in production, which
was partially offset by higher royalty tax, ore reserve development capital and sustaining capital expenditure.
Total capital expenditure for Q3 2025 of R1.5 billion (US$82 million), was 6% higher year-on-year. Sustaining capital increased by 26% to
R656 million (US$37 million) primarily on upgrading the rhodium, iridium and ruthenium plants at the Precious Metals Refinery (PMR). Capital
expenditure to upgrade these plants is forecast to continue until 2029. ORD capital expenditure decreased by 7% to R644 million (US$37
million) due to lower off-reef development at the Marikana operation. Growth project capital decreased by 4% to R154 million (US$9
million) as capital for the K4 project tapers down in line with the production build-up.
Adjusted EBITDA for Q3 2025 increased by 213% year-on-year to R5.0 billion (US$281 million), driven by increased production output and a
36% year-on-year increase in the average 4E basket price to R32,438/4Eoz (US$1,839/4Eoz) for Q3 2025.
The average 4E PGM basket price increased by 19% quarter-on-quarter which, coupled with the 20% increase in 4E PGM sold quarter-on-
quarter, resulted in adjusted EBITDA increasing by 120% Q3-on-Q2.
Attributable PGM production from Mimosa for Q3 2025 of 29,646 4Eoz was 6% lower year-on-year. AISC increased by 16% to US$1,327/4Eoz
(R23,410/4Eoz) for Q3 2025 due to lower production, exacerbated by higher royalty tax expenses and lower by-product metal credits,
partially offset by the 41% decrease in sustaining capital to US$4 million (R75 million) following the commissioning of the new tailings
storage facility in April 2024.
Total chrome production from the SA PGM operations for Q3 2025 of 673kt was 5% lower year-on-year, primarily due to the ETD1 dam
nearing the end of its reserve life. Total chrome sales of 514kt for Q3 2025 were 26% lower than sales of 694kt year-on-year, mainly due to
loading constraints which resulted in the accumulation of 156kt of stockpile at port that will be sold during Q4 2025. Chrome revenue of
R917 million (US$52 million) for Q3 2025 was 43% lower year-on-year, due to lower sales volumes and a 12% lower average chrome market
price of US$270/t for Q3 2025 compared to US$305/t for Q3 2024.
SA gold operations
Production from the SA gold operations (excluding DRDGOLD) for Q3 2025 of 4,281kg (137,637oz), was in line with production for Q3 2024.
As guided in the H1 2025 results, the operating results from the Driefontein and Beatrix operations, having largely addressed the issues
which impacted H1 2025, were notably improved Q3-on-Q2. Production of 2,263kg (72,757oz) from the Driefontein underground operation
increased by 21% year-on-year and by 25% Q3-on-Q2. Production of 873kg (28,068oz) from the Beatrix operation for Q3 2025 was relatively
stable year-on-year (2% lower than for Q3 2024), but was notably improved Q3-on-Q2, increasing by 13%. Throughput constraints at the
Beatrix plant resulted in the accumulation of ore stockpile. By the end of September 2025 approximately 78kt of the stockpiled ore
remained, of which approximately 80% is expected to be processed by year-end.
Underground production from the Kloof operation for Q3 2025 of 874kg (28,100oz) was stable compared to Q2 2025, but 19% lower year-
on-year. Production at the Kloof operations stabilised during Q3 2025 following the decision to cease operations at Kloof 7 shaft
(Manyano) and reduce exposure to seismically active areas. These are primarily higher grade VCR stopes at Kloof 1 shaft. While the
closure of Kloof 7 shaft was planned for 2025, the suspension of mining, for safety reasons, in high grade areas impacted by seismicity, will
negatively impact the Kloof operations. All opportunities to optimise the mine plan for commercial viability are being considered within
the context of our steadfast commitment to safe production practices. The outcome of this Kloof operational replanning exercise will be
shared in Q1 2026.
Gold production (including DRDGOLD) for Q3 2025 of 5,472kg (175,929oz) was 2% lower year-on-year, primarily due to a 10% decline in
DRDGOLD production.
Costs for the SA gold operations (excluding DRDGOLD) were well managed despite the challenges. AISC for the SA gold operations
(excluding DRDGOLD) of R1,513,205/kg (US$2,668/oz) for Q3 2025 was 7% higher year-on-year, mainly due to above inflation increases in
primary cost drivers such as electricity and water. AISC (including DRDGOLD) of R1,385,189/kg (US$2,442/oz) also increased by 7% year-on-
year, but quarter-on-quarter, AISC was 4% lower, reflecting the improved operating performance in Q3 2025, compared with Q1 and Q2
2025.
The significant leverage of the SA gold operations (excluding DRDGOLD) to the gold price is clearly evident from the 295% (R2.0 billion
(US$112 million)) increase in adjusted EBITDA (excluding DRDGOLD) for Q3 2025 to R2.6 billion (US$150 million,) primarily driven by the 30%
increase in the average rand gold price year-on-year, underpinned by a more stable operational performance. Adjusted EBITDA
(including DRDGOLD) of R3.7 billion (US$212 million) for Q3 2025 increased by 177% year-on-year and by 24% Q3-on-Q2.
This marks the 12th consecutive quarter since Q4 2022, that adjusted EBITDA from the SA gold operations (including DRDGOLD) has been
positive for a sustained period. Over that period, the average quarterly gold price increased by 99% from R971,623/kg (US$1,716/oz) for
Q4 2022, to R1,929,491/kg (US$3,402/oz) for Q3 2025. Comparatively, over the same period, adjusted EBITDA from the SA gold operations
increased by a factor of 10 (10x) from R371 million (US$21 million) for Q4 2022 to R3.7 billion (US$212 million) for Q3 2025.
Capital expenditure for Q3 2025 (excluding DRDGOLD) of R1.0 billion (US$58 million) was 7% higher than for Q3 2024. ORD increased 10%
to R821 million (US$47 million) and sustaining capital increased by 11% to R202 million (US$11 million) reflecting increased expenditure on
winder upgrades, infrastructure and metallurgical plant refurbishment at the Beatrix operation. Capital expenditure from DRDGOLD
increased by 165% year-on-year to R833 million (US$47 million), with planned capital investment for the phase 2 expansion of the Far West
Gold Recoveries (FWGR) and recommencement of deposition at Ergo's tailing storage facility accounting for 94% of the total capital
expenditure.
The wage negotiations for the South African gold operations are currently in progress and are being conducted under the auspices of the
Commission for Conciliation, Mediation and Arbitration (CCMA). The previous wage agreement expired in June 2025.
DRDGOLD production decreased to 1,191kg (38,292oz) for Q3 2025, primarily driven by a 9% decline in yield reflecting Ergo's transition to
reclaim lower grade material. Consequently, gold sales decreased by 10% to 1,158kg (37,231oz). AISC increased to R1,045,769/kg
(US$1,844/oz), primarily due to lower gold production and gold sold. The solar power plant and battery energy storage system (BESS)
commissioned on 1 November 2024, is expected to reduce costs in Q4 2025.
Americas (US) region
US PGM operations
Due to the restructuring of the US PGM operations during Q4 2024, Q3 2025 is not directly comparable to Q3 2024 on most measures.
Production for 2025 is forecast to be at the top end of annual guidance, with AISC forecast to be at the bottom-end of the guided range.
The US PGM operations continued to deliver consistent production and cost in line with the planned outcomes of the restructuring
implemented in Q4 2024. Mined 2E PGM production of 73,171 2Eoz for Q3 2025 was in line with the restructuring plan, but increased Q3-
on-Q2. Planned restructuring outcomes and 2E PGM sales of 78,340 2Eoz was 5,169 2Eoz higher than produced, due to the release in Q3
2025 of inventory accumulated during the transition to the refurbished EF2 Furnace in Q2 2025.
Costs were well managed, with AISC 1% higher year-on-year and 9% lower Q3-on-Q2, primarily due to higher quarter-on-quarter
production, lower capital expenditure and favourable inventory net realisable value adjustments. The US PGM operations generated a
positive AISC margin of US$19/2Eoz or 2% compared to average 2E PGM basket price received for Q3 2025, a commendable turnaround
year-on-year.
Total capital expenditure decreased by 38% year-on-year to US$22 million (R396 million). ORD capital declined by 36% to US$15 million
(R263 million) and sustaining capital decreased by 43% to US$3 million (R57 million) in line with the restructuring plans Capital expenditure
for Q4 2025 is forecast to increase due to delivery of new mining and support fleet during the quarter. In addition, the Stillwater East mine
has begun implementing vertical infrastructure development to improve ore handling, which is expected to increase ORD expenditure for
12-to-18 months. This infrastructure development and capital investment is part of the strategic initiative to reduce AISC to US$1,000/2Eoz
(in 2024 real terms) over the medium-term.
Project capital declined to US$4 million (R76 million) from US$7 million (R131 million) year-on-year, focused on the construction of the East
Boulder tailings storage facility.
The restructuring has significantly reduced losses compared with losses incurred in previous periods, and stabilised the financial position of
the US PGM operations. This has enabled the realisation of tangible benefits from higher PGM prices and S45X credits.
Underpinned by this solid operational performance, the 20% increase in the average 2E PGM basket price year-on-year to US$1,184/2Eoz
(R20,886/2Eoz) for Q3 2025, resulted in a substantial increase in adjusted EBITDA to US$33 million (R579 million) (including US$10 million (R181
million) S45X credits). This return to profitability for the US PGM operations is a significant turnaround for the US PGM operations, after an
extended period of sustained losses, following the palladium price collapse during H1 2023.
US recycling operations
Global automotive market demand has been stable during 2025, with promising signs of increased global vehicle sales recently
emerging. The recent rally in PGM prices and recent interest rate cut by the Federal Reserve Bank are other notable factors with positive
implications for the recycling industry and margins. While these are encouraging fundamentals, they are expected to take time to
translate into any meaningful increase in spent autocatalyst volumes or recycling supply in the medium term.
The US PGM recycling operation's average daily feed of spent autocatalysts for Q3 2025 was 11.2 tonnes per day (tpd), representing a 6%
increase from an average of 10.6 tpd in Q3 2024. This was primarily due to processing of inventory which had built up during Q2 2025
following the transition to the EF2 furnace in Q2 2025 at the Columbus metallurgical facility. Recycling production of 82,503 3Eoz for Q3
2025 was 10% higher than for Q2 2025 as a result, with inventory of approximately 147 tonnes at the end of Q2 2025 declining to
approximately 73 tonnes at the end of Q3 2025.
The average 3E PGM recycling basket price of US$1,319/3Eoz (R23,267/3Eoz) for Q3 2025 was 2% higher than Q3 2024. Adjusted EBITDA of
US$11 million (R202 million) for the US PGM recycling operation includes S45X credits of US$8 million (R148 million) for Q3 2025.
For Q3 2025, Reldan processed 4.3 million lb (5.6 million lb for Q3 2024) of mixed scrap and sold 35.2 koz gold (Q3 2024: 31.0 koz), 433.8 koz
silver (Q3 2024: 433.0 koz), 5.3 koz platinum (Q3 2024:4.7 koz), 5.7 koz palladium (Q3 2024: 6.6 koz), and 0.8 million lb copper (Q3 2024: 0.8
million lbs). The variance between quarters reflects a strategic decision to recycle less post-consumer electronics recycling, which are
high volume but low margin sources, to focus on higher-margin industrial segment sources and other high margin materials. This resulted in
a 13% year-on-year growth in the higher-margin industrial segment and an 80% surge in post-consumer jewellery volumes. Revenues rose
51% on a weighted metal ounce sold basis, while tight control of non-metal costs further supported the 87% increase year-on-year in
adjusted EBITDA for Q3 2025 to US$15 million (R273 million) and 41% increase in adjusted EBITDA for Q3-on-Q2.
The acquisition of Metallix was successfully concluded on 4 September 2025 for an equity cash purchase consideration of US$78 million
(total purchase consideration of US$129 million on a debt-free basis). No financial information has been included from Metallix for Q3 2025
as management is in the process of assessing the purchase price allocation and incorporating Metallix into its reporting processes.
European (EU) region
Sandouville nickel refinery
At the Sandouville facility in France, selected downstream process areas remained operational to facilitate nickel recovery from diluted
solutions generated during the ramp-down. A voluntary redundancy plan for 90 employees has been agreed with the unions and
approved by the French authorities. Negotiations for further headcount reductions are ongoing.
An adjusted EBITDA loss of US$7 million (R126 million) was incurred for Q3 2025. The Sandouville refinery is being placed on care and
maintenance (C&M), which is scheduled for completion by the end of 2025. Financial losses are forecast to reduce significantly in 2026.
The GalliCam project prefeasibility study is progressing, with completion now forecast for the end of 2026. GalliCam prefeasibility costs of
US$3 million (R49 million) were expensed in Q3 2025 against a forecast of US$11 million (R207 million) for 2025.
Keliber lithium project
The Keliber lithium project continued with final construction activities during Q3 2025. These activities included process electrification, as
well as the installation of instrumentation and information and communications technology (ICT) systems. Final equipment installation
works and the construction of the tailings storage facility also progressed at the concentrator site.
Capital expenditure for Q3 2025 (including capitalised interest and other capitalised expenditure outside the project's initial forecast
scope, such as exploration), of EUR75 million (R1.5 billion), was consistent with annual guidance of EUR300 million(R5.9 billion)* for 2025. The
project capital expenditure for the construction phase of the project at the end of Q3 2025 is EUR645 million (R13.1 billion) (excluding
capitalised interest and exploration) which remains within the total revised capital forecast of EUR783 million (R15.9 billion) (2024 real terms,
excluding capitalised interest and exploration).
The Keliber lithium project is an advanced stage, fully integrated lithium hydroxide project in the EU region and has been designated a
"Strategic Project" in terms of the EU Critical Raw Materials Act (CRMA). The construction phase of the Keliber lithium project (mine site,
concentrator and refinery) is scheduled for completion in H1 2026, with the second phase comprising the hot commissioning of the
concentrator and refinery and the commencement of the production build up.
As guided in August 2025 in the H1 2025 results the lithium market has been in surplus since H1 2023, dampening lithium prices and resulting
in downward revisions to medium term lithium market fundamentals. As a result, we are currently assessing various scenarios to ensure a
responsible start up of the project considering market fundamentals.
* The guidance has been translated where relevant at an average exchange rate of R19.80/EUR
Australian region
Century zinc retreatment operation
The Century operation delivered another solid, consistent operational performance for Q3 2025 and year to date.
Century operation produced 24 kilotonnes (kt) of payable zinc for Q3 2025, 10% lower than for Q3 2024 as production was impacted by
the planned five day annual plant maintenance shutdown, which had previously been conducted in Q4 2024.
Sales of payable zinc for Q3 2025 of 17kt were 16% lower than for Q3 2024, primarily due to the timing of shipments (Q3 2024: 20kt). AISC
for Q3 2025 of US$2,015/tZn (R35,539/tZn) increased by 11% compared to Q3 2024 of US$1,809/tZn (R32,559/tZn), primarily due to lower
payable zinc production. Sustaining capital for Q3 2025 was US$1 million (R11 million) due to completion of a number of projects during
the annual maintenance shutdown.
The decrease in payable zinc sales due to the plant maintenance and timing of shipments, together with the 13% lower zinc concentrate
price year-on-year, resulted in a 12% decrease in adjusted EBITDA to US$28 million (R486 million) for Q3 2025.
The strong operational and financial performance year-to-date, coupled with continued favourable A$ zinc prices, low treatment
charges, and shipments scheduled to reduce inventory levels by year end supports a positive final quarter outlook for the Century
operation.
Options to leverage the existing infrastructure (processing plant, pipeline, and port facilities) and extend the life of the assets beyond the
current zinc retreatment operations continue to be actively explored. This includes opportunities to potentially utilise the Century
infrastructure to access the extensive, largely undeveloped phosphate resources in the region.
Mt Lyell copper project
The Mt Lyell feasibility study (AACE Class 2 Estimate) is progressing well and is expected to be completed during Q4 2025.
OPERATING GUIDANCE FOR 2025-
Annual operating guidance is unchanged with all operations anticipated to meet guidance for 2025 as in the table below. The US PGM
operations are expected to be at, or exceed, the upper end of the production range and the lower end of the AISC range.
2025 Annual guidance Production All-in sustaining cost Total capital
US region US PGM operations 255 - 270 koz US$1,420 - 1,460/2E oz1 US$100m - US$110m
(2E mined) Incl. S45X credit: US$1,320 - 1,360/2E oz (R1.8bn - R2bn)2
US PGM recycling
(3E) 300 - 350 koz n/a US$1.5m (R27m)2
Reldan recycling Gold 120 - 130 koz n/a US$2.8m (R51m)2
(e-waste and industrial waste) Silver 2 - 2.3 moz
3E PGM 35 - 40 koz
Copper 3.0 - 3.2 mlbs
SA region SA PGM operations 1.75 - 1.85 moz3,4 R23,500 - 24,500/4E oz R6.5bn (US$356m)2
(4E PGMs) (US$1,288 -1,343/4E oz)2 (incl. R1.4bn (US$78m)
for project capital)
SA gold operations 15,000 - 16,000kg R1,450k - 1,550k/kg R3.5bn (US$192m)2
(excl. DRDGOLD) (480 -514 koz) (US$2,473 - 2,643/oz)2
EU region Sandouville nickel refinery5 n/a n/a GalliCam study cost
EUR10m (R198m)2
Keliber lithium project n/a n/a EUR300m (R5.9bn)2
AUS region Century zinc operations 88.3k - 97.8k tonnes A$3,400-3,700/t A$8m
(payable) (R39,678 - 43,179/t)2 (US$5.7m/R93m)2
(US$2,175 - 2,367/t)2
Mount Lyell copper mine6 n/a n/a A$6m
(under feasibility study) (US$4.3/R70m)2
Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events
- As at 28 August 2025
1. US PGM AISC are impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$950/oz
2. Estimates are converted at an exchange rate of R18.24/US$, R19.80/EUR and R11.67/A$
3. SA PGM operations production guidance includes third party POC and 50% attributable production from Mimosa
4. SA PGM operations AISC excludes the purchase cost of third party POC and Mimosa costs and capital (equity accounted) and attributable production for both
5. The ramp down and preparation for care and maintenance will be complete by year end. The GalliCam prefeasibility study is being conducted to evaluate the
viability of producing pCAM and is expected to be completed around the end of 2026. The GalliCam study cost excludes the care and maintenance costs of the
refinery
6. Mount Lyell was an operating copper mine which closed and is currently under care and maintenance. The feasibility study is expected to be completed
during Q4 2025
CLARIFICATION IN RESPECT OF THE REVISED EARNINGS PER SHARE AND HEADLINE EARNINGS PER SHARE FOR THE 6 MONTHS ENDED 30 JUNE
2024
Sibanye-Stillwater wishes to clarify the revisions made to loss attributable to owners of Sibanye-Stillwater (loss), earnings per share (EPS) and
headline earnings per share (HEPS) for the six months ended 30 June 2024 (H1 2024), as disclosed in the Operating and Financial Results
released on the Stock Exchange News Service (SENS) on 21 February 2025.
During the six months period ended 31 December 2024, the loss, EPS and consequentially, the HEPS for H1 2024 were revised from that
previously reported in the Operating and Financial Results for H1 2024 and released on SENS on 12 September 2024. These revisions
resulted from additional information obtained within 12 months from the acquisition date in respect of the Reldan business combination, in
accordance with IFRS 3, Business Combinations.
The fair value gain relating to the metal borrowing liability assumed in the business combination was revised by R137 million, due to
changes in the acquisition value of this liability. Gain/loss on financial instruments for H1 2024 changed from R1,359 million (as reported on
12 September 2024) to R1,496 million (as reported on 21 February 2025). This change was also detailed in note 10.1 to the condensed
consolidated financial statements for the year ended 31 December 2024.
Accordingly, the loss and EPS for H1 2024 were revised from R7,472 million to R7,335 million, and 264 cents per share (loss) to 259 cents per
share (loss), respectively. Consequently, the HEPS for H1 2024 were also revised from 5 cents per share to 10 cents per share.
For more information, refer to the announcement on 21 February 2025 available on the website 2024 results page or at the direct
download link 2024 year-end results book.
RICHARD STEWART
CHIEF EXECUTIVE OFFICER
The information disclosed is only a summary of the operating update and additional information is contained in the booklet outlining the full operating update
for the quarter ended 30 September 2025 (booklet), which is available for viewing on the Company's website at
https://www.sibanyestillwater.com/news-investors/reports/quarterly/. Any investment decisions by investors and/or shareholders should be based on a booklet.
Non-IFRS measures
Sibanye-Stillwater presents certain non-IFRS figures to provide readers with additional financial information that is regularly reviewed by
management to assess the operational performance of the Group and is the responsibility of the Group's Board of Directors. These non-
IFRS measures should not be considered as alternatives to IFRS Accounting Standards measures, including cost of sales, net operating
profit, profit before taxation, cash from operating activities or any other measure of financial performance presented in accordance with
IFRS Accounting Standards, and may not be comparable to similarly titled measures of other companies.
The non-IFRS financial measures discussed in this document are listed below:
Non-IFRS measure Definition Purpose why these non-IFRS measures are Reconciled on page
reported of the booklet
Adjusted EBITDA Adjusted earnings before interest, tax, Used in the calculation of the debt covenant 18
depreciation and amortisation, and is reported ratio: net debt/(cash) to adjusted EBITDA
based on the formula included in Sibanye-
Stillwater's facility agreements for compliance
with the debt covenant formula and involves
eliminating the effects of various one-time,
irregular, and non-recurring items from the
standard EBITDA calculation
All-in sustaining Cost of sales before amortisation and Developed by the World Gold council for the 12,13,14,15
costs (AISC) depreciation plus additional costs which purpose of the gold mining industry, AISC
include community costs, inventory change provides metrics and aims to reflect the full
(PGM operations only), share-based payments, cost to sustain the production and sale of our
royalties, carbon tax, rehabilitation, leases, ore commodities, and reporting this metric allows
reserve development (ORD), sustaining capital for a meaningful comparisons across our
expenditure and deducting the by-product operations and different mining companies
credit
All-in costs (AIC) AISC plus additional costs relating to corporate Developed by the World Gold council for the 12,13,14,15
and major capital expenditure associated with purpose of the gold mining industry, AIC
growth provides metrics and aims to reflect the full
cost to sustain the production and sale of our
commodities, after including growth capital,
and reporting this metric allows for a
meaningful comparisons across our operations
and different mining companies
AISC/AIC per unit AISC/AIC divided by the total PGM produced/ Developed by the World Gold council for the 12,13,14,15
gold sold/zinc produced (payable) purpose of the gold mining industry, AISC/AIC
per unit provides a metric that aims to reflect
the full cost to sustain the production and sale,
after including growth capital (AIC), of an
ounce/kilogram/tonne of commodity and
reporting this metric allows for a meaningful
comparisons across our operations and
different mining companies
Operating costs The average cost of production, and Report a measure that aims to reflect the 13,16,17
operating cost per tonne is calculated by operating cost to produce our commodities,
dividing the cost of sales, before amortisation and reporting this metric allows for a
and depreciation and change in inventory in a meaningful comparisons across our operations
period by the tonnes milled/treated in the and different mining companies
same period, and operating cost per ounce
(and kilograms) is calculated by dividing the
cost of sales, before amortisation and
depreciation and change in inventory in a
period by the gold kilograms produced or
PGM 2E and 4E ounces produced in the same
period
Pro-forma financial information
Certain financial information, including non-IFRS measures, presented in this operating update constitutes pro forma financial information.
The responsibility for preparing and presenting the pro forma financial information for the completeness and accuracy of the pro forma
financial information is that of the directors of Sibanye-Stillwater. This pro forma financial information is presented for illustrative purposes
only. Because of its nature, the pro forma financial information may not fairly present Sibanye-Stillwater's financial position, changes in
equity, and results of operations or cash flows. This pro forma financial information has not been audited or reviewed or otherwise
reported on by Sibanye-Stillwater's external auditor.
ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED JSE SPONSOR
(SIBANYE-STILLWATER) JP Morgan Equities South Africa Proprietary Limited
Incorporated in the Republic of South Africa Registration number 1995/011815/07
Registration number 2014/243852/06
Share code: SSW and SBSW 1 Fricker Road, Illovo
Issuer code: SSW Johannesburg 2196
ISIN: ZAE000259701 South Africa
Private Bag X9936
LISTINGS Sandton 2146
South Africa
JSE: SSW
NYSE: SBSW
AUDITORS
WEBSITE BDO
www.sibanyestillwater.com Wanderers Office Park
52 Corlett Drive
REGISTERED AND CORPORATE OFFICE Illovo 2196
Constantia Office Park South Africa
Bridgeview House, Building 11, Ground floor Private Bag X60500
Cnr 14th Avenue & Hendrik Potgieter Road Houghton 2041
Weltevreden Park 1709 South Africa
South Africa
Tel: +27 11 488 1700
Private Bag X5
Westonaria 1780 AMERICAN DEPOSITARY RECEIPTS
South Africa TRANSFER AGENT
Tel: +27 11 278 9600 BNY Mellon Shareowner Correspondence (ADSs)
Fax: +27 11 278 9863 Mailing address of agent:
Computershare
COMPANY SECRETARY PO Box 43078
Providence, RI 02940-3078
Lerato Matlosa
Overnight/certified/registered delivery:
Email: lerato.matlosa@sibanyestillwater.com Computershare
150 Royall Street, Suite 101
Canton, MA 02021
DIRECTORS US toll free: + 1 888 269 2377
Dr Vincent Maphai* (Chairman) Tel: +1 201 680 6825
Dr Richard Stewart (CEO)+ Email: shrrelations@cpushareownerservices.com
Charl Keyter (CFO)
Dr Elaine Dorward-King* Tatyana Vesselovskaya
Harry Kenyon-Slaney*^ Relationship Manager - BNY Mellon
Prof Jeremiah Vilakazi# Depositary Receipts
Dr Lindiwe Mthimunye++ Email: tatyana.vesselovskaya@bnymellon.com
Keith Rayner#
Dr Peter Hancock* TRANSFER SECRETARIES SOUTH AFRICA
Philippe Boisseau* Computershare Investor Services Proprietary Limited
Richard Menell# Rosebank Towers
Dr Sindiswa Zilwa* 15 Biermann Avenue
Dr Terence Nombembe* Rosebank 2196
Dr Sindiswa Zilwa*
Timothy Cumming# PO Box 61051
Marshalltown 2107
* Independent non-executive South Africa
# Non-executive
^ Lead independent director Tel: +27 11 370 5000
+ Appointed as executive director 1 March 2025 and as CEO 1 October 2025 Fax: +27 11 688 5248
++ Appointed as independent non-executive director 25 August 2025
INVESTOR ENQUIRIES
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Mobile: +27 83 453 4014
Email: james.wellsted@sibanyestillwater.com
or ir@sibanyestillwater.com
DISCLAIMER
Forward-looking statements
The information in this report may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's (Sibanye-Stillwater or the Group) financial positions, business strategies, business prospects,
industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, plans and objectives of management for future operations, are necessarily estimates
reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from
those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this
report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such as "will", "would", "expect",
"forecast", "potential", "may", "could", "believe", "aim", "anticipate", "target", "estimate" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to
place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking
statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans,
debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of
management for future operations; Sibanye-Stillwater's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and
other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater's ability to service its bond instruments; changes in assumptions underlying
Sibanye-Stillwater's estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in
connection with, and the ability to successfully integrate, past, ongoing and future acquisitions (including Metallix), as well as at existing operations; the ability of Sibanye-Stillwater to complete any
ongoing or future acquisitions; the success of Sibanye-Stillwater's business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the
battery metals or adjacent sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive
benefits to affected communities; changes in the market price of gold, silver, PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among
other commodities and supply requirements; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa's credit rating; the impact of
South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater's properties by claimants to land under restitution and other legislation; Sibanye-Stillwater's ability to implement
its strategy and any changes thereto; the outcome of legal challenges to the Group's mining or other land use rights; the occurrence of labour disputes, disruptions and industrial actions; the
availability, terms and deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental,
sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to
dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; failure to meet ethical
standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater's business; the concentration of
all final refining activity and a large portion of Sibanye-Stillwater's PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and
internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-
Stillwater's financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases;
supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater's operations; fluctuations in exchange rates, currency
devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or environmental
incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater's ability to hire and retain senior management and employees with sufficient technical and/or production
skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in
its management positions, or maintain required board gender diversity; failure of Sibanye-Stillwater's information technology, communications and systems, evolving cyber threats to Sibanye-
Stillwater's operations and the impact of cybersecurity incidents or breaches; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or natural or man-made disaster in
surrounding mining communities, including informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations; and the impact of contagious diseases, including
global pandemics.
Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities and
Exchange Commission, including the 2024 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2024 on Form 20-F filed with the United States Securities and
Exchange Commission on 25 April 2025 (SEC File no. 333-234096).
These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement
(except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group's external auditors.
Non-IFRS1 measures
The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted free cash flow, AISC and AIC. These measures may not be
comparable to similarly-titled measures used by other companies and are not measures of Sibanye-Stillwater's financial performance under IFRS Accounting Standards. These measures should not
be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation of the
forecast non-IFRS financial information presented in this report because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information
presented have not been reviewed or reported on by the Group's external auditors.
1 IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)
Websites
References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of,
this report.
Date: 06-11-2025 08:00:00
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