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SIBANYE GOLD LIMITED - Operating update Quarter Ended 31 March 2019

Release Date: 09/05/2019 08:00
Code(s): SGL     PDF:  
Wrap Text
Operating update Quarter Ended 31 March 2019

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
 
LISTINGS 
JSE: SGL
NYSE: SBGL

OPERATING UPDATE QUARTER ENDED 31 MARCH 2019

Johannesburg, 9 May 2019: Sibanye Gold Limited trading as Sibanye-Stillwater (Sibanye-Stillwater or the Group) (JSE: SGL & NYSE:
SBGL) is pleased to present an operating update for the quarter ended 31 March 2019. Financial results are only provided on a six-
monthly basis.

SALIENT FEATURES FOR THE QUARTER ENDED 31 MARCH 2019

-   Maintained solid H2 2018 safety performance - numerous historic safety milestones achieved
-   The transition to a Toll processing arrangement at Rustenburg adds both strategic and commercial value - direct access to end
    users and margin enhancing relative to the PoC arrangement
-   The improved financial performance from the combined PGM operations more than offset strike related losses at SA gold
    operations
    -   Adjusted EBITDA of R1,819 million (excl. Rustenburg) from the combined PGM operations resulted in positive Group adjusted EBITDA
        of R176 million
    -   Including Rustenburg, pro-forma adjusted EBITDA from the combined PGM operations would have been R2,574 million
-   Strike at SA gold operations brought to a successful conclusion post quarter end
-   Section 189 restructuring process at SA gold operations well advance and expected conclusion by mid May 2019
-   Five year wage agreement reached for the Stillwater mine and Columbus metallurgical complex post quarter end
-   Strategic balance sheet management through equity placing and gold prepayment
    -   Appropriately positioned with R10 billion available facilities and reduced leverage
    -   Net debt: adjusted EBITDA at 3.0x at 31 March 2019- reduced to 2.54x on a pro-forma basis (excl. Rustenburg)

             US Dollar                                                                                   SA Rand
           Quarter ended                                                                               Quarter ended
Mar 2018      Dec 2018     Mar 2019                       KEY STATISTICS                     Mar 2019      Dec 2018     Mar 2018
                                                 SOUTHERN AFRICA (SA) OPERATIONS
                                                            PGM operations
 286,194        301,279     263,508 oz                 4E PGM 1 production             kg       8,196          9,371       8,902
   1,073          1,078       1,221 US$/4Eoz          Average basket price         R/4Eoz      17,104         15,427      12,839
    21.6           82.9        25.2 US$m                Adjusted EBITDA(2)             Rm       353.0        1,185.8       258.3
       9             27          21 %                Adjusted EBITDA margin(2)          %          21             27           9
     851            739         909 US$/4Eoz       All-in sustaining cost3         R/4Eoz      12,741         10,576      10,186
                                                        Gold operations4
 291,500        270,025     143,278 oz                  Gold production                kg       4,456          8,399       9,068
   1,320          1,221       1,306 US$/oz             Average gold price            R/kg     588,040        561,788     507,719
    31.3            7.1     (115.0) US$m              Adjusted EBITDA(2)               Rm   (1,611.4)          101.4       374.2
       8              2        (63) %              Adjusted EBITDA margin(2)            %        (63)              2           8
   1,336          1,328       2,030 US$/oz            All-in sustaining cost(3)      R/kg     914,590        610,883     513,829
                           Jan 1900               UNITED STATES (US) OPERATIONS
                                                        PGM operations(5)
 148,549        159,471     130,899 oz                 2E PGM 1 production             kg       4,071          4,960       4,620
 191,404        181,761     201,289 oz                   PGM recycling5                kg       6,261          5,653       5,953
   1,027          1,076       1,305 US$/2Eoz          Average basket price         R/2Eoz      18,283         15,394      12,289
    78.8          110.4       104.6 US$m                Adjusted EBITDA2               Rm     1,465.9        1,578.9       942.4
      26             31          27 %                Adjusted EBITDA margin(2)          %          27             31          26
     632            642         833 US$/2Eoz          All-in sustaining cost(3)    R/2Eoz      11,671          9,180       7,559
                                                              GROUP  
   131.7          198.5        12.5 US$m                 Adjusted EBITDA2              Rm       175.8        2,839.5     1,574.9
   11.96          14.31       14.01 R/US$             Average exchange rate

1   The Platinum Group Metals (PGM) production from the SA operations (including attributable production from Mimosa) is primarily platinum, palladium, rhodium and gold, referred to
    as 4E (3PGM+Au). The US operations primrily produce palladium and platinum, 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. 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
3   See "salient features and cost benchmarks for the quarters" for the definition of All-in sustaining cost
4   The SA gold operations' results for the quarters ended 31 March 2019 and 31 December 2018 include DRDGOLD Limited (DRDGOLD)
5   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

Stock data for the quarter ended 31 March 2019                 JSE Limited - (SGL)
Number of shares in issue                                      Price range per ordinary share                              R9.66 to R17.51
- at 31 March 2019                               2,271,760,491 Average daily volume                                             12,980,355
- weighted average                               2,266,384,087 NYSE - (SBGL); one ADR represents four ordinary shares
Free Float                                                 80% Price range per ADR                                      US$2.73 to US$4.83
Bloomberg/Reuters                                  SGLS/SGLJ.J Average daily volume                                              4,583,116

OVERVIEW AND UPDATE FOR THE QUARTER ENDED 31 MARCH 2019
Q1 2019 was an important period for Sibanye-Stillwater, with the Group successfully navigating complex operational and financial
challenges and achieving some significant milestones which, we believe, have positioned us to sustainably benefit from higher
prevailing precious metal prices and to better withstand any challenges that may occur during the year.

The notable improvement in safety across during H2 2018 was maintained in Q1 2019, with the Group achieving improvements in
most safety measures across the operations and achieving a record seven million fatality free shifts on 7 March 2019. This was sadly
curtailed by a fatal fall of ground incident at the SA PGM operations on 20 March 2019. The SA gold operations recorded a second
successive quarter without any fatalities and continued to improve on other safety measures. Safe production continues to be the
highest priority across the Group and we remain focused on maintaining and improving on our safe production performance at all
of our operations.

The Association of Mineworkers and Construction Union (AMCU) strike which began at the SA gold operations on 21 November 2018
continued throughout Q1 2019, concluding after almost five months on 17 April 2019. The operational and financial impact of this
extended strike at the SA gold operations, was mitigated by another solid operational performance from the SA PGM operations
enhanced through significantly higher palladium and rhodium prices, which, combined with a 17% depreciation in the average
rand:dollar exchange rate, boosted earnings and cash flow from both the SA and US PGM operations. A slower than anticipated
start to the year at the US PGM underground operations and temporary flexibility constraints resulted in lower than anticipated
production mined production and which resulted in elevated unit costs for this reporting period. The commissioning of the second
electric furnace (EF2), enabled an increase in recycling processing volumes and a reduction in metal inventory, resulting in higher
sales volumes.

Average unit commodity prices were higher across the Group operations for Q1 2019 relative to Q1 2018. The 27% increase in the
average 2E PGM basket price to US$1,305/oz in Q1 2019, resulted in adjusted EBITDA from the US PGM operations increasing by 33%
to US$105 million. In rand terms, this amounted to R1,466 million, a 56% year-on-year increase.

The gearing of the SA PGM operations to the higher rand PGM basket price was similarly evident, with the 33% higher average 4E
basket price of R17,104/oz significantly boosting earnings and cash flow. Reported adjusted EBITDA of R353 million from the SA PGM
operations was 38% higher than for Q1 2018. This result was achieved despite the change in the contractual processing arrangement
with Anglo American Platinum from a Purchase of Concentrate (PoC) to Toll processing arrangement (discussed in more detail in
the operations section below). From an accounting perspective this contractual change resulted in zero revenue recognition of 4E
production from the Rustenburg operations. Cash flow due to the contractual change was not affected and on a normalised basis,
the pro-forma adjusted EBITDA (including Rustenburg), would have been R1,108 million (US$79 million), which is a 330% increase
relative to Q1 2018. Attributable adjusted EBITDA from Mimosa, of approximately R198 million (US$14 million) generated during Q1
2019 is equity accounted and also excluded from Group adjusted EBITDA.

The combined adjusted EBITDA from the PGM operations (US and SA) of R1,819 million (US$130 million) for Q1 2019, more than offset
the R1,661 million adjusted EBITDA loss from the SA gold operations due to the strike action, resulting in Group adjusted EBITDA of 
R176 million for Q1 2019. Including the deferred adjusted EBITDA from the Rustenburg operations, normalised adjusted EBITDA from the
combined PGM operations would have been 131% higher at R2,574 million (US$184 million) with normalised Group adjusted EBITDA
higher at R931 million (US$66 million). We remain focused on deleveraging the Group balance sheet with net debt to adjusted EBITDA
at the end of Q1 2019 of 3.00x, was below the Group's 3.5x covenant ceiling for 2019. Following the 5% share placing of approximately
R1,700 million (US$120 million) and gold prepayment (announced on 10 and 11 April 2019) of approximately R1,750 million (US$125
million), pro-forma net debt to adjusted EBITDA would be approximately 2.54x.

Whilst the strike action and the gradual build-up post the strike will continue to negatively impact the SA gold operations during Q2
2019, unit revenues for both the gold and PGM operations are expected to exceed those in the comparative period in 2018 and
further deleveraging is anticipated during the course of the year.

Industrial relations

SA gold operations
On 17 April 2019, the five month long strike, which was called by AMCU at our SA gold operations on 21 November 2018, was resolved.
Our ongoing attempts to end the strike both through legal means and through ongoing engagement with AMCU, were frustrated
by ongoing legal challenges and significant intimidation and violence at the operations and in surrounding communities. Despite
these vexing actions, we remained resolute and committed to honouring the collective agreement we had reached with the
National Union of Mineworkers (the NUM), Solidarity and UASA in respect of wages and conditions of service for the period 1 July
2018 to 30 June 2021. It was therefore pleasing to ultimately resolve the strike in a sustainable manner which did not undermine our
values and other stakeholders.

Under the terms of the agreement reached with AMCU, its members will be subject to the same conditions of the original collective
wage agreement reached with the other three unions on 15 November 2018. Furthermore, the union committed to concluding a
peace pact with the company and the other unions within 30 days as well as engaging in future on a constructive basis across the
entire South African segment.

In recognition of the difficulties experienced by employees during the strike, the Group has agreed to an ex-gratia 'return to work'
payment of R4,000 for all employees (not just AMCU members) at the SA gold operations. In addition the Company has offered a
cash advance to AMCU members up to a maximum of R5,000 which will be repayable over a 12- month period. Debt consolidation
and counselling as part of the existing 'Care for iMali' program will also be freely available. Furthermore, the Company waived its
rights to reclaim costs incurred on behalf of employees during the strike, including contributions made to medical aid and
pension/provident funds, accommodation and meal costs.

SA PGM operations
The PGM sector wage negotiations will commence in the next few months at the Rustenburg operations, with the three year Kroondal
wage agreement up for renewal only in July 2020.

US PGM operations
Wage negotiations with the United Steelworkers Union at the Stillwater mine and Columbus metallurgical complex were successfully
concluded during April 2019. The new five-year agreement is on similar terms to the previous agreement with minor revisions, and
pay increases broadly in line with other industrial and mining operations. The four-year contract for East Boulder mine, which was
agreed in December 2015, remains in place until December 2020.

SAFE PRODUCTION

It is extremely pleasing to note that there have been no fatalities at the SA gold operations since August 2018, with a significant
milestone of four million fatality free shifts achieved on 8 April 2019. This is a record for these operations.

A safe build up to normalised production levels following the extended strike will be the primary focus for the SA gold operations
during Q2 2019. Ensuring that the work places, many of which have been dormant for almost five months, are safe and conducive
to mining and re-integrating the teams will require a measured and gradual approach, with normalised production rates expected
to be achieved during Q3 2019.

The Total Reportable Injury Frequency Rate (TRIFR) (measured per million hours) for the US PGM operations of 16.0 for Q1 2019
improved from 17.8 for Q1 2018. There was a notable improvement in the safety performance during the quarter, which started
poorly with 60% of the reportable injuries occurring in January 2019.

A fall of ground incident at the SA PGM operations on 20 March 2019 tragically claimed the life of Madodana Manzenze, a rock drill
operator at Thembelani shaft in Rustenburg. The Board and management of Sibanye-Stillwater extend their sincere condolences to
the family and friends of Mr Manzenze. Prior to this incident, the SA PGM operations achieved 4.4 million fatality free shifts over a six
month period.

OPERATING REVIEW

US PGM operations
Mined PGM production from the underground operations of 130,899 2Eoz for Q1 2019, was 12% lower than the comparable period
in 2018 primarily due to flexibility constraints caused by sequencing challenges at both the Stillwater and East Boulder mines. This
temporarily restricted access to higher grade production stopes. Whilst total operating costs and capital expenditure were in line
with expectations, lower production resulted in elevated All-in Sustaining Cost (AISC) per unit for the quarter. Production is 
expected to ramp up over the balance of the year and annual production and cost guidance remains unchanged. 

Following the re-commissioning of EF2 in February 2019, the Columbus Metallurgical Complex, increased throughput of mined and
recycled material resulting in a record throughput for the quarter. During the period the recycling operation fed an average of 
25.6 tonnes of material per day (tpd), enabling a reduction in metal inventory of approximately 32,000oz during the quarter.

Tax changes

The US PGM operations renegotiated its refining and certain sales agreements during Q1 2019, resulting in the reversal of the Group
deferred tax charge of R1,545 million (US$108 million), recognised in December 2018. The 2019 effective combined federal and state
cash tax rate for the US operations/segment are expected to be between 5 and 10%. The change of tax is a result of sales moving
to a different tax jurisdiction

SA PGM operations
The financial implications of the transition from a PoC to a Toll processing arrangement with Anglo American Platinum effective from
1 January 2019 were discussed in detail in the operating and financial results for the six-months and year-ended 31 December 2018,
which were released on 21 February 2019.

In terms of the Toll arrangement, Sibanye-Stillwater pays an agreed toll fee to Anglo American Platinum to smelt and refine
concentrate from the Rustenburg operations, but retains ownership of the refined metal produced. From a financial reporting
perspective, Sibanye-Stillwater will receive and recognise all the recovered metal at the full average 4E PGM basket price once sold
and no longer reflect a discount in its revenue, though costs and unit costs will be higher than under the PoC arrangement, reflecting
the additional tolling costs.

At the current spot 4E PGM basket price, the net financial impact of this contractual change is positive, with the increased revenue
more than offsetting the additional toll cost and as a result is beneficial both commercially and strategically. The change in the
arrangement however results in a delay in the recognition of 4E PGM revenue, due to the point of sale being extended to the end
of the processing pipeline, which resulted in no 4E PGM revenue or adjusted EBITDA being recognised from the Rustenburg operations
in Q1 2019 (as discussed in the introduction).

Attributable 4E PGM production from the SA PGM operations (including Mimosa) of 263,508 4Eoz and AISC (excluding Mimosa) of
R12,741/4Eoz (US$909/4Eoz) are in line with annual guidance. Production guidance for 2019 was lower relative to 2018 due to a
reduction in lower grade surface material processed, which is uneconomical under the toll arrangement. In order to further optimise
margins by managing tolling costs and revenue, a revised mass pull strategy was implemented at Rustenburg to reduce the volume
of underground concentrate sent for processing (causing a slight decline in recoveries), with processing of lower grade surface
material also significantly reduced. Kroondal continued its strong performance, with production marginally higher and AISC 4% higher
at R10,916/4Eoz, reflecting a real reduction in unit costs.

Q1 2019 chrome sales of 199,343 tonnes were significantly higher than the 94,140 tonnes in Q1 2018 due to a greater availability of
cargo vessels relative to early 2018. Chrome revenue of R304 million for Q1 2019 was therefore higher than the Q1 2018 chrome
revenue of R117 million despite lower chrome prices in Q1 2019.

SA gold operations
Total gold production from the SA gold operations for Q1 2019 of 4,456 kg (143,278oz), includes 1,130kg (36,330oz) of production from
DRDGOLD. Like-for-like, production from the SA gold operations, excluding DRDGOLD, declined 63% to 3,326kg (106,948oz) for Q1
2019 quarter compared with Q1 2018, reflecting the impact of the AMCU industrial action.

Implementation of strike mitigation plans at the SA gold operations and the "no work no pay principle", resulted in a significant
reduction in operating costs in absolute terms during the quarter. Unit costs were however negatively affected by the lower
production volumes, resulting in AISC (excluding DRDGOLD) of R1,002,350/kg (US$2,225/oz), significantly higher than expected ASIC
of around R550,000/kg, at more normalized production levels.

Striking employees began to report for work at the SA gold operations from 24 April 2019, following the conclusion of the five month
AMCU industrial action on 17 April 2019. As a result of the extended period that large sections of the SA gold operations stood
dormant during the strike and in order to ensure the safety of employees, the buildup in production will be measured and gradual,
with normalised production rates only anticipated during Q3 2019. A full review of all the workplaces is currently underway and
following any necessary re-planning, production guidance will be provided to the market.

Section 189 consultations

On 14 February 2019 notice was given to relevant stakeholders regarding the possible restructuring of the SA gold operations, in terms
of Section 189A (Section 189A) of the Labour Relations Act, 66 of 1995 (LRA and associated services) (S189).

Despite an attempt by AMCU to interdict the S189 process, consultations proceeded and the process is expected to be concluded
in mid May 2019. Subject to the outcome of the S189 process, approximately 5,870 employees and 800 contractors may be directly
impacted. The outcome of the S189 consultation process will be communicated to all stakeholders once concluded.

CORPORATE ACTION

The proposed Lonmin acquisition
On 25 April 2019, it was announced that the Boards of Sibanye-Stillwater and Lonmin had reached agreement on the terms of an
increased recommended all-share offer to be made by Sibanye-Stillwater for the entire issued and to be issued ordinary share capital
of Lonmin (the Increased Offer). Under the terms of the Increased Offer, Lonmin shareholders will be entitled to receive one new
Sibanye-Stillwater share for each Lonmin share that they hold (the Revised Exchange Ratio), reflecting a an additional 0.033 new
Sibanye-Stillwater shares per Lonmin share held relative to the Exchange Ratio of 0.967 new Sibanye-Stillwater shares for each Lonmin
share held, as announced on 14 December 2017. The Increased Offer for Lonmin reflects the recent recovery in the PGM pricing
environment, balanced against the fact that Lonmin continues to be financially constrained and unable to fund the significant
investment required to sustain its business and associated employment. The Increased Offer is proposed to be effected by means of
a UK scheme of arrangement (the Scheme) and remains subject to a number of conditions, including the relevant approvals of
Lonmin shareholders and Sibanye-Stillwater shareholders and of the High Court of Justice of England & Wales.

On 25 April, Sibanye-Stillwater advised that a circular (Circular) containing, inter alia, an ordinary resolution regarding the issuance
and allotment of shares as the consideration payable by Sibanye-Stillwater to Lonmin shareholders in respect of the Increased Offer
(Ordinary Resolution), a notice convening the general meeting (General Meeting) and a form of proxy, had been posted to Sibanye-
Stillwater Shareholders.

The Circular is available, subject to certain restrictions relating to persons in certain restricted jurisdictions, on Sibanye-Stillwater's
website at http://www.sibanyestillwater.com/investors/transactions/lonmin.
The outcome from the Competition Appeal Court of South Africa, which was heard on 2 April 2019, is expected to be provided in
due course.

The General Meeting of Shareholders will be held at the Sibanye-Stillwater Academy, Rietkloof 349, Glenharvie, 1786, South Africa,
on Tuesday, 28 May 2019 at 08:30 a.m. (South African time), immediately before the Sibanye-Stillwater annual general meeting, to
consider and, if deemed fit, pass, with or without amendment, the Ordinary Resolution set out in the Circular. Sibanye-Stillwater also
notes that a circular in relation to the Increased Offer and the Scheme (the Lonmin Scheme Circular) was published by Lonmin on
25 April 2019 and is available, subject to certain restrictions relating to persons in certain restricted jurisdictions, on Lonmin's website
at http://www.lonmin.com/investors/sibanyestillwater-offer and on Sibanye-Stillwater's website at the address noted above.

Share placing and gold prepayment
On 9 April 2019 the Group announced that it would be raising equity capital through a non pre-emptive cash placing of new Sibanye-
Stillwater shares through an accelerated book build process with new and existing institutional investors. On 15 April 2019, Sibanye-

Stillwater announced that a total of 108,932,356 new ordinary no par value shares, representing approximately 5% of Sibanye-
Stillwater's then in issue ordinary share capital, had been placed with new and existing institutional investors. The cash placing closed
at a price of R15.50 per share to raise gross proceeds of approximately ZAR1,700 million (US$120 million). The new shares were
admitted to listing on the Main Board of the Johannesburg Stock Exchange on 15 April 2019. On 11 April 2019, it was further
announced that US$125 million (approximately R1,750 million) had been raised through a forward gold sale arrangement (gold      
prepayment) in terms of which, 105,906oz (3,294kg) of gold would be delivered during Q4 2019, subject to a floor price of US$1,200/oz
and a cap price of US$1,323/oz.

The equity raise and the gold prepay significantly enhanced the Group balance sheet flexibility and liquidity position, providing the
Company with approximately R10 billion (US$700 million) of undrawn available facilities.  

OUTLOOK

Mined 2E PGM production guidance from the US PGM operations for 2019 of between 645,000oz and 675,000oz and AISC guidance of between 
US$690/2Eoz and US$730/2Eoz remains unchanged. Total capital expenditure for the year is guided at between US$235 million and 
US$245 million for the year. Approximately half of this anticipated spend is growth capital in nature, including expenditure on 
the Fill the mill project.   

4E PGM production from the SA PGM operations for 2019 is unchanged at between 1,000,000oz and 1,100,000oz with AISC between
R12,500/4Eoz and R13,200/4Eoz (US$922/4Eoz and US$974/4Eoz), reflecting the transition to the Toll processing arrangement. Capital
expenditure is forecast at R1,400 million (US$103 million), which includes approximately R230 million (US$17 million) of project capital.                                                                                                               
The dollar costs are based on an average exchange rate of R13.55/US$.  

Guidance for the SA gold operations will be provided once we have sufficient clarity of the production build up. 

Precious metals prices remain significantly elevated and at current spot prices further deleveraging towards an anticipated target                                                                                                                                                                                                                                                         
of 1.8x net debt to adjusted EBITDA is expected by year-end.    
                                                                                                                                                                                                                                                                                                                           
NEAL FRONEMAN                                                                                                                                                                                                                                                                                                                                                                              
CHIEF EXECUTIVE OFFICER

SALIENT FEATURES AND COST BENCHMARKS FOR THE QUARTERS ENDED 31 MARCH 2019, 31 DECEMBER
2018 AND 31 MARCH 2018
  
SA and US PGM operations
                                                                GROUP                                               SA OPERATIONS                                                    US
                                                                                                                                                                                  OPERATIONS
                                                               Total SA                                                                                                             Total US
                                                             and US PGM                Total SA PGM               Kroondal    Plat Mile         Rustenburg              Mimosa           PGM
                                                             operations                                                                                                           Stillwater
Attributable                                                                 Total        Under-     Surface  Attributable      Surface      Under-     Surface   Attributable        Under-
                                                                                          ground                                             ground                                ground(1)
Production
Tonnes milled/treated       000't                 Mar 2019        6,047      5,725         2,883       2,842           877        1,820       1,667       1,022            339           322
                                                  Dec 2018        7,001      6,639         3,147       3,492         1,030        2,077       1,764       1,415            353           362
                                                  Mar 2018        6,128      5,803         2,890       2,913           874        1,678       1,678       1,235            338           325
Plant head grade            g/t                   Mar 2019         2.67       2.05          3.19        0.89          2.48         0.72        3.49        1.21           3.56         13.76
                                                  Dec 2018         2.68       2.02          3.26        0.90          2.53         0.65        3.62        1.27           3.59         14.81
                                                  Mar 2018         2.80       2.09          3.30        0.89          2.47         0.58        3.68        1.31           3.56         15.52
Plant recoveries            %                     Mar 2019        75.93      69.82         82.83       22.64         82.89        11.65       84.32       34.24          75.53         91.80
                                                  Dec 2018        76.38      69.92         83.91       24.38         83.24        11.53       85.50       34.05          77.27         91.89
                                                  Mar 2018        78.74      73.51         84.94       31.41         81.92        11.94       87.32       43.09          78.15         91.38
Yield                       g/t                   Mar 2019         2.03       1.43          2.64        0.20          2.05         0.08        2.95        0.41           2.69         12.64
                                                  Dec 2018         2.05       1.41          2.73        0.22          2.10         0.08        3.09        0.43           2.77         13.70
                                                  Mar 2018         2.21       1.53          2.80        0.28          2.02         0.07        3.21        0.56           2.77         14.22
PGM production(2)           4Eoz - 2Eoz           Mar 2019      394,407    263,508       245,041      18,467        57,823        4,878     157,924      13,589         29,294       130,899
                                                  Dec 2018      460,750    301,279       276,590      24,690        69,666        5,009     175,473      19,681         31,451       159,471
                                                  Mar 2018      434,743    286,194       260,069      26,125        56,764        3,723     173,176      22,402         30,129       148,549
PGM sold                    4Eoz - 2Eoz           Mar 2019      219,449     91,995        87,117       4,878        57,823        4,878           -           -         29,294       127,454
                                                  Dec 2018      516,279    301,279       276,590      24,690        69,666        5,009     175,473      19,681         31,451       215,000
                                                  Mar 2018      420,856    286,194       260,069      26,125        56,764        3,723     173,176      22,402         30,129       134,662
Price and costs(3)
Average PGM basket price(4) R/4Eoz - R/2Eoz       Mar 2019       17,281     17,104        16,874      14,943        17,182       16,182      16,761      14,498         16,453        18,283
                                                  Dec 2018       15,415     15,427        15,536      14,348        15,901       14,440      15,391      14,324         15,053        15,394
                                                  Mar 2018       12,637     12,839        12,871      12,643        12,955       12,962      12,830      12,590         12,655        12,289
                            US$/4Eoz - US$/2Eoz   Mar 2019        1,234      1,221         1,204       1,067         1,226        1,155       1,196       1,035          1,174         1,305
                                                  Dec 2018        1,077      1,078         1,086       1,003         1,111        1,009       1,076       1,001          1,052         1,076
                                                  Mar 2018        1,058      1,073         1,076       1,057         1,083        1,083       1,073       1,053          1,058         1,027
Operating cost(5)           R/t                   Mar 2019          777        580         1,095         119           748           26       1,278         284            978         4,080
                                                  Dec 2018          753        484           998          72           717           22       1,163         144            927         3,443
                                                  Mar 2018          626        502           994          72           714           18       1,140         145            769         2,708
                            US$/t                 Mar 2019           55         41            78           8            53            2          91          20             70           291
                                                  Dec 2018           53         34            70           5            50            2          81          10             65           241
                                                  Mar 2018           52         42            83           6            60            2          95          12             64           226
                            R/4Eoz - R/2Eoz       Mar 2019       12,153     13,335        12,909      18,309        11,335        9,717      13,485      21,394         11,320        10,038
                                                  Dec 2018       11,658     11,265        11,377      10,154        10,595        9,263      11,687      10,381         10,410         7,816
                                                  Mar 2018        6,785     10,722        11,032       7,996        10,986        8,165      11,044       7,968          8,620         5,921
                            US$/4Eoz - US$/2Eoz   Mar 2019          867        952           921       1,307           809          694         963       1,527            808           716
                                                  Dec 2018          815        787           795         710           741          647         817         726            728           546
                                                  Mar 2018          567        896           922         669           919          683         923         666            721           495
All-in sustaining cost(6)   R/4Eoz - R/2Eoz       Mar 2019       12,358     12,741                                  10,916        9,779             13,441              11,857        11,671
                                                  Dec 2018       10,058     10,576                                   8,997        9,423             11,170              10,582         9,180
                                                  Mar 2018        9,310     10,186                                  10,477       10,341              9,990               8,706         7,559
                            US$/4Eoz - US$/2Eoz   Mar 2019          882        909                                     779          698               959                  846           833
                                                  Dec 2018          703        739                                     629          659               781                  740           642
                                                  Mar 2018          778        852                                     876          864               835                  728           632
All-in cost(6)              R/4Eoz - R/2Eoz       Mar 2019       13,479     12,751                                  10,916       10,250             13,441              11,857        14,781
                                                  Dec 2018       11,326     10,596                                   8,997       10,501             11,170              10,582        12,560
                                                  Mar 2018       10,152     10,186                                  10,477       10,341              9,990               8,706         9,695
                            US$/4Eoz - US$/2Eoz   Mar 2019          962        910                                     779          732               959                  846         1,054
                                                  Dec 2018          792        741                                     629          734               781                  740           878
                                                  Mar 2018          849        852                                     876          864               835                  728           811
Capital expenditure
Ore reserve development     Rm                    Mar 2019         432.9     120.6                                       -             -             120.6                   -         312.3
                                                  Dec 2018         425.9     119.9                                       -             -             119.9                   -         306.0
                                                  Mar 2018         327.8     110.4                                       -             -             110.4                   -         217.4
Sustaining capital                                Mar 2019          85.0      56.0                                    25.2           3.5             27.3                 72.5          29.0
                                                  Dec 2018         283.5     219.3                                    59.6           3.4             156.3                56.0          64.2
                                                  Mar 2018          98.6      77.1                                    20.9          10.2             46.0                 72.3          21.5
Corporate and projects(7)                         Mar 2019         409.4       2.3                                       -           2.3               -                     -         407.1
                                                  Dec 2018         544.4       5.4                                       -           5.4               -                     -         539.0
                                                  Mar 2018         335.9         -                                       -             -               -                     -         335.9
Total capital expenditure   Rm                    Mar 2019         927.3     178.9                                    25.2           5.8             147.9                72.5         748.4
                                                  Dec 2018       1,253.8     344.6                                    59.6           8.8             276.2                56.0         909.2
                                                  Mar 2018         762.2     187.4                                    20.9          10.2             156.3                72.3         574.8
                            US$m                  Mar 2019          66.2      12.8                                     1.8           0.4             10.6                  5.2          53.4
                                                  Dec 2018          87.6      24.1                                     4.2           0.6             19.3                  3.9          63.6
                                                  Mar 2018          64.0      16.0                                     2.0           1.0             13.0                  6.0          48.0

Average exchange rates for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 were R14.01/US, R14.31/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 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 underground statistics shown 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 operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in
      inventory 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 and change in inventory 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 is 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 operations All-in cost, excluding the corporate project expenditure (on the Altar and Marathon projects), for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 
      was US$1,053/2Eoz, US$876/2Eoz and US$811/2Eoz, respectively
(7)   The US operations corporate expenditure for the quarter ended 31 March 2019 includes R1.6 million (US$0.1 million) related to the Marathon project, and quarters ended 31 December 2018 and
      31 March 2018 R4.2 million (US$0.3 million) and R16.5 million (US$1.4 million), respectively, related to the Altar and Marathon projects 

Mining - Prill split excuding recycling operations

                                         GROUP                                            SA OPERATIONS                                      US OPERATIONS
                     Mar 2019          Dec 2018          Mar 2018           Mar 2019       Dec 2018          Mar 2018          Mar 2019       Dec 2018          Mar 2018
                  4Eoz /           4Eoz /            4Eoz /  
                    2Eoz     %       2Eoz      %       2Eoz      %        4Eoz     %       4Eoz       %                          2Eoz     %       2Eoz     %       2Eoz         %
Platinum         182,573   46%    212,055    46%    199,629    46%     153,109    58%   175,975     58%     166,440    58%     29,464   23%     36,080   23%     33,189       22%
Palladium        183,665   47%    216,516    47%    204,269    47%      82,231    31%    93,125     31%      88,909    31%    101,435   77%    123,391   77%    115,360       78%
Rhodium           22,533    6%     25,524     6%     24,156     6%      22,533     9%    25,524      9%      24,156     9%    
Gold               5,634    1%      6,655     1%      6,690     2%       5,634     2%     6,655      2%       6,690     2%   
PGM production   394,407  100%    460,750   100%    434,743   100%     263,508   100%   301,279    100%     286,194   100%    130,899  100%    159,471  100%    148,549      100%
Ruthenium         35,604           40,098            37,964             35,604           40,098              37,964
Iridium            8,169            9,158             7,249              8,169            9,158               7,249
Total            438,180          510,006           479,956            307,281          350,535             331,407           130,899          159,471          148,549

Recycling operation
                               Unit       Mar 2019       Dec 2018         Mar 2018
Average catalyst fed/day       Tonne          25.6           22.1             25.8
Total processed                Tonne         2,303          2,032            2,323
Tolled                         Tonne           581            280              365
Purchased                      Tonne         1,722          1,752            1,958
PGM fed                        3Eoz        201,289        181,761          191,404
PGM sold                       3Eoz        183,795        110,476          155,455
PGM tolled returned            3Eoz         15,761         35,441           38,260

SA gold operations
                                                                                                     SA OPERATIONS
                                                      Total SA gold(1)              Driefontein                Kloof                  Beatrix                    Cooke          DRDGOLD
                                                           Under-                 Under-                  Under-                  Under-                   Under-
                                                Total      ground    Surface      ground      Surface     ground      Surface     ground       Surface        ground   Surface   Surface
Production
Tonnes milled/treated     000't    Mar 2019     9,329         411      8,918          30            8        190        1,627         174          456        17        1,153      5,674
                                   Dec 2018     9,634       1,138      8,496         282          126        393        1,151         421          292        42        1,172      5,755
                                   Mar 2018     4,283       1,525      2,758         500          815        478        1,075         547          173         -          695
Yield                     g/t      Mar 2019      0.48        5.29       0.26        3.01         0.38       7.95         0.37        3.26         0.50      0.35         0.28       0.20
                                   Dec 2018      0.87        5.37       0.27        5.11         0.56       7.19         0.50        4.26         0.37      1.05         0.36       0.19
                                   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       Mar 2019     4,456       2,174      2,282          90            3      1,510          600         567          227         6          323      1,130
                                   Dec 2018     8,399       6,106      2,293       1,441           70      2,827          576       1,794          108        44          428      1,111
                                   Mar 2018     9,068       8,002      1,066       2,833          238      3,323          524       1,846           64         -          240
                          oz       Mar 2019   143,278      69,896     73,382       2,905           96     48,558       19,278      18,240        7,295       193       10,383     36,330
                                   Dec 2018   270,025     196,313     73,712      46,329        2,251     90,891       18,522      57,678        3,472     1,415       13,748     35,719
                                   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       Mar 2019     4,373       2,130      2,243          88            3      1,482          585         554          195         6          341      1,119
                                   Dec 2018     8,288       6,099      2,189       1,441           70      2,820          494       1,794          108        44          380      1,137
                                   Mar 2018     9,068       8,002      1,066       2,833          238      3,323          524       1,846           64         -          240          -
                          oz       Mar 2019   140,593      68,480     72,113       2,829           96     47,647       18,808      17,811        6,269       193       10,963     35,977
                                   Dec 2018   266,464     196,087     70,377      46,329        2,251     90,665       15,882      57,678        3,472     1,415       12,217     36,555
                                   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     Mar 2019   588,040                                   582,418                 571,505                  572,630                593,372          588,114
                                   Dec 2018   561,788                                   557,909                 560,260                  563,197                564,623          564,820
                                   Mar 2018   507,719                                   511,918                 511,152                  510,157                529,583
                          US$/oz   Mar 2019     1,306                                    1,293                   1,269                    1,271                  1,317             1,306
                                   Dec 2018     1,221                                    1,213                   1,218                    1,224                  1,228             1,228
                                   Mar 2018     1,320                                    1,331                   1,329                    1,326                  1,377
Operating cost(2)         R/t      Mar 2019       421       6,883        123      27,157        1,138      6,649          176       4,301          154       159        121          104
                                   Dec 2018       461       3,001        160       4,303          148      3,331          174       2,103          100       186        229          107
                                   Mar 2018       934       2,314        182       2,661          208      2,668          182       1,680           97         -        172
                          US$/t    Mar 2019        30         491          9       1,938           81        475           13         307           11        11          9            7
                                   Dec 2018        32         210         11         301           10        233           12         147            7        13         16            7
                                   Mar 2018        78         193         15         222           17        223           15         140            8         -         14
                          R/kg     Mar 2019   881,009   1,301,321    480,665   9,016,257    3,033,333    836,440      477,476   1,319,155      309,835   450,000    431,949      523,009
                                   Dec 2018   539,451     558,382    489,033     842,054      267,143    460,835      347,688     493,590      269,444   177,273    606,177      552,565
                                   Mar 2018   444,387     440,890    470,638     469,714      710,924    383,720      374,237     497,941      262,500         -    498,333
                          US$/oz   Mar 2019     1,956       2,889      1,067      20,017        6,734      1,857        1,060       2,929          688       999        959        1,161
                                   Dec 2018     1,173       1,214      1,063       1,831          581      1,002          756       1,073          586       385      1,318        1,201
                                   Mar 2018     1,155       1,146      1,224       1,221        1,848        998          973       1,295          682         -      1,296
All-in sustaining cost(3) R/kg     Mar 2019   914,590                                9,242,857                761,877                 1,104,806               444,669            546,023
                                   Dec 2018   610,883                                 989,014                 526,433                  537,066                406,132            569,217
                                   Mar 2018   513,829                                 565,093                 447,777                  557,958                560,417
                          US$/oz   Mar 2019     2,030                                 20,520                   1,691                    2,453                   987                1,212
                                   Dec 2018     1,328                                  2,150                   1,144                    1,168                   883                1,238
                                   Mar 2018     1,336                                  1,469                   1,165                    1,451                   1,457
All-in cost(3)            R/kg     Mar 2019   935,925                                9,242,857                762,119                 1,105,340               444,669            556,390
                                   Dec 2018   651,267                                 989,014                 538,413                  537,802                406,132            734,916
                                   Mar 2018   535,851                                 565,093                 456,408                  558,010                560,417
                          US$/oz   Mar 2019     2,078                                 20,520                   1,692                    2,454                   987                1,235
                                   Dec 2018     1,416                                  2,150                   1,171                    1,169                   883                1,598
                                   Mar 2018     1,393                                  1,469                   1,187                    1,451                  1,457
Capital expenditure
Ore reserve
development               Rm       Mar 2019      28.8                                    1.4                   25.3                     2.1                     -                      -
                                   Dec 2018     432.0                                  165.7                  199.1                    67.2                     -                      -
                                   Mar 2018     498.2                                  198.8                  194.1                   105.3                     -                      -
Sustaining capital                 Mar 2019      34.5                                    6.5                   14.4                    10.6                     -                    3.0
                                   Dec 2018     218.6                                   96.6                   80.4                    31.8                     -                    9.8
                                   Mar 2018      77.9                                   28.2                   40.2                     9.5                     -
Corporate and projects(4)          Mar 2019      13.9                                     -                     0.5                     0.4                     -                   11.6
                                   Dec 2018     256.2                                     -                    39.7                     1.4                     -                  188.4
                                   Mar 2018     123.2                                     -                    33.2                     0.1                     -
Total capital
expenditure               Rm       Mar 2019      77.2                                    7.9                   40.2                    13.1                     -                   14.6
                                   Dec 2018     906.8                                  262.3                  319.2                   100.4                     -                  198.2
                                   Mar 2018     699.2                                  227.0                  267.5                   114.9                     -
                          US$m     Mar 2019       5.5                                    0.6                    2.9                     0.9                     -                    1.0
                                   Dec 2018      63.4                                   18.3                   22.3                     7.0                     -                   13.9
                                   Mar 2018      58.5                                   19.0                   22.4                     9.6                     -

Average exchange rates for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 were R14.01/US, R14.31/US$ and R11.96/US$, respectively
Figures may not add as they are rounded independently

(1)   The SA gold operations' results for the quarters ended 31 March 2019 and 31 December 2018 include DRDGOLD. Gold produced and gold sold exclude 149kg (4,790oz) and 131kg (4,212oz), 
      respectively from the Far West Gold Recoveries (FWGR) project which was capitalised in accordance with IFRS
(2)   Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in
      inventory 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
(3)   All-in costs excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed
      to normalise earnings. All-in costs is 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) is calculated by dividing the
      All-in sustaining costs and All-in costs, respectively, in a period by the total gold sold over the same period
(4)   Corporate project expenditure for the quarters ended 31 March 2019, 31 December 2018 and 31 March 2018 was R1.3 million (US$0.1 million), R26.7 million (US$1.9 million), and
      R89.8 million (US$7.5 million), respectively. The majority of this expenditure was on the Burnstone project

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

SA gold operations
Quarter ended                                     31 Mar 2019                                               31 Dec 2018                                               31 Mar 2018
                                         Black       Carbon                                        Black      Carbon                                         Black       Carbon
                   Reef                   Reef       leader         Main         VCR                Reef      leader         Main          VCR                Reef       leader          Main          VCR
Driefontein        Unit
Advanced           (m)                                                 7          64                   2       1,043          564          847                  66        1,441           660          992
Advanced on reef   (m)                                                 7                                         285                        44                  49          293           228          128
Channel width      (cm)                                               87                                          48           42           36                  46           35            62           56
Average value      (g/t)                                             7.9                                        24.5         13.4         86.1                 4.7         30.0           8.6         85.8
                   (cm.g/t)                                          684                                       1,183          569        3,091                 214        1,041           534        4,774

Quarter ended                                    31 Mar 2019                                              31 Dec 2018                                             31 Mar 2018
                   Reef     Cobble       Kloof         Main      Libanon         VCR     Cobble    Kloof        Main      Libanon          VCR     Cobble    Kloof         Main       Libanon          VCR
Kloof              Unit
Advanced           (m)                     575          266                      236               1,145         619                     1,245               1,158          605             9        1,148
Advanced on reef   (m)                     330          104                       84                 316         202                       223                 373           81             9          255
Channel width      (cm)                    151          113                       85                 129         131                       120                 129          126            99          104
Average value      (g/t)                   8.7         12.7                     18.7                 8.4        11.6                      20.7                 9.6          6.6          11.3         20.5
                   (cm.g/t)              1,314        1,435                    1,591               1,091       1,526                     2,485               1,244          832         1,120        2,139

Quarter ended                                    31 Mar 2019                                              31 Dec 2018                                             31 Mar 2018
                                                                            Kalkoen-                                                   Kalkoen-                                                   Kalkoen-
                   Reef                             Beatrix                    krans                           Beatrix                    krans                          Beatrix                     krans
Beatrix            Unit
Advanced           (m)                                  536                                                    3,223                        38                            3,909                         64
Advanced on reef   (m)                                  421                                                    1,016                        20                            1,234                         21
Channel width      (cm)                                 127                                                      106                       183                              118                        168
Average value      (g/t)                               10.3                                                      9.1                       4.6                              5.8                        9.6
                   (cm.g/t)                           1,314                                                      966                       850                              688                      1,619

Quarter ended                                    31 Mar 2019                                              31 Dec 2018                                             31 Mar 2018
                                                                           Kimberley                                                  Kimberley                                                  Kimberley
                   Reef                                                        Reefs                                                      Reefs                                                      Reefs
Burnstone          Unit
Advanced           (m)                                                                                                                                                                               1,266
Advanced on reef   (m)                                                                                                                                                                                 193
Channel width      (cm)                                                                                                                                                                                 69
Average value      (g/t)                                                                                                                                                                               9.2
                   (cm.g/t)                                                                                                                                                                            634


SA PGM operations
Quarter ended                                    31 Mar 2019                                              31 Dec 2018                                             31 Mar 2018
                              Kopan-                Bamban-                             Kopan-                Bamban-                              Kopan-               Bamban-
                   Reef          eng   Simunye          ani        Kwezi          K6       eng   Simunye          ani        Kwezi           K6       eng  Simunye          ani         Kwezi           K6
Kroondal           Unit
Advanced           (m)           556       386          520          734         577       651       598          707          662          592       428      481          578           609          802
Advanced on reef   (m)           556       368          484          554         577       651       598          707          662          592       409      362          402           535          657
Height             (cm)          238       219          209          241         240       247       219          224          240          241       236      229          217           245          246
Average value      (g/t)         2.0       2.7          2.7          2.0         2.5       1.8       2.2          2.1          2.1          2.3       2.2      2.2          2.0           2.2          2.2
                   (cm.g/t)      469       594          563          479         587       455       486          478          501          546       520      494          429           543          536


Quarter ended                                   31 Mar 2019                                               31 Dec 2018                                               31 Mar 2018
                                                    Thembe-                 Siphume-                           Thembe-                  Siphume-                         Thembe-                  Siphume-
                   Reef              Bathopele         lani    Khuseleka        lele           Bathopele          lani    Khuseleka         lele          Bathopele         lani     Khuseleka        lele
Rustenburg         Unit 
Advanced           (m)                     245        1,401        2,355         849                 943         2,017        2,617        1,177                302        1,466         2,190       1,057
Advanced on reef   (m)                     245          433          751         455                 943           679          912          668                302          502           596         340
Height             (cm)                    221          281          288         289                 216           287          285          282                209          281           288         296
Average value      (g/t)                   1.3          2.4          2.4         3.0                 2.8           2.4          2.3          3.1                2.7          2.1           2.1         3.1
                   (cm.g/t)                293          676          704         879                 596           692          647          872                559          582           614         932


US PGM operations
Quarter ended                                       31 Mar 2019                                               31 Dec 2018                                           31 Mar 2018
                                                                                  
                                                                Stillwater        East                                      Stillwater         East                                  Stillwater       East
                   Reef                                         incl Blitz     Boulder                                      incl Blitz      Boulder                                  incl Blitz    Boulder
Stillwater         Unit
Primary  
development (off  
reef)              (m)                                               2,267         843                                           2,659          275                                       3,019        657
Secondary  
development        (m)                                               2,773         916                                           2,557        1,538                                       2,038      1,451

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Mobile: +1 203 609 5159
Fax: +1 212 571 3050
Email:
tatyana.vesselovskaya@bnymellon.com

TRANSFER SECRETARIES
SOUTH AFRICA
Computershare Investor Services Proprietary
Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196

PO Box 61051
Marshalltown 2107
South Africa

Tel: +27 11 370 5000
Fax: +27 11 688 5248

TRANSFER SECRETARIES
UNITED KINGDOM
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England
Tel: 0871 664 0300 (calls cost 10p a minute plus
network extras, lines are open 8.30am - 5pm
Mon-Fri) or +44 20 8639 3399 (from overseas)
Fax: +44 20 8658 3430
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, our ability to obtain the benefits of any 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 29 March 2019, and the Group's Annual Report on Form 20-F filed by Sibanye-Stillwater with the Securities and Exchange
Commission on 9 April 2019 (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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