A new chapter: H2 and full year 2019 presentation

+258%¹ ZAR35.9

Pd

ZAR10.0	Pt
	Rh
	Au

A new chapter

H2 and full year 2019

Operating and financial results for the six months and year ended 31 December 2019

19 February 2020

1. Share price appreciation from 31 Dec 2018 to 31 Dec 2019

Disclaimer

The information in this presentation 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 Gold Limited's (trading as Sibanye-Stillwater)("Sibanye-Stillwater" or the "Group") financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater.

All statements other than statements of historical facts included in this presentation may be forward-looking statements. Forward-looking statements also often use words such as "will", "forecast", "potential", "estimate", "expect" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer and 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 5 April 2019 (SEC File no. 001-35785 and the Form F-4 filed by Sibanye Stillwater Limited with the Securities and Exchange commission on 4 October 2019 (SEC file no. 333-234096) and any amendments thereto. 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 those in the forward-looking statements include, among others, our future business prospects; financial positions; debt position and our ability to reduce debt leverage; business, political and social conditions in the United States,

United Kingdom, South Africa, Zimbabwe and elsewhere; 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); changes in assumptions underlying Sibanye-Stillwater's estimation of their current mineral reserves and resources; the ability to achieve anticipated efficiencies and other cost savings in connection with past, ongoing and future acquisitions, as well as at existing operations; our ability to achieve steady state production at the Blitz project; the success of Sibanye-Stillwater's business strategy; exploration and development activities; the ability of Sibanye-Stillwater to comply with requirements that they operate in a sustainable manner; changes in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial action; the availability, terms and deployment of capital or credit; changes in relevant government regulations, particularly environmental, tax, health and safety regulations and new

legislation affecting water, mining, mineral rights and business ownership, including any interpretations thereof which may be subject to dispute; the outcome and consequence

of any potential or pending litigation or regulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; the ability to hire and retain senior management or sufficient technically skilled employees, as well as their ability to achieve sufficient representation of historically disadvantaged South Africans' in management positions; failure of information technology and communications systems; the adequacy of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater's operations; and the impact of HIV, tuberculosis and other contagious diseases.

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward- looking statement (except to the extent legally required).

2

Key highlights 2019

Significant improvement in overall safe production performance

Transformation continues - precious metals player and reference producer in "green" metals

Gold strike re-set union relationship resulting in no industrial action at the SA PGM operations

Strong earnings

Balance sheet significantly de-risked

Strong shareholder value creation

• Zero fatalities at SA gold operations
• Restructured gold operations
• Completed Lonmin acquisition with fair Competition Commission conditions
• Increased strategic stake in DRDGOLD
• Successful wage negotiations with zero industrial action
• Successful 189 process at Marikana with zero industrial action
• Adjusted EBITDA1 R15 bn/US$1bn4 (2018: R8bn/US$632m)
• Net debt: adjusted EBITDA1 reduced to 1.25x (versus 2.5x year before) and ahead of 1.8x guidance target
• 258%2 share price increase
• Dividend payment is expected to resume3 in H1 2020
• Undervalued versus peers based on market consensus

Consolidation during 2019 has positioned the Group for superior performance in 2020

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 formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 11 of the relevant notes in the condensed consolidated provisional financial statements

2. Share price appreciation from 31 Dec 2018 to 31 Dec 2019 3. Based on the current deleveraging trajectory and subject to current commodity prices, ongoing management review and approval by the 3 Board 4. Conversion based on the average exchange rate for the year of US$/R14.46

Embedding ESG

in line with our purpose of improving lives

Environmental, social and governance (ESG) - a key strategic focus

STRATEGIC THEMES

ENVIRONMENTALSOCIAL

Promoting natural resources		COMMUNITIES		STAKEHOLDER ENGAGEMENT		SAFETY AND HEALTH
and improving life -
	Unlocking the potential of		Our stakeholders will be		Aiming to improve the
sustainable use through
	communities affected by		heard through transparent		holistic wellbeing of our
increased environmental
	our operations through		engagements and		workforce through the
consciousness and continual
	economic empowerment,		incorporating the		pursuit of risk-based
improvement, minimising
	institutional development		knowledge gained into		monitoring of safety and
environmental impacts and
	and creating local benefit		our business		health factors and
a measured transition to a
	that inspires sustainable				improvement in safety
low carbon future
	living				and health performance.

GOVERNANCE

Respecting human rights of stakeholders and doing our business with integrity and from an ethical foundation by adherence to good governance principles and legal compliance

ESG

Creating sustainable value

5

ESG - our products combat climate change

Auto catalysts

Platinum (Pt), palladium (Pd) and rhodium (Rh) - unique catalytic properties transform noxious exhaust gasses - hydrocarbons (HC),

nitrogen oxide (NOx) and carbon monoxide

(CO) - into more benign components (water (H2O), carbon dioxide (CO2) and nitrogen gas (N2))

One of the world's largest recycler of auto

catalysts - re-use of critical metals. Treating more recycled ounces than mined ounces in the US operations

Renewable energy generation and conservation

Pt a component of wind turbine blades and

high-quality glass for photo voltaic (solar) panels

Pt utilised in energy efficient fiberglass which is widely used as an insulating material to reduce heat loss

Alternative power generation and storage

Pt's unique catalytic properties make it an

essential component of the hydrogen

economy.

An environmentally friendly source of energy - Pt's conductivity makes it ideal for the electrolysis of hydrogen from water

• Hydrogen fuel cells - an efficient and environmentally friendly alternative for generating electricity

Making a difference - one PGM ounce at a time

6

E SG -Improving our leading safety performance

• Industry leading safety performance in 2019
• • SA gold fatality free since Aug 2018
  • 519 days - 10 million fatality free shifts (26 Jan 2020)
• US PGM operations fatality free since Oct 2011
• • 2,983 days - 2.6 million fatal free shifts
• Sibanye-Stillwaterpeer recognition
• • SAMI Safety and health excellence awards
  • • JT Ryan Award - mining company with the best safety improvement
    • Platinum - 1st place: Bathopele operations and

3rd place: Kroondal West

• • Processing - 1st place: ChromTech at the SA PGM
    operations and 2nd place: Precious Metals Refinery in South Africa
• SA PGM operations regrettably had six fatalities during the 2019 year

Fatal injury frequency rate (SA gold operations)

0.25

0.20
0.15
0.10
0.05
0.065	0.108	0.086	0.237	0.000
0.00
2015	2016	2017	2018	2019

Source: Company information. Year End 2019

7

E SG - through our Zero harm strategic framework

OUR VALUES

Commitment

Accountability	ENGAGED LEADERSHIP
Respect

	ENABLING ENVIRONMENT		•	Real risk reduction initiatives ongoing
	Aim to maintain			- Working place layout improvements
	a safe working environment with				› Focus on the elimination of 'A' Hazards
	equipment, tools and material that			-	Infrastructure improvement
	enable sustainably safe production				› Rail-bound equipment safety enhancements
				-	Rock mass management

	EMPOWERED PEOPLE		•	Safe Production leadership and culture
	Continue to train			- Individual, team and organisation
	people to apply relevant standards			- Mirror sessions at SA gold operations
	and procedures to work safely			- Values-based decisions intervention
			•	Safety days
				- Section 23 withdrawals reinforcement

Enabling

Safety

OUR VALUES

FIT-FOR-PURPOSE SYSTEMS

Subscribing to international best practice principles and integrated systems with a view to certification in the longer term

• Bow-tie risk management process	• Enhanced Trigger Action Response Plan
introduced	(TARP) for improved rock mass
-	University of Queensland coaching	management
	sessions on critical controls	• ISO 45001 Occupational Health & Safety
-	Root cause analysis	Management System implementation on
• Independent high potential incident reviews	track
• Life-saving rules introduced	• ICMM membership

8

A new base established

2013 - 2019: creating a leading precious metal company

Strategically transformed - a top tier diversified precious metals company

Moz

If we had made no further acquisitions

or implemented our operating model since unbundling

Base of gold operations' life of mine upon unbundling in 2013

5

4

3

2

1

0

2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
		Beatrix Base				Driefontein Base
		Kloof Base				Surface

Moz

Our life of mine profile post various value accretive acquisitions

Expected PGM and gold life of mine production plan

5 (next 10 years displayed)

4

3

2

1

0

2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030
		SA PGM Operations (4E PGMs)			US PGM Operations (2E PGMs)
		US Recycling (3E PGMs)				SA Gold Operations (oz)
		Gold Projects (oz)

• Source: Company information

10

…with quality assets and abundant reserves and resources*

2019:	Reserves		Resources
	2019:
70Moz		1%
3%	494Moz
		18%	16%

4%			6%	26%		2%
40%
			8%
		41%	38%
32%	2018:
		2018:	3%	10%
63Moz			309Moz	10%
				31%
7%	16%	0%			16%		9%

7%

44%

12%

DRDGOLD	US PGM operations	Americas projects (PGM&Au)
SA gold operations	Gold projects	SA PGM operations

SA PGM projects

SA PGM projects at Marikana add future optionality

Source: Company information	11
* Mineral Reserves and Mineral Resources are declared as at 31 December 2019, based on three year trailing price averages and currently a significant discount to spot prices

…by successfully concluding value accretive transactions

• Built a leading and influential PGM business at a favourable stage
  in the precious metals cycle for a total of R45bn (US$3.06bn1) within four years

R4.0bn for Aquarius in Apr 2016

R4.5bn² for Rustenburg in Nov 2016

US$2.2bn for Stillwater in May 2017

R4.3bn³ for Lonmin in June 2019

Executed a clearly communicated acquisition strategy to create a unique precious metals mining company

1. Converting R45bn to US dollar using a US$/R14.68 exchange rate as of closing prices on 18 September 2019
2. Minimum payment of R4.5 billion (R1.5bn upfront payment made). Balance settled from 35% of free cash flows from the Rustenburg operations
3. Estimate purchase price (not accounting value) of the Lonmin transaction based on Lonmin share capital figure of 290,394,531 shares in fixed ratio of 1:1 resulting in 290,394,531

new Sibanye- Stillwater shares. Considerations estimate based on spot Sibanye-Stillwater closing share price on the JSE of R14.83 per share on 7 June 2019. US$ price converted at R14.94

12

…at a low point in the PGM price cycle

Relative price performance (%)

	Aquarius and		Stillwater		DRDGOLD		Lonmin
	Rustenburg		transaction		transaction		transaction
250	transactions		announced -		announced -		announced -
	announced -		US$/2E basket		R/kg gold		R/4E basket
	R/4E basket		price up 170%		price up 29%		price up 145%
200	price up 180%		since

150

100

50

0

(50)

Sep 15

Mar 16

Sep 16

Mar 17

Sep 17

Mar 18

Sep 18

Mar 19

Sep 19

Gold US$/oz

Gold R/kg

PGM basket (R/4Eoz)

PGM basket (US$/4Eoz)

PGM basket (US$/2Eoz)

13

Source: IRESS

Sibanye-Stillwater is well positioned

7%

Group PGM

42%	production	51%
H2 2019

Pt Pd Rh

• Relative to its peers, Sibanye-Stillwater has a production prill split that is most closely aligned to global demand

US PGM operations

35%

	2019 Palladium	46%	2019 Platinum
54%	supply		supply
			65%

Primary supply	Secondary supply	Primary supply	Secondary supply
(mined)	(recycled)	(mined)	(recycled)

• Sibanye-Stillwateris one of the world's leading recyclers of PGMs
• Recycling plays an increasingly important role in ESG

Source: Company data

14

Future trends

Balancing supply and demand of the basket

Tightening emission standards underpinning demand

Despite a forecast softening of expected Light Duty Vehicle Demand (global compound annual growth rate of 2.7% forecast to 2025) the continued tightening of emission standards and increases in market share of gasoline and hybrid vehicles continues to underpin the demand for palladium and rhodium

Expected increase in palladium loadings in 2019 due to stricter Emission Regulations and introduction of RDE despite engine downsizing

	Average PGM loadings per
15-20%	vehicle, change in 2019 (%)

5-10%

3-5%

1-3%

China

India W. Europe USA

China palladium demand (koz)	China rhodium demand (koz)
1 200	150

800

100

400

50

0

0

(400)

(50)

2018

2019

2020E

2021E

2022E

2023E

2018

2019

2020E

2021E

2022E

2023E

Loss in demand (lower vehicle production)

Loss in demand (lower vehicle production)

Gain in demand (higher loadings)

Gain in demand (higher loadings)

Decreases in vehicle demand have been more than offset by increased loadings associated with tighter emission standards

Source: LMCA, IHS, Marklines, BASF Company data		Source: SFA Oxford	16
Notes: Light duty vehicles (up to 6 tons)	Source: SFA Oxford

Palladium to remain in sustained deficits

Primary palladium supply by region

9 000

6 000

Koz

3 000

0

2007A

2009A

2011A

2013A

2015A

2017A

2019E

2021E

2023E

2025E

South Africa

Russia

North America

Others

Palladium secondary supply

5 000

60%

4 000

3 000

40%

2 000

20%

1 000

0

0%

2007A

2009A

2011A

2013A

2015A

2017A

2019E

2021E

2023E

2025E

Recycling

Pall price (US$/oz) (lhs)

% of spent catalysts

% of Pd supply

• Timing to bring on new primary supply is long dated
• Secondary supply is critical to filling primary supply deficit but not sufficient to fill the demand deficit

					Palladium market balance
	2 500						2 500
	2 000
	1 500						2 000
	1 000
Koz	500						1 500
0							US$/oz
	(500)						1 000
	(1 000)
	(1 500)						500
	(2 000)
	(2 500)						0
			1992A 1995A 1998A 2001A 2004A 2007A 2010A 2013A 2016A 2019E	2022E	2025E
			Surplus / Deficit (koz)	Ex-ETF market balance		Pall Price (US $ / oz) (rhs)

Unsustainable deficits forecast that require greater interventions than traditional primary and secondary supply solutions

Sources include: Company data

17

Rhodium - the most precious of them all?

Primary rhodium supply by region

Rhodium market balance

900

300

9 000

200

600

100

6 000

0

(100)

300

(200)

3 000

(300)

0

(400)

0

2007A

2009A

2011A

2013A

2015A

2017A

2019E

2021E

2023E

2025E

1992A

1996A

2000A

2004A

2008A

2012A

2016A

2020E

2024E

South Africa

Russia

North America

Zimbabwe

Others

Surplus / (Deficit) (koz)

Rhodium price (US$/oz) (rhs)

• Rhodium is a critical metal to meet environmental (NOx) emission standards
• Rhodium supply falling faster than other metals due to lack of capital investment on rhodium rich (UG2) projects
• Technically more difficult to substitute rhodium, requiring significant palladium metal which is also in deficit

Sources include: Company forecasts
ETF: Exchange traded fund
CAGR: Compound annual growth rate
4E: Platinum, Palladium, Rhodium, Gold	18
Note: All forward looking PGM prices are based on current broker consensus prices

Platinum: Preparing for a recovery

Primary platinum supply by region

8 000

6 000

Koz

4 000

2 000

0

2007A

2009A

2011A

2013A

2015A

2017A

2019E

2021E

2023E

2025E

South Africa

Russian Sales

North America

Zimbabwe

Others

	Platinum secondary supply
2 000	60%
1 500	40%

1 000

20%

500

0

0%

2007A

2009A

2011A

2013A

2015A

2017A

2019E

2021E

2023E

2025E

Recycling

Pt price (US$/oz)

% of spent catalysts

% of Pt supply

South African capital expenditure

-R/t		500
	400
MiningSustainingCapex
terms)(Real	300
200
		100
		0

	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019e
				RBPlats		Impala Platinum		Lonmin Marikana		Anglo Platinum			Sibanye-Stillwater
						Platinum market balance
	1 000																		2 000
	500																		1 500	US$/oz
Koz	0																			1 000
	(500)																		500
(1 000)																		0
				1992A 1995A 1998A 2001A 2004A 2007A 2010A 2013A 2016A	2019E	2022E	2025E
						Surplus / (Deficit)			Ex-ETF market balance			Pt Price (US $ / oz) (rhs)

Sources: Company data, SFA Oxford: SA Capital expenditure graph

19

Strategic operational delivery

H2 2019 and year end results

Benefits of strategic transformation clearly apparent

Profitability (adjusted EBITDA1) and R/US$ exchange rate

R million

1. 000

1. 000

1. 000

8 000

1. 000

1. 000

1. 000
   0

(2 000)

(4 000)

H1 2015	H2 2015	H1 2016	H2 2016	H1 2017	H2 2017	H1 2018	H2 2018*	H1 2019*	H2 2019
SA Gold	SA PGM	US PGM	Average rand: US dollar exchange rate (RHS)

16.00

15.00

14.00

13.00	R:US$
12.00

11.00

10.00

Record R15 billion (US$1 billion) adjusted EBITDA1 achieved despite build-up of gold operations post-strike in H2 2019

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	21
formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 11 of the relevant notes in the condensed consolidated provisional financial statements

*H2 2018 and H1 2019 at the SA gold operations have been impacted by the five month gold strike from Nov 2018 to April 2019 with subsequent gradual build up to new normalised levels

Balanced portfolio positioned to excel and underpinned by fundamentals

	22%	17%	15%
	31%
38%		33%
Reserves	Production	Adj EBITDA1
	(Moz %)	(oz %)	(Rm %)
	2019	H2 2019	H2 2019	SA gold (oz%)
	40%	52%	52%	SA PGM (4E %)
				US PGM (2E %)

PGM metal production % compared to % revenue contribution per metal*

Group (excl. SA gold operations)

SA PGM operations

US PGM operations

100%												86%
											78%
80%
					59%
60%	50%
	41%	46%
				36%
40%		30%			30%	34%
					29%	22%
			22%
20%				7%					9%		14%
			1%	1%			2%	2%
0%

Platinum	Palladium	Rhodium	Gold	Platinum	Palladium	Rhodium	Gold	Platinum	Palladium
First bar: Metal produced as a % of 4E/2E basket		Second bar: Average revenue % contribution based on basket price per metal

Geographical and product diversification providing a balanced exposure to metal prices and the risk profile

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	22
formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 11 of the relevant notes in the condensed consolidated provisional financial statements

*Calculations based on H2 2019 production and average basket prices for H2 2019

US PGM operations - contributing 33% of Group adjusted EBITDA#

US PGM - production and recycling with adjusted EBITDA margin#	• High grade and high margin
	underground operations

	800					70%		-	57% adjusted EBITDA margin#
						60%	•	Operational recovery largely
							complete by year end
productionkozPGM2E/3E	600					50%	%marginEBITDAAdjusted	-	Significant improvement
						expected in 2020
						40%		- Blitz build-up delayed by up
	400								to eight months
						30%		-	Fill the Mill (FTM) project
									advancing as planned
	200					20%			› expected to commence
						10%			ramp-up to annualised of
								40koz per annum run rate
									by late 2020
	0					0%	•	Record Metallurgical Complex
	H1 2017*	H2 2017	H1 2018	H2 2018	H1 2019	H2 2019
		throughput

Mined production (2E)		Recycling production (3E)		Mined Adj EBITDA margin(%)#	- leveraging off growing
					recycling volumes and
					process enhancements

Benefitting from rising palladium price and providing strategic diversification

Source: Company results information. *H1 2017 only represents information from May 2017 when the Stillwater Mining Company was acquired.

# The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt covenant

formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 11 of the relevant notes in the condensed consolidated provisional financial statements. Adjusted	23
EBITDA margin is calculated by dividing adjusted EBITDA by revenue

SA PGM operations - contributing 52% of Group adjusted EBITDA

SA PGMs - Underground and surface production with adjusted EBITDA margin1

1 20035%

	1 000		30%	%
		margin
	800
			25%
4E koz				20%	Adjusted EBITDA
600
			15%
400			10%
200			5%
	0				0%

H1 2017	H2 2017	H1 2018	H2 2018	H1 2019	H2 2019
Underground(UG) production (4E)		Surface production (4E)
Total Adj EBITDA margin(%)

Consistent operational performance ensuring leverage to higher rand 4E PGM basket price

• Steady operational performance
• Significant gearing to record spot PGM basket prices - expected to drive cash flows in 2020
• Marikana operations incorporated from June 2019
• • Successful restructuring ensuring sustainability
  • R2.3bn contribution to adjusted EBITDA in H2 2019

Source: Company results information

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

formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 11 of the relevant notes in the condensed consolidated provisional financial statements. Adjusted EBITDA	24
margin is calculated by dividing adjusted EBITDA by revenue

SA gold operations - contributing 15% of adjusted EBITDA1 from a smaller footprint

• Excellent improvement in safe production since 2018
• 10 million fatality free shifts achieved in Jan 2020 - more than 1.5 years fatality free
• Production rates normalised for smaller footprint post H1 2019 restructuring and closures
• • 13 operating shafts
    and 6 processing facilities
  • • compared to 19 shafts and 9 processing facilities in 2014

Kg

40 000

36 600

1. 000

1. 000

1. 000
   0

2 418

103

Affected by
the strike
which	Lower grade
ended in	in surface
April, and	material
the build-up	processed,
thereafter.	Eskom load
Eskom load	curtailment
curtailment
impacted

4 418

Affected by

the strike

which ended

in April, and

the prolonged

build-up due to the cooling down period post-strike, closure of D6 & D7 shafts, seismicity following post- strike build-up, Eskom load curtailment and depletion of surface reserves

4 390	3 738		29 009
Affected
by the
strike
which
ended in
April,
increase in		Included
seismicity		for 5
following		months in
the post-		2018
strike build-
up, fire at
K4 shaft
and Eskom
load
curtailment

2018

Beatrix

Cooke

Driefontein

Kloof

DRDGOLD

2019

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	25
formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 11 of the relevant notes in the condensed consolidated provisional financial statements

Update on recent acquisitions

Integration of Marikana progressing well

		10 Dec	Jan 2020
	25 Sep	CCMA	Aug 2020E
10 Jun	consultation	Workforce
Issued S189	process	transition	Operational
Day 1	notice	complete	concluded	stabilisation

14 Jun	15 Nov	Marikana	Jul 2020E
AMCU sets	Signed	Christmas	System
Break
wage	wage	integration
demand	agreement		complete

Day 1-180 functional stream plan execution	Evaluation of projects (K4, Newman and Pandora)
Change and stakeholder impact assessment	Continued stakeholder engagement
Synergy Initiative identification and evaluation	Synergy initiative monthly tracking and reporting
Management of interdependencies and risks across functional streams	Integration management office (IMO) milestone
	achievement tracking
Signed wage agreement and completion of restructuring (closure of the
Generation 1 shafts)

Delivery of anticipated synergies on track and ahead of initial expectations

27

…annualised synergies surpassing initial estimates

					Estimated
			Initial benefits	Realised benefits	annual
			identified	since acquisition	benefits
Category	Summary of key initiatives	(Rm)	(Rm)	(Rm)*
Closure of London offices	•	Corporate rationalisation (closing London office and delisting)	138	17	198
Operating (mine) and	•	Employees and management configured to reflect the	374	68	818
regional shared services		Sibanye-Stillwater operating model
synergies (Labour savings)	•	Consolidation of duplicated production and support functions
Optimal use of surface	•	Footprint reduction	125	74	127
infrastructure	•	Concentrator consolidation/optimisation
Sourcing and stores	•	Improved procurement and supply chain management	30	4	7
management
ICT	•	Payroll system aligned to Sibanye-Stillwater	63	5	20
	•	SAP system consolidation for South Africa
	•	Infrastructure consolidation
Other	•	Functional optimisation	0	12	33
Total	•	Savings	R730m per annum	R180m	R1.2bn
			(over 3 - 4 years)	(over 7 months)	(2020)
Additional possible savings	•	Processing synergies	550	0	0
Financing cost savings	•	Refinancing of the $169 million Lonmin PIM Prepay	0	120	210

Expected to realise 65% more annualised cost savings for the 2020 year

*Expected annual benefits have been calculated based on the current Marikana integration process	28

Global PGM cost curve (cash cost + capital)

Global PGM cash cost & capital curve (CY19E - at spot)

												Cumulative annual production (4E Koz)
		499	999		1 499	1 999	2 499	2 999		3 499		3 999		4 499	4 999	5 499	5 999	6 499	6 999	7 499	7 999	8 499
	2 500
(USD/oz)	2 250														Spot PGM Basket price received
2 000																	Marikana to move
Price	1 750																	down the cost curve
1 500																	as savings are
																	realised
basket
1 250
and	1 000
750
cost
500
Cash
250
	-	(SGL/AMS)Kroondal	Stillwater(SGL)	(IMP)LDI	(NHM)Booysendal	Mogalakwena(AMS)	DumpsSylvania(SLP)	Zimplats(IMP)	BRPM(RBP)	Union(SIY)	Unki(AMS)	(IMP/SGL)Mimosa	(ARM/IMP)RiversTwo	(ARM/AMS)Modikwa	Amandelbult(AMS)	(GLEN/AMS)Mototolo	Marula(IMP)	Rustenburg(SGL)		(SGL)Marikana	Zondereinde(NHM)		MineImpala(IMP)
	Boulder(SGL)
			*

Realisation of synergies to move Marikana down the cost curve

1. 500

1. 250

1. 000

1. 750

1. 500

1. 250

1. 000
   -

Source: Nedbank	29
*Excludes current growth capital from Blitz

Strategic stake in DRDGOLD - ESG focused dump retreatment specialist

• About DRDGOLD

• Specialist mining company delivering value through re-treatment of legacy surface tailings
• Reduces environmental liabilities and potential health risks for surrounding communities
• For more information, refer to https://www.drdgold.com

• A strategic investment with a strong commercial underpin
• • 50.1% shareholding in listed entity currently worth
    R4.1 billon
  • Vended in selected surface assets for 38.05% stake
  • • No value attributed to assets by market
    • Significant future rehabilitation liability and expense

- Paid cash of R1 billion to increase stake to 50.1% on 22 Jan 2020

› Price paid R6.46 per share versus current price R9.50* value uplift = R511million

- Dividends received to date: R52m (Aug 2019) and R108m (Feb 2020)

Delivering value while addressing environmental liabilities

* DRDGOLD share price on 14 Feb 2020

30

Intellectual capacity into tomorrow's metals - SFA Oxford acquisition

• About SFA (Oxford)
• • World-renownedauthority on platinum-group metals and provides in-depth market intelligence on battery raw materials and precious metals for industrial, automotive, and smart city technologies, as well as on jewellery and investment trends
  • For more information refer to https://www.sfa-oxford.com/

• Acquired in March 2019
• Expected an update on work done on battery metals for Sibanye- Stillwater in Q2 2020
• In-depthmarket research and integrity are underpinned by extensive consulting from mine to market to recycler
• Unrivalled understanding of industry dynamics

SFA works across the whole industry value chain

SFA Oxford is launching its first International PGM Hydrogen Forum in Tokyo in 2020, representing raw material producers (PGMs),

fabricators, trading houses, end-users and investors, to offer unique insights into industry opportunities and challenges.

Fast tracking our PGM insights & technology

31

Financial performance

Income statement for the year ended 31 Dec 2019

Rm	2019	2018
Revenue	72,925	50,656
Cost of sales, before amortisation and depreciation	(56,100)	(41,515)
Net other cash costs	(1,869)	(772)
Adjusted EBITDA1	14,956	8,369
Amortisation and depreciation	(7,214)	(6,614)
Net finance expense	(2,742)	(2,653)
(Loss)/gain on financial instruments	(6,015)	1,704
Gain on foreign exchange differences	326	1,169
Impairments	(86)	(3,041)
Gain on derecognition of borrowings and derivative financial
instrument	-	230
Gain on acquisition	1,103	-
Restructuring costs	(1,252)	(143)
Net other	68	(245)

Revenue increased by 44%. US PGM operations increased by 69% or R10,992m (37% higher average 2E basket price, 9% weaker ZAR exchange rate and increased recycling volumes), SA PGM increased by 82% or R12,425m (Marikana operations included, 44% higher average 4E basket price). The SA gold operations incl. DRDGOLD decreased by 5% (industrial action impact - 33% reduction in Oz sold, partially offset by higher gold price).

Cost of sales before amortisation and depreciation increased at the US PGM operations due to increased recycling volumes (R6,772 m) and decreased at both the SA PGM (excl. Marikana) and SA gold operations due to the transition to Toll processing and the impact of industrial action, respectively.

Net other cash costs include care and maintenance costs of R548m at Cooke operations; R154m at the Marikana operations and R46m at Burnstone. Also included are strike related costs of R402m, corporate social investment of R149m and lease payments of R132m.

Amortisation and depreciation increased mainly due the inclusion of the Marikana operations.

Net finance expense was flat.

Loss on financial instruments included fair value loss on the US$ Convertible Bond derivative financial instrument of R3,912m (258% higher share price), and an increase in fair value loss on the Rustenburg BEE share-based payment obligation and deferred payment at the Rustenburg operations of R1,218m and R867m, respectively (higher PGM basket prices).

Gain on acquisition of R1,103m arose on the acquisition of Lonmin.

	Loss before royalties, carbon tax and tax	(856)	(1,224)			Restructuring costs - Marikana and SA gold operations of R692m and R386, respectively.
	Royalties	(431)	(213)
Royalties include R357m at the SA PGM operations and R74m at the SA gold operations.
	Carbon tax	(13)	-
Mining and income tax charge for 2019 comprised of R1,849m in current tax due to the increase in
	Mining and income tax	1,733	(1,084)			taxable mining income from the US and SA PGM operations. This was offset by a R3,582m deferred tax
						credit, resulting from tax reforms in the US PGM operations and deferred tax credit relating to the
	Profit/(Loss)	433	(2,521)			Rustenburg BEE share-based payment obligation.	33
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 formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 11

of the relevant notes in the condensed consolidated provisional financial statements

Share appreciation impact on the Convertible bond

ZAR Share Price (cents)

										Convertible bond
4 000														10 000
3 500														9 000
															8 000	Bond
3 000
															7 000	ZAR
2 500														6 000
															Value
2 000														5 000
1 500														4 000	ZAR -
																	(Millions)
															3 000
1 000
															2 000
500														1 000
-																	0
	19 Sep 2017	H2 2017	H1 2018		H2 2018	H1 2019		H2 2019
		Share Price			Debt component			Equity component	Option redemption price		Conversion Price

• Convertible bond of US$384 million due Sep 2023 valued at US$623 million at 31 Dec 2019 due to higher share price
• • resulted in a loss R3,359 million due to fair value movements of the derivative
• Soft call option on convertible bond in Oct 2020

34

Normalised earnings enabling possible future dividends

Figures in million - SA rand	Six months ended	Year ended
	Unaudited	Reviewed	Unaudited	Reviewed	Audited
	Dec 2019	Revised	Dec 2018	Dec 2019	Dec 2018
		Jun 2019
Profit/(loss) attributable to the owners of	316.9	(254.7)	(2,576.3)	62.2	(2,499.6)
Sibanye-Stillwater
Adjustments to normalise earnings	4,154.4	(1,856.3)	1,660.6	2,298.1	1,062.7
Normalised earnings1
4,471.3	(2,111.0)	(915.7)	2,360.3	(1,436.9)

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

Dividend policy: Sibanye-Stillwater's dividend policy is to return at least 25% to 35% of normalised earnings to shareholders and after due consideration of future requirements the dividend may be increased beyond these levels.

The primary strategic priority for 2019 has been to deleverage the Balance sheet and to reduce gross debt over the 12- 24 month period from US$1.8bn to US$1bn.

The most likely time for a return to dividend payments is expected to be in H1 2020, subject to prevailing commodity prices.*

*Based on the current deleveraging trajectory and subject to current commodity prices, ongoing	35
management review and approval by the Board

Deleveraging in line with our strategic objectives

		Net debt to adjusted EBITDA1
	30 000	4.0
		3.5
		3.0
	25 000	2.5
million
	2.0	x
R	20 000	1.5
		1.0
		0.5
	15 000	0.0

Jun 17 Sep 17 Dec 17 Mar 18 Jun 18	Sep 18 Dec 18 Mar 19 Jun 19 Sep 19 Dec 19
		Net debt balances (lhs)			Net debt: Adjusted EBITDA (rhs)
		Covenant limit (rhs)			Linear (Net debt balances (lhs))

• Accelerated de-leveraging
• • Net debt: adjusted EBITDA reduced to 1.25x* ahead of 1.8x targeted
• Expected return to dividends after H1 20202
• • The company's dividend policy to return at least 25% to 35% of normalised earnings to shareholders
• Covenant limit of 3.5x for 2019 steps down to 2.5x in 2020

Accelerated ND: adjusted EBITDA1 ratio, with net debt of US$1,497 million (R20.1 billion) as at 31 Dec 2019

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 formula. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note 11 of the relevant notes in the condensed consolidated provisional financial statements
2. Based on the current deleveraging trajectory and subject to current commodity prices, ongoing management review and approval by the Board
3. *For covenant calculations Marikana's pro forma EBITDA is utilised (i.e. adjusted to represent a full 12-month period, rather than 7 month as consolidated for accounting purposes) in order to more accurately represent the 36 enlarged entity post an acquisition. This results in a 1.25x ratio for covenant calculation purposes, compared to a 1.4x ratio reported in the financial results

Available liquidity and limited near term debt maturities

2021 RCF			2022 RCF		2023 Convertible bond
LIBOR+1.85%-2.00%			JIBAR+2.4%-2.6%		1.875%
US$600m			R5,500m		US$450m
Outstanding value			Outstanding		Outstanding nominal value US$384m
US$408m			value R2,500m		Redemption option in October 2020
(Subject to				(Subject to
extension				extension
options)				options)
Due dates	2021		2022		2023			2025

2022 Senior note	2025 Senior note
6.125%	7.125%
$500m	$550m
Outstanding nominal value $354m	Outstanding nominal value $347m

Size of bubble = size of facility

Bubble fill = quantum drawn/due

Spot on timeline = facility due date

Available liquidity with no debt maturities during 2020

•	Net Debt in accordance with the financing facilities excludes the non recourse Burnstone facility and lease liabilities. Bubble sizes and summary information represents nominal values are for	37
	illustrative purposes
•	Note: Debt/facility balances are at 31 Dec 2019

Extension options within the RCF's provide additional flexibility

Adjusted Debt maturity ladder (i.e. Capital repayment profile) as at 31 December 2019

1. 500

1. 000

million												$339
1 500
US$									$623
1 000
						$348
	500
					$178			$178
						$306	$408
	0				$102
	2020	2021	2022	2023	2024	2025
				US$600m dollar RCF				R5.5bn ZAR RCF
				US$354m 6.125% 2022 bonds			US$384m 1.875% 2023 convertible
				US$347m 7.125% 2025 bonds

The US$354 million June 2022 High Yield bonds are expected to be the next debt maturity

• The above tenor extensions and/or value uplifts may be approved by the lenders if requested by Sibanye-Stillwater

• 3 year US$600 million USD RCF (R8.5 billion) includes option to extend* for two years and/or increase the facility value to US$750 million (R10.5 billion)
• • 75% of the USD RCF lenders approved the first one year extension of April 2021 maturity
• 3 year R5.5 billion ZAR RCF (US$390 million) includes option to extend* for a further two years and/or increase the facility value to R7.5 billion (US$530 million)

38

A new chapter

Conclusion

Our strategic focus areas

Strengthen our position as a leading international precious metals mining company by:

ESG is central and integrated

40

Strong shareholder value creation returns - intention to resume dividends*

•

Significant value created

400

Relative share price performance

by share price increase

•

Outperformed peers over

350

14 months but came off

300

low base

•

Previous discount related

250

to safety incidents in 2018,

five months gold strike, high

200

gearing and delayed

%

150

Lonmin transaction

100

50

0

Jan-19

Feb-19Mar-19

Apr-19

May-19

Jun-19

Jul-19

Aug-19Sep-19

Oct-19

Nov-19

Dec-19Jan-20

Feb-20

-50

Sibanye-Stillwater

AngloGold

Gold Fields

Harmony

FTSE/JSE ALSI

AngloPlat

Implats

Source: IRESS	41
* Based on the current deleveraging trajectory and subject to current commodity prices, ongoing management review and approval by the Board

Undervalued compared to Peers

Market consensus analysis

EV / EBITDA (2020e / 2021e)

P / FCFPS (2020e / 2021e)

Net debt / 2020e EBITDA

Senior Gold¹

8.9x

Senior Gold¹

21.1x

Senior Gold¹

0.7x

8.9x

20.7x

Intermediate

5.7x

Senior PGM³

13.2x

Sibanye-

0.4x

Gold²

5.4x

19.0x

Stillwater

Senior PGM³

5.4x

Intermediate

12.7x

Intermediate

0.2x

5.6x

Gold²

10.2x

Gold²

Sibanye-

2.8x

Sibanye-

3.9x

Senior PGM³

0.1x

Stillwater

3.2x

Stillwater

3.2x

EV & market cap (USDm)

30 423

Senior Gold¹

24 421

15 962

Senior PGM³

15 815

Sibanye-		8 979
Stillwater			7 558
Intermediate
	6 619

Gold²	6 025

Sources: Public information, FactSet, broker reports. Market data as of February 14, 2020

1. Senior Gold consists of Newmont, Barrick, Newcrest and Agnico Eagle
2. Intermediate Gold (excluding Sibanye - Stillwater) consists of Kirkland Lake, AngloGold, Northern Star, Kinross, Gold Fields, B2Gold, Evolution and Harmony

3. Senior PGM (excluding Sibanye - Stillwater) consists of Anglo American Platinum and Impala Platinum

42

2020 Annual guidance

	Production	All-in sustaining costs	Total capital
US PGM operations	660 - 700 koz	US$785 - 820/oz	US$260 - 280 million
(2E mined)
SA PGM operations²	1.0 - 1.10 moz	R15,700 - 16,500/4Eoz	R1,450million
(excluding Marikana)	(4E PGMs)²	(US$1,083 - 1,138/4Eoz)¹	(US$100 million)¹
Marikana operation	700 -750 koz	16,600 - 17,300/4Eoz	R1,650 million
(US$1,144 - 1,193/4Eoz) ¹	(US$114 million)¹
SA Gold operations	29,000kg - 31,000kg	R635,000/kg and R670,000/kg	R3,340 million
(excluding DRDGOLD)	(932koz - 997koz)	(US$1,362/oz and US$1,437/oz)	(US$230 million)

Source: Company forecasts

1.	Estimates are converted at an exchange rate of R14.50/US$	43
2.	SA PGM operations' production guidance include the 50% attributable Mimosa production, although AISC and capital exclude Mimosa due it being equity accounted

In summary

• Established ESG framework to guide the running of our business
• • To improve safety
  • To look after communities around us
  • To become a reference producer of "green" metals
• Created a new precious metals leader through organic growth and M&A
• • Successful integration of past acquisitions bearing fruit (Rustenburg, Aquarius, Stillwater)
  • Momentum continued in 2019
  • • Restructured gold operations
    • Completed Lonmin (Marikana) acquisition with fair Competition Commission conditions
    • Increased strategic stake in DRDGOLD
• With certain balance sheet de-risking activities completed, a high priority for the company is to restart dividends in 2020*

* Based on the current deleveraging trajectory and subject to current commodity prices, ongoing management review and approval by the Board	44

Questions?

Contacts

James Wellsted/ Henrika Ninham

[e-mail]

Tel:[phone]

JSE: SGL ticker changed to SSW from 19 February 2020

NYSE: Ticker SBGL will change to SBSW on 24 February 2020

Appendix

Competent persons' declaration

For the United States Region operations, the lead competent person designated in terms of the SAMREC Code, who takes responsibility for the consolidation and reporting of the Stillwater and East Boulder Mineral Resources and Mineral Reserves, and for the overall regulatory compliance of these figures, is Brent LaMoure, who gave his consent for the disclosure of the 2019 Mineral Resources and Mineral Reserves Statement. Brent [B.Sc Mining Eng] is registered with the Mining and Metallurgical Society of America (01363QP) and has 25 years' experience relative to the type and style of mineral deposit under consideration. For the US projects Resource estimation, the competent persons are Stanford Foy (Altar and Rio Grande) and Rodney N Thomas (Marathon). Stan is a full-time employee of Aldebaran Resources Inc. and a consultant to Sibanye-Stillwater, is registered with the Society for Mining, Metallurgy and Exploration Inc. (4140727RM) and has 28 years' experience relative to the type and style of mineral deposit under consideration. Rodney is registered with the Society for Professional Geoscientists (Ontario) and has 40 years' mineral industry experience, including several years relative to the type and style of mineral deposit under consideration and is the designated Qualified Person for Generation Mining Limited.

For the Southern African Platinum Operations, the lead competent person designated in terms of the SAMREC Code, who takes responsibility for the consolidation and reporting of the SA Platinum Operations Mineral Resources and Mineral Reserves, and for the overall regulatory compliance of these figures, is Andrew Brown, who gave

his consent for the disclosure of the 2019 Mineral Resources and Mineral Reserves Statement. Andrew [M.Sc Mining Eng] is registered with SAIMM (705060) and has 36 years'

experience relative to the type and style of mineral deposit under consideration.

For the Southern African Gold Operations, the lead competent person designated in terms of the SAMREC Code, with responsibility for the consolidation and reporting of the SA Gold Operations Mineral Resources and Mineral Reserves, and for overall regulatory compliance of these figures, is Gerhard Janse van Vuuren, who gave his consent for the disclosure of the 2019 Mineral Resources and Mineral Reserves Statement. Gerhard [GDE (Mining Eng), MBA, MSCC and B. Tech (MRM)] is registered with SAIMM (706705) and has 32 years' experience relative to the type and style of mineral deposit under consideration.

For the 38.05% attributable portion (as at 31 December 2019) of the DRDGOLD current surface tailings operations includes the ERGO and FWGR operations, the company was reliant on external competent persons as follows: For the ERGO Mineral Resources the Competent Person designated in terms of SAMREC is Mr M Mudau, MSc Eng, Pr. Sci. Nat., the Resource Geology Manager at the RVN Group. The Competent Person designated in terms of SAMREC who takes responsibility for the reporting of the surface Mineral Reserves, is Professor S Rupprecht, Principal Mining Engineer of the RVN Group. The Competent Person designated in terms of SAMREC who takes responsibility for the reporting of the Mineral Reserves for the Far West Gold Recoveries operation, is Mr Vaughn Duke of Sound Mining Proprietary Limited.

47