Exhibit 99.1

Johannesburg, 28 October 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an operating update for the quarter ended 30 September 2021. Financial results are only provided on a six-monthly basis.
SALIENT FEATURES - QUARTER ENDED 30 SEPTEMBER 2021 (Q3 2021) COMPARED TO QUARTER ENDED 30 SEPTEMBER 2020 (Q3 2020)
•Solid operational results confirm the stabilisation of operations at pre-COVID-19 levels
• Robust financial performance - Group adjusted EBITDA of R14.9 billion (US$1 billion)
•Successful vaccine rollout to date - approximately 78% of employees in South Africa vaccinated
•Capital allocation discipline - early redemption of 2022 notes and 5% share buy-back successfully concluded
•Significant progress on green metals strategy - strategic acquisitions announced, shaping a meaningful initial footprint
•Precious metal prices stabilising - outlook positive
US dollar SA rand
Quarter ended Quarter ended
Sep 2020 Jun 2021 Sep 2021 KEY STATISTICS Sep 2021 Jun 2021 Sep 2020
UNITED STATES (US) OPERATIONS
PGM underground operations1,2
147,835 143,951 144,325 oz
2E PGM production2
kg 4,489 4,477 4,598
1,898 2,432 2,114 US$/2Eoz Average basket price R/2Eoz 30,924 34,366 32,095
181 242 179 US$m
Adjusted EBITDA3
Rm 2,622 3,424 3,057
62 66 59 %
Adjusted EBITDA margin3
% 59 66 62
875 1,031 968 US$/2Eoz
All-in sustaining cost4
R/2Eoz 14,156 14,561 14,803
PGM recycling1,2
202,661 207,398 179,765 oz
3E PGM recycling2
kg 5,591 6,451 6,303
2,246 3,426 4,386 US$/3Eoz Average basket price R/3Eoz 64,167 48,409 37,980
10 26 30 US$m
Adjusted EBITDA3
Rm 436 374 170
4 4 4 %
Adjusted EBITDA margin3
% 4 4 4
SOUTHERN AFRICA (SA) OPERATIONS
PGM operations2
416,934 468,681 500,073 oz
4E PGM production2,5
kg 15,554 14,578 12,968
2,179 3,833 2,895 US$/4Eoz Average basket price R/4Eoz 42,347 54,158 36,840
549 1,136 721 US$m
Adjusted EBITDA3
Rm 10,542 16,058 9,287
58 65 56 %
Adjusted EBITDA margin3
% 56 65 58
981 1,146 1,093 US$/4Eoz
All-in sustaining cost4
R/4Eoz 15,992 16,193 16,597
Gold operations
288,938 269,455 293,761 oz Gold produced kg 9,137 8,381 8,987
1,845 1,807 1,781 US$/oz Average gold price R/kg 837,799 820,688 1,002,945
190 69 97 US$m
Adjusted EBITDA3
Rm 1,421 975 3,218
37 14 19 %
Adjusted EBITDA margin3
% 19 14 37
1,316 1,778 1,692 US$/oz
All-in sustaining cost4
R/kg 796,008 807,623 715,345
GROUP
922 1,467 1,017 US$m
Adjusted EBITDA3
Rm 14,877 20,723 15,592
16.91 14.13 14.63 R/US$ Average exchange rate using daily closing rate
1The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated to SA rand (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
2Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au), and in the US operations is principally platinum and palladium, referred to as 2E (2PGM) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E (3PGM)
3The 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. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA reconciliation - Quarters". Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
4See "Salient features and cost benchmarks - Quarters" for the definition of All-in sustaining cost (AISC) and the "Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
5The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production including third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"

Sibanye-Stillwater Operating update | Quarter ended 30 September 2021 1

Stock data for the Quarter ended 30 September 2021 JSE Limited - (SSW)
Number of shares in issue* Price range per ordinary share (High/Low) R45.58 to R64.52
- at 30 September 2021 2,838,104,936 Average daily volume 14,734,089
- weighted average 2,898,425,858 NYSE - (SBSW); one ADR represents four ordinary shares
Free Float 99 % Price range per ADR (High/Low) US$12.07 to US$17.59
Bloomberg/Reuters SSWSJ/SSWJ.J Average daily volume 2,786,623
*The number of shares in issue at 30 September 2021 includes 23,941,416 ordinary shares which were repurchased as part of the share buy-back programme but not yet cancelled as at 30 September 2021

OVERVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 2021 COMPARED TO QUARTER ENDED 30 SEPTEMBER 2020

The Group recorded another solid operational performance for Q3 2021. Consistent results from the Group operating segments for a second consecutive quarter at pre-pandemic levels, while continuing to adhere to COVID-19 protocols, is a significant achievement.

South Africa was significantly impacted by a third and more severe wave of COVID-19 infections which extended into Q3 2021. Despite an associated increase in infection rates among our employees resulting in staffing challenges during July and August 2021, due to the integrity of our COVID-19 protocols, the South African operations were able to continue without significant disruption throughout the quarter. While infection rates in South Africa have fallen since the end of September 2021, the ongoing impact of the COVID-19 pandemic has highlighted the imperative of taking bolder steps to ensure the safety and well-being of employees in the workplace.

SAFE PRODUCTION
The roll out of our Group wide safe production intervention, the "Rules of Life" campaign continued during Q3 2021, delivering positive results through most of the quarter, including a significant decline in injuries and an increase in the number of consecutive workdays during which no recordable/reportable safety incidents occurred.

Regrettably, we were unable to report a fatality free quarter due to a tragic incident at our SA gold operations on 19 September 2021, which resulted in the loss of three colleagues.

While conducting a search and rescue operation to locate an employee, Vittalis Matanhire, a supervisor engineering electrician, who went missing after completing routine maintenance work with his team on 19 September 2021, two members of our Driefontein mine rescue team (proto team) Leon Peacock (team captain) and George Kolbe (team member) were overcome by heat in a back area at the Kloof Thuthukani shaft, on the evening of 19 September 2021. Following continued search and rescue efforts by the proto teams, Mr Matanhire's body was located on 22 September 2021 some distance from, and a level below, where he had been carrying out electrical maintenance work with his team. Mr Matanhire is survived by his wife and two children, Mr Peacock by his wife and child and Mr Kolbe by his three children. The Board and management of Sibanye-Stillwater extends heartfelt condolences to the families, friends and colleagues of the deceased employees. The incident is being investigated with all relevant stakeholders and appropriate support is being provided to the families of the deceased.

The health and safety of our employees remains the most important priority and we remain committed to continuous improvement in health and safety at our operations. We are enhancing our focus on ensuring a safe work environment and instilling a values-based culture throughout the organisation.

Our ongoing efforts to ensure the safety and well-being of our employees, included applying for accreditation to administer COVID-19 vaccines earlier in the year. After approval was granted by the South African Department of Health on 24 June 2021, our planned COVID-19 vaccination programme was rolled out to eligible employees in South Africa and extended to the entire workforce as soon as blanket authorisation was obtained. As a result of detailed pre-planning, including the preparation of vaccination sites with world class protocols and sufficient refrigeration capacity as well as training and registering healthcare employees well ahead of accreditation, the vaccine roll out has been a notable success. About 50,000 (approximately 76%) of our full time employees in South Africa had been vaccinated by 21 October 2021. We continue to drive the vaccine roll out through high visibility communication campaigns and have extended it to dependents of our employees. There has however, been a noticeable slow-down in vaccination rates and due consideration is now being given to the next steps that will be required to ensure healthy and safe working environments at our operations, with minimal risk of transmission of COVID-19.

The SA PGM operations again delivered outstanding results during Q3 2021, with 4E PGM production increasing by 20% and all-in sustaining cost (AISC) declining by 4% year-on-year. This decline in costs is notable in the context of significant inflationary pressures with annual electricity tariffs in South Africa in particular continuing to rise at rates well above inflation. As highlighted during the PGM investor day on 23 September 2021 (https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), the consistent operational performance and excellent cost management delivered by the SA PGM operations, has resulted in the SA PGM operations migrating down the industry cost curves. With unit costs at the US PGM operations forecast to decline significantly by 2025 as production from Stillwater East builds up, our relative competitiveness in the global PGM industry expected to continue to improve.

As previously highlighted (in our H12021 results at https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), a production shortfall of approximately 40,000 2Eoz is anticipated from the US PGM operations during H2 2021. This is primarily due to the temporary loss of producing blocks at the Stillwater West mine following the imposition of operational restrictions by the Mine Safety and Health Administration (MSHA) after the fatal incident at the Stillwater West mine in June 2021. Consequently, mined 2E PGM production from the US PGM operations was marginally lower than for the comparable period in 2020, with AISC 11% higher. Cost management is a priority for management at the US PGM operations to counter inflationary cost pressures, and the 6% reduction in AISC for Q3 2021 relative to Q2 2021 is positive.

Sibanye-Stillwater Operating update | Quarter ended 30 September 20212

3E PGM production from the PGM recycling operations was 11% lower than for the comparable period in 2020 as a result of temporary processing disruptions, which have since been resolved with feed rates recovering towards the end of the quarter. The recycling operations continued to benefit from robust PGM prices, in particular for rhodium, resulting in adjusted EBITDA increasing to US$30 million for Q3 2021 compared with US$10 million for Q3 2020.

Production from the SA gold operations was 2% higher than for Q3 2020 reflecting normalisation of operations after the COVID-19 disruptions in 2020, with mined grades returning to planned levels. AISC increased 11% year-on-year due to a higher operating costs associated with the increase in production and carry-over of ore reserve development (ORD) and maintenance capital from 2020. AISC for Q3 2021 was however marginally lower than for the previous quarter and well below average AISC guidance for the year, achieving a positive adjusted EBITDA margin of 19% for the quarter.

Despite the solid operational performance, lower average PGM and gold prices for Q3 2021 resulted in a decline in Group adjusted EBITDA from record levels achieved in previous quarters. Group adjusted EBITDA of R14,877 million (US$1,017 million) for Q3 2021 was 5% lower than for Q3 2020. PGM prices continued to decrease during Q3 2021 as a result of the ongoing global chip shortage that continues to negatively impact PGM demand in the automobile industry. Prices have since stabilised and we remain confident that the automobile supply chain constraints should start easing during the course of 2022.

Consistent with the Group capital allocation framework and the robust operational and financial outlook, a decision was made to redeem the US$353 million June 2022 corporate bonds early. This was successfully concluded on 2 August 2021, reducing future financing costs and further enhancing balance sheet flexibility. The share buy-back programme which commenced on 2 June 2021, was also successfully concluded on 4 October 2021, well ahead of schedule. The buy-back was executed during a period of relative market weakness, enabling the purchase of 147,700,000 ordinary shares (5%) for an aggregate purchase price of R8.1 billion (excluding costs). The repurchased shares have been cancelled and their listing removed.

We have significantly advanced our green metals strategy (covered in detail at our interim results presentation on 26 August 2021 and available at https://www.sibanyestillwater.com/news-investors/reports/quarterly/2021/), announcing two transactions during Q3 2021 and two further transactions during the past week. In summary:

•On 30 July 2021 the proposed acquisition of 100% of Eramet's Sandouville nickel processing facilities in Le Havre, France for an effective cash cost of Euro 65 million, was announced. This existing hydrometallurgical facility which is already zoned for heavy industrial purposes, is scaleable for nickel, cobalt and lithium battery grade products with potential to introduce recycling operations, and will provide strategic access to extensive logistical infrastructure supporting future supply of battery metal products into the European end user markets
•On 16 September 2021 a proposed 50:50 joint venture (JV) with ioneer with respect to ioneer's Rhyolite Ridge Lithium-Boron project in Nevada, USA, was announced. In terms of the proposed transaction, Sibanye-Stillwater will, after various conditions have been met and relevant permits have been obtained, contribute US$490 million for a 50% interest in the JV and subscribe for a 7.1% direct equity share in ioneer for approximately US$70 million. Rhyolite Ridge is a world-class lithium project with the potential to become the largest and lowest cost lithium mine in the US and is strategically positioned close to the rapidly developing battery production facilities in the region
•On 26 October 2021, the proposed US$1 billion acquisition of the low cost Santa Rita nickel and Serrote copper mines in Brazil from Appian Capital, was announced. The transaction represents a unique opportunity for Sibanye-Stillwater to acquire significantly pre-developed and pre-capitalised, low-cost, producing nickel and copper assets with strong ESG credentials and will provide a platform for growth in South America. The assets will continue to be managed by the existing high-quality team which has a wealth of operating experience in Brazil
•On 27 October the proposed acquisition of a 19.9% stake in New Century, a leading Australian tailings reprocessing Group for a maximum cash consideration of US$46 million, was announced. This transaction represents a significant next step in our strategy of building a leading global tailings retreatment business, diversified by commodity and geography, which is a critical element in building our portfolio of green metals, and complements the position we have established in the mineral resources circular economy through our investment in DRDGOLD

These transactions are the outcome of over two years of detailed analysis of the battery metals markets and provide the Group with a solid initial platform for sustained value creation establishing it as a meaningful participant at a formative stage in the growth of the future green global economy.

Notwithstanding the acceleration of our green metals strategy, we continue to invest in the sustainability of our existing operations. The R6.3 billion investment in high return SA PGM and gold projects (K4, Klipfontein and Burnstone) that we announced at our year-end results on 18 February 2021, has now commenced and we estimate that around R850 million will be spent in 2021. In the US, we continue to invest in growth at Stillwater East. These investments will secure employment and deliver significant economic value to all stakeholders over the long term.

OPERATING REVIEW

US PGM operations
Mined 2E PGM production for Q3 2021 of 144,325 2Eoz was 2% lower than for Q3 2020. Production from the Stillwater operation (including Stillwater West and Stillwater East) was 90,262 2Eoz, or 2% lower than for Q3 2020, primarily due to reduced heading availability in key production stopes constrained by rail restrictions, resulting in mining of lower grade areas. East Boulder delivered 54,063 2Eoz, 3% lower than for Q3 2020, due to reduced high grade sublevel mining throughput. Tonnes milled for Q3 2021 totalled 384kt, 4% higher than for Q3
Sibanye-Stillwater Operating update | Quarter ended 30 September 20213

2020. Plant head grade of 12.9g/t for Q3 2021 was 5% lower than for Q3 2020, impacted by the lack of operational flexibility, primarily at Stillwater West where the revised rail standard operating procedures were being implemented by the site teams.

Returnable ounce sales for Q3 2021 of 132,637 2Eoz, were 8% lower year-on-year and also 8% lower than 2E oz produced, mainly due to operational outages, resulting in lower concentrate production, coupled with downtime at the metallurgical complex.

Total development was also impacted by the MSHA restrictions resulting from the Q2 2021 accident but increased by 4% year-on-year to 7,262 metres. Total Stillwater East expansion development of 2,568 metres was 25% higher than Q3 2020, as a result of the focus on increasing operational flexibility.

AISC of US$968/2Eoz for Q3 2021 was 11% higher than for the comparable period in 2020 (US$875), primarily due to the ongoing impact of the safety incident and associated restrictions. AISC declined by 6% quarter-on-quarter from US$1,031/2Eoz for Q2 2021. Higher royalties, insurance and taxes added US$195/2Eoz to AISC for Q3 2021 compared with US$174/2Eoz for Q3 2020, a 12% increase.

PGM recycling operations
The recycling operations fed an average of 22.7 tonnes per day (tpd) for Q3 2021, 7% lower than for the comparable period in 2020. Reduced feed rates were largely a consequence of unplanned downtime at the Columbus Metallurgical Complex during the quarter. These issues have been addressed, with feed rates recovering to approximately 29 tpd for Q4 2021 to date. The recycling operation is currently expending approximately US$8 million per day on recycle advances compared with US$10 million per day for H1 2021, resulting in a recycle working capital of approximately US$624 million at the end of September 2021. This represents a reduction of around US$200 million during Q3 2021 with the segment's working capital reducing due to lower PGM prices during the quarter. Recycle inventory of approximately 449 tonnes at the quarter end reflects a 17 tonnes increase from approximately 432 tonnes at the end of Q2 2021. Assuming constant feed rates are maintained during Q4 2021, recycle inventory should reduce to approximately 300 tonnes by year-end.

SA PGM operations
The SA PGM operations continue to perform strongly in Q3 2021 with 4E PGM production (excluding third party purchase of concentrate (PoC)) of 500,073 4Eoz, 20% higher than for the comparable period in 2020 (which was impacted by the slow start-up of operations post the COVID-19 lockdown) and 7% higher than for Q2 2021, confirming the sustainable return to normalised operating levels at all the operating sites while continuing to adhere to COVID-19 protocols. Third party PoC processed at Marikana smelting and refining operations increased by 27% to 13,703 4Eoz year-on-year. AISC (excluding the cost of third party PoC) for Q3 2021 of R15,992/4Eoz (US$1,093/4Eoz), was 4% lower than for Q3 2020 (R16,597/4Eoz (US$981) despite higher royalties of R573 million (US$39 million) compared to R444 million (US$26 million) for Q3 2020.

4E PGM production from the Rustenburg operation for Q3 2021 of 183,606 4Eoz, was 19% higher year-on-year. Surface production increased by 9% with underground production increasing by 20%. This reflects the normalisation of production from the COVID-19 disruptions in 2020 as well as improved plant head grades at both the underground and surface operations. AISC for the Rustenburg operations decreased by 6% year-on-year to R17,701/4Eoz (US$1,210/4Eoz) as a result of the increase in production.

Kroondal continued to perform strongly, with 4E PGM production of 61,083 4Eoz for Q3 2021, 15% higher than for the comparable period in 2020. Kroondal AISC of R12,327/4Eoz (US$843/4Eoz), was 4% lower than Q3 2020 as a result of increased production.

4E PGM production from the Marikana operations (excluding third party PoC) of 212,888 4Eoz for Q3 2021, was 28% higher than for Q3 2020. Underground mined production increased by 28% to 205,340 4Eoz and surface production increased by 12% to 7,548 4Eoz. Third party concentrate processed at the Marikana smelting and refining operation increased by 27% year-on-year to 13,703 4Eoz compared to 10,781 4Eoz in Q3 2020. Processing of third party concentrate generates meaningful profit for Marikana smelting and refining operations through more effective utilisation of available capacity. AISC (excluding cost of third party PoC) for the Marikana operations of R15,933/4Eoz (US$1,089/4Eoz), was consistent with the comparable period in 2020, with the increased production output offsetting a significant inventory build of R1,043 million (US$62 million) in Q3 2020.

Attributable 4E PGM production from Mimosa of 28,770 oz was 9% lower than for Q3 2020. The focus is currently to optimise the reagent suite and cell settings across the flotation circuit to improve recoveries. AISC increased by 14% year-on-year to US$1,045/4Eozmainly due to reduced volumes.

Chrome sales for Q3 2021of approximately 561kt were 31% higher than for Q3 2020 underpinning a 97% increase in chrome revenue. The chrome price received of US$170/tonne was 23% higher than for Q3 2020 (US$138/tonne).

Capital expenditure of R948 million (US$65 million) for Q3 2021 was 85% higher than for the corresponding period in 2020, reflecting an increase in ORD and maintenance capital to more normalised levels and capital expenditure at organic projects. R56 million (US$4 million) was spent on the K4 project at the Marikana operation during Q3 2021.

SA gold operations
Production from the SA gold operations for Q3 2021 increased by 2% to 9,137kg (293,761oz) compared with Q3 2020). Gold production excluding DRDGOLD, increased by 3% to 7,688kg (247,175oz), with Beatrix mainly responsible for the increase. Underground tonnes milled increased by 22% from Q3 2020 which had been impacted by a slow build-up post COVID-19 lockdown in March 2020. Surface tonnes milled decreased by 5% year-on-year with significantly lower tonnages treated at Beatrix and Kloof. Underground yields decreased by 12% year-on-year in line with the increase in throughput as the operational mix normalised from a specific focus on higher grade panels for Q3 2020, as mining crews returned from COVID-19 lockdowns.

Sibanye-Stillwater Operating update | Quarter ended 30 September 20214

Total gold sold increased by 4% to 9,069kg (291,575oz) and excluding DRDGOLD the gold sold of 7,641kg (245,664oz) is 6% higher than for the same period in 2020 with 665kg (21,380oz) (2020: 338kg (10,867oz)) of unsold gold at the end of the current financial period.

AISC increased by 11% to R796,008/kg (US$1,692/oz) reflecting normalisation of operations with a significant increase in stoping and development rates compared with Q3 2020, when available crews were specifically deployed to stoping areas. AISC excluding DRDGOLD increased by 10% to R822,144/kg (US$1,748/oz) compared to Q3 2020. The increase was mainly due to the 14% increase in working cost and 64% increase in stay-in-business (SIB) capital, partly offset by a 4% increase in gold sold.

Capital expenditure (excluding DRDGOLD) increased by 48% to R1,076 million (US$74 million) compared to the same period in 2020. This was primarily due to a 38% increase in ORD (R199 million (US$14 million)) as the operations returning to normal production levels after the COVID-19 lockdown and some catchup in development to restore flexibility that was lost in 2020 with development meters 28% higher year-on-year.

Underground production from the Driefontein operation increased by 2% to 2,470kg (79,412oz) compared to the same period in 2020. Although the underground throughput increased significantly, this was offset by a normalisation of underground grades from the focus on high grade stopes during the phased production build up in 2020. AISC for Q3 2021 increased by 7% to R790,669/kg (US$1,681/oz) mainly due to a 9% increase in working cost and 45% increase in capital expenditure, partly offset by a 7% increase in gold sold.

Underground production from the Kloof operation decreased by 3% to 2,801kg (90,054oz) despite a 4% increase in tonnes milled, with higher throughput offset by lower grades as explained above. Surface production for the Kloof operation decreased by 45% to 253kg (8,134oz) due to ongoing depletion of the available surface reserves. AISC for Q3 2021 increased by 18% to R848,444/kg (US$1,804/oz) compared to the same period in 2020. The increase in unit cost is mainly due to the 10% decrease in gold sold together with the 4% increase in working cost and 31% increase in capital expenditure.

Underground production of 1,777kg (57,132oz) from the Beatrix operation was 35% higher year-on-year, with a 55% increase in throughput offset by a 13% decline in underground grade as a result of a change in focus from higher grade stopes during Q3 2020. Gold production from surface sources decreased by 53% to 30kg (965oz) as a result of depletion of higher grade sources. AISC for Q3 2021 decreased by 3% to R825,593/kg (US$1,755/oz) compared to the same period in 2020 primarily due to the increase in gold sold, which offset increased costs.

No underground production took place in 2021 from the Cooke operations. Surface gold production decreased by 12% to 290kg (9,324oz) due to lower throughput. Third party material continues to be toll treated at both the Cooke and Ezulwini plants. Care and maintenance cost at Cooke operations decreased by R9 million (US$1 million) to R154 million (US$11 million) due to lower infrastructure maintenance requirements.

DRDGOLD surface tonnes milled increased by 2% year-on-year, but due to a 7% decrease in grade, gold production of 1,449kg (46,586oz) was, 4% lower than for Q3 2020. AISC of R649,860/kg (US$1,382/oz) increased by 10% year-on-year.

OPERATING GUIDANCE FOR 2021
The previously revised 2E PGM production forecast from the US PGM operations is maintained at between 620,000 2Eoz and 650,000 2Eoz, with AISC of between US$910/2Eoz to US$940/2Eoz. Capital expenditure is forecast to be between US$285m and US$295m of which 55% to 60% is growth capital. Estimated PGM recycling for the year is unchanged at between 790,000 to 810,000 3Ekoz.

Forecast 4E PGM production from the SA PGM operations for 2021 is maintained at between 1,750,000 4Eoz and 1,850,000 4Eoz with AISC between R18,500/4Eoz and R19,500/4Eoz (US$1,230/4Eoz and US$1,295/4Eoz). Capital expenditure is forecast at R3,850 million (US$257 million) which includes R350 million (US$23 million) of project capital expenditure expected for the K4 and Klipfontein projects for the year. Due to the consistently strong operational performance from the SA PGM operations during 2021, 4E PGM production for 2021 is likely to be at the upper end of the guidance range with AISC at the lower end of guidance.

Forecast gold production from the SA gold operations for 2021 is maintained at between 27,500 kg (884,000 oz) and 29,500 kg (948,000 oz) with AISC of between R815,000/kg and R840,000/kg (US$1,690/oz and US$1,742/oz, revised higher due to higher electricity tariffs and other above inflation cost increases. Capital expenditure has been revised due to delays in delivery of certain capital assets due to the recent industrial action in South Africa and is now forecast to be approximately 4,100 million (US$273 million), including carry-over of unspent capital from 2020, due to the COVID-19 disruptions. R500 million (US$33 million) of project capital expenditure is included in the forecast, primarily for the Burnstone project and the Kloof 4 deepening project.

The dollar costs are based on an average exchange rate of R15.00/US$.

NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
Sibanye-Stillwater Operating update | Quarter ended 30 September 20215


SALIENT FEATURES AND COST BENCHMARKS - QUARTERS
US and SA PGM operations
US OPERA-TIONS
SA OPERATIONS
Total US and SA PGM1
Total US PGM
Total SA PGM1
Rustenburg
Marikana1
Kroondal Plat Mile Mimosa
Attributable
Under-
ground2
Total Under-
ground
Surface Under-
ground
Surface Under-
ground
Surface Attribu-table Surface Attribu-table
Production
Tonnes milled/treated 000't Sep 2021 10,747 384 10,363 4,964 5,399 1,778 1,442 1,889 1,044 945 2,913 352
Jun 2021 10,096 370 9,726 4,688 5,038 1,616 1,462 1,767 934 939 2,642 366
Sep 2020 9,570 371 9,199 4,229 4,970 1,546 1,446 1,526 976 795 2,548 362
Plant head grade g/t Sep 2021 2.46 12.92 2.08 3.40 0.86 3.37 1.17 3.89 0.87 2.40 0.71 3.58
Jun 2021 2.44 13.44 2.02 3.37 0.77 3.41 1.03 3.80 0.85 2.41 0.60 3.58
Sep 2020 2.42 13.62 1.96 3.31 0.82 3.25 0.98 3.72 0.87 2.49 0.71 3.60
Plant recoveries3
% Sep 2021 75.69 90.62 72.27 85.07 25.78 86.38 31.72 86.92 25.85 83.77 20.64 71.01
Jun 2021 77.35 88.86 74.20 85.78 26.44 88.16 31.80 87.19 25.36 83.09 21.80 73.20
Sep 2020 75.96 91.02 71.93 85.38 24.96 86.14 34.59 87.79 24.60 83.75 17.58 75.35
Yield3
g/t Sep 2021 1.86 11.71 1.50 2.89 0.22 2.91 0.37 3.38 0.22 2.01 0.15 2.54
Jun 2021 1.89 11.94 1.50 2.89 0.20 3.01 0.33 3.31 0.22 2.00 0.13 2.62
Sep 2020 1.84 12.40 1.41 2.83 0.20 2.80 0.34 3.27 0.21 2.09 0.12 2.71
PGM production3,4
4Eoz - 2Eoz Sep 2021 644,398 144,325 500,073 461,593 38,480 166,400 17,206 205,340 7,548 61,083 13,726 28,770
Jun 2021 612,632 143,951 468,681 435,703 32,978 156,200 15,398 188,217 6,472 60,450 11,108 30,836
Sep 2020 564,769 147,835 416,934 384,236 32,698 139,144 15,760 160,221 6,715 53,299 10,223 31,572
PGM sold5
4Eoz - 2Eoz Sep 2021 592,631 132,637 459,994 144,461 16,088 196,251 61,083 13,726 28,385
Jun 2021 600,350 140,814 459,536 132,161 17,244 210,060 60,450 11,108 28,513
Sep 2020 510,194 143,716 366,478 115,662 6,970 149,149 53,299 10,223 31,175
Price and costs6
Average PGM basket price7
R/4Eoz - R/2Eoz Sep 2021 39,662 30,924 42,347 43,089 28,266 42,247 46,357 34,642 33,392
Jun 2021 49,284 34,366 54,158 55,441 33,062 54,043 60,058 41,697 39,857
Sep 2020 35,416 32,095 36,840 37,878 26,818 36,141 40,595 22,541 31,936
Average PGM basket price6 US$/4Eoz - US$/2Eoz Sep 2021 2,711 2,114 2,895 2,945 1,932 2,888 3,169 2,368 2,282
Jun 2021 3,488 2,432 3,833 3,924 2,340 3,825 4,250 2,951 2,821
Sep 2020 2,094 1,898 2,179 2,240 1,586 2,137 2,401 1,333 1,889
Operating cost8
R/t Sep 2021 928 4,932 775 1,575 244 1,233 894 48 1,173
Jun 2021 932 5,030 770 1,566 205 1,275 862 46 1,085
Sep 2020 1,035 5,192 860 1,558 183 1,634 892 51 1,204
Operating cost7 US$/t Sep 2021 63 337 53 108 17 84 61 3 80
Jun 2021 66 356 54 111 15 90 61 3 77
Sep 2020 61 307 51 92 11 97 53 3 71
Operating cost7 R/4Eoz - R/2Eoz Sep 2021 15,673 13,123 16,454 16,833 20,458 16,990 13,834 10,200 14,355
Jun 2021 15,585 12,928 16,458 16,204 19,483 17,695 13,383 10,893 12,875
Sep 2020 17,870 13,030 19,724 17,314 16,751 24,494 13,302 12,716 13,800
Operating cost7 US$/4Eoz - US$/2Eoz Sep 2021 1,071 897 1,125 1,151 1,398 1,161 946 697 981
Jun 2021 1,103 915 1,165 1,147 1,379 1,252 947 771 911
Sep 2020 1,057 771 1,166 1,024 991 1,448 787 752 816
All-in sustaining cost9
R/4Eoz - R/2Eoz Sep 2021 15,561 14,156 15,992 17,701 15,933 12,327 10,345 15,294
Jun 2021 15,789 14,561 16,193 17,209 16,853 12,093 11,343 13,134
Sep 2020 16,099 14,803 16,597 18,864 15,868 12,805 13,880 15,450
All-in sustaining cost8 US$/4Eoz - US$/2Eoz Sep 2021 1,064 968 1,093 1,210 1,089 843 707 1,045
Jun 2021 1,117 1,031 1,146 1,218 1,193 856 803 930
Sep 2020 952 875 981 1,116 938 757 821 914
All-in cost9
R/4Eoz - R/2Eoz Sep 2021 16,609 18,195 16,123 17,701 16,224 12,327 10,345 15,294
Jun 2021 16,898 18,986 16,211 17,209 16,894 12,093 11,343 13,134
Sep 2020 17,273 18,997 16,613 18,864 15,904 12,805 13,880 15,450
All-in cost8 US$/4Eoz - US$/2Eoz Sep 2021 1,135 1,244 1,102 1,210 1,109 843 707 1,045
Jun 2021 1,196 1,344 1,147 1,218 1,196 856 803 930
Sep 2020 1,021 1,123 982 1,116 941 757 821 914
Capital expenditure6
Ore reserve development Rm Sep 2021 739 296 443 168 275 - - -
Jun 2021 672 277 395 168 227 - - -
Sep 2020 607 302 305 107 198 - - -
Sustaining capital Rm Sep 2021 592 143 449 115 268 58 8 118
Jun 2021 669 250 419 121 222 68 8 86
Sep 2020 444 238 206 57 103 38 8 130
Corporate and projects Rm Sep 2021 639 583 56 - 56 - - -
Jun 2021 643 637 6 - 6 - - -
Sep 2020 620 620 - - - - - -
Total capital expenditure Rm Sep 2021 1,970 1,022 948 283 599 58 8 118
Jun 2021 1,984 1,164 820 289 455 68 8 86
Sep 2020 1,671 1,160 511 164 301 38 8 130
Total capital expenditure US$m Sep 2021 135 70 65 19 41 4 1 8
Jun 2021 140 82 58 20 32 5 1 6
Sep 2020 99 69 30 10 18 2 1 8
Average exchange rate for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively
Figures may not add as they are rounded independently
Sibanye-Stillwater Operating update | Quarter ended 30 September 20216

1The Total US and SA PGM, Total SA PGM and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters" and "Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
2The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations' underground production, the operation treats recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
3The Eastern Tailings Treatment Plant (ETTP) processing facility ounce production resulting from the processing of material from the Marikana underground operation was previously reported under the surface operation. These produced ounces are now appropriately included in the Marikana underground production resulting in a revision of previously reported plant recoveries and yield for the Marikana underground and surface operations
4Production per product - see prill split in the table below
5PGM sold includes the third party PoC ounces sold
6The Total US and SA PGM and Total SA PGM operations' unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
7The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
8Operating 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. The operating cost of Marikana operations for 2020 includes the purchase of concentrate from Rustenburg, Kroondal and Platinum Mile
9All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"

Mining - PGM Prill split including third party PoC, excluding recycling operations
GROUP PGM SA OPERATIONS US OPERATIONS
Sep 2021 Jun 2021 Sep 2020 Sep 2021 Jun 2021 Sep 2020 Sep 2021 Jun 2021 Sep 2020
% % % % % % % % %
Platinum 336,620 51 % 317,895 51 % 288,406 50 % 304,116 59 % 285,221 59 % 255,268 60 % 32,504 23 % 32,674 23 % 33,138 22 %
Palladium 265,876 40 % 255,784 41 % 241,852 42 % 154,055 30 % 144,507 30 % 127,155 30 % 111,821 77 % 111,277 77 % 114,697 78 %
Rhodium 44,433 7 % 42,721 7 % 35,600 6 % 44,433 9 % 42,721 9 % 35,600 8 %
Gold 11,174 2 % 11,934 1 % 9,692 2 % 11,174 2 % 11,934 2 % 9,692 2 %
PGM production 4E/2E 658,103 100 % 628,334 100 % 575,550 100 % 513,778 100 % 484,383 100 % 427,715 100 % 144,325 100 % 143,951 100 % 147,835 100 %
Ruthenium 80,065 80,431 56,991 80,065 80,431 56,991
Iridium 18,451 17,786 14,039 18,451 17,786 14,039
Total 6E/2E 756,619 726,551 646,580 612,294 582,600 498,745 144,325 143,951 147,835

Recycling at US operations
Unit Sep 2021 Jun 2021 Sep 2020
Average catalyst fed/day Tonne 22.7 25.6 24.5
Total processed Tonne 2,087 2,334 2,254
Tolled Tonne 23 - 103
Purchased Tonne 2,064 2,334 2,151
PGM fed 3Eoz 179,765 207,398 202,661
PGM sold 3Eoz 183,734 203,935 113,225
PGM tolled returned 3Eoz 99 1,377 24,585
Sibanye-Stillwater Operating update | Quarter ended 30 September 20217

SA gold operations
SA OPERATIONS
Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD
Total Under-
ground
Surface Under-
ground
Surface Under-
ground
Surface Under-
ground
Surface Surface Surface
Production
Tonnes milled/treated 000't Sep 2021 11,199 1,474 9,725 432 164 493 855 549 103 1,182 7,421
Jun 2021 11,412 1,357 10,055 376 41 489 1,124 492 145 1,239 7,506
Sep 2020 11,399 1,213 10,186 387 - 472 1,450 354 165 1,311 7,260
Yield g/t Sep 2021 0.82 4.78 0.21 5.72 0.41 5.68 0.30 3.24 0.29 0.25 0.20
Jun 2021 0.73 4.65 0.21 5.82 0.37 5.14 0.30 3.26 0.34 0.25 0.18
Sep 2020 0.79 5.46 0.23 6.26 - 6.10 0.32 3.73 0.39 0.25 0.21
Gold produced kg Sep 2021 9,137 7,048 2,089 2,470 67 2,801 253 1,777 30 290 1,449
Jun 2021 8,381 6,306 2,075 2,189 15 2,515 341 1,602 50 312 1,357
Sep 2020 8,987 6,624 2,363 2,424 - 2,881 457 1,319 64 328 1,514
oz Sep 2021 293,761 226,598 67,163 79,412 2,154 90,054 8,134 57,132 965 9,324 46,586
Jun 2021 269,455 202,742 66,713 70,378 482 80,859 10,963 51,505 1,608 10,031 43,629
Sep 2020 288,938 212,966 75,972 77,933 - 92,626 14,693 42,407 2,058 10,545 48,676
Gold sold kg Sep 2021 9,069 7,025 2,044 2,375 47 2,742 247 1,908 30 292 1,428
Jun 2021 8,343 6,189 2,154 2,167 15 2,564 392 1,458 50 332 1,365
Sep 2020 8,726 6,349 2,377 2,230 - 2,865 463 1,254 58 334 1,522
oz Sep 2021 291,575 225,859 65,716 76,358 1,511 88,157 7,941 61,344 965 9,388 45,911
Jun 2021 268,234 198,981 69,253 69,671 482 82,434 12,603 46,876 1,608 10,674 43,886
Sep 2020 280,547 204,125 76,422 71,696 - 92,112 14,886 40,317 1,865 10,738 48,933
Price and costs
Gold price received R/kg Sep 2021 837,799 839,389 836,066 834,881 842,466 841,737
Jun 2021 820,688 822,181 819,689 820,292 816,265 821,978
Sep 2020 1,002,945 1,004,843 1,001,683 962,652 1,025,749 1,031,406
Gold price received US$/oz Sep 2021 1,781 1,785 1,777 1,775 1,791 1,790
Jun 2021 1,807 1,810 1,804 1,806 1,797 1,809
Sep 2020 1,845 1,848 1,842 1,771 1,887 1,897
Operating cost1
R/t Sep 2021 537 3,157 139 3,438 159 3,907 251 2,262 204 184 118
Jun 2021 500 3,236 130 3,790 195 3,656 227 2,394 186 177 107
Sep 2020 473 3,383 127 3,683 - 3,626 190 2,732 207 149 108
US$/t Sep 2021 37 216 10 235 11 267 17 155 14 13 8
Jun 2021 35 229 9 268 14 259 16 169 13 13 8
Sep 2020 28 200 8 218 - 214 11 162 12 9 6
R/kg Sep 2021 657,656 660,187 649,114 601,215 388,060 687,612 849,802 698,931 700,000 751,724 604,555
Jun 2021 680,348 696,321 631,807 650,982 533,333 710,934 747,801 735,331 540,000 701,923 591,010
Sep 2020 600,033 619,520 545,408 587,995 - 594,030 604,376 733,131 532,813 594,817 517,437
US$/oz Sep 2021 1,398 1,404 1,380 1,278 825 1,462 1,807 1,486 1,488 1,598 1,285
Jun 2021 1,498 1,533 1,391 1,433 1,174 1,565 1,646 1,619 1,189 1,545 1,301
Sep 2020 1,104 1,140 1,003 1,082 - 1,093 1,112 1,348 980 1,094 952
All-in sustaining cost2
R/kg Sep 2021 796,008 790,669 848,444 825,593 787,671 649,860
Jun 2021 807,623 822,181 835,250 863,395 713,855 676,923
Sep 2020 715,345 741,525 718,630 847,561 648,503 591,393
All-in sustaining cost2 US$/oz Sep 2021 1,692 1,681 1,804 1,755 1,675 1,382
Jun 2021 1,778 1,810 1,839 1,901 1,571 1,490
Sep 2020 1,316 1,364 1,322 1,559 1,193 1,088
All-in cost2
R/kg Sep 2021 809,792 790,669 862,830 826,625 787,671 659,664
Jun 2021 822,366 822,181 848,782 863,395 713,855 683,516
Sep 2020 726,782 741,525 729,447 847,561 648,503 608,016
All-in cost2 US$/oz Sep 2021 1,722 1,681 1,834 1,757 1,675 1,402
Jun 2021 1,810 1,810 1,868 1,901 1,571 1,505
Sep 2020 1,337 1,364 1,342 1,559 1,193 1,118
Capital expenditure
Ore reserve development Rm Sep 2021 729 324 270 135 - -
Jun 2021 650 291 232 127 - -
Sep 2020 530 233 215 82 - -
Sustaining capital Rm Sep 2021 342 94 128 45 - 75
Jun 2021 295 68 79 41 - 107
Sep 2020 258 55 88 20 - 95
Corporate and projects3
Rm Sep 2021 97 - 43 2 - 14
Jun 2021 70 - 40 - - 9
Sep 2020 70 - 36 - - 25
Total capital expenditure Rm Sep 2021 1,168 418 441 182 - 89
Jun 2021 1,015 359 351 168 - 116
Sep 2020 858 288 339 101 - 120
Total capital expenditure US$m Sep 2021 80 29 30 12 - 6
Jun 2021 72 25 25 12 - 8
Sep 2020 51 17 20 6 - 7
Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively
Figures may not add as they are rounded independently
1Operating 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 and change in inventory in a period by the gold produced in the same period
2All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see "All-in costs - Quarters"
3Corporate project expenditure for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R38 million (US$3 million), R21 million (US$1 million) and R9 million (US$1 million), respectively, the majority of which related to the Burnstone project and various IT projects
Sibanye-Stillwater Operating update | Quarter ended 30 September 20218


ALL-IN COSTS - QUARTERS
SA and US PGM operations
Figures are in millions unless otherwise stated
US
OPERATIONS
SA OPERATIONS
R' million
Total US and SA PGM1
Total US PGM2
Total SA PGM1
Rustenburg
Marikana1
Kroondal Plat Mile Mimosa Corporate
Cost of sales, before amortisation and depreciation3
Sep 2021 9,598 1,820 7,778 2,647 4,077 914 140 419 (419)
Jun 2021 9,822 1,733 8,089 2,714 4,388 866 121 402 (402)
Sep 2020 8,375 1,865 6,509 2,479 3,425 761 130 463 (748)
Royalties Sep 2021 573 - 573 269 302 2 - 42 (42)
Jun 2021 742 - 742 453 285 5 - 50 (51)
Sep 2020 444 - 444 327 114 3 - 31 (31)
Carbon tax Sep 2021 (1) - (1) - (1) - - - -
Jun 2021 1 - 1 - 1 - - - -
Sep 2020 1 - 1 - 1 - - - -
Community costs Sep 2021 92 - 92 3 89 - - - -
Jun 2021 40 - 40 3 37 - - - -
Sep 2020 46 - 46 (5) 51 - - - -
Inventory change4
Sep 2021 982 74 908 711 197 - - (6) 6
Jun 2021 387 128 259 335 (76) - - (5) 5
Sep 2020 1,655 61 1,594 265 1,043 - - (27) 313
Share-based payments5
Sep 2021 50 21 29 12 13 4 - - -
Jun 2021 74 30 44 17 21 6 - - -
Sep 2020 41 20 21 9 11 2 - - -
Rehabilitation interest and amortisation6
Sep 2021 64 8 56 (1) 40 17 - 1 (1)
Jun 2021 62 8 54 (1) 38 17 - 1 (1)
Sep 2020 68 7 60 1 39 20 - 1 (1)
Leases Sep 2021 12 - 12 2 9 1 - - -
Jun 2021 13 - 13 3 8 2 - - -
Sep 2020 15 1 14 4 9 2 - - -
Ore reserve development Sep 2021 739 296 443 168 275 - - - -
Jun 2021 672 277 395 168 227 - - - -
Sep 2020 607 302 305 107 198 - - - -
Sustaining capital expenditure Sep 2021 592 143 449 115 268 58 8 118 (118)
Jun 2021 669 250 419 121 222 68 8 86 (86)
Sep 2020 444 238 206 57 103 38 8 130 (130)
Less: By-product credit7
Sep 2021 (2,591) (319) (2,272) (676) (1,347) (243) (6) (134) 134
Jun 2021 (2,565) (330) (2,235) (860) (1,139) (233) (3) (129) 129
Sep 2020 (2,778) (306) (2,472) (322) (2,010) (144) 4 (109) 109
Total All-in-sustaining costs8
Sep 2021 10,110 2,043 8,067 3,250 3,922 753 142 440 (440)
Jun 2021 9,917 2,096 7,821 2,953 4,012 731 126 405 (406)
Sep 2020 8,917 2,188 6,729 2,922 2,982 683 142 488 (488)
Plus: Corporate cost, growth and capital expenditure Sep 2021 645 583 62 - 62 - - - -
Jun 2021 645 637 8 - 8 - - - -
Sep 2020 626 620 6 - 6 - - - -
Total All-in-costs8
Sep 2021 10,755 2,626 8,129 3,250 3,984 753 142 440 (440)
Jun 2021 10,562 2,733 7,829 2,953 4,020 731 126 405 (406)
Sep 2020 9,543 2,808 6,735 2,922 2,988 683 142 488 (488)
PGM production 4Eoz - 2Eoz Sep 2021 658,101 144,325 513,776 183,606 226,591 61,083 13,726 28,770 -
Jun 2021 628,334 143,951 484,383 171,598 210,391 60,450 11,108 30,836 -
Sep 2020 575,550 147,835 427,715 154,904 177,717 53,299 10,223 31,572 -
kg Sep 2021 20,469 4,489 15,980 5,711 7,048 1,900 427 895 -
Jun 2021 19,543 4,477 15,066 5,337 6,544 1,880 345 959 -
Sep 2020 17,902 4,598 13,303 4,818 5,528 1,658 318 982 -
All-in-sustaining cost R/4Eoz - R/2Eoz Sep 2021 16,065 14,156 16,633 17,701 17,309 12,327 10,345 15,294 -
Jun 2021 16,598 14,561 17,244 17,209 19,069 12,093 11,343 13,134 -
Sep 2020 16,392 14,803 16,985 18,864 16,779 12,805 13,880 15,450 -
US$/4Eoz - US$/2Eoz Sep 2021 1,098 968 1,137 1,210 1,183 843 707 1,045 -
Jun 2021 1,175 1,031 1,220 1,218 1,350 856 803 930 -
Sep 2020 969 875 1,004 1,116 992 757 821 914 -
All-in-cost R/4Eoz - R/2Eoz Sep 2021 17,090 18,195 16,761 17,701 17,582 12,327 10,345 15,294 -
Jun 2021 17,677 18,986 17,262 17,209 19,107 12,093 11,343 13,134 -
Sep 2020 17,543 18,997 17,001 18,864 16,814 12,805 13,880 15,450 -
US$/4Eoz - US$/2Eoz Sep 2021 1,168 1,244 1,146 1,210 1,202 843 707 1,045 -
Jun 2021 1,251 1,344 1,222 1,218 1,352 856 803 930 -
Sep 2020 1,037 1,123 1,005 1,116 994 757 821 914 -
Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively
Figures may not add as they are rounded independently
1The Total US and SA PGM, Total SA PGM and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters" and "Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters"
2The US PGM operations' underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations' underground production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown
3Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs. The September 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
4Inventory adjustment in Corporate for September 2020 quarter includes the elimination of concentrate sales by Rustenburg, Kroondal and Platinum Mile to Marikana and the associated unrealised profit
5Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
Sibanye-Stillwater Operating update | Quarter ended 30 September 20219

6Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
7The September 2020 quarter by-product credit for Marikana includes the benefit from the sale of concentrate purchased from Rustenburg, Kroondal and Platinum Mile of R1,546 million. The cost associated with the purchase and processing of the intercompany concentrate is included in the Marikana cost of sales, before amortisation and depreciation
8All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period

Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters
Total US and SA PGM Total SA PGM Marikana
R' million Sep 2021 Jun 2021 Sep 2020 Sep 2021 Jun 2021 Sep 2020 Sep 2021 Jun 2021 Sep 2020
Cost of sales, before amortisation and depreciation as reported per table above 9,598 9,822 8,375 7,778 8,089 6,509 4,077 4,388 3,425
Inventory change as reported per table above 982 387 1,655 908 259 1,594 197 (76) 1,043
Less: Chrome cost of sales (338) (342) (157) (338) (342) (157) (64) (67) (34)
Total operating cost including third party PoC 10,242 9,867 9,873 8,348 8,006 7,946 4,210 4,245 4,434
Less: Purchase cost of PoC (593) (800) (345) (593) (800) (345) (593) (800) (345)
Total operating cost excluding third party PoC 9,649 9,067 9,528 7,755 7,206 7,601 3,617 3,445 4,089
PGM production as reported per table above 4Eoz- 2Eoz 658,101 628,334 575,550 513,776 484,383 427,715 226,591 210,391 177,717
Less: Mimosa production (28,770) (30,836) (31,572) (28,770) (30,836) (31,572) - - -
PGM production excluding Mimosa 629,331 597,498 543,978 485,006 453,547 396,143 226,591 210,391 177,717
Less: PoC production (13,703) (15,702) (10,781) (13,703) (15,702) (10,781) (13,703) (15,702) (10,781)
PGM production excluding Mimosa and third party PoC 615,628 581,796 533,197 471,303 437,845 385,362 212,888 194,689 166,936
PGM production including Mimosa and excluding third party PoC 644,398 612,632 564,769 500,073 468,681 416,934 212,888 194,689 166,936
Tonnes milled/treated 000't 10,747 10,096 9,570 10,363 9,726 9,199 2,933 2,701 2,502
Less: Mimosa tonnes (352) (366) (362) (352) (366) (362) - - -
PGM tonnes excluding Mimosa and third party PoC 10,395 9,730 9,208 10,011 9,360 8,837 2,933 2,701 2,502
Operating cost including third party PoC R/4Eoz-R/2Eoz 16,274 16,514 18,148 17,212 17,652 20,058 18,580 20,177 24,947
US$/4Eoz-US$/2Eoz 1,112 1,169 1,073 1,176 1,249 1,186 1,270 1,428 1,475
R/t 985 1,014 1,072 834 855 899 1,435 1,572 1,772
US$/t 67 72 63 57 61 53 98 111 105
Operating cost excluding third party PoC R/4Eoz-R/2Eoz 15,673 15,585 17,870 16,454 16,458 19,724 16,990 17,695 24,494
US$/4Eoz-US$/2Eoz 1,071 1,103 1,057 1,125 1,165 1,166 1,161 1,252 1,448
R/t 928 932 1,035 775 770 860 1,233 1,275 1,634
US$/t 63 66 61 53 54 51 84 90 97

Reconciliation of AISC and AIC excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Quarters
Total US and SA PGM Total SA PGM Marikana
R' million Sep 2021 Jun 2021 Sep 2020 Sep 2021 Jun 2021 Sep 2020 Sep 2021 Jun 2021 Sep 2020
Total All-in-sustaining cost as reported per table above 10,110 9,917 8,917 8,067 7,821 6,729 3,922 4,012 2,982
Less: Purchase cost of PoC (593) (800) (345) (593) (800) (345) (593) (800) (345)
Add: By-product credit of PoC 63 69 12 63 69 12 63 69 12
Total All-in-sustaining cost excluding third party PoC 9,580 9,186 8,584 7,537 7,090 6,396 3,392 3,281 2,649
Plus: Corporate cost, growth and capital expenditure 645 645 626 62 8 6 62 8 6
Total All-in-cost excluding third party PoC 10,225 9,831 9,210 7,599 7,098 6,402 3,454 3,289 2,655
PGM production excluding Mimosa and third party PoC 4Eoz- 2Eoz 615,628 581,796 533,197 471,303 437,845 385,362 212,888 194,689 166,936
All-in-sustaining cost excluding third party PoC R/4Eoz-R/2Eoz 15,561 15,789 16,099 15,992 16,193 16,597 15,933 16,853 15,868
US$/4Eoz-US$/2Eoz 1,064 1,117 952 1,093 1,146 981 1,089 1,193 938
All-in-cost excluding third party PoC R/4Eoz-R/2Eoz 16,609 16,898 17,273 16,123 16,211 16,613 16,224 16,894 15,904
US$/4Eoz-US$/2Eoz 1,135 1,196 1,021 1,102 1,147 982 1,109 1,196 941

Sibanye-Stillwater Operating update | Quarter ended 30 September 202110

SA gold operations
Figures are in millions unless otherwise stated
SA OPERATIONS
R' million Total SA gold Driefontein Kloof Beatrix Cooke DRDGOLD Corporate
Cost of sales, before amortisation and depreciation1
Sep 2021 5,978 1,450 2,102 1,371 217 838 -
Jun 2021 5,626 1,390 2,115 1,088 230 803 -
Sep 2020 5,306 1,331 2,018 960 201 795 -
Royalties Sep 2021 49 19 12 8 1 - 9
Jun 2021 44 14 12 6 1 - 11
Sep 2020 36 11 42 14 2 - (33)
Carbon tax Sep 2021 - - - - - - -
Jun 2021 - - - - - - -
Sep 2020 1 - - 1 - - -
Community costs Sep 2021 33 12 10 9 - 2 -
Jun 2021 31 12 9 6 1 3 -
Sep 2020 25 3 8 14 - - -
Share-based payments2
Sep 2021 26 6 9 6 - 5 -
Jun 2021 37 9 14 9 - 5 -
Sep 2020 20 5 6 4 - 4 -
Rehabilitation interest and amortisation3
Sep 2021 50 10 5 20 9 5 1
Jun 2021 39 10 5 19 2 2 1
Sep 2020 59 16 12 15 10 5 1
Leases Sep 2021 19 2 2 7 3 5 -
Jun 2021 22 2 5 7 3 5 -
Sep 2020 18 2 4 4 4 4 -
Ore reserve development Sep 2021 729 324 270 135 - - -
Jun 2021 650 291 232 127 - - -
Sep 2020 530 233 215 82 - - -
Sustaining capital expenditure Sep 2021 342 94 128 45 - 75 -
Jun 2021 295 68 79 41 - 107 -
Sep 2020 258 55 88 20 - 95 -
Less: By-product credit Sep 2021 (7) (2) (2) (1) - (2) -
Jun 2021 (6) (2) (2) (1) - (1) -
Sep 2020 (8) (3) (2) (1) - (2) -
Total All-in-sustaining costs4
Sep 2021 7,219 1,915 2,536 1,600 230 928 10
Jun 2021 6,738 1,794 2,469 1,302 237 924 12
Sep 2020 6,242 1,654 2,392 1,112 217 900 (32)
Plus: Corporate cost, growth and capital expenditure Sep 2021 125 - 43 2 - 14 66
Jun 2021 123 - 40 - - 9 74
Sep 2020 100 - 36 - - 25 39
Total All-in-costs4
Sep 2021 7,344 1,915 2,579 1,602 230 942 76
Jun 2021 6,861 1,794 2,509 1,302 237 933 86
Sep 2020 6,342 1,654 2,428 1,112 217 925 7
Gold sold kg Sep 2021 9,069 2,422 2,989 1,938 292 1,428 -
Jun 2021 8,343 2,182 2,956 1,508 332 1,365 -
Sep 2020 8,726 2,230 3,328 1,312 334 1,522 -
oz Sep 2021 291,575 77,869 96,099 62,308 9,388 45,911 -
Jun 2021 268,234 70,153 95,038 48,483 10,674 43,886 -
Sep 2020 280,547 71,696 106,998 42,182 10,738 48,933 -
All-in-sustaining cost R/kg Sep 2021 796,008 790,669 848,444 825,593 787,671 649,860 -
Jun 2021 807,623 822,181 835,250 863,395 713,855 676,923 -
Sep 2020 715,345 741,525 718,630 847,561 648,503 591,393 -
All-in-sustaining cost US$/oz Sep 2021 1,692 1,681 1,804 1,755 1,675 1,382 -
Jun 2021 1,778 1,810 1,839 1,901 1,571 1,490 -
Sep 2020 1,316 1,364 1,322 1,559 1,193 1,088 -
All-in-cost R/kg Sep 2021 809,792 790,669 862,830 826,625 787,671 659,664 -
Jun 2021 822,366 822,181 848,782 863,395 713,855 683,516 -
Sep 2020 726,782 741,525 729,447 847,561 648,503 608,016 -
All-in-cost US$/oz Sep 2021 1,722 1,681 1,834 1,757 1,675 1,402 -
Jun 2021 1,810 1,810 1,868 1,901 1,571 1,505 -
Sep 2020 1,337 1,364 1,342 1,559 1,193 1,118 -
Average exchange rates for the quarters ended 30 September 2021, 30 June 2021 and 30 September 2020 was R14.63/US$, R14.13/US$ and R16.91/US$, respectively
Figures may not add as they are rounded independently
1 Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2 Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
3 Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4 All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period

Sibanye-Stillwater Operating update | Quarter ended 30 September 202111

ADJUSTED EBITDA RECONCILIATION - QUARTERS

Quarter ended Sep 2021 Quarter ended Jun 2021 Quarter ended Sep 2020
Figures in million - SA rand Total US PGM US Under- ground PGM US Recy- cling SA PGM SA Gold Corpo-rate Total Total US PGM US Under- ground PGM US Recy- cling SA PGM SA Gold Corpo-rate Total Total US PGM US Under- ground PGM US Recy- cling SA PGM SA Gold Corpo-rate Total
Profit/(loss) before royalties and tax 3,021 2,502 519 10,043 1,192 (236) 14,020 2,981 2,515 466 15,445 36 (209) 18,253 2,293 2,085 208 9,265 375 (225) 11,708
Adjusted for:
Amortisation and depreciation 631 630 1 678 885 - 2,194 589 589 - 610 784 - 1,983 698 697 1 518 785 - 2,001
Interest income (94) - (94) (45) (160) (2) (301) (117) - (117) (63) (156) - (336) (53) - (53) (47) (127) - (227)
Finance expense 167 157 10 154 113 80 514 256 231 25 187 138 80 661 245 231 14 150 296 80 771
Share-based payments 4 4 - 6 34 - 44 49 49 - 53 97 - 199 23 23 - 27 17 - 67
(Gain)/loss on financial instruments (684) (684) - 83 (2) - (603) 9 9 - 473 (14) - 468 3 3 - 55 2,188 - 2,246
(Gain)/loss on foreign exchange differences - - - (83) (527) - (610) 1 1 - 54 217 - 272 - - - 213 (174) - 39
Share of results of equity-accounted investees after tax - - - (286) (71) - (357) - - - (684) (68) - (752) - - - (304) (163) - (467)
Change in estimate of environmental rehabilitation obligation, and right of recovery receivable and payable - - - - - - - - - - - (5) - (5) - - - - - - -
(Gain)/loss on disposal of property, plant and equipment 8 8 - (1) (10) - (3) 20 20 - (7) (14) - (1) - - - (27) (7) - (34)
Restructuring cost - - - 6 4 - 10 - - - 2 8 - 10 - - - 25 47 - 72
IFRS 16 lease payments - - - (13) (21) - (34) 1 1 - (12) (23) - (34) - - - (14) (19) - (33)
Occupational healthcare expense - - - - - - - - - - - (24) - (24) - - - - - - -
Loss due to dilution of interest in joint operation - - - - - - - 2 2 - - - - 2 - - - - - - -
Other non-recurring costs/(income) 5 5 - - (16) 14 3 7 7 - - (1) 21 27 18 18 - (574) - 5 (551)
Adjusted EBITDA 3,058 2,622 436 10,542 1,421 (144) 14,877 3,798 3,424 374 16,058 975 (108) 20,723 3,227 3,057 170 9,287 3,218 (140) 15,592
Sibanye-Stillwater Operating update | Quarter ended 30 September 202112


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.

US PGM operations
Quarter ended Sep 2021 Jun 2021 Nine months ended Sep 2021
Reef Stillwater incl Blitz East Boulder Stillwater incl Blitz East Boulder Stillwater incl Blitz East Boulder
Total US PGM Unit
Primary development (off reef) (m) 1,522 290 1,213 460 4,519 1,226
Secondary development (m) 3,797 1,653 3,720 1,266 11,892 4,321

SA PGM operations
Quarter ended Sep 2021 Jun 2021 Nine months ended Sep 2021
Reef Bathopele Thembelani Khuseleka Siphumelele Bathopele Thembelani Khuseleka Siphumelele Bathopele Thembelani Khuseleka Siphumelele
Rustenburg Unit
Advanced (m) 487 2,192 3,276 825 331 1,605 3,056 828 1,124 5,298 8,796 2,351
Advanced on reef (m) 487 977 1,260 442 331 670 1,017 439 1,124 2,314 3,155 1,267
Height (cm) 210 282 285 283 218 292 289 281 215 287 287 278
Average value (g/t) 2.9 2.3 2.3 2.8 2.4 2.5 2.1 3.1 2.5 2.4 2.2 3.0
(cm.g/t) 599 644 645 801 523 714 597 866 536 672 627 833
Quarter ended Sep 2021 Jun 2021 Nine months ended Sep 2021
Reef K3 Rowland Saffy E3 4B K3 Rowland Saffy E3 4B K3 Rowland Saffy E3 4B
Marikana Unit
Primary development (m) 8,563 7,107 3,846 857 1,181 8,301 6,897 4,185 1,051 1,336 23,323 19,335 12,012 2,804 3,665
Primary development - on reef (m) 6,265 5,380 2,429 537 786 6,383 5,314 2,773 708 841 17,577 14,907 8,037 1,796 2,404
Height (cm) 217 221 216 214 218 217 219 216 216 219 216 220 217 215 220
Average value (g/t) 2.9 2.5 2.8 2.8 2.9 3.3 2.6 2.7 2.7 2.7 3.2 2.5 2.7 2.8 2.8
(cm.g/t) 624 549 599 601 630 711 560 590 573 589 680 553 591 604 606
Quarter ended Sep 2021 Jun 2021 Nine months ended Sep 2021
Reef Kopaneng Simunye Bambanani Kwezi K6 Kopaneng Simunye Bambanani Kwezi K6 Kopaneng Simunye Bambanani Kwezi K6
Kroondal Unit
Advanced (m) 864 546 622 406 745 525 491 423 2,113 110 1,531 1,550 1,285
Advanced on reef (m) 410 326 237 399 475 205 255 421 1,335 - 791 824 1,276
Height (cm) 236 216 217 234 241 216 222 228 240 291 216 220 233
Average value (g/t) 1.2 1.6 1.1 1.9 1.8 1.0 1.5 2.3 1.8 - 1.3 1.6 2.1
(cm.g/t) 288 336 244 442 439 221 342 531 418 - 286 354 499

Sibanye-Stillwater Operating update | Quarter ended 30 September 202113


SA gold operations
Quarter ended Sep 2021 Jun 2021 Nine months ended Sep 2021
Reef Carbon
leader
Main VCR Carbon
leader
Main VCR Carbon
leader
Main VCR
Driefontein Unit
Advanced (m) 1,043 285 1,106 799 331 1,193 2,601 752 3,435
Advanced on reef (m) 21 48 212 89 91 456 190 182 1,034
Channel width (cm) 30 30 66 16 57 78 18 54 82
Average value (g/t) 41.7 22.8 41.6 89.3 10.6 50.9 51.7 12.2 46.1
(cm.g/t) 1,254 685 2,738 1,426 607 3,962 944 652 3,796

Quarter ended Sep 2021 Jun 2021 Nine months ended Sep 2021
Reef Kloof Main VCR Kloof Main VCR Kloof Main VCR
Kloof Unit
Advanced (m) 1,941 605 1,428 1,434 530 1,444 4,571 1,564 4,112
Advanced on reef (m) 421 145 258 363 184 218 1,029 471 640
Channel width (cm) 148 85 127 185 72 121 166 73 119
Average value (g/t) 8.5 10.5 9.4 4.3 12.4 15.2 6.8 12.6 13.0
(cm.g/t) 1,263 892 1,187 791 900 1,832 1,128 915 1,554

Quarter ended Sep 2021 Jun 2021 Nine months ended Sep 2021
Reef Beatrix Kalkoen-krans Beatrix Kalkoen-krans Beatrix Kalkoen-krans
Beatrix Unit
Advanced (m) 2,976 245 3,072 112 8,847 462
Advanced on reef (m) 1,168 51 796 37 2,562 123
Channel width (cm) 164 123 162 98 156 126
Average value (g/t) 6.1 12.8 7.1 17.8 6.7 11.5
(cm.g/t) 1,008 1,580 1,145 1,741 1,047 1,450

Sibanye-Stillwater Operating update | Quarter ended 30 September 202114

ADMINISTRATION AND CORPORATE INFORMATION
SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of
South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
LISTINGS
JSE: SSW
NYSE: SBSW
WEBSITE
www.sibanyestillwater.com
REGISTERED AND
CORPORATE OFFICE
Constantia Office Park
Bridgeview House, Building 11,Ground floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park 1709
South Africa

Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
COMPANY SECRETARY
Lerato Matlosa
Tel: +27 10 493 6921
Email: lerato.matlosa@sibanyestillwater.com

DIRECTORS
Dr Vincent Maphai* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Timothy Cumming*
Savannah Danson*
Dr Elaine Dorward-King*
Harry Kenyon-Slaney*
Richard Menell*^
Nkosemntu Nika*
Keith Rayner*
Susan van der Merwe*
Jeremiah Vilakazi*
Sindiswa Zilwa*#
* Independent non-executive
^ Lead independent director
# Appointed 1 January 2021

INVESTOR ENQUIRIES
James Wellsted
Senior Vice President: Investor Relations
Cell: +27 83 453 4014
Tel: +27 10 493 6923
Email: james.wellsted@sibanyestillwater.com or
ir@sibanyestillwater.com
JSE SPONSOR
JP Morgan Equities South Africa
Proprietary Limited
Registration number 1995/011815/07
1 Fricker Road
Illovo
Johannesburg 2196
South Africa

Private Bag X9936
Sandton 2146
South Africa
AUDITORS
Ernst & Young Inc. (EY)
102 Rivonia Road
Sandton 2196
South Africa

Private Bag X14
Sandton 2146
South Africa
Tel: +27 11 772 3000
AMERICAN DEPOSITARY RECEIPTS
TRANSFER AGENT
BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh
PA 15252-8516
US toll free: +1 888 269 2377
Tel: +1 201 680 6825
Email: shrrelations@bnymellon.com

Tatyana Vesselovskaya
Relationship Manager
BNY Mellon
Depositary Receipts
Direct line: +1 212 815 2867
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


Sibanye-Stillwater Operating update | Quarter ended 30 September 2021 15


FORWARD-LOOKING STATEMENTS
The information in this document may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's ("Sibanye-Stillwater" or the "Group") financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this document.

All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking statements also often use words such as "will", "forecast", "potential", "estimate", "expect", "plan", "anticipate" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater's future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater's ability to service its bond instruments (including high yield bonds and convertible bonds, if any); changes in assumptions underlying Sibanye-Stillwater's estimation of its current mineral reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater's business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold and PGMs; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa's credit rating; a challenge regarding the title to any of Sibanye-Stillwater's properties by claimants to land under restitution and other legislation; Sibanye-Stillwater's ability to implement its strategy and any changes thereto; the occurrence of labour disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of regulatory costs and relevant government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental, health or safety issues; the concentration of all final refining activity and a large portion of Sibanye-Stillwater's PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater's financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater's operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; Sibanye-Stillwater's ability to hire and retain senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions; failure of Sibanye-Stillwater's information technology and communications systems; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (COVID-19). Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December 2020.

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements have not been reviewed or reported on by the Group's external auditors.

Sibanye-Stillwater Operating update | Quarter ended 30 September 202116

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Sibanye Stillwater Limited published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 12:12:08 UTC.