Sibanye Stillwater : Company Financial Statements 2020

2020

C O M P A N Y F I N A N C I A L

S T A T E M E N T S

			Better
			lives	Fair
		Membership		market
			access
			EMPLOYEES
Upliftment	ORGANISED	SUPPLIERS		Assured
	product
		LABOUR
Total	COMMUNITIES		CUSTOMERS		Socio-
						economic
returns
						stability
	SHAREHOLDERS			COMPANY
Clean			CARES
water/						Economic
air/	ENVIRONMENT	about our...	GOVERNMENT	value
land

CostsQuality

Safety,

health andVolume wellness

Domiciled and headquartered in South Africa, Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) is a unique, diversified, global precious metals producer, mining and processing platinum group metals (PGMs) and gold. Our geographically diverse portfolio of operations and projects in southern Africa (SA) and the United States (US) was recently supplemented by the acquisition of

a 30% stake in Keliber Oy, developers of the

Keliber lithium project in Finland.

Our 2020 reports

These reports cover the

financial year from 1 January 2020 to 31 December 2020*

ABOUT OUR REPORTS

The 2020 suite of reports describes Sibanye-Stillwater's progress in delivering on our strategy and related strategic focus areas, and on our purpose and vision to create value, responsibly and sustainably, over the short, medium and long term. The Integrated Annual Report, the primary report in the suite, covers our financial, operational, environmental, social and governance performance.

In compiling our reports, we considered and/or complied with the following frameworks, standards, and guidelines:

International Integrated		Global Reporting Initiative		King Report on Corporate
Reporting Framework assurance		(GRI) Standards		Governance for South Africa,
and validation procedure				2016 (King IV)
International Council on Mining		Listed Company Requirements,		Companies Act
and Metals (ICMM)		including the Johannesburg Stock		South Africa, 71 of 2008,
		Exchange (JSE) and the New York		as amended
		Stock Exchange (NYSE)
United Nations Global Compact		Mining Charter		International Financial
(UNGC) Principles and the		and related social and		Reporting Standards
Sustainable Development		labour plans		(IFRS)
Goals (SDGs)

INTEGRATED ANNUAL REPORT 2020

2020

I N T E G R A T E D R E P O R T

CARES

about our...

GROUP ANNUAL

FINANCIAL

REPORT 2020

2020

G R O U P A N N U A L

F I N A N C I A L R E P O R T

CARES

about our...

SUMMARISED REPORT AND NOTICE OF ANNUAL GENERAL MEETING 2020

2020

S U M M A R I S E D R E P O R T

A N D N O T I C E O F A N N U A L

G E N E R A L M E E T I N G

CARES

about our...

COMPANY FINANCIAL STATEMENTS 2020

2020

C O M P A N Y F I N A N C I A L

S T A T E M E N T S

CARES

about our...

Sustainability Accounting		World Gold Council's (WGC)		Task Force on Climate-Related
Standards Board (SASB)		Responsible Mining Principles		Financial Disclosures
Metals and Mining		(RGMPs)		(TCFD)

SUPPORTING FACT SHEETS AND SUPPLEMENTARY INFORMATION AVAILABLE ONLINE:

MINERAL RESOURCES AND MINERAL RESERVES REPORT 2020

2020

M I N E R A L R E S O U R C E S

A N D M I N E R A L R E S E R V E S

R E P O R T

CARES

about our...

• Alignment to the UNGC and	• Environmental incidents
SDGs	2020
• Biodiversity management	• Generating clean energy:
• Care for iMali: Taking care	Beatrix methane project
of personal finance	• GRI Content Index
• Combatting illegal mining	• ICMM self-assessment
• Definitions for	• King IV Disclosure
sustainability/ESG indicators	• Marikana renewal

• Mining supports Montana
• Social and labour plans' summary
• Tailings management
• Working together: Good Neighbor Agreement

Online

All of our 2020 reports, together with supporting documents, are available on our website at:

www.sibanyestillwater.com/news- investors/reports/annual

Note: All photographs used in this report were taken before the COVID-19 pandemic and do not reflect Sibanye-Stillwater's standard operating protocols that were implemented as a result of the pandemic.

• Includes pertinent post year-end information to April 2021 and forward-looking Statements

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 (the "Company", and together with its subsidiaries, "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 Limited 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 Limited's actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking statements include, without limitation, Sibanye Stillwater Limited'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 Limited's ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye Stillwater Limited to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye Stillwater Limited's ability to service its bond instruments; changes in assumptions underlying Sibanye Stillwater Limited'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 Limited to complete any ongoing or future acquisitions; the success of Sibanye Stillwater Limited's business strategy and exploration and development activities; the ability of Sibanye Stillwater Limited 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 Limited's properties by claimants to land under restitution and other legislation; Sibanye Stillwater Limited'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 Limited'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 Limited and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye Stillwater Limited's financial flexibility; operating in new geographies and regulatory environments where Sibanye Stillwater Limited 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 Limited'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 Limited'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 (HDSAs) in its management positions; failure of Sibanye Stillwater Limited's information technology and communications systems; the adequacy of Sibanye Stillwater Limited's insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye Stillwater Limited'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 Limited are described in Sibanye Stillwater Limited'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 Limited 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 Company's external auditors.

CONTENTS

ACCOUNTABILITY

• Statement of directors' responsibility
• Company secretary's confirmation
  3 Report of the Audit Committee
  6 Directors' report

10 Independent auditor's report

COMPANY FINANCIAL STATEMENTS

1. Company income statement
2. Company statement of financial position
3. Company statement of changes in equity
4. Notes to the company financial statements

1. Administration and corporate information

The audited company financial statements of Sibanye Stillwater Limited for the year ended 31 December 2020 have been prepared by Sibanye- Stillwater's group financial reporting team headed by Jacques le Roux. This process was supervised by the Company's CFO, Charl Keyter and authorised for issue by Sibanye-Stillwater's Board of Directors on 22 April 2021.

No statement of cash flows is presented as the Company does not have a bank account and no cash flow took place during the 2020 or 2019 financial years. No statement of other comprehensive income is presented as there were no movements in other comprehensive income during the 2020 or 2019 financial years.

Sibanye Stillwater Limited| Annual Financial Statements

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STATEMENT OF DIRECTORS' RESPONSIBILITY

The directors are responsible for the preparation and fair presentation of the company annual financial statements of Sibanye Stillwater Limited (SSW or the Company), comprising the company statement of financial position as at 31 December 2020, and company income statement and company statements of other comprehensive income and changes in equity, and the notes to the company financial statements, which include a summary of significant accounting policies, and other explanatory notes, in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), the SAICA Financial Reporting Guides issued by the Accounting Practices Committee and Financial Reporting Pronouncements issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act 71 of 2008 (the Companies Act) and the JSE Listings Requirements.

In addition, the directors are responsible for preparing the directors' report.

The directors consider that, in preparing the company financial statements, they have used the most appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, and that all IFRS standards that they consider to be applicable have been complied with for the financial year ended 31 December 2020. The directors are satisfied that the information contained in the company financial statements fairly presents the results of operations for the year and the financial position of the Company at year end. The directors are responsible for the information included in the company annual financial statements, and are responsible for both its accuracy and its consistency.

The directors have responsibility for ensuring that accounting records are kept. The accounting records should disclose with reasonable accuracy the financial position of the Company to enable the directors to ensure that the company annual financial statements comply with the relevant legislation.

The Company operated in a well-established control environment, which is well documented and regularly reviewed. This incorporates risk management and internal control procedures, which are designed to provide reasonable assurance that assets are safeguarded and the material risks facing the business are being controlled.

The directors have made an assessment of the ability of the Company to continue as a going concern and based on this assessment concluded that the basis for preparation of the company annual financial statements is appropriate to that of a going concern.

The directors attestation in terms of 3.84(k) of the JSE Listings Requirements can be found on page 33 of the Annual Financial Report.

The Company's external auditors, Ernst & Young Inc. audited the company annual financial statements. For their report, see-Independent Auditor's Report.

The company annual financial statements were approved by the Board of Directors and are signed on its behalf by:

Neal Froneman

Chief Executive Officer

Charl Keyter

Chief Financial Officer

22 April 2021

COMPANY SECRETARY'S CONFIRMATION

In terms of section 88(2)(e) of the Companies Act, as amended, I certify that to the best of my knowledge, the Company has lodged with the Companies and Intellectual Property Commission all such returns as are required to be lodged by a public company in terms of the Companies Act, and that all such returns are true, correct and up to date.

Lerato Matlosa

Company Secretary

22 April 2021

Sibanye Stillwater Limited| Annual Financial Statements

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