Sibanye Stillwater : Director Dealings

Sibanye Stillwater Limited

Incorporated in the Republic of South Africa

Registration number 2014/243852/06

Share codes: SSW (JSE) and SBSW (NYSE)

ISIN - ZAE000259701

Issuer code: SSW

("Sibanye-Stillwater","the Company" and/or "the Group")

Registered Address:

Constantia Office Park

Bridgeview House • Building 11 • Ground Floor

Cnr 14th Avenue & Hendrik Potgieter Road

Weltevreden Park • 1709

Postal Address:

Private Bag X5 • Westonaria • 1780

Tel [phone] • Fax [phone]

MARKET RELEASE

Director Dealings

Johannesburg, 4 March 2020: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW)in compliance with paragraphs 3.63 to 3.74 of the JSE Limited Listings Requirements ("the Listings Requirements") hereby advises shareholders that Messrs NJ Froneman and C Keyter, Chief Executive Officer and Chief Financial Officer of Sibanye Stillwater Limited have retained and/ or sold Performance Shares which were granted on 1 March 2017 ("the Grant Date") in terms of The Sibanye Stillwater Limited 2017 Share Plan. Performance Shares awarded to Messrs Froneman and Keyter were sold in order to settle the associated tax liability.

Name	NJ Froneman
Position	Chief Executive Officer
Company	Sibanye Stillwater Limited
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares to cover associated
	tax liability
Transaction Date	2 March 2020
Number of Shares	242 155
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R8 004 118,72
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

Name	NJ Froneman
Position	Chief Executive Officer
Company	Sibanye Stillwater Limited
Nature of interest	Direct and Beneficial
Nature of transaction	Retention of performance shares awarded on 1 March 2017
Transaction Date	2 March 2020
Number of Shares	278 610
Class of Security	Ordinary Shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R9 209 091,357

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Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

In addition, Neal Froneman has bought call options over 2,976,548 Sibanye-Stillwater shares with a strike price of R33.35 expiring on 8 October 2020. This new trade done at a premium effectively buys back upside to a previous collar transaction that was executed as part of a funding arrangement, in such a manner that is structure is no longer capped and now retains full upside to the SSW share price.

Name	:	Neal Froneman
Position	:	Chief Executive Officer
Company	:	Sibanye Stillwater Limited
Date of transaction	:	2 March 2020
Date of expiry of the collar	:	8 October 2020
Class of securities	:	Ordinary shares
Nature of transaction	:	Off-market Purchase of call options
		over 2,976,548 Sibanye-Stillwater shares
		with a strike price of R33.35 and expiring
		on 8 October 2020
Nature of interest	:	Direct beneficial
Name	C Keyter
Position	Chief Financial Officer
Company	Sibanye Stillwater Limited
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares to cover associated
	tax liability
Transaction Date	2 March 2020
Number of Shares	150 756
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R4 983 043,60
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date
Name	C Keyter
Position	Chief Financial Officer
Company	Sibanye Stillwater Limited
Nature of interest	Direct and Beneficial
Nature of transaction	Retention of performance shares awarded on 1 March 2017
Transaction Date	2 March 2020
Number of Shares	173 451
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R5 733 197,32
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

In terms of paragraph 3.66 of the Listings Requirements, the necessary clearance to deal in the above securities has been obtained.

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Dealing in securities by a director of major subsidiary

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements, shareholders are further advised that Dr Richard Stewart, Executive Director of Stillwater Mining Company and a prescribed officer of the Company has retained and/ or sold Performance Shares which were granted on 1 March 2017 ("the Grant Date") in terms of The Sibanye Stillwater Limited 2017 Share Plan. Performance Shares awarded to Mr Stewart were sold in order to settle the associated tax liability.

Name	RA Stewart
Position	Executive Director of Stillwater Mining Company and EVP:
	Business Development
Company	Sibanye Stillwater Limited
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares to cover associated
	tax liability
Transaction Date	2 March 2020
Number of shares	115 211
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R3 808 149,83
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

Name	RA Stewart
Position	Executive Director of Stillwater Mining Company and EVP:
	Business Development
Company	Sibanye Stillwater Limited
Nature of interest	Direct and Beneficial
Nature of transaction	Retention of performance shares awarded on 1 March 2017
Transaction Date	2 March 2020
Number of shares	132 556
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R4 381 466,26
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

Dealing in securities by prescribed officers of the Company

In compliance with paragraphs 3.63 to 3.66 of the Listings Requirements, shareholders are further advised that the following prescribed officers of the Company have retained and/ or sold Performance Shares which were granted on 1 September 2016 and 1 March 2017 ("the Grant Date") in terms of The Sibanye Stillwater Limited 2017 Share Plan. Performance Shares awarded were sold in order to settle the associated tax liability.

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Name	JD Mostert
Position	EVP: Organisational Effectiveness
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares awarded on 1 March
	2017
Transaction Date	2 March 2020
Number of shares	184 959
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R6 113 579,30
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

Name	H Dikgale
Position	EVP: Legal and Compliance
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares to cover associated
	tax liability
Transaction Date	2 March 2020
Number of shares	85 844
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R2 837 461,82
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

Name	H Dikgale
Position	EVP: Legal and Compliance
Nature of interest	Direct and Beneficial
Nature of transaction	Retention of performance shares awarded on 1 March 2017
Transaction Date	2 March 2020
Number of shares	98 768
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R3 264 647,84
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

Name	S Bessit
Position	EVP: SA Gold Operations
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares to cover associated
	tax liability
Transaction Date	2 March 2020
Number of shares	80 879

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Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R2 673 350,20
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date
Name	S Bessit
Position	EVP: SA Gold Operations
Nature of interest	Direct and Beneficial
Nature of transaction	Retention of performance shares awarded on 1 March 2017
Transaction Date	2 March 2020
Number of shares	93 055
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R3 075 812,05
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date
Name	T Nkosi
Position	EVP: Corporate Affairs
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares awarded on 1
	September 2016
Transaction Date	2 March 2020
Number of shares	12 711
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R420 145,58
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date
Name	T Nkosi
Position	EVP: Corporate Affairs
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares to cover associated
	tax liability
Transaction Date	2 March 2020
Number of shares	76 915
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R2 542 325,34
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

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Name	T Nkosi
Position	EVP: Corporate Affairs
Nature of interest	Direct and Beneficial
Nature of transaction	Retention of performance shares awarded on 1 March 2017
Transaction Date	2 March 2020
Number of shares	88 494
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R2 925 054,13
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

Name	W Robinson
Position	EVP: Group Technical
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares to cover associated
	tax liability
Transaction Date	2 March 2020
Number of shares	96 511
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R3 190 045,64
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

Name	W Robinson
Position	EVP: Group Technical
Nature of interest	Direct and Beneficial
Nature of transaction	Retention of performance shares awarded on 1 March 2017
Transaction Date	2 March 2020
Number of shares	111 041
Class of Security	Ordinary shares
Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R3 670 315,90
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

Name	R van Niekerk
Position	EVP: SA Platinum Operations
Nature of interest	Direct and Beneficial
Nature of transaction	On market sale of performance shares awarded on 1 March
	2017
Transaction Date	2 March 2020
Number of shares	243 325
Class of Security	Ordinary shares

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Market Price per share:
Low -	R32.2250
High -	R34.4000
sell price -	R33.0537
Total Value	R8 042 791,55
Vesting Period	The Performance Shares vest on the third anniversary of the
	Grant Date

In addition, Robert van Niekerk has entered into a new financing structure in which 257 732 of Mr van Niekerk's ordinary shares were pledged and subject to scrip lending, security loan of R7.7 million, have been used as collateral under this arrangement.

Name	:	Robert Van Niekerk
Position	:	EVP: SA Platinum Operations
Company	:	Sibanye Stillwater Limited
Date of transaction	:	28 February 2020
Date of expiry of the collar	:	1 March 2021
Class of securities	:	Ordinary shares
Nature of transaction	:	Off-market collar arrangement over 257
		732 ordinary shares of the Company with
		a put strike price of R30.00 and a call
		strike price of R39.00
Nature of interest	:	Direct beneficial
Clearance obtained	:	Yes

In terms of paragraph 3.66 of the Listings Requirements, the necessary clearance to deal in the above securities has been obtained.

Ends.

Contact:

Email: [e-mail]

James Wellsted

Head of Investor Relations [phone]

Sponsor: J.P. Morgan Equities South Africa (Proprietary) Limited

FORWARD LOOKING STATEMENTS

The information in this announcement 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 (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 announcement 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.

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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).

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