Sibanye Stillwater : Interim F2021

JOHANNESBURG, 26 August 2021: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to report operating results and condensed consolidated interim financial statements for the six months ended 30 June 2021.

SALIENT FEATURES FOR THE SIX MONTHS ENDED 30 JUNE 2021

• Profit attributable to shareholders of R24.8bn (US$1.7bn)
• Record Adjusted Free Cash Flow (AFCF) of R17.3bn (US$1.2bn) - a 59% increase from R10.9bn (US$655m) for H1 2020
• Interim dividend of ~R8.5bn (US$565m) - 292 SA cps (77.21 US cents per ADR). Annualised dividend yield of 10% *
• Continued capital allocation discipline
• • Borrowings (excl. non-recourse)** reduced by R12.2bn (US$508m) to R15.9bn (US$1.1bn) at the end of H1 2021 (vs H1 2020)
  • Further R5.0bn (US$354m) reduction from corporate bond buyback on 2 August 2021
  • Share buyback program (5% of issued share capital) returning ~R9.6bn (US$700m) surplus cash to shareholders, once completed, will further enhance shareholder returns

• Based on the closing share price of R59.66 at 30 June 2021
• Refer note 10.2 (footnote 1) of the condensed consolidated interim financial statements

		US dollar						SA rand
	Six months ended					Six months ended
	Jun 2020	Dec 2020		Jun 2021		KEY STATISTICS		Jun 2021	Dec 2020	Jun 2020
						UNITED STATES (US) OPERATIONS
						PGM underground operations1,2
	297,740	305,327		298,301	oz	2E PGM production2	kg	9,278	9,497	9,261
	1,837	1,970		2,286	US$/2Eoz	Average basket price	R/2Eoz	33,261	32,026	30,621
	332	409		437	US$m	Adjusted EBITDA3	Rm	6,358	6,660	5,544
	60	63		65	%	Adjusted EBITDA margin3	%	65	63	60
	866	882		973	US$/2Eoz	All-in sustaining cost4	R/2Eoz	14,153	14,342	14,429
						PGM recycling1,2
	397,472	442,698		402,872	oz	3E PGM recycling2	kg	12,531	13,769	12,363
	2,238	2,236		3,159	US$/3Eoz	Average basket price	R/3Eoz	45,963	36,357	52,661
	27	26		50	US$m	Adjusted EBITDA3	Rm	733	421	458
	3	4		4	%	Adjusted EBITDA margin3	%	4	4	3
	4	7		12	US$m	Net interest received	Rm	171	113	68
	31	33		62	US$m	Profit before tax	Rm	903	532	523
						SOUTHERN AFRICA (SA) OPERATIONS
						PGM operations 2
	630,912	895,459		894,165	oz	4E PGM production2,5	kg	27,812	27,852	19,624
	2,002	2,396		3,686	US$/4Eoz	Average basket price	R/4Eoz	53,629	38,954	33,375
	544	1,223		2,154	US$m	Adjusted EBITDA3	Rm	31,338	20,025	9,049
	42	60		66	%	Adjusted EBITDA margin3	%	66	60	42
	1,126	1,053		1,163	US$/4Eoz	All-in sustaining cost4	R/4Eoz	16,921	17,123	18,771
						Gold operations
	403,621	578,939		518,848	oz	Gold produced	kg	16,138	18,007	12,554
	1,613	1,850		1,792	US$/oz	Average gold price	R/kg	838,088	967,229	864,679
	100	372		162	US$m	Adjusted EBITDA3	Rm	2,351	6,087	1,684
	16	36		18	%	Adjusted EBITDA margin3	%	18	36	16
	1,493	1,347		1,691	US$/oz	All-in sustaining cost4	R/kg	791,171	704,355	800,048
						GROUP
	563	1,218		1,707	US$m	Basic earnings	Rm	24,836	19,927	9,385
	562	1,209		1,707	US$m	Headline earnings	Rm	24,833	19,785	9,361
	990	2,010		2,787	US$m	Adjusted EBITDA3	Rm	40,549	32,871	16,514
	16.67	16.26		14.55	R/US$	Average exchange rate using daily closing rate
1	The 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
2	Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au),	in the US underground 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)
3	The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements for compliance with the debt
	covenant formula. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be
	considered in addition to and not as a substitute for other measures of financial performance and liquidity. For a reconciliation of profit/loss before royalties and tax to adjusted EBITDA, see note
	10.2 of the condensed consolidated interim financial statements. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue
4	See "Salient features and cost benchmarks -Six months" 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 - Six Months"
5	The 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
	page 45 of this report

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2021 1

Stock data for the six months ended 30 June 2021		JSE Limited - (SSW)
Number of shares in issue*		Price range per ordinary share (High/Low)			R55.21 to R74.67
- at 30 June 2021	2,944,668,383	Average daily volume		14,864,403
- weighted average	2,944,864,746	NYSE - (SBSW); one ADR represents four ordinary shares
Free Float	99%	Price range per ADR (High/Low)	US$14.30 to US$20.56
Bloomberg/Reuters	SSWSJ/SSWJ.J	Average daily volume	2,805,483

*The

number of shares in issue at 30 June 2021 excludes 862,179 shares issued on 30 June 2021 but only listed by the JSE on 1 July 2021 and includes 4,753,907 ordinary shares which were repurchased as part of the share buy-back programme but not yet cancelled as at 30 June 2021.

STATEMENT BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER

The Group delivered another record financial performance for the six months ended 30 June 2021 (H1 2021). Significantly higher production year-on-year from the SA PGM and gold operations reflects a sustained recovery in production from the COVID-19 disruptions experienced in 2020, with production from the US PGM operations flat year-on-year. The improved operational performance together with considerably higher commodity prices, resulted in Group profit for H1 2021 increasing by 160% to R25,319 million (US$1,740 million) compared with R9,731 million (US$584 million) for H1 2020. This surpassed the previous Group record of R20,891 million (US$1,277 million) reported for H2 2020, by 21% or R4,428 million (US$463 million).

Normalised earnings of R24,411 million (US$1,678 million) were 176% higher than for H1 2020. In line with the dividend policy, an interim dividend of approximately R8,544 million (US$565 million) (292 cents per share/US77.2 cents per ADR), equivalent to an annualised dividend yield of 10%, was approved by the Board. Due to the solid production outlook and robust strong commodity price, this interim dividend is equivalent to 35% of normalised earnings and is at the upper end of the range specified in the Group dividend policy.

Disciplined implementation of our capital allocation framework supported continued delivery on our strategic imperatives during H1 2021. These included:

1. Significant investment in high-return brownfields projects to sustain our SA PGM and gold operations (approved in February 2021). Following the completion of initial planning during Q2 2021, development of these projects began during July 2021.
2. Gross debt (excluding non-recourse debt) was reduced by 44% from R28,144 million (US$1,622 million) at the end of H1 2020, to R15,901 million (US$1,114 million) at the end of H1 2021. The early redemption of the 2022 corporate bond on 2 August 2021, has further reduced borrowings by US$354 million (R5,049 million), improving balance sheet flexibility and reducing financing costs.
3. In addition, the share buyback programme announced in June 2021 represents tangible value uplift for shareholders, consistent with our stated intentions to return surplus capital to shareholders. The approximately R9,600 million ($700 million) share buyback program for 5% of shares in issue, should, once completed, further enhance shareholder returns through higher dividend pay-outs to remaining shareholders, as well as improving Net Asset Value per share. Together with the interim dividend declared, this could result in an annualised total return to shareholders of 15% for 2021.

The global shift towards more socially and environmentally aware behaviours and policies continues to gain momentum, with emphasis on climate change. Future investment in and renewable energy and other green industrial activity, is likely to support the prices of commodities required for the green energy economy, and those produced in an environmentally friendly manner over an extended period. In particular, this includes the essential metals that Sibanye-Stillwater produces and is targeting as we position ourselves to create sustainable value through delivery on our green metals strategy. Initial steps to position the corporation in mobility battery metals were made during the period, with the acquisition of an initial stake in the Keliber lithium project in Finland concluded during H1 2021and the proposed acquisition of the Sandouville Nickel Refinery in France likely to be concluded in Q1 2022 once conditions precedent have been met.

SAFE PRODUCTION

The health and safety of our employees is a fundamental priority for the Group, as encapsulated in our strategic commitment to safe production and operational excellence. We are responsible for the wellbeing and safety of more than 80,000 employees and contractors every day across our global operations, and as a leading international mining company, we have committed to achieving world-class safety standards comparable to our leading international peers.

We continually strive to engineer out risk in the operating environment by establishing and constantly refining appropriate procedures and protocols. The resumption of operations following the COVID-19 disruptions in Q2 2020, coincided with a concerning regression in safety across the Group, which continued during H1 2021. This has prompted an intensified focus on safety and wellbeing in order to re-energise the system and reemphasise critical safety protocols, through a Group wide safe production intervention, the "Rules of Life" campaign. An intensive programme has been launched to instil a zero-tolerance approach to departures from good mining practice. This is complemented by a systematic review to ensure that conditions across our operations are, in all respects, conducive to safe operating practices being applied. Where conditions do not allow work to be conducted safely, a clear leadership position has been communicated from the highest levels that work may not continue until conditions have been rectified.

Pleasingly, we have seen a safety turnaround since July 2021, with a substantially reduced rate of safety incidents at all our operations, and the Group has been fatal free from the end of H1 2021. We are experiencing more entire work days without any recordable/reportable safety incidents, or "injury free days", which is also extending to more consecutive days without incident. Given the nature of our operations and number of employees, this is welcome progress and signals a positive outlook. Attention is being placed on making the improvement sustainable by instilling the revised practices and behaviours as the newly established way of conducting operations.

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2021 2

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)

Our strategic focus to embed ESG excellence as our way of doing business continues. We have established targets for ESG performance, which are tracked through our ESG dashboard, and budgets to finance the required ESG investments that have been established. These are aligned with the requirements to address the relatively few identified gaps in conformance with the International Council on Mining and Metals (ICMM) principle by the end of 2021. This will also support meeting the recently introduced ICMM performance expectations that provide greater definition on how application of the principles will be assessed. While the gold operations are ready to be assured for conformance to the World Gold Council Responsible Gold Mining Principles, the required visits to operating sites may not be practical this year while the threat of COVID-19 limits international travel. We remain in close touch with the ESG expectations of critical global stakeholders including investors, lenders, customers and end users, as well as credible ESG ratings agencies that publish frameworks for corporate ESG rankings.

The social and economic impact of the COVID-19 pandemic remains severe well into the second year since it began. During H1 2021 South Africa experienced two significant surges in infection rates (second and third waves), however, in contrast to the initial response to the pandemic in March 2020, the South African Government has adopted a more measured approach to management of the pandemic during 2021, applying certain restrictions, but allowing most economic activity to continue.

Effective controls and protocols implemented by the mining industry early in 2020 have proven largely effective in mitigating the potential impact of COVID-19 in the workplace. As a result, the SA mining industry has generally been able to operate without disruption during 2021 and continues to provide critical support and momentum to the South African economy. This support includes continued employment and wages, direct COVID-19 support and a direct economic contribution to the fiscus through higher taxes and royalties and strong export earnings. In 2020, the mining industry was largely responsible for the surplus of approximately R100 billion in tax receipts relative to prior forecasts in 2020. This economic contribution has continued into 2021 with current expectations of a surplus of at least R50bn this year- allowing the South Africa Government to offer significant relief (R39 billion in aid) to, allowing the South Africa Government to offer significant relief (R39 billion in aid) to societies ravaged by the ongoing impact of the pandemic and the recent unrest during the middle of July shortly after the incarceration of former President Zuma.

The unrest, which was characterised by severe property destruction and looting, was relatively localised, mainly affected KwaZulu-Natal and parts of the Gauteng and was brought under control within a week, although the restoration of damaged infrastructure and facilities represents a long term programme. The impact on our operations was limited to temporary supply chain disruptions. In addition to the significant economic cost of the extensive looting and damage to property however, the negative consequences on the reputation of the country and perceptions of social and economic stability, clearly add to the risk and cost of investment in the country, which was already perceived as a relatively high-risk investment destination.

Sibanye-Stillwater's economic contribution to the regions in which we operate continued to increase, with royalties paid increasing 340% from R413 million (US$25 million) for H1 2020 to R1,818 million (US$125 million) and current mining and income tax paid from R1,453 million (US$87 million) for H1 2020 to R8,491 million (US$584 million) for H1 2021. Along with other taxes, this R8,443 million (US$597 million) higher fiscal contribution is significant, particularly following the significantly increased contributions made during 2020, which were essential to regional economies during the economic devastation associated with the COVID-19 pandemic in 2020.

As responsible corporate citizen with a long term investment in and commitment to the country, we continue to engage with communities and other stakeholders in order to ensure alignment of their interests with ours in order to avoid these kinds of damaging events which negatively impact on all stakeholders, and the country as a whole. This engagement has been challenging since early 2020, given COVID- 19 constraints and limited access of many community members have to virtual engagement platforms that have become the norm globally.

This includes our ongoing commitment to and support of the national COVID-19 mitigation effort. The Group has continued to support employees and their dependents, local communities and regional and national Government in the ongoing struggle with the COVID-19 pandemic during 2021, and will now be extending this support to the National vaccine roll out programme. After a slow start, there has recently been a notable acceleration in the National vaccination roll out programme. With increasing support from the private sector the prospects of achieving the national target of 67% of the population vaccinated by the end of 2021 are improving, albeit that the target date seems unlikely to be achieved at this stage. Attaining this goal is a necessity and will be very positive for the economy which has been hard hit by the COVID-19 pandemic.

The ongoing risks posed by the pandemic to the health of our employees and communities continues to be a priority for the Group and with this in mind, preparations for the roll out of vaccines to our employees enabled us to secure accreditation for workplace vaccination facilities by the Department of Health (DOH) on 21 June 2021. These preparations included adequately training our healthcare employees, acquiring sufficient vaccine refrigeration, establishing suitable inoculation facilities, and developing and implementing appropriate protocols to ensure that vaccines could be administered efficiently and safely, at the appropriate scale.

Because of these preparations, our vaccine roll out programme has been extremely well implemented to date, with over 40,000 employees or approximately 50% of our workforce in South Africa receiving their first doses at eight current vaccination sites located in three provinces, well ahead of the rest of the SA Mining industry. Mirroring global trends, there has recently been a slowing in the rates of employees registering for vaccines, with the challenge now to try to ensure that other employees, who may be reluctant to receive vaccines, also elect to be inoculated in order to ensure the safety of all employees and their families.

We are in a position to support the national vaccination roll out programme further by extending our resources to dependants of employees and our doorstep communities that are located in districts that are under-serviced by public vaccination facilities. As previously highlighted, we have significant capacity to extend our vaccine programme by opening additional vaccination sites or providing support to Government's public facilities and continue to engage with the DOH and other relevant stakeholders as to how this will be achieved in order to assist in mitigating the future impact of the virus on society and the economy.

Marikana renewal

Since the Group acquired Lonmin in June 2019, significant focus and effort has been applied towards addressing longstanding socioeconomic issues at Marikana. Sibanye-Stillwater has committed to a process of renewal at Marikana and sees the change in ownership of

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2021 3

the assets as an opportunity to honour the past, facilitate closure through multi stakeholder dialogue and create a new reality together with stakeholders in the district. This approach will guide our future engagement and relations with stakeholders.

In 2020, Sibanye-Stillwater engaged social cohesion specialists, Reimagine SA to plan and undertake an extensive stakeholder engagement process aimed at finding ways to bring sustainability, healing and renewal to Marikana. At the heart of this process, known as the Letsema process, lies an inclusive approach to social and community facilitation through collaborative engagements, and to ensure the delivery of tangible and sustainable socio-economic programmes for the benefit of the communities around Marikana.

In April 2021, we formally launched the Marikana Renewal programme, under the themes of Honour, Engage and Create. This Marikana Renewal process acknowledges the impact of the tragic events of August 2012 and calls on stakeholders to rebuild relationships and co- create a better future for Marikana. The process is led by His Grace the Anglican Archbishop of Cape Town Thabo Makgoba, the patron of the Marikana Renewal programme.

Our efforts are ongoing and in August 2021, we commemorated the events of August 2012 by reflecting on the stories of the people, whose lives have changed and including those who are part of the Marikana Renewal process. Between 12 and 17 August 2021, we commemorated the week by honouring the deceased in the workplace and in collaboration with YouFM, a local radio station, delved deeper into the Letsema process and spoke to local community members about their hopes and dreams. We also hosted the second Marikana Memorial Lecture since our acquisition of Lonmin. This year's keynote speaker was Dr Mamphela Ramphele, co-founder of ReimagineSA. In her address, Dr Ramphele shared some of the key lessons that have emerged and are emerging from the conversations inside and outside the company. It is worth noting that for the first time, a significant government stakeholder attended the event with Minister of Mineral Resources and Energy, Gwede Mantashe delivering an address on the day.

A significant amount of detail on the Marikana Renewal process and progress we have made is available on our website at: https://www.sibanyestillwater.com/features/marikana-commemoration/.This includes specific detail on progress made on various commitments in a factsheet, which can be accessed at https://thevault.exchange/?get_group_doc=245/1628608210-ssw-marikana-renewal-factsheet-aug2021.pdf.

In addition to the Marikana renewal process, the successful financial turnaround achieved at the Marikana operations since acquisition, enabled the approval of over R4 billion investment by the Group in the brownfields projects at the operations as announced during Q1 2021. This investment will support more than 4,400 jobs over more than 40 years and, in addition to long term economic benefits, will provide ongoing opportunities for local businesses and support for communities as the basis of meaningful local empowerment.

A further significant step towards securing the future of the Marikana operations and ensuring the return of real value to stakeholders, was the successful re-structuring of the highly indebted broad-based black economic empowerment (B-BBEE) structure implemented by Lonmin several years before. The revised structure has resulted in a sustainable capital structure for the Marikana B-BBEE shareholders as well as immediate access to distributable cash flow and the ongoing transfer of tangible value.

Commitment to carbon neutrality by 2040

Our commitment to achieve carbon neutrality by 2040 is a primary Group ESG priority. Since announcing this commitment in February 2021, significant progress has been made to advance the energy and decarbonisation strategy which underpins it. Further studies and assessments have confirmed and given us significant confidence that attaining carbon neutrality by 2040 is indeed possible and may possibly be achieved before the target date.

Sibanye-Stillwater's SA operations are inherently energy intensive with 88% of greenhouse gas (GHG) emissions from these operations stemming from Scope 2 emissions associated with electricity generated by the national power utility, Eskom. 97% of the Scope 2 emissions are attributable to Eskom's coal-fired power stations. Our Scope 2 emissions compare unfavourably with an average of 40-50% for our international peers, who use other power sources and have access to less carbon intensive electricity.

In addition to the significant emissions footprint associated with our current reliance on Eskom, inconsistent and unreliable supply and the ongoing escalation of electricity tariffs at rates above inflation for over a decade are an ongoing risk for our operations and business. Improving electricity efficiency and securing alternative sources of future supply is thus the primary focus of the Group energy and decarbonisation strategy.

Given our emissions profile and high degree of electrification within our operations, renewable energy generation forms our strongest decarbonisation lever. Sibanye-Stillwater'slong-life,energy-intensive SA operations support the development of a portfolio of renewable energy projects designed to meet our energy requirements over the life of the operations and beyond. These projects, which are in different stages of development, include:

SA gold operations - 50MW Solar Project

• A 50MW solar photovoltaic (PV) project to supply our Kloof operations, has been in development since 2014 and is well advanced, with a site between the Kloof and Driefontein operations, already secured and permitted. A Request for Quotation (RFQ) tender is underway to appoint a project developer to finance, build, own, operate and later transfer the plant on a 20-year power purchase agreement (PPA) basis. The final consents and approvals are being concluded in parallel to the tender process. The target commercial operational date is late 2023.

SA PGM operations - 175MW Solar Projects

• A feasibility completed in Q2 2021 has confirmed a strong business case for advancing solar PV projects at our SA PGM operations. This would consist of three projects on suitable sites adjacent to our operations, including an 80MW project at the Rustenburg operation, a 65MW project at the Marikana K4 operation and a 30MW project for our Marikana smelter and base metal refinery. The projects have been approved for execution and site permitting is now underway. The targeted date for commercial operational is early 2025, with the environmental impact assessment process driving the project schedule.

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2021 4

SA PGM and SA Gold operations - 250MW SA Wind Energy

• Sibanye-Stillwaterconducted a wind energy Request for Information (RFI) for off-site generation of up to 250MW during Q2 2021. The RFI confirmed the commercial viability of remote wind energy wheeled across the Eskom transmission and distribution network and identified various 'shovel-ready' projects across South Africa. On this basis, an RFQ tender underway for up to 250MW on a 15-year build, own, operate and transfer PPA basis. The targeted date for commercial operational is anticipated towards the end of 2024.

The development of these approved renewable energy projects will enable a 24% Scope 2 reduction in energy consumption for the Group by 2025. Consequent to the current life of mine models and associated electricity consumption projections, these facilities will nominally provide 100% of our SA energy requirements by 2038, thereby contributing substantially to our decarbonisation target. These renewable energy projects will be subject to separate approvals from several Governmental authorities, including the National Energy Regulator of South Africa, the Department of Mineral Resources and Energy (DMRE) and Eskom.

Through our 'Infrastructure for Impact' programme which is being developed, we will also seek to maximise broad-based economic empowerment, local skills and capability development, and socio-economic impact through these projects.

Sibanye-Stillwater plays an active advocacy role in the creation of enabling electricity supply industry in South Africa, particularly promoting self-generation, through participation in the Energy Intensive User Group (EIUG), the Minerals Council of South African and Business Unity South Africa (BUSA). Most positively, Schedule 2 of the Electricity Regulation Act was amended by the DMRE, lifting the own-use licensing threshold to 100MW, thereby enabling derisking of our renewable energy projects as well as acceleration of the project schedules by 3-6 months, the estimated saving on the 18-24 month development phase prior to construction. Sibanye-Stillwater has conveyed several other regulatory amendments and structural reforms to Government to fully create an enabling electricity supply industry and unlock the potential of private power generation to the benefit of all South African stakeholders.

Concurrently to our renewable energy projects in South Africa, investigations are underway within the US PGM operations to further increase renewable energy as part of their energy mix. Our Scope 1, Scope 3 and carbon offset interventions, that will deliver our full decarbonisation through to carbon neutrality, will be further detailed in our ESG investor day presentation.

STRATEGIC EXECUTION

There has been a marked shift in global regulations, consumer behaviour, social activism and business strategy over the past year, with the imperative to address climate change becoming an increasingly prominent theme globally and with strong national commitments to stringent environmental targets expected at COP26 in Glasgow in November 2021. This has required the adoption of more acceptable environmentally and socially conscious behaviours and practices by the private sector globally, accompanied by enhanced Governance and transparency. This includes a pivot away from hydrocarbon products as a primary input or fuel source including a notable acceleration in the expected adoption of electric vehicles into the automobile mix.

While not yet having material impact on internal combustion engine vehicle sales, the growth in demand for battery metals to meet requirements for electric vehicle production is already starting to have substantial implications for battery metal supply and is expected to accelerate. Moreover, recent experience with the global electronic chip shortage, combined with concerns related to China's trade policies that may leverage off China's dominance in battery metal supply, is resulting in automotive manufacturers striving to establish regional supply chains and strategic offtake agreements through which they can secure reliable supply for key commodities. The resultant increased demand for battery metals to support a prolonged expansion of the global battery electric vehicle (BEV) fleet over the next two to three decades, is going to require commensurate increase in the supply of battery metals. Primary expansion of the scale needed to meet BEV growth projected by some market commentators will be challenging.

As an alternative source of supply, recycling is therefore likely to become a more significant contributor to battery metal supply as batteries and vehicles start reaching the end of their useful lives in increasing numbers towards the end of the decade and a circular economy is established. Recognising the increasing likelihood (if not the quantum) of this shift towards increased electrification of the global automobile sector, some years ago, in 2019 we acquired SFA (Oxford) to carry out detailed research and analysis into the evolution of future mobility, including batteries and BEV.

Becoming a meaningful participant in the green energy metals space is encapsulated by our strategic objective of "Building an operating portfolio of green energy metals and related technologies" through implementation of our fourth sigmoid value curve. This fourth sigmoid curve to establish a significant exposure to future green metals predominantly for the energy sector, in the corporation's strategic growth strategy, is complementary to our existing leading PGM mining and recycling operations, our latent uranium potential and newly acquired battery metals presence.

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2021 5