Sibanye Stillwater : Interim F2023

JOHANNESBURG, 29 August 2023: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to report operating results and consolidated interim financial statements for the six months ended 30 June 2023.

SALIENT FEATURES FOR THE SIX MONTHS ENDED 30 JUNE 2023

• Strategic commodity and geographical diversification - SA gold turnaround cushions impact of lower PGM prices
• Strong financial position maintained - 0.01x Net debt: adjusted EBITDA*, net debt of only R262m (US$13.9m)
• Interim dividend declared of 53 SA cps (11.19 US cents** per ADR)
• SA gold operations: R5.5bn (US$332m) adjusted EBITDA turnaround year-on-year
• SA PGM operations: Industry leading cost management. Moving down industry cost curve increases competitiveness
• US PGM operations: Stillwater West mine shaft repaired, improved operating outlook for H2 2023
• Keliber lithium project on track to produce battery grade lithium hydroxide from 2025 - equity capital fully funded
• Tailings storage facilities conformance with GISTM requirements
• Well positioned for clean energy transition

* Refer note 9.1 (footnote 5) of the consolidated interim financial statements

• Based on the closing exchange rate of R18.9400/US$ at 22 August 2023 from EquityRT

KEY STATISTICS - GROUP

	US dollar						SA rand
Six months ended					Six months ended
Jun 2022	Dec 2022	Jun 2023		KEY STATISTICS		Jun 2023	Dec 2022	Jun 2022
				GROUP
782	344	407	US$m	Basic earnings	Rm	7,423	6,380	12,016
775	350	324	US$m	Headline earnings	Rm	5,891	6,484	11,938
1,465	1,045	776	US$m	Adjusted EBITDA1	Rm	14,147	18,550	22,561
803	359	427	US$m	Profit for the period	Rm	7,786	6,639	12,341
15.40	17.33	18.21	R/US$	Average exchange rate using daily closing rate

TABLE OF CONTENTS	Page		Share data for the Six months ended 30 June 2023
Key statistics by region	2		Number of shares in issue
Statement by the Group Chief Executive Officer	3		- at 30 June 2023	2,830,567,264
Safety and operational review	8		- weighted average	2,830,487,806
Financial review	13		Free Float	99%
Salient features - operational tables - six monthly statistics	18		Bloomberg/Reuters	SSWSJ/SSWJ.J
Consolidated interim financial statements	22
Notes to the consolidated interim financial statements	26		JSE Limited - (SSW)
Segment reporting - six month and annual	37		Price range per ordinary share (High/Low)	R28.00 to R51.68
All-in cost (reconciliation) - six months	43		Average daily volume	10,798,253
Reconciliation of operating cost excluding third party PoC	44
Salient features - operational tables - quarterly statistics	46		NYSE - (SBSW); one ADR represents four ordinary shares
All-in cost (reconciliation) - quarterly statistics	50		Price range per ADR (High/Low)	US$6.12 to US$12.31
Development results	53		Average daily volume	3,710,044
Administration and other corporate information	55
Disclaimer and forward-looking statements	56

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2023

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KEY STATISTICS BY REGION

	US dollar						SA rand
Six months ended					Six months ended
Jun 2022	Dec 2022	Jun 2023		KEY STATISTICS		Jun 2023	Dec 2022	Jun 2022
				AMERICAS REGION
				US PGM underground operations
230,039	191,094	205,513	oz	2E PGM production2,3	kg	6,392	5,944	7,155
1,935	1,766	1,390	US$/2Eoz	Average basket price	R/2Eoz	25,312	30,609	29,799
261	125	53	US$m	Adjusted EBITDA1	Rm	976	2,309	4,021
1,366	1,840	1,737	US$/2Eoz	All-in sustaining cost4	R/2Eoz	31,633	31,880	21,036
				US PGM recycling
361,333	237,441	162,452	oz	3E PGM recycling2,3	kg	5,053	7,385	11,239
2,906	3,274	2,735	US$/3Eoz	Average basket price	R/3Eoz	49,804	56,747	44,752
39	39	20	US$m	Adjusted EBITDA1	Rm	371	676	598
				SOUTHERN AFRICA (SA) REGION
				PGM operations
823,806	843,658	799,182	oz	4E PGM production3,5	kg	24,857	26,241	25,623
2,817	2,434	1,867	US$/4Eoz	Average basket price	R/4Eoz	34,006	42,188	43,379
1,374	956	649	US$m	Adjusted EBITDA1	Rm	11,794	16,983	21,152
1,179	1,179	1,083	US$/4Eoz	All-in sustaining cost4	R/4Eoz	19,716	20,431	18,160
				Gold operations
191,683	428,859	416,738	oz	Gold produced	kg	12,962	13,339	5,962
1,864	1,720	1,921	US$/oz	Average gold price	R/kg	1,124,871	958,232	922,851
(202)	(17)	130	US$m	Adjusted EBITDA1	Rm	2,375	(440)	(3,106)
3,115	2,019	1,813	US$/oz	All-in sustaining cost4	R/kg	1,061,477	1,124,737	1,542,355
				EUROPEAN REGION
				Sandouville nickel refinery6
4,565	2,277	3,493	tNi	Nickel production7	tNi	3,493	2,277	4,565
30,789	24,646	26,888	US$/tNi	Nickel equivalent average basket price8	R/tNi	489,635	427,120	474,144
4	(34)	(35)	US$m	Adjusted EBITDA1	Rm	(627)	(553)	61
29,896	38,333	37,486	US$/tNi	Nickel equivalent sustaining cost9	R/tNi	682,628	664,311	460,397
				AUSTRALIAN REGION
				New Century zinc retreatment operation10
-	-	24	ktZn	Zinc metal produced (payable)11	ktZn	24	-	-
-	-	1,640	US$/tZn	Average equivalent zinc concentrate price12	R/tZn	29,871	-	-
-	-	(28)	US$m	Adjusted EBITDA1	Rm	(502)	-	-
-	-	2,418	US$/tZn	All-in sustaining cost4	R/tZn	44,030	-	-

• 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 any other measure of financial performance and liquidity. For a reconciliation of profit before royalties and tax to adjusted EBITDA, see note 9.1 of the consolidated interim financial statements

• 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 various 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

• The Platinum 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 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)

• See "Salient features and cost benchmarks - Six months " for the definition of All-in sustaining cost (AISC)

• 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 the "Reconciliation of operating cost excluding third party PoC for Total US and SA PGM, Total SA PGM and Marikana - Six months"

• The Sandouville nickel refinery processes nickel matte and is included in the Group results since the effective date of the acquisition on 4 February 2022

• The nickel production at the Sandouville nickel refinery operations is principally nickel metal and nickel salts (liquid form), together referred to as nickel equivalent products

• The nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold

• See "Salient features and cost benchmarks - Six months Sandouville nickel refinery" for a reconciliation of cost of sales before amortisation and depreciation to nickel equivalent sustaining cost

1. New Century is a leading tailings management and rehabilitation company that currently owns and operates the New Century zinc tailings retreatment operation in Queensland, Australia. Amounts included since effective date of acquisition on 22 February 2023
2. Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
3. Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc metal sold

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2023

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

The Group financial and operating results for the six-months ended 30 June 2023 (H1 2023) reflect the challenging global macroeconomic and turbulent geopolitical environment which has prevailed during 2023, with slowing global growth reducing demand for commodities, resulting in a significant decline in commodity prices other than gold during the period.

The operating environment has been equally demanding, with regional factors in our operating jurisdictions posing significant challenges. These regional factors include some which we have previously highlighted as "grey elephants" (highly probable, high impact yet often ignored global trends), such as climate change - causing extreme weather events which are becoming increasingly frequent globally, with severe storms disrupting our US PGM operations in mid-2022 and our New Century tailings operations in Australia in Q1 2023; social discontent - widespread strikes in France causing downtime at our Sandouville nickel refinery in Le Havre during H1 2023 and ongoing community and labour related disruptions common in South Africa. Moreover, the shortage of critical skills impacting the mining industry globally, continues to impact productivity and costs at our US PGM operation, and electricity disruptions and crime (cable theft and illegal mining) have intensified in South Africa.

In periods of change and disruption such as these, an intense focus on safety, which is a core Group value is particularly critical. The improvements in the Group safety performance achieved in 2022 were largely maintained during H1 2023. There was however a regression in Group safety lagging indicators during Q2 2023 which is receiving attention. This included three incidents at the SA gold operations during H1 2023 which resulted in the tragic loss of six colleagues (four contractors and two employees). While these tragic events have set us back, we remain resolute in our efforts towards Zero Harm in the workplace. The Board and management of Sibanye- Stillwater extend their sincere condolences to the family, friends, and loved ones of our departed colleagues.

We remain committed to continuous improvement in health and safety at our operations. This is a deliberate journey and whilst we have made progress, we continue to modify the strategy based on lessons learned and industry best practice to improve our risk approach, eliminate fatalities and improve incident statistics. The journey is not an easy one and requires a committed and sustained focus, but our optimism is supported by the performance of the SA PGM and US PGM operations, which operated without fatal incidents for H1 2023, and the European operations which recorded no recordable safety incidents for Q2 2023. A more detailed assessment of the H1 2023 safety performance can be found on page 5.

The Group has successfully managed various challenges in the last few years, and I am confident that we will again successfully navigate these challenges.

The appropriateness of our ongoing strategic evolution supporting our purpose "to safeguard global sustainability through our metals" and our strategic commodity and geographical diversification since 2016, was again evident during H1 2023.

The impacts of the precipitous decline in PGM prices and operational disruptions at our US and European regions, were cushioned by a significantly improved financial contribution from the SA gold operations. The normalisation of production after the industrial action and lock-out which resulted in operations being suspended for most of H1 2022 (during which the SA PGM operations provided the diversification benefits), ensured timeous exposure to the higher gold price during a period of strategic investment for the Group into the battery metals sector.

Our investments in future facing metals and the green economy in Europe, the US and Australia, are central to the delivery of our green metals and clean energy solutions strategic differentiator. These strategic investments are expected to make an increasing financial contribution to the Group in the second half of this decade, by positioning the Group to benefit from the future global energy transition and will further diversify the Group portfolio. We anticipate that these strategic investments will provide a critical offset against the declining contribution from the SA gold operations as they near the end of their reserve lives over this decade and are restructured in a phased manner.

Some of the previously mentioned regional challenges impacted negatively on our operations during H1 2023. Steps have and are being taken to address and mitigate these challenges and are detailed in the Safety and operating review on pages 7 to 12, as a result of which we expect these impacts to be minimised in H2 2023. Others were extremely well managed with the potential impact on the Group minimised.

The updated protocols implemented at the SA PGM and SA gold operations to address the elevated levels of load curtailment in particular have proven extremely effective, and proactive steps to minimise the potential impact of illegal mining and cable theft on production are starting to have significant impact in reducing the impact on operating results.

The increasing frequency and magnitude of load curtailment posed a significant risk going into 2023. The impact has however been successfully mitigated through the implementation of comprehensive protocols which include, inter alia, re-scheduling energy intensive activities to lower demand periods and utilising our installed generation capacity at our SA gold operations, with unutilised available capacity at our SA PGM processing operations also providing significant processing flexibility, which has enabled our SA PGM operations to avoid the build-up of ore stockpiles or "deferred production" as per our peers.

A more positive narrative has begun to emerge, suggesting an improvement in power availability and reduced load curtailment towards year end. A swift and decisive response from the private sector and general public in South Africa, following the lifting of regulatory thresholds on renewable projects for self-generation, has played a significant role in this, with over 4000 MW of private sector renewable energy estimated to have been installed in the last year. Our self-generation strategy has likewise progressed with our first renewables project, the 89MW Castle Wind Farm announced in July 2023 with earthworks on site now in progress. This is a measurable milestone in the implementation of our 600MW renewable energy programme, which is expected to be complete by 2026 and forecast to significantly reduce operating costs and our dependence on Eskom, as well as the carbon emissions attributable to a reliance on Eskom's coal-fired generation, which dominate our current scope 2 emissions.

Regional opportunities arising from our recognition of global multipolarity becoming a dominant trend (another grey elephant), have begun to yield benefits. The US Inflation Reduction Act of 2022 (IRA), which directs new federal spending toward reducing carbon emissions, lowering healthcare costs, funding the Internal Revenue Service, and improving taxpayer compliance aims to encourage procurement of critical supplies domestically or from free-trade partners amongst other things. Significant benefits are expected to flow from the IRA and similar legislation in Europe, where we have selectively chosen to build strategic platforms to develop our battery metals and recycling businesses.

In addition to the US department of Energy (DOE) conditional loan commitment to provide up to US$700 million in funding to the Rhyolite Ridge JV, the US PGM operations expect to qualify for an IRA credit (45X advanced manufacturing production credit) equal to 10% of qualifying production costs incurred for critical metals produced and sold after 31 December 2022, for a period of 10 years. During H1

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2023

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2023, management recognised an IRA credit of US$25 million against operating costs.We are also starting to witness the growing geostrategic importance of Africa to meet the accelerating need for critical minerals in both the western and eastern worlds.

Group adjusted EBITDA of R14.1 billion (US$776 million) for H1 2023 was 37% lower than adjusted EBITDA of R22.6 billion (US$1.5 billion) for the comparable period in 2022, primarily reflecting the significant decline in PGM prices and regional operational challenges partly offset by the improved performance from the SA gold operations.

Continued capital allocation discipline has maintained the Group's robust financial position. Cash and cash equivalents of R22.2 billion (US$1.2 billion) remain above the capital allocation framework reserve target of R20 billion, despite increased investment in our battery metals portfolio and a R3.6 billion (US$198 million) final payment to Anglo American Platinum for the Rustenburg operations (the absence of which will benefit future Rustenburg cash flow) during the period. Along with undrawn Revolving Credit Facilities (RCF) of R25.0 billion (US$1.3 billion), the Group has substantial financial headroom. These undrawn debt facilities include the dollar RCF, which was refinanced with strong support from a syndicate of global banks and increased from US$600 million to US$1 billion on improved terms during H1 2023, further enhancing Group liquidity and financial flexibility.

Cash and cash equivalents at the end of H1 2023 were marginally below borrowings (excluding non-recourse Burnstone debt) of R22.4 billion (US$1.2 billion), resulting in net debt of R262 million (US$14 million) and net debt: adjusted EBITDA ratio of 0.01x, which provides the Group with significant financial headroom to weather any further challenges as well as providing strategic optionality to capitalise on value accretive opportunities.

Profit for the period (after tax) of R7.8 billion (US$427 million) for H1 2023 was 37% lower than for H1 2022, with basic earnings per share (EPS) and headline earnings per share (HEPS) of 262 SA cents (14.4 US cents) and 208 SA cents (11.4 US cents), approximately 38% and 51% lower year-on-year respectively. The variance between EPS and HEPS primarily reflects an adjustment from EPS of R1.5 billion (US$82.0 million) related to non-cash foreign exchange gains arising from the once off accounting treatment of the deregistration of offshore subsidiaries acquired as part of the Lonmin transaction, during the period.

On the basis of the robust Group financial position, the Board of directors declared an interim dividend of R1.5 billion (US$79 million) (53 cents per share/US 11.2 cents** per ADR), equivalent to 35% of normalised earnings of R4.3 billion (US$235 million) for H1 2023, and at the upper end of the range of the Group dividend policy. This is in-line with the Group capital allocation framework and the Group commitment to delivering consistent shared value to stakeholders.

While the global macro-economic outlook remains uncertain, central bank rate hiking cycles in many economies appear to have reached or are nearing their peaks, and there are positive signs that a recession may be avoided, although low growth conditions are expected to continue well into 2024.

Global auto sales appear to be recovering, with recent forecasts for 2023 consistently being revised upwards. While this has yet to translate into a tangible increase in demand for PGMs or a recovery in recycling volumes, an implied improvement in PGM demand during H2 2023 would be supportive for spot PGM prices as destocking subsides.

Our robust financial position and diversification, places us well to not only endure through a period of low prices but to realise value from opportunities which may arise. While improvements are expected from our US and European operations and the integration of New Century as a managed operation in Sibanye-Stillwater yields benefits, the decline in commodity prices during H1 2023 has been severe and we are preparing for a lower phase in the commodity price cycle through a stringent focus on unit costs and a disciplined approach to the management of our assets. While we expect that a few tough quarters may be necessary while production is fully restored to plan levels at certain operations, we will be mindful of the operating environment and, where necessary, restructuring may be considered in areas where commercially viable operations cannot be sustained.

OPERATIONAL OVERVIEW

The SA PGM operations delivered another solid, consistent operating result for H1 2023, commendably managing the impact of elevated Eskom load curtailment and making significant progress in addressing cable theft during Q2 2023. Production of 848,723 4Eoz (including PoC), was flat compared to H1 2022, benefiting from a 24,195 4Eoz (95%) increase in PoC year-on-year, highlighting another relative advantage arising from our unutilised processing capacity. 4E PGM production (excluding PoC) of 799,182 4Eoz, was 3% lower than for H1 2022, but in line with H1 2022 if adjusted for the year-on-year decline in Kroondal production, which was primarily due to the planned closure of the Simunye shaft at the end of 2022. Costs were again well managed, with AISC (excluding PoC) of R19,716/4Eoz (US$1,083/4Eoz) for H1 2023, increasing by 9% year-on-year, significantly less than recent cost increases reported by industry peers.

The SA PGM operations continue to move down the industry cost curves through consistent, leading cost management. In so doing, they have not only increased their relative profitability and competitiveness, but also ensured greater margin protection than higher cost peers against lower PGM prices.

Production from the SA managed gold operations (excluding DRDGOLD) for H1 2023 of 10,411kg (334,721oz) increased by 233% year-on- year, with AISC of R1,113,391/kg (US$1,902/oz) 47% lower, mainly reflecting the recovery in production from the SA gold operations following the suspension of operations as a result of the industrial action and consequent lockout during H1 2022.

Disappointingly, the positive momentum that had been building at the SA gold operations, has been arrested by some significant operating incidents that occurred post 30 June 2023.

• On 12 July 2023, a fire at Driefontein 5 shaft disrupted operations at both Driefontein 1 and 5 shafts. Tragically, Mr Armando Matias (56) a development miner passed away as a result of the fire incident, during which he was separated from his team. Our heartfelt condolences are extended to the family and friends of our deceased colleague. Twenty-four employees were secure in various refuge bays and safely brought to surface. Whilst most of the crews at Driefontein 1 shaft returned to work and were operational by the beginning of August, the crews from the Driefontein 5 shaft area will only be reintroduced in a phased manner once the fire Is extinguished and the area becomes safe to operate in.
• Production constraints at the Kloof operations resulting from increased seismic activity which restricted access to higher grade production areas and ventilation and cooling constraints at Kloof 4 shaft during H1 2023, have been exacerbated by the shaft incident in late July 2023, which caused significant damage to infrastructure and resulted in the suspension of operations at the Kloof 4 shaft. The incident is under investigation and the extent of the damage is still being assessed. The full impact of the increased seismicity at Kloof 4, combined with constraints on cooling infrastructure and the shaft repairs required to resume operations at 4 shaft is being assessed.

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2023

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Mined 2E PGM production from the US PGM operations of 205,513 2Eoz for H1 2023, was 11% lower year-on-year, with AISC of US$1,737/2Eoz, 27% higher than for H1 2022, primarily due to the shaft incident at the Stillwater West mine and ongoing critical skills shortages which continue to affect productivity and unit costs. These factors have also delayed implementation of the repositioning plan, which was announced in mid-2022, although we expect to resume planned implementation by Q4 2023.

The repositioning plan was a proactive response to the changing macro environment and worsening outlook for the palladium price, which we recognised in late 2021. The US PGM operations have delivered on the initial strategic intent and repaid the acquisition cost, hence repositioning the operations for long term profitability and sustainability to deliver optimal value, was deemed prudent. The US PGM operations were bought at the right time, during a low phase in the PGM price cycle, and under conservative PGM price assumptions at the time, so despite operational challenges currently impacting the operations, has not required a write down of the acquisition value.

3E PGM production from the US PGM recycling operation for H1 2023 halved year-on-year to 162,452 3Eoz. The global autocatalyst recycling industry has not recovered as anticipated at the beginning of 2023. The uncertain global economic outlook, recessionary concerns and higher interest rates have led to decreased consumer demand for new vehicles, with light duty vehicles (LDV) remaining in service for extended periods and fewer vehicles being scrapped. Furthermore, the global collection networks have contracted due to the residual impact of COVID-19 and lower PGM prices, leading to an accumulation of inventory within these networks. While there are positive signs of a recovery in global auto sales emerging, these are only expected to reflect in recovery in receipts and feed rates in 2024.

Nickel equivalent production from the Sandouville nickel refinery of 3,493 tonnes for H1 2023 and nickel equivalent sustaining cost of US$37,486/tNi (R682,628/tNi) were impacted by plant downtime of 50 production days during H1 2023, primarily due to equipment failure at the electro-winning circuit, supply chain constraints leading to a shortage of critical inputs and social unrest in France in the form of nationwide strikes. Repairs to the cathode units in the electro winning circuit are largely complete, with circuit availability and nickel recovery trends improving during Q2 2023. Legacy contracts with suppliers and customers are also being renegotiated by the new management team and working capital risks are being managed through the hedging of 70% of nickel purchases. The outlook for H2 2023, barring any unexpected disruptions, is therefore more positive.

Persistently high fixed and maintenance costs and the recent decline in the nickel price and deterioration in the medium-term outlook, has however prompted a review of the business case, which is scheduled for completion before year end. The outcome of this review and optimisation proposals will inform a decision on the way forward.

The strategic rationale for the Sandouville acquisition included the potential to provide a springboard for supply of battery metals and battery materials into the European ecosystem as well as a node for the development of a European recycling business.

Feasibility studies on the battery grade nickel sulphate, PGM autocatalyst recycling, and battery metals recycling projects, are also scheduled to progress to the next stages before the end of 2023.

The commitment and support for the Keliber lithium project from the Finnish Minerals Group, which represents and manages the Finnish State's mining industry investments was confirmed in April 2023, when it elected to increase its holding in the Keliber project from 14% to 20% by subscribing for €54 million of the €104 million rights issue, which completed the financing of the equity component of the €588 million capital required for the full development of the project. With the equity capital component secured, securing debt funding for the remaining project capital is underway.

The construction of the Keliber lithium refinery is proceeding and we are confident that the concentrator and open cast mines will be developed in due course, ensuring integrated production and supply of battery grade lithium hydroxide from the Keliber project into what we expect is going to be a substantial market deficit in the second half of this decade.

It is worth noting the positive responses we have received from the French and Finnish governments as a result of our investments, with both countries having publicly prioritised the development of a national battery industry and supportive of our investments in these economies. Constructive engagements at the highest levels of Government are positive affirmations of support.

STRATEGIC DELIVERY

Good progress continues to be made in building our green metals and energy solutions business.

Following the classification of the Tiehm's buckwheat as an endangered species at the Rhyolite Ridge lithium project, an alternative mine plan and schedule that avoids all buckwheat, is subject to an updated feasibility study, with additional drilling being done to further define the orebody. While permitting risk remains, the climate has turned positive, and we consider this would have strategic advantage in terms of securing a leading position in developing the United States critical minerals value chain with a positive commercial return. The investment will only be advanced subject to intensive oversight of the technical status of the project. The Federal permitting process (NEPA) continues to advance with completion of the first public scoping period and progress towards publication of a draft EIS.

The integration of New Century into Sibanye-Stillwater is expected to be completed during H2 2023. A feasibility study on Mount Lyell (a previously operated copper mine) in Tasmania is underway and a decision on the option to acquire 100% of Mt Lyell from Vedanta Resources will be taken prior to its expiry on 5 November 2023.

Our involvement in the process to extend our copper portfolio into Zambia through our bid to acquire the Mopani operation is ongoing. A competitive process is underway to determine the successful bidder to enter into a phase of final due diligence and exclusive negotiation on the detailed terms.

OPERATING GUIDANCE FOR 2023*

Operating guidance for the US recycling operation, the SA gold operations and the Sandouville nickel refinery has been revised to reflect the impact of various events described in this report. The latest operating guidance for 2023 is as follows:

• Guidance for the US PGM operations is unchanged. Mined 2E PGM production is forecast to be between 460,000 2Eoz and 480,000 2Eoz, with AISC between US$1,550/2Eoz and US$1,650/2Eoz (R27,900/2Eoz to R29,700/2Eoz). Capital expenditure is forecast to be between US$285 million and US$300 million (R5.1 billion to R5.4 billion), including approximately US$25 million (R450 million) project capital.

Sibanye-Stillwater Operating and financial results | Six months ended 30 June 2023

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