Sibanye-Stillwater announced that it has signed definitive purchase and sale agreements (Transaction Agreements) with affiliates of funds advised by Appian Capital Advisory LLP (Appian) to purchase 100% of both the Santa Rita nickel mine (Santa Rita) and the Serrote copper mine (Serrote), located in Brazil, for a cash consideration of $1.0 billion and a 5.0% net smelter return (NSR) royalty over potential future underground production at Santa Rita (the Transaction). The Transaction: Sibanye-Stillwater has entered into two separate inter-conditional Transaction Agreements for the acquisition of 100% of the shares in, and Appian group loans against, the 100% owned Appian subsidiary companies which are the sole owners of Santa Rita and Serrote, for a purchase price to be settled as follows: $1.0 billion to be settled in cash on closing (Upfront Purchase Price). The Upfront Purchase Price is subject to customary adjustments for net debt and working capital on implementation of the Transaction. A life of mine 5.0% NSR which will come into effect following the cumulative production of 252 million pounds of nickel equivalent metal, which is only expected to be payable once production from the underground mine commences. The 5.0% NSR is currently valued at $218 million based on a preliminary economic assessment stage underground project which may be advanced by Sibanye-Stillwater in the future following the completion of further detailed studies. Santa Rita: Santa Rita is global producing nickel sulphide mine in the world. The operation is a conventional open pit nickel operation with a 7 year open pit operating life with significant potential to access underground resources, extending the mine life by a further 27 years. Following the restart of the mine in 2019, the current management team has undertaken a number of operational improvements, and as a result Santa Rita is now generating strong free cash flow. Salient features of Santa Rita are: Open pit operation mined with conventional equipment over a 7 year mine life, with average annual production of 16 kt per annum nickel equivalent. The existing processing plant which has a capacity of 6.5Mtpa consists of crushing, grinding, floatation, thickening and filtration producing a saleable nickel concentrate, with 13.50% Ni, 4.57% Cu, 0.25% Co and 1.17g/t Au. Floatation tailings are pumped to a tailings storage facility constructed via downstream raises. Life of mine by-product C1 operating costs are estimated to average $1.97/lb nickel. Mineral reserves of 43.3 Mt at an average grade of 0.31% nickel, 0.11% copper and 0.01% cobalt, containing approximately 134 kt of nickel, 49 kt of copper and 5 kt of cobalt. Mineral resources of 255.1 Mt at an average grade of 0.54% nickel, 0.17% copper and 0.01% cobalt, containing approximately 1,383 kt of nickel, 446 kt of copper and 25 kt of cobalt. Serrote: Serrote is an advanced and pre-developed open pit copper mine with a current reserve life of 13 years and significant resource and optimization potential. The mine is currently in a ramp up phase of approximately 18 months and is on track to achieve commercial production in the fourth quarter of 2021, having completed construction in May 2021, with world class safety records. Salient features of Serrote are: Open pit operation mined with conventional equipment over a 13 year mine life, with average annual production of 20 kt per annum copper equivalent. The existing processing plant with a capacity of 4.1Mtpa consists of crushing, grinding, floatation, thickening and filtration producing a saleable copper concentrate. Floatation tailings are pumped to a tailings storage facility constructed via downstream raises. Life of mine by-product C13 operating costs are estimated to average a $1.11/lb copper. Mineral reserves of 50.4 Mt at an average grade of 0.60% copper and 0.10 g/t gold, containing approximately 299 kt of copper and 159 koz of gold. Mineral resources of 112.2 Mt at an average grade of 0.54% copper and 0.10 g/t gold, containing approximately 609 kt of copper and 347 koz of gold.