Sibanye Stillwater : Mineral Resources and Mineral Reserves declaration as at 31 December 2020

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]

Website:www.sibanyestillwater.com

MARKET RELEASE

Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2020

Johannesburg, 15 February 2021: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is pleased to report attributable Group Mineral Resources and Mineral Reserves as at 31 December 2020.

Salient features

• • A 40% increase in 4E Platinum group metals (PGM) Mineral Reserves at the SA PGM operations to 39.5M 4Eoz, primarily due to the inclusion of the Marikana K4 project (12.7 M 4Eoz) and the Klipfontein opencast project (0.1M 4Eoz) following detailed feasibility studies.

• • A 7% (5.8Moz) increase in 2E PGM Mineral Resources, with additional Mineral Reserves of 0.8M 2E PGM ounces defined at East Boulder Mine replacing combined depletion of 0.7M 2Eoz during 2020. Combined stable Mineral Reserves of 26.9M 2Eoz at the US PGM operations.

• • Stable Mineral Reserves of 11.3Moz at the SA gold operations, with depletion of 1.0 Moz for 2020 off-set by

  − an 0.8Moz increase in attributable Mineral Reserves from DRDGOLD due to the increase in Sibanye-

  Stillwater's shareholding in DRDGOLD from 38.05 to 50.1%,

  − an additional 0.2Moz Mineral Reserves derived from secondary reef exploration programmes at the

  Driefontein operation.

• • Mineral Resources at the SA gold operations decreased by 15.9Moz, primarily due to the exclusion of Below Infrastructure Mineral Resources at Driefontein

The declared Mineral Resources and Mineral Reserves for our managed operations and projects are the outcome of a detailed annual operational and life of mine (LoM) planning process and are indicative of the considerable underlying mineral assets base which supports sustainable and robust long-life production.

This Mineral Reserve and Mineral Resource declaration represents a condensed and consolidated summary of the full Sibanye-Stillwater Mineral Resource and Mineral Reserve declaration available in the Group Mineral Resource and Mineral Reserve Report, which will be published on 22 April 2021 and will be available atwww.sibanyestillwater.com/news-investors/reports/annual/.

•	Group overview
Tonnes	Grade	2E/4E1
PGM operations
(Mt)	(g/t)	(Moz)
US	178.7	15.1	86.9
SA	1,535.4	4.4	217.1
Total PGM operations	1,714.1	5.5	304.0

Mineral Resources
31-Dec-20	31-Dec-19	31-Dec-19
2E/4E1	Tonnes	Grade	2E/4E1	2E/4E1
(Moz)	(Mt)	(g/t)	(Moz)	(Moz)
81.1	58.2	14.4	26.9	26.9
218.0	369.7	3.3	39.5	28.2
299.1	427.9	4.8	66.4	55.1

Mineral Resources 31-Dec-20

Mineral Reserves

31-Dec-20

TonnesGrade

2E/4E

2E/4ETonnesGrade

2E/4E

2E/4EPGM projects

(g/t)

(Mt)

(g/t)

Americas SA

Total projects Total PGMGold operations

68.4 618.8 687.2 2,401.2 Tonnes

(Mt)

0.8 4.3 4.0 5.1 Grade (g/t)

1.7 86.0 87.7 391.7 Gold (Moz)

3.1 86.8 89.9 389.0 Gold (Moz)

427.9 Tonnes

(Mt)

4.8 Grade (g/t)

66.4 Gold (Moz)

55.1 Gold (Moz)SA underground SA surface

Total operations

Gold projects

205.9 579.8 785.7 Tonnes

(Mt)

8.4 0.3 2.4 Grade (g/t)

55.3 5.3 60.6 Gold (Moz)

72.6 3.9 76.5 Gold (Moz)

42.5 285.8 328.3 Tonnes

(Mt)

6.0 0.3 1.1 Grade (g/t)

8.3 3.0 11.3 Gold (Moz)

9.0 2.3 11.3 Gold (Moz)SA USTotal projects Total Gold

377.0 2,638.7 3,015.6 3,790.0

1.6 0.1

0.27 0.70

19.7 6.51 26.2 85.6

21.5

33.9

3.9

4.3

4.0

6.6 28.1 104.6

33.9 362.2

3.9 3.9

4.3 15.5

4.0 15.4

Uranium at gold operations

(Mt)

Grade (kg/t)

U3O8 (Mlb)

U3O8 (Mlb)

Tonnes

(Mt)

Grade (kg/t)

U3O8 (Mlb)

U308 (Mlb)SATotal operations

1.1

11.4

1.1

27.0

27.0

- -- -

- -

- -

Uranium projects

(Mt)

Grade (kg/t)

(Mlb)

Tonnes

(Mlb)

(Mt)Grade (kg/t)

(Mlb)

(Mlb)SA

Total projects Total Uranium

262.3 262.3 273.7

0.1 0.1 0.1

51.7 51.7 78.7

51.7 51.7 78.7

- - -- - -- - -- - -

TonnesGradeCopperCopperTonnesGradeCopper projects

Coppe rCopperUS

Total Copper

2,704.6 2,704.6

(%)

0.3 0.3

18,439.5 18,439.5

(Mt)

(%)

18,711.5

18,711.5

1For the US PGM operations, the 2E is represented by Pt and Pd 2For the SA PGM operations, the 4E is represented Pt, Pd, Rh and Au 3Numbers may not appear additive due to rounding

The Group complies with both the JSE and the US Securities and Exchange Commission (SEC) guidelines on commodity prices used in the estimation of Mineral Reserves at all managed operations and projects. An average exchange rate of R15.00/US$ (2019: R14.50/US$) and the commodity prices illustrated below were used in the estimation process:

31-Dec-20	31-Dec-19
Precious metals	US$/oz	R/oz	R/kg	US$/oz	R/oz	R/kg
Gold Platinum Palladium Rhodium Iridium Ruthenium	1,500	22,500	720,000	1,300	18,850	610,000
880	13,200	424,389	887	12,862	413,506
1,600	24,000	771,617	1,123	16,284	523,526
5,650	84,750	2,724,772	3,600	52,200	1,678,267
1,450	21,750	699,278	1,247	18,082	581,333
260	3,900	125,388	200	2,900	93,237
Base metals	US$/lb	US$/tonne	R/tonne	US$/lb	US$/tonne	R/tonne

31-Dec-20	31-Dec-19
Nickel Copper Cobalt Uranium oxide (U3O8)1 Chromium oxide (Cr2O3)2, (42% concentrate)1	5.90	13,000	195,000	6.33	13,955	183,454
2.72	6,000	90,000	3.14	6,923	91,133
15.00	33,069	496,040	28.00	61,729	895,076
32.00	70,548	960,000	32.00	70,548	1,022,944
0.07	160	2,400	0.07	165	2,393

1,2 Long term contract price

During the course of 2020, and continuing into 2021, the basket of precious metal prices has shown strong appreciation, with the gold price driven in part by renewed sentiment for investment due to the COVID-19 pandemic, but also due to PGM prices being supported by robust fundamentals and a quicker than anticipated recovery in vehicle demand after the initial COVID-19 demand impact.

Spot rhodium and palladium prices have exceeded US$20,000/oz and US$2,400/oz respectively during 2021, resulting in a basket price in excess of R45,000/4Eoz at the SA PGM operations, and over US$2,000/2Eoz at the US PGM operations. These basket prices represent margins in excess of 100% of our assumed reserve prices.

The gold price averaged between US$1,800 and US$2,000 for the majority of 2020, which combined with the ZAR/USD exchange rate which briefly peaked at around R19.00/US$ in early April 2020, resulted in the rand gold price of around R1,000,000/kg for approximately seven months during mid-2020. The current spot price of ~R900,000/kg compares favourably to the gold reserve price used of R720,000/kg, representing a 25% margin. The table below illustrates the spot margins over the Mineral Reserve prices.

Precious metals Prill Split	Reserve price	Spot price (2020/02/12)	Margin
Gold	1,500	1,816	21%
Platinum	880	1,209	37%
Palladium	1,600	2,272	42%
Rhodium	5,650	19,300	241%

Source: Kitco (bid price)

The relevant metal (prill) split exposure of our operations to these margins are summarised below.

2E Prill split (US PGM operations)	Unit	Stillwater Mine	East Boulder Mine	Average
Platinum	%	22.17	21.73	22.01
Palladium	%	77.83	78.27	77.99

6E Prill split (SA PGM operations)	Unit	Rustenburg	Kroondal	Marikana	Mimosa
MER	UG2	UG2	MER	UG2	MSZ
Platinum	%	59.76	46.00	47.20	57.21	47.93	45.80
Palladium	%	25.57	29.04	25.71	25.73	23.31	35.70
Rhodium	%	3.73	8.55	8.45	3.06	9.02	3.90
Gold	%	4.61	0.68	0.59	6.49	0.46	7.40
Ruthenium	%	3.23	12.65	14.42	6.40	15.50	3.20
Iridium	%	3.11	3.09	3.64	1.11	3.78	4.00

MER - Merensky Reef

UG2 - Upper Group 2 Chromitite MSZ - Main Sulphide Zone

Group Mineral Resources and Mineral Reserves per segment

• • US PGM operations

  • − Total 2E PGM Mineral Resources of 86.9Moz, increased by 7% year-on-year

  • − Total 2E PGM Mineral Reserves of 26.9Moz, was unchanged

Mineral Resources	Mineral Reserves
31-Dec-20	31-Dec-19	31-Dec-20	31-Dec-19
PGM operations	Tonnes	Grade	2E	2E	Tonnes	Grade	2E	2E
(Mt)	(g/t)	(Moz)	(Moz)	(Mt)	(g/t)	(Moz)	(Moz)
Stillwater	86.5	17.4	48.3	48.2	31.0	15.9	15.9	16.7
East Boulder	92.2	13.0	38.6	32.9	27.2	12.6	11.0	10.2
Total US PGM operations	178.7	15.1	86.9	81.1	58.2	14.4	26.9	26.9

Note: 2E PGM = Pt (78%) + Pd (22%)

The growth in the Mineral Resource was driven by a combination of positive drilling results at East Boulder; as well as a lowering of the cut-off grade at the East Boulder Mine, driven primarily by the increase in the palladium Mineral Reserve price assumption.

Overall Mineral Reserves remained largely unchanged, with a slight decrease at the Stillwater mine (Including the Blitz Project) of 0.8moz due to reduced Resource to Reserve definition drilling. This was off-set by an increase at East Boulder, based on the positive drilling results. At the Blitz project, Mineral Reserve definition drilling continues to underpin the project assumptions made.

A detailed reconciliation of 2019 to 2020 US PGM operations Mineral Reserves is shown in the table below.

US PGM operations - Mineral Reserve reconciliation

Factors	2E PGM (Moz)
31-Dec-19	26.9
Depletion	-0.7
Area Inclusions/Exclusions	0.1
Geological Interpretation	0.4
Modifying factors	-0.6
Economic Parameters	0.8
31-Dec-20	26.9

• • Other projects in the Americas

  • − Total 2E PGM Mineral Resources of 1.7Moz, a decrease of 46%

  • − Total gold Mineral Resources of 6.6Moz, unchanged

  • − Total copper Mineral Resources of 18,439.5Mlb, a decrease of 1.5%

2E5 PGM Mineral Resources	Gold (Au) Mineral Resources	Copper (Cu) Mineral Resources
31-Dec-20	31-Dec-20	31-Dec-19	31-Dec-20	31-Dec-19	31-Dec-20	31-Dec-19
Projects	Tonnes (Mt)	Grade (g/t)	2E PGM (Moz)	2E PGM (Moz)	Grade (g/t)	Au (Moz)	Au (Moz)	Grade (%)	Cu (Mlb)	Cu (Mlb)
Altar1	2,613.9	0.1	6.3	6.3	0.3	17,931.0	17,931.0
Marathon2&5	65.9	0.7	1.4	3.1	0.2	307.8	645.8
Denison3&5	2.5	2.9	0.2	0.05	0.5	0.04	0.01	1.2	66.0
Rio Grande4	22.3	0.3	0.2	0.2	0.3	134.7	134.7

1&4100% Attributable, non-managed