Sibanye Stillwater : Q3 F2022

Johannesburg, 3 November 2022: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an operating update for the quarter ended 30 September 2022, Group financial results are only provided on a six-monthly basis.

SALIENT FEATURES - QUARTER ENDED 30 SEPTEMBER 2022 (Q3 2022) COMPARED TO QUARTER ENDED 30 SEPTEMBER 2021 (Q3 2021)

• Production build-up to planned levels at the SA gold and Stillwater operation achieved during October 2022
• SA PGM operations impacted by Eskom load curtailment
• Five-yearwage agreements concluded at the SA PGM Marikana and Rustenburg operations
• The K4 project is slightly ahead of budget and schedule and delivered initial 4E PGM production of 914 4Eoz during Q3 2022
• Increase stake in Keliber to 84.96%, securing majority control of the advanced Finnish lithium hydroxide project

	US dollar						SA rand
Quarter ended				Quarter ended
Sep 2021	Jun 2022	Sep 2022		KEY STATISTICS		Sep 2022	Jun 2022	Sep 2021
				GROUP
1,017	571	496	US$m	Adjusted EBITDA1	Rm	8,455	8,897	14,877
14.63	15.59	17.05	R/US$	Average exchange rate using daily closing rate
				AMERICAS REGION
				US PGM underground operations2,3
144,325	107,650	85,889	oz	2E PGM production2,3	kg	2,671	3,348	4,489
2,114	1,828	1,811	US$/2Eoz	Average basket price	R/2Eoz	30,878	28,499	30,924
179	122	52	US$m	Adjusted EBITDA1	Rm	895	1,909	2,622
968	1,503	1,815	US$/2Eoz	All-in sustaining cost4	R/2Eoz	30,947	23,437	14,156
				US PGM recycling2,3
179,765	170,462	141,560	oz	3E PGM recycling2,3	kg	4,403	5,302	5,591
4,386	2,799	3,378	US$/3Eoz	Average basket price	R/3Eoz	57,595	43,636	64,167
30	21	22	US$m	Adjusted EBITDA1	Rm	371	335	436
				SOUTHERN AFRICA (SA) OPERATIONS
				PGM operations3
500,073	412,958	432,143	oz	4E PGM production3,5	kg	13,441	12,844	15,554
2,895	2,675	2,479	US$/4Eoz	Average basket price	R/4Eoz	42,269	41,699	42,347
721	578	489	US$m	Adjusted EBITDA1	Rm	8,332	9,012	10,542
1,093	1,183	1,127	US$/4Eoz	All-in sustaining cost4	R/4Eoz	19,211	18,438	15,992
				Gold operations
293,761	54,592	204,672	oz	Gold produced	kg	6,366	1,698	9,137
1,781	1,877	1,723	US$/oz	Average gold price	R/kg	944,316	940,634	837,799
97	(156)	(48)	US$m	Adjusted EBITDA1	Rm	(811)	(2,426)	1,421
1,692	5,032	2,207	US$/oz	All-in sustaining cost4	R/kg	1,210,049	2,522,190	796,008
				EUROPEAN REGION
				Battery Metals - Sandouville refinery
-	2,919	1,653	tNi	Nickel Production6	tNi	1,653	2,919	-
-	30,261	22,553	US$/tNi	Nickel equivalent average basket price7	R/tNi	384,525	471,774	-
-	9	(14)	US$m	Adjusted EBITDA1	Rm	(246)	148	-
-	26,856	30,185	US$/tNi	Nickel equivalent sustaining cost8	R/tNi	514,654	418,683	-

• 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 "Adjusted EBITDA reconciliation - Quarters"

• 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

• 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 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 - Quarters" for the definition of All-in sustaining cost (AISC)

Sibanye-Stillwater Operating update | Quarter ended 30 September 2022

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• 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 - Quarters"

• The nickel production at the Sandouville 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 ton is the total nickel revenue adjusted for other income - non-product sales divided by the total nickel equivalent tons sold

• See "Salient features and cost benchmarks - Quarters Sibanye-Stillwater Sandouville Refinery" for a reconciliation of cost of sales before amortisation and depreciation to nickel equivalent sustaining cost

Stock data for the Quarter ended 30 September 2022		JSE Limited - (SSW)
Number of shares in issue		Price range per ordinary share (High/Low)	R35.74 to R43.67
- at 30 September 2022	2,830,238,200	Average daily volume	11,117,281
- weighted average	2,830,102,345	NYSE - (SBSW); one ADR represents four ordinary shares
Free Float	99%	Price range per ADR (High/Low)	US$8.16 to US$10.66
Bloomberg/Reuters	SSWSJ/SSWJ.J	Average daily volume	3,251,823

Sibanye-Stillwater Operating update | Quarter ended 30 September 2022

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OVERVIEW FOR THE QUARTER ENDED 30 SEPTEMBER 2022 COMPARED TO QUARTER ENDED 30 SEPTEMBER 2021

The Group has successfully navigated a challenging period, with production from the SA gold and the Stillwater operation building up during Q3 2022 from the operational disruptions which occurred in the first half of the year and returning to normalised levels of production during October 2022 at both of these operations. The SA PGM operations continued to deliver consistent operational results despite challenges associated with Eskom load curtailment and the increased incidence of copper cable theft, which disrupted operations during Q3 2022.

Significantly, a five-year wage agreement has been reached with the representative unions at the Rustenburg and Marikana operations. This historic agreement, which was achieved peacefully, timeously and without the disruption experienced during the SA gold operations' wage negotiations earlier this year, is expected to set the scene for five years of relative stability.

Despite deterioration in the global political and economic environment during the course of 2022, precious metals prices have remained well supported and within historically high price ranges. Greater operational stability across the Group, should enable improved cost management for 2023, ensuring more stable earnings and cash flow and consolidating the already robust Group financial position.

SAFE PRODUCTION

The improvement in Group safety indicators following reprioritisation of safety initiatives from mid-2021 and subsequent roll out of the "Fatal Elimination Strategy" in January 2022, has been maintained during Q3 2022. The Group fatal injury frequency rate (FIFR) (per million hours worked), excluding Sandouville (which was incorporated from Q1 2022) improved from 0.07 for Q3 2021 to 0.05 for Q3 2022, with the serious injury frequency rate (SIFR) improving by 10% to 2.83 from 3.13 for Q3 2021. The Group lost day injury frequency rate (LDIFR) also improved, by 9%, from 5.08 to 4.65, with the Group total recordable injury frequency rate (TRIFR) improving 13% year-on-year, from 6.20 to 5.40.

Not only has the sustained focus on and implementation of the "Fatal Elimination Strategy" led to reduced fatalities, but also to improved injury metrics. Group fatalities have reduced by 64%, from eleven for the first nine months of 2021, to four for the same period in 2022. The SA gold and US PGM operations also recorded another fatality free quarter despite the risks associated with resuming operations. This follows Q2 2022, which was fatality free Group wide. Sadly, two fatalities were suffered at the SA PGM operations, which reaffirm the need to maintain a relentless safety focus across the Group.

On 29 August 2022 at the Saffy shaft, Marikana operation, Mr. S. Tyobeka, a general worker, was involved in a winch and rigging related incident. On 30 August 2022 a second fatality occurred at the Rowland shaft, Marikana operation, when Mr. M. Msiya, a fitter, was involved in a mud rush incident. The board and management of Sibanye-Stillwater extend heartfelt condolences to the families, friends and colleagues of Mr Tyobeka and Mr Msiya. Both incidents are being investigated with all relevant stakeholders and appropriate support is being provided to the families of the deceased.

US PGM operations

Mined 2E PGM production from the US PGM operations of 85,889 2Eoz for Q3 2022 was 40% lower than for Q3 2021, primarily as a result of the suspension of production at the Stillwater operation (Stillwater East and Stillwater West mine) for seven weeks following regional flooding in Montana in mid-June 2022. The East Boulder operation was issued a Mine Health and Safety Administration (MSHA) stop order which was in full effect from 18 to 29 September 2022, due to reporting of elevated nitrous oxide exposures. Subsequent investigations highlighted gas testing equipment calibration issues and contaminated fuel as the primary concerns. This order remains in force, with most restrictions eased following comprehensive feedback to MSHA on the investigation findings. Following thorough investigation, the Group is assessing the introduction of battery powered equipment and the establishment of an additional intake airway.

As per the revised plan presented to the market during August 2022, lower planned production across the US PGM operations year-on- year complicates comparisons (see https://www.sibanyestillwater.com/features/us-pgm-operations-review/) for detail.

Tonnes milled for Q3 2022 totalled 241kt, 37% lower than for Q3 2021 with plant head grade of 12.2g/t for Q3 2022 , 5% lower than for Q3 2021. The Stillwater operations grade was affected by feeding and milling low grade reef sand to ensure adequate volumes of backfill for stope support purposes post the flood event. Ongoing attrition amongst more experienced miners and geological and geotechnical complexity affecting productivity at East Boulder is receiving increased management and supervisory input. Following the successful ramp-up the grade normalised at the Stillwater operation in September with the East Boulder operation's grade expected to normalise in November 2022.

The Stillwater operation resumed production in a phased manner from the end of July 2022, with production rates normalising during October 2022. Production of 47,423 2Eoz, was 47% lower than for Q3 2021, with production approximately 34,000 2Eoz lower due to the ramp up after the flooding event.

Production from East Boulder of 38,467 2Eoz, was 29% lower than for Q3 2021, primarily due to the MSHA stop order, compounded by the issues detailed in the US PGM operations' repositioning presented in August 2022.

2E PGM sold for Q3 2022 of 69,534 2Eoz, was 48% lower year-on-year and 19% lower than 2E PGM mined production for the quarter, due to the timing of deliveries in September 2022 which will reflect in sold ounces for Q4 2022.

AISC of US$1,815/2Eoz (R30,947/2Eoz) for Q3 2022 was 88% higher than for Q3 2021 (US$968, R14,156/2Eoz) due to lower production and inflationary cost pressures, with ORD capital increasing by 110% year-on-year to US$42 million (R723 million) and sustaining capital increasing by 76% to US$17 million (R293 million), primarily as a result of the repositioning of the US underground operations, with Stillwater East expenditure which had previously been classified as project capital now reclassified as ORD and sustaining capital. Costs at the Stillwater operation have been impacted by additional once-off flood recovery costs including road, piping and infrastructure repairs. At East Boulder the availability of skills continues to be a challenge and therefore costs relating to contractors have risen. Continued inflationary pressure on stores and premiums on contractor costs also contributed to the higher costs.

Implementation of the repositioned operational plan and accelerated development to restore operational flexibility, will result in elevated costs in the medium term. As production begins to build up again and stope face availability improves, costs are expected to reduce significantly with AISC planned to reduce to below US$1,000 (real 2022 terms) from 2026.

Sibanye-Stillwater Operating update | Quarter ended 30 September 2022

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Source: Company information available at https://www.sibanyestillwater.com/features/us-pgm-operations-review/

Notes: Forward costs are represented in 2022 real terms; AISC: all-in sustaining cost; AIC: all-in cost

Total capital expenditure increased by 22% year-on-year for Q3 2022 to US$85 million (R1,450 million), with the increase in ORD and sustaining capital comprising 70% or US$60 million (R1,016 million) of this and project capital 36% lower at US$25 million(R434 million) in line with the reduced spending on the Stillwater East project and change in the classification of development from growth capital to ORD. A major milestone for the quarter was the completion of the 56 East Footwall level which now ties into the Benbow decline, completed on 16 September 2022.

PGM recycling operations

Logistical issues affecting delivery of autocatalyst material highlighted during H1 2022 have continued into Q3 2022 and it is estimated that there has been a significant reduction in receipts year-on year due to logistics issues and lower scrappage of cars, with higher 3E PGM prices in Q3 2021 also incentivising used auto catalyst collection and strong scrap flows. The recycling operations fed an average of 17.7 tonnes per day (tpd) for Q3 2022, 22% lower than for the comparable period in 2021. During Q3 2022, 1,548 tonnes of recycle material was received while 1,630 tonnes was treated. At the end of Q3 2022, approximately 42 tonnes of recycle inventory was on hand, an 82 tonne decrease versus the Q2 2022 ending inventory of 124 tonnes at the end of June 2022.

SA PGM operations

4E PGM production from the SA PGM operations was impacted by unprecedented power curtailment imposed by Eskom during Q3 and a significant rise in copper cable theft. In addition, reduced output has been planned at the Siphumelele shaft owing to increased levels of seismicity. Pleasingly, mining has safely progressed through the challenging ground conditions associated with the Hex River Fault at the Bathopele mine, which has negatively impacted production during Q2 2022 and Q3 2022 and is expected to normalise by the end of Q4 2022.

Production of 432,143 4Eoz (excluding third party purchase of concentrate (PoC) for Q3 2022 was 14% lower than for the comparable period in 2021, although production was 5% higher than for Q2 2022 despite the increased load curtailment. Severe load shedding imposed by Eskom during September 2022 necessitated the curtailment of concentrator capacity across the SA PGM operations, impacting processed output and sales for the quarter. Underground mining was less impacted by the load curtailment, resulting in underground ore containing approximately 33,000 4Eoz being stockpiled on surface by the end of the quarter.

Third party PoC processed at the Marikana smelting and refining operations of 16,720 4Eoz was 22% higher year-on-year although the toll concentrate processed during Q3 2021 fell away due to the tolling contract concluding. Total 4E PGM production (including PoC) was 13% lower year-on-year at 448,863 4Eoz. Had the 33,000 4Eoz stockpile of mined material been processed, we estimate PGM production from SA PGM operations (including PoC) would have been around 482,000 4Eoz, compared to 513,778 4Eoz for Q3 2021.

AISC (excluding PoC) for Q3 2022 of R19,211/4Eoz (US$1,127/4Eoz), was 20% higher than for Q3 2021 at R15,992/4Eoz (US$1,093/4Eoz) primarily due to lower production, lower by-product credits and inflationary cost pressures. AISC (including PoC) of R20,143/4Eoz (US$1,181/4Eoz) was also 21% higher year-on-year, with ORD 33% higher, largely as a result of the inclusion of K4 development and 6% lower by-product credits due to lower production and specific third party processing agreements concluding.

4E PGM production from the Rustenburg operation for Q3 2022 of 179,438 4Eoz, was 2% lower year-on-year despite operational challenges including severe Eskom load curtailment. Surface production increased by 43% due to processing of smelter slag from a third party with underground production decreasing by 7% primarily due to power disruptions from Eskom load curtailment and cable theft. Production from the Bathopele mine continued to be impacted by mining through the Hexriver fault and loss of available face at Siphumelele due to seismicity. The Hexriver fault has largely been traversed and production is expected to improve from Q4 2022. A stockpile of ore containing approximately 6,000 4Eoz built up as a result of Eskom load curtailment, impacted Q3 2022 production and unit

Sibanye-Stillwater Operating update | Quarter ended 30 September 2022

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costs, contributing to a 4% year-on-year increase in AISC to R18,435/4Eoz (US$1,081/4Eoz). In addition to this, a 31% increase in by-product credits (driven mainly by higher chrome revenue) more than offset a 15% increase in ORD and a 22% increase in sustaining capital year- on-year.

4E PGM production from the Kroondal operation of 48,120 4Eoz for Q3 2022 was 21% lower than for the comparable period in 2021. This declining production output is expected due to the gradual ramp-down of the Simunye shaft, compounded by the load curtailment with Kroondal building an ore stockpile containing approximately 7,000 4Eoz at the end of the quarter. AISC of R15,399/4Eoz (US$903/4Eoz) was 25% higher than for Q3 2021 primarily due to lower production and stockpile being built up at the end of the quarter.

4E PGM production for Q3 2022 from the Marikana operation (excluding third party PoC) of 163,596 4Eoz, was 23% lower than for Q3 2021, with underground production 24% lower and surface production 11% lower. Underground production was impacted by safety stoppages, cable theft and Eskom load curtailment. 4E PGM production (including PoC) of 180,316 4Eoz for Q3 2022 was 20% lower than for Q3 2021. Third party concentrate processed at Marikana increased by 22% year-on-year to 16,720 4Eoz. The Marikana operation ended the quarter with an ore stockpile containing approximately 20,000 4Eoz. Had this material been processed, PGM production from Marikana (incl PoC) would have been around 200,000 4Eoz, compared to 226,591/4Eoz for Q3 2021. AISC (excluding third party PoC) for Q3 2022 of R21,785/4Eoz (US$1,278/4Eoz), was 37% higher than for Q3 2021, primarily due to lower production, inflationary costs, ORD (+44%) and lower by-product credits (-27%). Key inflationary costs were due to the high cost of steel, ammonia, chemicals, fuel and related products, with AISC (including PoC) also increasing by 37% to R23,719/4Eoz (US$1,391/4Eoz) due to higher purchase of concentrate costs (+33%). ORD costs increased with the ramp-up of K4 shaft as well as an increase in off-reef development at other shafts.

Attributable 4E PGM production from Mimosa of 28,670 4Eoz was in line with production for Q3 2021. AISC increased by 18% year-on-year to US$1,234/4Eoz (R21,032/4Eoz) primarily due to a 119% increase in sustaining capital expenditure associated with the approved life of mine extension project, which includes optimisation of the plant, construction of a new tailings storage facility and life of mine extension development, which is expected to be completed in Q1 2024.

Attributable 4E PGM production from Platinum Mile of 12,319 4Eoz was 10% lower year-on-year due to 6% less tons processed, a decrease in the built-up head grade and lower recoveries. AISC at Platinum Mile increased by 9% year-on-year to R11,283/4Eoz (US$662/4Eoz).

Chrome sales from the SA PGM operations for Q3 2022 of approximately 560kt were in line with Q3 2021. The chrome price received increased by 33% to US$227/tonne (Q3 2021: US$171/tonne), underpinning a 37% increase in chrome revenue.

Capital expenditure of R1,263 million (US$74 million) for Q3 2022 was 33% higher than for the corresponding period in 2021 with ORD 33% higher at R590 million (US$35 million), sustaining capital 4% higher at R465 million (US$27 million) and project capital 271% higher at R208 million (US$12 million). The increase in project capital is linked to the K4 project at the Marikana operation during Q3 2022.

The K4 Project

The K4 project remains on schedule. First ore was hoisted during H1 2022 with first production of 914 4Eoz achieved during Q3 2022. Development and reef tonnes hoisted was significantly higher for Q3 2022 than for Q2 2022. Project capital expenditure was R207 million (US$12 million) in Q3 2022 (R56 million (US$4 million) in Q3 2021) project capital expenditure of R612 (US$48 million) million for the first three months.

Five-year wage agreement secures operational stability

On 28 October 2022 a five-year wage agreement was reached with the representative unions at the Marikana and Rustenburg operations, marking the conclusion of annual wage negotiations for 2022 to 2027.

The wage agreement is consistent with the recent inflation linked wage increases concluded in June 2022 at the SA gold operations. The wage agreement comprises annual wage increases of 6% and above for bargaining unit employees (year one: R1,050 per month or 6%, year two: R1,100 per month or 6%, year three: R1,250 per month or 6%, year four: R1,300 per month or 6% and year five: R1,400 per month or 6%). Miners and artisans will receive average annual wage increases of 6% per annum for each of the five years.

The annual wage and benefit increases that have been agreed are in line with inflation and represents a total estimated average increase in the wage bill, including all benefits, over the five-year period of approximately 6.3% per annum, which is in line with inflation and the wage agreement reached at the SA gold operations in June 2022. Importantly the agreement secures a five-year period of greater stability at the Rustenburg and Marikana operations and reduced risk of labour related disruptions, which will be beneficial for all stakeholders.

SA gold operations

The build up to normalised levels of production at the SA gold operations following the industrial action from 9 March to 13 June 2022, proceeded according to plan. Underground production commenced on 1 July after medical screening, training and acclimatisation of returning employees was concluded, and comprehensive underground safety audits were completed, with work crews resuming operating activities in a phased manner. Normalised production rates were achieved during October 2022. As a result, we believe that comparison of operational statistics has limited value for this period.

Production from the SA gold operations (including DRDGOLD) for Q3 2022 of 6,366kg (204,672oz) was 30% lower compared with Q3 2021. Gold production in Q3 2022 (excluding DRDGOLD) decreased by 36% to 4,913kg (157,957oz) due to the phased resumption of safe production over the quarter.

AISC (including DRDGOLD) of R1,210,049/kg (US$2,207/oz) was 52% higher than for Q3 2021 with AISC (excluding DRDGOLD) 64% higher at R1,348,531/kg (US$2,460/oz). The increase was a direct function of the 39% decrease in gold sold year-on-year with a working cost and SIB capital increasing by 4% and 11% respectively, offset by a 35% decrease in ORD due to the reduced mining activity.

Normalisation of production over an extended period is expected to result in a significant reduction in unit cost during 2023. For Q3 2021, AISC (excluding DRDGOLD) averaged R822,144/kg (US$1,748/oz).

Capital expenditure for Q3 2022 (excluding DRDGOLD) increased by 10% to R1,188 million (US$70 million) compared to the same period in 2021 due to a four-fold increase in project capital which offset a 35% decrease in ORD to R472 million (US$28 million). ORD declined due to

Sibanye-Stillwater Operating update | Quarter ended 30 September 2022

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