Sibanye Stillwater : Updated Investor relations meeting presentation

A unique, exciting global precious metals company

IR meeting presentation

October 2020

Disclaimer

The information in this announcement may contain forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited's ("Sibanye-Stillwater" or the "Group") financial positions, business strategies, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater.

All statements other than statements of historical facts included in this announcement may be forward-looking statements. Forward-looking statements also often use words such as "will", "forecast", "potential", "estimate", "expect" and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to

future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to place

undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, our future business prospects; financial positions; debt position and our ability to reduce debt leverage; business, political and social conditions in the United States, South Africa, Zimbabwe and elsewhere; plans and objectives of management for future operations; our ability to obtain the benefits of any streaming arrangements or pipeline financing; our ability to service our bond instruments; changes in assumptions underlying Sibanye-Stillwater's estimation of their current mineral reserves and resources; the ability to achieve anticipated efficiencies and other cost savings in connection with past, ongoing and future acquisitions, as well as at existing operations; our ability to achieve steady

state production at the Blitz project; the success of Sibanye-Stillwater's business strategy; exploration and development activities; the ability of Sibanye-Stillwater to comply with

requirements that they operate in a sustainable manner; changes in the market price of gold, PGMs and/or uranium; the occurrence of hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial action; the availability, terms and deployment of capital or credit; changes in relevant government regulations, particularly environmental, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretations thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost increases; supply chain shortages and increases in the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and

unplanned maintenance; the ability to hire and retain senior management or sufficient technically skilled employees, as well as their ability to achieve sufficient representation of

historically disadvantaged South Africans in management positions; failure of information technology and communications systems; the adequacy of insurance coverage; any social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater's operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as coronavirus ("COVID-19"). Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater's filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report and the Annual Report on Form 20-F.

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any forward-

looking statement (except to the extent legally required).

2

…transformed through value accretive, low-cost growth into PGM sector…

Leading dividend yield from	Acquired Stillwater with debt requiring temporary	Larger, more diversified asset base
restructured SA gold base - not	suspension of dividends - vital step for long-term value	drives significant increase in earnings
sustainable in the long-term	creation	enabling resumption of dividends

2013-2017	Declining SA	2015	2017	H1 2018	Aug 2018	Jun 2019
H1 2020
Restructure	gold profile	Initiated PGM	Acquired	Anomalous	Acquire	Acquired
d inherited	unable to	strategy.	Stillwater	safety	38.05%	Lonmin	COVID-19
SA gold	sustain	Acquired SA	(US PGM ops).	incidents	stake in	(now	Disruptions	Interim dividend of
operations	delivery of	PGM assets	Transformative		DRDGOLD	named	at SA
restoring	value to	(Rustenburg		(increased to	Marikana	operations	ZAR 0.50cps (~USD
transaction
profitability	stakeholders	& Aquarius)		50.1% in 2020)	operation)		11.8cps))

							Return to sustainable
							dividends
Average	Embark on	Significant	Geared up	Operational	Five month	Step 4 -	Record
dividend	acquisition	synergies	balance sheet	disruptions at	strike at SA	PGM	adjusted
yield of 5%	strategy to	realised,	for acquisition	SA gold	gold	strategy	EBITDA - 90%
maintained	maintain	unlocking	@US$2.7bn	operations	operations	completed	from PGM
dividend in		acquisitions
2013-2017	value	(including	delay
longer term			&
costs) -
			deleveraging
			dividends			deleveraging
			discontinued				to 0.55x

3

…entering the PGM market at the low point in the cycle for only US$3bn

• Built a leading and influential PGM business at a favourable stage
  in the precious metals cycle for a total of US$3bn1 (R43.0 bn) within four years

US$269m1 (R4.0bn) for Aquarius in Apr 2016

US$331m1 (R4.5bn²) for Rustenburg in Nov 2016

US$2.2bn (R30bn1) for Stillwater in May 2017

US$290m1 (R4.3bn³) for Lonmin in June 2019

…. by successfully building a leading global PGM business through well priced transactions

1. Exchange rate applied to acquisition prices: Aquarius at US$/R14.87 on 12 April 2016, Rustenburg at US$/R13.60 on 1 Nov 2016, Stillwater at US$/R13.64 on 4 May 2017 and Lonmin at US$/R14.83 on 10 June 2019
2. Minimum payment of R4.5 billion (R1.5bn upfront payment made). Balance settled from 35% of free cash flows from the Rustenburg operations

3. Estimate purchase price (not accounting value) of the Lonmin transaction based on Lonmin share capital figure of 290,394,531 shares in fixed ratio of 1:1 resulting in 290,394,531	4
new Sibanye- Stillwater shares. Considerations estimate based on spot Sibanye-Stillwater closing share price on the JSE of R14.83 per share on 7 June 2019