SALIENT FEATURES – QUARTER ENDED 30 SEPTEMBER 2025 (Q3 2025)

• Safe production: continued improvement in lagging indicators (YTD TRIFR <4, SIFR of 2.25) but elimination of fatal incidents remains our priority
• Unique exposure to both gold and PGMs, underpinned by improved operational performance, ensures leverage to increasing precious metal prices
• Group adjusted EBITDA (including S45X¹⁰ credits), increased by 198% to R9.9bn (US$560m) year-on-year
• Group adjusted EBITDA (excluding S45X¹⁰ credits) of R9.5bn (US$541m) was 53% higher Q3-on-Q2
• Operations stable or improving relative to Q3 2024 and H1 2025 and all on track to achieve annual guidance
• SA PGM operations: consistent delivery combined with commendable cost control and 36% higher basket price underpinned earnings
• 213% increase in adjusted EBITDA to R0bn (US$281m)
• US PGM operations: consistent operational delivery post restructuring optimises value from higher PGM prices
• Adjusted EBITDA of US$33m (R579m) (including US$10m (R181m) S45X¹⁰ credits), increased more than 100% year-on-year
• SA gold operations (including DRDGOLD): improved operating performance and 35% higher average gold price
• 177% increase in adjusted EBITDA to R3.7bn (US$212m) year-on-year
• US recycling (excl. Metallix) contributed US$27m (R475m) to Group adjusted EBITDA, including US$8m (R148m) S45X¹⁰ credit for US PGM recycling
• Decarbonisation strategy advancing – two renewable energy projects achieved commercial operation in 2025, generating 99 GWh energy with direct cost savings of R45m and 107ktCO₂e avoided¹¹

STATEMENT BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER

 This is my first official update to the investment market and to other stakeholders as CEO of Sibanye-Stillwater, since assuming the mantle from Neal Froneman on 1 October 2025. As such, I am really pleased to present this positive operating update for the third quarter of 2025 (Q3 2025) as my inaugural report.

The Group’s operating performance for Q3 2025 was pleasing, reflecting greater operational stability post the restructuring undertaken in 2023 and 2024, and with the quarter-on-quarter (Q3-on-Q2) performance reflecting improved operational output and cost control across all our major operations, which are all on track to deliver on annual guidance for 2025. This continued improvement, combined with higher precious metal prices, delivered a significantly enhanced financial performance across the Group, with all operations contributing positively on an operating cost and all-in sustaining cost (AISC) basis, except for the Sandouville refinery which is currently ramping down production to be placed on care and maintenance. 

Safe production is our first priority. The improvement in leading and lagging indicators at our operations continued in Q3 2025, reflecting progress in real risk reduction. Several operations are achieving global leading safety rates, reflected in the 2025 year-to-date total recordable injury frequency rate (TRIFR) remaining below 4 and the serious injury frequency rate (SIFR) at 2.25. The positive lagging indicator trends were maintained during Q3 2025, with continued improvements recorded in Group safety indicators when compared to Q3 2024. The Group SIFR (per million hours worked) for the Q3 2025 of 2.24 improved by 9%, with the lost day injury frequency rate (LDIFR) of 3.43 and TRIFR of 4.09, improving by 14% and 12%  respectively, year-on-year. The Group fatal injury frequency rate (FIFR) for Q3 2025 improved by 35% (from 0.074 to 0.048) when compared to the corresponding period in 2024.

However, safety for us is not about statistics; it is about eliminating harm. Tragically, during the quarter, we lost two colleagues. The Board and management of Sibanye-Stillwater extend their heartfelt condolences to the families and friends of Mr. Phaswisi Ramaila and Mr. Brian Hanson, who are deeply mourned. On 26 July 2025, Mr. Hanson, an electrician at the Stillwater mine, was fatally injured after contacting energised switchgear. On 28 August 2025, Mr. Ramaila, a miner at Driefontein Khomanane shaft, sustained serious injuries during a seismic-related fall of ground and sadly passed away on 6 September 2025. Our  commitment to preventing fatalities through our Fatality elimination strategy is unwavering and remains our highest priority.

The stable operating performance from all Group operations underpinned a strong financial performance, which, combined with increasing commodity prices, resulted in a 198% increase in Group adjusted EBITDA to R9.9 billion (US$560 million), from R3.3 billion (US$184 million) for Q3 2024. Adjusted EBITDA for Q2 2025 of R11.0 billion (US$596 million) includes R4.7 billion (US$266 million) S45X credits for 2023, 2024 and Q1 2025. Adjusted EBITDA for Q2 2025 excluding these credits, of R6.3 billion (US$330 million) was 53% lower than adjusted EBITDA for Q3 2025, illustrating the significant leverage of the Group to higher precious metal prices, which have continued to rise in Q4 2025.

In an uncertain macro economic and socio-political environment, change is inevitable and heightened commodity price volatility should be expected in the near term. Despite the volatility, the outlook for precious metal prices remains constructive for the balance of 2025 and into 2026. The uncertain current macroeconomic and sociopolitical outlook and disruptive global changes are  supportive for gold, the perennial safe haven asset. The recent rally in PGM prices has largely been driven by increased investment demand and restocking, driven by similar macro uncertainty, but longer term are supported by positive market fundamentals.

The SA PGM operations delivered a pleasing production performance which, combined with good cost management, resulted in unit costs increasing by less than mining inflation year-on-year. Unit operating cost increased by 3% year-on-year but was 5% lower Q3-on-Q2, with AISC (excluding purchase of concentrate (PoC)) 6% higher year-on-year but 3% lower Q3-on-Q2. This consistent delivery of safe production and cost management continues to drive the SA PGM operations down the industry cost curve, improving their competitive position relative to industry peers.

On 1 November 2025, Sibanye-Stillwater implemented strategic enhancements to the historical Marikana contract between Lonmin and the Glencore Merafe (GM) Venture, and began implementing the new Chrome Management Agreement (CMA) at our SA PGM operations, as announced on 19 February 2025. The closure of the GM Venture agreements marked a pivotal step in unlocking long-term value from significant chrome by-product potential at our SA PGM operations, which will further reduce costs and increase operating margins, enhancing the commercial viability, and laying the foundation for long term sustainability, of the SA PGM operations.

Production from the US PGM operations for Q3 2025 was in-line with the planned outcomes of the Q4 2024 restructuring and increased by 6% Q2-on-Q3, with a corresponding decline in unit operating costs. This operating improvement, combined with the Section 45X credits and recent PGM price increases, have contributed to a significant increase in adjusted EBITDA from the US PGM operations. The return to profitability by the US PGM operations validates our decision to restructure these strategic operations in discrete phases since mid-2022. While the recent increase in PGM prices and S45X credits provide welcome relief for the US PGM operations, management’s priority is to assess opportunities to further reduce AISC, targeting US$1,000/2Eoz, in the medium term.

The SA gold operations delivered improved results for Q3 2025, with the Driefontein and Beatrix operations recovering from challenges which affected H1 2025. Production from the Driefontein operation, increased by 21% year-on-year, and by 25% Q3-on-Q2, with AISC benefiting from the increase in production, declining by 2% year-on-year and by 6% Q3-on-Q2. Production from the Beatrix operation improved by 13% Q3-on-Q2, with AISC 8% lower Q3-on-Q2. Significant progress has been made addressing challenges in the Beatrix processing plant, which constrained throughput during H1 2025, affecting processing and sales during Q3 2025. An estimated, 78 kt of ore on surface stockpiles at the end of Q3 2025 is expected to be processed over the next two quarters, boosting gold sales and revenue from the Beatrix operation. Production from the Kloof operation stabilised quarter-on-quarter, following the decision to cease operations at Kloof 7 shaft and reduce exposure to seismically active areas. A sustainable production plan for Kloof is currently under assessment with a revised production profile expected in Q1 2026.

Earnings from the recycling operations benefitted from increased metal prices and, at the US PGM recycling operations, S45X credits, which resulted in the recycling contribution to Group adjusted EBITDA doubling year-on-year. The integration of Metallix and realisation of synergies is expected to further increase the financial contribution from the recycling operations.

Steady production from the Century reprocessing operations, despite the rescheduling of annual plant maintenance from Q4 to Q3 2025 and a favourable price environment, led to a consistent financial contribution from from the Century reprocessing operations, which is expected to be maintained in 2026. 

It has been extremely satisfying to advance our renewable energy projects in South Africa, adding 164 MW of capacity year-to-date toward a long-term target of 600 MW, marking a major step towards our target of carbon neutrality by 2040. The Castle Wind Farm (commissioned in March 2025), with an 89 MW capacity, has generated 140 GWh to date, avoiding 151ktCO₂e and delivering R62 million in savings. During Q3 2025, Sibanye-Stillwater also benefited from its first solar project—the Springbok solar project (operational since September 2025)—a 150 MW plant, of which Sibanye-Stillwater plans to procure 75 MW for 10 years. Together, these projects delivered R45 million in Q3 2025 savings and avoided 107ktCO₂e emissions for the quarter, and year to date generated, 156GWh energy, avoided 168ktCO₂e emissions and saved R67 million. 

The antidumping and countervailing duty petitions on imports of unwrought palladium from Russia filed on 30 July 2025, by Sibanye-Stillwater and the United Steelworkers, supported by 70% of US palladium industry participants (domestic palladium mining and recycling companies), with the US Department of Commerce and the US International Trade Commission (ITC) is under consideration. A preliminary hearing was held in mid-August, and on 12 September 2025, the ITC issued an unanimous preliminary determination that there is a reasonable indication that the US palladium industry is materially injured by reason of imports of unwrought palladium from Russia. The US Department of Commerce’s final determination is expected to be announced at the end of March 2026 at the earliest and the ITC hearing to occur in the same timeframe. The ITC’s final phase investigation should conclude in late May 2026. It should be noted that these deadlines may be extended in the event of a prolonged shutdown of the US government.

Operating review

Southern Africa (SA) region

SA PGM operations

The SA PGM operations continue to deliver consistent and reliable operating results. PGM production for Q3 2025 of 493,863 4Eoz (including attributable production from Mimosa and excluding third-party PoC was 4% higher year-on-year and 15% higher quarter-on-quarter (Q3-on-Q2). Underground production increased by 8% to 464,803 4Eoz, due to increased production from both the Rustenburg and Marikana operations for Q3 2025, while production from the surface operations declined by 31% to 29,060 4Eoz year-on-year, primarily due to depletion of the Waterval West Tailings Storage Facility, and lower throughput from the ETD1 facility at the Marikana operation, which is reaching the end of life. Third-party PoC production of 17,189 4Eoz was 32% lower, in line with annual contractual agreements.

Unit operating cost for Q3 2025 of R24,094/4Eoz (US$1,366/4Eoz) was 3% higher year-on-year, well within historical annual mining inflation rates. This is particularly pleasing considering the higher tolling costs incurred by the Kroondal operation following the change from a PoC to toll processing arrangement from 1 September 2024. AISC (excluding PoC) increased by 6% year-on-year to R22,537/4Eoz (US$1,278/4Eoz), primarily due to a 26% increase in sustaining capital expenditure, a significant increase in royalty tax due to higher PGM prices and tolling costs at Kroondal. AISC (excluding PoC) was 3% lower Q3-on-Q2 mainly due to the 15% increase in production, which was partially offset by higher royalty tax, ore reserve development capital and sustaining capital expenditure.

Total capital expenditure for Q3 2025 of R1.5 billion (US$82 million), was 6% higher year-on-year. Sustaining capital increased by 26% to R656 million (US$37 million) primarily on upgrading the rhodium, iridium and ruthenium plants at the Precious Metals Refinery (PMR). Capital expenditure to upgrade these plants is forecast to continue until 2029. ORD capital expenditure decreased by 7% to R644 million (US$37 million) due to lower off-reef development at the Marikana operation. Growth project capital decreased by 4% to R154 million (US$9 million) as capital for the K4 project tapers down in line with the production build-up.

Adjusted EBITDA for Q3 2025 increased by 213% year-on-year to R5.0 billion (US$281 million), driven by increased production output and a 36% year-on-year increase in the average 4E basket price to R32,438/4Eoz (US$1,839/4Eoz) for Q3 2025.

The average 4E PGM basket price increased by 19% quarter-on-quarter which, coupled with the 20% increase in 4E PGM sold quarter-on-quarter, resulted in adjusted EBITDA increasing by 120% Q3-on-Q2.

Attributable PGM production from Mimosa for Q3 2025 of 29,646 4Eoz was 6% lower year-on-year. AISC increased by 16% to US$1,327/4Eoz (R23,410/4Eoz) for Q3 2025 due to lower production, exacerbated by higher royalty tax expenses and lower by-product metal credits, partially offset by the 41% decrease in sustaining capital to US$4 million (R75 million) following the commissioning of the new tailings storage facility in April 2024.

Total chrome production from the SA PGM operations for Q3 2025 of 673kt was 5% lower year-on-year, primarily due to the ETD1 dam nearing the end of its reserve life. Total chrome sales of 514kt for Q3 2025 were 26% lower than sales of 694kt year-on-year, mainly due to loading constraints which resulted in the accumulation of 156kt of stockpile at port that will be sold during Q4 2025. Chrome revenue of R917 million (US$52 million) for Q3 2025 was 43% lower year-on-year, due to lower sales volumes and a 12% lower average chrome market price of US$270/t for Q3 2025 compared to US$305/t for Q3 2024.

SA gold operations

Production from the SA gold operations (excluding DRDGOLD) for Q3 2025 of 4,281kg (137,637oz), was in line with production for Q3 2024. As guided in the H1 2025 results, the operating results from the Driefontein and Beatrix operations, having largely addressed the issues which impacted H1 2025, were notably improved Q3-on-Q2. Production of 2,263kg (72,757oz) from the Driefontein underground operation  increased by 21% year-on-year and by 25% Q3-on-Q2. Production of 873kg (28,068oz) from the Beatrix operation for Q3 2025 was relatively stable year-on-year (2% lower than for Q3 2024), but was notably improved Q3-on-Q2, increasing by 13%. Throughput constraints at the Beatrix plant resulted in the accumulation of ore stockpile. By the end of September 2025 approximately 78kt of the stockpiled ore remained, of which approximately 80% is expected to be processed by year-end.

Underground production from the Kloof operation for Q3 2025 of 874kg (28,100oz) was stable compared to Q2 2025, but 19% lower year-on-year. Production at the Kloof operations stabilised during Q3 2025 following the decision to cease operations at Kloof 7 shaft (Manyano) and reduce exposure to seismically active areas. These are primarily higher grade VCR stopes at Kloof 1 shaft. While the closure of Kloof 7 shaft was planned for 2025, the suspension of mining, for safety reasons,  in high grade areas impacted by seismicity, will negatively impact the Kloof operations. All opportunities to optimise the mine plan for commercial viability are being considered within the context of our steadfast commitment to safe production practices. The outcome of this Kloof operational replanning exercise will be shared in Q1 2026.

Gold production (including DRDGOLD) for Q3 2025 of 5,472kg (175,929oz) was 2% lower year-on-year, primarily due to a 10% decline in DRDGOLD production.

Costs for the SA gold operations (excluding DRDGOLD) were well managed despite the challenges. AISC for the SA gold operations (excluding DRDGOLD) of R1,513,205/kg (US$2,668/oz) for Q3 2025 was 7% higher year-on-year, mainly due to above inflation increases in primary cost drivers such as electricity and water. AISC (including DRDGOLD) of R1,385,189/kg (US$2,442/oz) also increased by 7% year-on-year, but quarter-on-quarter, AISC was 4% lower, reflecting the improved operating performance in Q3 2025, compared with Q1 and Q2 2025.

The significant leverage of the SA gold operations (excluding DRDGOLD) to the gold price is clearly evident from the 295% (R2.0 billion (US$112 million)) increase in adjusted EBITDA (excluding DRDGOLD) for Q3 2025 to R2.6 billion (US$150 million,) primarily driven by the 30% increase in the average rand gold price year-on-year, underpinned by a more stable operational performance. Adjusted EBITDA (including DRDGOLD) of R3.7 billion (US$212 million) for Q3 2025 increased by 177% year-on-year and by 24% Q3-on-Q2.

This marks the 12th consecutive quarter since Q4 2022, that adjusted EBITDA from the SA gold operations (including DRDGOLD) has been positive for a sustained period. Over that period, the average quarterly gold price increased by 99% from R971,623/kg (US$1,716/oz) for Q4 2022, to R1,929,491/kg (US$3,402/oz) for Q3 2025. Comparatively, over the same period, adjusted EBITDA from the SA gold operations  increased by a factor of 10 (10x) from R371 million (US$21 million) for Q4 2022 to R3.7 billion (US$212 million) for Q3 2025.

Capital expenditure for Q3 2025 (excluding DRDGOLD) of R1.0 billion (US$58 million) was 7% higher than for Q3 2024. ORD increased 10% to R821 million (US$47 million) and sustaining capital increased by 11% to R202 million (US$11 million) reflecting increased expenditure on winder upgrades, infrastructure and metallurgical plant refurbishment at the Beatrix operation. Capital expenditure from DRDGOLD increased by 165% year-on-year to R833 million (US$47 million), with planned capital investment for the phase 2 expansion of the Far West Gold Recoveries (FWGR) and recommencement of deposition at Ergo’s tailing storage facility accounting for 94% of the total capital expenditure.

The wage negotiations for the South African gold operations are currently in progress and are being conducted under the auspices of the Commission for Conciliation, Mediation and Arbitration (CCMA).  The previous wage agreement expired in June 2025.

DRDGOLD production decreased to 1,191kg (38,292oz) for Q3 2025, primarily driven by a 9% decline in yield reflecting Ergo’s transition to reclaim lower grade material. Consequently, gold sales decreased by 10% to 1,158kg (37,231oz). AISC increased to R1,045,769/kg (US$1,844/oz), primarily due to lower gold production and gold sold. The solar power plant and battery energy storage system (BESS) commissioned on 1 November 2024, is expected to reduce costs in Q4 2025.

Americas (US) region

US PGM operations

Due to the restructuring of the US PGM operations during Q4 2024, Q3 2025 is not directly comparable to Q3 2024 on most measures. Production for 2025 is forecast to be at the top end of annual guidance, with AISC forecast to be at the bottom-end of the guided range.

The US PGM operations continued to deliver consistent production and cost in line with the planned outcomes of the restructuring implemented in Q4 2024. Mined 2E PGM production of 73,171 2Eoz for Q3 2025 was in line with the restructuring plan, but increased Q3-on-Q2. Planned restructuring outcomes and 2E PGM sales of 78,340 2Eoz was 5,169 2Eoz higher than produced, due to the release in Q3 2025 of inventory accumulated during the transition to the refurbished EF2 Furnace in Q2 2025.

Costs were well managed, with AISC 1% higher year-on-year and 9% lower Q3-on-Q2, primarily due to higher quarter-on-quarter production, lower capital expenditure and favourable inventory net realisable value adjustments. The US PGM operations generated a positive AISC margin of US$19/2Eoz or 2% compared to average 2E PGM basket price received for Q3 2025, a commendable turnaround year-on-year.

Total capital expenditure decreased by 38% year-on-year to US$22 million (R396 million). ORD capital declined by 36% to US$15 million (R263 million) and sustaining capital decreased by 43% to US$3 million (R57 million) in line with the restructuring plans Capital expenditure for Q4 2025 is forecast to increase due to delivery of new mining and support fleet during the quarter. In addition, the Stillwater East mine has begun implementing vertical infrastructure development to improve ore handling, which is expected to increase ORD expenditure for 12-to-18 months. This infrastructure development and capital investment is part of the strategic initiative to reduce AISC to US$1,000/2Eoz (in 2024 real terms) over the medium-term.

Project capital declined to US$4 million (R76 million) from US$7 million (R131 million) year-on-year, focused on the construction of the East Boulder tailings storage facility.

The restructuring has significantly reduced losses compared with losses incurred in previous periods, and stabilised the financial position of the US PGM operations. This has enabled the realisation of tangible benefits from higher PGM prices and S45X credits.

Underpinned by this solid operational performance, the 20% increase in the average 2E PGM basket price year-on-year to US$1,184/2Eoz (R20,886/2Eoz) for Q3 2025, resulted in a substantial increase in adjusted EBITDA to US$33 million (R579 million) (including US$10 million (R181 million) S45X credits). This return to profitability for the US PGM operations is a significant turnaround for the US PGM operations, after an extended period of sustained losses, following the palladium price collapse during H1 2023.

US recycling operations

Global automotive market demand has been stable during 2025, with promising signs of increased global vehicle sales recently emerging. The recent rally in PGM prices and recent interest rate cut by the Federal Reserve Bank are other notable factors with positive implications for the recycling industry and margins. While these are encouraging fundamentals, they are expected to take time to translate into any meaningful increase in spent autocatalyst volumes or recycling supply in the medium term.

The US PGM recycling operation’s average daily feed of spent autocatalysts for Q3 2025 was 11.2 tonnes per day (tpd), representing a 6% increase from an average of 10.6 tpd in Q3 2024. This was primarily due to processing of inventory which had built up during Q2 2025 following the transition to the EF2 furnace in Q2 2025 at the Columbus metallurgical facility. Recycling production of 82,503 3Eoz for Q3 2025 was 10% higher than for Q2 2025 as a result, with inventory of approximately 147 tonnes at the end of Q2 2025 declining to approximately 73 tonnes at the end of Q3 2025.

The average 3E PGM recycling basket price of US$1,319/3Eoz (R23,267/3Eoz) for Q3 2025 was 2% higher than Q3 2024. Adjusted EBITDA of US$11 million (R202 million) for the US PGM recycling operation includes S45X credits of US$8 million (R148 million) for Q3 2025.

For Q3 2025, Reldan processed 4.3 million lb (5.6 million lb for Q3 2024) of mixed scrap and sold 35.2 koz gold (Q3 2024: 31.0 koz), 433.8 koz silver (Q3 2024: 433.0 koz), 5.3 koz platinum (Q3 2024:4.7 koz), 5.7 koz palladium (Q3 2024: 6.6 koz), and 0.8 million lb copper (Q3 2024: 0.8 million lbs). The variance between quarters reflects a strategic decision to recycle less post-consumer electronics recycling, which are high volume but low margin sources, to focus on higher-margin industrial segment sources and other high margin materials. This resulted in a 13% year-on-year growth in the higher-margin industrial segment and an 80% surge in post-consumer jewellery volumes. Revenues rose 51% on a weighted metal ounce sold basis, while tight control of non-metal costs further supported the 87% increase year-on-year in adjusted EBITDA for Q3 2025 to US$15 million (R273 million) and 41% increase in adjusted EBITDA for Q3-on-Q2.

The acquisition of Metallix was successfully concluded on 4 September 2025 for an equity cash purchase consideration of US$78 million (total purchase consideration of US$129 million on a debt-free basis). No financial information has been included from Metallix for Q3 2025 as management is in the process of assessing the purchase price allocation and incorporating Metallix into its reporting processes.

European (EU) region

Sandouville nickel refinery

At the Sandouville facility in France, selected downstream process areas remained operational to facilitate nickel recovery from diluted solutions generated during the ramp-down. A voluntary redundancy plan for 90 employees has been agreed with the unions and approved by the French authorities. Negotiations for further headcount reductions are ongoing.

An adjusted EBITDA loss of US$7 million (R126 million) was incurred for Q3 2025. The Sandouville refinery is being placed on care and maintenance (C&M), which is scheduled for completion by the end of 2025. Financial losses are forecast to reduce significantly in 2026.

The GalliCam project prefeasibility study is progressing, with completion now forecast for the end of 2026. GalliCam prefeasibility costs of US$3 million (R49 million) were expensed in Q3 2025 against a forecast of US$11 million (R207 million) for 2025.

Keliber lithium project

The Keliber lithium project continued with final construction activities during Q3 2025. These activities included process electrification, as well as the installation of instrumentation and information and communications technology (ICT) systems. Final equipment installation works and the construction of the tailings storage facility also progressed at the concentrator site.

Capital expenditure for Q3 2025 (including capitalised interest and other capitalised expenditure outside the project’s initial forecast scope, such as exploration), of €75 million (R1.5 billion), was consistent with annual guidance of €300 million(R5.9 billion)* for 2025. The project capital expenditure for the construction phase of the project at the end of Q3 2025 is €645 million (R13.1 billion) (excluding capitalised interest and exploration) which remains within the total revised capital forecast of €783 million (R15.9 billion) (2024 real terms, excluding capitalised interest and exploration).

The Keliber lithium project is an advanced stage, fully integrated lithium hydroxide project in the EU region and has been designated a "Strategic Project" in terms of the EU Critical Raw Materials Act (CRMA). The construction phase of the Keliber lithium project (mine site, concentrator and refinery) is scheduled for completion in H1 2026, with the second phase comprising the hot commissioning of the concentrator and refinery and the commencement of the production build up.

As guided in August 2025 in the H1 2025 results the lithium market has been in surplus since H1 2023, dampening lithium prices and resulting in downward revisions to medium term lithium market fundamentals. As a result, we are currently assessing various scenarios to ensure a responsible start up of the project considering market fundamentals.

* The guidance has been translated where relevant at an average exchange rate of R19.80/€

Australian region

Century zinc retreatment operation

The Century operation delivered another solid, consistent operational performance for Q3 2025 and year to date.

Century operation produced 24 kilotonnes (kt) of payable zinc for Q3 2025, 10% lower than for Q3 2024 as production was impacted by the planned five day annual plant maintenance shutdown, which had previously been conducted in Q4 2024.

Sales of payable zinc for Q3 2025 of 17kt were 16% lower than for Q3 2024, primarily due to the timing of shipments (Q3 2024: 20kt). AISC for Q3 2025 of US$2,015/tZn (R35,539/tZn) increased by 11% compared to Q3 2024 of US$1,809/tZn (R32,559/tZn), primarily due to lower payable zinc production. Sustaining capital for Q3 2025 was US$1 million (R11 million) due to completion of a number of projects during the annual maintenance shutdown.

The decrease in payable zinc sales due to the plant maintenance and timing of shipments, together with the 13% lower zinc concentrate price year-on-year, resulted in a 12% decrease in adjusted EBITDA to US$28 million (R486 million) for Q3 2025.

The strong operational and financial performance year-to-date, coupled with continued favourable A$ zinc prices, low treatment charges, and shipments scheduled to reduce inventory levels by year end supports a positive final quarter outlook for the Century operation.

Options to leverage the existing infrastructure (processing plant, pipeline, and port facilities) and extend the life of the assets beyond the current zinc retreatment operations continue to be actively explored. This includes opportunities to potentially utilise the Century infrastructure to access the extensive, largely undeveloped phosphate resources in the region.

Mt Lyell copper project

The Mt Lyell feasibility study (AACE Class 2 Estimate) is progressing well and is expected to be completed during Q4 2025.

OPERATING GUIDANCE FOR 2025*

Annual operating guidance is unchanged with all operations anticipated to meet guidance for 2025 as in the table below. The US PGM operations are expected to be at, or exceed, the upper end of the production range and the lower end of the AISC range.

CLARIFICATION IN RESPECT OF THE REVISED EARNINGS PER SHARE AND HEADLINE EARNINGS PER SHARE FOR THE 6 MONTHS ENDED 30 JUNE 2024

Sibanye-Stillwater wishes to clarify the revisions made to loss attributable to owners of Sibanye-Stillwater (loss), earnings per share (EPS) and headline earnings per share (HEPS) for the six months ended 30 June 2024 (H1 2024), as disclosed in the Operating and Financial Results released on the Stock Exchange News Service (SENS) on 21 February 2025.

During the six months period ended 31 December 2024, the loss, EPS and consequentially, the HEPS for H1 2024 were revised from that previously reported in the Operating and Financial Results for H1 2024 and released on SENS on 12 September 2024. These revisions resulted from additional information obtained within 12 months from the acquisition date in respect of the Reldan business combination, in accordance with IFRS 3, Business Combinations.

The fair value gain relating to the metal borrowing liability assumed in the business combination was revised by R137 million, due to changes in the acquisition value of this liability. Gain/loss on financial instruments for H1 2024 changed from R1,359 million (as reported on 12 September 2024) to R1,496 million (as reported on 21 February 2025). This change was also detailed in note 10.1 to the condensed consolidated financial statements for the year ended 31 December 2024.

Accordingly, the loss and EPS for H1 2024 were revised from R7,472 million to R7,335 million, and 264 cents per share (loss) to 259 cents per share (loss), respectively. Consequently, the HEPS for H1 2024 were also revised from 5 cents per share to 10 cents per share.

For more information, refer to the announcement on 21 February 2025 available on the website 2024 results page or at the direct download link 2024 year-end results book.

DISCLAIMER

Forward-looking statements

The information in this report 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, business prospects, industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, plans and objectives of management for future operations, are necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report.

All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”, “estimate” 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 estimates or projections contained in the forward-looking statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with, and the ability to successfully integrate, past, ongoing and future acquisitions (including Metallix), as well as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected communities; changes in the market price of gold, silver, PGMs, battery metals (e.g., nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements; the occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa’s credit rating; the impact of South Africa’s greylisting; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the outcome of legal challenges to the Group’s mining or other land use rights; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations, particularly environmental, sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and business ownership, including any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; failure to meet ethical standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater’s business; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or environmental incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management and employees with sufficient technical and/or production skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in its management positions, or maintain required board gender diversity; failure of Sibanye-Stillwater’s information technology, communications and systems, evolving cyber threats to Sibanye-Stillwater’s operations and the impact of cybersecurity incidents or breaches; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster in surrounding mining communities, including informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of contagious diseases, including global pandemics.

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 2024 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2024 on Form 20-F filed with the United States Securities and Exchange Commission on 25 April 2025 (SEC File no. 333-234096).

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). These forward-looking statements have not been reviewed or reported on by the Group’s external auditors.

Non-IFRS¹ measures

The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted free cash flow, AISC and AIC. These measures may not be comparable to similarly-titled measures used by other companies and are not measures of Sibanye-Stillwater’s financial performance under IFRS Accounting Standards. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this report because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have not been reviewed or reported on by the Group’s external auditors.

¹  IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards Board (IASB)

Websites

References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, this report.