UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM 6-K

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REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

Dated 10 May 2024

Commission File Number 333-234096

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Sibanye Stillwater Limited
(Translation of registrant’s name into English)

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Constantia Office Park
Cnr 14th Avenue and Hendrik Potgieter Road
Bridgeview House, Ground Floor
Weltevreden Park, 1709
South Africa
(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒ Form 20-F 
☐ Form 40-F










SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Sibanye Stillwater Limited
Date: 10 May 2024By:/s/ Charl Keyter
Name:Charl Keyter
Title:Chief Financial Officer



Exhibit 99.1
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Johannesburg, 10 May 2024: Sibanye Stillwater Limited (Sibanye-Stillwater or the Group) (JSE: SSW and NYSE: SBSW) is pleased to provide an operating update for the quarter ended 31 March 2024 (Q1 2024). The Group's financial results are only provided on a six-monthly basis.
SALIENT FEATURES FOR QUARTER ENDED 31 MARCH 2024 COMPARED TO QUARTER ENDED 31 MARCH 2023 (Q1 2023)
•Improved trends in safety indicators maintained. Record Group SIFR achieved for Q1 2024
•Improved adjusted EBITDA from US PGM operations despite lower 2E basket price due to a 22% increase in 2E production and a 28% reduction in AISC
•3% increase in 4E PGM production from the SA PGM operations due to acquisition of additional 50% of Kroondal
•Sandouville nickel production increased by 42% and Nickel equivalent sustaining cost reduced by 36%
•The Keliber lithium project is on budget and progressing according to schedule
•Reldan acquisition successfully concluded with integration underway

KEY STATISTICS – GROUP
US dollarSA rand
Quarter endedKEY STATISTICSQuarter ended
Mar 2023Dec 2023Mar 2024GROUPMar 2024Dec 2023Mar 2023
437 181 113 US$m
Adjusted EBITDA1,13
Rm2,137 3,382 7,755 
17.76 18.65 18.86 R/US$Average exchange rate using daily closing rate
TABLE OF CONTENTSPageSTOCK DATA FOR THE QUARTER ENDED 31 MARCH 2024
Salient features and key statisticsNumber of shares in issue
Overview of the operating results by the Chief executive officer
- at 31 March 20242,830,567,264
Salient features - operational tables - quarterly statistics- weighted average2,830,567,264
All-in cost (reconciliation) - quartersFree Float99 %
Adjusted EBITDA reconciliation - quartersBloomberg/ReutersSSWSJ/SSWJ.J
Development results
Administration and other corporate informationJSE Limited - (SSW)
Disclaimer and forward-looking statementsPrice range per ordinary share (High/Low)R18.22 to R24.80
Average daily volume14,630,382
NYSE - (SBSW); one ADS represents four ordinary shares
Price range per ADS (High/Low)US$3.93 to US$5.31
Average daily volume5,415,449
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024         1

KEY STATISTICS BY REGION
US dollarSA rand
Quarter endedKEY STATISTICSQuarter ended
Mar 2023Dec 2023Mar 2024AMERICAS REGIONMar 2024Dec 2023Mar 2023
US PGM underground operations
100,690 116,213 122,543 oz
2E PGM production2,3
kg3,812 3,615 3,132 
1,426 1,048 971 US$/2EozAverage basket priceR/2Eoz18,313 19,545 25,326 
14 (36)32 US$m
Adjusted EBITDA1
Rm609 (663)254 
1,861 2,054 1,335 US$/2Eoz
All-in sustaining cost4
R/2Eoz25,183 38,300 33,052 
US PGM recycling
78,844 75,428 77,873 oz
3E PGM recycling2,3
kg2,422 2,346 2,452 
2,972 1,664 1,289 US$/3EozAverage basket priceR/3Eoz24,311 31,034 52,783 
11 5 4 US$m
Adjusted EBITDA1
Rm71 89 199 
SOUTHERN AFRICA (SA) REGION
PGM operations
379,791 422,185 389,313 oz
4E PGM production3,5,12
kg12,109 13,131 11,813 
2,051 1,290 1,273 US$/4EozAverage basket priceR/4Eoz24,004 24,052 36,433 
391 177 77 US$m
Adjusted EBITDA1
Rm1,456 3,294 6,952 
1,129 1,107 1,230 US$/4Eoz
All-in sustaining cost4
R/4Eoz23,207 20,654 20,043 
Gold operations
200,267 196,184 164,515 ozGold productionkg5,117 6,102 6,229 
1,864 1,982 2,069 US$/ozAverage gold priceR/kg1,254,539 1,188,566 1,064,302 
44 43 35 US$m
Adjusted EBITDA1
Rm652 804 774 
1,826 1,949 2,039 US$/oz
All-in sustaining cost4
R/kg1,236,571 1,168,690 1,042,868 
EUROPEAN REGION
Sandouville nickel refinery
1,609 1,280 2,279 tNi
Nickel production6
tNi2,279 1,280 1,609 
28,258 20,266 19,084 US$/tNi
Nickel equivalent average basket price7
R/tNi359,933 377,958 501,856 
(14)(22)(10)US$m
Adjusted EBITDA1
Rm(197)(405)(245)
38,750 36,072 23,294 US$/tNi
Nickel equivalent sustaining cost8
R/tNi439,318 672,752 688,196 
AUSTRALIAN REGION
Century zinc retreatment operation9
1 26 16 ktZn
Zinc metal produced (payable)10
ktZn16 26 1 
2,043 1,815 2,192 US$/tZn
Average equivalent zinc concentrate price11
R/tZn41,346 33,852 36,287 
(4)9 (14)US$m
Adjusted EBITDA1
Rm(262)164 (69)
9,205 1,758 2,574 US$/tZn
All-in sustaining cost4
R/tZn48,547 32,783 163,477 
1The 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"
2The 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
3The 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)
4See “Salient features and cost benchmarks - Quarters” for the definition of All-in sustaining cost (AISC)
5The 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 operations, Total SA PGM operations and Marikana - Quarters"
6The nickel production at the Sandouville refinery operations is principally nickel metal and nickel salts (liquid form), together referred to as nickel equivalent products
7The nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold
8See "Salient features and cost benchmarks - Quarters" Sandouville nickel refinery for a reconciliation of cost of sales before amortisation and depreciation to nickel equivalent sustaining cost
9The Century zinc tailings retreatment operation is a leading tailings management and rehabilitation operation in Queensland, Australia. The Century operation was acquired by the Group on 22 February 2023
10Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
11Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc metal sold
12As previously announced, Sibanye Rustenburg Platinum Mines Limited had entered into a pool and share agreement to acquire Rustenburg Platinum Mines Limited 50% ownership. The acquisition became effective on 1 November 2023 after all conditions precedent had either been met or waived, therefore from 1 November 2023 the SA PGM operations includes 100% Kroondal
13The acquisition of the Reldan Group of Companies (Reldan) was concluded on 15 March 2024 and at the date of this report management is still in the process of assessing the inputs, assumptions and information that may impact the identification and fair value of the net assets acquired. As a result, the results of Reldan are not included in the Q1 2024 operating update


Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 2

OVERVIEW OF THE OPERATING RESULTS BY NEAL FRONEMAN, CHIEF EXECUTIVE OFFICER
The continued improvement in the Group safety performance year-on-year is pleasing, confirming that our safety strategy continues to gain traction and that we remain on track for further reduction of risk for all safety incidents. The 15% decline in the Group Serious Injury Frequency Rate (SIFR) year-on-year, marked the third consecutive annual improvement in the Group SIFR since Q1 2021 (4.00), with the SIFR for Q1 2024 of 2.19 the lowest achieved by the Group since its inception. The Group Lost Day Injury Frequency Rate (LDIFR) and Total Recordable Injury Frequency Rate (TRIFR) were also much improved, declining by 7.6% and 11.3% respectively year-on-year.
The operational restructuring and capital preservation steps taken during H2 2023 and Q1 2024 have resulted in notable improvements at the US PGM operations, with the benefits at the SA operations expected to manifest in a phased manner over an extended period. We are confident that the restructuring that has taken place to date, at the SA operations as well as the current regional restructuring, will secure a lower cost structure for the SA region, despite the phased closure cost and initial disruption which has impacted Q1 2024.
A significant improvement in the performance of the US PGM operations was evident soon after the restructuring (repositioned for lower production and cost) undertaken during Q4 2023, with adjusted EBITDA improving despite a lower 2E PGM basket price received for Q1 2024. Underground mined 2E production was 22% higher than for Q1 2023 and 5% higher than for Q4 2023, with AISC declining by 28% year-on-year to US$1,335/2Eoz (R25,183/2Eoz), within guidance for 2024. Ongoing efforts to address skills shortages and other operational constraints are anticipated to result in further gains during the course of the year.
Gold production from the SA gold operations for Q1 2024 was 18% lower than for Q1 2023 with AISC 19% higher, primarily due to cessation of production from Kloof 4 shaft during 2023 but with costs still being incurred during Q1 2024 due to the phased closure process.
At the SA PGM operations, lower production from the four loss making shafts which were the subject of S189 consultations, as well as lost production from Siphumelele shaft as a result of the head gear incident, was offset by the consolidation of an additional 50% of Kroondal production following the early closing of the acquisition of Anglo American Platinum's (AAP) 50% shareholding in November 2023. 4E PGM production for Q1 2024 increased by 3% with AISC 11% higher year-on-year, reflecting the effect of residual closure costs due to the phased closure of infrastructure following the restructuring and shaft closure.
The operating performance of the Sandouville refinery was also significantly better due to improved circuit availability and production stability following repairs to the cathode units in the electro winning circuit in mid-2023 and other improvements to the plant. Production was 42% higher than for Q1 2023, with Nickel equivalent sustaining cost 40% lower, primarily due to reduced feedstock purchase costs (lower nickel price), and lower reagent and overhead costs. The prefeasibility study regarding the possible repurposing of the Sandouville refinery to produce precursor cathode active material (pCAM) commenced in March 2024. Initial outcomes of the pre-feasibility study of the project, now called the GalliCam project are expected by the end of 2024.
The Century zinc reprocessing operation in Queensland Australia was disrupted by severe regional weather during Q1 2024. Production was consequently below forecast and AISC higher than forecast. The operations have recovered from the impact of the wet weather and with the recent increase in the zinc price and significantly lower annual benchmark treatment charges (US$165/tonne in 2024 vs US$274/tonne in 2023) for 2024, the outlook has improved.
The significant decline in PGM prices during the course of 2023, compounded by lower production and higher residual cost from the restructuring of the SA gold and PGM operations resulted in Group adjusted EBITDA declining significantly. Average 2E PGM and 4E PGM basket prices were respectively 32% and 34% lower year-on-year, resulting in Adjusted EBITDA declining by 72% to R2.1 billion (US$113 million) for Q1 2024.
The fundamental outlook for gold remains constructive with limited apparent downside for the gold price for the balance of 2024. Our view that the fundamental outlook for PGMs is positive is unchanged, with little evidence of a systemic change in the market fundamentals to justify the price collapse observed during 2023. We believe that the drivers of this decline in PGM prices are temporary, and caused by earlier supply chain disruptions due to COVID-19 and the more recent invasion of the Ukraine resulting in safety stocks being held in inventory. Destocking of inventory accumulated since 2020 seems to have abated and while total vehicle production is forecast to increase, Battery electric vehicle (BEV) penetration rates have slowed with a shift to hybrid vehicles. Primary supply is likely to continue to decline and secondary recycling supply remains depressed. These factors suggest a more supportive outlook for PGM prices, with a drop in interest rates the probable catalyst for a meaningful recovery in PGM prices.
The Group has sufficient liquidity and balance sheet flexibility with an improved financial performance expected as the benefits of restructuring flow through to the bottom line. The closure of the Reldan acquisition during Q1 2024 is also expected to contribute positively to earnings and cash flow.
We are cognisant of our decreasing 12 month trailing adjusted EBITDA due to lower PGM commodity prices, impacting negatively on our covenant ratios and therefore continue to focus on the balance sheet with a view to increasing liquidity through a number of non-debt instruments such as pre-pays and streams and proactively engaging our lenders on temporarily raising our lending covenants.
SAFE PRODUCTION
We are encouraged by improving safety trends that we continue to observe at our operations and, whilst we are still on a journey, we are satisfied that we have the right approach which has been benchmarked against global best practise and has been reviewed by an independent safety expert.
On our journey to zero harm, eliminating fatal incidents remains our immediate priority and we continue to operationalise and refine our Fatal elimination strategy, with a continued focus on eliminating high-energy risks and high-potential incidents (HPIs) at our operations. Our Fatal elimination strategy puts an emphasis on leading indicators and critical life saving behaviours, rather than lagging or historical measures. It also focuses on improved reporting and recording of HPIs including incidents where there was an injury with the potential for loss of life (IPLL), and incidents where there was no injury but there was the potential for loss of life (NIPLL), i.e., near misses. Encouraging, enhanced reporting of HPIs by operational teams provides a more comprehensive measure of high energy risks in our operations, promotes greater awareness of risk, and facilitates a proactive approach to risk mitigation.
We continue to encourage a bottom-up approach to safety, empowering our entire workforce to take responsibility for safety. We encourage crews and frontline supervisors to stop work immediately should conditions be unsafe and we are dedicated to embedding an operational safety culture that enables our teams to work to standards and to stop any unsafe work without hesitation. Since June 2023 we have observed pleasing evidence of stoppages by frontline supervisors and crews in the SA region surpassing stoppages by senior management/safety officers/third parties, with the delta continuing to increase.
Regrettably, a colleague at our SA PGM operations, Reginald Sekati, a utility vehicle operator at Bathopele, Rustenburg operation was fatally injured when his vehicle collided with a redundant water pipe. Our heartfelt condolences are extended to Reginald's family, friends, and colleagues. This incident is being thoroughly investigated together with the relevant stakeholders and support has been
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 3

provided to the family. The rest of the Group's operations had a fatal free first quarter, with the SA gold operations now fatal free for eight months.
We are encouraged by the continued reduction in Group safety indicators, with Group SIFR declining by 15% from 2.57 for Q1 2023 to 2.19 for Q1 2024 and with the SIFR of 1.89 recorded during March 2024 the lowest ever recorded by the Group. At the SA PGM operations, it was very pleasing to note the continual improvement in the SIFR which declined by 32% year-on-year to 1.55 for Q1 2024 underpinned by the Rustenburg operation where the SIFR improved by 57% to 1.13. The Group TRIFR and LDIFR also improved by 11% and 8% respectively year-on-year.
While the focus is on ongoing improvement in all aspects of safety, the primary focus during 2024 is to further implement and operationalise the Fatal elimination strategy, and to institutionalise the commitment and responsibility for safety among operational line management and all employees in order to mitigate high energy risks. We remain committed to the continuous improvement in health and safety at our operations and we continue to enhance our risk approach to keep fatality prevention as our main priority.
OPERATING REVIEW
US PGM operations
The operational performance from the US PGM operations for Q1 2024 was significantly better, reflecting improved operational stability and the benefits of cost reduction measures implemented during Q4 2023. Mined 2E PGM production of 122,543 2Eoz for Q1 2024 was 22% higher than for Q1 2023, which was impacted by the shaft incident at the Stillwater West mine, and 5% higher than for Q4 2023. Production from the Stillwater mine of 79,107 2Eoz for Q1 2024 was 29% higher than for the comparable period in 2023 with production from the East Boulder mine of 43,436 2Eoz, 11% higher than for Q1 2023, despite geological and geotechnical complexity constraining production from the western section of the mine, and ongoing shortages of critical skills. In addition, the replacement of fans combined with mill maintenance contributed to an increase in ore stockpiled during the quarter, which will be processed during Q2 2024.
A strategic decision to focus on secondary (on reef) development in order to improve mining flexibility and productivity by providing access to more production stopes, resulted in secondary development from the Stillwater mine increasing by 33% year-on-year however at East Boulder due to the before mentioned headwinds, secondary development was 2% lower.
Pleasingly, operating costs per tonne milled declined by 6% to US$405/tonne (R7,642/tonne). ORD expenditure declined by 42% to US$32 million (R601 million) primarily as a result of a significant drop in contractor development cost and contract maintenance costs with sustaining capital declining by 46% from US$21 million (R367 million) to US$11 million (R209 million) as a result of fleet and underground equipment expenditure declining by approximately US$5 million following completion of major surface infrastructure (concentrator and West Fork ventilation raise) with reduced hoist repairs and tailings storage facility (TSF) expenditure resulting in a further US$5 million reduction.
Consequently, AISC declined by 28% to US$1,335/2Eoz (R25,183/2Eoz) for Q1 2024 from US$1,861/2Eoz (R33,052/2Eoz) for Q1 2023 and US$2,054/2Eoz (R38,300/2Eoz) for Q4 2023, reflecting the benefits from the restructuring primarily due to reducing high cost contractor labour and deferral of non-essential capital expenditure.
Total capital expenditure for Q1 2024 decreased by 47% year-on-year to US$46 million (R867 million) reflecting the repositioning of the operations for the lower price environment. Project capital was 73% lower at US$3 million (R57 million) due to the suspension of project capital at Stillwater East.
Adjusted EBITDA of US$32 million (R609 million) for Q1 2024 includes a once off US$43 million (R812 million) insurance payment related to the flooding event during mid-2022. Excluding the insurance payment, the adjusted EBITDA loss of US$11 million (R203 million), was significantly improved on Q4 2023 despite a 7% decline in the average 2E basket price received for Q1 2024. Looking ahead, the focus will be on improving fleet maintenance and reducing elevated maintenance costs by working more closely with original equipment manufacturers. Skills retention and training also remain a priority.
US PGM recycling operations
The global autocatalyst recycling market remains strained with some evidence of a slight recovery in PGM recycling. The US PGM recycling operations fed an average of 10.7 tonnes per day (tpd) of spent autocatalyst material for Q1 2024, in line with Q1 2023. 3E PGM ounces fed of 77,873 3Eoz, were 1% lower than the 78,844 3Eoz fed for Q1 2023. At the end of Q1 2024, approximately 23 tonnes of recycle inventory was on hand, compared with 33 tonnes at the end of Q1 2023.
Recent indicators suggest that the autocatalyst recycling market may have bottomed in Q1 2024, with a stable performance in tonnes and ounces fed to furnaces compared to the previous quarter. Despite ongoing challenges, such as an increase in the average age of scrapped vehicles and fluctuations in the used car market, there are positive signs pointing to a potential uptick in recycling rates.
SA PGM operations
Year-on-year comparison of the SA PGM operating results is complicated by various factors, including the acquisition of AAP 50% share of the Kroondal PSA from 1 November 2023 which added 30,575 4Eoz to total production during the quarter and the impact of operational restructuring. Mandatory regulatory S189 consultations commenced on 24 October 2023 and concluded on 24 February 2024, impacting productivity due to moratoriums on hiring, movement of crews and a general decline in productivity associated with disruptions. After a slow start to the year, production improved over the quarter and into April 2024.
4E PGM production of 414,918 4Eoz from the SA PGM operations for Q1 2024 (including attributable production from Mimosa, third party purchase of concentrate (PoC) and the consolidation of an additional 50% of Kroondal) was 3% higher than for Q1 2023. PoC increased by 7% to 25,605 4Eoz. 4E PGM production (excluding PoC) of 389,313 oz, was 3% higher year-on-year.
AISC (excluding PoC) for Q1 2024 increased by 16% year-on-year to R23,207/4Eoz (US$1,230/4Eoz). The above inflation increase was primarily as a result of a once off adjustment to legacy leave liabilities at the Marikana operation (contributing R1,035/4Eoz or 4.5% to AISC for the quarter) as well as restructuring related costs, the benefit of which will be realised in coming quarters. The cost increases were to some extent offset by-product credits increasing by 30% year-on-year to R2.8 billion (US$149 million) and royalties declining by 75%. AISC (including PoC) increased by 11% year-on-year to R22,923/4Eoz (US$1,215/4Eoz).
Capital expenditure of R1.1 billion (US$60 million) for Q1 2024 was 3% lower than for Q1 2023 with ORD declining by 16% to R545 million (US$29 million) because of a decrease in primary (off-reef) development year-on-year. Sustaining capital of R430 million (US$23 million) was 23% higher primarily due to a 62% increase at the Rustenburg operation. Project capital of R154 million was 6% lower due to lower expenditure at the K4 project, in line with plan.
4E PGM production from the Rustenburg operation for Q1 2024 of 137,100 4Eoz was 7% lower year-on-year with underground production of 120,584 4Eoz, 7% lower and surface production of 16,516 4Eoz, 5% lower. The Bathopele mine was impacted by a S54 shutdown
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 4

following the fatal incident and the Siphumelele head gear bin failure that resulted in a loss of production of four weeks during March 2024. These shortfalls were partially offset at Khuseleka shaft where production increased year-on-year. AISC of R21,284/4Eoz (US$1,129/4Eoz) for Q1 2024 was 15% higher year-on-year primarily due to lower production, inflationary cost increases and sustaining capital which increased to R207 million (US$11 million), primarily driven by the initial Siphumelele shaft repair costs. ORD expenditure declined by 14% to R145 million (US$8 million). By-product credits increased by 60% to R1.4 billion (US$72 million), primarily due to an 85kt year-on-year increase in chrome produced.
4E PGM production of 174,892 oz from the Marikana operation (including PoC) for Q1 2024 was flat year-on-year with PoC ounces of 25,605 4Eoz, 7% higher. Production (excluding PoC) of 149,287 4Eoz was 2% lower year-on-year, with production from underground of 141,666 4Eoz, 3% lower and surface production of 7,621 4Eoz, 44% higher due to higher throughput and improved plant recoveries. The Marikana underground operations were impacted by the restructuring of the Rowland shaft and underperformance of the subsequently closed 4B shaft partially offset by K4 production which increased by 8,169 4Eoz to 10,589 4Eoz for Q1 2024. AISC (excluding PoC) increased by 15% to R26,606/4Eoz (US$1,411/4Eoz) as a result of the once off adjustment to legacy leave liabilities, which accounted for R2,492/4Eoz or 9.4% of AISC (excluding PoC) as well as annual inflation. AISC (including PoC) of R25,484/4Eoz (US$1,351/4Eoz), was 6% higher year-on-year, with PoC purchase costs declining by 28% year-on-year to R591 million (US$31 million) in line with the decline in PGM prices and the factors detailed previously. While the K4 project remains in build up phase, unit operating costs, ORD and sustaining capital will remain elevated on a unit cost measure, but are expected to reduce as K4 production builds up.
The Kroondal operation produced 61,150 4Eoz for Q1 2024, 48% higher year-on-year due to the consolidation of 100% of the operation as opposed to 50% for Q1 2023. On a comparable basis, Kroondal's production declined by 26% or 10,612 4Eoz. This was primarily due to the closure of the Simunye shaft and the Klipfontein opencast which is at the end of its life. Due to the decrease in production, AISC of R21,848/4Eoz (US$1,158/4Eoz) was 26% higher than Q1 2023.
4E PGM production from Platinum Mile for Q1 2024 of 11,794 4Eoz was 10% lower than for Q1 2023 as a result of 19% lower run of mine tonnes received due to lower production from Rustenburg underground operations as well as lower surface tailings feed. However, a positive trend of improved recoveries has continued with the Waterval West dam conversion to 100% mechanical from hydro-mining improving plant stability and resulting in a 13% increase in yield year-on-year. The chrome extraction plant which was commissioned at the end of 2023 is in build-up phase and produced 18kt of chrome in Q1 2024, with the plan to increase production to the nameplate 240kt per year during H2 2024. Despite the decrease in PGM output and cost pressures, AISC of R9,412/4Eoz (US$499/4Eoz) for Q1 2024 was 10% lower than for Q1 2023 due to by-product credits increasing by 233% to R70 million (US$4 million) because of the chrome production.
Attributable PGM production from Mimosa for Q1 2024 of 29,982 4Eoz was 14% higher than for Q1 2023 with tonnes milled increasing by 10% and recoveries by 7% as a result of the continued optimization of the reagent suite and cell settings. Despite high in country inflationary cost pressures, unit cost was maintained at US$93/tonne (R1,762/tonne). Sustaining capital expenditure was 32% lower to US$9 million (R170 million) due to the completion of the plant optimization study with the new tailings storage facility expected to be commissioned in May 2024. AISC decreased by 9% year-on-year to US$1,243/4Eoz (R23,447/4Eoz) for Q1 2024.
Q1 2024 chrome sales of 638kt were 28% higher than sales of 499kt for Q1 2023, due to improved production from operations, an improved ore transportation strategy with less disruptions and ongoing ramp-up of the chrome tailings project at Platinum Mile. Chrome revenue of R1,552 million (US$82 million) for Q1 2024 was 82% higher than for Q1 2023, due to increased sales volumes and a 2% increase in the received chrome price of US$288/t and a 6% depreciation in the rand:US$ exchange rate.
The K4 project
The K4 project focus is progressing from completion of shaft infrastructure to ramping up production. K4 produced 10,589 4Eoz for Q1 2024 compared with 2,421 4Eoz for Q1 2023. Project capital expenditure for Q1 2024 was R154 million.
SA gold operations
Gold production (excluding DRDGOLD) of 3,890kg (125,066oz) from the SA gold operations was 21% lower than for Q1 2023, primarily due to the closure of Kloof 4 shaft during H2 2023, a slower than planned production build-up after the December 2023 shut down compounded by seismicity related challenges at Driefontein 4 Shaft and a transitioning from Carbon Leader to VCR reef at Driefontein 1 Shaft. Production from the SA gold operations (including DRDGOLD) for Q1 2024 of 5,117kg (164,515oz) was 18% lower than for Q1 2023.
AISC (excluding DRDGOLD) of R1,333,818/kg (US$2,200/oz) was 20% higher than for Q1 2023, reflecting the impact of 24% less gold sold inflationary cost pressures and costs incurred at the Kloof 4 shaft as preparations for closure continued during Q1 2024. These costs are forecast to reduce in coming quarters as the shaft rehabilitation and closure is completed. AISC (including DRDGOLD) for Q1 2024 of R1,236,571/kg (US$2,039/oz) was 19% higher year-on-year.
Capital expenditure for Q1 2024 (excluding DRDGOLD) of R984 million (US$52 million) was 20% lower than for Q1 2023 with project capital decreasing by 48% to R213 million (US$11 million) as a result of terminating the Kloof 4 deepening project and less expenditure at the Burnstone project. Sustaining capital decreased by 35% to R106 million (US$6 million), while ORD expenditure increased by 2% to R665 million (US$35 million) as a result of increased ORD at Driefontein.
Production from the Driefontein operation declined by 18% to 1,563kg (50,252oz) as a result of a delayed commencement of production after the Christmas break at most shafts due to elevated temperatures requiring a longer cool down period and Driefontein 1 and 8 shafts experiencing elevated seismicity which delayed the mining of some high grade areas. With these issues mostly resolved, Driefontein production is expected to normalise during Q2 2024. AISC of R1,292,115/kg (US$2,131/oz) was 21% higher than for Q1 2023, primarily as a result of lower production. ORD increased by 14% to R398 million (US$21 million) as a result of a 4% increase in off-reef development to improve mining flexibility. Sustaining capital expenditure decreased by 19% to R65 million (US$3 million) due to a slower start-up of the D1 and D4 pillar projects.
Underground production of 961kg (30,897oz) from the Kloof operation for Q1 2024 was 42% or 683kg (21,959oz) lower year-on-year primarily due the closure of Kloof 4 shaft with Kloof 1 shaft and 8 shaft also impacted by seismic activity. Production from surface sources of 174kg (5,594oz), was 98% higher year-on-year due to a near doubling in yield from the current dumps being reprocessed. AISC of R1,580,279/kg (US$2,606/oz) for Q1 2024 was 30% higher than for Q1 2023 due to lower production and 43% less gold sold than for the comparable period in 2023. Costs are expected to reduce as the Kloof 4 shaft closure process is completed during Q2 2024. Project capital declined from R31 million (US$2 million) in Q1 2023 to zero in Q1 2024 as a result of the closure of Kloof 4 shaft and termination of the Kloof 4 shaft deepening project. For Q1 2024, ORD was 7% lower year-on-year due to the closure of Kloof 4 shaft, partially offset by an increase in off reef development at Kloof 8 shaft. Sustaining capital was 46% lower due to the closure of Kloof 4 shaft.
Underground production from the Beatrix operation for Q1 2024 of 900kg (28,936oz) was 6% lower than for Q1 2023 due to a management imposed safety stoppage in January. Production from surface sources declined from 48kg (1,543oz) in Q1 2023 to 4kg (129oz) for Q1 2024. In addition, the Beatrix processing plant experienced downtime during the quarter which resulted in a temporary stockpile containing 23kg (740oz) which was processed over the Easter period. AISC for Q1 2024 increased by 8% year-on-year to R1,112,112/kg (US$1,834/oz)
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 5

with ORD declining by 25% to R62 million (US$3 million). Sustaining capital declined from R14 million (US$1 million) to R3 million (US$3 million) due to projects completed early in 2023.
Surface gold production from the Cooke operation for Q1 2024 increased by 11% to 288kg (9,259oz) with AISC increasing by 38% to R1,356,209/kg (US$2,237/oz) compared to Q1 2023. This was primarily as a result of higher aggregate purchase costs of third party gold bearing material where the purchase price is linked to the gold price. Purchase of aggregate material increased from 120kg (3,858oz) for Q1 2023 to 208kg (6,687oz) for Q1 2024, but resulted in increased profitability.
DRDGOLD gold production of 1,227kg (39,449oz) for Q1 2024, was 8% lower than for Q1 2023 as a result of an 8% decrease in yield as higher grade remnant material at older ERGO and Far West Gold Recoveries (FWGR) sites were depleted and as a result of a reduction of higher grade third party sand material processed at ERGO. AISC for Q1 2024 increased by 17% to 906,404/kg (US$1,495/oz) due to gold sold declining by 8%, and above inflation costs, despite a 46% decrease in sustaining capital reflecting the tailing off of the investment in new infrastructure for major new reclamation sites at both the ERGO and FWGR operations. Project capital increased by 101% in Q1 2024 year-on-year to R322 million (US$17 million), primarily for the construction of the solar power plant project which is expected to be commissioned by the end of May 2024, with the battery storage system expected to be completed in October 2024.
Burnstone project
Capital investment in the Burnstone project has been deferred, with stoping and development activities ceasing apart from the main shaft decline development. All construction has been suspended except the completion of the surface conveyors, including the new waste conveyor, with planned completion at the end of May 2024, and the support of Settler No.1 and Clearwater Dam No.1 & 2, with planned completion at the end of June 2024. In Q1 2024 R210 million (US$11 million) was spent on the project. For 2024, planned project capital for Burnstone is unchanged at R390 million (US$22 million). The Burnstone project, following the deferral of capital expenditure as announced in February 2024, also requires restructuring to align with the reduction in planned capital activities. A S189 consultation process on the restructuring of the Burnstone operations is in progress.
European region
Sandouville nickel refinery
The operating performance from the Sandouville nickel refinery was significantly improved year-on-year, with nickel equivalent production for Q1 2024 of 2,279tNi, 42% higher than for Q1 2023. Nickel metal production increased by 64% to 1,935 tNi and nickel salts production of 344 tNi was 20% lower than for Q1 2023. As a result of a build-up in nickel salts inventory and anticipated lower demand from customers, nickel salts production was reduced to adapt to market requirements with a focus on maximising nickel metal output. Process plant stability and reliability was much improved following maintenance work on the cathode circuit during 2023, with the nickel recovery yield increasing further to 97.2% from 96.2% in Q1 2023.
Costs were well controlled with the nickel equivalent sustaining cost for Q1 2024 declining by 40% to US$23,294/tNi (R439,318/tNi), primarily due to lower cost of purchasing feedstock related to the 32% lower average LME nickel price (equivalent basket price of US$19,084/tNi, R359,933/tNi) which is a meaningful cost component. In addition, lower consumption and prices of energy and reagents were significant contributors to lower costs. Sales of nickel salts were 82% higher for Q1 2024 increasing to 417tNi and nickel metal sales increased by 78% to 1,989tNi, which was higher than production for Q1 2024, with a consequent reduction in inventory. Sustaining capital of US$3 million (R62 million), incurred to continuously improve plant reliability, was 33% higher for Q1 2024.
The pre-feasibility study to assess the potential of repurposing the Sandouville plant to produce pCAM was approved and commenced in March 2024 and is progressing as planned. Further announcements will be made as soon as various stages of the study are completed.
Keliber lithium project
Construction of the Keliber lithium refinery in Kokkola has progressed according to schedule. The main building steel frame is complete, and a topping out ceremony was held on 17 January 2024. The effluent treatment plant (ETP) received the building permit, and subsequently earthworks and concrete works have started. Supporting facilities are somewhat behind schedule but without any impact to the overall plant commissioning schedule.
The second phase of the Keliber lithium project, comprising the construction of the concentrator in Päiväneva and the development of the Syväjärvi open pit mine, commenced in late 2023.
A court ruling on three appeals made in relation to the Rapasaari-Päiväneva environmental permit (covering the concentrator and the Rapasaari mine) was received on 23 February 2024. The environmental permit is now legally valid as the court upheld the permit but at the same time referred certain permit conditions back to the permitting authority for further review. Management's view is that: (i) the construction of the concentrator can proceed, as the environmental permit remains valid; (ii) commencement of production from the concentrator is subject to the permitting authority’s review and the issuing of enforceable permit decisions; (iii) can commence operations as scheduled, and (iv) the Rapasaari mine schedule may be delayed by some 1-2 years, but Syväjärvi ore can be used for the first 3-4 years of operations.
Other developments
•Negotiations with a syndicate of financial institutions for debt financing of the remaining Keliber project capital are advancing
•Identified three sources of external third party spodumene supply to commission the Keliber lithium refinery and provide feed before processing of own ore. Samples from each source of supply were received for testing with final qualification to be confirmed in Q2 2024
Australian region
Century zinc tailings retreatment operation
Sibanye-Stillwater acquired control of New Century Resources Limited from 22 February 2023, therefore comparison with Q1 2024 is not relevant.
The Century zinc tailings retreatment operation (Century operation) produced 16kt of payable zinc metal at an AISC of US$2,574/tZn (R48,547/tZn) for Q1 2024. Production for Q1 2024, was impacted by wet weather conditions, when combined with the March shutdown (92 hrs duration) this resulted in 595 hrs of lost operational time, compared to 740 hrs downtime in Q1 2023. The rain related downtime allowed for the completion of substantial opportune maintenance works, and the reduction of work required in one of the two annual shutdowns, which was safely completed in March. This has set the operations up well for the comparatively drier months of April through October, where all efforts will be made to catch-up on payable zinc metal production. Sustaining capital expenditure for the quarter was also less than expected at US$1 million (R11 million). With the recent increase in the zinc price and significantly lower spot treatment charges, the outlook for the Century zinc tailings retreatment operation is positive for the remainder of the year.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 6

Mt Lyell copper project
The Mt Lyell feasibility study (AACE Class 3 Estimate) is progressing and is expected to be completed during H1 2024.
OPERATING GUIDANCE FOR 2024*

Operating guidance for the 2024 year for all operations remain unchanged and are set out below:
•The US PGM operations forecast production of between 440,000 2Eoz and 460,000 2Eoz, with AISC of between US$1,365/2Eoz (R23,888/2Eoz) to US$1,425/2Eoz (R24,938/2Eoz) excluding any possible S45X credit (45X Advanced Manufacturing Production Credit (S45X credit)). Capital expenditure is forecast to be between US$175 million and US$190 million (R3.1 billion and R3.3 billion), including approximately US$13 million (R228 million) project capital
•3E PGM production for the US PGM recycling operations is forecast to be between 300,000 and 350,000 3Eoz fed for 2024. Capital expenditure is forecast at US$700,000 (R12 million)
•4E PGM production from the SA PGM operations for 2024 is forecast to be between 1.8 million 4Eoz and 1.9 million 4Eoz including approximately 80,000 4Eoz of third party PoC, with AISC between R21,800/4Eoz and R22,500/4Eoz (US$1,245/4Eoz and US$1,285/4Eoz) - excluding cost of third party PoC. Capital expenditure is forecast at R6.0 billion (US$343 million)* for the year
•Gold production from the managed SA gold operations (excluding DRDGOLD) for 2024 is forecast at between 19,500kg (627koz) and 20,500kg (659koz). AISC is forecast to be between R1,100,000/kg and R1,200,000/kg (US$1,955/oz and US$2,133/oz). Capital expenditure is forecast at R3.9 billion (US$223 million), including R390 million (US$22 million) of project capital expenditure provided for the Burnstone project
•Production from the Sandouville nickel refinery is forecast at between 7.5 and 8.5 kilotonnes of nickel product, at a Nickel equivalent sustaining cost of between €21,000/tNi (R399k/tNi)* and €23,000/tNi (R437k/tNi)* and capital expenditure of €8 million (R152 million)*. Capital expenditure at the Keliber lithium project for 2024 is forecast to be about €361 million (R6.9 billion)*
•Production from the Century zinc tailings retreatment operation is forecast at between 87 and 100 kilotonnes of zinc metal (payable) at an AISC of between A$3,032 and A$3,434/tZn (US$2,032 and US$2,302/tZn or R35,560 and R40,285/tZn) and capital expenditure of A$17 million (US$11 million or R196 million). Project capital on the Mount Lyell copper/gold project for 2024 is forecast to be A$6.6 million (US$4 million or R77 million)
* The guidance has been translated where relevant at an average exchange rate of R17.50/US$, R19.00/€ and R11.73/A$
NEAL FRONEMAN
CHIEF EXECUTIVE OFFICER
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 7

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS
US and SA PGM operations
US and SA PGM opera-tions1
US PGM operations
Total SA PGM operations1
Rustenburg
Marikana1
Kroondal3
Plat MileMimosa
Under-
ground2
TotalUnder-
ground		SurfaceUnder-
ground		SurfaceUnder-
ground		SurfaceSurfaceAttribu-table
Production
Tonnes milled/treatedktMar 20248,855 324 8,531 4,110 4,421 1,272 1,349 1,424 1,015 1,056 2,057 358 
Dec 20239,301 289 9,012 4,259 4,753 1,446 1,418 1,552 1,028 900 2,307 361 
Mar 20238,742 282 8,460 3,860 4,600 1,412 1,260 1,436 812 686 2,529 326 
Plant head gradeg/tMar 20242.38 12.98 1.98 3.17 0.87 3.43 1.05 3.59 0.87 2.19 0.76 3.42 
Dec 20232.36 13.75 1.99 3.26 0.86 3.47 1.03 3.60 0.89 2.28 0.75 3.39 
Mar 20232.29 12.26 1.96 3.28 0.85 3.34 1.05 3.64 0.88 2.27 0.74 3.53 
Plant recoveries%Mar 202475.54 90.25 71.69 84.37 29.05 85.95 36.26 86.22 26.85 82.23 23.46 76.27 
Dec 202376.29 91.78 72.86 84.57 34.01 85.63 50.58 85.89 28.31 83.57 22.68 76.09 
Mar 202374.64 90.67 71.24 84.52 28.43 85.81 40.83 87.08 22.98 82.28 21.77 71.33 
Yieldg/tMar 20241.80 11.71 1.42 2.67 0.25 2.95 0.38 3.10 0.23 1.80 0.18 2.61 
Dec 20231.80 12.62 1.45 2.76 0.29 2.97 0.52 3.09 0.25 1.91 0.17 2.58 
Mar 20231.71 11.12 1.40 2.77 0.24 2.87 0.43 3.17 0.20 1.87 0.16 2.52 
PGM production4
4Eoz - 2EozMar 2024511,856 122,543 389,313 353,382 35,931 120,584 16,516 141,666 7,621 61,150 11,794 29,982 
Dec 2023538,398 116,213 422,185 377,498 44,687 138,182 23,742 154,274 8,327 55,136 12,618 29,906 
Mar 2023480,481 100,690 379,791 344,052 35,739 130,123 17,361 146,346 5,276 41,187 13,102 26,396 
PGM sold5
4Eoz - 2EozMar 2024640,537 129,321 511,216 146,958 24,563 238,12961,150 11,794 28,622 
Dec 2023586,434 109,488 476,946 151,111 23,945 204,45555,136 12,618 29,681 
Mar 2023500,257 87,781 412,476 135,514 20,466 180,92941,187 13,102 21,278 
Price and costs6
Average PGM basket price7
R/4Eoz - R/2EozMar 202422,787 18,313 24,004 24,196 21,894 24,00824,566 22,265 21,869 
Dec 202323,171 19,545 24,052 24,350 22,506 23,97624,570 22,629 22,311 
Mar 202334,357 25,326 36,433 36,952 27,855 36,98838,142 29,968 30,406 
US$/4Eoz - US$/2EozMar 20241,208 971 1,273 1,283 1,161 1,2731,303 1,181 1,160 
Dec 20231,242 1,048 1,290 1,306 1,207 1,2861,317 1,213 1,196 
Mar 20231,935 1,426 2,051 2,081 1,568 2,0832,148 1,687 1,712 
Operating cost8,10
R/tMar 20241,396 7,642 1,149 2,456 2531,7521,415 76 1,762 
Dec 20231,332 10,256 1,034 2,212 223 1,5301,467 69 1,697 
Mar 20231,159 7,665 934 2,042 143 1,5891,180 60 1,653 
US$/tMar 202474 405 61 130 13 9375 4 93 
Dec 202371 550 55 119 12 8279 4 91 
Mar 202365 432 53 115 8 8966 3 93 
R/4Eoz - R/2EozMar 202424,616 20,189 26,126 25,916 20,647 28,60924,448 13,227 21,013 
Dec 202323,424 25,539 22,798 23,158 13,310 24,28023,941 12,601 20,464 
Mar 202321,476 21,432 21,489 22,156 10,368 23,55219,642 11,525 20,420 
US$/4Eoz - US$/2EozMar 20241,305 1,070 1,385 1,374 1,095 1,5171,296 701 1,114 
Dec 20231,256 1,369 1,222 1,242 714 1,3021,284 676 1,097 
Mar 20231,209 1,207 1,210 1,248 584 1,3261,106 649 1,150 
All-in sustaining cost9,10
R/4Eoz - R/2EozMar 202423,710 25,183 23,207 21,28426,60621,848 9,412 23,447 
Dec 202324,687 38,300 20,654 17,40323,76422,562 13,869 25,212 
Mar 202322,927 33,052 20,043 18,55823,05717,311 10,456 24,360 
US$/4Eoz - US$/2EozMar 20241,257 1,335 1,230 1,1291,4111,158 499 1,243 
Dec 20231,324 2,054 1,107 9331,2741,210 744 1,352 
Mar 20231,291 1,861 1,129 1,0451,298975 589 1,372 
All-in cost9,10
R/4Eoz - R/2EozMar 202424,152 25,648 23,641 21,28427,65121,848 9,412 23,447 
Dec 202325,542 39,763 21,329 17,40325,23422,599 15,771 25,212 
Mar 202323,725 35,018 20,507 18,55824,13217,336 10,456 24,360 
US$/4Eoz - US$/2EozMar 20241,281 1,360 1,254 1,1291,4661,158 499 1,243 
Dec 20231,370 2,132 1,144 9331,3531,212 846 1,352 
Mar 20231,336 1,972 1,155 1,0451,359976 589 1,372 
Capital expenditure6
Ore reserve developmentRmMar 20241,146 601 545 145400— — — 
Dec 20231,398 813 585 163422— — — 
Mar 20231,622 976 646 168478— — — 
Sustaining capitalRmMar 2024639 209 430 20715168 4 170 
Dec 20231,579 792 787 217424115 31 281 
Mar 2023718 367 351 12816848 7 237 
Corporate and projectsRmMar 2024211 57 154 —154— — — 
Dec 2023432 170 262 —2362 24 — 
Mar 2023362 198 164 —1631 — — 
Total capital expenditureRmMar 20241,996 867 1,129 35270568 4 170 
Dec 20233,409 1,775 1,634 3801,082117 55 281 
Mar 20232,702 1,541 1,161 29680949 7 237 
US$mMar 2024106 46 60 19374 — 9 
Dec 2023183 95 88 20586 3 15 
Mar 2023152 87 65 17463 — 13 
Average exchange rate for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1The US and SA PGM operations, Total SA PGM operations and Marikana excludes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Quarters”
2The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’ underground production, the operation treats various recycling material which is excluded from the statistics shown above and is detailed in the PGM recycling table below
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 8

3Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
4Production per product – see prill split in the table below
5PGM sold includes the third party PoC ounces sold
6The US and SA PGM operations and Total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
7The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
8Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce (and kilogram) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period, by the PGM produced in the same period. For a reconciliation, refer to "Unit operating cost - Quarters" US and SA PGM operations
9All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in costs, see “All-in costs – Quarters”
10Operating cost, all-in sustaining costs and all-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board

Mining – PGM Prill split including third party PoC, excluding recycling operations
US AND SA PGM OPERATIONSTOTAL SA PGM OPERATIONSUS PGM OPERATIONS
Mar 2024Dec 2023Mar 2023Mar 2024Dec 2023Mar 2023Mar 2024Dec 2023Mar 2023
%%%%%%%%%
Platinum273,226 51 %291,742 52 %264,685 52 %245,406 59 %265,50760 %240,903 60 %27,820 23 %26,235 23 %23,782 24 %
Palladium219,709 41 %222,145 40 %196,583 39 %124,986 30 %132,16730 %119,675 30 %94,723 77 %89,978 77 %76,908 76 %
Rhodium37,265 7 %39,598 7 %35,649 7 %37,265 9 %39,5989 %35,649 9 %
Gold7,261 1 %7,780 1 %7,472 1 %7,261 2 %7,7802 %7,472 2 %
PGM production 4E/2E537,461 100 %561,265 100 %504,389 100 %414,918 100 %445,052100 %403,699 100 %122,543 100 %116,213 100 %100,690 100 %
Ruthenium59,415 63,423 56,498 59,415 63,42356,498 
Iridium15,123 15,959 14,323 15,123 15,95914,323 
Total 6E/2E611,999 640,647 575,210 489,456 524,434474,520 122,543 116,213 100,690 
Figures may not add as they are rounded independently

US PGM Recycling
UnitMar 2024Dec 2023Mar 2023
Average catalyst fed/dayTonne10.7 11.0 10.7 
Total processedTonne988 999 965 
TolledTonne— — — 
PurchasedTonne988 999 965 
PGM fed3Eoz77,873 75,428 78,844 
PGM sold3Eoz77,245 77,996 79,405 
PGM tolled returned3Eoz— 317 2,532 

Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 9

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
SA gold operations
Total SA gold operationsDriefonteinKloofBeatrixCookeDRDGOLD
TotalUnder-
ground		SurfaceUnder-
ground		SurfaceUnder-
ground		SurfaceUnder-
ground		SurfaceSurfaceSurface
Production
Tonnes milled/treatedktMar 20247,541 882 6,659 276 21 284 347 322 30 932 5,330 
Dec 20237,945 904 7,041 275 21 284 419 344 3 1,066 5,533 
Mar 20238,081 1,066 7,015 353 201 361 335 351 216 992 5,271 
Yieldg/tMar 20240.68 3.87 0.26 5.62 0.57 3.39 0.50 2.79 0.13 0.31 0.23 
Dec 20230.77 4.77 0.25 6.50 0.78 4.66 0.50 3.47 0.77 0.29 0.23 
Mar 20230.77 4.17 0.25 5.23 0.29 4.55 0.26 2.72 0.22 0.26 0.25 
Gold producedkgMar 20245,117 3,412 1,705 1,551 12 961 174 900 4 288 1,227 
Dec 20236,102 4,307 1,795 1,789 16 1,322 209 1,196 2 305 1,263 
Mar 20236,229 4,445 1,784 1,844 59 1,644 88 957 48 260 1,329 
ozMar 2024164,515 109,698 54,817 49,866 386 30,897 5,594 28,936 129 9,259 39,449 
Dec 2023196,184 138,473 57,711 57,518 514 42,503 6,720 38,452 64 9,806 40,606 
Mar 2023200,267 142,910 57,357 59,286 1,897 52,856 2,829 30,768 1,543 8,359 42,728 
Gold soldkgMar 20245,343 3,605 1,738 1,648 26 962 184 995 4 306 1,218 
Dec 20235,685 3,892 1,793 1,632 2 1,286 224 974 2 297 1,268 
Mar 20236,765 4,830 1,935 1,824 105 1,877 146 1,129 48 307 1,329 
ozMar 2024171,781 115,903 55,878 52,984 836 30,929 5,916 31,990 129 9,838 39,160 
Dec 2023182,777 125,131 57,646 52,470 64 41,346 7,202 31,315 64 9,549 40,767 
Mar 2023217,500 155,288 62,212 58,643 3,376 60,347 4,694 36,298 1,543 9,870 42,728 
Price and costs
Gold price receivedR/kgMar 20241,254,539 1,252,6881,253,9271,252,2521,251,6341,260,263 
Dec 20231,188,566 1,188,4941,185,4301,189,5491,188,5521,191,640 
Mar 20231,064,302 1,070,5031,068,7101,066,2701,061,8891,047,404 
US$/ozMar 20242,069 2,0662,0682,0652,0642,078 
Dec 20231,982 1,9821,9771,9841,9821,987 
Mar 20231,864 1,8751,8721,8671,8601,834 
Operating cost1,3
R/tMar 2024745 4,569 238 5,884 334 5,017 406 3,046 302 401 198 
Dec 2023747 4,832 223 5,888 243 6,117 349 2,927 387 324 193 
Mar 2023689 3,923 198 4,247 362 4,951 301 2,541 232 243 175 
US$/tMar 202439 242 13 312 18 266 22 162 16 21 11 
Dec 202340 259 12 316 13 328 19 157 21 17 10 
Mar 202339 221 11 239 20 279 17 143 13 14 10 
R/kgMar 20241,097,714 1,180,832 931,378 1,047,066 583,333 1,481,790 810,345 1,090,000 2,250,000 1,298,611 861,451
Dec 2023972,304 1,013,699 872,981 906,093 312,500 1,313,918 698,565 842,809 500,000 1,131,148 847,189 
Mar 2023894,205 940,382 779,148 812,364 1,237,288 1,088,200 1,147,727 933,124 1,041,667 926,923 696,012 
US$/ozMar 20241,810 1,947 1,536 1,727 962 2,444 1,336 1,798 3,711 2,142 1,421 
Dec 20231,622 1,691 1,456 1,511 521 2,191 1,165 1,406 834 1,886 1,413 
Mar 20231,566 1,647 1,365 1,423 2,167 1,906 2,010 1,634 1,824 1,623 1,219 
All-in sustaining cost2,3
R/kgMar 20241,236,571 1,292,1151,580,2791,112,1121,356,209 906,404 
Dec 20231,168,690 1,228,8861,423,179993,8521,188,552 913,249 
Mar 20231,042,868 1,065,8371,213,0501,033,135983,713 772,009 
US$/ozMar 20242,039 2,1312,6061,8342,237 1,495 
Dec 20231,949 2,0492,3741,6571,982 1,523 
Mar 20231,826 1,8672,1241,8091,723 1,352 
All-in cost2,3
R/kgMar 20241,337,451 1,292,1151,580,2791,112,1121,356,209 1,170,772 
Dec 20231,295,339 1,228,8861,428,477993,8521,188,552 1,151,420 
Mar 20231,127,421 1,065,8371,228,3741,033,135983,713 892,400 
US$/ozMar 20242,206 2,1312,6061,8342,237 1,931 
Dec 20232,160 2,0492,3821,6571,982 1,920 
Mar 20231,974 1,8672,1511,8091,723 1,563 
Capital expenditure
Ore reserve developmentRmMar 2024665 39820562—— 
Dec 2023622 36219664—— 
Mar 2023653 34922183—— 
Sustaining capitalRmMar 2024168 65383—62 
Dec 2023449 16913457—89 
Mar 2023279 807014—115 
Corporate and projects4
RmMar 2024535 ————322 
Dec 2023691 —8——302 
Mar 2023570 —31——160 
Total capital expenditure RmMar 20241,368 46324365—384 
Dec 20231,762 531338121—391 
Mar 20231,502 42932297—275 
US$mMar 202473 25133—20 
Dec 202394 28186—21 
Mar 202385 24185—15 
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold produced in the same period. For a reconciliation, refer to "Unit operating cost - Quarters" SA gold operations
2All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see “All-in costs – Quarters”
3Operating cost, All-in sustaining costs and All-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board
4Corporate project expenditure for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R213 million (US$11 million), R381 million (US$20 million) and R379 million (US$21 million), respectively, the majority of which related to the Burnstone project
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 10


SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)

European operations
Sandouville nickel refinery
Metals split
Mar 2024Dec 2023Mar 2023
Volumes produced (tonnes)%%%
Nickel salts1
344 15 %196 15 %429 27 %
Nickel metal1,935 85 %1,084 85 %1,180 73 %
Total Nickel production tNi2,279 100 %1,280 100 %1,609 100 %
Nickel cakes2
106 5961
Cobalt chloride (CoCl2)3
45 1833
Ferric chloride (FeCl3)3
358 161296
Volumes sales (tonnes)
Nickel salts1
417 17 %254 17 %229 17 %
Nickel metal1,989 83 %1,225 83 %1,118 83 %
Total Nickel sold tNi2,406 100 %1,479 100 %1,347 100 %
Nickel cakes2
— —19
Cobalt chloride (CoCl2)3
24 2516
Ferric chloride (FeCl3)3
358 161296


Nickel equivalent basket priceUnitMar 2024Dec 2023Mar 2023
Nickel equivalent average basket price4
R/tNi359,933 377,958 501,856 
US$/tNi19,084 20,266 28,258 


Nickel equivalent sustaining costRmMar 2024Dec 2023Mar 2023
Cost of sales, before amortisation and depreciation1,036 900 922 
Share-based payments(1)16 — 
Rehabilitation interest and amortisation1 4 1 
Leases5 5 5 
Sustaining capital expenditure62 70 44 
Less: By-product credit(46)— (45)
Nickel equivalent sustaining cost1,057 995 927 
Nickel Products soldtNi2,406 1,479 1,347 
Nickel equivalent sustaining cost5
R/tNi439,318 672,752 688,196 
US$/tNi23,294 36,072 38,750 
Nickel recovery yield6
%97.24 %93.53 %96.15 %
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1Nickel salts consist of anhydrous nickel, nickel chloride low sodium, nickel chloride standard, nickel carbonate and nickel chloride solution
2Nickel cakes occur during the processing of nickel matte and are recycled back into the nickel refining process
3Cobalt chloride and ferric chloride are obtained from nickel matte through a different refining process on an order basis
4The Nickel equivalent average basket price per tonne is the total nickel revenue adjusted for other income less non-product sales divided by the total nickel equivalent tonnes sold
5The Nickel equivalent sustaining cost, is the cost to sustain current operations. Nickel equivalent sustaining cost per tonne nickel is calculated by dividing the Nickel equivalent sustaining cost, in a period by the total nickel products sold over the same period. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are intended to provide additional information only, do not have any standardised meaning prescribed by IFRS and should not be considered in isolation or as alternatives to cost of sales, profit before tax, profit for the year, cash from operating activities or any other measure of financial performance presented in accordance with IFRS. Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne as presented in this document may not be comparable to other similarly titled measures of performance of other companies. Other companies may calculate these measures differently as a result of differences in the underlying accounting principles, policies applied and accounting frameworks such as in US GAAP. Differences may also arise related to definitional differences of sustaining versus development capital activities based upon each company’s internal policies. Non-IFRS measures such as Nickel equivalent sustaining cost and Nickel equivalent sustaining costs per tonne are the responsibility of the Group's Board of Directors and because of its nature, should not be considered as a representation of financial performance under IFRS
6Nickel recovery yield is the percentage of total nickel recovered from the matte relative to the nickel contained in the matte received
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 11

SALIENT FEATURES AND COST BENCHMARKS – QUARTERS (continued)
Australian operations
Century zinc retreatment operation1
Production
Ore mined and processedktMar 20241,373 
Dec 20232,063 
Mar 2023112 
Processing feed grade%Mar 20242.97 
Dec 20233.07 
Mar 20232.97 
Plant recoveries%Mar 202448.57 
Dec 202350.56 
Mar 202345.95 
Concentrate produced2
ktMar 202442 
Dec 202371 
Mar 20233 
Concentrate zinc grade3
%Mar 202447.01 
Dec 202345.16 
Mar 202344.78 
Metal produced (zinc in concentrate)4
ktMar 202420 
Dec 202332 
Mar 20232 
Zinc metal produced (payable)5
ktMar 202416 
Dec 202326 
Mar 20231 
Zinc sold6
ktMar 202418 
Dec 202333 
Mar 20235 
Zinc sold (payable)7
ktMar 202415 
Dec 202327 
Mar 20234 
Price and costs
Average equivalent zinc concentrate price8
R/tZnMar 202441,346 
Dec 202333,852 
Mar 202336,287 
US$/tZnMar 20242,192 
Dec 20231,815 
Mar 20232,043 
All-in sustaining cost9,10
R/tZnMar 202448,547 
Dec 202332,783 
Mar 2023163,477 
US$/tZnMar 20242,574 
Dec 20231,758 
Mar 20239,205 
All-in cost9,10
R/tZnMar 202448,547 
Dec 202333,390 
Mar 2023208,134 
US$/tZnMar 20242,574 
Dec 20231,790 
Mar 202311,719 
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1Century is a leading tailings management and rehabilitation company that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was acquired by the Group on 22 February 2023
2Concentrate produced is the dry concentrate which has been processed that contains zinc, silver and waste material
3Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
4Metal produced (zinc in concentrate) is the zinc metal contained in the concentrate produced
5Zinc metal produced (payable) is the payable quantity of zinc metal produced after applying smelter content deductions
6Zinc sold is the zinc metal contained in the concentrate sold
7Zinc sold (payable) is the payable quantity of zinc metal sold after applying smelter content deductions
8Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc metal sold
9All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per tonne and All-in cost per tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total tonnes of zinc metal produced (payable) in the same period. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”
10All-in sustaining costs and all-in costs, are not measures of performance under IFRS. As a result, such measures should not be considered in isolation or as alternatives to any other measure of financial performance presented in accordance with IFRS. Non-IFRS measures are the responsibility of the Board

Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 12

ALL-IN COSTS – QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA PGM opera-tions1
US PGM operations2
Total SA PGM opera-tions1
Rustenburg
Marikana1
Kroondal3
Plat MileMimosa Corporate
Cost of sales, before amortisation and depreciation4
Mar 202414,973 2,752 12,221 4,595 6,005 1,444 177 629 (629)
Dec 202312,624 3,005 9,619 4,256 3,873 1,331 159 614 (614)
Mar 202310,914 2,133 8,781 3,880 3,938 812 151 478 (478)
RoyaltiesMar 202458 — 58 23 30 5 — 31 (31)
Dec 2023242 — 242 89 150 3 — 29 (29)
Mar 2023228 — 228 29 196 3 — 32 (32)
Carbon taxMar 2024— — — — — — — — — 
Dec 2023— — — — — — — — — 
Mar 2023— — — — — — — — — 
Community costsMar 202439 — 39 10 19 10 — — — 
Dec 202334 — 34 16 15 2 — — — 
Mar 202323 — 23 — 23 — — — — 
Inventory changeMar 2024(1,992)(278)(1,714)(713)(1,055)54 — 1 (1)
Dec 2023556 (37)593 (153)752 (6)— (2)2 
Mar 2023(83)25 (108)(623)515 — — 61 (61)
Share-based payments5
Mar 20241 (1)2 (1)3 (2)— — — 
Dec 202346 47 (1)— 7 (8)— — — 
Mar 202310 6 4 1 2 1 — — — 
Rehabilitation interest and amortisation6
Mar 202443 12 31 (1)11 21 — 1 (1)
Dec 202360 21 39 8 10 21 — 1 (1)
Mar 202351 20 31 (3)16 18 — 1 (1)
LeasesMar 202419 1 18 5 11 2 — — — 
Dec 202323 5 18 6 10 2 — — — 
Mar 202315 1 14 4 9 1 — — — 
Ore reserve developmentMar 20241,146 601 545 145 400 — — — — 
Dec 20231,398 813 585 163 422 — — — — 
Mar 20231,622 976 646 168 478 — — — — 
Sustaining capital expenditureMar 2024639 209 430 207 151 68 4 170 (170)
Dec 20231,579 792 787 217 424 115 31 281 (281)
Mar 2023718 367 351 128 168 48 7 237 (237)
Less: By-product creditMar 2024(3,016)(210)(2,806)(1,352)(1,118)(266)(70)(129)129 
Dec 2023(3,522)(195)(3,327)(1,784)(1,312)(216)(15)(169)169 
Mar 2023(2,365)(200)(2,165)(847)(1,127)(170)(21)(166)166 
Total All-in-sustaining costs7
Mar 202411,910 3,086 8,824 2,918 4,457 1,336 111 703 (703)
Dec 202313,040 4,451 8,589 2,818 4,351 1,244 175 754 (754)
Mar 202311,133 3,328 7,805 2,737 4,218 713 137 643 (643)
Plus: Corporate cost, growth and capital expenditureMar 2024213 57 156 — 156 — — — — 
Dec 2023435 170 265 — 239 2 24 — — 
Mar 2023362 198 164 — 163 1 — — — 
Total All-in-costs7
Mar 202412,123 3,143 8,980 2,918 4,613 1,336 111 703 (703)
Dec 202313,475 4,621 8,854 2,818 4,590 1,246 199 754 (754)
Mar 202311,495 3,526 7,969 2,737 4,381 714 137 643 (643)
PGM production4Eoz - 2EozMar 2024537,461 122,543 414,918 137,100 174,892 61,150 11,794 29,982 — 
Dec 2023561,265 116,213 445,052 161,924 185,468 55,136 12,618 29,906 — 
Mar 2023504,389 100,690 403,699 147,484 175,530 41,187 13,102 26,396 — 
kgMar 202416,717 3,812 12,905 4,264 5,440 1,902 367 933 — 
Dec 202317,457 3,615 13,843 5,036 5,769 1,715 392 930 — 
Mar 202315,688 3,132 12,556 4,587 5,460 1,281 408 821 — 
All-in-sustaining costR/4Eoz - R/2EozMar 202423,469 25,183 22,923 21,284 25,484 21,848 9,412 23,447 — 
Dec 202324,541 38,300 20,689 17,403 23,460 22,562 13,869 25,212 — 
Mar 202323,291 33,052 20,686 18,558 24,030 17,311 10,456 24,360 — 
US$/4Eoz - US$/2EozMar 20241,244 1,335 1,215 1,129 1,351 1,158 499 1,243 — 
Dec 20231,316 2,054 1,109 933 1,258 1,210 744 1,352 — 
Mar 20231,311 1,861 1,165 1,045 1,353 975 589 1,372 — 
All-in-costR/4Eoz - R/2EozMar 202423,889 25,648 23,329 21,284 26,376 21,848 9,412 23,447 — 
Dec 202325,360 39,763 21,327 17,403 24,748 22,599 15,771 25,212 — 
Mar 202324,048 35,018 21,121 18,558 24,959 17,336 10,456 24,360 — 
US$/4Eoz - US$/2EozMar 20241,267 1,360 1,237 1,129 1,399 1,158 499 1,243 — 
Dec 20231,360 2,132 1,144 933 1,327 1,212 846 1,352 — 
Mar 20231,354 1,972 1,189 1,045 1,405 976 589 1,372 — 
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1The US and SA PGM operations, Total SA PGM operations and Marikana includes the production and costs associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the Operating cost, AISC and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters” and “Reconciliation of AISC and AIC excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana – Quarters”
2The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into SA rand. In addition to the US PGM operations’ underground production, the operation processes various recycling material which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown
3Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
4Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
5Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
6Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
7All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per ounce (and kilogram) and All-in cost per ounce (and kilogram) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total 4E/2E PGM produced in the same period
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 13


Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters
US and SA PGM operationsTotal SA PGM operationsMarikana
Rm Mar 2024Dec 2023Mar 2023Mar 2024Dec 2023Mar 2023Mar 2024Dec 2023Mar 2023
Cost of sales, before amortisation and depreciation as reported per table above14,973 12,624 10,914 12,221 9,619 8,781 6,005 3,873 3,938 
Inventory change as reported per table above(1,992)556 (83)(1,714)593 (108)(1,055)752 515 
Less: Chrome cost of sales(528)(675)(257)(528)(675)(257)(88)(83)(60)
Total operating cost including third party PoC12,453 12,505 10,574 9,979 9,537 8,416 4,862 4,542 4,393 
Less: Purchase cost of PoC(591)(594)(822)(591)(594)(822)(591)(594)(822)
Total operating cost excluding third party PoC11,862 11,911 9,752 9,388 8,943 7,594 4,271 3,948 3,571 
PGM production as reported per table above4Eoz- 2Eoz537,461 561,265 504,389 414,918 445,052 403,699 174,892 185,468 175,530 
Less: Mimosa production(29,982)(29,906)(26,396)(29,982)(29,906)(26,396)— — — 
PGM production excluding Mimosa507,479 531,359 477,993 384,936 415,146 377,303 174,892 185,468 175,530 
Less: PoC production(25,605)(22,867)(23,908)(25,605)(22,867)(23,908)(25,605)(22,867)(23,908)
PGM production excluding Mimosa and third party PoC481,874 508,492 454,085 359,331 392,279 353,395 149,287 162,601 151,622 
PGM production including Mimosa and excluding third party PoC511,856 538,398 480,481 389,313 422,185 379,791 149,287 162,601 151,622 
Tonnes milled/treatedkt8,855 9,301 8,742 8,531 9,012 8,460 2,438 2,580 2,248 
Less: Mimosa tonnes(358)(361)(326)(358)(361)(326)— — — 
PGM tonnes excluding Mimosa and third party PoC8,497 8,940 8,416 8,174 8,651 8,134 2,438 2,580 2,248 
Operating cost including third party PoCR/4Eoz-R/2Eoz24,539 23,534 22,122 25,924 22,973 22,306 27,800 24,489 25,027 
US$/4Eoz-US$/2Eoz1,301 1,262 1,246 1,375 1,232 1,256 1,474 1,313 1,409 
R/t1,466 1,399 1,256 1,221 1,102 1,035 1,994 1,761 1,955 
US$/t78 75 71 65 59 58 106 94 110 
Operating cost excluding third party PoCR/4Eoz-R/2Eoz24,616 23,424 21,476 26,126 22,798 21,489 28,609 24,280 23,552 
US$/4Eoz-US$/2Eoz1,305 1,256 1,209 1,385 1,222 1,210 1,517 1,302 1,326 
R/t1,396 1,332 1,159 1,149 1,034 934 1,752 1,530 1,589 
US$/t74 71 65 61 55 53 93 82 89 

Reconciliation of AISC and AIC excluding PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters
US and SA PGM operationsTotal SA PGM operationsMarikana
RmMar 2024Dec 2023Mar 2023Mar 2024Dec 2023Mar 2023Mar 2024Dec 2023Mar 2023
Total All-in-sustaining cost as reported per table above11,910 13,040 11,133 8,824 8,589 7,805 4,457 4,351 4,218 
Less: Purchase cost of PoC(591)(594)(822)(591)(594)(822)(591)(594)(822)
Add: By-product credit of PoC106 107 100 106 107 100 106 107 100 
Total All-in-sustaining cost excluding PoC11,425 12,553 10,411 8,339 8,102 7,083 3,972 3,864 3,496 
Plus: Corporate cost, growth and capital expenditure213 435 362 156 265 164 156 239 163 
Total All-in-cost excluding PoC11,638 12,988 10,773 8,495 8,367 7,247 4,128 4,103 3,659 
PGM production excluding PoC4Eoz- 2Eoz481,874 508,492 454,085 359,331 392,279 353,395 149,287 162,601 151,622 
All-in-sustaining cost excluding PoCR/4Eoz-R/2Eoz23,710 24,687 22,927 23,207 20,654 20,043 26,606 23,764 23,057 
US$/4Eoz-US$/2Eoz1,257 1,324 1,291 1,230 1,107 1,129 1,411 1,274 1,298 
All-in-cost excluding PoCR/4Eoz-R/2Eoz24,152 25,542 23,725 23,641 21,329 20,507 27,651 25,234 24,132 
US$/4Eoz-US$/2Eoz1,281 1,370 1,336 1,254 1,144 1,155 1,466 1,353 1,359 

Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 14

ALL-IN COSTS – QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA gold operationsDriefonteinKloofBeatrixCookeDRDGOLDCorporate
Cost of sales, before amortisation and depreciation1
Mar 20245,684 1,691 1,556 1,011 388 1,038 — 
Dec 20235,506 1,472 1,808 833 331 1,062 — 
Mar 20236,011 1,613 2,136 1,087 277 898 — 
RoyaltiesMar 202425 10 7 6 1 — 1 
Dec 202326 10 9 6 1 — — 
Mar 202329 10 11 6 2 — — 
Carbon taxMar 2024— — — — — — — 
Dec 2023— — — — — — — 
Mar 2023— — — — — — — 
Community costsMar 20243 — — — — 3 — 
Dec 2023(11)(2)(2)(8)— 1 — 
Mar 20235 — 1 — — 4 — 
Share-based payments2
Mar 20244 (1)(2)(1)— 8 — 
Dec 20231 1 (7)(5)— 7 5 
Mar 202310 2 1 1 — 6 — 
Rehabilitation interest and amortisation3
Mar 202459 1 6 30 26 (6)2 
Dec 202335 (2)3 19 21 (7)1 
Mar 202356 2 8 20 23 2 1 
LeasesMar 20247 — 2 1 — 4 — 
Dec 202320 — 9 5 — 6 — 
Mar 202318 1 6 6 — 5 — 
Ore reserve developmentMar 2024665 398 205 62 — — — 
Dec 2023622 362 196 64 — — — 
Mar 2023653 349 221 83 — — — 
Sustaining capital expenditureMar 2024168 65 38 3 — 62 — 
Dec 2023449 169 134 57 — 89 — 
Mar 2023279 80 70 14 — 115 — 
Less: By-product creditMar 2024(8)(1)(1)(1)— (5)— 
Dec 2023(4)(2)(1)(1)— — — 
Mar 2023(6)(1)— (1)— (4)— 
Total All-in-sustaining costs4
Mar 20246,607 2,163 1,811 1,111 415 1,104 3 
Dec 20236,644 2,008 2,149 970 353 1,158 6 
Mar 20237,055 2,056 2,454 1,216 302 1,026 1 
Plus: Corporate cost, growth and capital expenditureMar 2024539 — — — — 322 217 
Dec 2023720 — 8 — — 302 410 
Mar 2023572 — 31 — — 160 381 
Total All-in-costs4
Mar 20247,146 2,163 1,811 1,111 415 1,426 220 
Dec 20237,364 2,008 2,157 970 353 1,460 416 
Mar 20237,627 2,056 2,485 1,216 302 1,186 382 
Gold soldkgMar 20245,343 1,674 1,146 999 306 1,218 — 
Dec 20235,685 1,634 1,510 976 297 1,268 — 
Mar 20236,765 1,929 2,023 1,177 307 1,329 — 
ozMar 2024171,781 53,820 36,845 32,119 9,838 39,160 — 
Dec 2023182,777 52,534 48,548 31,379 9,549 40,767 — 
Mar 2023217,500 62,019 65,041 37,841 9,870 42,728 — 
All-in-sustaining costR/kgMar 20241,236,571 1,292,115 1,580,279 1,112,112 1,356,209 906,404 — 
Dec 20231,168,690 1,228,886 1,423,179 993,852 1,188,552 913,249 — 
Mar 20231,042,868 1,065,837 1,213,050 1,033,135 983,713 772,009 — 
All-in-sustaining costUS$/ozMar 20242,039 2,131 2,606 1,834 2,237 1,495 — 
Dec 20231,949 2,049 2,374 1,657 1,982 1,523 — 
Mar 20231,826 1,867 2,124 1,809 1,723 1,352 — 
All-in-costR/kgMar 20241,337,451 1,292,115 1,580,279 1,112,112 1,356,209 1,170,772 — 
Dec 20231,295,339 1,228,886 1,428,477 993,852 1,188,552 1,151,420 — 
Mar 20231,127,421 1,065,837 1,228,374 1,033,135 983,713 892,400 — 
All-in-costUS$/ozMar 20242,206 2,131 2,606 1,834 2,237 1,931 — 
Dec 20232,160 2,049 2,382 1,657 1,982 1,920 — 
Mar 20231,974 1,867 2,151 1,809 1,723 1,563 — 
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1    Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2    Share-based payments are calculated based on the fair value at initial recognition and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair value
3    Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4    All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per kilogram (and ounce) and All-in cost per kilogram (and ounce) are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total gold sold over the same period
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 15

ALL-IN COSTS – QUARTERS (continued)
Australian operations
Figures are in rand millions unless otherwise stated
Century zinc retreatment operation1
Cost of sales, before amortisation and depreciation2
Mar 2024734 
Dec 2023691 
Mar 2023119 
RoyaltiesMar 202425 
Dec 202355 
Mar 202313 
Community costsMar 202413 
Dec 202315 
Mar 20232 
Inventory changeMar 20248 
Dec 202379 
Mar 202356 
Share-based paymentsMar 2024— 
Dec 2023— 
Mar 2023— 
Rehabilitation interest and amortisation3
Mar 20245 
Dec 20235 
Mar 20231 
LeasesMar 202427 
Dec 202327 
Mar 202311 
Sustaining capital expenditureMar 202411 
Dec 202342 
Mar 20237 
Less: By-product creditMar 2024(26)
Dec 2023(50)
Mar 2023(4)
Total All-in-sustaining costs4
Mar 2024797 
Dec 2023864 
Mar 2023205 
Plus: Corporate cost, growth and capital expenditureMar 2024— 
Dec 202316 
Mar 202356 
Total All-in-costs4
Mar 2024797 
Dec 2023880 
Mar 2023261 
Zinc metal produced (payable)ktMar 202416 
Dec 202326 
Mar 20231 
All-in-sustaining costR/tZnMar 202448,547 
Dec 202332,783 
Mar 2023163,477 
US$/tZnMar 20242,574 
Dec 20231,758 
Mar 20239,205 
All-in-costR/tZnMar 202448,547 
Dec 202333,390 
Mar 2023208,134 
US$/tZnMar 20242,574 
Dec 20231,790 
Mar 202311,719 
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1Century is a leading tailings management and rehabilitation company that currently owns and operates the Century zinc tailings retreatment operation in Queensland, Australia. Century was acquired by the Group on 22 February 2023
2Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
3Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current zinc production
4All-in cost is calculated in accordance with the World Gold Council guidance. All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and major capital expenditure associated with growth. All-in sustaining cost per tonne and All-in cost per tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a period by the total tonnes of zinc metal produced (payable) in the same period


Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 16

UNIT OPERATING COST – QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
US and SA PGM operations1,3
US PGM operations
Total SA PGM operations3
Rustenburg3
Marikana3
Kroondal3,4
Plat Mile3
Mimosa
Under-
ground2
TotalUnder-
ground		SurfaceUnder-
ground		SurfaceSurfaceAttribu-table
Cost of sales, before amortisation and depreciationMar 202414,973 2,752 12,2214,288 307 6,0051,444 177 629 
Dec 202312,624 3,005 9,619 3,942 314 3,8731,331 159 614 
Mar 202310,914 2,133 8,781 3,615 265 3,938812 151 478 
Inventory changeMar 2024(1,992)(278)(1,714)(747)34 (1,055)54 — 1 
Dec 2023556 (37)593 (155)2 752(6)— (2)
Mar 2023(83)25 (108)(538)(85)515— — 61 
Less: Chrome cost of salesMar 2024(528)— (528)(416)— (88)(3)(21)— 
Dec 2023(675)— (675)(587)— (83)(5)— — 
Mar 2023(257)— (257)(194)— (60)(3)— — 
Less: Purchase cost of PoC Mar 2024(591)— (591)— — (591)— — — 
Dec 2023(594)— (594)— — (594)— — — 
Mar 2023(822)— (822)— — (822)— — — 
Total operating cost excluding third party PoCMar 202411,862 2,474 9,3883,125 341 4,2711,495 156 630 
Dec 202311,911 2,968 8,943 3,200 316 3,9481,320 159 612 
Mar 20239,752 2,158 7,594 2,883 180 3,571809 151 539 
Tonnes milled/treated excluding Mimosa and third party PoC5
ktMar 20248,497 324 8,174 1,272 1,349 1,424 1,015 1,056 2,057 358 
Dec 20238,940 289 8,651 1,446 1,418 1,552 1,028 900 2,307 361 
Mar 20238,416 282 8,134 1,412 1,260 1,436 812 686 2,529 326 
PGM production excluding Mimosa and third party PoC5
4EozMar 2024481,874 122,543 359,331120,584 16,516 149,28761,150 11,794 29,982 
Dec 2023508,492 116,213 392,279 138,182 23,742 162,60155,136 12,618 29,906 
Mar 2023454,085 100,690 353,395 130,123 17,361 151,62241,187 13,102 26,396 
Operating cost6
R/tMar 20241,396 7,642 1,149 2,456 253 1,7521,415 76 1,762 
Dec 20231,332 10,256 1,034 2,212 223 1,5301,467 69 1,697 
Mar 20231,159 7,665 934 2,042 143 1,5891,180 60 1,653 
US$/tMar 202474 405 61 130 13 9375 4 93 
Dec 202371 550 55 119 12 8279 4 91
Mar 202365 432 53 115 8 8966 3 93
R/4Eoz - R/2EozMar 202424,616 20,189 26,126 25,916 20,647 28,60924,448 13,227 21,013 
Dec 202323,424 25,539 22,798 23,158 13,310 24,28023,941 12,601 20,464 
Mar 202321,476 21,432 21,489 22,156 10,368 23,55219,642 11,525 20,420 
US$/4Eoz - US$/2EozMar 20241,305 1,070 1,385 1,374 1,095 1,5171,296 701 1,114 
Dec 20231,256 1,369 1,222 1,242 714 1,3021,284 676 1,097 
Mar 20231,209 1,207 1,210 1,248 584 1,3261,106 649 1,150 
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1    US and SA PGM operations and Total SA PGM operations exclude the results of Mimosa, which is equity accounted
2    The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’
    underground production, the operation treats various recycling material which is excluded from the statistics shown above
3    Cost of sales, before amortisation and depreciation for US and SA PGM operations Total SA PGM operations, Rustenburg, Marikana, Kroondal and Platinum Mile includes the Chrome cost of sales which is excluded for unit cost calculation purposes as Chrome production is excluded from the 4Eoz production
4    Kroondal operation includes 100% of production and costs from 1 November 2023, the effective date of acquiring Anglo Platinum's 50% share of the Kroondal PSA
5    For a reconciliation of the production excluding Mimosa and third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for US and SA PGM operations, Total SA PGM operations and Marikana - Quarters”
6    Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per ounce is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period, by the PGM produced in the same period
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 17

UNIT OPERATING COST – QUARTERS (continued)
SA gold operations
Figures are in rand millions unless otherwise stated
Total SA gold operationsDriefonteinKloofBeatrixCookeDRDGOLD
TotalUnder-
ground		SurfaceUnder-
ground		SurfaceUnder-
ground		SurfaceUnder-
ground		SurfaceSurfaceSurface
Cost of sales, before amortisation and depreciationMar 20245,684 4,101 1,583 1,684 7 1,415 141 1,002 9 388 1,038 
Dec 20235,506 3,968 1,538 1,467 5 1,669 139 832 1 331 1,062 
Mar 20236,011 4,570 1,441 1,540 73 1,993 143 1,037 50 277 898 
Inventory changeMar 2024(67)(72)5 (60)— 9 — (21)— (14)19 
Dec 2023427 398 29 154 — 68 7 176 — 14 8 
Mar 2023(441)(390)(51)(42)— (204)(42)(144)— (36)27 
Total operating cost Mar 20245,617 4,029 1,588 1,624 7 1,424 141 981 9 374 1,057 
Dec 20235,933 4,366 1,567 1,621 5 1,737 146 1,008 1 345 1,070 
Mar 20235,570 4,180 1,390 1,498 73 1,789 101 893 50 241 925 
Tonnes milled/treatedktMar 20247,541 882 6,659 276 21 284 347 322 30 932 5,330 
Dec 20237,945 904 7,041 275 21 284 419 344 3 1,066 5,533 
Mar 20238,081 1,066 7,015 353 201 361 335 351 216 992 5,271 
Gold producedkgMar 20245,117 3,412 1,705 1,551 12 961 174 900 4 288 1,227 
Dec 20236,102 4,307 1,795 1,789 16 1,322 209 1,196 2 305 1,263 
Mar 20236,229 4,445 1,784 1,844 59 1,644 88 957 48 260 1,329 
ozMar 2024164,515 109,698 54,817 49,866 386 30,897 5,594 28,936 129 9,259 39,449 
Dec 2023196,184 138,473 57,711 57,518 514 42,503 6,720 38,452 64 9,806 40,606 
Mar 2023200,267 142,910 57,357 59,286 1,897 52,856 2,829 30,768 1,543 8,359 42,728 
Operating cost1
R/tMar 2024745 4,569 238 5,884 334 5,017 406 3,046 302 401 198 
Dec 2023747 4,832 223 5,888 243 6,117 349 2,927 387 324 193 
Mar 2023689 3,923 198 4,247 362 4,951 301 2,541 232 243 175 
US$/tMar 202439 242 13 312 18 266 22 162 16 21 11 
Dec 202340 259 12 316 13 328 19 157 21 17 10 
Mar 202339 221 11 239 20 279 17 143 13 14 10 
R/kgMar 20241,097,714 1,180,832 931,378 1,047,066 583,333 1,481,790 810,345 1,090,000 2,250,000 1,298,611 861,451
Dec 2023972,304 1,013,699 872,981 906,093 312,500 1,313,918 698,565 842,809 500,000 1,131,148 847,189 
Mar 2023894,205 940,382 779,148 812,364 1,237,288 1,088,200 1,147,727 933,124 1,041,667 926,923 696,012 
US$/ozMar 20241,810 1,947 1,536 1,727 962 2,444 1,336 1,798 3,711 2,142 1,421 
Dec 20231,622 1,691 1,456 1,511 521 2,191 1,165 1,406 834 1,886 1,413 
Mar 20231,566 1,647 1,365 1,423 2,167 1,906 2,010 1,634 1,824 1,623 1,219 
Average exchange rates for the quarters ended 31 March 2024, 31 December 2023 and 31 March 2023 was R18.86/US$, R18.65/US$ and R17.76/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the tonnes milled/treated in the same period, and operating cost per kilogram (and ounce) is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a period by the gold produced in the same period
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 18

ADJUSTED EBITDA RECONCILIATION – QUARTERS

Quarter ended Mar 2024Quarter ended Dec 2023Quarter ended Mar 2023
Americas regionSouthern Africa (SA) regionEuropean regionAustralian regionGroupAmericas regionSouthern Africa (SA) regionEuropean regionAustralian regionGroupAmericas regionSouthern Africa (SA) regionEuropean regionAustralian regionGroup
Figures in million - SA randGroupTotal US PGM operationsUndergroundRecyclingTotal
SA PGM		Total
SA gold
Total EU operations1
Sandouville nickel refineryTotal AUS operationsCentury zinc retreatment operationCorporate GroupTotal US PGMUnder-
ground		RecyclingTotal
SA PGM		Total SA gold
Total EU operations1
Sandouville nickel refineryTotal AUS
operations		Century zinc retreatment operationGroup
corporate		GroupTotal US PGMUS Under- ground PGMUS Recy- clingSA PGMSA gold
Total EU operations1
Sandouville nickel refineryTotal AUS operationsCentury zinc retreatment operationCorporate
(Loss)/profit before royalties, carbon tax and tax(634)(185)(255)70566(262)(149)(84)(313)(259)(291)(49,186)(42,912)(43,000)884,275(2,617)(4,246)(3,904)(3,634)(3,655)(52)5,616(439)(637)1986,289362(341)(289)(89)(41)(166)
Adjusted for:
Amortisation and depreciation1,9695415401811583752727—2,69787987818266675856267267—1,958707706165552448472424—
Interest income(381)(129)(129)—(102)(138)(11)—(1)——(310)(49)(49)—(106)(133)(20)———(2)(380)(59)(59)—(152)(164)(2)—(3)(1)—
Finance expense1,093446446—1423255425423884868334334—153252256391365750261261—23015633222278
Share-based payments1922—611—————(9)99—(17)(8)66——1(1)(4)(4)—(2)5—————
Loss/(gain) on financial instruments85———(6)135(2)(4)(42)(42)—(319)2,1362,136—(2,698)118252(21)(126)(127)(1)169(4)(4)—273(7)(35)—(58)(58)—
(Gain)/loss on foreign exchange movements(59)22—(130)4588—116(286)———(161)(44)(13)(13)(38)9(30)(147)(6)(6)—(174)(57)69(1)44(4)(23)
Share of results of equity-accounted investees after tax(13)———66(82)————31,393———1,456(66)————3(200)———(132)(72)————4
Change in estimate of environmental rehabilitation obligation, and right of recovery liability and asset———————————(45)———(45)—————————————————
(Gain)/loss on disposal of property, plant and equipment(14)22—(4)(12)—————24545—(13)(30)—————(26)———(21)(5)—————
Impairments122———122——————47,44538,91938,919—5052,7311,6071,6073,6833,683—2————2—————
Gain on acquisition———————————(898)———(898)—————————————————
Occupational healthcare gain———————————(357)————(357)————————————————
Restructuring costs6022—454—————6844141—333310—————46————46—————
Onerous contract provision(142)—————(142)(142)———1,865—————1,8651,865——————————————
Gain on remeasurement of previous interest in Kroondal———————————(298)———(298)—————————————————
Lease payments(61)(1)(1)—(19)(8)(6)(5)(27)(27)—(77)(5)(5)—(18)(19)(7)(7)(28)(26)—(48)(1)(1)—(14)(16)(6)(5)(11)(11)—
Other non-recurring costs93————1——21—712132929———————18416(2)(2)—————2—16
Adjusted EBITDA2,137680609711,456652(241)(197)(293)(262)(117)3,382(574)(663)893,294804(473)(405)1631641687,7554532541996,952774(264)(245)(69)(69)(91)
1.1 Total EU operations includes Sandouville nickel refinery, Keliber OY and European corporate and reconciling items
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 19

DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres, which are reported separately where appropriate.

US PGM operationsMar 2024 quarterDec 2023 quarterMar 2023 quarter
ReefStillwater incl BlitzEast BoulderStillwater incl BlitzEast BoulderStillwater incl BlitzEast Boulder
StillwaterUnit
Primary development (off reef)(m)    840      174  1,262  85  1,503  451  
Secondary development (m)    3,257      1,365  3,296  1,161  2,443  1,424  
SA PGM operationsMar 2024 quarterDec 2023 quarterMar 2023 quarter
ReefBathopeleThembe-laniKhuselekaSiphume-leleBathopeleThembe-laniKhuselekaSiphume-leleBathopeleThembe-laniKhuselekaSiphume-lele
RustenburgUnit
Advanced(m) 437   1,214   2,227   351  705  1,685  2,818  661  606  1,325  2,290  521  
Advanced on reef(m) 437   528   829   238  705  651  1,099  450  606  572  805  337  
Height(cm) 212   296   288   173  218  303  285  258  229  294  289  272  
Average value(g/t) 3.0   2.3   2.3   3.0  2.9  2.3  2.2  3.0  2.7  2.4  2.3  2.9  
(cm.g/t) 631   690   648   517  639  705  637  776  615  696  655  787  
SA PGM operationsMar 2024 quarterDec 2023 quarterMar 2023 quarter
ReefK3RowlandSaffyE34BK4K3RowlandSaffyE34BK4K3RowlandSaffyE34BK4
MarikanaUnit
Primary development (m)7,970  2,634  2,270  1,051  237  2,358  9,268  3,590  3,192  1,124  499  2,797  6,661  3,864  2,933  640  949  2,607  
Primary development - on reef(m)6,391  1,387  1,010  762  153  548  7,627  1,941  1,801  756  392  729  4,803  2,327  1,663  378  662  877  
Height(cm)216  218  237  258  226  239  217  220  234  255  226  240  216  220  236  225  212  240  
Average value(g/t)2.9  2.6  2.4  2.6  2.5  2.6  2.8  2.6  2.4  2.3  3.0  2.4  2.8  2.5  2.5  2.6  2.9  2.5  
(cm.g/t)626  566  556  657  568  623  611  577  558  577  671  575  611  548  583  593  621  589  
SA PGM operationsMar 2024 quarterDec 2023 quarterMar 2023 quarter
Reef
Simunye1
KopanengBamba-naniKweziK6
Simunye1
KopanengBamba-naniKweziK6
Simunye1
KopanengBamba-naniKweziK6
KroondalUnit
Advanced(m)— 645 926 209 441  — 813  973  269  473  675  541  1,014  273  438  
Advanced on reef(m)— 585 599 199 387  — 717  556  200  417  604  462  747  230  423  
Height(cm)— 239 221 233 237  — 234  216  237  236  230  235  250  229  235  
Average value(g/t)— 2.4 1.4 2.1 1.6  — 2.0  1.5  1.8  2.1  2.2  2.0  1.9  2.0  2.2  
(cm.g/t)— 565 302 493 369  — 474  320  419  495  516  470  468  450  509  
1 Simunye development was done as part of the Kopaneng extraction strategy. Based on planning and measuring this portion of mining below Simunye will be allocated to Kopaneng with effect from April 2023 onwards
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 20

DEVELOPMENT RESULTS (continued)


SA gold operationsMar 2024 quarterDec 2023 quarterMar 2023 quarter
ReefCarbon
leader		MainVCRCarbon
leader		MainVCRCarbon
leader		MainVCR
DriefonteinUnit
Advanced(m)464  496  1,283  425  565  1,445  544  545  1,072  
Advanced on reef(m)136  28  71  107  150  170  67  38  195  
Channel width(cm)21  45  98  17  103  68  41  27  46  
Average value(g/t)63.3  14.2  30.4  60.8  4.2  64.1  22.8  8.3  24.5  
(cm.g/t)1,356  633  2,986  1,047  429  4,354  937  224  1,123  
SA gold operationsMar 2024 quarterDec 2023 quarterMar 2023 quarter
ReefKloofMainLibanonVCRKloofMainLibanonVCRKloofMainLibanonVCR
KloofUnit
Advanced(m)1,174  489  —  153  1,278  521  —  178  1,002  534  46  709  
Advanced on reef(m)242  158  —  20  316  109  —  12  375  125  46  142  
Channel width(cm)182  58  —  188  158  57  —  150  152  85  101  107  
Average value(g/t)9.1  7.9  —  9.1  3.3  18.5  —  24.5  5.4  9.0  1.9  10.8  
(cm.g/t)1,647  460  —  1,717  524  1,055  —  3,682  819  764  196  1,151  
SA gold operationsMar 2024 quarterDec 2023 quarterMar 2023 quarter
ReefBeatrixKalkoen-kransBeatrixKalkoen-kransBeatrixKalkoen-krans
BeatrixUnit
Advanced(m)1,334  —  1,584  —  1,917  8  
Advanced on reef(m)663  —  638  —  566  —  
Channel width(cm)144  —  132  —  172  —  
Average value(g/t)6.7  —  4.7  —  7.3  —  
(cm.g/t)961  —  619  —  1,262  —  
SA gold operationsMar 2024 quarterDec 2023 quarterMar 2023 quarter
ReefKimberleyKimberleyKimberley
BurnstoneUnit
Advanced(m)  840     1,277   571  
Advanced on reef(m)  53     89   —  
Channel width(cm)  54     36   —  
Average value(g/t)  7.9     12.1   —  
(cm.g/t)  425     440   —  



Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 21

ADMINISTRATION AND CORPORATE INFORMATION

SIBANYE STILLWATER LIMITED
(SIBANYE-STILLWATER)
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share code: SSW and SBSW
Issuer code: SSW
ISIN: ZAE000259701
LISTINGS
JSE: SSW
NYSE: SBSW
WEBSITE
www.sibanyestillwater.com
REGISTERED AND CORPORATE OFFICE
Constantia Office Park
Bridgeview House, Building 11, Ground floor
Cnr 14th Avenue & Hendrik Potgieter Road
Weltevreden Park 1709
South Africa
Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863
COMPANY SECRETARY
Lerato Matlosa
Email: lerato.matlosa@sibanyestillwater.com
DIRECTORS
Dr Vincent Maphai* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Dr Elaine Dorward-King*
Harry Kenyon-Slaney*^
Jeremiah Vilakazi*
Keith Rayner*
Nkosemntu Nika*
Peter Hancock***
Philippe Boisseau**
Richard Menell*#
Sindiswa Zilwa*
Susan van der Merwe*
Timothy Cumming*
* Independent non-executive
^ Appointed as lead independent director 1 January 2024
# Resigned as lead independent director 1 January 2024
** Appointed as independent non-executive director 8 April 2024
*** Appointed as independent non-executive director 6 May 2024
INVESTOR ENQUIRIES
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Mobile: +27 83 453 4014
Email: james.wellsted@sibanyestillwater.com
or ir@sibanyestillwater.com
JSE SPONSOR
JP Morgan Equities South Africa Proprietary Limited
Registration number 1995/011815/07
1 Fricker Road, Illovo
Johannesburg 2196
South Africa
Private Bag X9936
Sandton 2146
South Africa
AUDITORS
Ernst & Young Inc. (EY)
102 Rivonia Road
Sandton 2196
South Africa
Private Bag X14
Sandton 2146
South Africa
Tel: +27 11 772 3000
AMERICAN DEPOSITARY RECEIPTS
TRANSFER AGENT
BNY Mellon Shareowner Correspondence (ADSs)
Mailing address of agent:
Computershare
PO Box 43078
Providence, RI 02940-3078
Overnight/certified/registered delivery:
Computershare
150 Royall Street, Suite 101
Canton, MA 02021
US toll free: + 1 888 269 2377
Tel: +1 201 680 6825
Email: shrrelations@cpushareownerservices.com
Tatyana Vesselovskaya
Relationship Manager - BNY Mellon
Depositary Receipts
Email: tatyana.vesselovskaya@bnymellon.com
TRANSFER SECRETARIES SOUTH AFRICA
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196
PO Box 61051
Marshalltown 2107
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 22

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, 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, 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 (including the Rhyolite Ridge project); 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, 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 outcome of any disputes or litigation; 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; failure of Sibanye-Stillwater’s information technology, communications and systems; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus disease (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 2023 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2023 on Form 20-F filed with the United States Securities and Exchange Commission on 26 April 2024 (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 EBITDA margin, adjusted free cash flow, AISC, AIC, Nickel equivalent sustaining cost and normalised earnings. 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.
Sibanye-Stillwater Operating update | Quarter ended 31 March 2024 23
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