2
Sibanye-Stillwater’s CEO, Neal Froneman commented: “The outcome of the CPR confirms the value
accretive nature of the transaction and our decision to purchase Stillwater. It is also exciting to note
that there is still further value upside from the very substantial mineral resource base and other non-
core assets acquired along with the US PGM assets.”
The CPR has been published as per an undertaking to the JSE Limited which was recorded in the
acquisition circular (posted on 20 March 2017), which included an executive summary of The US
Competent Person’s Guide 7 Report on Stillwater, compiled in terms of Industry Guide 7 published by
the SEC, and not the SAMREC Code.
For more detailed information, please refer to the detailed CPR on our website at
https://www.sibanyestillwater.com/investors/transactions/stillwater-acquisition/publications.
Note: Units are displayed in metric terms
*2E consists of palladium and platinum
¹ The SAMVAL Code describes the Income Approach valuation approach as follows: The Income Approach relies on the
‘value-in-use’ principle and requires determination of the present value of future cash flows over the useful life of the Mineral
Asset. It provides an indication of value by converting future cash flows to a single current capital value. For the estimation
of Market Value, the present value capitalisation shall be generated using a discount rate derived from market conditions.
The Income Approach is most often applied to properties in development or production.
Ends.
Investor relations contact:
James Wellsted
Tel: +27 (0) 83 453 4014
Email: ir@sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
COMPETENT PERSONS’ AND COMPETENT VALUATOR’S STATEMENT
The Lead Competent Persons for Mineral Resources and Mineral Reserves and the Competent Valuator are
employees of Mineral Corporation Consultancy (Pty) Limited and consent to the publication of this
announcement and the CPR for the US PGM assets as at 31 July 2017. Mineral Corporation Consultancy (Pty)
Limited is an independent technical advisory and consulting firm based in Johannesburg, South Africa. The Lead
Competent Person with responsibility for reporting Mineral Resources is Coniace Madamombe and the Lead
Competent Person with responsibility for reporting Mineral Reserves is Jonathan Buckley. Coniace and Jonathan
are Competent Persons as defined by the SAMREC Code and have sufficient experience relative to the type
and style of mineral deposit under consideration. John Murphy is the Competent Valuator as defined by the
SAMVAL Code, by way of qualifications and relevant experience. The Competent Persons’ and Competent
Valuator’s consent and confirmation signatures are presented in the Competent Person’s Report.
Competent Persons responsible for the estimation of the Mineral Resources and Mineral Reserves for the US PGM
assets are employees of Stillwater and consent to the publication of this announcement and the CPR for the US
PGM assets as at 31 July 2017. The Competent Persons responsible for the estimation of the Mineral Resources
are Jennifer Evans, Jim Dahy and Michael Koski. The Competent Person responsible for the estimation of the
Mineral Reserves is Brent LaMoure. Jennifer, Jim, Michael and Brent are Competent Persons as defined by the
SAMREC Code and have sufficient experience relative to the type and style of mineral deposit under
consideration.
FORWARD LOOKING STATEMENTS
This announcement includes “forward-looking statements” within the meaning of the “safe harbour” provisions
of the United States Private Securities Litigation Reform Act of 1995, including the statements related to expected
production volumes. Forward-looking statements may be identified by the use of words such as “target”, “will”,
“forecast”, “expect”, “potential”, “intend”, “estimate”, “anticipate”, “can” and other similar expressions that
predict or indicate future events or trends or that are not statements of historical matters. The forward-looking
statements set out in this announcement involve a number of known and unknown risks, uncertainties and other
factors, many of which are difficult to predict and generally beyond the control of Sibanye-Stillwater, that could
cause Sibanye-Stillwater’s actual results and outcomes to be materially different from historical results or from
any future results expressed or implied by such forward-looking statements. These forward-looking statements
speak only as of the date of this announcement. Sibanye-Stillwater undertakes no obligation to update publicly
or release any revisions to these forward-looking statements to reflect events or circumstances after the date of
this announcement or to reflect the occurrence of unanticipated events, save as required by applicable law.