Sibanye-Stillwater SA PGM

1 SA PGM operations virtual site visitBank of America Sun City Conference1 April 2022SA PGM operationsLong life, high value assets1 April 2022 Virtual site visit Bank of America Sun City conference2 Theinformationinthisannouncementmayconta inforward-lookingstatementswithinthemean ingofthe safeharbour ,including,amongothers,thoserelatingtoSi banyeStillwaterLimited s( Sibanye-Stillwater orthe Group )financialpositions,businessstrategies,p lansandobjectivesofmanagementforfutureop erations, will , forecast , potential , estimate , expect ,forward-lookingstatementsinvolveriskand uncertaintybecausetheyrelatetofutureeven tsandcircumstancesandshouldbeconsideredi nlightofvariousimportantfactors, sactualresults,performanceorachievements todiffermateriallyfromthoseintheforward- lookingstatementsinclude,amongothers,our futurebusinessprospects;financialpositio ns;debtpositionandourabilitytoreducedebt leverage;business,politicalandsocialcond itionsintheUnitedStates,SouthAfrica,Zimb abweandelsewhere;plansandobjectivesofman agementforfutureoperations;ourabilitytoo btainthebenefitsofanystreamingarrangemen tsorpipelinefinancing;ourabilitytoservic eourbondinstruments;changesinassumptions underlyingSibanye-Stillwater sestimationoftheircurrentmineralreserves andresources;theabilitytoachieveanticipa tedefficienciesandothercostsavingsinconn ectionwithpast,ongoingandfutureacquisiti ons,aswellasatexistingoperations;ourabil itytoachievesteadystateproductionattheBl itzproject;thesuccessofSibanye-Stillwate r sbusinessstrategy;explorationanddevelopm entactivities;theabilityofSibanye-Stillw atertocomplywithrequirementsthattheyoper ateinasustainablemanner;changesinthemark etpriceofgold,PGMsand/oruranium.

2 Theoccurrenceofhazardsassociatedwithunde rgroundandsurfacegold,PGMsanduraniummini ng;theoccurrenceoflabourdisruptionsandin dustrialaction;theavailability,termsandd eploymentofcapitalorcredit;changesinrele vantgovernmentregulations,particularlyen vironmental,tax,healthandsafetyregulatio nsandnewlegislationaffectingwater,mining ,mineralrightsandbusinessownership,inclu dinganyinterpretationsthereofwhichmaybes ubjecttodispute;theoutcomeandconsequence ofanypotentialorpendinglitigationorregul atoryproceedingsorotherenvironmental,hea lthandsafetyissues;powerdisruptions,cons traintsandcostincreases;supplychainshort agesandincreasesinthepriceofproductionin puts;fluctuationsinexchangerates,currenc ydevaluations,inflationandothermacro-eco nomicmonetarypolicies;theoccurrenceoftem porarystoppagesofminesforsafetyincidents andunplannedmaintenance;theabilitytohire andretainseniormanagementorsufficienttec hnicallyskilledemployees,aswellastheirab ilitytoachievesufficientrepresentationof historicallydisadvantagedSouthAfricansin managementpositions;failureofinformation technologyandcommunicationssystems;thead equacyofinsurancecoverage;anysocialunres t,sicknessornaturalorman-madedisasterati nformalsettlementsinthevicinityofsomeofS ibanye-Stillwater soperations;andtheimpactofHIV,tuberculos isandthespreadofothercontagiousdiseases, suchascoronavirus( COVID-19 ).

3 Furtherdetailsofpotentialrisksanduncerta intiesaffectingSibanye-Stillwateraredesc ribedinSibanye-Stillwater sfilingswiththeJohannesburgStockExchange andtheUnitedStatesSecuritiesandExchangeC ommission, (excepttotheextentlegallyrequired).Discl aimerIntroductionRichard Stewart, Chief Operating Officer4 Location of SA PGM operationsFar South LIMBR ustenburg 74%(managed)Kroondal 50%* (managed) marikana 80,64%(managed) Platinum Mile 100% (managed)B. EASTERN LIMB (PROJECTS)Blue Ridge 50% (managed)Limpopo (attributable portions ofBaobab), 80,64%Dwaalkop JV, 40,32%Doornvlei 80,64% (managed)C. NORTHERN LIMB (PROJECT)Akanani 80,13%(managed)D. GREAT DYKE(ZIMBABWE) (OPERATION)Mimosa 50% (non-managed)* will increase to 100% in terms of the KroondalPSA transaction (refer to slide 11 fordetail)5 Extensive 60 km mineralised strike length with down dip potentialOverview of Sibanye-Stillwater 's SA PGM operations and projects6(50)050100150200250300350 Sep 15 Mar 16 Sep 16 Mar 17 Sep 17 Mar 18 Sep 18 Mar 19 Sep 19 Mar 20 Sep 20 Relative price performance (%)Gold US$/ozGold R/kgPGM basket (R/4 Eoz)PGM basket (US$/4 Eoz)PGM basket (US$/2 Eoz)Acquired at low point in the PGM price cycleAquarius and Rustenburg transactions announced -R/4E basketprice up 235% Stillwater transactionannounced -US$/2E basket price up 271%sinceLonmin transaction announced R/4E basketprice up 295%Source.

4 IRESS Total investment of R47bn1(US$ ) to build leading global PGM business-SA PGM operations acquired for (US$ ) Concluded within four yearsat a favourable stage in the precious metals price cycle rate appliedto acquisition prices: Aquarius at US$ on 12 April 2016, Rustenburg at US$ on 1 Nov2016, Stillwater at US$ on 4 May 2017 and Lonminat US$ on 10 June paymentof ( upfrontpaymentmade) witha nominal fairvalue of at date of acquisition. Balance settledfrom35% of free cash flows fromthe Rustenburg paymentto date witha remainingdeferredpaymentliabilityof at 31 (not accountingvalue) of the Lonmintransaction basedon Lonminsharecapital figure of 290,394,531 sharesin fixedratio of 1:1 resulting in 290,394,531 new Sibanye-Stillwater established a leading global PGM business -well timed and priced transactions7 Careful and considered approach to transactions Disciplinedfinancing approach ensures success ofacquisitions and value creation Proven integrationstrategy and track record Realising significant cost synergies and ensuring operational continuity Agile and decisive approach is a rate appliedto acquisition prices.

5 Aquarius at US$ on 12 April 2016, Rustenburg at US$ on 1 Nov2016, Stillwater at US$ on 4 May 2017 and Lonminat US$ on 10 June paymentof ( upfrontpaymentmade) witha fairvalue of at date of acquisition. Balance settledfrom35% of free cash flows fromthe Rustenburg paymentto date remainingdeferredpaymentliabilityof 31 (not accountingvalue) of the Lonmintransaction basedon Lonminsharecapital figure of 290,394,531 sharesin fixedratio of 1:1 resulting in 290,394,531 new Sibanye-Stillwater shares. Considerations estimate based on spot Sibanye-Stillwater closing share price on the JSE of per share on 7 June EBITDA earned from acquisition to 31 December2021 Fully integrated operations delivering long term value to our stakeholdersUnparalleled valuecreation with short paybacksAcquisitionpriceCumulative to dateCumulative CAPEX to dateAdjusted EBITDA minus CAPEXP ayback on investmentAquarius(Apr 2016) (US$289 m) (US$ ) (US$176m) (US$ ) 6 yearsRustenburg(Nov 2016) (US$862 m) (US$ ) (US$320m) (US$ ) yearsLonmin(Jun 2019) (US$290 m) (US$ )in < 3 (US$309m) (US$ )in < 3 < 3 yearsSA PGM transactions (US$ ) (US$ ) (US$806m) (US$ ) billion in annual synergies realised from the acquisition of Aquarius (Kroondal)

6 , Rustenburg and MarikanaSA PGM acquisition synergies realised to date1,034 2,068 3,282 6,146 9,010 01,0002,0003,0004,0005,0006,0007,0008,00 09,00010,00005001,0001,5002,0002,5003,00 03,50020172018201920202021R millionsAquarius and RustenburgMarikanaProgressive Shared overhead cost between Group and other operations Footprint reduction Optimisation of surface infrastructure Contractmanagement and procurement synergies Closure of marikana head offices and end of life Generation 1 shafts Streamlining processes and procedures System alignment andenhancement Preserved 12,500 jobs at Rustenburg Preserved 2,863* jobs at marikana (excluding K4 project)PGM Integration savings to dateIncludes 2,252 jobs saved at 4B Shaft but excludes 4,380 jobs created when the K4 project reaches steady state9227,466 183,039 18,183 16,926 05,00010,00015,00020,00025,00030,00035,0 00050,000100,000150,000200,000250,000Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021 Operating cost R/4E oz4E production ouncesPGM 4E ouncesOperating CostAcquiredAnnual synergies of + (excluding potential processing synergies)Successful integration of marikana operation-synergies deliveredOperating cost (excl third party processing and by-product credits)COVID Lockdown impact10 Source.

7 NedbankSuccessful integration and realisation ofsynergies hasmoved Rustenburg andMarikana significantlydown the cost curveSA PGM operations moving down the industry cost curveMimosa (IMP/SSW)Union (SIY)Kroondal (SSW/AMS)Zimplats (IMP)Sylvania Dumps (SLP)Booysendal (NPH)Mogalakwena (AMS)Marula (IMP)Mototolo (AMS)LDI (IMP)Modikwa (ARM/AMS)Two Rivers (ARM/IMP)BRPM (RBP)Unki (AMS)Stillwater (SSW)Rustenburg (SSW)Amandelbult (AMS) marikana (SSW)Tharisa (THA)Styldrift (RBP)Impala Mine (IMP)Zondereinde (NPH) - 10,000 20,000 30,000 40,000 50,000 60,000 - 10,000 20,000 30,000 40,000 50,000 60,00005001,0001,5002,0002,5003,0003,500 4,0004,5005,0005,5006,0006,5007,0007,500 8,0008,500 Cash cost and basket Price (R/oz) Cumulative annual production (4E Koz)Global PGM cash cost+capex curve (CY21A -at spot)Spot PGM basket price assumptions: Platinum US$1,104 /oz in 2022 and long-termreal US$1,240/oz; Palladium US$2,054/oz in 2022 and long-term real US$1,153/oz;Rhodium US$12,177/oz in 2022 and long-termrealUS$4,650/oz.

8 ZAR/US$ in 2022 and long-term PSA transaction unlocking significant value for all stakeholdersUnlocking more value and lowering costs from mining through boundaries Agreements reached with Anglo American Platinum (AAP) allowing:-early mining of Rustenburg resources from low costKroondalinfrastructure-acquisition of AAP50% shareof the Kroondal PSA Transfer of ownership is expected to be fulfilled early in 2024,subjectto the following conditions precedent:-afterproduction of 1,350,000 4E ounces (896,938 4E oz remains)under current terms of the PSA-regulatory approvals including Competition commission approvaland Section 11 transfer consent Current Kroondal operation purchase of concentrate (PoC) agreement will transition into Rustenburg s toll agreementon transfer of ownership Substantial value creation for all stakeholders-adds attributable Reserves to Sibanye-Stillwater ( at 100%)

9 -enhances operational flexibility and efficiency-allows for earlier extraction of Rustenburg reserves-doubles life of certainKroondal shafts-Estimated R6bn uplift in value for Sibanye-Stillwater1255%33%3%5%4%46%26%2% 3%1%22%MarikanaRustenburgKroondalMimosaT ailingsProjects Reserve estimates are based on forward-looking average price assumptions PGM resources are inclusive of reserves Represents attributable figures from all operations based on the Revised approach to calculating attributable OzReserves support long operational lives with extensive resources providing significant optionalityExtensive Mineral Resources and Reserves*6E PGM mineral resources (%) Moz6E PGM Mineral Resources (%)6E PGM Mineral Reserves (%)6E PGM mineral reserves (%)Total37,7 MozSA PGM OPERATIONSC urrent Life of Mine (LoM) (at 31 Dec 2021) Kroondal9 to 16 yearsfor longerlife Bambabanishaft Mimosa 13 years marikana over 40 years Rustenburg 30 years Surface sources-Rustenburg 5 years- marikana (Bulk Tailing Treatment) 3 yearsSA PGM operations% of 6E contributionPlatinum50%Palladium25%Rhodi um7%Gold2%Ruthenium13%Iridium3%130400,00 0800,0001,200,0001,600,0002,000,0002,400 ,000201620172018201920202021202220232024 2025202620272028202920302031203220332034 2035203620372038203920404E PGM ouncesMimosaKroondal excl Rustenburg areaKroondal Rustenburg AreaKroondal KlipfonteinRustenburgMarikana excl K4 marikana K4 SurfaceLong life PGM profile delivering significant, sustainable benefits for all stakeholders SA PGM operations production profileUnderground (attributable) and surface productionLoM profileNote.

10 Graph based on Reserves declared as at 31 December assumptions are available for reference in the appendix14*Note: Refer to full project pipeline slide in the appendixSA PGM project pipeline14 INCREASING CONFIDENCE / LESS RISKP lanned>2 yearsPlanned for 2022/31 Feasibility completePre-Feasibility phaseConcept phaseProject Status6310 Complete741213251189 Area NameResource Est (Moz)1 marikana E3 Deeps (UG2) 3,882 Siphumelele 1 (UG2) Upper17,323 Siphumelele 1 (UG2) Lower4 Kroondal 5# (UG2) MK52,895 Thembelani Deeps (MER)6,986 marikana E4 (UG2)5,927 KDL Tailings (3 dams) Meccano2,378 Kwezi/K6 Shallows (UG2) Deeps (UG2) (UG2) Deeps (UG2)9,0113MK2 Decline (Both)7,0815 Long life assets with significant optionality-flexibility to meet future demand requirements in supportive environmentPotential SA PGM production profile assuming development of key projects0400,000800,0001,200,0001,600,00 02,000,0002,400,000202220232024202520262 0272028202920302031203220332034203520362 0372038203920404E PGM ouncesCurrent LOMM arikana - E3 DeepsE4 Saffy DeepsThem Mer ExtSip UG2 Underground (attributable) and surface production(plus projects)Note: Graph based on Reserves declared as at 31 December 2021.