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SBSW 6-K

Sibanye Stillwater Ltd (SBSW)

6-K 2025-02-19 For: 2024-12-31
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Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

19 February 2025

Commission File Number 333-234096

Sibanye Stillwater Limited

(Translation of registrant’s name into English)

Constantia Office Park

Cnr 14th Avenue and Hendrik Potgieter Road

Bridgeview House, Ground Floor

Weltevreden Park, 1709

South Africa

(Address of principal executive office)

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
Exhibit No. Description
--- ---
99.1 Press release

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: 19 February 2025 By: /s/ Charl Keyter
Name: Charl Keyter
Title: Chief Financial Officer

SS_EDGAR_31_Dec_2024 1

Exhibit 99.1

image_0.jpg

Sibanye Stillwater Limited

Incorporated in the Republic of South Africa

Registration number 2014/243852/06

Share codes: SSW (JSE) and SBSW (NYSE)

ISIN – ZAE000259701

Issuer code: SSW

(“Sibanye-Stillwater”,”the Company” and/or “the Group”)

Registered Address:

Constantia Office Park

Bridgeview House • Building 11 • Ground Floor

Cnr 14th Avenue & Hendrik Potgieter Road

Weltevreden Park • 1709

Postal Address:

Private Bag X5 • Westonaria • 1780

Tel +27 11 278 9600 • Fax +27 11 278 9863

Website: www.sibanyestillwater.com

MARKET RELEASE

Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2024

Johannesburg, 19 February 2025: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) is pleased to report

attributable Group Mineral Resources and Mineral Reserves as at 31 December 2024.

The declared Mineral Resources and Mineral Reserves for the Group's managed operations and projects are

the outcome of a detailed annual operational and life of mine (LoM) planning process and are indicative of

the considerable underlying mineral assets base which supports sustainable, long-life production.

CEO, Neal Froneman commented: "We continue to grow and diversify our mineral asset portfolio in our

preferred commodities. Our diversified portfolio, with its gold underpin, has demonstrated its value during these

times of lower PGM prices. This also supports the Group while we build on the company's strategy of producing

green metals that will play a critical role in future energy solutions.  In this regard, the 36.6% increase in

attributable lithium Mineral Reserves at the Keliber lithium project, and the 20.8% copper Mineral Resource

growth at the Mt Lyell copper project, are particularly pleasing."

This Mineral Resources and Mineral Reserves declaration represents a condensed and consolidated summary

of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration, which will be available in the

Group Mineral Resources and Mineral Reserves Report. The report will be published on 25 April 2025 at

www.sibanyestillwater.com/news-investors/reports/annual/.

1.Salient features

•Stable 4E PGM Mineral Resources of 144.7Moz and Mineral Reserves of 28.1Moz (-0.2%) at our SA PGM

operations, which are positioned for profitability at current spot 4E PGM basket prices

–A highlight is the inclusion of the Siphumelele mechanised UG2 project Mineral  Reserves (0.8Moz),

demonstrating the value being unlocked through the acquisition of Anglo American Platinum's 50%

interest in the Kroondal operations

•2E PGM Mineral Resources of 55.9Moz (-2.3%) and Mineral Reserves of 19.0Moz (-27.8%) at our US PGM

operations

–Sustained low 2E PGM spot prices during the year has necessitated an operational restructuring as well

as a strategic shift in extraction strategy at the US PGM operations. In combination with a lower 2E LoM

basket price assumption, this has impacted the operation’s Mineral Resources and Reserves

•Gold Mineral Resources of 36.9Moz (-0.7%) and Mineral Reserves of 10.0Moz (-8.0%) at our SA gold

operations and projects (including DRDGOLD)

–The reduction in Reserves is largely driven by depletion and geological changes at Driefontein

•A 36.6% increase in attributable lithium Mineral Reserves to 248kt of lithium carbonate equivalent (LCE)

–Informed by an updated Mineral Reserve estimate at the Keliber lithium project in Finland

–The new open pit LoM is now 18 years, with first lithium hydroxide production due in early 2026

•Zinc Mineral Resources of 1,252Mlb (unchanged) and Mineral Reserves of 1,218Mlb (-29.4%)

–Informed by the depletion of the tailings Mineral Reserve at the Century operation

•Copper Mineral Resources of 17,604Mlb (+116%)

–At the Mt Lyell copper project in Tasmania, Australia, an update to the Mineral Resource estimate has

added 335Mlb of contained copper

–At the Altar project in Argentina, an update to the Mineral Resource estimate added 9,106Mlb of

attributable copper Mineral Resources

•Uranium (U3O8) Mineral Resources of 59Mlb, unchanged year-on-year

–This excludes the pending completion of the Beisa (27Mlb) sales transaction with Neo Energy Metals Ltd

(Neo), expected to close in early 2026, in exchange for R250m in cash and R250m in shares (40%) in Neo

2

2.Group overview

Mineral Resources Exclusive of Mineral Reserves
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Americas¹ Operations Measured 16.3 14.1 7.4 7.4 21.1 11.5 7.8 7.8
Indicated 18.8 12.4 7.5 7.5 19.3 9.2 5.7 5.7
Measured + Indicated 35.1 13.2 14.8 14.8 40.4 10.4 13.5 13.5
Inferred 91.2 14.0 41.1 41.1 113.8 11.9 43.7 43.7
Exploration Measured 22.0 0.8 0.6 4.1 22.1 0.8 0.6 4.1
Indicated 10.0 0.6 0.2 1.3 10.0 0.6 0.2 1.3
Measured + Indicated 31.9 0.7 0.7 5.4 32.1 0.7 0.7 5.4
Inferred 4.0 0.5 0.1 0.4 4.0 0.5 0.1 0.4
Southern Africa² Operations Measured 329.2 4.0 41.9 56.0 262.0 4.6 38.8 52.4
Indicated 538.8 4.1 70.3 89.4 534.3 4.1 70.9 90.1
Measured + Indicated 868.1 4.0 112.2 145.5 796.4 4.3 109.7 142.5
Inferred 236.9 4.3 32.5 41.8 240.9 4.5 34.9 44.5
Exploration Measured 1.8 4.2 0.2 0.3 1.8 4.2 0.2 0.3
Indicated 244.5 4.1 32.5 45.1 244.5 4.1 32.5 45.1
Measured + Indicated 246.2 4.1 32.7 45.4 246.2 4.1 32.7 45.4
Inferred 158.8 3.7 18.8 26.2 158.8 3.7 18.8 26.2
Total Measured + Indicated 1,181.4 4.2 160.5 211.1 1,115.0 4.4 156.7 206.9
Grand total 1,672.3 4.7 253.0 320.6 1,632.5 4.8 254.2 321.7 Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa Operations Measured 234.3 2.3 17.2 17.8 242.7 2.2 17.1 17.8
Indicated 276.8 1.4 12.1 13.7 286.9 1.4 12.5 14.1
Measured + Indicated 511.2 1.8 29.3 31.5 529.7 1.7 29.6 31.9
Inferred 21.9 2.9 2.0 2.1 22.7 2.6 1.9 2.0
Development Measured 0.4 4.6 0.1 0.1 0.4 4.4 0.1 0.1
Indicated 10.5 4.8 1.6 1.6 10.9 4.4 1.6 1.6
Measured + Indicated 10.9 4.8 1.7 1.7 11.4 4.4 1.6 1.6
Inferred 27.8 4.3 3.9 3.9 29.3 4.3 4.1 4.1
Exploration Measured — — — — — — — —
Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Measured + Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Inferred 4.0 3.6 0.5 0.5 4.0 3.6 0.5 0.5
Australia Exploration Measured 3.7 0.2 0.03 0.03 3.7 0.2 — —
Indicated 71.5 0.3 0.6 0.6 51.4 0.3 0.4 0.4
Measured + Indicated 75.2 0.3 0.6 0.6 55.1 0.2 0.4 0.4
Inferred 11.3 0.3 0.1 0.1 24.3 0.1 0.1 0.1
Americas Exploration Measured 409.2 0.1 1.4 3.1 332.1 0.1 1.2 2.8
Indicated 797.8 0.1 1.4 3.0 292.1 0.1 0.8 1.7
Measured + Indicated 1,207.0 0.1 2.8 6.1 624.2 0.1 2.0 4.4
Inferred 595.5 — 0.8 1.8 96.5 0.1 0.2 0.5
Total Measured + Indicated 1,848.4 0.7 40.8 46.3 1,264.5 1.0 40.0 44.8
Grand total 2,508.9 0.6 48.1 54.6 1,441.3 1.0 46.7 51.8

3

Attributable 100% Attributable 100%
LITHIUM³ Tonnes Li Li₂O LCE LCE Tonnes Li Li₂O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Europe Development Measured 0.5 0.58 1.26 15 18 0.4 0.58 1.25 12 15
Indicated 2.9 0.55 1.19 86 108 3.5 0.56 1.20 103 129
Measured + Indicated 3.4 0.56 1.20 101 126 3.9 0.56 1.20 115 144
Inferred 4.5 0.51 1.10 122 153 3.6 0.50 1.07 94 118
Americas Exploration Measured 4.6 0.18 0.40 45 734 3.0 0.17 0.37 28 403
Indicated 11.3 0.17 0.36 102 1,645 17.3 0.17 0.37 160 2,317
Measured + Indicated 16.0 0.17 0.37 147 2,379 20.4 0.17 0.37 188 2,720
Inferred 5.8 0.18 0.38 54 874 4.5 0.18 0.39 44 630
Total Measured + Indicated 19.4 0.24 0.52 248 2,505 24.2 0.24 0.51 303 2,864
Grand total 29.6 0.27 0.58 424 3,532 32.3 0.26 0.55 440 3,612 Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
URANIUM Tonnes Grade U₃O₈ U₃O₈ Tonnes Grade U₃O₈ U₃O₈
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Southern Africa Exploration Measured 63.8 0.24 33.2 41.0 63.8 0.24 33.2 41.0
Indicated 47.5 0.25 25.9 28.3 47.5 0.25 25.9 28.3
Measured + Indicated 111.4 0.24 59.1 69.3 111.4 0.24 59.1 69.3
Inferred 0.04 1.10 0.1 0.1 0.04 1.10 0.1 0.1
Grand total 111.4 0.24 59.2 69.4 111.4 0.24 59.2 69.4 Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
COPPER Tonnes Grade Copper Copper Tonnes Grade Copper Copper
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Australia Exploration Measured 3.7 0.93 77 77 3.7 0.89 73 73
Indicated 75.1 0.96 1,597 1,597 51.4 0.91 1,036 1,036
Measured + Indicated 78.8 0.96 1,674 1,674 55.1 0.91 1,108 1,108
Inferred 14.2 0.86 271 271 24.3 0.94 501 501
Americas Exploration Measured 409.2 0.41 3,684 8,087 332.1 0.42 3,062 6,807
Indicated 797.8 0.41 7,176 15,012 292.1 0.41 2,622 5,643
Measured + Indicated 1,207.0 0.41 10,859 23,099 624.2 0.41 5,683 12,450
Inferred 595.5 0.37 4,800 9,976 96.5 0.41 871 1,893
Total Measured + Indicated 1,285.8 0.44 12,533 24,773 679.3 0.45 6,792 13,558
Grand total 1,895.6 0.42 17,604 35,020 800.2 0.46 8,163 15,952 Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
ZINC Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Australia Exploration Measured 1.0 4.80 106 106 1.0 4.80 106 106
Indicated 8.9 5.66 1,111 1,111 8.9 5.66 1,111 1,111
Measured + Indicated 9.9 5.58 1,217 1,217 9.9 5.58 1,217 1,217
Inferred 0.6 2.67 35 35 0.6 2.67 35 35
Grand total 10.5 5.41 1,252 1,252 10.5 5.41 1,252 1,252

Note: Mineral Resources are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis

1For the US PGM operations, PGM is represented by the 2E (Pt and Pd)

2For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)

3For the Lithium Mineral Resources, Li (%) was derived from Li2O by dividing by a factor of 2.153. LCE content was calculated by multiplying

the Li (%) content by a factor of 5.323. Lithium Hydroxide Monohydrate (LiOH.H2O) can be derived from LCE by dividing by a factor of 0.88

4

Mineral Reserves
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Americas¹ Operation Proven 9.5 13.1 4.0 4.0 10.9 13.5 4.8 4.8
Probable 35.1 13.3 15.0 15.0 49.5 13.6 21.5 21.5
Proven + Probable 44.5 13.3 19.0 19.0 60.4 13.5 26.3 26.3
Southern Africa² Operation Proven 115.3 3.5 13.0 18.0 113.2 3.5 12.9 17.8
Probable 147.2 3.2 15.1 18.9 132.8 3.6 15.3 19.3
Proven + Probable 262.5 3.3 28.1 37.0 246.0 3.6 28.1 37.1
Grand total Proven + Probable 307.1 4.8 47.1 56.0 306.4 5.5 54.5 63.4 Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
GOLD Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa Operation Proven 197.9 0.8 4.9 6.7 211.8 0.8 5.4 7.3
Probable 119.6 0.7 2.6 3.5 124.2 0.8 3.0 3.9
Proven + Probable 317.5 0.7 7.5 10.2 336.0 0.8 8.4 11.2
Development Proven — — — — — — — —
Probable 20.0 4.0 2.5 2.5 19.8 4.0 2.5 2.5
Proven + Probable 20.0 4.0 2.5 2.5 19.8 4.0 2.5 2.5
Grand total Proven + Probable 337.4 0.9 10.0 12.7 355.8 1.0 10.9 13.7 Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- --- --- ---
LITHIUM³ Tonnes Li Li₂O LCE LCE Tonnes Li Li₂O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Europe Development Proven 3.5 0.51 1.09 93 117 3.1 0.48 1.04 80 101
Probable 6.9 0.42 0.91 155 195 4.6 0.42 0.90 102 127
Grand total Proven + Probable 10.3 0.45 0.97 248 311 7.7 0.44 0.96 182 228 Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
ZINC Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Australia Operation Proven 18.7 2.95 1,218 1,218 26.1 3.00 1,726 1,726
Probable — — — — — — — —
Grand total Proven + Probable 18.7 2.95 1,218 1,218 26.1 3.00 1,726 1,726

Note: Mineral Reserves are reported on an attributable basis, and metal content is additionally stated on a 100% ownership basis

1For the US PGM operations, PGM is represented by the 2E (Pt and Pd)

2For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)

3For the Lithium Mineral Reserves, Li (%) was derived from Li2O by dividing by a factor of 2.153. LCE content was calculated by multiplying

the Li (%) content by a factor of 5.323. Lithium Hydroxide Monohydrate (LiOH.H2O) can be derived from LCE by dividing by a factor of 0.88

3.About our disclosure and related assumptions

The Group reports in accordance with both the JSE and the US Securities and Exchange Commission (SEC) rules

and guidelines for the estimation of Mineral Resources and Mineral Reserves at all managed operations,

development, and exploration properties. This specific disclosure is in compliance with the SEC rules, while the

JSE compliant version can be located at https://www.sibanyestillwater.com/download/reserves-resources-

dec2024-jse.

Forward looking prices, based on extensive market research, are used in the Mineral Resources and Mineral

Reserves estimations. Price assumptions for Mineral Resources focus on longer timeframes and are based on

moderately higher prices than for Mineral Reserves, demonstrating their reasonable prospects for economic

extraction and ore-body flexibility. The commodity prices used in the estimation of Mineral Resources and

Mineral Reserves at non-managed entities, over which we don’t have control, are provided in the notes to the

relevant tables.

Given the decline in the PGM markets, we have adjusted our palladium and rhodium price outlook

downwards. We now forecast palladium at US$1,150/oz (2023: US$1,250) and rhodium at US$4,500/oz (2023:

US$6,000). The long-term outlook of US$1,250/oz for platinum is maintained based on expected mine depletion,

which will lower supply, and the expected realisation of hydrogen demand.

The ongoing global polarisation and the increased associated risk, as evidenced by the wars in Ukraine and

the Middle East, has continued to drive gold prices higher. Combined with lingering above-average inflation

levels, we have seen a new structural floor develop for gold. At our leveraged South African gold operations,

we have considered the most recent bank consensus forward-looking prices (Years 2025-2028) for Mineral

Reserves estimation, before reverting to a higher but still conservative long-term outlook of US$1,750/oz (2023:

US$1,650).

5

Regarding base metals, we have revised our longer-term price outlooks for chrome ore and uranium. Over the

past year we have seen sustained +40% chromium oxide (Cr2O3) UG2 concentrate prices well above US$200/t

and, in line with bank consensus, we have adjusted our long-term price to US$230/tonne. The structural support

for a sustained uranium market rally continues to grow, underpinned by the growing recognition of uranium as

a source of green energy and as a crucial contributor to the global decarbonisation requirements in future. As

a result, we have adjusted our view of the long-term contract price to US$63/lb. This bodes well for the future of

the Cooke tailings storage facility (TSF) uranium project, which is undergoing a feasibility study (FS).

For the Keliber lithium project, where we have comprehensively updated the Mineral Reserve estimate via

detailed new pit designs, we have taken cognizance of the weaker current, short term outlook and have

considered a Li price of ~US$20,000/t lithium hydroxide monohydrate (LiOH.H2O).

The exchange rates applied for the South African Mineral Resources and Mineral Reserves calculations as at 31

December 2024 is ZAR18.24:US$ (up from ZAR17.00:US$ at end 2023), reflecting the continuing deteriorating

long-term ZAR:US$ outlook. Other rates applied are US$1.12:EUR, ZAR19.80:EUR and US$0.71:AUD.

2024 price decks for managed Mineral Resources & Mineral Reserves (excluding SA gold Mineral Reserves)

31 Dec 2024 31 Dec 2023
MINERAL RESOURCES MINERAL RESERVES MINERAL RESERVES
Precious metals US$/oz R/oz R/kg US$/oz R/oz R/kg US$/oz R/oz R/kg
Gold1 2,000 36,480 1,172,858 1,750 31,920 1,026,251 1,650 28,050 901,828
Platinum 1,350 24,624 791,679 1,250 22,800 733,036 1,250 21,250 683,203
Palladium 1,350 24,624 791,679 1,150 20,976 674,394 1,250 21,250 683,203
Rhodium 5,000 91,200 2,932,146 4,500 82,080 2,638,931 6,000 102,000 3,279,374
Iridium 6,500 118,560 3,811,790 5,500 100,320 3,225,360 2,500 42,500 1,366,406
Ruthenium 450 8,208 263,893 400 7,296 234,572 300 5,100 163,969
Base metals US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne
Nickel 8.50 18,750 342,000 8.00 17,640 321,754 7.35 16,200 275,400
Copper 4.54 10,000 182,400 4.06 8,950 163,248 4.06 8,950 152,150
Cobalt 25.00 55,116 1,005,307 22.00 48,502 884,670 22.00 48,502 824,528
Zinc 1.30 2,866 52,276 1.15 2,535 46,244 1.15 2,535 43,100
Uranium oxide (U3O8)2 80.00 176,370 3,216,982 63.00 138,891 2,533,373 50.00 110,231 1,873,927
Chromium oxide (Cr₂O₃),<br><br>(40.5% UG2 concentrate)2 0.11 250 4,560 0.10 230 4,195 0.09 200 3,400
Lithium hydroxide 15.88 35,000 638,400 9.07 20,000 364,800 14.51 32,000 544,000

1 Long term (2029 onwards)

2 Long term contract prices

Sibanye-Stillwater 2024 price deck for Mineral Reserves at managed gold operations.

2025 2026 2027 2028 Long Term
(US$/oz) 2,068 1,958 1,921 1,905 1,750
(R/kg) 1,212,602 1,148,474 1,126,775 1,117,183 1,026,251

6

4.Group Mineral Resources and Mineral Reserves per geographical region & commodity

4.1. Americas

4.1.1. Platinum group metals (PGM)

4.1.1.1. US PGM  operations

•Total 2E PGM Mineral Resources of 55.9Moz, a year-on-year decrease of -2.3%

•Total 2E PGM Mineral Reserves of 19.0Moz, a year-on-year decrease of -27.8%

PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
PGM Americas Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Stillwater and Measured 16.3 14.1 7.4 7.4 21.1 11.5 7.8 7.8
East Boulder Indicated 18.8 12.4 7.5 7.5 19.3 9.2 5.7 5.7
Measured + Indicated 35.1 13.2 14.8 14.8 40.4 10.4 13.5 13.5
Inferred 91.2 14.0 41.1 41.1 113.8 11.9 43.7 43.7
Grand total 126.3 13.8 55.9 55.9 154.2 11.5 57.2 57.2 PGM Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
PGM Americas Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Stillwater and Proven 9.5 13.1 4.0 4.0 10.9 13.5 4.8 4.8
East Boulder Probable 35.1 13.3 15.0 15.0 49.5 13.6 21.5 21.5
Grand total Proven + Probable 44.5 13.3 19.0 19.0 60.4 13.5 26.3 26.3

2E PGM = Pt (22%) + Pd (78%)

The year-on-year change in Mineral Resources

were primarily driven by a change in cut-off grade,

impacted by a lower Pd price and increased costs,

with a lessor contribution by an adjustment in

estimation methodology.

On the Mineral Reserves, the sustained low 2E PGM

spot prices during the year necessitated an

operational restructuring and strategic review. At

Stillwater mine, Stillwater West was placed on care

and maintenance. Strategically, the mine

extraction strategies pivoted towards conserving

capital and retaining optionally at both operations.

This, combined with a lower 2E PGM LoM basket

price assumption, has impacted the operation’s

Mineral Reserves.

A detailed reconciliation of the 2023 to 2024 US

PGM operations Mineral Reserves is shown in the

adjacent table.

US PGM operations – Mineral Reserves reconciliation

Factors 2E PGM<br><br>(Moz)
31 Dec 2023 26.3
Depletion -0.5
Post depletion 25.8
Area inclusions/exclusions -0.2
Geological interpretation 0.1
Estimation methodology -0.4
Economic valuation -5.5
Modifying factors -0.8
31 Dec 2024 19.0

4.1.1.2. US PGM - Marathon exploration project

•Total 2E PGM Mineral Resources of 0.8Moz, a year-on-year decrease of -0.4%

PGM Mineral Resources
31 Dec 2024 31 Dec 2023
PGM Americas Tonnes PGM PGM Copper Copper Tonnes PGM PGM Copper Copper
(Mt) (g/t) (Moz) (%) (Mlb) (Mt) (g/t) (Moz) (%) (Mlb)
Exploration Marathon¹ Measured 22.0 0.8 0.6 0.20 99 22.1 0.8 0.6 0.20 99
Indicated 10.0 0.6 0.2 0.22 48 10.0 0.6 0.2 0.22 49
Measured + Indicated 31.9 0.7 0.7 0.21 147 32.1 0.7 0.7 0.21 148
Inferred 4.0 0.5 0.1 0.23 20 4.0 0.5 0.1 0.23 20
Grand total 35.9 0.7 0.8 0.21 167 36.0 0.7 0.8 0.21 167

113.85% Attributable, non-managed, excluding gold and silver by-products which are not considered economically material. Reported

within an optimised pit shell at a cut-off net smelter royalties (NSR) value of C$13/t (Marathon), and C$15/t (Geordie and Sally). Based on

US$ metal prices of US$1,100/oz for palladium, US$900/oz for platinum, US$3/lb for copper, US$1,300/oz for gold and US$16/oz for silver and

US$:C$ of 0.77. The NSR estimates for the project use flotation recoveries of 93% for copper, 82% for palladium, 80% for platinum, 80% for

7

gold, 75% for silver and smelter payables of 96% for copper, 93% for palladium, 88% for platinum, 90% for gold and 90% for silver. The open-

pit optimisation used a mining cost of C$2/t, combined processing, general and administration and off-site concentrate costs of C$15/t

and pit slopes of 50º

The Mineral Resource estimate for the Marathon project in Canada has remained unchanged during 2024. The

Group's shareholding in Generation Mining Ltd. changed from 13.9% to 13.85% during the year, resulting in the

associated decrease in attributable Mineral Resources.

4.1.2. Battery metals

4.1.2.1.Rhyolite Ridge lithium exploration project

•Total LCE Mineral Resources of 201 kt, a year-on-year decrease of -13.0%

Lithium Mineral Resources
31 Dec 2024 31 Dec 2023
LITHIUM Americas Tonnes Li LCE H₃BO₃ H₃BO₃ Tonnes Li LCE H₃BO₃ H₃BO₃
(Mt) (%) (kt) (%) (kt) (Mt) (%) (kt) (%) (kt)
Exploration Rhyolite Ridge¹ Measured 4.6 0.18 45 5.2 243 3.0 0.17 28 8.2 248
Indicated 11.3 0.17 102 3.3 377 17.3 0.17 160 3.4 595
Measured + Indicated 16.0 0.17 147 3.9 619 20.4 0.17 188 4.1 843
Inferred 5.8 0.18 54 3.0 174 4.5 0.18 44 2.8 128
Grand total 21.8 0.17 201 3.6 793 24.9 0.17 232 3.9 971

1 6.19% attributable, non-managed. Contained within a conceptual pit shell, using a 5,000ppm boron cut-off grade for high boron – high

lithium mineralisation and 1,090ppm lithium cut-off grade for low boron mineralisation, and based on a boric acid price of US$1,016.67/t

and a lithium carbonate sales price of US$17,868.50/t

The Group has an agreement with Ioneer Limited to establish a 50:50 JV with respect to the Rhyolite Ridge

project in Nevada, subject to the satisfaction of all conditions precedent. On 25 October 2024, a positive

Record of Decision (ROD) was issued by the US Bureau of Land Management, completing a major US Federal

permitting step and advancing the project toward a construction decision. The Group is currently reviewing

Ioneer's updated studies, one of several outstanding conditions precedent, in order to inform a final investment

decision.

During April 2024, Ioneer announced an updated Mineral Resource estimate for the South Basin at the project,

showing a slight reduction in total content, but a significant improvement in the proportion of Measured and

Indicated Resources. Accordingly, the Group's attributable Mineral Resources have been adjusted based on its

6.19% listed-level investment in Ioneer.

4.1.2.2. Altar copper exploration project

•Total copper Mineral Resources of 15,492Mlb, a year-on-year increase of 115.6%

Copper Mineral Resources
31 Dec 2024 31 Dec 2023
COPPER Americas Tonnes Copper Copper Gold Gold Tonnes Copper Copper Gold Gold
(Mt) (%) (Mlb) (g/t) (Moz) (Mt) (%) (Mlb) (g/t) (Moz)
Exploration Altar¹ Measured 387.2 0.42 3,585 0.1 1.3 310.1 0.43 2,963 0.1 1.2
Indicated 787.8 0.41 7,127 0.1 1.4 282.1 0.41 2,573 0.1 0.7
Measured + Indicated 1,175.1 0.41 10,712 0.1 2.7 592.2 0.42 5,536 0.1 1.9
Inferred 591.6 0.37 4,780 0.04 0.8 92.6 0.42 851 0.1 0.2
Grand total 1,766.6 0.40 15,492 0.1 3.6 684.7 0.42 6,386 0.1 2.1

148.61% Attributable, non-managed. Contained within a conceptual pit shell, using cut-off grades based on a net smelter return (NSR) and

metal prices of $3.75/lb copper, $1,800/oz gold, $23.00/oz silver

After successful exploration drilling, Aldebaran Resources, the project manager, published an updated Mineral

Resource estimate on 25 November 2024. The new estimate totals Measured & Indicated Mineral Resources of

2.40 billion tonnes, with grades of 0.42% copper, 0.07 g/t gold, 1.22 g/t silver, and 42 g/t molybdenum.

As at 31 December 2024, Aldebaran has given notice that they have crossed the threshold to acquire an 80%

interest in the Altar project from Sibanye-Stillwater (up from 60% as at 31 December 2023), pending final

audited financials. This is expected to become official during early 2025, and until such time the attributable

reporting remains based on a 40% project level interest and a 14.34% direct corporate level interest for a

combined 48.61% attributable interest.

8

4.2. Southern Africa

4.2.1. Platinum group metals

4.2.1.1. SA PGM operations

•Total 4E PGM Mineral Resources of 144.7Moz, a year-on-year increase of +0.04%

•Total 4E PGM Mineral Reserves of 28.1Moz, a year-on-year decrease of -0.2%

PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
PGM Southern Africa Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Marikana¹ Measured 48.3 4.7 7.3 9.0 44.9 3.9 5.6 6.9
Indicated 441.4 3.8 54.5 67.6 436.2 3.9 54.9 68.1
Measured + Indicated 489.6 3.9 61.8 76.6 481.1 3.9 60.5 75.0
Inferred 211.5 4.3 29.0 35.9 200.3 4.4 28.6 35.4
Rustenburg² Measured 170.8 5.1 28.0 37.8 174.9 5.1 28.6 38.7
Indicated 84.4 5.3 14.3 19.4 85.0 5.3 14.6 19.5
Measured + Indicated 255.3 5.2 42.3 57.2 259.8 5.2 43.2 58.2
Inferred 10.9 5.6 2.0 2.6 26.1 5.7 4.8 5.9
Kroondal³ Measured 93.1 1.6 4.8 5.5 25.3 3.3 2.7 3.1
Indicated 4.8 3.3 0.5 0.6 4.8 3.3 0.5 0.6
Measured + Indicated 97.9 1.7 5.3 6.1 30.2 3.3 3.2 3.7
Inferred — — — — — — — —
Mimosa⁴ Measured 17.1 3.4 1.9 3.8 16.9 3.4 1.9 3.7
Indicated 8.2 3.6 0.9 1.9 8.3 3.6 1.0 1.9
Measured + Indicated 25.3 3.5 2.8 5.6 25.3 3.5 2.8 5.6
Inferred 14.5 3.4 1.6 3.2 14.4 3.4 1.6 3.2
Total Measured + Indicated 868.1 4.0 112.2 145.5 796.4 4.3 109.7 142.5
Grand total 1,105.0 4.1 144.7 187.2 1,037.2 4.3 144.6 187.0 PGM Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
PGM Southern Africa Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Marikana¹ Proven 17.7 3.9 2.2 2.7 19.8 3.9 2.5 3.1
Probable 125.8 3.4 13.9 17.3 111.5 3.9 14.0 17.4
Proven + Probable 143.5 3.5 16.1 20.0 131.4 3.9 16.5 20.4
Rustenburg² Proven 76.6 3.6 8.8 11.9 72.9 3.6 8.4 11.4
Probable 19.9 1.6 1.0 1.4 17.9 1.6 0.9 1.2
Proven + Probable 96.5 3.2 9.8 13.2 90.9 3.2 9.3 12.6
Kroondal³ Proven 9.1 2.5 0.7 0.8 9.1 2.5 0.7 0.8
Probable — — — — — — — —
Proven + Probable 9.1 2.5 0.7 0.8 9.1 2.5 0.7 0.8
Mimosa⁴ Proven 12.0 3.4 1.3 2.6 11.3 3.5 1.3 2.6
Probable 1.4 3.3 0.2 0.3 3.3 3.3 0.4 0.7
Proven + Probable 13.5 3.4 1.5 2.9 14.6 3.5 1.6 3.3
Grand total Proven + Probable 262.5 3.3 28.1 37.0 246.0 3.6 28.1 37.1

180.64% Attributable, managed; 274% Attributable with Hoedspruit 86.35%, managed; 387% Attributable, managed; 450% Attributable, non-

managed

Mineral Resources were positively impacted by the

inclusion of TSF Resources at Marikana (+1.8Moz)

and Kroondal (+2.1Moz). These increases were

offset by conversion to Reserves (1.9Moz), the

exclusion of the Hoedspruit project area due to

economic considerations (-3.8Moz), and general

adjustments related to geological losses and the

incorporation of new data (-1.1Moz).

The Siphumelele mechanised UG2 project, for

which a FS has been completed and which is

expected to enter construction during 2025,  has

been included in the Mineral Reserves for the first

time (+0.8Moz). This project, which will exploit

synergies between the  Kroondal and Rustenburg

operations, demonstrates the value being unlocked

through the acquisition of Anglo American

Platinum's 50% interest in the Kroondal operations.

Other notable changes to Mineral Reserves relates

to design changes at K3 shaft (Marikana, +0.3Moz),

adjustments in extraction strategy at Rowland shaft

(Marikana, -0.4Moz), geotechnical design changes

at K4 shaft (Marikana, -0.3Moz), and the inclusion of

the Shallows area at Kwezi shaft (Kroondal,

+0.1Moz).

A detailed reconciliation of the 2023 to 2024 SA

PGM operations Mineral Reserves is shown in the

table below.

9

SA PGM operations – Mineral Reserves reconciliation

Factors 4E PGM<br><br>(Moz)
31 Dec 2023 28.1
Depletion -1.8
Post depletion 26.3
Area inclusions/exclusions 0.8
Boundary changes -0.01
Geological interpretation -0.1
Estimation methodology 0.3
Economic valuation 0.8
Modifying factors -0.03
31 Dec 2024 28.1

4.2.1.2. SA PGM exploration projects

•Total 4E PGM Mineral Resources of 51.5Moz, unchanged year-on-year

PGM Mineral Resources
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
PGM Southern Africa Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Exploration Akanani¹ Measured — — — — — — — —
Indicated 164.5 4.2 22.0 27.5 164.5 4.2 22.0 27.5
Measured + Indicated 164.5 4.2 22.0 27.5 164.5 4.2 22.0 27.5
Inferred 87.9 3.4 9.6 12.0 87.9 3.4 9.6 12.0
Limpopo² Measured 1.8 4.2 0.2 0.3 1.8 4.2 0.2 0.3
Indicated 80.0 4.1 10.5 17.6 80.0 4.1 10.5 17.6
Measured + Indicated 81.7 4.1 10.7 17.9 81.7 4.1 10.7 17.9
Inferred 70.9 4.0 9.2 14.2 70.9 4.0 9.2 14.2
Total Measured + Indicated 246.2 4.1 32.7 45.4 246.2 4.1 32.7 45.4
Grand total 405.0 4.0 51.5 71.6 405.0 4.0 51.5 71.6

180.13% Attributable, managed, 2Attributable for Baobab and Doornvlei (80.64%), and Dwaalkop (40.32%)

10

4.2.2. Gold

4.2.2.1 SA gold operations

•Total gold Mineral Resources of 31.3Moz, a year-on-year decrease of -0.4%

•Total gold Mineral Reserves of 7.5Moz, a year-on-year decrease of -10.6%

Gold Mineral Resources Exclusive of Mineral Reserves
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Kloof Measured 22.5 11.4 8.2 8.2 26.7 9.6 8.2 8.2
Indicated 22.1 6.4 4.5 4.5 24.5 5.5 4.3 4.3
Measured + Indicated 44.7 8.9 12.8 12.8 51.2 7.6 12.5 12.5
Inferred 6.2 5.3 1.0 1.0 7.0 4.5 1.0 1.0
Driefontein Measured 13.4 11.1 4.8 4.8 15.6 9.1 4.6 4.6
Indicated 8.0 8.2 2.1 2.1 10.3 7.6 2.5 2.5
Measured + Indicated 21.4 10.0 6.9 6.9 25.9 8.5 7.1 7.1
Inferred 3.3 6.2 0.7 0.7 4.5 5.0 0.7 0.7
Beatrix Measured 14.7 5.6 2.6 2.6 16.2 5.3 2.8 2.8
Indicated 22.3 5.0 3.6 3.6 23.8 5.0 3.8 3.8
Measured + Indicated 37.0 5.3 6.3 6.3 40.0 5.1 6.6 6.6
Inferred 1.7 4.9 0.3 0.3 0.5 4.0 0.1 0.1
Cooke¹ Measured 150.6 0.3 1.2 1.6 150.8 0.3 1.2 1.6
Indicated 40.8 0.3 0.4 0.5 40.1 0.3 0.4 0.5
Measured + Indicated 191.3 0.3 1.6 2.2 191.0 0.3 1.6 2.2
Inferred — — — — — — — —
DRDGOLD² Measured 33.2 0.3 0.3 0.6 33.4 0.3 0.3 0.6
Indicated 183.6 0.2 1.4 2.9 188.2 0.2 1.5 3.0
Measured + Indicated 216.7 0.2 1.7 3.4 221.6 0.3 1.8 3.6
Inferred 10.7 0.2 0.1 0.2 10.7 0.2 0.1 0.2
Total Measured + Indicated 511.2 1.8 29.3 31.5 529.7 1.7 29.6 31.9
Grand total 533.0 1.8 31.3 33.6 552.4 1.8 31.5 33.9 Gold Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Operations Kloof Proven 6.6 5.8 1.2 1.2 7.6 5.1 1.3 1.3
Probable 2.4 5.2 0.4 0.4 3.2 5.6 0.6 0.6
Proven + Probable 8.9 5.6 1.6 1.6 10.8 5.3 1.8 1.8
Driefontein Proven 5.6 6.9 1.2 1.2 5.6 8.7 1.6 1.6
Probable 5.4 6.8 1.2 1.2 6.0 7.1 1.4 1.4
Proven + Probable 11.0 6.8 2.4 2.4 11.6 7.9 2.9 2.9
Beatrix Proven 4.6 3.9 0.6 0.6 4.7 3.5 0.5 0.5
Probable 1.4 2.6 0.1 0.1 1.2 3.5 0.1 0.1
Proven + Probable 6.0 3.6 0.7 0.7 5.9 3.5 0.7 0.7
Cooke¹ Proven — — — — — — — —
Probable 5.4 0.3 0.04 0.1 8.8 0.3 0.1 0.1
Proven + Probable 5.4 0.3 0.04 0.1 8.8 0.3 0.1 0.1
DRDGOLD² Proven 181.1 0.3 1.8 3.6 193.8 0.3 2.0 4.0
Probable 105.0 0.3 0.9 1.7 105.1 0.3 0.9 1.7
Proven + Probable 286.1 0.3 2.7 5.4 298.9 0.3 2.9 5.7
Grand total Proven + Probable 317.5 0.7 7.5 10.2 336.0 0.8 8.4 11.2

176% Attributable, managed, 250.23% Attributable, non-managed. Based on a gold price of ZAR1,170,587/kg

At the Driefontein operation, new geological data

has led to a re-interpretation of the Ventersdorp

Contact Reef (VCR) facies and structural models,

which impacted the Mineral Resource estimate,

offset by a decrease in Reserves due to economic

considerations (0.2Moz).

At Driefontein, the exclusion of areas due to rock

engineering constraints led to a (-0.3Moz) decrease

in Mineral Reserves. This was offset by area

inclusions at Kloof and Beatrix (+0.3Moz). Notably,

the Beatrix Mineral Reserve has remained stable,

despite depletion, through the conversion of pillar

Mineral Resources to Mineral Reserves. This has

added one year to the Beatrix LoM, which remains

at 4 years.

SA gold operations – Mineral Reserves reconciliation

Factors Gold (Moz)
31 Dec 2023 8.4
Depletion -0.7
Post depletion 7.7
Area inclusions/exclusions 0.01
Geological interpretation -0.1
Economic parameters -0.1
31 Dec 2024 7.5

11

4.2.2.2. SA gold - Burnstone development project

•Total gold Mineral Resources of 5.5Moz, a year-on-year decrease of -2.3%

•Total gold Mineral Reserves of 2.5Moz,  effectively unchanged year-on-year

Gold Mineral Resources Exclusive of Mineral Reserves
Attributable Attributable
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Development Burnstone Measured 0.4 4.6 0.1 0.1 0.4 4.4 0.1 0.1
Indicated 10.5 4.8 1.6 1.6 10.9 4.4 1.6 1.6
Measured + Indicated 10.9 4.8 1.7 1.7 11.4 4.4 1.6 1.6
Inferred 27.8 4.3 3.9 3.9 29.3 4.3 4.1 4.1
Grand total 38.7 4.5 5.5 5.5 40.7 4.3 5.7 5.7 Gold Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Development Burnstone Proven — — — — — — — —
Probable 20.0 4.0 2.5 2.5 19.8 4.0 2.5 2.5
Grand total Proven + Probable 20.0 4.0 2.5 2.5 19.8 4.0 2.5 2.5

The minor change in Mineral Resources relates to

the inclusion of new geological data gathered. The

construction of the Burnstone development project

has temporarily been deferred, aligned with group

capital allocation policy.

SA gold development – Mineral Reserves reconciliation

Factors Gold (Moz)
31 Dec 2023 2.5
Area inclusions/exclusions 0.02
31 Dec 2024 2.5

4.2.2.3. SA gold - Southern Free State (SOFS) exploration project

•Total gold Mineral Resources of 6.9Moz, unchanged year-on-year

Gold Mineral Resources
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
GOLD Southern Africa Tonnes Grade Gold Gold Tonnes Grade Gold Gold
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Exploration SOFS Measured — — — — — — — —
Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Measured + Indicated 44.1 4.5 6.4 6.4 44.1 4.5 6.4 6.4
Inferred 4.0 3.6 0.5 0.5 4.0 3.6 0.5 0.5
Grand total 48.1 4.4 6.9 6.9 48.1 4.4 6.9 6.9

The SOFS project in the Free State, adjacent to our Beatrix mining right, remains a fully mining permitted

development option.

4.2.3. Uranium exploration projects

•Total uranium oxide(U3O8) Mineral Resources of 59.2Mlb, unchanged year-on-year

Uranium Mineral Resources
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
URANIUM Southern Africa Tonnes Grade U₃O₈ U₃O₈ Tonnes Grade U₃O₈ U₃O₈
(Mt) (kg/t) (Mlb) (Mlb) (Mt) (kg/t) (Mlb) (Mlb)
Exploration Beatrix (Beisa) Measured 3.6 1.09 8.5 8.5 3.6 1.09 8.5 8.5
Indicated 7.8 1.07 18.3 18.3 7.8 1.07 18.3 18.3
Measured + Indicated 11.4 1.07 26.9 26.9 11.4 1.07 26.9 26.9
Inferred — 1.10 0.1 0.1 0.04 1.10 0.1 0.1
Cooke¹ Measured 60.3 0.19 24.7 32.5 60.3 0.19 24.7 32.5
Indicated 39.7 0.09 7.6 9.9 39.7 0.09 7.6 9.9
Measured + Indicated 100.0 0.15 32.2 42.4 100.0 0.15 32.2 42.4
Inferred — — — — — — — —
Total Measured + Indicated 111.4 0.24 59.1 69.3 111.4 0.24 59.1 69.3
Grand total 111.4 0.24 59.2 69.4 111.4 0.24 59.2 69.4

176% Attributable, managed

12

Uranium Mineral Resources occur as co-mineralisation within tonnage also reported under the SA gold Mineral

Resources.

The feasibility study (FS) into the exploitation of the uranium in the Cooke dump is progressing well with the FS

expected to be delivered by Q4 2025 and a final investment decision expected in 2026.

The Beisa Mineral Resource is reported subject to a pending transaction with Neo Energy Metals, expected to

close in early 2026, for the sale of the Beisa uranium asset in exchange for a consideration of ZAR250m in cash

and ZAR250m in equity in Neo (40%).

4.3. Europe

4.3.1. Battery metals

4.3.1.1. Keliber lithium development project

•LCE Mineral Resources of 223kt, a year-on-year increase of +6.6%

•LCE Mineral Reserves of 248kt, a year-on-year increase of +36.6%

Lithium Mineral Resources Exclusive of Mineral Reserves
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
LITHIUM Europe Tonnes Li Li₂O LCE LCE Tonnes Li Li₂O LCE LCE
(Mt) (%) (kt) (kt) (kt) (Mt) (%) (kt) (kt) (kt)
Development Keliber¹ Measured 0.5 0.58 1.26 15 18 0.4 0.58 1.25 12 15
Indicated 2.9 0.55 1.19 86 108 3.5 0.56 1.20 103 129
Measured + Indicated 3.4 0.56 1.20 101 126 3.9 0.56 1.20 115 144
Inferred 4.5 0.51 1.10 122 153 3.6 0.50 1.07 94 118
Grand total 7.9 0.53 1.14 223 279 7.4 0.53 1.14 209 262 Lithium Mineral Reserves
--- --- --- --- --- --- --- --- --- --- --- --- ---
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
LITHIUM Europe Tonnes Li Li₂O LCE LCE Tonnes Li Li₂O LCE LCE
(Mt) (%) (%) (kt) (kt) (Mt) (%) (%) (kt) (kt)
Development Keliber¹ Proven 3.5 0.51 1.09 93 117 3.1 0.48 1.04 80 101
Probable 6.9 0.42 0.91 155 195 4.6 0.42 0.90 102 127
Grand total Proven + Probable 10.3 0.45 0.97 248 311 7.7 0.44 0.96 182 228

179.82% Attributable, managed

As part of the operational readiness phase at the

Keliber Lithium project, which is currently under

construction, and incorporating the most recent

(2023) update in the Mineral Resource estimate, the

Mineral Reserves estimate has been updated. This

has resulted in a material increase, most notably at

Syvajarvi and Rapasaari, where the life of the open

pits have been extended to 5 and 16 years

respectively (18 years at full production combined).

The increase in Mineral Resource is a consequence

of the inclusion of additional inferred material inside

the new open pit design.

EU Lithium development – Mineral Reserves reconciliation

Factors LCE (kt)
31 Dec 2023 182
Area inclusions/exclusions -12
Geological interpretation 38
Economic parameters 41
31 Dec 2024 248

13

4.4. Australia

4.4.1. Zinc tailings retreatment (part of the circular economy)

4.4.1.1. Century zinc operation (including on-lease in-situ exploration projects)

•Zinc Mineral Resources of 1,252Mlb, unchanged year-on-year

•Zinc Mineral Reserves of 1,218Mlb, a year-on-year decrease of 29.4%

Zinc Mineral Resources Exclusive of Mineral Reserves
31 Dec 2023 31 Dec 2022
ZINC Australia Tonnes Zinc Zinc Lead Lead Tonnes Zinc Zinc Lead Lead
(Mt) (%) (Mlb) (%) (Mlb) (Mt) (%) (Mlb) (%) (Mlb)
Exploration Century Measured 1.0 4.80 106 5.40 119 1.0 4.80 106 5.40 119
Indicated 8.9 5.66 1,111 2.37 465 8.9 5.66 1,111 2.37 465
Measured + Indicated 9.9 5.58 1,217 2.68 584 9.9 5.58 1,217 2.68 584
Inferred 0.6 2.67 35 6.17 82 0.6 2.67 35 6.17 82
Grand total 10.5 5.41 1,252 2.88 666 10.5 5.41 1,252 2.88 666 Zinc Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2024 31 Dec 2023
Attributable 100% Attributable 100%
ZINC Australia Tonnes Zinc Zinc Zinc Tonnes Zinc Zinc Zinc
(Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb)
Operations Century Proven 18.7 2.95 1,218 1,218 26.1 3.00 1,726 1,726
Probable — — — — — — — —
Grand total Proven + Probable 18.7 2.95 1,218 1,218 26.1 3.00 1,726 1,726

The year-on-year change in Mineral Reserves were driven by mining depletion of the TSF Mineral Reserves. The

TSF will be depleted by mid-2027, and the Group is studying commercial options to extend the life of the

significant fixed infrastructure beyond the tailings mining.

4.4.1.1. Mt Lyell copper project

•Copper Mineral Resources of 1,945Mlb, a year-on-year increase of 20.8%

Copper Mineral Resources
31 Dec 2024 31 Dec 2023
COPPER Australia Tonnes Copper Copper Gold Gold Tonnes Copper Copper Gold Gold
(Mt) (%) (Mlb) (g/t) (Moz) (Mt) (%) (Mlb) (g/t) (Moz)
Exploration Mt Lyell Measured 3.7 0.93 77 0.2 0.03 3.7 0.89 73 0.2 0.03
Indicated 75.1 0.96 1,597 0.3 0.6 51.4 0.91 1,036 0.3 0.4
Measured + Indicated 78.8 0.96 1,674 0.3 0.6 55.1 0.91 1,108 0.2 0.4
Inferred 14.2 0.86 271 0.3 0.1 24.3 0.94 501 0.1 0.1
Grand total 93.1 0.95 1,945 0.2 0.7 79.4 0.92 1,609 0.2 0.5

During 2024, the Mineral Resource estimate of the Mt Lyell Copper project was updated, resulting in a material

increase in copper and gold Mineral Resources. The feasibility study into reopening the mine is continuing, with

an Association for the Advancement of Cost Engineering (AACE) Class 2 study expected to be delivered in Q4

2025, followed by an final investment decision in early 2026.

14

5.Corporate governance

This Mineral Reserves and Mineral Resources declaration represents a condensed and consolidated summary

of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration, available in the Group

Mineral Resources and Mineral Reserves Report. The report will be published on 25 April 2025 and will be

available at www.sibanyestillwater.com/news-investors/reports/annual/.

The Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by

fluctuations in mineral prices, exchange rates, operating costs, mining permits, changes in legislation and

operating factors.

Sibanye-Stillwater prepares and reports its Mineral Resources and Mineral Reserves in accordance with the

SAMREC Code, the updated Section 12 of the JSE Listings Requirements, and the SEC regulation S-K Sub-part

  1. For non-managed mineral properties, Mineral Resources and Mineral Reserves are in certain cases

prepared under different codes, such as JORC and NI-43-101. These codes are closely aligned with SAMREC,

and form part of CRIRSCO (Committee for Mineral Reserves International Reporting Standards). Therefore, the

estimates are deemed to be consistent with SAMREC and S-K1300.

Production volumes are reported in metric tonnes (t). By-product metals that do not constitute material

contribution to potential revenue flows are typically excluded from the estimates, but are included in the

economic assessments.

All financial models used to determine the managed Mineral Reserves are based on current tax regulations as

at 31 December 2024. Rounding of figures may result in minor computational discrepancies. Where this

happens, it is not deemed significant.

There are Competent Persons (CPs), designated in terms of the respective national reporting codes, who take

responsibility for the reporting of Mineral Resources and Mineral Reserves at the respective operations and

projects. Corporate governance on the overall compliance of the Group’s figures and responsibility for the

generation of a Group consolidated statement has been overseen by the Group's lead CP, included below.

The Group has the written confirmation of the lead CP that the information, as disclosed in this report, is

compliant with the relevant security exchanges’ listing requirements (Section 12 of the JSE listing requirements,

SAMREC Table 1 and the US SEC SK1300), and that it may be published in the form and context in which it was

intended.

For the managed operations, Stephan Stander is the Group Lead CP for Mineral Resources and Mineral

Reserves. Stephan is a registered member of the South African Council for Natural Scientific Professions

(SACNASP 400089/96).

Investor relations contact:

Email: [email protected]

James Wellsted

EVP: Investor Relations and Corporate Affairs

Tel: +27 (0) 83 453 4014

www.sibanyestillwater.com

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

About Sibanye-Stillwater

Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio of operations,

projects and investments across five continents. The Group is also one of the foremost global recyclers of PGM

autocatalysts and has interests in leading mine tailings retreatment operations.

Sibanye-Stillwater has established itself as one of the world’s largest primary producers of platinum, palladium,

and rhodium and is a top tier gold producer. It also produces and refines iridium and ruthenium, nickel,

chrome, copper and cobalt. The Group has recently begun to diversify its asset portfolio into battery metals

mining and processing and increase its presence in the circular economy by growing its recycling and tailings

reprocessing exposure globally. For more information refer to www.sibanyestillwater.com.

Ends.

15

6.Forward looking statements

The information in this document may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United

States Private Securities Litigation Reform Act of 1995 with respect to Sibanye Stillwater Limited’s (Sibanye-Stillwater or the Group) financial

condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services,

plans and objectives of management for future operations, markets for stock and other matters. These forward-looking statements,

including, among others, those relating to Sibanye-Stillwater’s future business prospects, revenues and income, climate change-related

targets and metrics, the potential benefits of past and future acquisitions (including statements regarding growth, cost savings, benefits

from and access to international financing and financial re-ratings), gold, PGM, nickel and lithium pricing expectations, levels of output,

supply and demand, information relating to Sibanye-Stillwater’s  new or ongoing development projects, any proposed, anticipated or

planned expansions into the battery metals or adjacent sectors and estimations or expectations of enterprise value, adjusted EBITDA and

net asset, 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 document.

All statements other than statements of historical facts included in this document may be forward-looking statements. Forward-looking

statements also often use words such as “will”, “would”, “expect”, “forecast”, “goal”, “vision”, “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, 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 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; increasing regulation of environmental and sustainability matters

such as greenhouse gas emissions and climate change; being subject to, and the outcome and consequence of, any potential or

pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; the ability of Sibanye-

Stillwater to meet its decarbonisation targets, including by diversifying its energy mix with renewable energy projects; 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, including global pandemics.

Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with the

Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the 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-IFRS Measures

The information contained in this document may contain certain non-IFRS measures, including, among others, adjusted EBITDA, AISC, AIC,

sustaining capital, Nickel equivalent sustaining cost and average equivalent zinc concentrate price. 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. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance

with IFRS. Sibanye-Stillwater is not providing a reconciliation of the forecast non-IFRS financial information presented in this document

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.

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 document.

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