Equibles

6-K

Sibanye Stillwater Ltd (SBSW)

6-K 2026-02-17 For: 2025-12-31
View Original
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

17 February 2026

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 Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2025

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: 17 February 2026 By: /s/ Charl Keyter
Name: Charl Keyter
Title: Chief Financial Officer

SS_EDGAR_31_Dec_2025 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 2025

Johannesburg, 17 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 2025.

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. In addition,

attributable Mineral Resources and Mineral Reserves are also declared based on our legal interest in non-

managed mineral properties.

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 24 April 2026 at

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

1.Salient features

•4E PGM Mineral Resources of 138.2Moz (-4.5%) and Mineral Reserves of 29.4Moz (+4.7%) at our SA PGM

operations

–The inclusion of the Marikana E4 mechanised UG2 project Mineral Reserves added +2.9Moz to Mineral

Reserves following the completion of a feasibility study

•2E PGM Mineral Resources of 57.5Moz (+2.8%) and Mineral Reserves of 19.4Moz (+2.1%) at our US PGM

operations

•Gold Mineral Resources of 25.2Moz (-31.7%) and Mineral Reserves of 9.4Moz (-6.3%) at our SA gold

operations (including DRDGOLD) and development projects (including Burnstone)

–At the Kloof operation, production constraints, including geotechnical considerations which led to the

removal of isolated blocks of ground,  have impacted the economic viability of the operation, leading

to a writedown of the majority of the Mineral Reserves (-1.4Moz)

•Uranium Oxide (U3O8) Mineral Resources of 33.1Mlb (-44.1%) and Mineral Reserves of 25.2Mlb at our SA gold

operations

–The maiden uranium Mineral Reserve is based on the completion of the Cooke TSF feasibility study

–The reduction in Mineral Resources is informed by the conversion to Mineral Reserves

•Lithium Mineral Resources of 263kt lithium carbonate equivalent (LCE) (-38.0%) and Mineral Reserves of

248kt (unchanged)

–The change in Mineral Resource is informed by the disposal of our interest in Ioneer Ltd (-201kt) and an

updated Mineral Resource estimate at the Keliber lithium project (+40kt) in Finland following successful

exploration

•Zinc Mineral Resources of 568kt (unchanged year-on-year) and Mineral Reserves of 308kt (-44.2%)

–Informed by the ongoing depletion of the tailings Mineral Reserve at the Century operation, which now

has ~18 months of reserve life left

•Copper Mineral Resources of 5,006kt (-37.3%) and Mineral Reserves of 478kt

–At the Mt Lyell copper project in Tasmania, Australia, the completion of the feasibility study has resulted

in a maiden Mineral Reserve under Sibanye-Stillwater. This also informed a reduction in Mineral

Resources at Mt Lyell

–At the Altar project in Argentina, a reduction in project ownership (40% to 20%) following a further earn-

in by Aldebaran Resources, has resulted in an attributable Mineral Resource reduction  (-2,478kt)

2

Exhibit 99.1

2.Group overview

Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa¹ Operations Measured 308.1 4.0 39.2 53.6 329.2 4.0 41.9 56.0
Indicated 476.1 4.3 66.2 84.2 538.8 4.1 70.3 89.4
Measured + Indicated 784.1 4.2 105.4 137.8 868.1 4.0 112.2 145.5
Inferred 237.1 4.3 32.7 41.9 236.9 4.3 32.5 41.8
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
Americas² Operations Measured 20.5 13.8 9.1 9.1 16.3 14.1 7.4 7.4
Indicated 20.6 11.1 7.3 7.3 18.8 12.4 7.5 7.5
Measured + Indicated 41.0 12.4 16.4 16.4 35.1 13.2 14.8 14.8
Inferred 96.5 13.2 41.1 41.1 91.2 14.0 41.1 41.1
Exploration Measured 19.9 0.7 0.5 3.9 22.0 0.8 0.6 4.1
Indicated 9.7 0.5 0.2 1.4 10.0 0.6 0.2 1.3
Measured + Indicated 29.6 0.7 0.6 5.3 31.9 0.7 0.7 5.4
Inferred 3.6 0.5 0.1 0.5 4.0 0.5 0.1 0.4
Total Measured + Indicated 1,101.1 4.4 155.2 205.0 1,181.4 4.2 160.5 211.1
Grand total 1,597.1 4.8 247.9 314.6 1,672.3 4.7 253.0 320.6 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 145.4 2.1 9.7 10.1 234.3 2.3 17.2 17.8
Indicated 97.8 2.7 8.3 8.6 276.8 1.4 12.1 13.7
Measured + Indicated 243.2 2.3 18.0 18.7 511.2 1.8 29.3 31.5
Inferred 20.9 2.5 1.7 1.7 21.9 2.9 2.0 2.1
Development Measured 0.3 5.0 0.1 0.1 0.4 4.6 0.1 0.1
Indicated 8.8 5.2 1.5 1.5 10.5 4.8 1.6 1.6
Measured + Indicated 9.1 5.2 1.5 1.5 10.9 4.8 1.7 1.7
Inferred 28.7 4.4 4.0 4.0 27.8 4.3 3.9 3.9
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
Americas Exploration Measured 270.6 0.1 0.90 3.07 409.2 0.1 1.4 3.1
Indicated 519.8 0.1 0.9 3.0 797.8 0.1 1.4 3.0
Measured + Indicated 790.4 0.1 1.8 6.1 1,207.0 0.1 2.8 6.1
Inferred 386.6 0.04 0.5 1.8 595.5 0.04 0.8 1.8
Australia Development Measured 2.3 0.3 0.02 0.02 3.7 0.2 0.03 0.03
Indicated 21.1 0.3 0.2 0.2 71.5 0.3 0.6 0.6
Measured + Indicated 23.4 0.3 0.2 0.2 75.2 0.3 0.6 0.6
Inferred 11.3 0.3 0.1 0.1 11.3 0.3 0.1 0.1
Total Measured + Indicated 1,110.2 0.8 28.0 33.0 1,848.4 0.7 40.8 46.3
Grand total 1,561.7 0.7 34.8 41.0 2,508.9 0.6 48.1 54.6

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 0.54 1.16 13 16 0.5 0.58 1.26 15 18
Indicated 4.6 0.52 1.11 127 159 2.9 0.55 1.19 86 108
Measured + Indicated 5.1 0.52 1.12 140 175 3.4 0.56 1.20 101 126
Inferred 4.3 0.54 1.16 123 154 4.5 0.51 1.10 122 153
Americas Exploration Measured — — — — — 4.6 0.18 0.40 45 734
Indicated — — — — — 11.3 0.17 0.36 102 1,645
Measured + Indicated — — — — — 16.0 0.17 0.37 147 2,379
Inferred — — — — — 5.8 0.18 0.38 54 874
Total Measured + Indicated 5.1 0.52 1.12 140 175 19.4 0.24 0.52 248 2,505
Grand total 9.4 0.53 1.14 263 329 29.6 0.27 0.58 424 3,532 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 Operations Measured 3.6 1.09 8.5 8.5 63.8 0.24 33.2 41.0
Indicated 42.2 0.26 24.5 26.4 47.5 0.25 25.9 28.3
Measured + Indicated 45.8 0.33 33.0 35.0 111.4 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 45.8 0.33 33.1 35.1 111.4 0.24 59.2 69.4 Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
COPPER Tonnes Grade Copper Copper Tonnes Grade Copper Copper
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Australia Development Measured 2.3 1.04 24 24 3.7 0.93 35 35
Indicated 21.9 1.10 241 241 75.1 0.96 724 724
Measured + Indicated 24.2 1.10 265 265 78.8 0.96 759 759
Inferred 14.2 0.86 123 123 14.2 0.86 123 123
Americas Exploration Measured 270.6 0.40 1,092 3,668 409.2 0.41 1,671 3,668
Indicated 519.8 0.41 2,114 6,822 797.8 0.41 3,255 6,809
Measured + Indicated 790.4 0.41 3,206 10,491 1,207.0 0.41 4,926 10,478
Inferred 386.6 0.37 1,412 4,527 595.5 0.37 2,177 4,525
Total Measured + Indicated 814.6 0.43 3,471 10,756 1,285.8 0.44 5,685 11,237
Grand total 1,215.4 0.41 5,006 15,406 1,895.6 0.42 7,985 15,885 Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
ZINC⁴ Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Australia Exploration Measured 1.0 4.80 48 48 1.0 4.80 48 48
Indicated 8.9 5.66 504 504 8.9 5.66 504 504
Measured + Indicated 9.9 5.58 552 552 9.9 5.58 552 552
Inferred 0.6 2.67 16 16 0.6 2.67 16 16
Grand total 10.5 5.41 568 568 10.5 5.41 568 568

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

1For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)

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

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

4Silver and lead content excluded, please refer to detailed operational tables

4

Mineral Reserves
31 Dec 2025 31 Dec 2024
Attributable 100% Attributable 100%
PGM Tonnes Grade PGM PGM Tonnes Grade PGM PGM
(Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Southern Africa¹ Operation Proven 118.9 3.5 13.3 18.3 115.3 3.5 13.0 18.0
Probable 178.3 2.8 16.2 20.2 147.2 3.2 15.1 18.9
Proven + Probable 297.2 3.1 29.4 38.6 262.5 3.3 28.1 37.0
Americas² Operation Proven 7.9 14.8 3.7 3.7 9.5 13.1 4.0 4.0
Probable 37.1 13.1 15.6 15.6 35.1 13.3 15.0 15.0
Proven + Probable 45.0 13.4 19.4 19.4 44.5 13.3 19.0 19.0
Grand total Proven + Probable 342.2 4.4 48.8 57.9 307.1 4.8 47.1 56.0 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 181.1 0.6 3.7 5.4 197.9 0.8 4.9 6.7
Probable 221.8 0.4 2.9 4.3 119.6 0.7 2.6 3.5
Proven + Probable 402.9 0.5 6.7 9.7 317.5 0.7 7.5 10.2
Development Proven — — — — — — — —
Probable 19.9 4.2 2.7 2.7 20.0 4.0 2.5 2.5
Proven + Probable 19.9 4.2 2.7 2.7 20.0 4.0 2.5 2.5
Grand total Proven + Probable 422.8 0.7 9.4 12.4 337.4 0.9 10.0 12.7 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 3.5 0.51 1.09 93 117
Probable 6.9 0.42 0.91 155 195 6.9 0.42 0.91 155 195
Grand total Proven + Probable 10.3 0.45 0.97 248 311 10.3 0.45 0.97 248 311 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 Operations Proven — — — — — — — —
Probable 62.2 0.18 25.2 33.2 — — — —
Grand total Proven + Probable 62.2 0.18 25.2 33.2 — — — — Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
COPPER Tonnes Grade Copper Copper Tonnes Grade Copper Copper
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Australia Development Proven 1.4 0.75 10 10 — — — —
Probable 53.2 0.88 467 467 — — — —
Grand total Proven + Probable 54.6 0.88 478 478 — — — — Attributable 100% Attributable 100%
--- --- --- --- --- --- --- --- --- --- ---
ZINC⁴ Tonnes Grade Zinc Zinc Tonnes Grade Zinc Zinc
(Mt) (%) (kt) (kt) (Mt) (%) (kt) (kt)
Australia Operation Proven 10.1 3.05 308 308 18.7 2.95 553 553
Probable — — — — — — — —
Grand total Proven + Probable 10.1 3.05 308 308 18.7 2.95 553 553

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

1For the SA PGM operations, PGM is represented by the 4E (Pt, Pd, Rh and Au)

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

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

4Silver and lead content excluded, please refer to detailed operational tables

5

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-

dec2025-jse.

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

December 2025 is ZAR18.24:US$ (unchanged year-on-year). Other rates applied are US$1.12:EUR (unchanged

year-on-year), ZAR20.43:EUR (up from ZAR19.80:EUR at end 2024) and US$0.68:AUD (down from US$0.71:AUD at

end 2024).

Price assumptions as at 31 December 2025 for managed Mineral Resources & Mineral Reserves (excluding SA

gold Mineral Reserves)

31 Dec 2025 31 Dec 2024
MINERAL RESOURCES MINERAL RESERVES MINERAL RESERVES
Precious metals US$/oz R/oz R/kg US$/oz R/oz R/kg US$/oz R/oz R/kg
Gold1 2,650 48,336 1,554,037 2,421 44,159 1,419,745 1,750 31,920 1,026,251
Platinum 1,350 24,624 791,679 1,250 22,800 733,036 1,250 22,800 733,036
Palladium 1,350 24,624 791,679 1,150 20,976 674,394 1,150 20,976 674,394
Rhodium 5,000 91,200 2,932,146 4,500 82,080 2,638,931 4,500 82,080 2,638,931
Iridium 5,500 100,320 3,225,360 4,015 73,234 2,354,513 5,500 100,320 3,225,360
Ruthenium 450 8,208 263,893 400 7,296 234,572 400 7,296 234,572
Base and other metals US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne US$/lb US$/tonne R/tonne
Nickel 8.50 18,739 341,804 8.00 17,640 321,754 8.00 17,640 321,754
Copper 4.54 10,009 182,654 4.20 9,259 168,892 4.06 8,950 163,248
Cobalt 20.00 44,092 804,245 18.50 40,785 743,927 22.00 48,502 884,670
Zinc 1.30 2,866 52,276 1.20 2,646 48,255 1.15 2,535 46,244
Uranium oxide (U3O8)2 100.00 220,462 4,021,232 90.00 198,416 3,619,108 63.00 138,891 2,533,373
Chromium oxide (Cr₂O₃, 40.5%<br><br>UG2 conc.)2 0.11 250 4,560 0.10 230 4,195 0.10 230 4,195
Lithium hydroxide monohydrate 9.98 22,000 401,280 9.07 20,000 364,800 9.07 20,000 364,800

1 Long term (2030 onwards)

2 Long term contract prices

Price assumptions as at 31 December 2025 for Mineral Reserves at managed gold operations

2026 2027 2028 2029 Long Term
(US$/oz) 2,837 2,655 2,589 2,484 2,421
(R/kg) 1,663,911 1,557,089 1,518,355 1,456,397 1,419,745

6

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

4.1. Southern Africa

4.1.1. Platinum group metals

4.1.1.1. SA PGM operations

•Total 4E PGM Mineral Resources of 138.2Moz, a year-on-year decrease of -4.5%

•Total 4E PGM Mineral Reserves of 29.4Moz, a year-on-year increase of +4.7%

PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
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 50.4 4.1 6.6 8.2 48.3 4.7 7.3 9.0
Indicated 390.8 4.2 52.3 64.9 441.4 3.8 54.5 67.6
Measured + Indicated 441.1 4.2 58.9 73.1 489.6 3.9 61.8 76.6
Inferred 212.8 4.3 29.3 36.3 211.5 4.3 29.0 35.9
Rustenburg² Measured 239.8 4.0 30.6 41.4 170.8 5.1 28.0 37.8
Indicated 77.1 5.2 12.9 17.5 84.4 5.3 14.3 19.4
Measured + Indicated 316.9 4.3 43.6 58.9 255.3 5.2 42.3 57.2
Inferred 10.9 5.6 2.0 2.6 10.9 5.6 2.0 2.6
Kroondal³ Measured — — — — 93.1 1.6 4.8 5.5
Indicated — — — — 4.8 3.3 0.5 0.6
Measured + Indicated — — — — 97.9 1.7 5.3 6.1
Inferred — — — — — — — —
Mimosa⁴ Measured 17.9 3.4 2.0 3.9 17.1 3.4 1.9 3.8
Indicated 8.2 3.6 0.9 1.9 8.2 3.6 0.9 1.9
Measured + Indicated 26.1 3.5 2.9 5.8 25.3 3.5 2.8 5.6
Inferred 13.4 3.4 1.5 3.0 14.5 3.4 1.6 3.2
Total Measured + Indicated 784.1 4.2 105.4 137.8 868.1 4.0 112.2 145.5
Grand total 1,021.2 4.2 138.2 179.8 1,105.0 4.1 144.7 187.2 PGM Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2025 31 Dec 2024
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 30.1 3.7 3.5 4.4 17.7 3.9 2.2 2.7
Probable 167.9 2.8 15.2 18.9 125.8 3.4 13.9 17.3
Proven + Probable 198.0 2.9 18.8 23.3 143.5 3.5 16.1 20.0
Rustenburg² Proven 77.2 3.4 8.5 11.4 76.6 3.6 8.8 11.9
Probable 9.5 2.7 0.8 1.1 19.9 1.6 1.0 1.4
Proven + Probable 86.7 3.3 9.3 12.6 96.5 3.2 9.8 13.2
Kroondal³ Proven — — — — 9.1 2.5 0.7 0.8
Probable — — — — — — — —
Proven + Probable — — — — 9.1 2.5 0.7 0.8
Mimosa⁴ Proven 11.6 3.4 1.3 2.5 12.0 3.4 1.3 2.6
Probable 0.9 3.4 0.1 0.2 1.4 3.3 0.2 0.3
Proven + Probable 12.5 3.4 1.4 2.7 13.5 3.4 1.5 2.9
Grand total Proven + Probable 297.2 3.1 29.4 38.6 262.5 3.3 28.1 37.0

180.64% Attributable, managed; 274% Attributable managed; 387% Attributable, managed; 450% Attributable, non-managed

The Mineral Resources were largely stable, only

impacted by mining depletion and conversion to

Mineral Reserves at KTD1 TSF and the Marikana E4

project. Noteworthy is that the Kroondal and SRPM

Mineral Resources and Mineral Reserves have been

consolidated under SRPM due to the

amalgamation of the operations.

A detailed reconciliation of the 2024 to 2025 SA

PGM operations Mineral Reserves is shown in the

table below.

7

SA PGM operations – Mineral Reserves reconciliation

Factors 4E PGM<br><br>(Moz)
31 Dec 2024 28.1
Depletion -1.8
Post depletion 26.3
Area inclusions/exclusions (E4, KTD1) 3.5
Geological interpretation -0.1
Estimation methodology -0.1
Economic valuation -0.1
Modifying factors -0.2
31 Dec 2025 29.4

For the Mineral Reserves, apart from depletion

(-1.8Moz), the following aspects informed the

changes:

•Marikana operation, where the E4 Mechanised

UG2 project, for which a feasibility study has

been completed, has been included in the

Mineral Reserves for the first time (+2.9Moz). This

project is a capital efficient, high margin,

shallow, mechanised room and pillar,

brownfields opportunity

•The inclusion of the Marikana KTD1 TSF (+0.6Moz)

•Minor adjustments due to geological

interpretation, estimation methodology,

economic valuation and a change in modifying

factors (-0.5Moz)

4.1.1.2. SA PGM exploration projects

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

PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
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%)

8

4.1.2. Gold

4.1.2.1 SA gold operations

•Total gold Mineral Resources of 19.7Moz, a year-on-year decrease of -37.3%

•Total gold Mineral Reserves of 6.7Moz, a year-on-year decrease of -10.8%

Gold Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
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 7.2 7.6 1.7 1.7 22.5 11.4 8.2 8.2
Indicated 11.1 6.1 2.2 2.2 22.1 6.4 4.5 4.5
Measured + Indicated 18.3 6.7 3.9 3.9 44.7 8.9 12.8 12.8
Inferred 2.4 4.8 0.4 0.4 6.2 5.3 1.0 1.0
Driefontein Measured 13.1 10.4 4.4 4.4 13.4 11.1 4.8 4.8
Indicated 7.3 7.7 1.8 1.8 8.0 8.2 2.1 2.1
Measured + Indicated 20.4 9.4 6.2 6.2 21.4 10.0 6.9 6.9
Inferred 3.3 6.0 0.6 0.6 3.3 6.2 0.7 0.7
Beatrix Measured 14.5 5.6 2.6 2.6 14.7 5.6 2.6 2.6
Indicated 23.3 5.1 3.8 3.8 22.3 5.0 3.6 3.6
Measured + Indicated 37.7 5.3 6.4 6.4 37.0 5.3 6.3 6.3
Inferred 4.2 4.9 0.7 0.7 1.7 4.9 0.3 0.3
Cooke¹ Measured 88.0 0.2 0.7 0.9 150.6 0.3 1.2 1.6
Indicated 34.9 0.3 0.3 0.4 40.8 0.3 0.4 0.5
Measured + Indicated 122.9 0.3 1.0 1.4 191.3 0.3 1.6 2.2
Inferred — — — — — — — —
DRDGOLD² Measured 22.6 0.3 0.2 0.4 33.2 0.3 0.3 0.6
Indicated 21.3 0.3 0.2 0.4 183.6 0.2 1.4 2.9
Measured + Indicated 43.9 0.3 0.4 0.8 216.7 0.2 1.7 3.4
Inferred 11.1 0.1 — 0.1 10.7 0.2 0.1 0.2
Total Measured + Indicated 243.2 2.3 18.0 18.7 511.2 1.8 29.3 31.5
Grand total 264.1 2.3 19.7 20.4 533.0 1.8 31.3 33.6 Gold Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2025 31 Dec 2024
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 0.7 4.3 0.1 0.1 6.6 5.8 1.2 1.2
Probable — — — — 2.4 5.2 0.4 0.4
Proven + Probable 0.7 4.3 0.1 0.1 8.9 5.6 1.6 1.6
Driefontein Proven 6.6 6.6 1.4 1.4 5.6 6.9 1.2 1.2
Probable 3.9 7.6 1.0 1.0 5.4 6.8 1.2 1.2
Proven + Probable 10.5 7.0 2.4 2.4 11.0 6.8 2.4 2.4
Beatrix Proven 5.6 3.1 0.6 0.6 4.6 3.9 0.6 0.6
Probable 2.1 3.3 0.2 0.2 1.4 2.6 0.1 0.1
Proven + Probable 7.7 3.1 0.8 0.8 6.0 3.6 0.7 0.7
Cooke¹ Proven — — — — — — — —
Probable 67.6 0.3 0.58 0.8 5.4 0.3 — 0.1
Proven + Probable 67.6 0.3 0.58 0.8 5.4 0.3 — 0.1
DRDGOLD² Proven 168.3 0.3 1.7 3.4 181.1 0.3 1.8 3.6
Probable 148.1 0.2 1.2 2.4 105.0 0.3 0.9 1.7
Proven + Probable 316.4 0.3 2.9 5.7 286.1 0.3 2.7 5.4
Grand total Proven + Probable 402.9 0.5 6.7 9.7 317.5 0.7 7.5 10.2

176% Attributable, managed, 250.10% Attributable, non-managed. Based on a gold price of ZAR1,689,997/kg

The change in the Mineral Resources, apart from

mining depletion, were principally driven by:

•Kloof operation, due to the exclusion of Mineral

Resources below 35 level (due to 7 shaft closure)

and the exclusion of the majority of high-grade

VCR Resources due to rock engineering

constraints

•Driefontein operation, due to the exclusion of

inaccessible areas relating to infrastructure

constraints at 8 shaft

•DRDGOLD, with the removal of the

Daggafontein TSF due to being reclassified as a

depositional site; and the Grootvlei TSF due to

regulatory and legal  considerations

A detailed reconciliation of the 2024 to 2025 SA

Gold operations Mineral Reserves is shown in the

below table.

9

SA gold operations – Mineral Reserves reconciliation

Factors Gold (Moz)
31 Dec 2024 7.5
Depletion -0.6
Post depletion 6.9
Area inclusions/exclusions 0.6
Attributable adjustment 0.3
Geological interpretation -0.2
Economic parameters -0.9
31 Dec 2025 6.7

For the Mineral Reserves, apart from depletion

(-0.6Moz), the following aspects informed the

changes:

•Kloof operation, where production constraints,

including geotechnical considerations which led

to the removal of isolated blocks of ground,

have impacted the economic viability of the

operation, leading to a writedown of the

majority of the Mineral Reserves (1.4Moz)

•Driefontein operation, where the depletion

(0.2Moz) was offset by one year life extensions at

4 shaft and 5 shaft (0.3Moz)

•Beatrix operation, where the LoM was extended

by three years through the inclusion of below

infrastructure mining, an extension into the

Vlakpan area and a reduced production rate

•Cooke operation, where the gold content from

the Cooke TSF uranium project is included for

the first time following the successful feasibility

study

•DRDGOLD, where the Daggafontein TSF

(0.7Moz) was excluded, and the Crown

Complex (1.1Moz) was added

4.1.2.2. SA gold - Burnstone development project

•Total gold Mineral Resources of 5.5Moz, a year-on-year decrease of -0.3%

•Total gold Mineral Reserves of 2.7Moz,  a year-on-year increase of +7.2%

Gold Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
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 0.3 5.0 0.1 0.1 0.4 4.6 0.1 0.1
Indicated 8.8 5.2 1.5 1.5 10.5 4.8 1.6 1.6
Measured + Indicated 9.1 5.2 1.5 1.5 10.9 4.8 1.7 1.7
Inferred 28.7 4.4 4.0 4.0 27.8 4.3 3.9 3.9
Grand total 37.8 4.6 5.5 5.5 38.7 4.5 5.5 5.5 Gold Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2025 31 Dec 2024
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 19.9 4.2 2.7 2.7 20.0 4.0 2.5 2.5
Grand total Proven + Probable 19.9 4.2 2.7 2.7 20.0 4.0 2.5 2.5

A feasibility study into the re-commencement of

construction at the Burnstone project is ongoing,

with a decision expected during 2026. As part of

this work, the Mineral Resource and Mineral Reserve

estimates were revisited, leading to minor

adjustments, largely relating to a change in

geological domaining and mine design and

scheduling.

SA gold development – Mineral Reserves reconciliation

Factors Gold (Moz)
31 Dec 2024 2.5
Area inclusions/exclusions 0.2
31 Dec 2025 2.7

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

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

Gold Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
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 project.

10

4.1.3. Uranium exploration projects

•Total uranium oxide (U3O8) Mineral Resources of 33.1Mlb, a year-on-year decrease of -44.1%

•A maiden uranium oxide (U3O8) Mineral Reserve of 25.2Mlb

Uranium Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
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 0.04 1.10 0.1 0.1 0.04 1.10 0.1 0.1
Operations Cooke¹ Measured — — — — 60.3 0.19 24.7 32.5
Indicated 34.4 0.08 6.2 8.1 39.7 0.09 7.6 9.9
Measured + Indicated 34.4 0.08 6.2 8.1 100.0 0.15 32.2 42.4
Inferred — — — — — — — —
Total Measured + Indicated 45.8 0.33 33.0 35.0 111.4 0.24 59.1 69.3
Grand total 45.8 0.33 33.1 35.1 111.4 0.24 59.2 69.4 Uranium Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2025 31 Dec 2024
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)
Operations Cooke¹ Proven — — — — — — — —
Probable 62.2 0.18 25.2 33.2 — — — —
Grand total Proven + Probable 62.2 0.18 25.2 33.2 — — — —

176% Attributable, managed

The feasibility study into the exploitation of the Cooke TSF (gold and uranium) was completed, leading to a

maiden uranium Mineral Reserve. This informed the decrease in Mineral Resources. The gold Mineral Resources

and Mineral Reserves within the TSF is reported within the SA gold tables.

The Beisa Mineral Resource, previously reported as subject to a pending transaction with Neo Energy Metals,

expected to close in 2026, is still included.

11

4.2. Americas

4.2.1. Platinum group metals (PGM)

4.2.1.1. US PGM  operations

•Total 2E PGM Mineral Resources of 57.5Moz, a year-on-year increase of +2.8%

•Total 2E PGM Mineral Reserves of 19.4Moz, a year-on-year increase of +2.1%

PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
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 20.5 13.8 9.1 9.1 16.3 14.1 7.4 7.4
East Boulder Indicated 20.6 11.1 7.3 7.3 18.8 12.4 7.5 7.5
Measured + Indicated 41.0 12.4 16.4 16.4 35.1 13.2 14.8 14.8
Inferred 96.5 13.2 41.1 41.1 91.2 14.0 41.1 41.1
Grand total 137.6 13.0 57.5 57.5 126.3 13.8 55.9 55.9 PGM Mineral Reserves
--- --- --- --- --- --- --- --- --- --- ---
31 Dec 2025 31 Dec 2024
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 7.9 14.8 3.7 3.7 9.5 13.1 4.0 4.0
East Boulder Probable 37.1 13.1 15.6 15.6 35.1 13.3 15.0 15.0
Grand total Proven + Probable 45.0 13.4 19.4 19.4 44.5 13.3 19.0 19.0

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

The year-on-year change in Mineral Resources,

apart from mining depletion and conversion to

Mineral Reserves, were primarily driven by an

adjustment in estimation methodology and an

update to the  geological loss calculation.

A detailed reconciliation of the 2024 to 2025 US

PGM operations Mineral Reserves is shown in the

below table.

US PGM operations – Mineral Reserves reconciliation

Factors 2E PGM<br><br>(Moz)
31 Dec 2024 19.0
Depletion -0.3
Post depletion 18.7
Area inclusions/exclusions 0.4
Geological interpretation 0.0
Estimation methodology 1.3
Economic valuation -0.2
Modifying factors -0.8
31 Dec 2025 19.4

For the Mineral Reserves, apart from depletion

(-0.3Moz), the following aspects informed the

changes:

•Area inclusions due to Mineral Resource

expansion, an adjustment in estimation

methodology, revised economic valuation and

a change in modifying factors (0.7Moz)

12

4.2.1.2. US PGM - Marathon exploration project

•Total 2E PGM Mineral Resources of 0.7Moz, a year-on-year decrease of -12.7%

PGM Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
PGM Americas Tonnes PGM PGM Copper Copper Tonnes PGM PGM Copper Copper
(Mt) (g/t) (Moz) (%) (kt) (Mt) (g/t) (Moz) (%) (kt)
Exploration Marathon¹ Measured 19.9 0.7 0.5 0.20 39 22.0 0.8 0.6 0.20 45
Indicated 9.7 0.5 0.2 0.21 21 10.0 0.6 0.2 0.22 22
Measured + Indicated 29.6 0.7 0.6 0.20 60 31.9 0.7 0.7 0.21 67
Inferred 3.6 0.5 0.1 0.22 8 4.0 0.5 0.1 0.23 9
Grand total 33.3 0.7 0.7 0.21 68 35.9 0.7 0.8 0.21 76

112.14% 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$13.60/t (Marathon), and C$13/t (Geordie and Sally). Based on

US$ metal prices of US$1,550/oz for palladium, US$1,100/oz for platinum, US$4.50/lb for copper, US$2,300/oz for gold and US$27/oz for silver

and US$:C$ of 0.74(Marathon). Based on US$ metal prices of US$1,600/oz for palladium, US$900/oz for platinum, US$3.00/lb for copper,

US$1,500/oz for gold and US$18/oz for silver and US$:C$ of 0.77(Geordie and Sally).The NSR estimates for the project use flotation recoveries

of 94.0% for copper, 89.5% for palladium, 84.0% for platinum, 83.1% for gold, 68.0% for silver and smelter payables of 96.5% for copper, 95.0%

for palladium, 93.0% for platinum, 93.5% for gold and 93.5% for silver. The open-pit optimisation used a mining cost of C$2.90/t, combined

processing, general and administration, sustaining capital, rehabilitation and closure of C$13.60/t with pit slopes of 50º

The Mineral Resource estimate for the Marathon project in Canada has been updated as part of a revised NI

43-101 compliant feasibility study, leading to a small upward adjustment at the Marathon deposit.

The Group's shareholding in Generation Mining Ltd changed from 13.85% to 12.14% during the year, resulting in

the associated decrease in attributable Mineral Resources.

4.2.2. Battery metals

4.2.2.1.Rhyolite Ridge lithium exploration project

Lithium Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
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
Indicated — — — — — 11.3 0.17 102 3.3 377
Measured + Indicated — — — — — 16.0 0.17 147 3.9 619
Inferred — — — — — 5.8 0.18 54 3.0 174
Grand total — — — — — 21.8 0.17 201 3.6 793

As announced on 26 February 2025, Sibanye-Stillwater chose not to proceed with Ioneer Ltd in the joint venture

to develop the Rhyolite Ridge Lithium-Boron project. The Group also divested of its 6.19% equity interest in

Ioneer Ltd, resulting in no attributable Mineral Resources being recognised.

4.2.2.2. Altar copper exploration project

•Total copper Mineral Resources of 4,549kt, a year-on-year decrease of -35.3%

Copper Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
COPPER Americas Tonnes Copper Copper Gold Gold Tonnes Copper Copper Gold Gold
(Mt) (%) (kt) (g/t) (Moz) (Mt) (%) (kt) (g/t) (Moz)
Exploration Altar¹ Measured 250.7 0.42 1,053 0.1 0.9 387.2 0.42 1,626 0.1 1.3
Indicated 510.0 0.41 2,093 0.1 0.9 787.8 0.41 3,233 0.1 1.4
Measured + Indicated 760.7 0.41 3,146 0.1 1.8 1,175.1 0.41 4,859 0.1 2.7
Inferred 383.0 0.37 1,404 0.04 0.5 591.6 0.37 2,168 — 0.8
Grand total 1,143.7 0.40 4,549 0.1 2.3 1,766.6 0.40 7,027 0.1 3.6

131.47% 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

Aldebaran Resources Ltd (Aldebaran), the operator of the project, has acquired an additional 20% interest in

the Altar project, after satisfying the requisite earn-in expenditure threshold, bringing its total interest to 80% (up

13

from 60% as at 31 December 2024). Following this, the Group's combined attributable interest of 31.47% (48.61%

in 2024) derives from a 14.34% equity interest in Aldebaran and a direct 20% (40% in 2024) project level interest.

This has led to a reduction in attributable Group Mineral Resources.

Noteworthy is that Aldebaran has completed a Preliminary Economic Assessment (PEA) during the year for an

open pit mining operation of what is one of the largest undeveloped copper Mineral Resources worldwide.

4.3. Europe

4.3.1. Battery metals

4.3.1.1. Keliber lithium development project

•LCE Mineral Resources of 263kt, a year-on-year increase of +18.0%

•LCE Mineral Reserves of 248kt, unchanged year-on-year

Lithium Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
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 0.54 1.16 13 16 0.5 0.58 1.26 15 18
Indicated 4.6 0.52 1.11 127 159 2.9 0.55 1.19 86 108
Measured + Indicated 5.1 0.52 1.12 140 175 3.4 0.56 1.20 101 126
Inferred 4.3 0.54 1.16 123 154 4.5 0.51 1.10 122 153
Grand total 9.4 0.53 1.14 263 329 7.9 0.53 1.14 223 279 Lithium Mineral Reserves
--- --- --- --- --- --- --- --- --- --- --- --- ---
31 Dec 2025 31 Dec 2024
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 3.5 0.51 1.09 93 117
Probable 6.9 0.42 0.91 155 195 6.9 0.42 0.91 155 195
Grand total Proven + Probable 10.3 0.45 0.97 248 311 10.3 0.45 0.97 248 311

179.82% Attributable, managed

The increase in Mineral Resource is due to ongoing,

successful exploration activities which led to the

identification of further mineralisation at the

Leviäkangas and Tuoreetsaaret deposits. This

prompted a Mineral Resource estimate update

(+40kt). In parallel, adjustments have also been

made to our  Mineral Resource cut-off grade

(reduced to 0.18% Li2O), to bring it in line with the

latest estimated mining cut-off grades.

The Mineral Reserves at the Syväjärvi and Rapasaari

open pit mines for the first 18 years of the

production are unchanged.

14

4.4. Australia

4.4.1. Zinc tailings retreatment

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

•Zinc Mineral Resources of 568kt, unchanged year-on-year

•Zinc Mineral Reserves of 308kt, a year-on-year decrease of -44.2%

Zinc Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025
ZINC Australia Tonnes Zinc Zinc Silver Silver Lead Lead
(Mt) (%) (kt) (g/t) (Moz) (%) (kt)
Exploration Century Measured 1.0 4.80 48 56.0 1.8 5.4 54
Indicated 8.9 5.66 504 44.4 12.7 2.4 211
Measured + Indicated 9.9 5.58 552 45.6 14.5 2.7 265
Inferred 0.6 2.67 16 31.1 0.6 6.2 37
Grand total 10.5 5.41 568 44.7 15.1 2.9 302 31 Dec 2024
--- --- --- --- --- --- --- --- --- ---
ZINC Australia Tonnes Zinc Zinc Silver Silver Lead Lead
(Mt) (%) (kt) (g/t) (Moz) (%) (kt)
Exploration Century Measured 1.0 4.80 48 56.0 1.8 5.4 54
Indicated 8.9 5.66 504 44.4 12.7 2.4 211
Measured + Indicated 9.9 5.58 552 45.6 14.5 2.7 265
Inferred 0.6 2.67 16 31.1 0.6 6.2 37
Grand total 10.5 5.41 568 44.7 15.1 2.9 302 Zinc Mineral Reserves
--- --- --- --- --- --- --- --- --- ---
31 Dec 2025
ZINC Australia Tonnes Zinc Zinc Silver Silver Lead Lead
(Mt) (%) (kt) (g/t) (Moz) (%) (kt)
Operations Century Proven 10.1 3.05 308 15.7 5.1 0.6 57
Probable — — — — — — —
Grand total Proven + Probable 10.1 3.05 308 15.7 5.1 0.6 57 31 Dec 2024
--- --- --- --- --- --- --- --- --- ---
ZINC Australia Tonnes Zinc Zinc Silver Silver Lead Lead
(Mt) (%) (kt) (g/t) (Moz) (%) (kt)
Operations Century Proven 18.7 2.95 553 14.3 8.6 0.5 97
Probable — — — — — — —
Grand total Proven + Probable 18.7 2.95 553 14.3 8.6 0.5 97

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

Reserves. The TSF will be depleted by mid-2027, and the Group is studying commercial options (regional

phosphate mining partnerships) to extend the life of the significant fixed infrastructure which includes a

processing plant, pipeline, port facility and maritime shipping vessel.

4.4.1.1. Mt Lyell copper project

•Copper Mineral Resources of 388kt, a year-on-year decrease of -56.0%

•A maiden copper Mineral Reserve of 478kt

Copper Mineral Resources Exclusive of Mineral Reserves
31 Dec 2025 31 Dec 2024
COPPER Australia Tonnes Copper Copper Gold Gold Tonnes Copper Copper Gold Gold
(Mt) (%) (kt) (g/t) (Moz) (Mt) (%) (kt) (g/t) (Moz)
Development Mt Lyell Measured 2.3 1.04 24 0.3 0.02 3.7 0.93 35 0.2 0.03
Indicated 21.9 1.10 241 0.3 0.2 75.1 0.96 724 0.3 0.6
Measured + Indicated 24.2 1.10 265 0.3 0.2 78.8 0.96 759 0.3 0.6
Inferred 14.2 0.86 123 0.3 0.1 14.2 0.86 123 0.3 0.1
Grand total 38.5 1.01 388 0.3 0.3 93.1 0.95 882 0.2 0.7

15

Copper Mineral Reserves
31 Dec 2025 31 Dec 2024
COPPER Australia Tonnes Copper Copper Grade Gold Tonnes Copper Copper Grade Gold
(Mt) (%) (kt) (g/t) (Moz) (Mt) (%) (kt) (g/t) (Moz)
Development Mt Lyell Proven 1.4 0.75 10 0.2 0.01 — — — — —
Probable 53.2 0.88 467 0.2 0.4 — — — — —
Grand total Proven + Probable 54.6 0.88 478 0.2 0.4 — — — — —

The Class 2 feasibility study into the reopening of the historic Mt Lyell mine in Tasmania has been concluded,

leading to a maiden copper-gold Mineral Reserve. The project envisages a 3Mtpa operation, with an initial 23

year LoM, producing approximately 26ktpa of copper and 16kozpa of gold in concentrate. This also informed

the reduction of the Mineral Resources.

16

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 24 April 2026 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 2025. 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 14 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, full-time employee of Sibanye-Stillwater 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: ir@sibanyestillwater.com

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.

17

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”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”,

"intend", “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,

business strategies and other strategic initiatives, business prospects, industry forecasts, objectives, capital expenditures, projected costs

and anticipated cost savings, financing plans, debt position and ability to reduce debt leverage; economic, business, political and social

conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of management for future operations;

Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to

comply with loan and other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s

ability to service its bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its Mineral Resources and Mineral

Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in connection with,

and the ability to successfully integrate, past, ongoing and future acquisitions (including Metallix), as well as at existing operations; the

ability of Sibanye-Stillwater to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy and

exploration and development activities, including any proposed, anticipated or planned expansions into the battery metals or adjacent

sectors and estimations or expectations of enterprise value; the ability of Sibanye-Stillwater to comply with requirements that it operate in

ways that provide progressive benefits to affected communities; changes in the market price of gold, silver, PGMs, battery metals (e.g.,

nickel, lithium, copper and zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements; the

occurrence of hazards associated with underground and surface mining; any further downgrade of South Africa’s credit rating; the impact

of South Africa's greylisting; a challenge regarding the title to any of Sibanye-Stillwater’s properties by claimants to land under restitution

and other legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the outcome of legal challenges to the

Group’s mining or other land use rights; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and

deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and relevant government regulations,

particularly environmental, sustainability, tax, health and safety regulations and new legislation affecting water, mining, mineral rights and

business ownership, including any interpretation thereof which may be subject to dispute; 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, or maintain required board gender diversity; failure

of Sibanye-Stillwater’s information technology, communications and systems, evolving cyber threats to Sibanye-Stillwater's operations and

the impact of cybersecurity incidents or breaches; the adequacy of Sibanye-Stillwater’s insurance coverage; social unrest, sickness or

natural or man-made disaster in surrounding mining communities, including informal settlements in the vicinity of some of Sibanye-

Stillwater’s South African-based operations; and the impact of contagious diseases, including global pandemics.

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

Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the 2024 Integrated Report and the

Annual Financial Report for the fiscal year ended 31 December 2024 on Form 20-F filed with the United States Securities and Exchange

Commission on 25 April 2025 (SEC File no. 333-234096).

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly disclaims any obligation or

undertaking to update or revise any forward-looking statement (except to the extent legally required). These forward-looking statements

have not been reviewed or reported on by the Group’s external auditors.

Non-IFRS Measures

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

EBITDA margin, AISC, AIC, 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. 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.

Mineral Resources and Mineral Reserves

Sibanye-Stillwater reports its Mineral Resources and Mineral Reserves in accordance with the rules and regulations promulgated by the

United States Securities and Exchange Commission at all managed operations, development and exploration properties. Any material

changes to the Group's Technical Report Summaries will be filed with its annual report on Form 20-F for the year ended 31 December 2025.

18

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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