6-K
Sibanye Stillwater Ltd (SBSW)
6-K
2025-11-12
For: 2025-09-30
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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
Dated 12 November 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 | Operating update for the quarter ended 30 September 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: 12 November 2025 | By: | /s/ Charl Keyter | |
| Name: | Charl Keyter | ||
| Title: | Chief Financial Officer |
Form 6-K (Q3) Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 1
Johannesburg, 6 November 2025: Sibanye Stillwater Limited \(Sibanye-Stillwater or the Group\) \(JSE: SSW and NYSE: SBSW\) is pleased to
provide an operating update for the quarter ended 30 September 2025. Comparisons include year-on-year \(Q3 2025 on Q3 2024\), year-
to-date \(YTD\) from 1 January 2025 to 30 September 2025, and Q3 2025 compared with the previous Q2 2025 quarter \(quarter-on-quarter
or Q3-on-Q2\) where appropriate. Group financial results are only provided on a six-monthly basis.
SALIENT FEATURES – QUARTER ENDED 30 SEPTEMBER 2025 \(Q3 2025\)
•Safe production: continued improvement in lagging indicators \(YTD TRIFR <4, SIFR of 2.25\) but elimination of fatal incidents remains our
priority
•Unique exposure to both gold and PGMs, underpinned by improved operational performance, ensures leverage to increasing precious
metal prices
–Group adjusted EBITDA \(including S45X10 credits\), increased by 198% to R9.9bn \(US$560m\) year-on-year
–Group adjusted EBITDA \(excluding S45X10 credits\) of R9.5bn \(US$541m\) was 53% higher Q3-on-Q2
•Operations stable or improving relative to Q3 2024 and H1 2025 and all on track to achieve annual guidance
•SA PGM operations: consistent delivery combined with commendable cost control and 36% higher basket price underpinned earnings
–213% increase in adjusted EBITDA to R5.0bn \(US$281m\)
•US PGM operations: consistent operational delivery post restructuring optimises value from higher PGM prices
–Adjusted EBITDA of US$33m \(R579m\) \(including US$10m \(R181m\) S45X10 credits\), increased more than 100% year-on-year
•SA gold operations \(including DRDGOLD\): improved operating performance and 35% higher average gold price
–177% increase in adjusted EBITDA to R3.7bn \(US$212m\) year-on-year
•US recycling \(excl. Metallix\) contributed US$27m \(R475m\) to Group adjusted EBITDA, including US$8m \(R148m\) S45X10 credit for US PGM
recycling
•Decarbonisation strategy advancing - two renewable energy projects achieved commercial operation in 2025, generating 99 GWh
energy with direct cost savings of R45m and 107ktCO2e avoided11
KEY STATISTICS – GROUP
| US dollar | | | | | | SA rand | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Quarter ended | | | | | | Quarter ended | | |
| Sep 2024 | Jun 2025 | Sep 2025 | | KEY STATISTICS | | Sep 2025 | Jun 2025 | Sep 2024 |
| | | | | GROUP | | | | |
| 184 | 596 | 560 | US$m | Adjusted EBITDA1,8 | Rm | 9,872 | 10,964 | 3,312 |
| 17.96 | 18.29 | 17.64 | R/US$ | Average exchange rate using daily closing rate | | | | |
| TABLE OF CONTENTS | Page | Stock data for the Quarter ended 30 September 2025 | |
| --- | --- | --- | --- |
| Key statistics by region | 2 | Number of shares in issue | |
| Overview of quarterly operating results | 3 | - at 30 September 2025 | 2,830,567,264 |
| Salient features – operational tables – quarterly statistics | 8 | - weighted average | 2,830,567,264 |
| All-in cost \(reconciliation\) – quarters | 12 | Free Float | 99% |
| Unit operating cost – quarters | 16 | Bloomberg/Reuters | SSWSJ/SSWJ.J |
| Adjusted EBITDA reconciliation – quarters | 18 | JSE Limited - \(SSW\) | |
| Non-IFRS measures | 19 | Price range per ordinary share \(High/Low\) | R32.64 to R49.57 |
| Administration and corporate information | 20 | Average daily volume | 28,326,857 |
| Disclaimer and forward-looking statements | 21 | | |
| | | NYSE - \(SBSW\); one ADR represents four ordinary shares | |
| | | Price range per ADR \(High/Low\) | US$7.27 to US$11.24 |
| | | Average daily volume | 8,437,421 |
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 2
KEY STATISTICS BY REGION
| US dollar | | | | | SA rand | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Quarter ended | | | | | Quarter ended | | |
| Sep 2024 | Jun 2025 | Sep 2025 | | KEY STATISTICS | Sep 2025 | Jun 2025 | Sep 2024 |
| | | | | AMERICAS REGION | | | |
| | | | | US PGM underground operations | | | |
| 111,976 | 69,133 | 73,171 | oz | 2E PGM production2,3 | 2,276 | 2,150 | 3,483 |
| 983 | 999 | 1,184 | US$/2Eoz | Average basket price | 20,886 | 18,272 | 17,663 |
| \(6\) | 160 | 33 | US$m | Adjusted EBITDA8 | 579 | 2,947 | \(108\) |
| 1,157 | 1,278 | 1,165 | US$/2Eoz | All-in sustaining cost4,8,9 | 20,555 | 23,375 | 20,771 |
| | | | | US PGM recycling | | | |
| 81,762 | 75,153 | 82,503 | oz | 3E PGM recycling2,3 | 2,566 | 2,338 | 2,543 |
| 1,293 | 1,233 | 1,319 | US$/3Eoz | Average basket price | 23,267 | 22,552 | 23,231 |
| 5 | 125 | 11 | US$m | Adjusted EBITDA8 | 202 | 2,307 | 98 |
| | | | | US Reldan operations | | | |
| 8 | 11 | 15 | US$m | Adjusted EBITDA8 | 273 | 203 | 149 |
| | | | | SOUTHERN AFRICA \(SA\) REGION | | | |
| | | | | PGM operations | | | |
| 473,938 | 428,129 | 493,863 | oz | 4E PGM production3,5 | 15,361 | 13,316 | 14,741 |
| 1,331 | 1,489 | 1,839 | US$/4Eoz | Average basket price | 32,438 | 27,240 | 23,909 |
| 88 | 123 | 281 | US$m | Adjusted EBITDA8 | 4,961 | 2,251 | 1,584 |
| 1,182 | 1,271 | 1,278 | US$/4Eoz | All-in sustaining cost4,8 | 22,537 | 23,250 | 21,228 |
| | | | | Gold operations | | | |
| 179,465 | 159,082 | 175,929 | oz | Gold produced | 5,472 | 4,948 | 5,582 |
| 2,470 | 3,249 | 3,402 | US$/oz | Average gold price | 1,929,491 | 1,910,621 | 1,426,290 |
| 75 | 162 | 212 | US$m | Adjusted EBITDA8 | 3,731 | 2,998 | 1,347 |
| 2,250 | 2,466 | 2,442 | US$/oz | All-in sustaining cost4,8 | 1,385,189 | 1,450,218 | 1,298,923 |
| | | | | OPEAN REGION | | | |
| | | | | Sandouville nickel refinery | | | |
| 2,039 | 163 | — | tNi | Nickel production | — | 163 | 2,039 |
| \(8\) | \(7\) | \(7\) | US$m | Adjusted EBITDA8 | \(126\) | \(129\) | \(152\) |
| | | | | AUSTRALIAN REGION | | | |
| | | | | Century zinc retreatment operation | | | |
| 27 | 26 | 24 | ktZn | Payable zinc production6 | 24 | 26 | 27 |
| 3,093 | 2,585 | 2,696 | US$/tZn | Average equivalent zinc concentrate price7 | 47,562 | 47,276 | 55,553 |
| 31 | 26 | 28 | US$m | Adjusted EBITDA8 | 486 | 479 | 565 |
| 1,809 | 1,787 | 2,015 | US$/tZn | All-in sustaining cost4,8 | 35,539 | 32,679 | 32,486 |
*All values are in Euros.*
1The Group reports adjusted earnings before interest, taxes, depreciation and amortisation \(EBITDA\) based on the formula included in the facility agreements for compliance with the debt
covenant. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA is not a measure of performance under IFRS and should be considered in
addition to and not as a substitute for any other measure of financial performance and liquidity. For a reconciliation of profit before royalties and tax to adjusted EBITDA, see "Adjusted EBITDA
reconciliation - Quarters"
2The US PGM operations’ underground production is converted to metric tonnes and kilograms, and financial performance is translated to SA rand \(rand\). In addition to the US PGM operations’
underground production, the operation treats various recycling material which is excluded from the 2E PGM production, average basket price and All-in sustaining cost statistics shown. PGM
recycling represents palladium, platinum and rhodium ounces fed to the furnace
3The Platinum Group Metals \(PGM\) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E \(3PGM+Au\) and measured at the concentrator, and in
the US underground operations is principally platinum and palladium, referred to as 2E \(2PGM\) and US PGM recycling is principally platinum, palladium and rhodium referred to as 3E \(3PGM\)
4See “Salient features and cost benchmarks - Quarters” for the definition of All-in sustaining cost \(AISC\). The SA PGM All-in sustaining cost excludes the production and costs associated with the
purchase of concentrate \(PoC\) from third parties
5The SA PGM production excludes the production associated with the purchase of concentrate \(PoC\) from third parties. For a reconciliation of the production including third party PoC, refer to
the "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters"
6Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
7Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
metal sold
8Adjusted EBITDA and AISC are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial performance prepared in
accordance with IFRS. See "Non-IFRS measures" for more information on the Non-IFRS metrics presented by Sibanye-Stillwater
9The US PGM operations’ All-in sustaining cost for the quarter ended 30 September 2024 was adjusted to include the Section 45X \(S45X\) Advance Manufacturing Production Credits. During the
quarter ended 30 June 2025 the US PGM operations recognised R237 million \(US$13 million\) which related to mining costs for the quarter ended 30 September 2024
10 The adjusted EBITDA for Q3 2025 includes S45X for both the US underground and recycling operations totalling R329 million \($19 million\). The adjusted EBITDA for Q2 2025 includes S45X credits for
both the US underground and recycling operations for FY2023 \(R2.5 billion, US$140 million\), FY2024 \(R1.9 billion, US$109 million\), Q1 2025 \(R305 million, US$17 million\) and Q2 2025 \(R344 million,
US$19 million\) totalling R5.1 billion \(US$285 million\)
11Conversion factor used of 1.08 tCO2e/MWh
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 3
STATEMENT BY RICHARD STEWART, CHIEF EXECUTIVE OFFICER OF SIBANYE-STILLWATER
This is my first official update to the investment market and to other stakeholders as CEO of Sibanye-Stillwater, since assuming the mantle
from Neal Froneman on 1 October 2025. As such, I am really pleased to present this positive operating update for the third quarter of 2025
\(Q3 2025\) as my inaugural report.
The Group's operating performance for Q3 2025 was pleasing, reflecting greater operational stability post the restructuring undertaken in
2023 and 2024, and with the quarter-on-quarter \(Q3-on-Q2\) performance reflecting improved operational output and cost control across
all our major operations, which are all on track to deliver on annual guidance for 2025. This continued improvement, combined with
higher precious metal prices, delivered a significantly enhanced financial performance across the Group, with all operations contributing
positively on an operating cost and all-in sustaining cost \(AISC\) basis, except for the Sandouville refinery which is currently ramping down
production to be placed on care and maintenance.
Safe production is our first priority. The improvement in leading and lagging indicators at our operations continued in Q3 2025, reflecting
progress in real risk reduction. Several operations are achieving global leading safety rates, reflected in the 2025 year-to-date total
recordable injury frequency rate \(TRIFR\) remaining below 4 and the serious injury frequency rate \(SIFR\) at 2.25. The positive lagging
indicator trends were maintained during Q3 2025, with continued improvements recorded in Group safety indicators when compared to
Q3 2024. The Group SIFR \(per million hours worked\) for the Q3 2025 of 2.24 improved by 9%, with the lost day injury frequency rate \(LDIFR\)
of 3.43 and TRIFR of 4.09, improving by 14% and 12% respectively, year-on-year. The Group fatal injury frequency rate \(FIFR\) for Q3 2025
improved by 35% \(from 0.074 to 0.048\) when compared to the corresponding period in 2024.
However, safety for us is not about statistics; it is about eliminating harm. Tragically, during the quarter, we lost two colleagues. The Board
and management of Sibanye-Stillwater extend their heartfelt condolences to the families and friends of Mr. Phaswisi Ramaila and Mr.
Brian Hanson, who are deeply mourned. On 26 July 2025, Mr. Hanson, an electrician at the Stillwater mine, was fatally injured after
contacting energised switchgear. On 28 August 2025, Mr. Ramaila, a miner at Driefontein Khomanane shaft, sustained serious injuries
during a seismic-related fall of ground and sadly passed away on 6 September 2025. Our commitment to preventing fatalities through our
Fatality elimination strategy is unwavering and remains our highest priority.
The stable operating performance from all Group operations underpinned a strong financial performance, which, combined with
increasing commodity prices, resulted in a 198% increase in Group adjusted EBITDA to R9.9 billion \(US$560 million\), from R3.3 billion \(US$184
million\) for Q3 2024. Adjusted EBITDA for Q2 2025 of R11.0 billion \(US$596 million\) includes R4.7 billion \(US$266 million\) S45X credits for 2023,
2024 and Q1 2025. Adjusted EBITDA for Q2 2025 excluding these credits, of R6.3 billion \(US$330 million\) was 53% lower than adjusted EBITDA
for Q3 2025, illustrating the significant leverage of the Group to higher precious metal prices, which have continued to rise in Q4 2025.
In an uncertain macro economic and socio-political environment, change is inevitable and heightened commodity price volatility should
be expected in the near term. Despite the volatility, the outlook for precious metal prices remains constructive for the balance of 2025
and into 2026. The uncertain current macroeconomic and sociopolitical outlook and disruptive global changes are supportive for gold,
the perennial safe haven asset. The recent rally in PGM prices has largely been driven by increased investment demand and restocking,
driven by similar macro uncertainty, but longer term are supported by positive market fundamentals.
The SA PGM operations delivered a pleasing production performance which, combined with good cost management, resulted in unit
costs increasing by less than mining inflation year-on-year. Unit operating cost increased by 3% year-on-year but was 5% lower Q3-on-Q2,
with AISC \(excluding purchase of concentrate \(PoC\)\) 6% higher year-on-year but 3% lower Q3-on-Q2. This consistent delivery of safe
production and cost management continues to drive the SA PGM operations down the industry cost curve, improving their competitive
position relative to industry peers.
On 1 November 2025, Sibanye-Stillwater implemented strategic enhancements to the historical Marikana contract between Lonmin and
the Glencore Merafe \(GM\) Venture, and began implementing the new Chrome Management Agreement \(CMA\) at our SA PGM
operations, as announced on 19 February 2025. The closure of the GM Venture agreements marked a pivotal step in unlocking long-term
value from significant chrome by-product potential at our SA PGM operations, which will further reduce costs and increase operating
margins, enhancing the commercial viability, and laying the foundation for long term sustainability, of the SA PGM operations.
Production from the US PGM operations for Q3 2025 was in-line with the planned outcomes of the Q4 2024 restructuring and increased by
6% Q2-on-Q3, with a corresponding decline in unit operating costs. This operating improvement, combined with the Section 45X credits
and recent PGM price increases, have contributed to a significant increase in adjusted EBITDA from the US PGM operations. The return to
profitability by the US PGM operations validates our decision to restructure these strategic operations in discrete phases since mid-2022.
While the recent increase in PGM prices and S45X credits provide welcome relief for the US PGM operations, management's priority is to
assess opportunities to further reduce AISC, targeting US$1,000/2Eoz, in the medium term.
The SA gold operations delivered improved results for Q3 2025, with the Driefontein and Beatrix operations recovering from challenges
which affected H1 2025. Production from the Driefontein operation, increased by 21% year-on-year, and by 25% Q3-on-Q2, with AISC
benefiting from the increase in production, declining by 2% year-on-year and by 6% Q3-on-Q2. Production from the Beatrix operation
improved by 13% Q3-on-Q2, with AISC 8% lower Q3-on-Q2. Significant progress has been made addressing challenges in the Beatrix
processing plant, which constrained throughput during H1 2025, affecting processing and sales during Q3 2025. An estimated, 78 kt of ore
on surface stockpiles at the end of Q3 2025 is expected to be processed over the next two quarters, boosting gold sales and revenue
from the Beatrix operation. Production from the Kloof operation stabilised quarter-on-quarter, following the decision to cease operations
at Kloof 7 shaft and reduce exposure to seismically active areas. A sustainable production plan for Kloof is currently under assessment with
a revised production profile expected in Q1 2026.
Earnings from the recycling operations benefitted from increased metal prices and, at the US PGM recycling operations, S45X credits,
which resulted in the recycling contribution to Group adjusted EBITDA doubling year-on-year. The integration of Metallix and realisation of
synergies is expected to further increase the financial contribution from the recycling operations.
Steady production from the Century reprocessing operations, despite the rescheduling of annual plant maintenance from Q4 to Q3 2025
and a favourable price environment, led to a consistent financial contribution from from the Century reprocessing operations, which is
expected to be maintained in 2026.
It has been extremely satisfying to advance our renewable energy projects in South Africa, adding 164 MW of capacity year-to-date
toward a long-term target of 600 MW, marking a major step towards our target of carbon neutrality by 2040. The Castle Wind Farm
\(commissioned in March 2025\), with an 89 MW capacity, has generated 140 GWh to date, avoiding 151ktCO₂e and delivering R62 million
in savings. During Q3 2025, Sibanye-Stillwater also benefited from its first solar project—the Springbok solar project \(operational since
September 2025\)—a 150 MW plant, of which Sibanye-Stillwater plans to procure 75 MW for 10 years. Together, these projects delivered
R45 million in Q3 2025 savings and avoided 107ktCO₂e emissions for the quarter, and year to date generated, 156GWh energy, avoided
168ktCO2e emissions and saved R67 million.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 4
The antidumping and countervailing duty petitions on imports of unwrought palladium from Russia filed on 30 July 2025, by Sibanye-
Stillwater and the United Steelworkers, supported by 70% of US palladium industry participants \(domestic palladium mining and recycling
companies\), with the US Department of Commerce and the US International Trade Commission \(ITC\) is under consideration. A preliminary
hearing was held in mid-August, and on 12 September 2025, the ITC issued an unanimous preliminary determination that there is a
reasonable indication that the US palladium industry is materially injured by reason of imports of unwrought palladium from Russia. The US
Department of Commerce’s final determination is expected to be announced at the end of March 2026 at the earliest and the ITC
hearing to occur in the same timeframe. The ITC’s final phase investigation should conclude in late May 2026. It should be noted that
these deadlines may be extended in the event of a prolonged shutdown of the US government.
Operating review
Southern Africa \(SA\) region
SA PGM operations
The SA PGM operations continue to deliver consistent and reliable operating results. PGM production for Q3 2025 of 493,863 4Eoz
\(including attributable production from Mimosa and excluding third-party PoC was 4% higher year-on-year and 15% higher quarter-on-
quarter \(Q3-on-Q2\). Underground production increased by 8% to 464,803 4Eoz, due to increased production from both the Rustenburg
and Marikana operations for Q3 2025, while production from the surface operations declined by 31% to 29,060 4Eoz year-on-year,
primarily due to depletion of the Waterval West Tailings Storage Facility, and lower throughput from the ETD1 facility at the Marikana
operation, which is reaching the end of life. Third-party PoC production of 17,189 4Eoz was 32% lower, in line with annual contractual
agreements.
Unit operating cost for Q3 2025 of R24,094/4Eoz \(US$1,366/4Eoz\) was 3% higher year-on-year, well within historical annual mining inflation
rates. This is particularly pleasing considering the higher tolling costs incurred by the Kroondal operation following the change from a PoC
to toll processing arrangement from 1 September 2024. AISC \(excluding PoC\) increased by 6% year-on-year to R22,537/4Eoz
\(US$1,278/4Eoz\), primarily due to a 26% increase in sustaining capital expenditure, a significant increase in royalty tax due to higher PGM
prices and tolling costs at Kroondal. AISC \(excluding PoC\) was 3% lower Q3-on-Q2 mainly due to the 15% increase in production, which
was partially offset by higher royalty tax, ore reserve development capital and sustaining capital expenditure.
Total capital expenditure for Q3 2025 of R1.5 billion \(US$82 million\), was 6% higher year-on-year. Sustaining capital increased by 26% to
R656 million \(US$37 million\) primarily on upgrading the rhodium, iridium and ruthenium plants at the Precious Metals Refinery \(PMR\). Capital
expenditure to upgrade these plants is forecast to continue until 2029. ORD capital expenditure decreased by 7% to R644 million \(US$37
million\) due to lower off-reef development at the Marikana operation. Growth project capital decreased by 4% to R154 million \(US$9
million\) as capital for the K4 project tapers down in line with the production build-up.
Adjusted EBITDA for Q3 2025 increased by 213% year-on-year to R5.0 billion \(US$281 million\), driven by increased production output and a
36% year-on-year increase in the average 4E basket price to R32,438/4Eoz \(US$1,839/4Eoz\) for Q3 2025.
The average 4E PGM basket price increased by 19% quarter-on-quarter which, coupled with the 20% increase in 4E PGM sold quarter-on-
quarter, resulted in adjusted EBITDA increasing by 120% Q3-on-Q2.
Attributable PGM production from Mimosa for Q3 2025 of 29,646 4Eoz was 6% lower year-on-year. AISC increased by 16% to US$1,327/4Eoz
\(R23,410/4Eoz\) for Q3 2025 due to lower production, exacerbated by higher royalty tax expenses and lower by-product metal credits,
partially offset by the 41% decrease in sustaining capital to US$4 million \(R75 million\) following the commissioning of the new tailings
storage facility in April 2024.
Total chrome production from the SA PGM operations for Q3 2025 of 673kt was 5% lower year-on-year, primarily due to the ETD1 dam
nearing the end of its reserve life. Total chrome sales of 514kt for Q3 2025 were 26% lower than sales of 694kt year-on-year, mainly due to
loading constraints which resulted in the accumulation of 156kt of stockpile at port that will be sold during Q4 2025. Chrome revenue of
R917 million \(US$52 million\) for Q3 2025 was 43% lower year-on-year, due to lower sales volumes and a 12% lower average chrome market
price of US$270/t for Q3 2025 compared to US$305/t for Q3 2024.
SA gold operations
Production from the SA gold operations \(excluding DRDGOLD\) for Q3 2025 of 4,281kg \(137,637oz\), was in line with production for Q3 2024.
As guided in the H1 2025 results, the operating results from the Driefontein and Beatrix operations, having largely addressed the issues
which impacted H1 2025, were notably improved Q3-on-Q2. Production of 2,263kg \(72,757oz\) from the Driefontein underground operation
increased by 21% year-on-year and by 25% Q3-on-Q2. Production of 873kg \(28,068oz\) from the Beatrix operation for Q3 2025 was relatively
stable year-on-year \(2% lower than for Q3 2024\), but was notably improved Q3-on-Q2, increasing by 13%. Throughput constraints at the
Beatrix plant resulted in the accumulation of ore stockpile. By the end of September 2025 approximately 78kt of the stockpiled ore
remained, of which approximately 80% is expected to be processed by year-end.
Underground production from the Kloof operation for Q3 2025 of 874kg \(28,100oz\) was stable compared to Q2 2025, but 19% lower year-
on-year. Production at the Kloof operations stabilised during Q3 2025 following the decision to cease operations at Kloof 7 shaft
\(Manyano\) and reduce exposure to seismically active areas. These are primarily higher grade VCR stopes at Kloof 1 shaft. While the
closure of Kloof 7 shaft was planned for 2025, the suspension of mining, for safety reasons, in high grade areas impacted by seismicity, will
negatively impact the Kloof operations. All opportunities to optimise the mine plan for commercial viability are being considered within
the context of our steadfast commitment to safe production practices. The outcome of this Kloof operational replanning exercise will be
shared in Q1 2026.
Gold production \(including DRDGOLD\) for Q3 2025 of 5,472kg \(175,929oz\) was 2% lower year-on-year, primarily due to a 10% decline in
DRDGOLD production.
Costs for the SA gold operations \(excluding DRDGOLD\) were well managed despite the challenges. AISC for the SA gold operations
\(excluding DRDGOLD\) of R1,513,205/kg \(US$2,668/oz\) for Q3 2025 was 7% higher year-on-year, mainly due to above inflation increases in
primary cost drivers such as electricity and water. AISC \(including DRDGOLD\) of R1,385,189/kg \(US$2,442/oz\) also increased by 7% year-on-
year, but quarter-on-quarter, AISC was 4% lower, reflecting the improved operating performance in Q3 2025, compared with Q1 and Q2
2025.
The significant leverage of the SA gold operations \(excluding DRDGOLD\) to the gold price is clearly evident from the 295% \(R2.0 billion
\(US$112 million\)\) increase in adjusted EBITDA \(excluding DRDGOLD\) for Q3 2025 to R2.6 billion \(US$150 million,\) primarily driven by the 30%
increase in the average rand gold price year-on-year, underpinned by a more stable operational performance. Adjusted EBITDA
\(including DRDGOLD\) of R3.7 billion \(US$212 million\) for Q3 2025 increased by 177% year-on-year and by 24% Q3-on-Q2.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 5
This marks the 12th consecutive quarter since Q4 2022, that adjusted EBITDA from the SA gold operations \(including DRDGOLD\) has been
positive for a sustained period. Over that period, the average quarterly gold price increased by 99% from R971,623/kg \(US$1,716/oz\) for
Q4 2022, to R1,929,491/kg \(US$3,402/oz\) for Q3 2025. Comparatively, over the same period, adjusted EBITDA from the SA gold operations
increased by a factor of 10 \(10x\) from R371 million \(US$21 million\) for Q4 2022 to R3.7 billion \(US$212 million\) for Q3 2025.
Capital expenditure for Q3 2025 \(excluding DRDGOLD\) of R1.0 billion \(US$58 million\) was 7% higher than for Q3 2024. ORD increased 10%
to R821 million \(US$47 million\) and sustaining capital increased by 11% to R202 million \(US$11 million\) reflecting increased expenditure on
winder upgrades, infrastructure and metallurgical plant refurbishment at the Beatrix operation. Capital expenditure from DRDGOLD
increased by 165% year-on-year to R833 million \(US$47 million\), with planned capital investment for the phase 2 expansion of the Far West
Gold Recoveries \(FWGR\) and recommencement of deposition at Ergo's tailing storage facility accounting for 94% of the total capital
expenditure.
The wage negotiations for the South African gold operations are currently in progress and are being conducted under the auspices of the
Commission for Conciliation, Mediation and Arbitration \(CCMA\). The previous wage agreement expired in June 2025.
DRDGOLD production decreased to 1,191kg \(38,292oz\) for Q3 2025, primarily driven by a 9% decline in yield reflecting Ergo’s transition to
reclaim lower grade material. Consequently, gold sales decreased by 10% to 1,158kg \(37,231oz\). AISC increased to R1,045,769/kg
\(US$1,844/oz\), primarily due to lower gold production and gold sold. The solar power plant and battery energy storage system \(BESS\)
commissioned on 1 November 2024, is expected to reduce costs in Q4 2025.
Americas \(US\) region
US PGM operations
Due to the restructuring of the US PGM operations during Q4 2024, Q3 2025 is not directly comparable to Q3 2024 on most measures.
Production for 2025 is forecast to be at the top end of annual guidance, with AISC forecast to be at the bottom-end of the guided range.
The US PGM operations continued to deliver consistent production and cost in line with the planned outcomes of the restructuring
implemented in Q4 2024. Mined 2E PGM production of 73,171 2Eoz for Q3 2025 was in line with the restructuring plan, but increased Q3-
on-Q2. Planned restructuring outcomes and 2E PGM sales of 78,340 2Eoz was 5,169 2Eoz higher than produced, due to the release in Q3
2025 of inventory accumulated during the transition to the refurbished EF2 Furnace in Q2 2025.
Costs were well managed, with AISC 1% higher year-on-year and 9% lower Q3-on-Q2, primarily due to higher quarter-on-quarter
production, lower capital expenditure and favourable inventory net realisable value adjustments. The US PGM operations generated a
positive AISC margin of US$19/2Eoz or 2% compared to average 2E PGM basket price received for Q3 2025, a commendable turnaround
year-on-year.
Total capital expenditure decreased by 38% year-on-year to US$22 million \(R396 million\). ORD capital declined by 36% to US$15 million
\(R263 million\) and sustaining capital decreased by 43% to US$3 million \(R57 million\) in line with the restructuring plans Capital expenditure
for Q4 2025 is forecast to increase due to delivery of new mining and support fleet during the quarter. In addition, the Stillwater East mine
has begun implementing vertical infrastructure development to improve ore handling, which is expected to increase ORD expenditure for
12-to-18 months. This infrastructure development and capital investment is part of the strategic initiative to reduce AISC to US$1,000/2Eoz
\(in 2024 real terms\) over the medium-term.
Project capital declined to US$4 million \(R76 million\) from US$7 million \(R131 million\) year-on-year, focused on the construction of the East
Boulder tailings storage facility.
The restructuring has significantly reduced losses compared with losses incurred in previous periods, and stabilised the financial position of
the US PGM operations. This has enabled the realisation of tangible benefits from higher PGM prices and S45X credits.
Underpinned by this solid operational performance, the 20% increase in the average 2E PGM basket price year-on-year to US$1,184/2Eoz
\(R20,886/2Eoz\) for Q3 2025, resulted in a substantial increase in adjusted EBITDA to US$33 million \(R579 million\) \(including US$10 million \(R181
million\) S45X credits\). This return to profitability for the US PGM operations is a significant turnaround for the US PGM operations, after an
extended period of sustained losses, following the palladium price collapse during H1 2023.
US recycling operations
Global automotive market demand has been stable during 2025, with promising signs of increased global vehicle sales recently
emerging. The recent rally in PGM prices and recent interest rate cut by the Federal Reserve Bank are other notable factors with positive
implications for the recycling industry and margins. While these are encouraging fundamentals, they are expected to take time to
translate into any meaningful increase in spent autocatalyst volumes or recycling supply in the medium term.
The US PGM recycling operation's average daily feed of spent autocatalysts for Q3 2025 was 11.2 tonnes per day \(tpd\), representing a 6%
increase from an average of 10.6 tpd in Q3 2024. This was primarily due to processing of inventory which had built up during Q2 2025
following the transition to the EF2 furnace in Q2 2025 at the Columbus metallurgical facility. Recycling production of 82,503 3Eoz for Q3
2025 was 10% higher than for Q2 2025 as a result, with inventory of approximately 147 tonnes at the end of Q2 2025 declining to
approximately 73 tonnes at the end of Q3 2025.
The average 3E PGM recycling basket price of US$1,319/3Eoz \(R23,267/3Eoz\) for Q3 2025 was 2% higher than Q3 2024. Adjusted EBITDA of
US$11 million \(R202 million\) for the US PGM recycling operation includes S45X credits of US$8 million \(R148 million\) for Q3 2025.
For Q3 2025, Reldan processed 4.3 million lb \(5.6 million lb for Q3 2024\) of mixed scrap and sold 35.2 koz gold \(Q3 2024: 31.0 koz\), 433.8 koz
silver \(Q3 2024: 433.0 koz\), 5.3 koz platinum \(Q3 2024:4.7 koz\), 5.7 koz palladium \(Q3 2024: 6.6 koz\), and 0.8 million lb copper \(Q3 2024: 0.8
million lbs\). The variance between quarters reflects a strategic decision to recycle less post-consumer electronics recycling, which are
high volume but low margin sources, to focus on higher-margin industrial segment sources and other high margin materials. This resulted in
a 13% year-on-year growth in the higher-margin industrial segment and an 80% surge in post-consumer jewellery volumes. Revenues rose
51% on a weighted metal ounce sold basis, while tight control of non-metal costs further supported the 87% increase year-on-year in
adjusted EBITDA for Q3 2025 to US$15 million \(R273 million\) and 41% increase in adjusted EBITDA for Q3-on-Q2.
The acquisition of Metallix was successfully concluded on 4 September 2025 for an equity cash purchase consideration of US$78 million
\(total purchase consideration of US$129 million on a debt-free basis\). No financial information has been included from Metallix for Q3 2025
as management is in the process of assessing the purchase price allocation and incorporating Metallix into its reporting processes.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 6
European \(EU\) region
Sandouville nickel refinery
At the Sandouville facility in France, selected downstream process areas remained operational to facilitate nickel recovery from diluted
solutions generated during the ramp-down. A voluntary redundancy plan for 90 employees has been agreed with the unions and
approved by the French authorities. Negotiations for further headcount reductions are ongoing.
An adjusted EBITDA loss of US$7 million \(R126 million\) was incurred for Q3 2025. The Sandouville refinery is being placed on care and
maintenance \(C&M\), which is scheduled for completion by the end of 2025. Financial losses are forecast to reduce significantly in 2026.
The GalliCam project prefeasibility study is progressing, with completion now forecast for the end of 2026. GalliCam prefeasibility costs of
US$3 million \(R49 million\) were expensed in Q3 2025 against a forecast of US$11 million \(R207 million\) for 2025.
Keliber lithium project
The Keliber lithium project continued with final construction activities during Q3 2025. These activities included process electrification, as
well as the installation of instrumentation and information and communications technology \(ICT\) systems. Final equipment installation
works and the construction of the tailings storage facility also progressed at the concentrator site.
Capital expenditure for Q3 2025 \(including capitalised interest and other capitalised expenditure outside the project's initial forecast
scope, such as exploration\), of €75 million \(R1.5 billion\), was consistent with annual guidance of €300 million\(R5.9 billion\)\* for 2025. The
project capital expenditure for the construction phase of the project at the end of Q3 2025 is €645 million \(R13.1 billion\) \(excluding
capitalised interest and exploration\) which remains within the total revised capital forecast of €783 million \(R15.9 billion\) \(2024 real terms,
excluding capitalised interest and exploration\).
The Keliber lithium project is an advanced stage, fully integrated lithium hydroxide project in the EU region and has been designated a
"Strategic Project" in terms of the EU Critical Raw Materials Act \(CRMA\). The construction phase of the Keliber lithium project \(mine site,
concentrator and refinery\) is scheduled for completion in H1 2026, with the second phase comprising the hot commissioning of the
concentrator and refinery and the commencement of the production build up.
As guided in August 2025 in the H1 2025 results the lithium market has been in surplus since H1 2023, dampening lithium prices and resulting
in downward revisions to medium term lithium market fundamentals. As a result, we are currently assessing various scenarios to ensure a
responsible start up of the project considering market fundamentals.
\* The guidance has been translated where relevant at an average exchange rate of R19.80/€
Australian region
Century zinc retreatment operation
The Century operation delivered another solid, consistent operational performance for Q3 2025 and year to date.
Century operation produced 24 kilotonnes \(kt\) of payable zinc for Q3 2025, 10% lower than for Q3 2024 as production was impacted by
the planned five day annual plant maintenance shutdown, which had previously been conducted in Q4 2024.
Sales of payable zinc for Q3 2025 of 17kt were 16% lower than for Q3 2024, primarily due to the timing of shipments \(Q3 2024: 20kt\). AISC
for Q3 2025 of US$2,015/tZn \(R35,539/tZn\) increased by 11% compared to Q3 2024 of US$1,809/tZn \(R32,559/tZn\), primarily due to lower
payable zinc production. Sustaining capital for Q3 2025 was US$1 million \(R11 million\) due to completion of a number of projects during
the annual maintenance shutdown.
The decrease in payable zinc sales due to the plant maintenance and timing of shipments, together with the 13% lower zinc concentrate
price year-on-year, resulted in a 12% decrease in adjusted EBITDA to US$28 million \(R486 million\) for Q3 2025.
The strong operational and financial performance year-to-date, coupled with continued favourable A$ zinc prices, low treatment
charges, and shipments scheduled to reduce inventory levels by year end supports a positive final quarter outlook for the Century
operation.
Options to leverage the existing infrastructure \(processing plant, pipeline, and port facilities\) and extend the life of the assets beyond the
current zinc retreatment operations continue to be actively explored. This includes opportunities to potentially utilise the Century
infrastructure to access the extensive, largely undeveloped phosphate resources in the region.
Mt Lyell copper project
The Mt Lyell feasibility study \(AACE Class 2 Estimate\) is progressing well and is expected to be completed during Q4 2025.
OPERATING GUIDANCE FOR 2025\*
Annual operating guidance is unchanged with all operations anticipated to meet guidance for 2025 as in the table below. The US PGM
operations are expected to be at, or exceed, the upper end of the production range and the lower end of the AISC range.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 7
| 2025 Annual guidance | | Production | All-in sustaining cost | Total capital |
| --- | --- | --- | --- | --- |
| US region | US PGM operations<br><br>\(2E mined\) | 255 - 270 koz | US$1,420 - 1,460/2E oz1<br><br>Incl. S45X credit: US$1,320 – 1,360/2E oz | US$100m - US$110m<br><br>\(R1.8bn – R2bn\)2 |
| | US PGM recycling<br><br>\(3E\) | 300 - 350 koz | n/a | US$1.5m \(R27m\)² |
| | Reldan recycling<br><br>\(e-waste and industrial waste\) | Gold 120 - 130 koz<br><br>Silver 2 - 2.3 moz<br><br>3E PGM 35 - 40 koz<br><br>Copper 3.0 - 3.2 mlbs | n/a | US$2.8m \(R51m\)² |
| SA region | SA PGM operations<br><br>\(4E PGMs\) | 1.75 - 1.85 moz3,4 | R23,500 - 24,500/4E oz<br><br>\(US$1,288 -1,343/4E oz\)² | R6.5bn \(US$356m\)²<br><br>\(incl. R1.4bn \(US$78m\)<br><br>for project capital\) |
| | SA gold operations<br><br>\(excl. DRDGOLD\) | 15,000 - 16,000kg<br><br>\(480 -514 koz\) | R1,450k - 1,550k/kg<br><br>\(US$2,473 - 2,643/oz\)² | R3.5bn \(US$192m\)² |
| EU region | Sandouville nickel refinery5 | n/a | n/a | GalliCam<br><br>study cost<br><br>€10m \(R198m\)² |
| | Keliber lithium project | n/a | n/a | €300m \(R5.9bn\)2 |
| AUS region | Century zinc operations | 88.3k – 97.8k tonnes<br><br>\(payable\) | A$3,400-3,700/t<br><br>\(R39,678 - 43,179/t\)²<br><br>\(US$2,175 - 2,367/t\)² | A$8m<br><br>\(US$5.7m/R93m\)² |
| | Mount Lyell copper mine6<br><br>\(under feasibility study\) | n/a | n/a | A$6m<br><br>\(US$4.3/R70m\)² |
Source: Company forecasts, Note: Guidance does not take into account the impact of unplanned events
\* As at 28 August 2025
1.US PGM AISC are impacted by tax and royalties paid based on PGM prices, current guidance was based on spot 2E PGM prices of US$950/oz
2.Estimates are converted at an exchange rate of R18.24/US$, R19.80/€ and R11.67/A$
3.SA PGM operations production guidance includes third party POC and 50% attributable production from Mimosa
4.SA PGM operations AISC excludes the purchase cost of third party POC and Mimosa costs and capital \(equity accounted\) and attributable production for both
5.The ramp down and preparation for care and maintenance will be complete by year end. The GalliCam prefeasibility study is being conducted to evaluate the
viability of producing pCAM and is expected to be completed around the end of 2026. The GalliCam study cost excludes the care and maintenance costs of the
refinery
6.Mount Lyell was an operating copper mine which closed and is currently under care and maintenance. The feasibility study is expected to be completed during Q4
2025
CLARIFICATION IN RESPECT OF THE REVISED EARNINGS PER SHARE AND HEADLINE EARNINGS PER SHARE FOR THE 6 MONTHS ENDED 30 JUNE
2024
Sibanye-Stillwater wishes to clarify the revisions made to loss attributable to owners of Sibanye-Stillwater \(loss\), earnings per share \(EPS\) and
headline earnings per share \(HEPS\) for the six months ended 30 June 2024 \(H1 2024\), as disclosed in the Operating and Financial Results
released on the Stock Exchange News Service \(SENS\) on 21 February 2025.
During the six months period ended 31 December 2024, the loss, EPS and consequentially, the HEPS for H1 2024 were revised from that
previously reported in the Operating and Financial Results for H1 2024 and released on SENS on 12 September 2024. These revisions
resulted from additional information obtained within 12 months from the acquisition date in respect of the Reldan business combination, in
accordance with IFRS 3, Business Combinations.
The fair value gain relating to the metal borrowing liability assumed in the business combination was revised by R137 million, due to
changes in the acquisition value of this liability. Gain/loss on financial instruments for H1 2024 changed from R1,359 million \(as reported on
12 September 2024\) to R1,496 million \(as reported on 21 February 2025\). This change was also detailed in note 10.1 to the condensed
consolidated financial statements for the year ended 31 December 2024.
Accordingly, the loss and EPS for H1 2024 were revised from R7,472 million to R7,335 million, and 264 cents per share \(loss\) to 259 cents per
share \(loss\), respectively. Consequently, the HEPS for H1 2024 were also revised from 5 cents per share to 10 cents per share.
For more information, refer to the announcement on 21 February 2025 available on the website 2024 results page or at the direct
download link 2024 year-end results book.
RICHARD STEWART
CHIEF EXECUTIVE OFFICER
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 8
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS
US and SA PGM operations
| | | | US PGM<br><br>operations | Total SA PGM operations2 | | | Rustenburg including<br><br>Kroondal10 | | Marikana2 | | Plat Mile | Mimosa |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | Under-<br><br>ground1 | Total | Under-<br><br>ground | Surface | Under-<br><br>ground | Surface | Under-<br><br>ground | Surface | Surface | Attribu-<br><br>table |
| Production | | | | | | | | | | | | |
| Tonnes milled/treated | kt | Sep 2025 | 198 | 10,343 | 5,283 | 5,061 | 3,152 | 1,407 | 1,760 | 960 | 2,694 | 370 |
| | | Jun 2025 | 181 | 9,101 | 4,612 | 4,490 | 2,711 | 1,322 | 1,525 | 841 | 2,327 | 375 |
| | | Sep 2024 | 313 | 9,750 | 4,879 | 4,871 | 2,831 | 1,337 | 1,674 | 1,043 | 2,490 | 375 |
| Plant head grade | g/t | Sep 2025 | 12.73 | 2.12 | 3.23 | 0.96 | 2.97 | 1.15 | 3.67 | 1.36 | 0.72 | 3.39 |
| | | Jun 2025 | 12.73 | 2.08 | 3.21 | 0.92 | 2.90 | 1.07 | 3.72 | 1.24 | 0.71 | 3.39 |
| | | Sep 2024 | 12.47 | 2.07 | 3.24 | 0.90 | 2.90 | 1.03 | 3.78 | 1.07 | 0.76 | 3.39 |
| Plant recoveries | % | Sep 2025 | 90.61 | 70.05 | 84.73 | 18.60 | 84.77 | 22.55 | 86.68 | 20.52 | 13.98 | 73.42 |
| | | Jun 2025 | 90.44 | 70.34 | 84.30 | 20.27 | 84.26 | 28.98 | 86.29 | 19.71 | 13.43 | 75.28 |
| | | Sep 2024 | 89.17 | 73.04 | 84.91 | 30.05 | 84.91 | 46.22 | 86.72 | 26.32 | 20.45 | 76.88 |
| Yield | g/t | Sep 2025 | 11.53 | 1.49 | 2.74 | 0.18 | 2.52 | 0.26 | 3.18 | 0.28 | 0.10 | 2.49 |
| | | Jun 2025 | 11.51 | 1.46 | 2.71 | 0.19 | 2.44 | 0.31 | 3.21 | 0.24 | 0.10 | 2.55 |
| | | Sep 2024 | 11.12 | 1.51 | 2.75 | 0.27 | 2.46 | 0.48 | 3.28 | 0.28 | 0.16 | 2.61 |
| PGM production3 | 4Eoz - 2Eoz | Sep 2025 | 73,171 | 493,863 | 464,803 | 29,060 | 255,126 | 11,731 | 180,031 | 8,612 | 8,717 | 29,646 |
| | | Jun 2025 | 69,133 | 428,129 | 401,210 | 26,919 | 212,980 | 13,176 | 157,434 | 6,609 | 7,134 | 30,796 |
| | | Sep 2024 | 111,976 | 473,938 | 431,584 | 42,354 | 223,770 | 20,465 | 176,406 | 9,448 | 12,441 | 31,408 |
| PGM sold4 | 4Eoz - 2Eoz | Sep 2025 | 78,340 | 457,197 | | | 195,282 | 13,760 | 200,872 | | 8,717 | 38,566 |
| | | Jun 2025 | 75,356 | 381,761 | | | 165,943 | 13,383 | 175,651 | | 7,134 | 19,650 |
| | | Sep 2024 | 99,948 | 421,351 | | | 183,826 | 18,741 | 176,100 | | 12,441 | 30,243 |
| Price and costs5 | | | | | | | | | | | | |
| Average PGM basket price6 | R/4Eoz - R/2Eoz | Sep 2025 | 20,886 | 32,438 | | | 32,732 | 29,629 | 32,387 | | 29,929 | 29,172 |
| | | Jun 2025 | 18,272 | 27,240 | | | 27,501 | 24,748 | 27,220 | | 25,253 | 25,152 |
| | | Sep 2024 | 17,663 | 23,909 | | | 24,131 | 22,382 | 23,960 | | 22,165 | 21,937 |
| | US$/4Eoz - US$/2Eoz | Sep 2025 | 1,184 | 1,839 | | | 1,856 | 1,680 | 1,836 | | 1,697 | 1,654 |
| | | Jun 2025 | 999 | 1,489 | | | 1,504 | 1,353 | 1,488 | | 1,381 | 1,375 |
| | | Sep 2024 | 983 | 1,331 | | | 1,344 | 1,246 | 1,334 | | 1,234 | 1,221 |
| Operating cost7,9 | R/t | Sep 2025 | 6,706 | 1,122 | | | 1,942 | 197 | 1,684 | | 77 | 1,881 |
| | | Jun 2025 | 7,653 | 1,149 | | | 1,984 | 269 | 1,740 | | 75 | 1,830 |
| | | Sep 2024 | 6,232 | 1,108 | | | 1,923 | 277 | 1,616 | | 75 | 1,710 |
| | US$/t | Sep 2025 | 380 | 64 | | | 110 | 11 | 95 | | 4 | 107 |
| | | Jun 2025 | 418 | 63 | | | 108 | 15 | 95 | | 4 | 100 |
| | | Sep 2024 | 347 | 62 | | | 107 | 15 | 90 | | 4 | 95 |
| | R/4Eoz - R/2Eoz | Sep 2025 | 18,122 | 24,094 | | | 23,988 | 23,613 | 24,279 | | 23,861 | 23,511 |
| | | Jun 2025 | 20,006 | 25,233 | | | 25,251 | 26,943 | 25,103 | | 24,530 | 22,308 |
| | | Sep 2024 | 17,431 | 23,481 | | | 24,324 | 18,080 | 23,626 | | 15,031 | 20,409 |
| | US$/4Eoz - US$/2Eoz | Sep 2025 | 1,027 | 1,366 | | | 1,360 | 1,339 | 1,376 | | 1,353 | 1,333 |
| | | Jun 2025 | 1,094 | 1,380 | | | 1,381 | 1,473 | 1,373 | | 1,341 | 1,220 |
| | | Sep 2024 | 971 | 1,307 | | | 1,354 | 1,007 | 1,315 | | 837 | 1,136 |
| All-in sustaining cost7,8,9 | R/4Eoz - R/2Eoz | Sep 2025 | 20,555 | 22,537 | | | 23,241 | | 21,697 | | 19,961 | 23,410 |
| | | Jun 2025 | 23,375 | 23,250 | | | 23,568 | | 23,122 | | 15,980 | 23,347 |
| | | Sep 2024 | 20,771 | 21,228 | | | 21,238 | | 22,265 | | 5,546 | 20,600 |
| | US$/4Eoz - US$/2Eoz | Sep 2025 | 1,165 | 1,278 | | | 1,318 | | 1,230 | | 1,132 | 1,327 |
| | | Jun 2025 | 1,278 | 1,271 | | | 1,289 | | 1,264 | | 874 | 1,277 |
| | | Sep 2024 | 1,157 | 1,182 | | | 1,183 | | 1,240 | | 309 | 1,147 |
| All-in cost7,8,9 | R/4Eoz - R/2Eoz | Sep 2025 | 21,716 | 22,869 | | | 23,297 | | 22,434 | | 19,961 | 23,410 |
| | | Jun 2025 | 24,836 | 23,668 | | | 23,656 | | 24,012 | | 15,980 | 23,347 |
| | | Sep 2024 | 21,994 | 21,610 | | | 21,238 | | 23,163 | | 5,707 | 20,600 |
| | US$/4Eoz - US$/2Eoz | Sep 2025 | 1,231 | 1,296 | | | 1,321 | | 1,272 | | 1,132 | 1,327 |
| | | Jun 2025 | 1,358 | 1,294 | | | 1,293 | | 1,313 | | 874 | 1,277 |
| | | Sep 2024 | 1,225 | 1,203 | | | 1,183 | | 1,290 | | 318 | 1,147 |
| Capital expenditure5 | | | | | | | | | | | | |
| Ore reserve development | Rm | Sep 2025 | 263 | 644 | | | 203 | | 441 | | — | — |
| | | Jun 2025 | 294 | 547 | | | 174 | | 373 | | — | — |
| | | Sep 2024 | 418 | 692 | | | 194 | | 498 | | — | — |
| Sustaining capital | Rm | Sep 2025 | 57 | 656 | | | 367 | | 278 | | 11 | 75 |
| | | Jun 2025 | 75 | 649 | | | 288 | | 356 | | 5 | 76 |
| | | Sep 2024 | 102 | 521 | | | 318 | | 198 | | 5 | 129 |
| Project capital | Rm | Sep 2025 | 76 | 154 | | | 15 | | 139 | | — | — |
| | | Jun 2025 | 94 | 165 | | | 20 | | 145 | | — | — |
| | | Sep 2024 | 131 | 161 | | | — | | 159 | | 2 | — |
| Total capital expenditure | Rm | Sep 2025 | 396 | 1,454 | | | 585 | | 858 | | 11 | 75 |
| | | Jun 2025 | 463 | 1,361 | | | 482 | | 874 | | 5 | 76 |
| | | Sep 2024 | 651 | 1,374 | | | 512 | | 855 | | 7 | 129 |
| | US$m | Sep 2025 | 22 | 82 | | | 33 | | 49 | | 1 | 4 |
| | | Jun 2025 | 25 | 74 | | | 26 | | 48 | | — | 4 |
| | | Sep 2024 | 36 | 77 | | | 29 | | 48 | | — | 7 |
Average exchange rate for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1The US PGM operations’ underground production is converted to metric tonnes and kilograms, and financial performance is translated into rand. In addition to the US PGM operations’
underground production, the operation treats recycling material which is excluded from the statistics shown above
2Total SA PGM operation and Marikana excludes the production and costs associated with the purchase of concentrate \(PoC\) from third parties. For a reconciliation of the Operating cost, AISC
and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters” and “Reconciliation of AISC and
AIC excluding third party PoC for Total SA PGM operations and Marikana – Quarters”
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 9
3The Platinum Group Metals \(PGM\) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E \(3PGM+Au\) and measured at the concentrator, and in
the US underground operations is principally platinum and palladium, referred to as 2E \(2PGM\)
4PGM sold includes the third party PoC ounces sold
5Total SA PGM operations’ unit cost benchmarks and capital expenditure exclude the financial results of Mimosa, which is equity accounted and excluded from revenue and cost of sales
6The average PGM basket price is the PGM revenue per 4E/2E ounce, prior to a purchase of concentrate adjustment
7Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS Accounting Standards and should not be considered in isolation or as substitutes for measures
of financial performance prepared in accordance with IFRS Accounting Standards. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining
costs and All-in costs are considered pro-forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of
Directors and is presented for illustration purposes only, and because of its nature, All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
8All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to
normalise earnings. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”
9The US PGM operations’ operating cost, AISC and AIC for the quarter ended 30 September 2024 was adjusted to include the Section 45X \(S45X\) Advance Manufacturing Production Credits.
During the quarter ended 30 June 2025 the US PGM operations recognised R237 million \(US$13 million\)which relates to mining costs for the quarter ended 30 September 2024
10Rustenburg is now presented to include the underground production and costs for Kroondal for all metrics relating to the quarter ended 30 September 2024
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 10
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS \(continued\)
SA gold operations
| SA OPERATIONS | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | Total SA gold | | | Driefontein | | Kloof | | Beatrix | | Cooke | DRDGOLD |
| | | | Total | Under-<br><br>ground | Surface | Under-<br><br>ground | Surface | Under-<br><br>ground | Surface | Under-<br><br>ground | Surface | Surface | Surface |
| Production | | | | | | | | | | | | | |
| Tonnes milled/treated | kt | Sep 2025 | 8,408 | 864 | 7,544 | 296 | — | 237 | 74 | 332 | — | 989 | 6,481 |
| | | Jun 2025 | 8,786 | 774 | 8,012 | 282 | — | 189 | 130 | 303 | 1 | 1,230 | 6,651 |
| | | Sep 2024 | 8,995 | 929 | 8,066 | 308 | 4 | 289 | 337 | 332 | 16 | 1,162 | 6,547 |
| Yield | g/t | Sep 2025 | 0.65 | 4.64 | 0.19 | 7.66 | — | 3.68 | 0.73 | 2.63 | — | 0.22 | 0.18 |
| | | Jun 2025 | 0.56 | 4.48 | 0.18 | 6.43 | — | 4.67 | 0.30 | 2.55 | — | 0.22 | 0.18 |
| | | Sep 2024 | 0.62 | 4.13 | 0.22 | 6.07 | 0.26 | 3.73 | 0.33 | 2.68 | 0.19 | 0.27 | 0.20 |
| Gold produced | kg | Sep 2025 | 5,472 | 4,010 | 1,462 | 2,263 | — | 874 | 54 | 873 | — | 217 | 1,191 |
| | | Jun 2025 | 4,948 | 3,469 | 1,479 | 1,814 | — | 884 | 39 | 771 | — | 267 | 1,173 |
| | | Sep 2024 | 5,582 | 3,835 | 1,747 | 1,869 | 1 | 1,079 | 112 | 887 | 3 | 312 | 1,319 |
| | oz | Sep 2025 | 175,929 | 128,924 | 47,004 | 72,757 | — | 28,100 | 1,736 | 28,068 | — | 6,977 | 38,292 |
| | | Jun 2025 | 159,082 | 111,531 | 47,551 | 58,321 | — | 28,421 | 1,254 | 24,788 | — | 8,584 | 37,713 |
| | | Sep 2024 | 179,465 | 123,298 | 56,167 | 60,090 | 32 | 34,691 | 3,601 | 28,518 | 96 | 10,031 | 42,407 |
| Gold sold | kg | Sep 2025 | 5,361 | 3,911 | 1,450 | 2,258 | — | 831 | 30 | 822 | — | 262 | 1,158 |
| | | Jun 2025 | 4,811 | 3,399 | 1,412 | 1,672 | — | 955 | 71 | 772 | — | 199 | 1,142 |
| | | Sep 2024 | 5,386 | 3,654 | 1,732 | 1,732 | 1 | 1,064 | 128 | 858 | 3 | 311 | 1,289 |
| | oz | Sep 2025 | 172,360 | 125,742 | 46,619 | 72,596 | — | 26,717 | 965 | 26,428 | — | 8,423 | 37,231 |
| | | Jun 2025 | 154,677 | 109,280 | 45,397 | 53,756 | — | 30,704 | 2,283 | 24,820 | — | 6,398 | 36,716 |
| | | Sep 2024 | 173,164 | 117,479 | 55,685 | 55,685 | 32 | 34,208 | 4,115 | 27,585 | 96 | 9,999 | 41,442 |
| Price and costs | | | | | | | | | | | | | |
| Gold price received | R/kg | Sep 2025 | 1,929,491 | | | 1,857,396 | | 1,744,483 | | 1,843,066 | | 1,908,397 | 1,947,323 |
| | | Jun 2025 | 1,910,621 | | | 1,842,703 | | 1,769,981 | | 1,830,311 | | 1,924,623 | 1,929,072 |
| | | Sep 2024 | 1,426,290 | | | 1,408,540 | | 1,396,812 | | 1,412,311 | | 1,430,868 | 1,431,342 |
| | US$/oz | Sep 2025 | 3,402 | | | 3,275 | | 3,076 | | 3,250 | | 3,365 | 3,434 |
| | | Jun 2025 | 3,249 | | | 3,134 | | 3,010 | | 3,113 | | 3,273 | 3,281 |
| | | Sep 2024 | 2,470 | | | 2,439 | | 2,419 | | 2,446 | | 2,478 | 2,479 |
| Operating cost1 | R/t | Sep 2025 | 757 | 5,435 | 221 | 7,055 | — | 6,435 | 282 | 3,276 | — | 450 | 186 |
| | | Jun 2025 | 685 | 5,720 | 198 | 6,691 | — | 7,801 | 323 | 3,514 | — | 325 | 172 |
| | | Sep 2024 | 691 | 4,794 | 218 | 6,047 | — | 5,063 | 433 | 3,397 | 387 | 348 | 184 |
| | US$/t | Sep 2025 | 43 | 308 | 13 | 400 | — | 365 | 16 | 186 | — | 26 | 11 |
| | | Jun 2025 | 37 | 313 | 11 | 366 | — | 427 | 18 | 192 | — | 18 | 9 |
| | | Sep 2024 | 38 | 267 | 12 | 337 | — | 282 | 24 | 189 | 22 | 19 | 10 |
| | R/kg | Sep 2025 | 1,163,743 | 1,171,571 | 1,142,271 | 921,343 | — | 1,747,140 | 388,889 | 1,243,986 | — | 2,050,691 | 1,010,915 |
| | | Jun 2025 | 1,216,047 | 1,276,737 | 1,073,698 | 1,040,243 | — | 1,671,946 | 1,076,923 | 1,380,026 | — | 1,498,127 | 976,982 |
| | | Sep 2024 | 1,113,042 | 1,161,147 | 1,007,441 | 996,790 | — | 1,356,812 | 1,303,571 | 1,269,448 | 2,000,000 | 1,298,077 | 912,055 |
| | US$/oz | Sep 2025 | 2,052 | 2,066 | 2,014 | 1,625 | — | 3,081 | 686 | 2,193 | — | 3,616 | 1,782 |
| | | Jun 2025 | 2,068 | 2,171 | 1,826 | 1,769 | — | 2,843 | 1,831 | 2,347 | — | 2,548 | 1,661 |
| | | Sep 2024 | 1,928 | 2,011 | 1,745 | 1,726 | — | 2,350 | 2,258 | 2,198 | 3,464 | 2,248 | 1,580 |
| All-in sustaining cost1,2 | R/kg | Sep 2025 | 1,385,189 | | | 1,267,936 | | 2,119,628 | | 1,397,810 | | 1,988,550 | 1,045,769 |
| | | Jun 2025 | 1,450,218 | | | 1,343,301 | | 1,959,064 | | 1,524,611 | | 1,773,869 | 1,079,685 |
| | | Sep 2024 | 1,298,923 | | | 1,298,327 | | 1,614,094 | | 1,384,437 | | 1,369,775 | 931,730 |
| | US$/oz | Sep 2025 | 2,442 | | | 2,236 | | 3,737 | | 2,465 | | 3,506 | 1,844 |
| | | Jun 2025 | 2,466 | | | 2,284 | | 3,332 | | 2,593 | | 3,017 | 1,836 |
| | | Sep 2024 | 2,250 | | | 2,248 | | 2,795 | | 2,398 | | 2,372 | 1,614 |
| All-in cost1,2 | R/kg | Sep 2025 | 1,533,483 | | | 1,267,936 | | 2,119,628 | | 1,397,810 | | 1,988,550 | 1,721,071 |
| | | Jun 2025 | 1,600,707 | | | 1,343,301 | | 1,959,064 | | 1,524,611 | | 1,773,869 | 1,706,655 |
| | | Sep 2024 | 1,360,750 | | | 1,298,327 | | 1,614,094 | | 1,384,437 | | 1,369,775 | 1,145,849 |
| | US$/oz | Sep 2025 | 2,704 | | | 2,236 | | 3,737 | | 2,465 | | 3,506 | 3,035 |
| | | Jun 2025 | 2,722 | | | 2,284 | | 3,332 | | 2,593 | | 3,017 | 2,902 |
| | | Sep 2024 | 2,357 | | | 2,248 | | 2,795 | | 2,398 | | 2,372 | 1,984 |
| Capital expenditure | | | | | | | | | | | | | |
| Ore reserve development | Rm | Sep 2025 | 821 | | | 473 | | 281 | | 67 | | — | — |
| | | Jun 2025 | 696 | | | 417 | | 225 | | 54 | | — | — |
| | | Sep 2024 | 747 | | | 452 | | 240 | | 55 | | — | — |
| Sustaining capital | Rm | Sep 2025 | 253 | | | 112 | | 64 | | 26 | | — | 51 |
| | | Jun 2025 | 313 | | | 99 | | 61 | | 32 | | — | 121 |
| | | Sep 2024 | 220 | | | 106 | | 60 | | 16 | | — | 38 |
| Project capital3 | Rm | Sep 2025 | 786 | | | — | | — | | — | | — | 782 |
| | | Jun 2025 | 716 | | | — | | — | | — | | — | 716 |
| | | Sep 2024 | 309 | | | — | | — | | — | | — | 276 |
| Total capital expenditure | Rm | Sep 2025 | 1,860 | | | 585 | | 345 | | 93 | | — | 833 |
| | | Jun 2025 | 1,725 | | | 516 | | 286 | | 86 | | — | 837 |
| | | Sep 2024 | 1,276 | | | 558 | | 300 | | 71 | | — | 314 |
| | US$m | Sep 2025 | 105 | | | 33 | | 20 | | 5 | | — | 47 |
| | | Jun 2025 | 94 | | | 28 | | 16 | | 5 | | — | 46 |
| | | Sep 2024 | 71 | | | 31 | | 17 | | 4 | | — | 17 |
Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1Operating cost, All-in sustaining costs and All-in costs are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial
performance prepared in accordance with IFRS. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are
considered pro forma performance measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for
illustration purposes only, and because of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
2All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to
normalise earnings. For a reconciliation of cost of sales before amortisation and depreciation to All-in cost, see “All-in costs – Quarters”
3Project capital expenditure for the quarters ended 30 September 2025 and 30 September 2024 was R4 million \(US$0 million\) and R33 million \(US$2 million\) respectively, the majority of which
related to the Burnstone project \(zero for the quarter ended June 2025\)
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 11
SALIENT FEATURES AND COST BENCHMARKS – QUARTERS \(continued\)
Australian operations
| Century zinc retreatment operation | | | |
| --- | --- | --- | --- |
| Production | | | |
| Ore mined and processed | kt | Sep 2025 | 2,063 |
| | | Jun 2025 | 2,114 |
| | | Sep 2024 | 2,207 |
| Zinc ore grade processed | % | Sep 2025 | 2.87 |
| | | Jun 2025 | 2.91 |
| | | Sep 2024 | 3.01 |
| Plant recoveries | % | Sep 2025 | 49.97 |
| | | Jun 2025 | 51.77 |
| | | Sep 2024 | 50.07 |
| Concentrate produced1 | kt | Sep 2025 | 64 |
| | | Jun 2025 | 68 |
| | | Sep 2024 | 74 |
| Concentrate zinc grade2 | % | Sep 2025 | 46.11 |
| | | Jun 2025 | 47.00 |
| | | Sep 2024 | 44.69 |
| Zinc in concentrate produced3 | kt | Sep 2025 | 30 |
| | | Jun 2025 | 32 |
| | | Sep 2024 | 33 |
| Payable zinc production4 | kt | Sep 2025 | 24 |
| | | Jun 2025 | 26 |
| | | Sep 2024 | 27 |
| Payable zinc sales5 | kt | Sep 2025 | 17 |
| | | Jun 2025 | 36 |
| | | Sep 2024 | 20 |
| Price and costs | | | |
| Average equivalent zinc concentrate price6 | R/tZn | Sep 2025 | 47,562 |
| | | Jun 2025 | 47,276 |
| | | Sep 2024 | 55,553 |
| | US$/tZn | Sep 2025 | 2,696 |
| | | Jun 2025 | 2,585 |
| | | Sep 2024 | 3,093 |
| All-in sustaining cost7,8 | R/tZn | Sep 2025 | 35,539 |
| | | Jun 2025 | 32,679 |
| | | Sep 2024 | 32,486 |
| | US$/tZn | Sep 2025 | 2,015 |
| | | Jun 2025 | 1,787 |
| | | Sep 2024 | 1,809 |
| All-in cost7,8 | R/tZn | Sep 2025 | 36,560 |
| | | Jun 2025 | 32,943 |
| | | Sep 2024 | 32,559 |
| | US$/tZn | Sep 2025 | 2,073 |
| | | Jun 2025 | 1,801 |
| | | Sep 2024 | 1,813 |
| Capital expenditure | | | |
| Sustaining capital | Rm | Sep 2025 | 11 |
| | | Jun 2025 | 8 |
| | | Sep 2024 | 30 |
| Project capital | Rm | Sep 2025 | 25 |
| | | Jun 2025 | 7 |
| | | Sep 2024 | — |
| Total capital expenditure | Rm | Sep 2025 | 36 |
| | | Jun 2025 | 15 |
| | | Sep 2024 | 30 |
| | US$m | Sep 2025 | 2 |
| | | Jun 2025 | 1 |
| | | Sep 2024 | 2 |
Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1Concentrate produced contains zinc, lead, silver and waste material, which is exported as a relatively dry product
2Concentrate zinc grade is the percentage of zinc contained in the concentrate produced
3Zinc in concentrate produced is the zinc metal contained in the concentrate produced
4Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
5Payable zinc sales is the payable quantity of zinc metal sold after applying smelter content deductions
6Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments divided by the payable zinc
sales
7All-in sustaining costs and all-in costs are not measures of performance under IFRS and should not be considered in isolation or as substitutes for measures of financial performance prepared in
accordance with IFRS. See "Non-IFRS measures" for more information on the metrics presented by Sibanye-Stillwater. All-in sustaining costs and All-in costs are considered pro forma performance
measures under the JSE Listing Requirements. This pro-forma financial information is the responsibility of the Group's Board of Directors and is presented for illustration purposes only, and because
of its nature All-in sustaining costs and All-in costs should not be considered as a representation of financial performance
8All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to
normalise earnings. For a reconciliation of cost of sales, before amortisation and depreciation to All-in cost, see “All-in costs - Quarters”
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 12
ALL-IN COSTS – QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
| | | | US PGM<br><br>operations1 | Total SA<br><br>PGM<br><br>operations2 | Rustenburg<br><br>including<br><br>Kroondal | Marikana2 | Plat Mile | Mimosa | Corporate |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cost of sales, before amortisation and depreciation3 | | Sep 2025 | 1,259 | 10,919 | 5,435 | 5,257 | 227 | 926 | \(926\) |
| | | Jun 2025 | \(1,406\) | 10,309 | 4,711 | 5,366 | 232 | 501 | \(501\) |
| | | Sep 2024 | 2,033 | 10,514 | 5,442 | 4,839 | 233 | 642 | \(642\) |
| Section 45X credit adjustment7 | | Sep 2025 | — | — | — | — | — | — | — |
| | | Jun 2025 | 2,654 | — | — | — | — | — | — |
| | | Sep 2024 | \(237\) | — | — | — | — | — | — |
| Royalties | | Sep 2025 | — | 267 | 229 | 38 | — | 51 | \(51\) |
| | | Jun 2025 | — | 53 | 49 | 4 | — | 23 | \(23\) |
| | | Sep 2024 | — | 37 | 10 | 27 | — | 36 | \(36\) |
| Carbon tax | | Sep 2025 | — | 1 | — | 1 | — | — | — |
| | | Jun 2025 | — | 1 | — | 1 | — | — | — |
| | | Sep 2024 | — | — | — | — | — | — | — |
| Community costs | | Sep 2025 | — | 67 | 21 | 46 | — | — | — |
| | | Jun 2025 | — | 69 | 20 | 49 | — | — | — |
| | | Sep 2024 | — | 53 | 34 | 20 | — | — | — |
| Inventory change | | Sep 2025 | 67 | 1,220 | 1,179 | 41 | — | \(229\) | 229 |
| | | Jun 2025 | 135 | 746 | 1,311 | \(565\) | — | 186 | \(186\) |
| | | Sep 2024 | 156 | 984 | 702 | 282 | — | \(1\) | 1 |
| Share-based payments4 | | Sep 2025 | 18 | 47 | 27 | 26 | 1 | — | — |
| | | Jun 2025 | 32 | 41 | 19 | 21 | — | — | — |
| | | Sep 2024 | 26 | 34 | 19 | 14 | — | — | — |
| Rehabilitation interest and amortisation5 | | Sep 2025 | 8 | 47 | 37 | 10 | — | 2 | \(2\) |
| | | Jun 2025 | 9 | 48 | 37 | 11 | — | 2 | \(2\) |
| | | Sep 2024 | 11 | 20 | 21 | \(1\) | — | 2 | \(2\) |
| Leases | | Sep 2025 | — | 12 | 5 | 7 | — | — | — |
| | | Jun 2025 | 1 | 13 | 5 | 8 | — | — | — |
| | | Sep 2024 | 1 | 13 | 5 | 8 | — | — | — |
| Ore reserve development | | Sep 2025 | 263 | 644 | 203 | 441 | — | — | — |
| | | Jun 2025 | 294 | 547 | 174 | 373 | — | — | — |
| | | Sep 2024 | 418 | 692 | 194 | 498 | — | — | — |
| Sustaining capital expenditure | | Sep 2025 | 57 | 656 | 367 | 278 | 11 | 75 | \(75\) |
| | | Jun 2025 | 75 | 649 | 288 | 356 | 5 | 76 | \(76\) |
| | | Sep 2024 | 102 | 521 | 318 | 198 | 5 | 129 | \(129\) |
| Less: By-product credit | | Sep 2025 | \(168\) | \(2,919\) | \(1,301\) | \(1,553\) | \(65\) | \(131\) | 131 |
| | | Jun 2025 | \(178\) | \(2,810\) | \(1,284\) | \(1,403\) | \(123\) | \(69\) | 69 |
| | | Sep 2024 | \(184\) | \(2,965\) | \(1,558\) | \(1,238\) | \(169\) | \(161\) | 161 |
| Total All-in-sustaining costs6 | | Sep 2025 | 1,504 | 10,961 | 6,202 | 4,592 | 174 | 694 | \(694\) |
| | | Jun 2025 | 1,616 | 9,666 | 5,330 | 4,221 | 114 | 719 | \(719\) |
| | | Sep 2024 | 2,326 | 9,903 | 5,187 | 4,647 | 69 | 647 | \(647\) |
| Plus: Corporate cost, growth and capital expenditure | | Sep 2025 | 85 | 154 | 15 | 139 | — | — | — |
| | | Jun 2025 | 101 | 166 | 20 | 146 | — | — | — |
| | | Sep 2024 | 137 | 169 | — | 167 | 2 | — | — |
| Total All-in-costs6 | | Sep 2025 | 1,589 | 11,115 | 6,217 | 4,731 | 174 | 694 | \(694\) |
| | | Jun 2025 | 1,717 | 9,832 | 5,350 | 4,367 | 114 | 719 | \(719\) |
| | | Sep 2024 | 2,463 | 10,072 | 5,187 | 4,814 | 71 | 647 | \(647\) |
| PGM production | 4Eoz - 2Eoz | Sep 2025 | 73,171 | 511,052 | 266,857 | 205,832 | 8,717 | 29,646 | — |
| | | Jun 2025 | 69,133 | 446,170 | 226,156 | 182,084 | 7,134 | 30,796 | — |
| | | Sep 2024 | 111,976 | 499,056 | 244,235 | 210,972 | 12,441 | 31,408 | — |
| | kg | Sep 2025 | 2,276 | 15,895 | 8,300 | 6,402 | 271 | 922 | — |
| | | Jun 2025 | 2,150 | 13,877 | 7,034 | 5,663 | 222 | 958 | — |
| | | Sep 2024 | 3,483 | 15,522 | 7,597 | 6,562 | 387 | 977 | — |
| All-in-sustaining cost6 | R/4Eoz - R/2Eoz | Sep 2025 | 20,555 | 22,769 | 23,241 | 22,309 | 19,961 | 23,410 | — |
| | | Jun 2025 | 23,375 | 23,271 | 23,568 | 23,182 | 15,980 | 23,347 | — |
| | | Sep 2024 | 20,771 | 21,176 | 21,238 | 22,027 | 5,546 | 20,600 | — |
| | US$/4Eoz - US$/2Eoz | Sep 2025 | 1,165 | 1,291 | 1,318 | 1,265 | 1,132 | 1,327 | — |
| | | Jun 2025 | 1,278 | 1,272 | 1,289 | 1,267 | 874 | 1,277 | — |
| | | Sep 2024 | 1,157 | 1,179 | 1,183 | 1,226 | 309 | 1,147 | — |
| All-in-cost6 | R/4Eoz - R/2Eoz | Sep 2025 | 21,716 | 23,089 | 23,297 | 22,985 | 19,961 | 23,410 | — |
| | | Jun 2025 | 24,836 | 23,670 | 23,656 | 23,983 | 15,980 | 23,347 | — |
| | | Sep 2024 | 21,994 | 21,538 | 21,238 | 22,818 | 5,707 | 20,600 | — |
| | US$/4Eoz - US$/2Eoz | Sep 2025 | 1,231 | 1,309 | 1,321 | 1,303 | 1,132 | 1,327 | — |
| | | Jun 2025 | 1,358 | 1,294 | 1,293 | 1,311 | 874 | 1,277 | — |
| | | Sep 2024 | 1,225 | 1,199 | 1,183 | 1,271 | 318 | 1,147 | — |
Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1The US PGM operations’ underground production is converted to metric tonnes and kilograms, and financial performance is translated into SA rand. In addition to the US PGM operations’
underground production, the operation processes various recycling material, which is excluded from the 2E PGM production, All-in sustaining cost and All-in cost statistics shown. The US Reldan
operations cost and performance are also excluded from the above table
2Total SA PGM operations and Marikana includes the production and costs associated with the purchase of concentrate \(PoC\) from third parties. For a reconciliation of the Operating cost, AISC
and AIC excluding third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters” and “Reconciliation of AISC and
AIC excluding third party PoC for Total SA PGM operations and Marikana – Quarters”
3Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
4Share-based payments are calculated based on the fair value at grant date and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair
value
5Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current PGM production
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 13
6All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to
normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and
major capital expenditure associated with growth. All-in sustaining cost per ounce and All-in cost per ounce are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a
period by the total 4E/2E PGM produced \(excluding Mimosa\) in the same period
7The Inflation Reduction Act Section 45X Advanced Manufacturing Production Credit provides credits to the US PGM operations equal to 10% of production costs incurred for critical minerals
produced and sold after December 31, 2022. During the quarter ended 30 June 2025 the US PGM operations recognised R237 million \(US$13 million\) which relates to mining costs for the quarter
ended 30 September 2024. Although the amount was recognised as a credit against the 30 June 2025 cost of sales, management believes that the cost of sales for the period ended 30 June
2025 should be adjusted with the 2023 and 2024 credits against the period when the mining costs were accrued. It is expected that, because the required certification requirements were
addressed in June 2025, the recognition of the credits will now match the related mining cost accruals. Accordingly, total All-in-sustaining costs and total All-in-costs were adjusted to reflect the
appropriate amounts which relates to the periods presented above
ALL-IN COSTS – QUARTERS \(continued\)
| Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Quarters | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | | Total SA PGM operations | | | Marikana | | |
| | Rm | Sep 2025 | Jun 2025 | Sep 2024 | Sep 2025 | Jun 2025 | Sep 2024 |
| Cost of sales, before amortisation and depreciation as reported per table above | | 10,919 | 10,309 | 10,514 | 5,257 | 5,366 | 4,839 |
| Inventory change as reported per table above | | 1,220 | 746 | 984 | 41 | \(565\) | 282 |
| Less: Chrome cost of sales | | \(306\) | \(464\) | \(498\) | \(70\) | \(118\) | \(121\) |
| Total operating cost including third party PoC | | 11,833 | 10,591 | 11,000 | 5,228 | 4,683 | 5,000 |
| Less: Purchase cost of PoC | | \(648\) | \(565\) | \(609\) | \(648\) | \(565\) | \(609\) |
| Total operating cost excluding third party PoC | | 11,185 | 10,026 | 10,391 | 4,580 | 4,118 | 4,391 |
| PGM production as reported per table above | 4Eoz- 2Eoz | 511,052 | 446,170 | 499,056 | 205,832 | 182,084 | 210,972 |
| Less: Mimosa production | | \(29,646\) | \(30,796\) | \(31,408\) | — | — | — |
| PGM production excluding Mimosa | | 481,406 | 415,374 | 467,648 | 205,832 | 182,084 | 210,972 |
| Less: PoC production | | \(17,189\) | \(18,041\) | \(25,118\) | \(17,189\) | \(18,041\) | \(25,118\) |
| PGM production excluding Mimosa and third party PoC | | 464,217 | 397,333 | 442,530 | 188,643 | 164,043 | 185,854 |
| PGM production including Mimosa and excluding third party PoC | | 493,863 | 428,129 | 473,938 | 188,643 | 164,043 | 185,854 |
| Tonnes milled/treated | kt | 10,343 | 9,101 | 9,750 | 2,720 | 2,366 | 2,717 |
| Less: Mimosa tonnes | | \(370\) | \(375\) | \(375\) | — | — | — |
| PGM tonnes excluding Mimosa and third party PoC | | 9,973 | 8,726 | 9,375 | 2,720 | 2,366 | 2,717 |
| Operating cost including third party PoC | R/4Eoz-R/2Eoz | 24,580 | 25,498 | 23,522 | 25,399 | 25,719 | 23,700 |
| | US$/4Eoz-US$/2Eoz | 1,393 | 1,394 | 1,310 | 1,440 | 1,406 | 1,320 |
| | R/t | 1,187 | 1,214 | 1,173 | 1,922 | 1,979 | 1,840 |
| | US$/t | 67 | 66 | 65 | 109 | 108 | 102 |
| Operating cost excluding third party PoC | R/4Eoz-R/2Eoz | 24,094 | 25,233 | 23,481 | 24,279 | 25,103 | 23,626 |
| | US$/4Eoz-US$/2Eoz | 1,366 | 1,380 | 1,307 | 1,376 | 1,373 | 1,315 |
| | R/t | 1,122 | 1,149 | 1,108 | 1,684 | 1,740 | 1,616 |
| | US$/t | 64 | 63 | 62 | 95 | 95 | 90 || Reconciliation of AISC and AIC excluding third party PoC for Total SA PGM operations and Marikana - Quarters | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| | | Total SA PGM operations | | | Marikana | | |
| | Rm | Sep 2025 | Jun 2025 | Sep 2024 | Sep 2025 | Jun 2025 | Sep 2024 |
| Total All-in-sustaining cost as reported per table above | | 10,961 | 9,666 | 9,903 | 4,592 | 4,221 | 4,647 |
| Less: Purchase cost of PoC | | \(648\) | \(565\) | \(609\) | \(648\) | \(565\) | \(609\) |
| Add: By-product credit of PoC | | 149 | 137 | 100 | 149 | 137 | 100 |
| Total All-in-sustaining cost excluding third party PoC | | 10,462 | 9,238 | 9,394 | 4,093 | 3,793 | 4,138 |
| Plus: Corporate cost, growth and capital expenditure | | 154 | 166 | 169 | 139 | 146 | 167 |
| Total All-in-cost excluding third party PoC | | 10,616 | 9,404 | 9,563 | 4,232 | 3,939 | 4,305 |
| PGM production excluding Mimosa and third party PoC | 4Eoz- 2Eoz | 464,217 | 397,333 | 442,530 | 188,643 | 164,043 | 185,854 |
| All-in-sustaining cost excluding third party PoC | R/4Eoz-R/2Eoz | 22,537 | 23,250 | 21,228 | 21,697 | 23,122 | 22,265 |
| | US$/4Eoz-US$/2Eoz | 1,278 | 1,271 | 1,182 | 1,230 | 1,264 | 1,240 |
| All-in-cost excluding third party PoC | R/4Eoz-R/2Eoz | 22,869 | 23,668 | 21,610 | 22,434 | 24,012 | 23,163 |
| | US$/4Eoz-US$/2Eoz | 1,296 | 1,294 | 1,203 | 1,272 | 1,313 | 1,290 |
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 14
ALL-IN COSTS – QUARTERS \(continued\)
SA gold operations
Figures are in rand millions unless otherwise stated
| | | | SA OPERATIONS | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | Total SA<br><br>gold | Driefontein | Kloof | Beatrix | Cooke | DRDGOLD | Corporate |
| Cost of sales, before amortisation and depreciation1 | | Sep 2025 | 6,218 | 2,130 | 1,454 | 992 | 489 | 1,153 | — |
| | | Jun 2025 | 5,900 | 1,739 | 1,700 | 1,031 | 321 | 1,109 | — |
| | | Sep 2024 | 5,915 | 1,675 | 1,598 | 1,080 | 404 | 1,158 | — |
| Royalties | | Sep 2025 | 38 | 135 | 8 | 38 | 2 | — | \(145\) |
| | | Jun 2025 | \(17\) | \(18\) | 10 | 33 | 2 | — | \(44\) |
| | | Sep 2024 | 28 | 12 | 8 | 6 | 2 | — | — |
| Carbon tax | | Sep 2025 | \(4\) | — | — | \(4\) | — | — | — |
| | | Jun 2025 | — | — | — | — | — | — | — |
| | | Sep 2024 | — | — | — | — | — | — | — |
| Community costs | | Sep 2025 | 7 | — | — | — | — | 7 | — |
| | | Jun 2025 | 4 | — | — | — | — | 4 | — |
| | | Sep 2024 | 2 | — | — | — | — | 2 | — |
| Share-based payments2 | | Sep 2025 | 31 | 7 | 6 | 5 | 1 | 12 | — |
| | | Jun 2025 | 24 | 6 | 4 | 4 | 1 | 9 | — |
| | | Sep 2024 | 36 | 10 | 11 | 7 | — | 7 | 1 |
| Rehabilitation interest and amortisation3 | | Sep 2025 | 59 | 6 | 10 | 22 | 29 | \(10\) | 2 |
| | | Jun 2025 | 58 | 5 | 10 | 21 | 29 | \(9\) | 2 |
| | | Sep 2024 | 49 | \(1\) | 6 | 26 | 20 | \(4\) | 2 |
| Leases | | Sep 2025 | 8 | — | 2 | 3 | — | 3 | — |
| | | Jun 2025 | 8 | — | 2 | 3 | — | 3 | — |
| | | Sep 2024 | 9 | — | 2 | 3 | — | 4 | — |
| Ore reserve development | | Sep 2025 | 821 | 473 | 281 | 67 | — | — | — |
| | | Jun 2025 | 696 | 417 | 225 | 54 | — | — | — |
| | | Sep 2024 | 747 | 452 | 240 | 55 | — | — | — |
| Sustaining capital expenditure | | Sep 2025 | 253 | 112 | 64 | 26 | — | 51 | — |
| | | Jun 2025 | 313 | 99 | 61 | 32 | — | 121 | — |
| | | Sep 2024 | 220 | 106 | 60 | 16 | — | 38 | — |
| Less: By-product credit | | Sep 2025 | \(5\) | — | — | — | — | \(5\) | — |
| | | Jun 2025 | \(9\) | \(2\) | \(2\) | \(1\) | — | \(4\) | — |
| | | Sep 2024 | \(10\) | \(4\) | \(1\) | \(1\) | — | \(4\) | — |
| Total All-in-sustaining costs4 | | Sep 2025 | 7,426 | 2,863 | 1,825 | 1,149 | 521 | 1,211 | \(143\) |
| | | Jun 2025 | 6,977 | 2,246 | 2,010 | 1,177 | 353 | 1,233 | \(42\) |
| | | Sep 2024 | 6,996 | 2,250 | 1,924 | 1,192 | 426 | 1,201 | 3 |
| Plus: Corporate cost, growth and capital expenditure | | Sep 2025 | 795 | — | — | — | — | 782 | 13 |
| | | Jun 2025 | 724 | — | — | — | — | 716 | 8 |
| | | Sep 2024 | 333 | — | — | — | — | 276 | 57 |
| Total All-in-costs4 | | Sep 2025 | 8,221 | 2,863 | 1,825 | 1,149 | 521 | 1,993 | \(130\) |
| | | Jun 2025 | 7,701 | 2,246 | 2,010 | 1,177 | 353 | 1,949 | \(34\) |
| | | Sep 2024 | 7,329 | 2,250 | 1,924 | 1,192 | 426 | 1,477 | 60 |
| Gold sold | kg | Sep 2025 | 5,361 | 2,258 | 861 | 822 | 262 | 1,158 | — |
| | | Jun 2025 | 4,811 | 1,672 | 1,026 | 772 | 199 | 1,142 | — |
| | | Sep 2024 | 5,386 | 1,733 | 1,192 | 861 | 311 | 1,289 | — |
| | oz | Sep 2025 | 172,360 | 72,596 | 27,682 | 26,428 | 8,423 | 37,231 | — |
| | | Jun 2025 | 154,677 | 53,756 | 32,987 | 24,820 | 6,398 | 36,716 | — |
| | | Sep 2024 | 173,164 | 55,717 | 38,324 | 27,682 | 9,999 | 41,442 | — |
| All-in-sustaining cost4 | R/kg | Sep 2025 | 1,385,189 | 1,267,936 | 2,119,628 | 1,397,810 | 1,988,550 | 1,045,769 | — |
| | | Jun 2025 | 1,450,218 | 1,343,301 | 1,959,064 | 1,524,611 | 1,773,869 | 1,079,685 | — |
| | | Sep 2024 | 1,298,923 | 1,298,327 | 1,614,094 | 1,384,437 | 1,369,775 | 931,730 | — |
| All-in-sustaining cost | US$/oz | Sep 2025 | 2,442 | 2,236 | 3,737 | 2,465 | 3,506 | 1,844 | — |
| | | Jun 2025 | 2,466 | 2,284 | 3,332 | 2,593 | 3,017 | 1,836 | — |
| | | Sep 2024 | 2,250 | 2,248 | 2,795 | 2,398 | 2,372 | 1,614 | — |
| All-in-cost4 | R/kg | Sep 2025 | 1,533,483 | 1,267,936 | 2,119,628 | 1,397,810 | 1,988,550 | 1,721,071 | — |
| | | Jun 2025 | 1,600,707 | 1,343,301 | 1,959,064 | 1,524,611 | 1,773,869 | 1,706,655 | — |
| | | Sep 2024 | 1,360,750 | 1,298,327 | 1,614,094 | 1,384,437 | 1,369,775 | 1,145,849 | — |
| All-in-cost | US$/oz | Sep 2025 | 2,704 | 2,236 | 3,737 | 2,465 | 3,506 | 3,035 | — |
| | | Jun 2025 | 2,722 | 2,284 | 3,332 | 2,593 | 3,017 | 2,902 | — |
| | | Sep 2024 | 2,357 | 2,248 | 2,795 | 2,398 | 2,372 | 1,984 | — |
Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1Cost of sales, before amortisation and depreciation includes all mining and processing costs, third party refining costs, corporate general and administrative costs, and permitting costs
2Share-based payments are calculated based on the fair value at grant date and do not include the adjustment of the cash-settled share-based payment obligation to the reporting date fair
value
3Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current gold production
4All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one time severance charges and items needed to
normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and
major capital expenditure associated with growth. All-in sustaining cost per kilogram \(and ounce\) and All-in cost per kilogram \(and ounce\) are calculated by dividing the All-in sustaining cost
and All-in cost, respectively, in a period by the total gold sold over the same period
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 15
ALL-IN COSTS – QUARTERS \(continued\)
Australian operations
Figures are in rand millions unless otherwise stated
| Century zinc retreatment operation | | | |
| --- | --- | --- | --- |
| Cost of sales, before amortisation and depreciation1 | | Sep 2025 | 392 |
| | | Jun 2025 | 1,196 |
| | | Sep 2024 | 594 |
| Royalties | | Sep 2025 | 50 |
| | | Jun 2025 | 75 |
| | | Sep 2024 | 57 |
| Community costs | | Sep 2025 | 15 |
| | | Jun 2025 | 23 |
| | | Sep 2024 | 13 |
| Inventory change | | Sep 2025 | 425 |
| | | Jun 2025 | \(374\) |
| | | Sep 2024 | 201 |
| Share-based payments | | Sep 2025 | 5 |
| | | Jun 2025 | 6 |
| | | Sep 2024 | \(2\) |
| Rehabilitation interest and amortisation2 | | Sep 2025 | 18 |
| | | Jun 2025 | 18 |
| | | Sep 2024 | 24 |
| Leases | | Sep 2025 | 24 |
| | | Jun 2025 | 26 |
| | | Sep 2024 | 26 |
| Sustaining capital expenditure | | Sep 2025 | 11 |
| | | Jun 2025 | 8 |
| | | Sep 2024 | 30 |
| Less: By-product credit | | Sep 2025 | \(70\) |
| | | Jun 2025 | \(113\) |
| | | Sep 2024 | \(55\) |
| Total All-in-sustaining costs3 | | Sep 2025 | 870 |
| | | Jun 2025 | 865 |
| | | Sep 2024 | 888 |
| Plus: Corporate cost, growth and capital expenditure | | Sep 2025 | 25 |
| | | Jun 2025 | 7 |
| | | Sep 2024 | 2 |
| Total All-in-costs3 | | Sep 2025 | 895 |
| | | Jun 2025 | 872 |
| | | Sep 2024 | 890 |
| Payable zinc production | kt | Sep 2025 | 24 |
| | | Jun 2025 | 26 |
| | | Sep 2024 | 27 |
| All-in-sustaining cost3 | R/tZn | Sep 2025 | 35,539 |
| | | Jun 2025 | 32,679 |
| | | Sep 2024 | 32,486 |
| | US$/tZn | Sep 2025 | 2,015 |
| | | Jun 2025 | 1,787 |
| | | Sep 2024 | 1,809 |
| All-in-cost3 | R/tZn | Sep 2025 | 36,560 |
| | | Jun 2025 | 32,943 |
| | | Sep 2024 | 32,559 |
| | US$/tZn | Sep 2025 | 2,073 |
| | | Jun 2025 | 1,801 |
| | | Sep 2024 | 1,813 |
Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1Cost of sales, before amortisation and depreciation includes all mining and processing costs, corporate general and administrative costs, and permitting costs
2Rehabilitation includes the interest charge related to the environmental rehabilitation obligation and the amortisation of the related capitalised rehabilitation costs. The interest charge related
to the environmental rehabilitation obligation and the amortisation of the capitalised rehabilitation costs reflect the periodic costs of rehabilitation associated with current zinc production
3All-in cost excludes income tax, costs associated with merger and acquisition activities, working capital, impairments, financing costs, one-time severance charges and items needed to
normalise earnings. All-in cost is made up of All-in sustaining cost, being the cost to sustain current operations, given as a sub-total in the All-in cost calculation, together with corporate and
major capital expenditure associated with growth. All-in sustaining cost per tonne and All-in cost per tonne are calculated by dividing the All-in sustaining cost and All-in cost, respectively, in a
period by the total tonnes of payable zinc metal produced in the same period
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 16
UNIT OPERATING COST – QUARTERS
US and SA PGM operations
Figures are in rand millions unless otherwise stated
| | | | US PGM<br><br>operations | Total SA<br><br>PGM<br><br>operations2,3 | Rustenburg including<br><br>Kroondal3 | | Marikana3 | | Plat Mile3 | Mimosa |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | Under-<br><br>ground1 | Total | Under-<br><br>ground | Surface | Under-<br><br>ground | Surface | Surface | Attribu-table |
| Cost of sales, before amortisation and<br><br>depreciation | | Sep 2025 | 1,259 | 10,919 | 5,077 | 358 | 5,257 | | 227 | 926 |
| | | Jun 2025 | \(1,406\) | 10,309 | 4,374 | 337 | 5,366 | | 232 | 501 |
| | | Sep 2024 | 2,033 | 10,514 | 5,081 | 361 | 4,839 | | 233 | 642 |
| Section 45X credit adjustment6 | | Sep 2025 | — | — | — | — | — | | — | — |
| | | Jun 2025 | 2,654 | — | — | — | — | | — | — |
| | | Sep 2024 | \(237\) | — | — | — | — | | — | — |
| Inventory change | | Sep 2025 | 67 | 1,220 | 1,260 | \(81\) | 41 | | — | \(229\) |
| | | Jun 2025 | 135 | 746 | 1,293 | 18 | \(565\) | | — | 186 |
| | | Sep 2024 | 156 | 984 | 693 | 9 | 282 | | — | \(1\) |
| Less: Chrome cost of sales | | Sep 2025 | — | \(306\) | \(217\) | — | \(70\) | | \(19\) | — |
| | | Jun 2025 | — | \(464\) | \(289\) | — | \(118\) | | \(57\) | — |
| | | Sep 2024 | — | \(498\) | \(331\) | — | \(121\) | | \(46\) | — |
| Less: Purchase cost of PoC | | Sep 2025 | — | \(648\) | — | — | \(648\) | | — | — |
| | | Jun 2025 | — | \(565\) | — | — | \(565\) | | — | — |
| | | Sep 2024 | — | \(609\) | — | — | \(609\) | | — | — |
| Total operating cost excluding third party PoC | | Sep 2025 | 1,326 | 11,185 | 6,120 | 277 | 4,580 | | 208 | 697 |
| | | Jun 2025 | 1,383 | 10,026 | 5,378 | 355 | 4,118 | | 175 | 687 |
| | | Sep 2024 | 1,952 | 10,391 | 5,443 | 370 | 4,391 | | 187 | 641 |
| Tonnes milled/treated | kt | Sep 2025 | 198 | 9,973 | 3,152 | 1,407 | 1,760 | 960 | 2,694 | 370 |
| | | Jun 2025 | 181 | 8,726 | 2,711 | 1,322 | 1,525 | 841 | 2,327 | 375 |
| | | Sep 2024 | 313 | 9,375 | 2,831 | 1,337 | 1,674 | 1,043 | 2,490 | 375 |
| PGM production excluding third party PoC4 | 4Eoz | Sep 2025 | 73,171 | 464,217 | 255,126 | 11,731 | 188,643 | | 8,717 | 29,646 |
| | | Jun 2025 | 69,133 | 397,333 | 212,980 | 13,176 | 164,043 | | 7,134 | 30,796 |
| | | Sep 2024 | 111,976 | 442,530 | 223,770 | 20,465 | 185,854 | | 12,441 | 31,408 |
| Operating cost5 | R/t | Sep 2025 | 6,706 | 1,122 | 1,942 | 197 | 1,684 | | 77 | 1,881 |
| | | Jun 2025 | 7,653 | 1,149 | 1,984 | 269 | 1,740 | | 75 | 1,830 |
| | | Sep 2024 | 6,232 | 1,108 | 1,923 | 277 | 1,616 | | 75 | 1,710 |
| | US$/t | Sep 2025 | 380 | 64 | 110 | 11 | 95 | | 4 | 107 |
| | | Jun 2025 | 418 | 63 | 108 | 15 | 95 | | 4 | 100 |
| | | Sep 2024 | 347 | 62 | 107 | 15 | 90 | | 4 | 95 |
| | R/4Eoz - R/2Eoz | Sep 2025 | 18,122 | 24,094 | 23,988 | 23,613 | 24,279 | | 23,861 | 23,511 |
| | | Jun 2025 | 20,006 | 25,233 | 25,251 | 26,943 | 25,103 | | 24,530 | 22,308 |
| | | Sep 2024 | 17,431 | 23,481 | 24,324 | 18,080 | 23,626 | | 15,031 | 20,409 |
| | US$/4Eoz -<br><br>US$/2Eoz | Sep 2025 | 1,027 | 1,366 | 1,360 | 1,339 | 1,376 | | 1,353 | 1,333 |
| | | Jun 2025 | 1,094 | 1,380 | 1,381 | 1,473 | 1,373 | | 1,341 | 1,220 |
| | | Sep 2024 | 971 | 1,307 | 1,354 | 1,007 | 1,315 | | 837 | 1,136 |
Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1 The US PGM operations’ underground production is converted to metric tonnes and kilograms, and performance is translated into rand. In addition to the US PGM operations’
underground production, the operation treats various recycling material which is excluded from the statistics shown above. The US Reldan operations cost and performance are also excluded
from the above table
2Total SA PGM operations exclude the results of Mimosa \(financial and production results\), which is equity accounted
3Cost of sales, before amortisation and depreciation for Total SA PGM operations, Rustenburg \(including Kroondal\), Marikana and Platinum Mile includes the Chrome cost of sales which is
excluded for operating unit cost calculation purposes as Chrome production is excluded from the concentrate production
4For a reconciliation of the production excluding Mimosa and third party PoC, refer to “Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana -
Quarters”
5Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation, adjusted for change in
inventory, less chrome- and PoC cost of sales in a period by the tonnes milled/treated in the same period, and operating cost per ounce is calculated by dividing the cost of sales, before
amortisation and depreciation, adjusted for change in inventory, less chrome- and PoC cost of sales in a period, by the PGM produced in the same period
6 The US PGM operations’ operating cost for the quarter ended 30 September 2024 were adjusted to include the Section 45X \(S45X\) Advance Manufacturing Production Credits. During the quarter
ended 30 June 2025 the US PGM operations recognised R237 million \(US$13 million\) which relates to mining costs for the quarter ended 30 September 2024
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 17
UNIT OPERATING COST – QUARTERS \(continued\)
SA gold operations
Figures are in rand millions unless otherwise stated
| | | | Total SA gold operations | | | Driefontein | | Kloof | | Beatrix | | Cooke | DRDGOLD |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | Total | Under-<br><br>ground | Surface | Under-<br><br>ground | Surface | Under-<br><br>ground | Surface | Under-<br><br>ground | Surface | Surface | Surface |
| Cost of sales, before<br><br>amortisation and depreciation | | Sep 2025 | 6,218 | 4,561 | 1,657 | 2,130 | — | 1,439 | 15 | 992 | — | 489 | 1,153 |
| | | Jun 2025 | 5,900 | 4,403 | 1,497 | 1,739 | — | 1,633 | 67 | 1,031 | — | 321 | 1,109 |
| | | Sep 2024 | 5,915 | 4,201 | 1,714 | 1,675 | — | 1,452 | 146 | 1,074 | 6 | 404 | 1,158 |
| Inventory change | | Sep 2025 | 150 | 137 | 13 | \(45\) | — | 88 | 6 | 94 | — | \(44\) | 51 |
| | | Jun 2025 | 117 | 26 | 91 | 148 | — | \(155\) | \(25\) | 33 | — | 79 | 37 |
| | | Sep 2024 | 298 | 252 | 46 | 188 | — | 12 | — | 52 | — | 1 | 45 |
| Total operating cost | | Sep 2025 | 6,368 | 4,698 | 1,670 | 2,085 | — | 1,527 | 21 | 1,086 | — | 445 | 1,204 |
| | | Jun 2025 | 6,017 | 4,429 | 1,588 | 1,887 | — | 1,478 | 42 | 1,064 | — | 400 | 1,146 |
| | | Sep 2024 | 6,213 | 4,453 | 1,760 | 1,863 | — | 1,464 | 146 | 1,126 | 6 | 405 | 1,203 |
| Tonnes milled/treated | kt | Sep 2025 | 8,408 | 864 | 7,544 | 296 | — | 237 | 74 | 332 | — | 989 | 6,481 |
| | | Jun 2025 | 8,786 | 774 | 8,012 | 282 | — | 189 | 130 | 303 | 1 | 1,230 | 6,651 |
| | | Sep 2024 | 8,995 | 929 | 8,066 | 308 | 4 | 289 | 337 | 332 | 16 | 1,162 | 6,547 |
| Gold produced | kg | Sep 2025 | 5,472 | 4,010 | 1,462 | 2,263 | — | 874 | 54 | 873 | — | 217 | 1,191 |
| | | Jun 2025 | 4,948 | 3,469 | 1,479 | 1,814 | — | 884 | 39 | 771 | — | 267 | 1,173 |
| | | Sep 2024 | 5,582 | 3,835 | 1,747 | 1,869 | 1 | 1,079 | 112 | 887 | 3 | 312 | 1,319 |
| | oz | Sep 2025 | 175,929 | 128,924 | 47,004 | 72,757 | — | 28,100 | 1,736 | 28,068 | — | 6,977 | 38,292 |
| | | Jun 2025 | 159,082 | 111,531 | 47,551 | 58,321 | — | 28,421 | 1,254 | 24,788 | — | 8,584 | 37,713 |
| | | Sep 2024 | 179,465 | 123,298 | 56,167 | 60,090 | 32 | 34,691 | 3,601 | 28,518 | 96 | 10,031 | 42,407 |
| Operating cost1 | R/t | Sep 2025 | 757 | 5,435 | 221 | 7,055 | — | 6,435 | 282 | 3,276 | — | 450 | 186 |
| | | Jun 2025 | 685 | 5,720 | 198 | 6,691 | — | 7,801 | 323 | 3,514 | — | 325 | 172 |
| | | Sep 2024 | 691 | 4,794 | 218 | 6,047 | — | 5,063 | 433 | 3,397 | 387 | 348 | 184 |
| | US$/t | Sep 2025 | 43 | 308 | 13 | 400 | — | 365 | 16 | 186 | — | 26 | 11 |
| | | Jun 2025 | 37 | 313 | 11 | 366 | — | 427 | 18 | 192 | — | 18 | 9 |
| | | Sep 2024 | 38 | 267 | 12 | 337 | — | 282 | 24 | 189 | 22 | 19 | 10 |
| | R/kg | Sep 2025 | 1,163,743 | 1,171,571 | 1,142,271 | 921,343 | — | 1,747,140 | 388,889 | 1,243,986 | — | 2,050,691 | 1,010,915 |
| | | Jun 2025 | 1,216,047 | 1,276,737 | 1,073,698 | 1,040,243 | — | 1,671,946 | 1,076,923 | 1,380,026 | — | 1,498,127 | 976,982 |
| | | Sep 2024 | 1,113,042 | 1,161,147 | 1,007,441 | 996,790 | — | 1,356,812 | 1,303,571 | 1,269,448 | 2,000,000 | 1,298,077 | 912,055 |
| | US$/oz | Sep 2025 | 2,052 | 2,066 | 2,014 | 1,625 | — | 3,081 | 686 | 2,193 | — | 3,616 | 1,782 |
| | | Jun 2025 | 2,068 | 2,171 | 1,826 | 1,769 | — | 2,843 | 1,831 | 2,347 | — | 2,548 | 1,661 |
| | | Sep 2024 | 1,928 | 2,011 | 1,745 | 1,726 | — | 2,350 | 2,258 | 2,198 | 3,464 | 2,248 | 1,580 |
Average exchange rates for the quarters ended 30 September 2025, 30 June 2025 and 30 September 2024 was R17.64/US$, R18.29/US$ and R17.96/US$, respectively
Figures may not add as they are rounded independently
1 Operating cost is the average cost of production and operating cost per tonne is calculated by dividing the cost of sales, before amortisation and depreciation and change in inventory in a
period by the tonnes milled/treated in the same period, and operating cost per kilogram \(and ounce\) is calculated by dividing the cost of sales, before amortisation and depreciation and
change in inventory in a period by the gold produced in the same period
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 18
ADJUSTED EBITDA RECONCILIATION – QUARTERS
| | Quarter ended 30 Sep 2025 | | | | | | | | | | | | | Quarter ended 30 Jun 2025 | | | | | | | | | | | | | Quarter ended 30 Sep 2024 | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Group | Americas region | | | | | Southern<br><br>Africa \(SA\)<br><br>region | | European \(EU\)<br><br>region | | Australian \(AUS\)<br><br>region | | Group | Group | Americas region | | | | | Southern<br><br>Africa \(SA\)<br><br>region | | European \(EU\)<br><br>region | | Australian \(AUS\)<br><br>region | | Group | Group | Americas region | | | | Southern Africa<br><br>\(SA\) region | | European \(EU\)<br><br>region | | Australian \(AUS\)<br><br>region | | Group |
| Figures in million - SA rand | Group | Total US<br><br>operations | Total US<br><br>PGM | US Under-<br><br>ground<br><br>PGM | US Recy-<br><br>cling | Reldan<br><br>operations | SA<br><br>PGM | SA gold | Total EU | Sandouville<br><br>nickel<br><br>refinery | Total AUS | Century<br><br>zinc<br><br>retreatment<br><br>operation | Corpo-<br><br>rate | Group | Total US<br><br>operations | Total US<br><br>PGM | US Under-<br><br>ground<br><br>PGM | US<br><br>Recy-<br><br>cling | Reldan<br><br>operations | SA<br><br>PGM | SA gold | Total EU | Sandouville<br><br>nickel<br><br>refinery | Total AUS | Century<br><br>zinc<br><br>retreatment<br><br>operation | Corpo-<br><br>rate | Group | Total US<br><br>operatio<br><br>ns | Total US<br><br>PGM | US Recy-<br><br>cling | Reldan<br><br>operations | SA PGM | SA gold | Total EU | Sandouville<br><br>nickel<br><br>refinery | Total AUS | Century<br><br>zinc<br><br>retreatment<br><br>operation | Corpo-<br><br>rate |
| Profit/\(loss\) before royalties,<br><br>carbon tax and tax | 4,994 | 18 | 8 | \(193\) | 201 | 10 | 3,453 | 2,052 | \(419\) | \(255\) | 365 | 399 | \(475\) | \(2,844\) | 119 | \(19\) | \(2,325\) | 2,306 | 138 | 267 | 2,189 | \(5,535\) | \(242\) | 549 | 586 | \(433\) | 630 | \(963\) | \(1,017\) | 97 | 54 | 781 | 564 | 190 | 249 | 478 | 512 | \(420\) |
| Adjusted for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Amortisation and<br><br>depreciation | 2,592 | 398 | 348 | 347 | 1 | 50 | 1,172 | 1,019 | 3 | — | — | — | — | 2,316 | 441 | 391 | 390 | 1 | 50 | 1,024 | 848 | 4 | 1 | — | — | \(1\) | 2,170 | 371 | 321 | 1 | 50 | 971 | 777 | 10 | 8 | 41 | 41 | — |
| Interest income | \(316\) | \(11\) | \(10\) | \(10\) | — | \(1\) | \(93\) | \(133\) | \(14\) | — | \(2\) | \(2\) | \(63\) | \(464\) | \(53\) | \(49\) | \(49\) | — | \(4\) | \(215\) | \(164\) | — | — | \(2\) | \(2\) | \(30\) | \(295\) | \(59\) | \(55\) | — | \(4\) | \(104\) | \(122\) | \(10\) | — | — | — | — |
| Finance expense | 1,265 | 453 | 442 | 442 | — | 11 | 201 | 252 | 25 | 3 | 55 | 51 | 279 | 1,366 | 472 | 458 | 458 | — | 14 | 246 | 285 | 24 | 3 | 46 | 43 | 293 | 1,192 | 455 | 445 | — | 10 | 174 | 329 | 75 | 17 | 63 | 59 | 96 |
| Share-based payments | 728 | 158 | 147 | 147 | — | 11 | 268 | 177 | 94 | 16 | 26 | 26 | 5 | 483 | 99 | 94 | 94 | — | 5 | 186 | 119 | 61 | 12 | 15 | 15 | 3 | 65 | 20 | 20 | — | — | 14 | 34 | \(1\) | 1 | \(2\) | \(2\) | — |
| Loss/\(gain\) on financial<br><br>instruments | 757 | 80 | — | — | — | 80 | 66 | 557 | 26 | — | 28 | 28 | — | \(222\) | \(14\) | — | — | — | \(14\) | 69 | \(23\) | \(178\) | — | \(97\) | \(97\) | 21 | \(442\) | 37 | — | — | 37 | \(546\) | 31 | 61 | 30 | \(25\) | \(25\) | — |
| Loss/\(gain\) on foreign<br><br>exchange movements | \(11\) | 14 | 8 | 8 | — | 6 | 27 | \(54\) | \(18\) | \(20\) | 10 | 8 | 10 | \(73\) | 8 | 2 | 2 | — | 6 | 79 | \(67\) | \(111\) | \(107\) | 20 | 19 | \(2\) | 33 | 7 | 7 | — | — | 245 | \(191\) | \(58\) | \(10\) | 6 | 5 | 24 |
| Share of results of equity-<br><br>accounted investees after<br><br>tax | \(251\) | 2 | 5 | 5 | — | \(3\) | \(157\) | \(103\) | — | — | — | — | 7 | 466 | 9 | — | — | — | 9 | 563 | \(110\) | — | — | — | — | 4 | \(95\) | 2 | — | — | 2 | 17 | \(117\) | — | — | — | — | 3 |
| Change in estimate of<br><br>environmental rehabilitation<br><br>obligation, and right of<br><br>recovery liability and asset | — | — | — | — | — | — | — | — | — | — | — | — | — | \(98\) | — | — | — | — | — | — | \(98\) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Loss/\(gain\) on disposal of<br><br>property, plant and<br><br>equipment | 32 | 2 | 2 | 2 | — | — | 45 | \(15\) | — | — | — | — | — | \(4\) | 23 | 23 | 23 | — | — | \(10\) | \(17\) | — | — | — | — | — | \(30\) | 1 | 1 | — | — | \(11\) | \(20\) | — | — | — | — | — |
| Impairments/\(reversal of<br><br>impairments\) | — | — | — | — | — | — | — | — | — | — | — | — | — | 9,666 | 4,230 | 4,230 | 4,230 | — | — | 64 | — | 5,372 | 28 | — | — | — | \(1\) | — | — | — | — | — | — | — | — | \(1\) | \(1\) | — |
| Occupational healthcare<br><br>expense | — | — | — | — | — | — | — | — | — | — | — | — | — | 3 | — | — | — | — | — | — | 3 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Restructuring costs | 2 | — | — | — | — | — | — | 2 | — | — | — | — | — | 206 | — | — | — | — | — | 2 | 34 | 170 | 170 | — | — | — | 363 | 264 | 264 | — | — | 39 | 60 | — | — | — | — | — |
| Onerous contract provision | — | — | — | — | — | — | — | — | — | — | — | — | — | \(53\) | — | — | — | — | — | — | — | \(53\) | \(53\) | — | — | — | \(493\) | — | — | — | — | — | — | \(493\) | \(493\) | — | — | — |
| Lease payments | \(65\) | \(1\) | — | — | — | \(1\) | \(21\) | \(12\) | \(7\) | \(5\) | \(24\) | \(24\) | — | \(69\) | \(2\) | \(1\) | \(1\) | — | \(1\) | \(24\) | \(10\) | \(7\) | \(5\) | \(26\) | \(27\) | — | \(56\) | \(1\) | \(1\) | — | — | \(14\) | \(9\) | \(6\) | \(5\) | \(26\) | \(26\) | — |
| Other non-recurring costs | 145 | \(59\) | \(169\) | \(169\) | — | 110 | — | \(11\) | 113 | 135 | — | — | 102 | 285 | 125 | 125 | 125 | — | — | — | 9 | 64 | 64 | \(58\) | \(58\) | 145 | 271 | 5 | 5 | — | — | 18 | 11 | 51 | 51 | 2 | 2 | 184 |
| Adjusted EBITDA | 9,872 | 1,054 | 781 | 579 | 202 | 273 | 4,961 | 3,731 | \(197\) | \(126\) | 458 | 486 | \(135\) | 10,964 | 5,457 | 5,254 | 2,947 | 2,307 | 203 | 2,251 | 2,998 | \(189\) | \(129\) | 447 | 479 | — | 3,312 | 139 | \(10\) | 98 | 149 | 1,584 | 1,347 | \(181\) | \(152\) | 536 | 565 | \(113\) |
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 19
Non-IFRS measures
Sibanye-Stillwater presents certain non-IFRS figures to provide readers with additional financial information that is regularly reviewed by
management to assess the operational performance of the Group and is the responsibility of the Group's Board of Directors. These non-
IFRS measures should not be considered as alternatives to IFRS Accounting Standards measures, including cost of sales, net operating
profit, profit before taxation, cash from operating activities or any other measure of financial performance presented in accordance with
IFRS Accounting Standards, and may not be comparable to similarly titled measures of other companies.
The non-IFRS financial measures discussed in this document are listed below:
| Non-IFRS measure | Definition | Purpose why these non-IFRS measures are<br><br>reported | Reconciled<br><br>on page |
| --- | --- | --- | --- |
| Adjusted EBITDA | Adjusted earnings before interest, tax,<br><br>depreciation and amortisation, and is reported<br><br>based on the formula included in Sibanye-<br><br>Stillwater’s facility agreements for compliance<br><br>with the debt covenant formula and involves<br><br>eliminating the effects of various one-time,<br><br>irregular, and non-recurring items from the<br><br>standard EBITDA calculation | Used in the calculation of the debt covenant<br><br>ratio: net debt/\(cash\) to adjusted EBITDA | 18 |
| All-in sustaining<br><br>costs \(AISC\) | Cost of sales before amortisation and<br><br>depreciation plus additional costs which<br><br>include community costs, inventory change<br><br>\(PGM operations only\), share-based payments,<br><br>royalties, carbon tax, rehabilitation, leases, ore<br><br>reserve development \(ORD\), sustaining capital<br><br>expenditure and deducting the by-product<br><br>credit | Developed by the World Gold council for the<br><br>purpose of the gold mining industry, AISC<br><br>provides metrics and aims to reflect the full<br><br>cost to sustain the production and sale of our<br><br>commodities, and reporting this metric allows<br><br>for a meaningful comparisons across our<br><br>operations and different mining companies | 12,13,14,15 |
| All-in costs \(AIC\) | AISC plus additional costs relating to corporate<br><br>and major capital expenditure associated with<br><br>growth | Developed by the World Gold council for the<br><br>purpose of the gold mining industry, AIC<br><br>provides metrics and aims to reflect the full<br><br>cost to sustain the production and sale of our<br><br>commodities, after including growth capital,<br><br>and reporting this metric allows for a<br><br>meaningful comparisons across our operations<br><br>and different mining companies | 12,13,14,15 |
| AISC/AIC per unit | AISC/AIC divided by the total PGM produced/<br><br>gold sold/zinc produced \(payable\) | Developed by the World Gold council for the<br><br>purpose of the gold mining industry, AISC/AIC<br><br>per unit provides a metric that aims to reflect<br><br>the full cost to sustain the production and sale,<br><br>after including growth capital \(AIC\), of an<br><br>ounce/kilogram/tonne of commodity and<br><br>reporting this metric allows for a meaningful<br><br>comparisons across our operations and<br><br>different mining companies | 12,13,14,15 |
| Operating costs | The average cost of production, and<br><br>operating cost per tonne is calculated by<br><br>dividing the cost of sales, before amortisation<br><br>and depreciation and change in inventory in a<br><br>period by the tonnes milled/treated in the<br><br>same period, and operating cost per ounce<br><br>\(and kilograms\) is calculated by dividing the<br><br>cost of sales, before amortisation and<br><br>depreciation and change in inventory in a<br><br>period by the gold kilograms produced or<br><br>PGM 2E and 4E ounces produced in the same<br><br>period | Report a measure that aims to reflect the<br><br>operating cost to produce our commodities,<br><br>and reporting this metric allows for a<br><br>meaningful comparisons across our operations<br><br>and different mining companies | 13,16,17 |
Pro-forma financial information
Certain financial information, including non-IFRS measures, presented in this operating update constitutes pro forma financial information.
The responsibility for preparing and presenting the pro forma financial information for the completeness and accuracy of the pro forma
financial information is that of the directors of Sibanye-Stillwater. This pro forma financial information is presented for illustrative purposes
only. Because of its nature, the pro forma financial information may not fairly present Sibanye-Stillwater’s financial position, changes in
equity, and results of operations or cash flows. This pro forma financial information has not been audited or reviewed or otherwise
reported on by Sibanye-Stillwater’s external auditor.
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 20
ADMINISTRATION AND CORPORATE INFORMATION
| SIBANYE STILLWATER LIMITED<br><br>\(SIBANYE-STILLWATER\)<br><br>Incorporated in the Republic of South Africa<br><br>Registration number 2014/243852/06<br><br>Share code: SSW and SBSW<br><br>Issuer code: SSW<br><br>ISIN: ZAE000259701<br><br>LISTINGS<br><br>JSE: SSW<br><br>NYSE: SBSW<br><br>WEBSITE<br><br>www.sibanyestillwater.com<br><br>REGISTERED AND CORPORATE OFFICE<br><br>Constantia Office Park<br><br>Bridgeview House, Building 11, Ground floor<br><br>Cnr 14th Avenue & Hendrik Potgieter Road<br><br>Weltevreden Park 1709<br><br>South Africa<br><br>Private Bag X5<br><br>Westonaria 1780<br><br>South Africa<br><br>Tel: +27 11 278 9600<br><br>Fax: +27 11 278 9863<br><br>COMPANY SECRETARY<br><br>Lerato Matlosa<br><br>Email: [email protected]<br><br>DIRECTORS<br><br>Dr Vincent Maphai\* \(Chairman\)<br><br>Dr Richard Stewart \(CEO\)+<br><br>Charl Keyter \(CFO\)<br><br>Dr Elaine Dorward-King\*<br><br>Harry Kenyon-Slaney\*^<br><br>Prof Jeremiah Vilakazi#<br><br>Dr Lindiwe Mthimunye++<br><br>Keith Rayner#<br><br>Dr Peter Hancock\*<br><br>Philippe Boisseau\*<br><br>Richard Menell#<br><br>Dr Sindiswa Zilwa\*<br><br>Dr Terence Nombembe\*<br><br>Timothy Cumming#<br><br>\* Independent non-executive<br><br># Non-executive<br><br>^ Lead independent director<br><br>+ Appointed as executive director 1 March 2025 and as CEO 1 October 2025<br><br>++ Appointed as independent non-executive director 25 August 2025<br><br>INVESTOR ENQUIRIES<br><br>James Wellsted<br><br>Executive Vice President: Investor Relations and Corporate Affairs<br><br>Mobile: +27 83 453 4014<br><br>Email: [email protected]<br><br>or [email protected] | JSE SPONSOR<br><br>JP Morgan Equities South Africa Proprietary Limited<br><br>Registration number 1995/011815/07<br><br>1 Fricker Road, Illovo<br><br>Johannesburg 2196<br><br>South Africa<br><br>Private Bag X9936<br><br>Sandton 2146<br><br>South Africa<br><br>AUDITORS<br><br>BDO<br><br>Wanderers Office Park<br><br>52 Corlett Drive<br><br>Illovo 2196<br><br>South Africa<br><br>Private Bag X60500<br><br>Houghton 2041<br><br>South Africa<br><br>Tel: +27 11 488 1700<br><br>AMERICAN DEPOSITARY RECEIPTS<br><br>TRANSFER AGENT<br><br>BNY Mellon Shareowner Correspondence \(ADSs\)<br><br>Mailing address of agent:<br><br>Computershare<br><br>PO Box 43078<br><br>Providence, RI 02940-3078<br><br>Overnight/certified/registered delivery:<br><br>Computershare<br><br>150 Royall Street, Suite 101<br><br>Canton, MA 02021<br><br>US toll free: + 1 888 269 2377<br><br>Tel: +1 201 680 6825<br><br>Email: [email protected]<br><br>Tatyana Vesselovskaya<br><br>Relationship Manager - BNY Mellon<br><br>Depositary Receipts<br><br>Email: [email protected]<br><br>TRANSFER SECRETARIES SOUTH AFRICA<br><br>Computershare Investor Services Proprietary Limited<br><br>Rosebank Towers<br><br>15 Biermann Avenue<br><br>Rosebank 2196<br><br>PO Box 61051<br><br>Marshalltown 2107<br><br>South Africa<br><br>Tel: +27 11 370 5000<br><br>Fax: +27 11 688 5248 |
| --- | --- |
Sibanye-Stillwater Operating update | Quarter ended 30 September 2025 21
DISCLAIMER
Forward-looking statements
The information in this report may contain forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including, among others, those relating to Sibanye Stillwater Limited’s \(Sibanye-Stillwater or the Group\) financial positions, business strategies, business prospects,
industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, plans and objectives of management for future operations, are necessarily estimates
reflecting the best judgment of the senior management and directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual results to differ materially from
those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this
report.
All statements other than statements of historical facts included in this report may be forward-looking statements. Forward-looking statements also often use words such as “will”, “would”, “expect”,
“forecast”, “potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances and should be considered in light of various important factors, including those set forth in this disclaimer. Readers are cautioned not to
place undue reliance on such statements.
The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to differ materially from estimates or projections contained in the forward-looking
statements include, without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital expenditures, projected costs and anticipated cost savings, financing plans,
debt position and ability to reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the United States, Europe and elsewhere; plans and objectives of
management for future operations; Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-Stillwater to comply with loan and
other covenants and restrictions and difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in assumptions underlying
Sibanye-Stillwater’s estimation of its Mineral Resources and Mineral Reserves; any failure of a tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in
connection with, and the ability to successfully integrate, past, ongoing and future acquisitions \(including Metallix\), 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; the outcome and consequence of any potential or pending litigation or regulatory proceedings, including in relation to any environmental, health or safety issues; failure to meet ethical
standards, including actual or alleged instances of fraud, bribery or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater’s business; the concentration of
all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales from mine production in the United States with one entity; the identification of a material weakness in disclosure and
internal controls over financial reporting; the effect of US tax reform legislation on Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on Sibanye-
Stillwater’s financial flexibility; operating in new geographies and regulatory environments where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases;
supply chain disruptions and shortages and increases in the price of production inputs; the regional concentration of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency
devaluations, inflation and other macro-economic monetary policies; the occurrence of temporary stoppages or precautionary suspension of operations at its mines for safety or environmental
incidents \(including natural disasters\) and unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management and employees with sufficient technical and/or production
skills across its global operations necessary to meet its labour recruitment and retention goals, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans in
its management positions, 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-IFRS1 measures
The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, adjusted free cash flow, AISC and AIC. These measures may not be
comparable to similarly-titled measures used by other companies and are not measures of Sibanye-Stillwater’s financial performance under IFRS Accounting Standards. These measures should not
be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Sibanye-Stillwater is not providing a reconciliation of the
forecast non-IFRS financial information presented in this report because it is unable to provide this reconciliation without unreasonable effort. These forecast non-IFRS financial information
presented have not been reviewed or reported on by the Group’s external auditors.
1 IFRS refers to International Financial Reporting Standards Accounting Standards \(IFRS Accounting Standards\) as issued by the International Accounting Standards Board \(IASB\)
Websites
References in this document to information on websites \(and/or social media sites\) are included as an aid to their location and such information is not incorporated in, and does not form part of,
this report.