Revenue and Profitability - Revenue decreased by 18% compared to 2022, primarily due to lower PGM and nickel prices[4] - Loss for the period amounted to R37.4 billion (US$2.0 billion), including non-cash impairments of R47.5 billion (US$2.6 billion)[4] - Group adjusted EBITDA for 2023 fell to R20.6 billion (US$1.1 billion), a 50% decline from R41.1 billion (US$2.5 billion) in 2022, and a 70% decline from the peak of R68.6 billion (US$4.6 billion) in 2021[22] - The Group recognized impairments of R47.5 billion (US$2.6 billion) against various assets, contributing to a loss of R37.4 billion (US$2.0 billion) for 2023, compared to a profit of R19.0 billion (US$1.2 billion) in 2022[23] - Group revenue for H2 2023 decreased by 22% to R53,116 million (US$2,846 million), mainly due to lower average US dollar PGM basket prices and lower sales volumes at the SA gold operations[148] - Group adjusted EBITDA for H2 2023 decreased by 65% to R6,409 million (US$340 million), impacted by lower revenue and above inflation cost increases[148] - The company reported a net loss of R45,216 million (US$2,459 million) for H2 2023, compared to a profit of R6,639 million (US$359 million) in H2 2022, mainly due to lower revenue and higher costs[161] - Adjusted EBITDA at SA PGM, US PGM underground, and US PGM recycling operations decreased due to lower average PGM basket prices and decreased sales volumes at US PGM recycling operations[163] - Adjusted EBITDA for the six months ended 31 December 2023 was 6,409 million SA rand, with significant contributions from amortisation and depreciation (5,281 million SA rand) and impairments (47,445 million SA rand)[168] - Adjusted EBITDA for the Group reached R14,147 million (US$776 million), with a profit before royalties, carbon tax, and tax of R11,183 million (US$614 million)[172] Production and Operations - US PGM underground operations produced 221,759 oz of 2E PGM, with an average basket price of US$1,124/2Eoz[5] - SA PGM operations produced 873,745 oz of 4E PGM, with an average basket price of US$1,304/4Eoz[5] - Gold operations produced 393,847 oz, with an average gold price of US$1,955/oz[5] - Nickel production at the Sandouville nickel refinery was 3,632 tNi, with an average basket price of US$21,075/tNi[5] - Century zinc retreatment operation produced 51 ktZn of zinc metal, with an average equivalent zinc concentrate price of US$1,766/tZn[5] - 2E PGM production for H2 2023 increased by 16% year-on-year to 221,759 2Eoz, with Stillwater mine production up 19% to 139,512 2Eoz and East Boulder production up 11% to 82,248 2Eoz[98] - SA PGM operations produced 1,748,430 4Eoz in 2023, within annual guidance, with a 52% increase in third-party 4E PGM PoC processed to 96,403 4Eoz[101] - PGM production from the Rustenburg operation increased by 5% to 658,417 4Eoz in 2023, with AISC declining by 9% to R18,204/4Eoz due to higher by-product credits and lower royalties[111] - Gold production from the SA gold operations (including DRDGOLD) increased by 31% to 25,212kg (810,584oz) year-on-year, with production (excluding DRDGOLD) increasing by 46% to 20,114kg (646,680oz)[121] - Production from the Driefontein operation for 2023 increased by 48% to 7,258kg (233,350oz), with AISC declining by 14% to R1,187,292/kg (US$2,005/oz)[126] - Production from the Kloof operation for 2023 increased by 51% to 7,433kg (238,976oz), despite the loss of around 905kg (29,100 oz) from the Kloof 4 shaft incident[127] - Production from the Beatrix operation increased by 45% to 4,237kg (136,223oz) year-on-year, with AISC declining by 30% to R1,100,668/kg (US$1,859/oz)[129] - DRDGOLD production declined by 8% for 2023 to 5,098kg (163,904oz), with AISC increasing by 10% to R888,321/kg (US$1,500/oz)[130] - Total nickel production from the Sandouville nickel refinery in 2023 was 7,125 tonnes, within the guidance of 7kt to 7.5kt, with 1,411 tonnes of nickel salts and 5,714 tonnes of nickel metal[134] - The Century zinc tailings retreatment operation produced 76kt of payable zinc metal at an AISC of US$1,975/tZn, with adjusted EBITDA improving from a loss of US$28 million in H1 2023 to a positive US$13 million in H2 2023[144] Costs and Capital Expenditure - SA PGM operations achieved a 4% unit cost increase, moving operations down the industry cost curve[4] - Cost-saving and capital preservation initiatives since mid-2022 are expected to yield approximately R6.6 billion (US$375 million) in savings, including closures and deferrals of capital investments[13] - AISC for H2 2023 increased by 8% year-on-year to US$1,992/2Eoz, driven by a 20% increase in total operating costs, including US$16 million higher maintenance costs and US$7 million higher stope mining costs[98] - AISC for SA PGM operations (excluding PoC) increased by 4% to R20,054/4Eoz, with by-product credits up 26% to R10.9 billion, reducing AISC by R6,592/4Eoz[103] - Capital expenditure for 2023 increased by 11% to R5.6 billion, slightly exceeding guidance, with ORD expenditure up 20% to R2.6 billion primarily due to the Marikana K4 project[104] - Total capital expenditure from the SA gold operations (excluding DRDGOLD) increased by 42% to R5.4 billion (US$293 million), with ORD expenditure increasing by 65% to R2.7 billion (US$146 million)[123] - The Burnstone project is now 65% complete, with project capital spent in 2023 at R1.5 billion (US$82 million)[132] - Nickel equivalent AISC for 2023 was US$35,474/tNi, slightly below guidance of US$36,513-37,469/tNi, impacted by increased operating costs of US$235 million[134] - The Keliber lithium project's capital expenditure estimate was updated to €656 million, with 2023 capital expenditure at €124 million versus revised guidance of €130 million[146] - Amortisation and depreciation increased by 28% to R1,606 million (US$86 million) at SA PGM operations and 25% to US$99 million (R1,835 million) at US PGM operations due to higher production volumes and capital expenditure[173] Market and Commodity Prices - PGM prices experienced a significant decline in H1 2023, with a 33% year-on-year drop in average PGM basket prices, leading to a dramatic fall in profitability for US and SA PGM operations[20][21] - Platinum prices decreased by 8% in 2023, ending the year at $992/oz, while palladium prices fell 39% to $1,104/oz and rhodium prices dropped 64% to $4,425/oz[38][39][40] - Lithium demand grew by 42% in 2023, driven by a 55% increase in automotive lithium-ion battery consumption, but prices fell by 82% to $12,000/t due to oversupply[49][51] - Global nickel demand rose 5% in 2023, with battery demand increasing over 25%, but prices fell 18% to $21,505/tonne due to oversupply from Indonesia[54][56] - Zinc prices dropped to $2,502/tonne in 2023, with spot treatment charges falling below $100/tonne due to tight concentrate supply[57][58] - The platinum market shifted into a deficit of ~320koz in 2023, while the palladium market deficit expanded to ~1Moz[44] - Global light vehicle production increased by 10% to 91 million units in 2023, with BEV production rising 39% to over 11 million units[42] Sustainability and Community Development - The Group has 632MW of renewable energy projects planned in SA, with 267MW already contracted and in construction, expected to reduce Scope 2 emissions by approximately 921,000t CO2 annually[27][28] - The Sibanye Foundation allocated R211 million (US$11 million) in 2023 for societal upliftment, including R42 million (US$2 million) for infrastructure projects in SA[30] - Sibanye-Stillwater achieved a 90.75% score in the 2023 Sustainability Data Transparency Index (SDTI), significantly higher than the mining and metals sector average of 64.5%[35] - The company invested R84 million in community development programs through the Sibanye Rustenburg Mine Community Development Trust, which has received a cumulative R301.8 million in dividends to date[36] - Sibanye-Stillwater improved its water security CDP rating from B to A- and maintained an A- rating for climate change disclosures, exceeding global and sector averages[37] Financial Position and Liquidity - The Group maintains a strong balance sheet with R25.5 billion (US$1.4 billion) in cash and undrawn debt facilities of R24 billion (US$1.29 billion), providing ample liquidity headroom[25] - The Group has hedged 60% of its 2024 gold production with a floor of R1.1 million/kg and a cap of R1.4 million/kg to protect revenue downside[14] - Gross debt increased by 60% to R40,428 million (US$2,177 million), driven by the issuance of a US$500 million convertible bond and drawdowns on the ZAR RCF[185] - The Group's cash balance increased by 15% to R25,519 million (US$1,374 million) since 30 June 2023[187] - The Group's total equity decreased to R51,607 million (US$2,777 million) at 31 December 2023 due to negative total comprehensive income of R32,782 million (US$2,205 million)[188] - Adjusted free cash flow for the US PGM operations was negative at US$74 million (R1,373 million), while the SA PGM operations generated positive adjusted free cash flow of R6,103 million (US$328 million)[189][190] - The SA gold operations generated negative adjusted free cash flow of R10,077 million (US$541 million), and the European operations generated negative adjusted free cash flow of R1,156 million (US$62 million)[191][192] Impairments and Asset Valuation - The US PGM operation faced operational constraints and higher operating costs, resulting in an impairment of property, plant, and equipment and goodwill amounting to R38,900 million (US$2,112 million)[186] - The Sandouville nickel refinery experienced reduced expected future net cash flows, leading to an impairment of property, plant, and equipment, intangible assets, and goodwill amounting to R1,606 million (US$87 million)[186] - The Century zinc retreatment operation saw a decrease in expected future net cash flows, resulting in an impairment of property, plant, and equipment amounting to R3,689 million (US$200 million)[186] - The Burnstone project's delay and higher costs led to an impairment of property, plant, and equipment amounting to R1,115 million (US$61 million)[186] - The closure of Kloof 4 shaft resulted in a specific impairment of property, plant, and equipment amounting to R1,616 million (US$88 million)[186] - Mimosa's expected life of mine average recovered grade decreased by 5.3%, leading to an after-tax equity accounted impairment of property, plant, and equipment amounting to R1,384 million (US$75 million) and a further impairment of the investment in the equity-accounted investee of R423 million (US$23 million)[186] Mineral Resources and Reserves - Stable 2E PGM Mineral Resources at US PGM operations increased by 2.1% to 57.2Moz[200] - 4E PGM Mineral Resources at SA PGM operations increased by 6.7% to 144.6Moz, while Mineral Reserves decreased by 10.4% to 28.1Moz[200] - Gold Mineral Resources at SA gold operations decreased by 25.4% to 31.5Moz, and Mineral Reserves decreased by 15.7% to 10.9Moz[200] - Attributable lithium Mineral Resources increased by 81% to 440kt of lithium carbonate equivalent (LCE)[200] - Zinc Mineral Resources increased by 307% to 1,252Mlb, and Mineral Reserves increased by 287% to 1,726Mlb[200] - Copper Mineral Resources decreased by 39.4% to 8,163Mlb, with 1,609Mlb added from the Mt Lyell option[200] - Attributable copper Mineral Resources impacted by a 60% earn-in at the Altar project, now standing at 6,386Mlb (48.61% attributable)[200] - Uranium (U3O8) Mineral Resources decreased by 11.1% to 59.2Mlb due to RPEE considerations[200] Projects and Investments - Construction of the Keliber lithium refinery commenced in Q1 2023, with concentrator earth works starting in Q4 2023[4] - The Rustenburg operation acquired RPM's 50% share in the Kroondal pool and share agreement, resulting in full ownership of the Kroondal operation effective 1 November 2023[64] - The deferred consideration for RPM is expected to be paid until Q2 2024, with approximately 231,009 4Eoz remaining to be delivered under the current PoC agreement[65] - The Kroondal operation is expected to add approximately 1.7 million 4Eoz of extra production over the life-of-mine by consolidating with the Rustenburg operations[67] - Investments made in 2023 through BioniCCube include €15 million in Verkor, £1.3 million in Glint, and ~€1 million in other ventures[68] - The acquisition of Reldan is anticipated to be concluded in March 2024 for an estimated cash consideration of US$155.4 million, financed by a US$500 million convertible bond[69] - The Mt Lyell Copper Project feasibility study is expected to be completed in H1 2024, with US$5 million expensed and US$14 million capitalised in H2 2023[145] - The Sandouville nickel refinery is exploring the production of precursor cathode active material (pCAM), with a pre-feasibility study commencing in March 2024[134] - The Keliber lithium refinery in Kokkola, Finland, has continued construction successfully, with the main plant facility steel structure and cladding ready and equipment installations started[146]

52 Neal Froneman, Chief Executive Officer 54 Resilient financial position and R22 billion (US$1.12bn) cash buffer ideal should we enter an extended downturn Assessing all operations to optimise for longer term sustainability Continue to look for value accretive opportunities to increase our global portfolio Join us for our Battery metals investor presentation on 27 September 2023 * To attend and participate in the conference call, please pre-register ahead of time Questions? Appendix • Dividend policy of 25 ...

Neal Froneman - CEO Richard Stewart - Chief Regional Officer, Southern Africa Charles Carter - Chief Regional Officer, Americas Grant Stuart - Head, Recycling Mika Seitovirta - Chief Regional Officer, Europe Robert Van Niekerk - Chief Technicaland Innovation Officer Charl Keyter - CFO James Wellsted - EVP, IR and Corporate Affairs Kevin Robertson - EVP, US PGM operations Sibanye Stillwater Limited (NYSE:SBSW) Q2 2023 Earnings Conference Call August 29, 2023 8:00 AM ET Company Participants Conference Call Pa ...

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 30 June 2023 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 offices) Indicate by check ma ...

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 24 April 2023 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 ma ...

As filed with the Securities and Exchange Commission on 24 April 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended 31 December 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ SHELL COMPANY REPO ...

FORWARD LOOKING STATEMENTS NON-IFRS MEASURES The information contained in this document may contain certain non-IFRS measures, including adjusted EBITDA, 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. These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Sibanye-Stillwater is not providing a rec ...

I think pleasingly we did see a significant reduction in terms of the loss that was suffered. In H1, we had a R3.1 billion EBITDA loss directly as a result of the industrial action and that narrowed to R440 million during the second half of the year. Considering that the third quarter was still at the highly disruptive quarter, we were incurring full costs but only realizing a portion of our revenue. I think this business is well positioned for the upcoming year. Very tough decision was made towards the end ...

Sibanye Stillwater Limited (NYSE:SBSW) Q2 2022 Earnings Conference Call August 25, 2022 6:00 AM ET Company Participants Neal Froneman - Chief Executive Officer & Executive Director Richard Stewart - Chief Operating Officer Charles Carter - Chief Regional Officer, Americas Grant Stuart - Head, Recycling Charl Keyter - Chief Financial Officer James Wellsted - Senior Vice President, Investor Relations Robert Niekerk - Chief Technical Officer Conference Call Participants Patrick Mann - Bank of America Leroy Mng ...

Operating and financial results - H1 2022 A challenging period 25 August 2022 1 Disclaimer FORWARD LOOKING STATEMENTS The information in this announcement 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, plans and ...