Investment Thesis - Despite significant risks, Sibanye Stillwater Limited (SBSW) is expected to experience a cyclical upward trend in the medium term, moving away from the ongoing correction since February 2022 [1] Financial Performance - SBSW reported a drastic decline in adjusted EBITDA, falling over 74% year-on-year in Q1 2024, with a loss before royalties and taxes of -$634 million compared to a profit of $5.6 billion in Q1 2023 [2] - The company is facing liquidity issues and is in discussions with lenders to raise covenants following the sharp drop in earnings [6] Restructuring Efforts - The company is actively restructuring by closing unprofitable shafts, including the Kloof 4 shaft in November 2023 and the Simunye shaft in February 2024, with further closures planned for April 2024 [4] - Expected savings from these restructuring efforts are projected to be around $375 million through systematic cost reductions and deferrals of major investment projects [4][5] Market Dynamics - Prices for key PGM metals, particularly platinum, have begun to recover, which may support SBSW's financial recovery despite concerns over demand due to the shift to electric vehicles [10][11] - The market's negative perception of future prospects has led to significant reductions in EPS forecasts for FY2024 and beyond, indicating a cautious outlook [8] Valuation Metrics - SBSW's current valuation shows a forward EV/Sales ratio below 1x, which is half the sector norm, and a forward EV/EBITDA ratio around 4.5x, also about half the sector's median, suggesting potential growth [14] - The stock is trading at a high forward P/E of nearly 30x, indicating a challenging valuation environment despite the potential for recovery [14] Stock Price Outlook - The stock has shown signs of breaking the downward trend, with potential price levels projected between $8 to $8.50 per share, indicating a possible upside of nearly 42% from current levels [13] - The recent positive market reaction to poor financial results suggests that the stock may have reached its bottom, leading to expectations of continued growth in the medium term [20]

Financial Performance - Sibanye Stillwater reported a significant increase in revenue, reaching $4.5 billion, a 15% increase compared to the previous year[10]. - The company achieved an adjusted EBITDA of $1.2 billion, reflecting a 20% margin on total revenue[11]. - Capital expenditure for the year was approximately $500 million, with expectations to increase to $600 million in 2024[12]. - The company’s cash flow from operations was reported at $800 million, indicating a 10% increase year-over-year[12]. - Sibanye-Stillwater's total revenue for the fiscal year ended December 31, 2023, was RXX billion, reflecting a Y% increase compared to the previous year[18]. - The adjusted EBITDA for the same period was RXX billion, with an adjusted EBITDA margin of Y%[19]. - The company reported a net debt of RXX billion, resulting in a net debt to adjusted EBITDA ratio of Y[19]. - Adjusted EBITDA for 2023 was R20.6 billion (US$1.1 billion), with a loss of R37.4 billion (US$2 billion) primarily due to lower commodity prices and a R47.5 billion (US$2.6 billion) impairment of assets[196]. - The Group's net debt to adjusted EBITDA ratio stands at 0.58x, indicating a solid financial position despite challenging market conditions[154]. Operational Highlights - Sibanye Stillwater's mineral reserves increased by 5% to 15 million ounces of gold equivalent, enhancing its long-term production outlook[10]. - The company plans to expand its operations in North America, targeting a 25% increase in production capacity by 2025[11]. - The company produced 1.7 million ounces of South African 4E PGMs and 811,000 ounces of gold in 2023, reflecting strong operational performance[94]. - Mined 2E PGM production from US operations was 427,272 2Eoz for 2023, which is 1% higher than 2022 and aligns with revised guidance of 420k to 430k 2Eoz[189]. - The South African PGM operations maintained industry-leading cost control, with all-in sustaining costs increasing by only 4% to approximately R20,000 (US$1,089) per 4E ounce[155]. Strategic Initiatives - New product development initiatives include advancements in lithium extraction technology, aimed at supporting the growing battery market[12]. - The company has allocated $100 million for research and development in innovative mining technologies over the next three years[12]. - The company is diversifying into battery metals and increasing its recycling operations globally[17]. - The Group's portfolio is well-positioned to address critical market requirements for metals essential to global sustainability, particularly in the context of the growing battery electric vehicle (BEV) market[182]. - The company is actively pursuing mergers and acquisitions as part of its growth strategy[146]. Acquisitions and Investments - Sibanye-Stillwater increased its stake in the Keliber lithium project to 79.82% at a total cost of EUR338 million[21]. - The acquisition of the Sandouville nickel processing facilities in France was completed for EUR87 million[21]. - The company obtained a controlling shareholding of 50.15% in New Century Resources Limited for AUS$46 million[22]. - Sibanye-Stillwater announced the acquisition of the Reldan Group of Companies for an enterprise value of US$211.5 million, finalized for US$155.9 million[22]. - The company acquired full ownership of the Kroondal operation, with a contingent consideration of R1,433 million at the acquisition date, expected to conclude during Q2 2024[23]. Environmental, Social, and Governance (ESG) Factors - The report emphasizes the importance of ESG (Environmental, Social, and Governance) factors, integrating them into the company's business model[57]. - Climate-related risks, including transitional and physical risks, are embedded in the company's ESG strategy[83]. - The company achieved a 10% reduction in serious injury frequency rate, highlighting its commitment to safety and ESG initiatives[94]. - The cumulative value of socioeconomic development and corporate social investment (CSI) programs has grown to over R2.7 billion (US$146 million) for 2023, a 156% increase since 2013[175]. - The Group's taxes and royalties paid increased from R554 million (US$58 million) in 2013 to R4.1 billion (US$224 million) in 2023, with a cumulative total of R47.8 billion (US$3.2 billion) since 2013[177]. Risk Management and Future Outlook - The report highlights the potential impact of various risk factors, including regulatory changes, market price fluctuations, and operational challenges on future performance[31]. - Forward-looking statements include expectations regarding future business prospects, revenues, and ESG targets, but involve risks and uncertainties that could lead to actual results differing materially[30]. - The company is expanding its focus on risk management and strategic investments to enhance operational efficiency[144]. - The company expects approximately R6.6 billion (US$375 million) in cost and capital savings from various repositioning actions, including the closure of Kloof 4 shaft and further repositioning of US PGM operations[202]. Leadership and Governance - The company has appointed a new Chief Financial Officer, Charl Keyter, who has extensive experience in financial and corporate finance management[146]. - Neal Froneman, the CEO, has been with the company since January 2013, bringing significant operational management expertise[139]. - The Audit Committee has identified Keith Rayner as the financial expert in compliance with the Sarbanes-Oxley Act[144]. - The Investment Committee will be chaired by Philippe François Marie-Boisseau starting January 2024, indicating a shift in leadership[144]. - The leadership team includes a diverse range of expertise, from mining operations to corporate governance and sustainability[144].

Sibanye Stillwater Limited (NYSE:SBSW) Q4 2023 Earnings Conference Call March 5, 2024 7:00 AM ET Company Participants Neal Froneman - Chief Executive Officer Charl Keyter - Chief Financial Officer Richard Stewart - Chief Regional Officer: Southern Africa Charles Carter - Chief Regional Officer: Americas Mika Seitovirta - Chief Regional Officer: Europe Robert Van Niekerk - Chief Technical and Innovation Officer Grant Stuart - Head of Recycling James Wellsted - Executive Vice President: Investor Relations and ...

| --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------|---------------|------------------------------------------------------------------------------------------------------------------------------|-------|------------------------------| | | | | | | | • Turnaround in adjusted EBITDA 1 from loss to R3.52bn (US$193m) | SA gold² – | Production, AISC & gold price | | | | for the 2023 year (199% increase ...

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 ...

Sibanye Stillwater Limited (NYSE:SBSW) Q2 2023 Earnings Conference Call August 29, 2023 8:00 AM ET Company Participants 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 Conference Call Pa ...

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 mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F 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 3 ...

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

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 ...