Slide 1: Operating and financial results for H2 & YE 2025
Operating and financial results for H2 & YE 2025 Solid operational output and financial stability 20 February 2026
Slide 2: Agenda
Agenda a Salient features b Performance excellence • Safe production • Resource optimisation • Operational excellence • Embedding sustainability c Growth d Financial performance e Market performance and outlook f Resilient strategy for the way forward g Q&A Columbus metallurgical facility, US PGM op
Slide 3: Disclaimer
Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation
Slide 4: Salient features
Salient features Richard Stewart, For the six months and year ended 31 December 2025 CEO
Slide 5: Salient features for the six months and year ended December 2025
Salient features for the six months and year ended 31 December 2025 Castle wind farm, South Africa • Strategic refresh Setting a solid − Operational excellence to maximise operating margins, underpinned by simplified operating model base to − Simplify portfolio towards highest return assets, underpi
Slide 6: Performance excellence
Richard S, CEO Performance excellence Richard C, SA COO Charles C, Int. COO Through holistic improvement to drive higher margins Melanie NV, CSO
Slide 7: Performance excellence | actioning holistic improvement
1 | Simplification 2 | Performance excellence 3 | Growth 4 | Capital allocation Performance excellence | actioning holistic improvement Fatal Elimination program: Productivity enhancements Critical controls, behaviours and management routines Cost efficiency Empowered and enabled teams Safe Operatio
Slide 8: Delivering safe, consistent operational and sustainable performance
1 | Simplification 2 | Performance excellence 3 | Growth 4 | Capital allocation Delivering safe, consistent operational and sustainable performance Safe production Committed to eliminating fatalities Zero Harm Holistic improvement Performance excellence* * Performance excellence: Holistic improvemen
Slide 9: Safe production | committed to eliminating fatal incidents
Safe production | committed to eliminating fatal incidents • Sustained safety improvement trend – a 42% improvement since 2021 Group SIFR1 (2.19) and TRIFR2 (3.78) continue to • Consistent decline in high potential incidents (HPIs), coupled with increased near reduce and are at the lowest levels eve
Slide 10: Delivering safe, consistent operational and sustainable performance
1 | Simplification 2 | Performance excellence 3 | Growth 4 | Capital allocation Delivering safe, consistent operational and sustainable performance Safe Operational production excellence Committed to Consistently executing eliminating fatalities and improving Zero Harm delivery Holistic improvement
Slide 11: SA PGM operations | consistent delivery and well-positioned for stronger prices
SA PGM operations | consistent delivery and well-positioned for stronger prices Consistent delivery Guidance met/exceeded 2017 2018 2019 2020 2021 2022 2023 2024 2025 • Total 4E PGM production1 of 1,797,928 4Eoz, consistent with 2024 • Underground production2 increased by 2% y-on-y
Slide 12: Moving down the cost curve
Moving down the cost curve PGM cost curve: Cash cost plus total capital and basket price 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 6 000 6 500 7 000 7 500 8 000 60,000 60,000 Cumulative annual production (4E Koz) 50,000 50,000 40,000 40,000 * R/oz 30,000 30,000 Modikwa (ARM/A
Slide 13: SA gold operations | still generating significant value
SA gold operations| still generating significant value Geared, cash generative Gearing and AISC2 margin (R/kg) • Mature assets, highly leveraged to gold price, cash generative 2,500,000 • 10% reduction in production at 19,668kg (632,341oz)1; underground -8%; surface -16% 2,250,000 y-on-y 2,000,000 R
Slide 14: US PGM operations | successful restructuring
US PGM operations | successful restructuring Stable production, costs reduced Production, AISC1 and average PGM basket price (2Eoz) • Production of 284k 2Eoz and AISC1 of US$1,203 2Eoz beat annual guidance (of 270K 250 2 500 2Eoz and US$1,360 2Eoz) 200 2 000 US$/2Eoz 2E PGM koz • Benefits of Q4 2024
Slide 15: Recycling | low capital intensity business providing stable margins
Recycling | low capital intensity business providing stable margins Responsible supply in a world with finite metals Significant supply and contribution from recycling during 2025 • Cash generating and steady margins through the price cycle Precious metals output Adjusted EBITDA1,2 (excluding copper
Slide 16: Century zinc retreatment | operational excellence
Century zinc retreatment | operational excellence Strong operational and financial performance • 22% increase in production to 101kt of payable zinc metal exceeding upper end of production guidance (of 97.8kt) and 17% decrease in AISC1 to US$1,921/tZn, well below AISC1 cost guidance (of US$2,175/tZn
Slide 17: Delivering safe, consistent operational and sustainable performance
1 | Simplification 2 | Performance excellence 3 | Growth 4 | Capital allocation Delivering safe, consistent operational and sustainable performance Safe Operational production excellence Committed to Consistently executing eliminating fatalities and improving Zero Harm delivery Holistic improvement
Slide 18: A substantial, long life operating and project base
A substantial, long life operating and project base Life of mine (LOM) Mineral Resources*¹ Mineral Reserves* Region Operation or project at 31 Dec 20251 3.3 Kroondal (included with SRPM in 2025) - 2.9 Rustenburg (including Kroondal in 2025) 32 years 51.5 24.2 3.8 15.7 2.7 Marikana (excl. K4 and E4)
Slide 19: Delivering safe, consistent operational and sustainable performance
1 | Simplification 2 | Performance excellence 3 | Growth 4 | Capital allocation Delivering safe, consistent operational and sustainable performance Safe Operational production excellence Committed to Consistently executing eliminating fatalities and improving Zero Harm delivery Holistic improvement
Slide 20: Embedding sustainability, benefitting business, planet and people
Embedding sustainability, benefitting business, planet and people 765MW Largest contracted 41% lower private renewable greenhouse gas Marikana renewal energy off-taker in the emissions from SA mining industry 2028 onwards All the houses for the widows have been built. Moving from Our renewables port
Slide 21: Growth
1 | Simplification 2 | Performance excellence 3 | Growth 4 | Capital allocation Growth Charles Carter, COO International focused on value creation that is anchored in returns and unlocking organic value as a priority operations
Slide 22: Keliber lithium project | Europe's first mine to market Lithium project
Keliber lithium project | Europe's first mine to market Lithium project Staged approach creates optionality and mitigates risk • Keliber lithium project construction to be completed in Q1 2026 • Mining start-up already commenced with first blast at Syväjärvi achieved on 11 February • Ready to start
Slide 23: Staged approach creates optionality
Staged approach creates optionality 2026 2027 Stage 1 Stage 2: Stage 3: Stage 4: Stage 5: Mining Concentrator Refinery start-up Refinery Battery grade start-up start-up decision start-up LiOH* decision H1: Construction phase Q3: Concentrator hot Q4: Decision to advance to Ramp-up of refinery Mid 202
Slide 24: Keliber lithium project operational overview
Keliber lithium project operational overview 21.6 13.0 18 Mt Mt years Mineral Resources Mineral Reserves Expected life of mine at grade of 0.56 % Li at grade of 0.45% Li (LoM) (1.20% Li2O) (0.97% Li2O) Indicative production profile (rhs) and capital expenditure (lhs) Keliber lithium project LoM cost
Slide 25: Potential optimisation during the staged start-up at the Keliber lithium project
Potential optimisation during the staged start-up at the Keliber lithium project a. Mining study work to optimise pit design, pushbacks and stockpiling b. Concentrator study targeting spodumene grade >5.1% to optimise spodumene concentrate sales and boost refinery capacity c. Cost reduction and effi
Slide 26: Financial performance
1 | Simplification 2 | Performance excellence 3 | Growth 4 | Capital allocation Financial performance Charl Keyter, Capital allocation through disciplined framework prioritising returns and securing sustainability CFO
Slide 27: Financial stability
Financial stability Target outcomes Gross debt <1.0x -50% Gearing 281% increase 189% increase Targeted reduction in gross debt Net debt: Adj. EBITDA ratio in HEPS to in adj. in 2-3 years (reducing gross debt through the cycle 244 SA cents1 EBITDA to ~R38bn2 from current level of ~US$2.2bn) Gross deb
Slide 28: Income statement for the year ended December 2025
Income statement for the year ended 31 December 2025 Figures are in millions unless 2025 2024 2025 2024 otherwise stated (Rm) (Rm) (US$m) (US$m) Noteworthy items/variances Revenue 129,677 112,129 7,253 6,121 (Loss)/gain on financial instruments – mainly due to: Cost of sales, before amortisation & (
Slide 29: Declaring a dividend as we return to normalised earnings for the year
Declaring a dividend as we return to normalised earnings for the year • Paying more than double our last dividend for the H1 2023 results • Dividend yield of 2.1%3 Dividends 2025 Previous dividend declared Full year H1 2023 Normalised Rm R10,563 R1,752 earnings/(loss) US$m¹ US$591 US$99 Dividends Rm
Slide 30: Notional free cash flow – Capital allocation
Notional free cash flow – Capital allocation 2025 (Rm) 2025 (US$m) Figures are in millions unless otherwise stated Actual Pro-Forma Actual Pro-Forma Revenue 129,677 129,677 7,253 7,253 Cost of sales, before amortisation & depreciation (88,439) (88,439) (4,946) (4,946) Net other cash costs¹ (3,438) (
Slide 31: Manageable debt maturities with strong liquidity headroom
Manageable debt maturities with strong liquidity headroom Borrowing maturity ladder in R billion at 31 December 2025 Borrowing maturities Gross and net debt Liquidity headroom • Borrowings – R39.2bn (US$2.4bn), cash 22.9 40.1 on hand – R17.1bn (US$1.0bn) and net debt – R22.1bn (US$1.3bn) • High liqu
Slide 32: Market performance and outlook
Market performance and outlook Kleantha Pillay EVP: Sales & Marketing
Slide 33: Rally in precious metal prices sets a new, higher base
Rally in precious metal prices sets a new, higher base Precious metal prices, indexed (US$/oz, 2025) Platinum Palladium Gold • Gold driven by safe-haven status amid geopolitical tensions 250 and US dollar weakness; ETFs up 25% y-on-y to 4kt 225 • PGM market tightening due to primary PGM supply disru
Slide 34: Lithium price rebounds on Chinese actions
Lithium price rebounds on Chinese actions Lithium spot prices, CIF China ($/t, 2025) LiOH 56.5% Spodumene concentrate 6% (RHS) • Depressed prices picked up in Q4 2025, driven by 15 000 2 000 – Better than expected battery energy storage system Spodumene price 12 500 1 500 (BESS) demand LiOH price 10
Slide 35: Resilient, disciplined strategy
Resilient, disciplined strategy Richard Stewart, Optimising profitability and disciplined capital allocation CEO
Slide 36: Operating guidance for 2026
Operating guidance for 2026* 2026 Production All-in sustaining costs Total capital SA PGM operations R26,500 - 27,500/4Eoz R8bn (US$439m)² 1.65 - 1.75Moz3,4 (4E PGMs) (US$1,453 - 1,508/4Eoz)² (incl. R1.79bn (US$98m) for project capital) SA SA gold operations 13,700 - 14,700kg R1,620k - 1,730k/kg R2.
Slide 37: Refreshed strategy prioritises unlocking unrealised value
Refreshed strategy prioritises unlocking unrealised value 1 Simplification of operating model and asset portfolio to enhance accountability, agility and management focus 2 Performance excellence* through holistic improvement to drive higher margins • Safe production: committed to eliminating fatalit
Slide 38: Our strategy
Our strategy Creating a high-performing, future-focused metals business We will strengthen our fundamentals... ... to deliver flexibility for growth Deliv n eri Performance excellence atio ng Delivering value accretive growth c lo Increase operating margins through llo n a g operational excellence S
Slide 39: Conclusion
Conclusion Resilient, disciplined Financial stability – strategy for the way Solid operational output low gearing, some noise forward to navigate the and positioned for value between earnings and cash volatile external environment unlock going forward flow is expected to normalise and harness opport
Slide 40: What’s next
What’s next Strategy H2 and YE International Q1 South Africa launch 2025 results days 2026 days (29 Jan 2026) (today, 20 Feb 2026) (Week of 20 April (7 May 2026) (23 & 24 June 2026) 2026) H2 & YE 2025 results International ops webcast Operating results for SA gold and SA PGM presentation coverin
Slide 41: Questions? Contacts
Questions? Contacts Email: ir@sibanyestillwater.com James Wellsted +27(0)83 453 4014 Henrika Ninham +27(0)72 448 5910 Lauren Fourie +27(0)72 436 3512 Sarel Barnard +27(0)82 376 9445 Tickers: JSE: SSW and NYSE: SBSW Website: www.sibanyestillwater.com
Slide 42: Appendix
Appendix G; S tions. ~~, ra f
Slide 43: Competent persons’ declaration
Competent persons’ declaration This Mineral Resources and Mineral Reserves declaration represents a condensed and consolidated summary of the full Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration, available in the Group Mineral Resources and Mineral Reserves Report. The report w
Slide 44: Price assumptions on Mineral Resources and Mineral Reserves
Price assumptions on Mineral Resources and Mineral Reserves All Managed Properties, excluding SA gold Mineral Reserves • The Group complies with both the JSE and the US Securities Mineral Resources Mineral Reserves and Exchange Commission (SEC) guidelines on commodity 31 December 2025 31 December 20
Slide 45: Progressive changes in the Marikana renewal process
Progressive changes in the Marikana renewal process Honour Engage Create Legacy commitments with the widows and The Company and its stakeholders have engaged Renewal program creating necessary stability: families of deceased miners fulfilled: through facilitated Pitsos • Rebasing relationships with
Slide 46: Renewable energy – we are the leader in SA mining
Renewable energy – we are the leader in SA mining Long-term SA electricity 765MW - the largest contracted private contributes 92% objective: renewable energy off-taker in the SA mining of Group emissions, industry Carbon neutrality renewable energy is primary by 2040 lever supported by declining ~ 5