Slide 1: Strategic differentiation and value creation
Strategic differentiation and value creation Operating and financial results for H2 and 2024
Slide 2: 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 3: Best practice succession planning and strong C-Suite
Best practice succession planning and strong C-Suite C SUITE Executive corporate leadership C-Suite BOARD OF DIRECTORS Executive directors ✓ Internal appointment, smooth transition, CEO office Executive directors solid, stable C-Suite team Chief regional officers (CROs) ✓ Strategic continuity as 3D
Slide 4: Strategic positioning and refocus on essentials validated
Strategic positioning and refocus on essentials validated 3 STRATEGIC FOUNDATION 2 STRATEGIC ESSENTIALS STRATEGIC DIFFERENTIATORS 1 Ensure safety Recognised and well-being as a force for good Unique global portfolio of green Prospering in every region metals and energy solutions in which we operate
Slide 5: Delivery of superior shared value for all stakeholders
Sibanye-Stillwater’s delivery of superior shared value for all stakeholders Key research question: What is Sibanye-Stillwater’s socio-economic Economic contribution, because of its presence, output impacts: Compensation in specific ecosystems? impacts: R225.9bn R61.3bn (US$12 billion) (US$3.2 billio
Slide 6: 1. Salient features
. Salient features ~ SST Ze ar ee wal ai
Slide 7: Salient features for H2 2024 and year ended 31 December 2024
Salient features for the six months (H2 2024) and year ended 31 December 2024 • Safety continues to improve with Group SIFR and TRIFR at lowest recorded levels since 2013 Capital reinforcement initiatives strengthening the Group Balance sheet • Net debt : adjusted EBITDA of 1.79x at 31 Dec 2024 prio
Slide 8: 2. Value created by taking the road less travelled
2. Value created by taking the road less travelled
Slide 9: Building a green metals portfolio and benefitting from diversification
2.1 Building a green metals portfolio and benefitting from diversification Tailings treatment Recycling / urban mining • DRDGOLD (50.23% ownership) • US PGM recycling • Century • Reldan recycling – precious metal industrial and e-waste Secondary Recycling mining Angry planet Primary mining Primary •
Slide 10: Diversification benefits through cycles and commodities
2.2 Diversification benefits through cycles and commodities Adjusted EBITDA¹ (US$ billion) SA GOLD US PGM US PGM and SA PGM SA PGM SA GOLD 3.0 0.6 2.5 0.5 Adjusted EBITDA² (US$ billion) 2.0 0.4 1.5 0.3 41% 90% 1.0 0.2 0.5 55% 0.1 18% 0.0 0.0 ( 0.5) (0.1) H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1
Slide 11: Tailings reprocessing
Tailings reprocessing Tailings reprocessing Revenue of R11bn1 (US$616m) for 2024 • DRDGOLD (50.23% ownership) • 10.1% contribution to Group • Century Adj. EBITDA1,2 R3.2bn (US$174m) for 2024 • 24% contribution to Group Secondary Recycling mining 3 28 27 25 Li Lit hium Ni Nickel Co Cobalt Mn M angane
Slide 12: Recycling
Recycling Urban mining/recycling Revenue of R14bn (US$758m • US PGM recycling for 2024 • Reldan recycling – precious metal • 12.4% contribution to Group industrial and e-waste Adj. EBITDA¹ of R594m (US$32m) Secondary for 2024 Recycling mining • 4.5% contribution to Group 3 28 27 25 Li Lit hium Ni Ni
Slide 13: Strategic positioning in Western ecosystems
2.3 Strategic positioning in Western ecosystems; harnessing opportunities informed by multi-polarity NORTH AMERICA • The US PGM operations are the sole source of US primary PGM supply • US government support to facilitate development of local supply of critical metals through IRA S45x credit - Credi
Slide 14: Early response to changing economic environment
2.4 Early response to changing economic environment August 2023: proactively responded to deteriorating environment Repositioned operations Optimised profitability Reinforced Balance for sustainability in low and protected the sheet accessing price environment Balance sheet non-debt capital Funding
Slide 15: Proactive and innovative in how we have procured funding
Proactive and innovative in how we have procured funding • Innovative approach to capital Adjusted EBITDA¹ and gearing - Analysed a variety of debt and non-debt funding initiatives and executed the ones with the best value 4 3.5 Leverage covenant - Structured to retain upside exposure to prices adju
Slide 16: Stream financing: realises US$500m of future value
Stream financing: realises US$500m (R9bn) of future value while retaining PGM price upside ✓ Crystalises R9bn in future value Adj. • Significantly improves headroom and liquidity Cumulative Cumulative EBITDA Acquisition adj. EBITDA Capex to minus Return on Payback* on • Reduces Group leverage by 0.6
Slide 17: 3. Operational review restructuring for sustainability and profitability
3. Operational review restructuring for sustainability and profitability Richard Stewart, Chief regional officer (CRO): SA region Charles Carter, CRO: Americas region Grant Stuart, Head of Recycling Mika Seitovirta, CRO: EU region Robert van Niekerk: Chief Technical & Innovation Officer, CRO: AUS re
Slide 18: Safety continues to improve
Safety continues to improve; drive to embed conformance through values-based behaviour • Group SIFR1 and TRIFR2 reduce by 15% and 17% year on year to lowest • Bottom-up approach to safety and visible felt leadership recorded levels since 2013 • Empower workforce to take ownership of their own and te
Slide 19: SA gold operations – profitable and highly leveraged
SA gold operations – profitable and highly leveraged • Significant increase in profitability of SA gold operation during 2024 SA gold² – Production, AISC & gold price • Adjusted EBITDA1 for 2024 of R5.8bn (US$323m) was 66% higher than for 2023 1 200 1 500 000 • Adjusted EBITDA1 for H2 2024 increased
Slide 20: SA PGM operations – consistent production delivery and cost management
SA PGM operations – consistent production delivery and cost management • 4% increase in production¹ for 2024 to 1,835,410 4Eoz SA PGM – Production, 4E oz basket price and AISC² - Consolidation of Anglo Platinum’s 50% share in Kroondal, offset significant production disruptions at the Rustenburg and
Slide 21: Competitively positioned on the industry cost curve
Competitively positioned on the industry cost curve Moving down the industry cost curve though ongoing realisation of synergies and cost management 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 8 500 40 000 40 000 Cumulative annual production (4E Koz
Slide 22: Partnership with Glencore Merafe Venture unlocks value
Partnership with Glencore Merafe Venture unlocks value for the SA PGM operations • Enhanced Marikana chrome contract and new Chrome Management Agreement (CMA) signed with Glencore Merafe Venture • Benefits include - Accelerated delivery of legacy Marikana chrome volumes (contracted with Lonmin) by a
Slide 23: US PGM operations – ongoing repositioning of a strategic asset
US PGM operations – ongoing repositioning of a strategic asset in the United States • Q4 2023 restructuring successfully delivered stable production and lower cost Critical metals from a strategic asset benefit the US market • Mined 2E PGM production for 2024 stable at 425,842 2Eoz • Inclusion of ma
Slide 24: US PGM recycling – volumes stabilised
US recycling 3E production and adj. EBITDA incl net interest received US PGM recycling – volumes stabilised 1 000 120 • PGM recycling volumes 2% higher year on year to 316,470 3Eoz fed • Stable margins - 2.5% US$17m (R326m) contribution to the Group’s adj. EBITDA1 for 2024 750 • We retain our princi
Slide 25: Sandouville – transition to pCAM production under evaluation
Sandouville – transition to pCAM production under evaluation Sandouville nickel refinery Nickel production, nickel equivalent basket price and nickel equivalent sustaining cost • Total nickel production of 7,705 tonnes was 8% higher than for 2023 10 000 40 000 • AISC¹ declined by 31% to US$24,548/tN
Slide 26: Progressing the Keliber lithium project
Progressing the Keliber lithium project • Construction progressing on schedule - No longer plan to process third party concentrate before processing own ore - Hot commissioning of refinery expected during H1 2026 • €500m green loan secured in August 2024 • Additional regulatory requirements likely t
Slide 27: Australian region
Australian region Payable zinc metal production & AISC Century reprocessing operations 100 • Production of 82kt of payable zinc metal for the year (76kt in 2023 - 10 months post acquisition1) 80 2 000 Zinc metal - Excessive rainfall impacted Q1 2024 produced 60 (payable) (ktZn) › Production recovere
Slide 28: 4. Maintaining a profitable business and optimising capital allocation
4. Maintaining a profitable business and optimising capital allocation Charl Keyter: Chief Financial Officer
Slide 29: Income statement for the six months ended December 2024
Income statement for the six months ended 31 December 2024 H2 2024 H2 2023 H2 2024 H2 2023 7% increase in revenue, mainly attributable to the SA gold, Figures are in millions unless otherwise stated (Rm) (Rm) (US$m) (US$m) Century operations and inclusion of US Reldan operations Revenue 56,925 53,11
Slide 30: Income statement for the year ended December 2024
Income statement for the year ended 31 December 2024 2024 2023 2024 2023 1% decrease in revenue, mainly attributable to Figures are in millions unless otherwise stated (Rm) (Rm) (US$m) (US$m) PGM segment Revenue 112,129 113,684 6,121 6,172 SA PGM US PGM recycling SA gold US PGM U/g volume up volume
Slide 31: Manageable debt maturities with strong liquidity headroom (Rbn)
Manageable debt maturities with strong liquidity headroom (Rbn) Borrowing maturity ladder in R billion at 31 December 2024 Borrowing maturities Gross and net debt Liquidity headroom • Borrowings of R39.4bn (US$2.1bn), cash on hand of R16bn (US$0.9bn) and net debt 29.7 45.7 of R23.4bn (US$1.2bn) • Si
Slide 32: 5. Conclusion
5. Conclusion Neal Froneman onipaaue er
Slide 33: Strategically positioned to continue delivering shared value
Strategically positioned to continue delivering shared value • Record safety performances. Eliminating fatalities and reducing high potential incidents continues • Balance sheet reinforcement measures successfully concluded in 12 months with a proforma leverage of 1.1x • Diversified portfolio ensure
Slide 34: Operating guidance for 2025
Operating guidance for 2025⁴ 2025⁴ Production All-in sustaining costs Total capital US PGM operations US$1,420 - 1,460/2E oz1 US$100m - US$110) 255 - 270 koz (2E mined) Including S45x: US$1,320 – 1360/2E oz (R1.8bn – R2bn)2 US region US PGM recycling 300 - 350 koz n/a US$1.5m (R27m)² (3E) Gold 120 -
Slide 35: Questions?
Questions? Email: ir@sibanyestillwater.com James Wellsted +27(0)83 453 4014 Henrika Ninham +27(0)72 448 5910 Sarel Barnard +27(0)82 376 9445 Tickers: JSE: SSW and NYSE: SBSW Website: www.sibanyestillwater.com
Slide 36: Appendix
Appendix Gib Stillwater > ™., id al “
Slide 37: Manageable debt maturities with strong liquidity headroom (US$m)
Manageable debt maturities with strong liquidity headroom (US$m) Borrowing maturity ladder in US$ million at 31 December 2024 Borrowing maturities Gross and net debt Liquidity headroom • Borrowings of US$2.1bn (R39.4bn), cash 1 582 2,435 on hand of US$0.9bn (R16bn) and net debt of US$1.2bn (R23.4bn)
Slide 38: 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 2024 31 December 20
Slide 39: 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 40: Extensive, diversified, global portfolio of Mineral Resources and Reserves
Extensive, diversified, global portfolio of Mineral Resources and Reserves • Sizeable PGM Mineral Resources and Reserves - long life operations with optionality Mineral Reserves* Mineral Resources*¹ - SA PGM – 28.1Moz of Mineral Reserves, with significant project upside 4.5 - US PGM – Strategic high
Slide 41: Life of mine table – all operations based on current Mineral Reserves
Life of mine table – all operations based on current Mineral Reserves Life of mine (LOM) Region Operation or project at 31 Dec 20241 Kroondal 13 years Rustenburg 33 years Marikana (excl K4) 17 years SA PGM K4 project 45 years Mimosa 10 years Rustenburg - Surface sources 2 years Marikana - Surface so
Slide 42: SA PGM operations: long life, quality assets with substantial resources
SA PGM operations: long life, quality assets with substantial resources offering optionality SA PGM operations - 4E PGM prill split Life of Mine (LOM) at 31 December 2024¹ Marikana 45 years 7.1 0.6 3.4 11.2 Rustenburg 33 years SA PGM operations Kroondal 13 years MARIKANA 28.1 Merensky UG2 Mimosa 10
Slide 43: Longer term we see robust fundamentals for PGMs
Longer term we see robust fundamentals for PGMs 2E market balance House view 4 800 • Primary supply assumptions 3 600 - Removed some primary SA supply 2 400 from top end of cost curve and reduced project spend 1 200 • BEV market share 0 - Adjusted downward to 40% by 2033 (1 200) (vs 44% in market vi
Slide 44: We see downside risk to aggressive BEV forecasts
We see downside risk to aggressive BEV forecasts Light duty BEV production (million units) Passenger car BEV market share forecasts (%) 50% 43 40 40% +15% CAGR 37 33 30% 29 25 20% 21 18 +13.5% CAGR +34% CAGR 2025-2033 SSW 14 10% house view 11 10 8 5 0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 20
Slide 45: Proactive restructuring to optimise operations
Proactive restructuring to optimise operations SA region US region Over the past 2 years, the SA region significantly restructured for Further restructuring for sustainability sustainability in a low price environment Closure of end of life and loss-making shafts: Restructuring for a 2E PGM basket p
Slide 46: Balance sheet strengthened by accessing ~R35.8bn more capital and liquidity
Balance sheet strengthened by accessing ~R35.8bn (US$1.9bn) more capital and liquidity Commodity, Funding entity or facility Value Status Covenant uplift ZAR RCF and US$ RCF ~R13bn (US$692m)1 benefit2 Completed US$35m - US$70m SRPM Completed Currency hedging (R18.00/US$ / R20.09/US$) geared collar H
Slide 47: Stream process and payments
Stream process and payments • The seller is Sibanye-Stillwater UK Financing plc (below Listco) • No changes to SA PGM operational reporting (production or unit costs) Upfront payment (US$500m) and ongoing monthly payments delivers metal credits Buys metal credits (monthly) based on price of refined
Slide 48: US$500 million stream agreement with Franco-Nevada
US$500 million stream agreement with Franco-Nevada Sibanye-Stillwater received US$500 million (R9.4bn)1 and in return, Franco-Nevada will benefit from Gold stream: US$500 million (R9bn) upfront payment Retaining leverage to PGM prices • Delivery: • Stream brings forward future value • Primarily stre
Slide 49: Light duty vehicle production by powertrain (house view)
Light duty vehicle production by powertrain (house view) Light duty vehicle production by powertrain ('000) 120 000 35% 30% 100 000 25% 80 000 20% 60 000 15% 40 000 10% 20 000 5% 0 0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 ICE only Hybrid BEV only FCEV %BEV Hybrids contain
Slide 50: … but this will evolve as battery electric vehicles gain market share
… but this will evolve as battery electric vehicles gain market share • Autocat demand and associated legislation PGM demand by metal and application have driven demand growth for the last three decades Demand “basket” 2000 2010 2019 2030 2040 - Automotive palladium demand has come Automobile 47% 55
Slide 51: Higher prices needed to incentivise project investment to meet long-term demand
Higher prices needed to incentivise project investment to meet long-term demand Primary lithium supply Net lithium demand LCE kt 2024 LCE kt Probably projects (under construction) 1 301 1 052 Low risk possible projects 1 441 1 322 1 545 1 607 Medium risk possible projects +15.7% p.a. 1 554 1 898 1 5
Slide 52: Potential for lithium shortfalls towards the end of the decade
Potential for lithium shortfalls towards the end of the decade Lithium supply-demand balance • Lithium prices stabilised in Q4 last LCE kt US$/t year and are expected to increase slightly in 2025 400 80 000 • The SFA price forecast assumes that most probable and low-risk lithium projects are fully d
Slide 53: Our group energy and decarbonisation strategy
Our group energy and decarbonisation strategy Delivering on our commitment to carbon neutrality by 2040 in an economic and socially responsible manner 1. Ensure security of energy supply 2. Reduce absolute GHG emissions Carbon 3. Enhance sustainability through neutrality reduced energy and carbon co
Slide 54: The grey elephants – identifying the drivers of global change
The grey elephants – identifying the drivers of global change Advances in robotics, artificial intelligence, and machine The WHO predicts multiple pandemics learning have ushered in a new age. The lag between by the end of the 2020s. While unpredictable, Intelligent technology adoption and new job c
Slide 55: Sustainability framework
Sustainability framework Recognised as Instrumental in building Inclusive, diverse Unique global portfolio of green a force for good pandemic-resilient ecosystems and bionic metals and energy solutions that reverse climate change OUR BUSINESS IS SUSTAINABILITY We produce quality materials required f
Slide 56: Sustainability themes
Sustainability themes GOVERNANCE THEMES PLANET PEOPLE PROSPERITY 7,13 6, 12, 15 10 3, 5, 8 1, 4, 9, 11, 17 8 12, 16 Environmental Respecting Social inclusion and Shared value and Committed and PILLARS Climate leadership Value our people stewardship people’s rights community impact domestic prosperit
Slide 57: Accelerated decarbonisation through our SA region renewable energy programme
Accelerated decarbonisation through our SA region renewable energy programme 600MW of renewable capacity planned for end-2026 92% of Group operational emissions from SA electricity supply Total capital investment of c.R12-14bn funded through PPAs Renewable projects will supplement c.30% of our utili