Slide 1: Enhancing financial resilience through safe production
Enhancing financial resilience through safe production Operating and financial results for the six months ended 30 June 2025 (H1 2025)
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: Welcome and reflection
1. Welcome and reflection Neal Froneman, outgoing CEO
Slide 4: H1 2025 Salient features
H1 2025 Salient features • Sustained improvement in safety frequency rates • Group adjusted EBITDA1 R15.1 billion (US$818 million) (including S45X credits), 127% higher than for H1 2024. - Excluding S45X credits, Group adjusted EBITDA¹ of R10 billion (US$533 million) was 51% higher than for H1 2024
Slide 5: Relative total shareholder return since listing
Relative total shareholder return since listing Total return performance since listing in 2013 (rebased to 100) 700 391 Gold Fields 600 376 Agnico Eagle Mines 346 DRDGOLD 500 342 Sibanye-Stillwater 310 Northam Platinum 400 274 Harmony Gold % 300 226 AngloGold Ashanti 220 Newmont 200 197 FTSE JSE All
Slide 6: Well planned, structured CEO handover
Well planned, structured CEO handover The CEO transition was planned and executed as a deliberate, structured handover, with a focus on clarity and continuity • Intention signalled well in advance, allowing for a structured process • Outgoing CEO committed to an effective handover World-class Intern
Slide 7: Overview
2. Overview Richard Stewart, CEO designate
Slide 8: Continuity of leadership team
Continuity of leadership team BOARD OF DIRECTORS C-SUITE Executive corporate leadership Executive directors CEO office: CEO office: CEO Office: CEO office EVP: SVP: Chief EVP: Sales SVP: Investor Relations Outgoing CEO CFO CEO designate of Staff and marketing Head of Safety and Corporate Affairs NEA
Slide 9: Safe production: our first priority
Safe production: our first priority • Group TRIFR¹ for H1 2025 of 3.90, lowest Group TRIFR recorded • Consistent decline in high potential incidents (HPIs), coupled with increased near miss reporting, since H2 2022 indicates real risk reduction at our operations • Compound annual decline rate over t
Slide 10: Leveraging our strategic positioning
Leveraging our strategic positioning Commodity Positioning and beneficiation in Leveraging our Strong sustainability diversification selected ecosystems resource base credentials • Stabilises earnings through • Tangible benefits for US PGM ops as • Significant value opportunities • Expanding our pre
Slide 11: Operational excellence: stabilised post 2024 restructuring
Operational excellence: stabilised post 2024 restructuring Within guidance • Stable production and well controlled costs – consistently delivering on guidance SA PGM • Investing through the cycle in world-class projects – low risk, low capital intensity, high return, quick payback operations • K4
Slide 12: Stable earnings through price trough and geared to the upside
Stable earnings through price trough and geared to the upside Adjusted EBITDA¹ 16 15.1 14 2.5 14.1 12 1.9 0.6 10 R billion 8 6 6.4 6.6 6.4 10 4 2 0 H1 H2 H1 H2 H1 2023 2024 2025 Adjusted EBITDA S45X for H1 2025 S45X for 2024 S45X for 2023 Adjusted EBITDA increase in H1 2025 driven by greater operati
Slide 13: Focus on financial flexibility and resilience
Focus on financial flexibility and resilience Gross debt and net debt/(net cash)1(Rbn) 50 41.7 42.4 37.3 40 30 22.7 23.4 20.3 20.9 18.7 19.1 17.2 20 11.9 Rbn 10 0.26 0 -7.9 -5.85 -10 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 Päiväneva concentrator, Keliber lithium project Syväjärvi ope
Slide 14: Disciplined capital allocation through the cycle
Disciplined capital allocation through the cycle • Investing in value through the cycle - Strategic Keliber lithium project nearing completion - K4 project - low capital intensity, high return, brownfields project ramping up production PROJECT CAPITAL - Value through operational synergy realisation
Slide 15: Metal markets outlook
3. Metal markets outlook Kleantha Pillay, EVP: Sales and Marketing
Slide 16: Geopolitical tensions and tariff bargaining causing uncertain near-term macro-outlook
Geopolitical tensions and tariff bargaining causing uncertain near-term macro-outlook Real GDP growth (%) 6 • Tarriff narrative continues to create macro uncertainty 5 • Medium-term global growth outlook revised downwards 4 • US GDP growth revised downward; Q3 and Q4 growth 3 likely to slow as tarif
Slide 17: PGM prices have rallied, supported by supply tightness
PGM prices have rallied, supported by supply tightness PGM prices (indexed) 160 • Weaker than expected H1 2025 mine supply • US tariff threat drives metal flows 140 • Increased investor interest as price momentum builds 120 • Increased Pt jewellery fabrication at higher gold prices; still needs to t
Slide 18: Market surpluses are depressing lithium prices in the near term
Market surpluses are depressing lithium prices in the near term Lithium supply-demand balance • Near-term prices pressured by oversupply and slow-down 400 40,000 in BEV forecasts as US incentives end; China sales remain strong 35,000 • Depressed prices expected to drive supply response; early signal
Slide 19: Operational review
4. Operational review Richard Cox, CRO: SA region Robert van Niekerk: Chief Technical & Charles Carter, CRO: Americas region Innovation Officer, CRO: AUS region Grant Stuart, Head of Recycling Mika Seitovirta, CRO: EU region
Slide 20: SA PGM operations – consistent, reliable performance
SA PGM operations – consistent, reliable performance • Consistent delivery, on track to achieve annual guidance SA PGM - Production, 4E oz basket price and AISC² • Total production¹ for H1 2025 of 840,046 4Eoz (4% lower y-on-y) 1,200 40,000 - Production from underground operations consistent, surfac
Slide 21: Mogalakwena: Moving down the cost curve
Moving down the cost curve and improving relative competitiveness 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 40,000 40,000 Cumulative annual production (4E Koz) 35,000 35,000 * 30,000 30,000
Slide 22: SA gold operations – leveraged to gold price – improving outlook
SA gold operations¹ – leveraged to gold price – improving outlook • SA gold operations leveraged to gold price SA gold1 - Production, AISC2 & gold price received - Average gold price received increased by 36% to R1,802,580/kg (US$3,049/oz) 450 2,000,000 - Adjusted EBITDA² being 118% higher for H1 20
Slide 23: US PGM operations – phased restructuring secures sustainability
US PGM operations – phased restructuring secures sustainability • Production and lower cost in line with restructuring plan and annual guidance US PGM - Production, 2E oz basket price and AISC¹ • Mined 2E PGM production for H1 2025 of 141,124 2Eoz (41% down y-on-y) 300 2,500 - AISC¹ unit cost stable
Slide 24: Multi-polarity benefits in the US ecosystem
Multi-polarity benefits in the US ecosystem • IRA S45X credits: 10% of production costs for mining and recycling operations - S45X credits (offset against cost) apply from 2023 to 2034, with 25% annual step- down commencing from 2031 - Certifications and credits to be formally submitted during H2 20
Slide 25: Recycling business – stable margins through price cycles
Recycling business – stable margins through price cycles, important source of critical metals US PGM recycling Industrial, electronic waste recycling (Sibanye-Stillwater Reldan) • PGM recycling recovery not apparent • Reldan¹ processed 8.6 million lbs of mixed scrap and sold 64 koz of gold, • US PGM
Slide 26: Century reprocessing operation - good performance supported by higher zinc price
Century reprocessing operation - good performance supported by higher zinc price Payable zinc metal production1 & AISC2 90 3,000 Century reprocessing operation • 22% increase in production to 51kt of payable zinc metal 60 2,000 US$/tZn ktZn - Remediation plans implemented to address risk of excessiv
Slide 27: European projects – on track for completion
European projects – on track for completion Keliber lithium project: Sandouville to be placed on care and maintenance and GalliCam • Most advanced, fully integrated lithium hydroxide project in the EU region pre-feasibility to be completed • Ramp-down of Sandouville nickel refinery before care • Con
Slide 28: Financial review
5. Financial review Charl Keyter: Chief Financial Officer
Slide 29: Notable financial items and income statement for the six months ended 30 June 2025
Notable financial items and income statement for the six months ended 30 June 2025 H1 H1 H1 2025 H1 2024 • Headline earnings per share increased by 1,900% Figures are in millions unless otherwise stated 2025 (Rm) 2024 (Rm) (US$m) (US$m) • Cost of sales (including recycling costs and US Revenue 54,76
Slide 30: Manageable debt maturities with strong liquidity headroom
Manageable debt maturities with strong liquidity headroom (Rbn) Borrowing maturity ladder in R billion at 30 June 2025 Borrowing maturities Gross and net debt Liquidity headroom • Borrowings - R40.2bn (US$2.3bn), cash on hand - R21bn (US$1.2bn) and net debt - 26.0 46.9 R19.2bn (US$1.1bn) • Sibanye-S
Slide 31: Embedding sustainability
6. Embedding sustainability Melanie Naidoo-Vermaak, Chief Sustainability Officer Castle wind farm, developed by ACED
Slide 32: Harnessing gains from renewables through lower costs and emissions
Harnessing gains from renewables through lower costs and emissions Expected avoided emissions1 due to Planned (indicative) renewable energy contracted renewable energy use (p.a. (wind and solar mix) capacity coming online • Commissioned 89 MW Castle wind from end 2026+) 1,600,000 700 project in H1 2
Slide 33: Conclusion
7. Conclusion Richard Stewart , CEO designate
Slide 34: Operating guidance for 2025
Operating guidance for 2025* Guidance for the SA managed gold operations has been revised from 16,000-17,000kg (514-546koz) to 15,000-16,000kg (480-514koz) with AISC guidance increasing to between R1,450,000/kg (US$2,473/oz) and R1,550,000/kg (US$2,643/oz), due to continued operational challenges at
Slide 35: Prioritising safe production, optimising margins and strengthening the balance sheet
Prioritising safe production, optimising margins and strengthening the balance sheet • Unique asset portfolio and strategic positioning providing key competitive advantages • Safe production - Pleasing improvements - remains our top priority - Progress made on the journey to eliminating fatalities -
Slide 36: Email: ir@sibanyestillwater.com
Email: ir@sibanyestillwater.com James Wellsted +27(0)83 453 4014 Henrika Ninham +27(0)72 448 5910 Lauren Fourie +27(0)72 436 3512 Sarel Barnard +27(0)82 376 9445 Tickers: JSE: SSW and NYSE: SBSW Website: www.sibanyestillwater.com
Slide 37: Appendix
Appendix Gibanye Gtiliwa er
Slide 38: Manageable debt maturities with strong liquidity headroom (US$)
Manageable debt maturities with strong liquidity headroom (US$) Borrowing maturity ladder in US$ million at 30 June 2025 Borrowing maturities Gross and net debt Liquidity headroom • Borrowings - R40.2bn (US$2.3bn), cash 1,461 2,640 on hand - R21bn (US$1.2bn) and net debt - R19.2bn (US$1.1bn) • Siban
Slide 39: H1 2025 Salient features (US$)
H1 2025 Salient features (US$) • Sustained improvement in safety frequency rates • Group adjusted EBITDA1 R15.1 billion (US$818 million) (including S45X credits), 127% higher than for H1 2024. Excluding S45X credits, Group adjusted EBITDA¹ of R10 billion (US$533 million) was 51% higher than for H1 2
Slide 40: Earnings through price trough and geared to the upside (US$)
Earnings through price trough and geared to the upside (US$) Adjusted EBITDA¹ 900 818 800 776 139 Adjusted EBITDA1 (US$ million) 700 109 600 37 500 400 355 360 300 340 533 200 100 0 H1 H2 H1 H2 H1 2023 2024 2025 Adjusted EBITDA S45X for H1 2025 S45X for 2024 S45X for 2023 H1 2025 enhanced by S45X cr
Slide 41: Continued focus on financial flexibility and resilience (US$)
Continued focus on financial flexibility and resilience (US$) Gross debt and net debt/(net cash)1(US$bn) 3.0 2.5 2.0 1.5 US$bn 1.0 0.5 - -0.5 -1.0 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 Päiväneva Concentrator, Keliber lithium project Syväjärvi open pit mine, Keliber lithium project