Slide 1: H1 2026 results, 6 months ended 30 June 2026
H1 2026 results, 6 months ended 30 June 2026 1 September 2026
Slide 2: Operating and financial results for H1 2026
Operating and financial results for H1 2026 From strategic refresh to disciplined execution 1 September 2026
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: Agenda
Agenda Safety moment George Coetzee Introduction Richard Stewart Market performance and outlook Kleantha Pillay Performance excellence - South Africa Richard Cox - International and recycling Charles Carter Financial performance Charl Keyter Organic growth and project portfolio Ralph Lombard Busines
Slide 5: Introduction
Introduction Richard Stewart, CEO
Slide 6: Creating a high-performing, future-focused metals business
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 Sustain a pre
Slide 7: Record financial performance and solid production delivery
Record financial performance and solid production delivery PERFORMANCE MARGINS & CASH GENERATION VALUE DELIVERY Safety progress Record Top-tier4 dividend yield5 6.6% trailing yield|8.0% implied on interim5 Record TRIFR and SIFR 1 fatal incident in SA gold,1 in SA PGM Net operating Interim dividend o
Slide 8: Best-ever H1 injury-frequency performance; eliminating fatalities remains our top priority
Best-ever H1 injury-frequency performance; eliminating fatalities remains our top priority • Best-ever H1 performance across key safety indicators Group TRIFR1 7.10 - TRIFR1 and SIFR2 improved by 8%, and HPIs reduced by 31% 5.07 5.24 • Eliminating fatalities and serious harm remains our highest prio
Slide 9: Market performance and outlook
Market performance and outlook Kleantha Pillay Precious-metals fundamentals remain constructive, while macroeconomic and lithium EVP Sales and Marketing supply risks reinforce the importance of operational and capital discipline
Slide 10: Middle East conflict raises 2026 economic risks, momentum shifting out to 2027
Middle East conflict raises 2026 economic risks, momentum shifting out to 2027 % World GDP growth % US GDP growth % Eurozone GDP growth 2.8 • The longer it takes to fully resolve the US- 3.5 3.2 3.0 2.7 2.0 2.9 3.0 1.6 Iran war, the greater the potential 3.0 2.3 1.5 2.5 2.5 2.1 economic disruptions
Slide 11: Precious metals markets consolidating following Q1 peaks
Precious metals markets consolidating following Q1 peaks Precious metal prices (US$/oz) Gold Platinum Palladium Rhodium (rhs) • Precious metal prices consolidated after speculative buying pushed gold and 6 000 14 000 platinum to record highs in January 12 000 • Dollar strength and higher interest ra
Slide 12: New and returning lithium supply stabilising the market
New and returning lithium supply stabilising the market Lithium spot prices (US$/t) • Prices reached near three-year highs in Q2, Lithium hydroxide monohydrate (56.5% LiOH) China spodumene Li2O 6% min CIF (rhs) peaking at almost US$28,000/t LiOH in May, 30 000 4 000 supported by firm BESS and BEV de
Slide 13: Performance excellence
Richard Cox SA COO Charles Carter International COO Charl Keyter CFO Performance excellence Ralph Lombard EVP Projects Through holistic improvement to drive higher margins
Slide 14: Southern African (SA) operations
Southern African (SA) operations Richard Cox, Chief operating officer, SA operations
Slide 15: SA PGM operations: Generated high margins and cash from consistent operational delivery
SA PGM operations | Generated high margins and cash from consistent operational delivery Consistent 44% 45% R10.4bn production AISC Adj. EBITDA (US$632m) in line with margin2 margin3,4 Cash guidance generation Notional free cash flow4 790koz R26,252/4Eoz R19.2bn R9.9bn (US$1,600/4Eoz) (US$1.2bn) hig
Slide 16: SA PGM operations: Brownfield growth sustains and improves the production base
SA PGM operations | Brownfield growth sustains and improves the production base Additional value from Strengthening the Supporting delivery the integrated PGM current base and future production orebody K4 4E PGM production Chrome operating profit1 Capital investment2 +24% R1.1bn R2.6bn (US$65m) (US$
Slide 17: SA gold operations: Record earnings and margins from our Gold Business
SA gold operations1 | Record earnings and margins from our Gold Business 294koz 32% Record 267% Gold production1 AISC Adj. EBITDA4 increase in margin2,4 cash generation 2% lower year-on-year R9.0bn Surface (US$549m) 36% 64% Up 87% Underground year-on-year Increasing our relative R1.64m/kg 39% R3.9bn
Slide 18: SA gold operations: Leveraging gold price and building a higher margin portfolio
SA gold operations | Leveraging gold price and building a higher margin portfolio Burnstone Surface growth Kloof retains adds longevity improves resilience optionality ~130koz per year 105koz Remaining ~25-year life reserves under Up 13% Supports reserve assessment replacement and Reduces reliance o
Slide 19: International and recycling operations
International and recycling operations Charles Carter, Chief operating officer, International operations
Slide 20: US PGM operations: Resilient delivery while investing for mechanised, lower-cost production
US PGM operations | Resilient delivery while investing for mechanised, lower-cost production Resilient 12% 28% 52% production AISC Adj. EBITDA reduction in in line with Margin1,2 margin1,3 cash outflow guidance -US$28m (-R459m) 2E PGM production All-in sustaining cost1 Adjusted EBITDA1 Notional free
Slide 21: US PGM operations: Advancing mechanisation and operating transformation
US PGM operations | Advancing mechanisation and operating transformation H1 2026 H2 2026 2027 2028 Initial progress made Execution priorities 2027 transition 2028 outcome in H1 2026 for H2 2026 Mine development Labour Mechanisation Competitiveness Vertical development on plan; Conclude labour agreem
Slide 22: Recycling: Scale, integration and margin expansion driving strong cash generation
Recycling | Scale, integration and margin expansion driving strong cash generation 13% Strong adj EBITDA margin1,2 cash generation US$164m US$103m (R2.7bn) (R1.7bn) Adjusted EBITDA1 Notional free cash flow1,5 11% higher year-on-year; 63% adjusted EBITDA conversion3 536% increase excluding S45X Stron
Slide 23: Century zinc operation: Strong cash generation as end-of-life approaches
Century zinc operation| Strong cash generation as end-of-life approaches 45kt US$2,162/tZn US$55m US$41m (R35,477/tZn) (R900m) (R667m) Payable zinc production1 All-in sustaining cost2 Adjusted EBITDA2 Notional free cash flow2 13% lower year-on-year 23% higher year-on-year 54% higher year-on-year 86%
Slide 24: Keliber lithium project: Mining commenced and first spodumene produced
Keliber lithium project | Mining commenced and first spodumene produced Mining Strategic Concentrator Capital commissioning started stockpile built progressing on plan at the Syväjärvi 218kt Stable €719m open pit ore mined throughput cumulative spend in February 2026 186kt Optimising €783m grade sto
Slide 25: Keliber lithium project: Staged approach creates optionality and mitigates risk
Keliber lithium project | Staged approach creates optionality and mitigates risk 2026 2027 Stage 1: Stage 2: Stage 3: Stage 4: Stage 5: Mining Concentrator Refinery start-up Refinery ramp- Battery-grade ramp-up ramp-up decision up, optional LiOH decision H1: Construction phase Q3: Concentrator hot Q
Slide 26: Financial performance
Financial performance Charl Keyter Capital allocation through disciplined framework balancing returns and securing sustainability CFO
Slide 27: Record financial performance
Record financial performance Operational 35% R20.7bn R8.2bn excellence Adj. EBITDA1,2 (US$1.3bn) (US$497m) Meeting annual margin Cash generated Capital guidance by operations investment Strong operational performance R31.8bn R17.4bn/531% R4.8bn supported by higher (US$1.9bn) (US$1.1bn), sustaining &
Slide 28: Substantially increased earnings, lower gearing and stronger balance sheet
Substantially increased earnings, lower gearing and stronger balance sheet 216% 45% Significant 0.18x HEPS1,2 increase Earnings to cash reduction of Low financial Earnings growth and conversion1,3 gross & net debt gearing limited once-off items HEPS (SA cents) Cash conversion Debt(Rm) 1,4 Net debt:
Slide 29: Financial summary
Financial summary H1 2026 H1 2025 International % change Corporate Metrics (R million) Group SA operations and recycling Group items operations Stable operating Revenue 89,977 66,380 24,256 (659) 54,767 64% performance and higher commodity prices Adjusted EBITDA1 31,843 28,202 4,164 (523) 15,073 111
Slide 30: Attractive dividend yield
Attractive dividend yield • Interim dividend declared in line with upper end of dividend policy - 35% of normalised earnings for H1 2026 Dividends H1 2026 2025 • Dividend yield of 6.6% (trailing 12-months)3 declared Interim Full year - 8.0% implied annualised yield3,* on the H1 2026 interim dividend
Slide 31: Manageable debt maturities with strong liquidity headroom
Manageable debt maturities with strong liquidity headroom Borrowing maturity ladder in R billion at 30 June 2026 Borrowing maturities Gross and net debt Liquidity headroom • Borrowings of R32.1bn (US$2.0bn), cash on hand of R22.4bn (US$1.4bn) and net 25.3 47.6 debt of R9.7bn (US$0.6bn) • Strong liqu
Slide 32: Organic growth and project portfolio
Organic growth and project portfolio Ralph Lombard Focused on value creation that is anchored in returns and unlocking organic value as a priority EVP Projects
Slide 33: Group profile excluding high-quality projects
Group profile excluding high-quality projects Group profile (Moz) (December 2025)1,2 (excluding projects) 3.0 SA gold (excl. DRD)(Au) DRDGOLD (50.1%)(Au) SA PGM (4E PGM) US PGM (2E PGM) Keliber (Li) Century (Zn) 2.5 2.0 1.5 1.0 0.5 0.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Slide 34: Profile flexibility through value-accretive internal projects
Profile flexibility through value-accretive internal projects Group profile (Moz) including near and medium term projects (December 2025)1,2 3.0 2.0 1.0 0.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 SA gold (Au) DRDGOLD3 (Au) SA PGM3 (4E PGM) US PGM (2E PGM) Keliber
Slide 35: Multiple high-return projects provide capital and sequencing flexibility
Multiple high-return projects provide capital and sequencing flexibility Project portfolio – SA PGM, Burnstone, Mt Lyell (IRR %, NPV (Rbn)) Bubble size indicates the relative project NPV (Rbn) 120% K4 100% 99% | R17.5bn 80% Kopaneng IRR 60% Siphumelele extension Siphumelele phase 2 phase 1 40% | R2b
Slide 36: Burnstone gold project
Burnstone gold project Description Burnstone is a high-value, near-term gold growth project mining Kimberley reef at an average depth of 550m (deepest 1.05km). Existing infrastructure significantly reduces capex and enhances returns Project status: Board approved • Board approved investment decision
Slide 37: Burnstone project – indicative production, cost and capital
Burnstone project – indicative production, cost and capital Burnstone - expected gold production (kg) Capital expenditure (R million) 5 000 1 800 000 3 200 4 500 1 600 000 2 800 4 000 1 400 000 2 400 3 500 1 200 000 2 000 3 000 1 000 000 R million R/kg 1 600 Kg 2 500 800 000 2 000 1 200 600 000 1 50
Slide 38: Burnstone project: high-value, near-term gold growth
Burnstone project | high-value, near-term gold growth Existing Attractive infrastructure Long-life Responsible, returns and advanced production lower-impact brownfield site expected restart • Shallower Kimberley Reef R19.2bn NPV • Connected decline and 25-year at ~550m average depth vertical-shaft L
Slide 39: Mount (Mt) Lyell copper project
Mount (Mt) Lyell copper project Description Copper Chert Mt Lyell is a copper-gold restart in Tasmania, leveraging existing infrastructure and Queen renewable hydroelectricity to reduce execution risk, upfront capital and carbon Lyell intensity. Targeting first production in Q1 2029, it offers a 23-
Slide 40: Mt Lyell copper project: A responsible restart designed for the future
Mt Lyell copper project | A responsible restart designed for the future • Restart design incorporates lessons from the 2014 safety-related suspension under previous ownership • Modern schedule-driven mine design, refurbished infrastructure and increased automation support safer operations • Historic
Slide 41: Mt Lyell copper project: Indicative production, cost and capital
Mt Lyell copper project | Indicative production, cost and capital Mt Lyell - Expected metal production (t) and AISC1 Capital expenditure (US$ million) 40 000 6 300 35 000 5 250 30 000 4 200 25 000 Metal tonnes AISC (US$/lb) 20 000 3 150 15 000 2 100 10 000 1 50 5 000 - 0 0 2030 2026 2027 2028 2029 2
Slide 42: Mt Lyell copper project: Long-life, capital-efficient copper growth
Mt Lyell copper project | Long-life, capital-efficient copper growth Attractive Existing Long-life Responsible, infrastructure production lower-impact returns and tailings site expected restart • Existing shaft (will • Renewable ~US$550m post-tax NPV refurbish) and decline 23-year hydropower Life of
Slide 43: Business sustainability and shared value
Business sustainability and shared value Richard Stewart Disciplined to drive long-term value realisation CEO
Slide 44: Sustaining shared value
Sustaining shared value ting shared va in crea lue er for Business resilience le ad al ls Stakeholder resilience a ta e People | Planet | Prosperity ke Performance excellence b o ho :T lde ion • Safe production rs Vis • Optimised margins through operational • Employees and resilient communities exce
Slide 45: Disciplined capital allocation prioritising returns, sustainability and value-accretive growth
Disciplined capital allocation prioritising returns, sustainability and value-accretive growth Capital allocation priorities Target outcomes Sustaining & ore Financial policy <1.0x Gearing Non-negotiables reserve development Net debt: Adj. EBITDA ratio capital (mid-cycle prices) Liquidity ≥ 2 x mont
Slide 46: Disciplined capital allocation prioritising returns, sustainability and value-accretive growth
Disciplined capital allocation prioritising returns, sustainability and value-accretive growth Capital allocation priorities R23.5bn R4.8bn Non-negotiables Net cash flow from Sustaining & ore reserve operating activities development capital (before dividends) N/A H1 2026 allocations/progress Liquidi
Slide 47: Climate action: We are a leader in renewable energy in SA mining
Climate action | We are a leader in renewable energy in SA mining H1 2026 Target 164MW 835MW* In operation Renewables by 2028 671MW agreed (equal to ~50% energy and in construction demand) 223k 2.86m tCO2e emissions tCO2e once avoided operational R55m >R1 billion Energy cost Annual energy savings co
Slide 48: Nature stewardship: Increasing water independence while reducing long-term cost
Nature stewardship | Increasing water independence while reducing long-term cost A- 12% 90% CDP water rating Increase in alternative sources Water independence target for 2025 achieved in the last year by 2028 at the SA PGM operations Strategy and approach Current position (H1 2026) Optimising OPEX
Slide 49: Community investment portfolio: Distinct social platforms delivering shared value
Community investment portfolio| Distinct social platforms delivering shared value Common ecosystem / Meaningful impact investing / Strategic collaboration INVESTMENT STREAM PRIMARY PURPOSE STRATEGIC FOCUS AREAS Position the company SIBANYE- as a catalyst for STILLWATER positive change FOUNDATION thr
Slide 50: Marikana renewal: Honouring commitments. Creating lasting impact.
Marikana renewal | Honouring commitments. Creating lasting impact. • All (17) houses for the widows have been built • R105 million invested in education for the dependents • 138 beneficiaries supported by 1608 Trust since inception • 87 students and 29 graduates, of which 13 are employed by Sibanye-
Slide 51: Conclusion
Conclusion Richard Stewart, CEO
Slide 52: Operating guidance for 2026
Operating guidance for 2026* Following a stable H1 2026 operational delivery, annual production, cost and capital guidance is maintained except where specifically indicated below: • The SA gold operation's cost guidance and the inclusion of the 2026 capital guidance for Burnstone and Mt Lyell 2026 P
Slide 53: In conclusion: Building a stronger platform for enduring value
In conclusion | Building a stronger platform for enduring value STRONGER TODAY INVESTING FOR TOMORROW UNLOCKING SHARED VALUE Record delivery & Longer-life, Creating sustainable strengthened business higher-quality portfolio shared value fundamentals • Sustaining long life cash generative assets • Di
Slide 54: Questions?
Questions? Tickers: JSE: SSW and NYSE: SBSW www.sibanyestillwater.com Contacts ir@sibanyestillwater.com Henrika Ninham, Lauren Fourie and Sarel Barnard
Slide 55: Appendix
we are one G; Geilpanee Appendix
Slide 56: Glossary of Terms/abbreviations
Glossary of Terms/abbreviations Term / Meaning / explanation Term / Meaning / explanation abbreviation abbreviation Platinum and palladium, the principal metals reported for the US PGM Production expressed as an equivalent quantity of gold using specified relative 2E PGM Gold-equivalent ounce underg
Slide 57: Full price deck used throughout the presentation
Full price deck used throughout the presentation | UBS April 2026 consolidated consensus* CONSENSUS Unit Average 2026 2027 2028 2029 2030 LT ZAR/USD ZAR/USD 17.01 16.74 16.96 17.09 17.20 17.38 17.00 ZAR/EUR ZAR/EUR 20.18 19.74 20.08 19.87 20.13 20.51 20.19 USD/AUD USD/AUD 0.68 0.66 0.67 0.68 0.69 0.
Slide 58: 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 2026 Borrowing maturities Gross and net debt Liquidity headroom • Borrowings of US$2.0bn (R32.1bn), cash 2,906 on hand of US$1.4bn (R22.4bn) and net 1 541 debt of US$0.6bn (R9.7bn) • S
Slide 59: Climate action: We are a leader in renewable energy in SA mining
Climate action | We are a leader in renewable energy in SA mining Project pipeline Our renewables Independent Power Producers2 Offtake capacity1 Generation source Status portfolio in perspective: one Castle wind farm 89MW Wind Operational Kusile unit delivers Springbok solar 75MW Solar Operational 8