Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
(“Sibanye-Stillwater” or the “Group” or the “Company”)
Website: www.sibanyestillwater.com

Sibanye-Stillwater Trading statement and production update for the year ended 31
December 2022

Johannesburg, 21 February 2023: In terms of paragraph 3.4(b)(i) of the Listing
Requirements of the JSE Limited (JSE), a company listed on the JSE is required to
publish a Trading statement as soon as it is satisfied that a reasonable degree of
certainty exists that the financial results for the next period to be reported on, will
differ by at least 20% from the financial result for the previous corresponding period.

Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) advises stakeholders that it
expects earnings per share (EPS) for the year ended 31 December 2022 (2022 or the
Period) to be between 618 SA cents (38 US cents) and 683 SA cents (42 US cents) compared
with EPS of 1,140 SA cents (77 US cents) for the year ended 31 December 2021 (2021),
and headline earnings per share (HEPS) to be between 619 SA cents (38 US cents) and 684
SA cents (42 US cents) compared with a HEPS of 1,272 SA cents (86 US cents) for 2021.
Compared to the previous financial year, this represents a 40% to 46% decline in EPS
year-on-year and a 46% to 51% decline in HEPS.

The decrease in EPS and HEPS for 2022 compared to 2021 is primarily due to:

  •   The three month industrial action related to wage negotiations in the South African
      gold sector and a severe weather event in Montana that resulted in the Stillwater
      operations being shut down for 7 weeks. These events resulted in significantly
      reduced production with the concomitant increase in unit costs
  •   a more challenging macro-economic and geopolitical environment than 2021,
      resulting in a 9% lower average rand 4E PGM basket price for 2022 and an 11% lower
      average US dollar 2E PGM basket price
  •   these negative revenue impacts were partially offset by:
         - non-recurring impairments recognised for 2021 at the managed SA gold
            operations (no impact on HEPS)
         - a decrease in the loss on financial instruments
         - a decrease in royalties and mining and income taxes

The conversion of rand amounts into US dollar is based on an average exchange rate of
R16.37/US$ for 2022 and R14.79/US$ for 2021. This is provided as supplementary
information only.

The financial information on which this trading statement is based has not yet been
reviewed or reported on by Sibanye-Stillwater’s auditors.

Production update for the year ended 31 December 2022

Production from the SA PGM operations for 2022 (including attributable ounces from
Mimosa and third party purchase of concentrate (PoC) of 63,344 4Eoz) of 1,730,808 4Eoz
was marginally below the lower end of annual guidance for 2022, but was a solid
performance considering the ongoing impact of load curtailment as well as factors
highlighted previously, including copper cable theft and proactive safety related
stoppages. Pleasingly, stockpiled ore containing approximately 33,000 4Eoz which had
accumulated by the end of Q3 2022 due to intensified load curtailment impacting
concentrator capacity across the SA PGM operations, was largely processed during the
year-end holiday period in December 2022.

The SA gold operations (excluding DRDGOLD) were suspended for three months during H1
2022 due to industrial action which, together with a subsequent gradual ramp-up in
production during H2 2022, resulted in resulted in a 50% decline in production for 2022
to 13,736kg (441,623oz). Production of 10,608 kg (341,055oz) for H2 2022, was
significantly improved compared to production of 3,128kg (100,568oz) for H1 2022,
reflecting the successful ramp up post the industrial action. More normalised rates of
production were achieved during November 2022 and have been maintained during Q1 2023
to date. In the absence of any further disruptions, which are not expected, production
for 2023 is likely to be significantly higher than 2022, with correspondingly lower
unit costs.

The ramp-up of production from the US PGM operations post the regional flood event in
early June 2022, progressed well, with production rates normalising during Q4 2022.
Mined 2E PGM production for 2022 of 421,133 2Eoz was 5% below the lower end of annual
guidance, reflecting the full impact of the flood event as well as ongoing operational
constraints which contributed to the repositioning of the US PGM operations as presented
to the market in August 2022 (https://thevault.exchange/?get_group_doc=245/1660215386-
ssw-market-presentation-USPGM-revised-plan-11aug2022.pdf).     Implementation   of   the
repositioned plan is in process, with production forecast to build-up to 700,000+ 2Eoz
by 2027 once flexibility has been restored across the complex and the new cemented
backfill plant at Stillwater East has been completed.

The US PGM recycling business fed 598,774 3Eoz for 2022, 21% lower than 2021, slightly
higher than the global average decline in autocatalyst recycling due to low inventory
levels and supply chain constraints.

In the European region, the Sandouville refinery produced 6,842 tonnes of nickel (nickel
salts production of 2,003 tonnes and nickel metal production of 4,839 tonnes) since
date of the acquisition on 4 February 2022.

Neal Froneman, CEO of Sibanye-Stillwater commented: “We have used 2022 to carefully
navigate wage negotiations in both our SA gold and PGM operations and reposition the
Montana operations for the current skills shortage and changing macro environment. The
company is now well positioned to deliver an improved performance for 2023 through the
normalisation of production rates at the SA gold and US PGM operations with the
concomitant improved unit cost performance.”

Results webcast and conference call

Sibanye-Stillwater will release its full operating and financial results for the six-
months and year ended 31 December 2022 on Tuesday, 28 February 2023 and will host a
virtual presentation shared via a webcast and conference call at 15h00 (CAT) / 13h00
(GMT) / 08h00 (EST) / 06h00 (MDT).

Webcast link: https://78449.themediaframe.com/links/sibanye230228.html and Conference
call pre-registration:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumbe
r=5046002&linkSecurityString=b2427ee66. Results information will be available at
https://www.sibanyestillwater.com/news-investors/reports/quarterly/2023 on the day.



About Sibanye-Stillwater

Sibanye-Stillwater is a multinational mining and metals processing Group with a diverse portfolio
of mining and processing operations, projects and investments across five continents. The Group
is also one of the foremost global recyclers of PGM autocatalysts and has interests in leading
mine tailings retreatment operations.

Sibanye-Stillwater has established itself as one of the world’s largest primary producers of
platinum, palladium, and rhodium and is also a top tier gold producer. It produces and refines
iridium and ruthenium, nickel, chrome, copper and cobalt. The Group has recently begun to build
and diversify its asset portfolio into battery metals mining and processing and is increasing
its presence in the circular economy by growing and diversifying its recycling and tailings
reprocessing operations globally. For more information refer to www.sibanyestillwater.com.
Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Executive Vice President: Investor Relations and Corporate Affairs
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
YouTube: www.youtube.com/channel/UCl9UZT87nncSvSvJ8i7az8Q

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

DISCLAIMER
FORWARD LOOKING STATEMENTS
The information in this document may contain forward-looking statements within the meaning of the “safe
harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-
looking statements, including, among others, those relating to Sibanye Stillwater Limited’s (“Sibanye-
Stillwater” or the “Group”) financial positions, business strategies, plans and objectives of management
for future operations, are necessarily estimates reflecting the best judgment of the senior management and
directors of Sibanye-Stillwater and involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the forward-looking statements. As a consequence,
these forward-looking statements should be considered in light of various important factors, including
those set forth in this document.

All statements other than statements of historical facts included in this document may be forward-looking
statements. Forward-looking statements also often use words such as “will”, “would”, “expect”, “forecast”,
“potential”, “may”, “could”, “believe”, “aim”, “anticipate”, “target”, “estimate” and words of similar
meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to
future events and circumstances and should be considered in light of various important factors, including
those set forth in this disclaimer. Readers are cautioned not to place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements to
differ materially from estimates or projections contained in the forward-looking statements include,
without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives, capital
expenditures, projected costs and anticipated cost savings, financing plans, debt position and ability to
reduce debt leverage; economic, business, political and social conditions in South Africa, Zimbabwe, the
United States and elsewhere; plans and objectives of management for future operations; Sibanye-Stillwater’s
ability to obtain the benefits of any streaming arrangements or pipeline financing; the ability of Sibanye-
Stillwater to comply with loan and other covenants and restrictions and difficulties in obtaining additional
financing or refinancing; Sibanye-Stillwater’s ability to service its bond instruments; changes in
assumptions underlying Sibanye-Stillwater’s estimation of its current mineral reserves; any failure of a
tailings storage facility; the ability to achieve anticipated efficiencies and other cost savings in
connection with, and the ability to successfully integrate, past, ongoing and future acquisitions, as well
as at existing operations; the ability of Sibanye-Stillwater to complete any ongoing or future acquisitions;
the success of Sibanye-Stillwater’s business strategy and exploration and development activities, including
any proposed, anticipated or planned expansions into the battery metals or adjacent sectors and estimations
or expectations of enterprise value (including the Rhyolite Ridge project); the ability of Sibanye-
Stillwater to comply with requirements that it operate in ways that provide progressive benefits to affected
communities; changes in the market price of gold, PGMs, battery metals (e.g., nickel, lithium, copper and
zinc) and the cost of power, petroleum fuels, and oil, among other commodities and supply requirements;
the occurrence of hazards associated with underground and surface mining; any further downgrade of South
Africa’s credit rating; a challenge regarding the title to any of Sibanye-Stillwater’s properties by
claimants to land under restitution and other legislation; Sibanye-Stillwater’s ability to implement its
strategy and any changes thereto; the outcome of legal challenges to the Group’s mining or other land use
rights; the occurrence of labour disputes, disruptions and industrial actions; the availability, terms and
deployment of capital or credit; changes in the imposition of industry standards, regulatory costs and
relevant government regulations, particularly environmental, sustainability, tax, health and safety
regulations and new legislation affecting water, mining, mineral rights and business ownership, including
any interpretation thereof which may be subject to dispute; the outcome and consequence of any potential
or pending litigation or regulatory proceedings, including in relation to any environmental, health or
safety issues; failure to meet ethical standards, including actual or alleged instances of fraud, bribery
or corruption; the effect of climate change or other extreme weather events on Sibanye-Stillwater’s
business; the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM
sales from mine production in the United States with one entity; the identification of a material weakness
in disclosure and internal controls over financial reporting; the effect of US tax reform legislation on
Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on
Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments where
Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases; supply
chain disruptions and shortages and increases in the price of production inputs; the regional concentration
of Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and
other macro-economic monetary policies; the occurrence of

temporary stoppages or precautionary suspension of operations at its mines for safety or environmental
incidents (including natural disasters) and unplanned maintenance; Sibanye-Stillwater’s ability to hire
and retain senior management and employees with sufficient technical and/or production skills across its
global operations necessary to meet its labour recruitment and retention goals, as well as its ability to
achieve sufficient representation of historically disadvantaged South Africans in its management positions;
failure of Sibanye-Stillwater’s information technology, communications and systems; the adequacy of
Sibanye-Stillwater’s insurance coverage; social unrest, sickness or natural or man-made disaster at
informal settlements in the vicinity of some of Sibanye-Stillwater’s South African-based operations; and
the impact of HIV, tuberculosis and the spread of other contagious diseases, such as the coronavirus
disease (COVID-19).

Further details of potential risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-
Stillwater’s filings with the Johannesburg Stock Exchange and the United States Securities and Exchange
Commission, including the 2021 Integrated Report and the annual report on Form 20-F for the fiscal year
ended 31 December 2021 (SEC File no. 333-234096).

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly
disclaims any obligation or undertaking to update or revise any forward-looking statement (except to the
extent legally required). These forward-looking statements have not been reviewed or reported on by the
Group’s external auditors.

WEBSITES
References in this document to information on websites (and/or social media sites) are included as an aid
to their location and such information is not incorporated in, and does not form part of, this report.