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”)
Website: www.sibanyestillwater.com

Publication of Broad-based black economic empowerment annual compliance report

Johannesburg, 2 August 2023: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW)
advises shareholders that in accordance with paragraph 16.21 (g) and Appendix 1 to
Section 11 of the JSE Listings Requirements, the Group’s updated annual compliance
report in terms of Section 13G (2) of the Broad-Based Black Economic Empowerment (B-
BBBEE) Act 2003, has been issued on 31 July 2023     and is available on the Group’s
website at https://www.sibanyestillwater.com/news-investors/reports/regulatory/2023/.

Sibanye-Stillwater’s B-BBEE rating, as per the Codes of Good Practice on Black Economic
Empowerment, has improved from a Level 7 rating to a Level 6 rating. This signifies a
second consecutive year of improvement from the Group’s level 8 B-BBBEE status in 2021.

The publication of the annual compliance report prepared pursuant to Section 13G (2)
of the B-BBBEE Act, is a JSE requirement applicable to all listed companies. The mining
industry is regulated by the Mineral and Petroleum Resources Development Act, 2002 and
is guided by the Broad-Based Socio-Economic Empowerment Charter for the South African
Mining and Minerals Industry (Mining Charter). The Group’s compliance to the Mining
Charter is referenced in our 2022 Integrated Report which is available on the Group’s
website at https://www.sibanyestillwater.com/news-investors/reports/annual/2022/.


About Sibanye-Stillwater
Sibanye-Stillwater is a multinational mining and metals processing group with a diverse portfolio
of 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 a top tier gold producer. It also 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: https://www.youtube.com/@sibanyestillwater/videos

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




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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 announcement.

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 Mineral Resources and 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 surfa ce
mining; any further downgrade of South Africa’s credit rating; the impact of South Africa's greylisting; a challenge regardin g
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 2022 Integrated
Report and the annual report on Form 20-F for the fiscal year ended 31 December 2022.

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.

NON-IFRS MEASURES
The information contained in this document may contain certain non-IFRS measures, including adjusted EBITDA, AISC, AIC and
Nickel equivalent sustaining cost. These measures may not be comparable to similarly-titled measures used by other companies
and are not measures of Sibanye-Stillwater’s financial performance under IFRS. These measures should not be considered in
isolation or as a substitute for measures of performance prepared in accordance with IFRS. Sibanye-Stillwater is not providing
a reconciliation of the forecast non-IFRS financial information presented in this report because it is unable to provide this
reconciliation without unreasonable effort. These forecast non-IFRS financial information presented have not been reviewed or
reported on by the Group’s external auditors.

MINERAL RESOURCES AND MINERAL RESERVES
Sibanye-Stillwater’s Mineral Resources and Mineral Reserves are estimates at a particular date, and are affected by fluctuations
in mineral prices, the exchange rates, operating costs, mining permits, changes in legislation and operating factors. Sibanye-
Stillwater reports its Mineral Resources and Mineral Reserves in accordance with the rules and regulations promulgated by eac h
of the United States Securities and Exchange Commission (SEC) and the JSE at all managed operations, development, and
exploration properties. Sibanye-Stillwater expects to file the information required by Subpart 1300 of Regulation S-K under
the Securities Act of 1933, including a Technical Report Summary in respect of the Keliber project, with its annual report on
Form 20-F for the year ended 31 December 2022.

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.



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