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

Sibanye-Stillwater assumes full ownership of Kroondal earlier than expected, doubling
its life of mine
Johannesburg, 1 November 2023: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) is pleased
to announce that the transaction entered into between Rustenburg Platinum Mines Limited
(RPM) a subsidiary of Anglo American Platinum Limited (AAP), and Sibanye-Stillwater’s
subsidiary, Sibanye Rustenburg Platinum Mines Limited (Rustenburg operation) as
announced on 31 January 2022, has been brought forward, resulting in the Rustenburg
operation acquiring RPM’s 50% share in the Kroondal pool and share agreement (Kroondal
PSA) and the Group assuming full ownership of the low cost, mechanised Kroondal
operation, effective 1 November 2023 (“the Sale Transaction”).
The Sale Transaction has been implemented with all conditions precedent having been
met including:
    1. Receiving approval from the Competition Commission (without conditions);
    2. Receiving Section 11 consent terms of the Mineral and Petroleum Resources
       Development Act, 2002 for the transfer of the mining right, currently held by
       RPM, to Sibanye-Stillwater’s Rustenburg operation.
The parties have further agreed to waive the last condition precedent for the delivery
of the 1,350,000 4Eoz by the Kroondal operation to RPM, subject to the following
revised terms:

•   The Rustenburg operation will pay RPM a deferred consideration (Deferred
    Consideration) calculated from 1 November 2023 until the full 1,350,000 4Eoz have
    been delivered, which is expected to be during Q2 2024 (the Deferred Period)
•   The Deferred Consideration shall be calculated as an amount equal to a determined
    percentage (which percentage is based on the 4E rand PGM basket price achieved
    during the deferred consideration period, which at current commodity prices is
    estimated at 40%) of the Kroondal operation’s cumulative pre-tax cashflows
    generated during the Deferred Period (the cumulative pre-tax cashflow are based on
    prior practice of the PSA’s)
•   The remaining ounces (approx. 231,009 4E as at end September 2023) will continue
    to be delivered under the terms of the current Kroondal operation purchase of
    concentrate (PoC) agreement. Upon delivery of the final remaining ounces, the PoC
    will fall away and all PGM concentrate from the Kroondal operation, will be
    subject to the terms of the current Rustenburg operation’s sale and toll treatment
    agreement with RPM

Sibanye-Stillwater Chief Executive Officer Neal Froneman commented “Concluding the
transaction earlier enables effective consolidation of these operations under a single
owner. By extending the operating life of the Kroondal operation, which as a standalone
operation was constrained by the existing PSA agreement. We are now able to realise
the true potential of our adjacent resources by utilising the mechanised and low-cost
Kroondal operation to mine across the boundary with the Rustenburg operation. This
will accelerate the extraction of more remote parts of the Rustenburg operation
orebody, expected to sustain employment for thousands of employees until 2029 and
ensure the creation of significant shared value for all stakeholders in the region.”
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
LinkedIn: https://www.linkedin.com/company/sibanye-stillwater
Facebook: https://www.facebook.com/SibanyeStillwater
YouTube: https://www.youtube.com/@sibanyestillwater/videos
X: https://twitter.com/SIBSTILL

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


FORWARD LOOKING STATEMENTS
This announcement 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 announcement may be
forward-looking statements. Forward-looking statements may be identified by the use of words
such as “will”, “would”, “expect”, “forecast”, “potential”, “may”, “could”, “believe”, “aim”,
“anticipate”, “target”, “estimate” and words of similar meaning.

These forward-looking statements, including, among others, those relating to Sibanye-Stillwater
Limited’s (“Sibanye-Stillwater”) future business prospects, financial positions, production
and operational guidance, climate and ESG-related statements, targets and metrics, business
strategies, plans and objectives of management for future operations and ability to complete
or successfully integrate ongoing and future acquisitions, are necessarily estimates reflecting
the best judgement of Sibanye-Stillwater’s senior management. Readers are cautioned not to
place undue reliance on such statements. Forward-looking statements involve a number of known
and unknown risks, uncertainties and other factors, many of which are difficult to predict and
generally beyond the control of Sibanye-Stillwater that could cause its actual results and
outcomes to be materially different from historical results or from any future results expressed
or implied by such forward-looking statements. As a consequence, these forward-looking
statements should be considered in light of various important factors, including those set
forth in Sibanye-Stillwater’s 2022 Integrated Report and annual report on Form 20-F filed with
the United States Securities and Exchange Commission on 24 April 2023 (SEC File no. 333-
234096). These forward-looking statements speak only as of the date of this announcement.
Sibanye-Stillwater expressly disclaims any obligation or undertaking to update or revise any
forward- looking statement (except to the extent legally required).