Sibanye Stillwater Limited (JSE:SSW) News - Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31 December 2021

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 “Company” or “the Group”)

Website: www.sibanyestillwater.com

Sibanye-Stillwater Mineral Resources and Mineral Reserves declaration as at 31
December 2021

Johannesburg, 2 March 2022: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW)
is pleased to report attributable Group Mineral Resources and Mineral Reserves as
at 31 December 2021.
The declared Mineral Resources and Mineral Reserves for our managed operations and
projects are the outcome of a detailed annual operational and life of mine (LoM)
planning process and are indicative of the considerable underlying mineral assets
base which supports sustainable long-life production.
This Mineral Reserve and Mineral Resource declaration represents a condensed and
consolidated summary of the full Sibanye-Stillwater Mineral Resource and Mineral
Reserve declaration which will be available in the Group Mineral Resource and
Mineral Reserve Report, when published on 22 April 2022 at
www.sibanyestillwater.com/news-investors/reports/annual/.


Salient features
• Stable Mineral Resources (89.6Moz 2E) and Mineral Reserves (27.3Moz 2E) at our US
   PGM operations, with minor increases of 3.1% and 1.5% respectively

•   A year-on-year reduction in both Mineral Reserves and Mineral Resources for our
    SA PGM operations; and the Cooke operation at our SA gold operations; as a
    result of a change in the basis of accounting for minority holdings from the
    effective accounting interest in mineral properties basis to the effective
    legal interest

•   Mineral Resources of 174.7Moz 4E and Mineral Reserves of 32.2Moz 4E for our SA
    PGM operations

    – Agreements with Anglo American Platinum (Anglo Plat) enable Kroondal to
      immediately mine parts of the Rustenburg lease area, adding 1.32Moz 4E of
      attributable Mineral Reserves to the SA PGM base
    – This increase was offset by the change in the basis for reporting (as
      outlined above) which similarly impacted the SA PGM exploration properties

•   Mineral Resources of 74.6Moz and Mineral Reserves of 13.1Moz for our SA gold
    operations (including DRDGOLD), a 7.0% and 15.9% decline respectively,
    primarily due to depletion and the exclusion of the De Bron Merriespruit
    Project Mineral Reserves (pending an updated feasibility Study), partly off-set
    by an increase in secondary reef Mineral Reserves due to successful exploration
    outcomes at Driefontein

•    The execution and delivery on the Group’s green metals strategy has led to
     – A maiden lithium Mineral Resource of 78.5Kt of LiO2, due to the inclusion of
        the attributable interests in the Keliber (26.6%) and Rhyolite Ridge (through
        the 7.12% holding in Ioneer) projects in Finland and the United States (US)
        respectively
     – A maiden company zinc Mineral Reserve of 1,016.3Mlb due to the inclusion of
        the attributable interest (19.99%) in the New Century tailings retreatment
        operation in Australia
The full statement, inclusive of the relevant tables and governance disclosures,
is available on the website at https://www.sibanyestillwater.com/news-
investors/news/news-releases/RRdec21-update.


Corporate Governance
The 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 prepares and reports its Mineral Resources and Mineral Reserves
in accordance with the SAMREC Code, the updated Section 12 of the JSE Listings
Requirements; and the SEC regulation S-K Sub-part 1300. For non-managed mineral
properties, Mineral Resources and Mineral Reserves are in certain cases prepared
under different codes, such as JORC and NI-43-101. These codes are closely aligned
with SAMREC, form part of CRIRSCO (Committee for Mineral Reserves International
Reporting Standards), and the estimates are therefore deemed to be consistent with
SAMREC and SK1300.
Production volumes are reported in metric tonnes (t). By-product metals that do
not constitute material contribution to potential revenue-flows are typically
excluded from the estimates.
All financial models used to determine the managed Mineral Reserves are based on
current tax regulations as at 31 December 2021. Rounding of figures may result in
minor computational discrepancies. Where this happens, it is not deemed
significant.
There are teams of Competent Persons (CP's or QP's), designated in terms of the
respective national reporting codes, who take responsibility for the reporting of
Mineral Resources and Mineral Reserves at the respective operations and projects.
Corporate governance on the overall compliance of the Group’s figures and
responsibility for the generation of a Group consolidated statement has been
overseen by the lead Competent Persons, included below. The Group has the written
confirmation of the lead Competent Persons that the information, as disclosed in
this report, is compliant with the relevant security exchanges’ listing
requirements (Section 12 of the JSE listing requirements, SAMREC Table 1 and the
US SEC SK1300), and that it may be published in the form and context in which it
was intended.
For the managed operations, Stephan Stander is the Group Lead CP for Mineral
Resources; and Tom Van Den Berg is the Group Lead CP for Mineral Reserves. Stephan
is a registered member of the South African Council for Natural Scientific
Professions (SACNASP 400089/96). Tom is a registered member of the South African
Institute of Mining and Metallurgy (SAIMM 700497).


Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014

www.sibanyestillwater.com

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

Ends.
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 report.
All statements other than statements of historical facts included in this report may be
forward-looking statements. Forward-looking statements also often use words such as “will”,
“forecast”, “potential”, “estimate”, “expect”, “plan”, “anticipate” 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; 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 and PGMs; 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 occurrence
of labour disruptions and industrial actions; the availability, terms and deployment of capital
or credit; changes in the imposition of regulatory costs and relevant government regulations,
particularly environmental, 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 or environmental, health or safety issues; 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 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 of mines for safety incidents
and unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management or
sufficient technically skilled employees, 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 and communications 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 Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal
year ended 31 December 2020.
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.

Date: 02-03-2022 04:18:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.