Wrap Text
Financial Results for the six months ended 30 June 2026 and Interim Dividend Declaration
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
Results for the six months ended 30 June 2026 and interim dividend declaration - Short form announcement
JOHANNESBURG, 1 September 2026: Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) is pleased to report operating results and consolidated interim
financial statements for the six months ended 30 June 2026 (H1 2026).
SALIENT FEATURES FOR THE SIX MONTHS ENDED 30 JUNE 2026 (H1 2026) COMPARED WITH 30 JUNE 2025 (H1 2025) (YEAR-ON-YEAR)
- During H1 2026, the Group delivered its best safety performance based on lagging indicators. Tragically, following a fatality-free Q1 2026, the
Group experienced a fatal incident at its SA PGM operations and a fatal incident at its SA gold operations. We mourn the loss of three
colleagues as a result of these incidents
- Exceptional financial performance, with record revenue of R90bn (US$5.5bn), up 64%, and adjusted EBITDA of R31.8bn (US$1.9bn), up 111%,
supported by stable operational delivery and stronger commodity prices
- Significant increase in profitability, generating a profit of R18.8bn (US$1.1bn)
- Record net cash from operating activities of R19.6bn (US$1.2bn), with 45% of adjusted EBITDA converted into notional free cash flow of R14.5bn
(US$881m)
- High operating margins from the SA portfolio, with SA PGM and SA gold all-in sustaining cost (AISC) margins of 44% and 32%, respectively
- Disciplined capital allocation resulted in a 20% reduction in gross debt year-on-year to R32.1 billion (US$1.99bn), and an 18% reduction from H2
2025, while net debt halved and net debt to adjusted EBITDA gearing ratio improved to 0.18x
- Strong cash generation supported the declaration of an interim dividend of R5.7bn (US$352m) equivalent to 201 SA cents per share (49.73 US
cents per ADR) at upper end of policy range, representing a 6.6% 10 trailing 12-month yield and an 8%10 implied annualised yield based on the
interim dividend
- High-return, organic growth investment confirmed for Burnstone (adding >130kozpa gold) and Mt Lyell (adding ~26ktpa copper), in addition to
the four SA PGM brownfields projects already in execution, and Keliber ramping up operations with 217.5kt ore mined
KEY STATISTICS - GROUP
US dollar SA rand
Six months ended Six months ended
Jun 2025 Dec 2025 Jun 2026 KEY STATISTICS Jun 2026 Dec 2025 Jun 2025
GROUP
(194) (94) 1,082 US$m Basic earnings Rm 17,745 (1,580) (3,591)
292 94 1,036 US$m Headline earnings Rm 17,002 1,540 5,372
818 1,297 1,941 US$m Adjusted EBITDA1 Rm 31,843 22,727 15,073
(211) (53) 1,147 US$m Profit/(loss) for the period Rm 18,807 (833) (3,906)
18.39 17.38 16.41 R/US$ Average exchange rate using daily closing rate
KEY FINANCIAL RESULTS
US dollar SA rand
Six months ended Six months ended
Jun 2025 Dec 2025 Jun 2026 KEY STATISTICS Jun 2026 Dec 2025 Jun 2025
GROUP
2,978 4,275 5,483 Revenue (million) 89,977 74,910 54,767
(7) (3) 38 Basic earnings per share (cents) 627 (56) (127)
10 3 37 Headline earnings per share (cents) 601 54 190
KEY STATISTICS BY REGION
US dollar SA rand
Six months ended Six months ended
Jun 2025 Dec 2025 Jun 2026 KEY STATISTICS Jun 2026 Dec 2025 Jun 2025
SOUTHERN AFRICA (SA) OPERATIONS
SA PGM operations
804,252 920,526 789,647 oz 4E PGM production2,3 kg 24,561 28,632 25,015
1,429 2,009 2,681 US$/4Eoz Average basket price R/4Eoz 43,996 34,914 26,283
260 673 1,170 US$m Adjusted EBITDA1 Rm 19,207 11,904 4,778
1,299 1,407 1,600 US$/4Eoz All-in sustaining cost1,4 R/4Eoz 26,252 24,457 23,892
SA gold operations
300,191 332,149 293,665 oz Gold produced kg 9,134 10,331 9,337
3,049 3,706 4,597 US$/oz Average gold price R/kg 2,425,219 2,070,774 1,802,580
260 440 549 US$m Adjusted EBITDA1 Rm 8,995 7,696 4,809
2,430 2,589 3,105 US$/oz All-in sustaining cost1,4 R/kg 1,638,089 1,446,794 1,436,817
INTERNATIONAL OPERATIONS
US PGM underground operations
141,124 142,945 137,930 oz 2E PGM production2,5 kg 4,290 4,446 4,389
985 1,380 1,672 US$/2Eoz Average basket price R/2Eoz 27,438 23,978 18,114
151 98 66 US$m Adjusted EBITDA1 Rm 1,086 1,669 2,775
1,207 1,198 1,347 US$/2Eoz All-in sustaining cost1,4,6 R/2Eoz 22,105 20,819 22,200
Recycling operations7
147 81 164 US$m Adjusted EBITDA1 Rm 2,683 1,371 2,707
Keliber lithium project
(6) (7) (15) US$m Adjusted EBITDA1 Rm (250) (113) (112)
Century zinc retreatment operation
51 49 45 ktZn Payable zinc production8 ktZn 45 49 51
2,626 2,812 3,294 US$/tZn Average equivalent zinc concentrate price9 R/tZn 54,047 48,878 48,294
36 52 55 US$m Adjusted EBITDA1 Rm 900 925 657
1,762 2,094 2,162 US$/tZn All-in sustaining cost1,4 R/tZn 35,477 36,399 32,411
1. The Group reports adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) based on the formula included in the facility agreements
for compliance with the debt covenant formula. The Group also reports All-in sustaining costs (AISC) for comparison to similar industry metrics used in the
mining industry. See "Non-IFRS measures" for more information on these metrics presented by Sibanye-Stillwater. Adjusted EBITDA may not be comparable to
similarly titled measures of other companies. Adjusted EBITDA and AISC are not measures of performance under IFRS Accounting Standards and should be considered
in addition to and not as a substitute for any other measure of financial performance and liquidity. For a reconciliation of profit/(loss) before royalties and
tax to adjusted EBITDA, see note 19 of the condensed consolidated financial statements. The adjusted EBITDA amount in US$m for the six months ended 31 December
2025 is calculated using the adjusted EBITDA amount in US$m for the year ended 31 December 2025 less the adjusted EBITDA amount in US$m for the six months
ended 30 June 2025
2. The Platinum Group Metals (PGM) production in the SA operations is principally platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) and measured
at the concentrator, and the US underground operations is principally platinum and palladium, referred to as 2E (2PGM)
3. The SA PGM production excludes the production associated with the purchase of concentrate (PoC) from third parties. For a reconciliation of the production and
third party PoC, refer to the "Reconciliation of operating cost excluding third party PoC for Total SA PGM operations and Marikana - Six months"
4. See "Salient features and cost benchmarks - Six months" for the definition of All-in sustaining cost (AISC). The SA PGM All-in sustaining cost excludes the
production and costs associated with third party PoC
5. The US PGM operations' underground production is converted to metric tonnes and kilograms, and financial performance is translated to SA rand (rand)
6. During the six months ended 30 June 2025 the US PGM operations recognised R2,466 million (US$139 million) which relates to Section 45X Advance Manufacturing
Production Credits applicable to the 2023 and 2024 financial reporting years and presented as a reduction to mining costs. The US PGM operations' All-in
sustaining cost for the six months ended 30 June 2025 were adjusted to exclude the Section 45X Advance Manufacturing Production Credits applicable to the
2023 and 2024 financial reporting years
7. Recycling includes Reldan Pennsylvania (PA), Metallix North Carolina (NC) and Montana recycling sites. The acquisition of the NC site was concluded on
4 September 2025. The six months ended 31 December 2025 only includes the results of the NC site since acquisition
8. Payable zinc production is the payable quantity of zinc metal produced after applying smelter content deductions
9. Average equivalent zinc concentrate price is the total zinc sales revenue recognised at the price expected to be received excluding the fair value adjustments
divided by the payable zinc sales
10. Based on the closing share price of R50.28 on 28 August 2026. The 6.6% trailing 12-month dividend yield is calculated using combined dividends of 332 SA cents
per ordinary share, comprising the H1 2026 interim dividend of 201 SA cents and the FY2025 final dividend of 131 SA cents. The 8.0% implied yield is calculated
by annualising the H1 2026 interim dividend of 201 SA cents per ordinary share and the same reference share price.
OVERVIEW OF THE RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
In January 2026, we shared a refreshed Group strategy that prioritises our business fundamentals. This strategy outlined a focus on optimising
profitability, which, combined with disciplined capital allocation, would create flexibility to deliver long term value accretive growth. During the
period under review, we have continued to drive profitability through our strategic priorities including increasing operating margins through
performance excellence, improving cost efficiencies through simplification of our operating model, enhancing capital returns through simplifying
our portfolio and improving cash conversion.
A solid operational performance during H1 2026, combined with strong commodity prices, have generated significant earnings and cash. This has
not only demonstrated the value and earnings potential of our unique portfolio, but also allowed the company to materially advance our short
term strategic objective of strengthening the business fundamentals.
The Group delivered record revenue of R90bn (US$5.5bn), a 111% increase in adjusted EBITDA to R31.8bn (US$1.9bn), record net cash from
operating activities of R19.6bn (US$1.2bn) and a net profit of R18.8bn (US$1.1bn), compared to a net loss of R3.9bn (US$211m) for H1 2025. The
quality of this result is reflected in the conversion of 45% of adjusted EBITDA into notional free cash flow of R14.5bn (US$881m).
The stronger financial position enabled the Group to deliver against its capital-allocation priorities. This includes declaring an interim dividend of
R5.7bn (US$352m), strengthening the balance sheet, with gross debt declining by 20% to R32.1 billion (US$1.99bn) and net debt more than halving
to R9.7bn (US$593m), reducing net debt to adjusted EBITDA to 0.18x, as well as continuing to invest in value-accretive organic growth through
commodity cycles.
SAFE PRODUCTION
Safety remains our foremost priority and the foundation of performance excellence. The Group achieved its best-ever H1 total recordable injury
frequency rate (TRIFR) and serious injury frequency rate (SIFR), with both improving by 8%, while high-potential incidents reduced by 31%, reflecting
real risk reduction in our operations.
These improvements were overshadowed by the tragic loss of Khanyile Magwebelele from our Marikana K3 shaft, and Thekololo Nkoe and Xolisa
Mtshutshwana from our Kloof Masimthembe shaft, in two separate incidents during Q2 2026, following a fatality-free first quarter. We extend our
deepest condolences to their families, friends and colleagues.
The sustained fatal free achievements across the majority of our operations, demonstrates our ability to eliminate fatal incidents and serious harm,
and achieving this consistently across the entire group remains our highest priority. To achieve this our focus prioritises visible safety leadership,
disciplined verification and application of critical controls, empowered teams, effective management routines and sustained implementation of
lessons learned across all operations.
OPERATING PERFORMANCE
The SA PGM operations continued to deliver consistent production of 831,307 4Eoz (including third party purchase of concentrate), reflecting a
year on year decline of 1%, largely driven by lower surface production and lower attributable production from Mimosa. Steady production output
combined with disciplined cost management and significantly stronger 4E PGM basket prices (a 67% increase), delivered strong earnings and
cash generation for the Group. The SA PGM operations delivered an industry competitive 44% AISC margin, while adjusted EBITDA increased by
302% to R19.2 billion (US$1.2 billion) and Notional free cash flow of R10.4 billion (US$631m) was generated.
Production across the SA gold operations declined by 2% to 9,134kg (293,665oz), associated with a 9% decrease in underground production,
primarily due to the rebasing of the Kloof operations in H2 2025, offset by a 13% increase in surface production, reflecting the transition towards a
shallower, higher margin, longer-life portfolio. Higher sales volumes of 9,588kg (308,261oz), combined with a 35% increase in the average gold
price, resulted in the SA gold operations delivering record adjusted EBITDA of R9.0bn (US$549m), and Notional free cash flow of R4.0bn (US$241m).
Despite cost pressures, with AISC increasing by 14% to R1.64 million/kg (US$3,105/oz), due to inflationary cost increases, higher royalties associated
with increased profitability, higher pumping costs at Driefontein and higher third-party aggregate purchase costs (due to higher gold prices) at
Cooke, the SA gold operations delivered a robust 32% AISC margin. The supportive gold-price environment provides an opportunity to assess the
potential economic extraction of additional reserves at Kloof beyond 2026, including through the support of appropriately priced hedging
mechanisms.
The US PGM operations continued to advance their mechanisation strategy during H1 2026. Production decreased by 2% primarily due to lower
grades at East Boulder, while AISC increased by 12%, as planned investment, development activity and sustaining capital expenditure increased in
support of the transition to full mechanisation. Despite these near-term investments, AISC of US$1,347/2Eoz (R22,105/2Eoz) remained below the
lower end of annual guidance, supporting a 12% AISC margin. A 70% increase in the average 2E PGM basket price, stronger by-product credits
and Section 45X credits further supported profitability. The mechanisation strategy to reduce AISC to approximately US$1,000/2Eoz by the end of
2028 progressed during the period under review, with progress across critical mine development and successful testing of mechanised bolting
equipment. In addition, engagements with organised labour and employees has been progressing to secure a labour agreement supportive of
the required transition to mechanisation and associated changes to a team-based incentive scheme.
The Recycling operations delivered a standout H1 2026 performance, with increased scale, successful integration and feed optimisation driving
higher volumes, margin expansion and strong cash generation from the integrated recycling platform. Adjusted EBITDA increased by 11% to
US$164 million (R2.7 billion), and excluding the impact of Section 45X credits, the EBITDA margin improved to 13% from 5% in H1 2025. Normalising
for S45X credits in both periods, underlying adjusted EBITDA increased by 536% year-on-year to US$137 million (R2.2 billion). This performance
reflects the addition and successful integration of North Carolina, significantly higher Pennsylvania production, operational and commercial
synergies across the Recycling operations, favourable precious-metal prices and the optimisation of higher-margin feed streams. The improved
performance was further supported by disciplined working capital management, with precious metal ounces recycled and sold increasing by
142% to 2.8 million precious metal ounces. Equivalent gold ounces recycled and sold amounted to 244koz for H1 2026 (H1 2025: 165koz). The
recycling business is a strategic contributor to Group earnings and cash generation, while providing diversified exposure to precious metals
through a scalable, capital-light processing platform.
The Century operation remained profitable and cash generative as the current tailings-retreatment operation approaches the end of its life. The
operation delivered a 54% increase in adjusted EBITDA to US$55 million (R900 million), with higher zinc concentrate prices and lower treatment
charges offsetting lower production as operational flexibility reduced towards the end of its current mine life. AISC increased by 23% to US$2,162/
tZn (R35,477/tZn) due to lower production volumes and inflationary cost pressures.
The Keliber lithium project achieved important milestones during H1 2026 as it progressed from construction towards commissioning and
operational readiness. Mining commenced at the Syvajarvi mine, with 217.5kt of ore mined and a strategic stockpile of 185.5kt established. Hot
commissioning of the concentrator commenced in April 2026, with continuous operating runs of up to 142 hours demonstrating successful
throughput performance. The current focus is on optimising spodumene concentrate grade and achieving stable, consistent concentrate
production. The project remains within its approved capital forecast, with cumulative construction expenditure of Euro 719m at 30 June 2026. In
response to lithium-market volatility, the staged commissioning approach prioritises stable mining and concentrator performance before refinery
start-up, reducing integrated ramp-up risk and preserving capital flexibility.
DISCIPLINED CAPITAL ALLOCATION AND ORGANIC GROWTH FOR SUSTAINABILITY
Our approach to sustainability is broader than just environmental and social performance. It starts with sustaining a safe, competitive and
financially resilient business, supported by operational excellence and disciplined investment in longer-life, higher-quality assets. This strengthens
our ability to manage resources responsibly, deliver returns and economic value, and create enduring shared value for our shareholders,
employees, communities and all other stakeholders.
Record cash generation materially strengthened the balance sheet and expanded financial flexibility. Gross debt declined by 20% year-on-year
and 18% from 31 December 2025 to R32.1bn (US$2.0bn), while net debt more than halved to R9.7bn (US$593m), reducing net debt to adjusted
EBITDA to 0.18x.
The Group continued to unlock embedded value through disciplined investment in organic growth. This has primarily considered the SA PGM
brownfield project portfolio that benefits from existing infrastructure, established resources and extensive operating knowledge, all reducing
execution risk and avoiding acquisition premiums. SA PGM brownfield projects provide a possible pathway to sustain an approximate 1.5Moz
annual production profile, increase exposure to UG2 ore and support a greater contribution from mechanised mining.
In addition, we are pleased that Burnstone and Mt Lyell have recently received a positive investment decision by the Board to proceed, marking a
further step in unlocking unrealised value from the Group's organic project portfolio.
Burnstone supports the transition of the SA gold portfolio towards shallower, lower-risk and longer-life production. The project is expected to
produce approximately 130,000oz of gold annually at steady state, strengthening future reserve replacement and portfolio sustainability.
Mt Lyell, the long-life, copper-gold project located near Queenstown, Tasmania, benefits from substantial existing infrastructure and is expected to
produce approximately 26kt of copper, 16koz of gold and 116koz of silver annually at steady state, with first production targeted for early 2029.
Approximately US$4.1m (R68m) of capital expenditure is planned for H2 2026, as the project moves into execution.
Projects in the Group's portfolio will continue to be evaluated and sequenced according to returns, affordability, readiness and strategic fit,
balancing shareholder returns and balance-sheet strength with investment in future production and portfolio quality.
DIVIDEND DECLARATION
The Sibanye-Stillwater board of directors declared and approved a cash dividend of 201 SA cents per ordinary share (US 12.43 cents* per share or
US 49.73 cents* per ADR) or approximately R5,685 million (US$352 million*) in respect of the six months ended 30 June 2026 (Interim dividend).
The interim dividend declared of 201 SA cents equates to 35% of normalised earnings for the period ended June 2026. See note 11 of the
consolidated interim financial statements for more detail on dividends.
The interim dividend will be subject to the Dividends Withholding Tax. In accordance with paragraph 7.23 of the JSE Listings Requirements the
following additional information is disclosed:
- The dividend has been declared out of income reserves
- The local (South African) Dividends Withholding Tax rate is 20% (twenty per centum)
- The gross South African dividend amount is 201.0000 SA cents per ordinary share for shareholders exempt from the Dividends Tax
- The net South African dividend amount is 160.8000 SA cents (80% of 201 SA cents) per ordinary share for shareholders liable to pay the
Dividends Withholding Tax
- Sibanye-Stillwater currently has 2,830,567,264 ordinary shares in issue
- Sibanye-Stillwater's income tax reference number is 9723 182 169
Shareholders are advised of the following dates in respect of the interim dividend:
Interim dividend: 201 SA cents per share
Declaration date: Tuesday, 1 September 2026
Last date to trade cum dividend: Tuesday, 15 September 2026
Shares commence trading ex-dividend: Wednesday, 16 September 2026
Record date: Friday, 18 September 2026
Payment of dividend: Monday, 21 September 2026
Please note that share certificates may not be dematerialised or rematerialised between Wednesday, 16 September 2026 and Friday, 18
September 2026 both dates inclusive.
To holders of American Depositary Receipts (ADRs):
- Each ADR represents 4 ordinary shares;
- ADRs trade ex-dividend on the New York Stock Exchange (NYSE): Friday, 18 September 2026;
- ADR Record Friday, 18 September 2026;
- Approximate date of currency conversion: Monday, 21 September 2026;
- ADR payment date of dividend: Wednesday, 6 October 2026
Assuming an exchange rate of R16.17/US$1*, the dividend payable on an ADR is equivalent to 39.78 United States cents per ADR, net of the 20%
South African withholding tax. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
* Based on an exchange rate of R16.1687/US$ at 28 August 2026 from Equity RT. However, the actual rate of payment will depend on the
exchange rate on the date for currency conversion
This short-form announcement is the responsibility of the board of directors of the Company (Board). The information disclosed is only a summary
and does not contain full or complete details. Any investment decisions by investors and/or shareholders should be based on a consideration of
the full financial results for the six months ended 30 June 2026 (results booklet) as a whole and shareholders are encouraged to review the results
booklet, which is available for viewing on the Company's website at https://www.sibanyestillwater.com/news-investors/reports/quarterly/2026/
and via the JSE at https://senspdf.jse.co.za/documents/2026/jse/isse/sswe/HY26Result.pdf.
Contact:
Email: ir@sibanyestillwater.com
Website: www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
DISCLAIMER
FORWARD LOOKING STATEMENTS
The information in this report 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, business prospects, industry forecasts, production and operational guidance, climate and ESG-related targets and metrics, 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", "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, Europe 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 (including Metallix), 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; 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, silver, 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 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, or
maintain required board gender diversity; failure of Sibanye-Stillwater's information technology, communications and systems, evolving cyber threats to Sibanye-
Stillwater's operations and the impact of cybersecurity incidents or breaches; the adequacy of Sibanye-Stillwater's insurance coverage; social unrest, sickness or natural
or man-made disaster in surrounding mining communities, including informal settlements in the vicinity of some of Sibanye-Stillwater's South African-based operations;
and the impact of contagious diseases, including global pandemics.
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 2025 Integrated Report and the Annual Financial Report for the fiscal year ended 31 December 2025
on Form 20-F filed with the United States Securities and Exchange Commission on 24 April 2026 (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.
NON-IFRS1 MEASURES
The information contained in this report may contain certain non-IFRS measures, including, among others, adjusted EBITDA, notional free cash flow, AISC, AIC, net debt/
(cash), net debt/(cash) to adjusted EBITDA (ratio), headline earnings and normalised earnings. 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 Accounting Standards. These measures should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. 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 measures presented have not been reviewed or reported on by the Group's external auditors.
1 IFRS refers to International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards) as issued by the International Accounting Standards
Board (IASB)
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.
Date: 01/09/2026 10:00:00
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