INTEGRATED REPORT for the year ended 31 December 2024

2024

2024

Supporting fact sheets and supplementary information

At a glance

A UNIQUE, PORTFOLIO OF GEOGRAPHICALLY DIVERSIFIED ASSETS AND COMMODITIES UNDERPINNED BY GREEN METALS

Global map of operations
Precious metal [icon]

2024 PRODUCTION AND RECYCLING1

  • 843koz gold
  • 1.7Moz silver
  • 1.3Moz platinum
  • 1.1Moz palladium
  • 190koz rhodium
  • 266koz ruthenium
  • 64koz iridium
  • 2.7Mt chrome
  • 82kt zinc (payable)
  • 7.7kt nickel
  • 2.6Mlbs copper
2024 REVENUE PER PRODUCT
(Rbn)
Revenue per product [chart]
2024 REVENUE PER OPERATION
(Rbn)
Revenue per operation [chart]
2024 PGM & GOLD EQUIVALENT
MINERAL RESERVES (Moz)
PGM and gold equivalent reserves 2024 [chart]
2024 PGM & GOLD EQUIVALENT MINERAL RESOURCES (Moz)
PGM and gold equivalent resources 2024 [chart]
LOSS FOR THE 2024 YEAR2

R5.7 billion
(US$311 million)

GREEN REVENUE FACTOR3

73%

WORKFORCE

72,431

  1. The Platinum Group Metals (PGM) production in the SA operations is platinum, palladium, rhodium and gold, referred to as 4E (3PGM+Au) of 1.7Moz 4E PGMs for 2024, and in the US PGM operations are platinum and palladium, referred to as 2E (2PGM) of 426koz 2E PGMs for 2024 and US PGM recycling is platinum, palladium and rhodium referred to as 3E (3PGM) of 316koz 3E PGMs for 2024. Recycling is inclusive of the Reldan operation from 1 March 2024 – 31 December 2024
  2. See the Consolidated Income statement in the Group Annual Financial Report for the year ended 31 December 2024
  3. The FTSE Russell green revenue factor is defined by FTSE Russell as the percentage of revenue that is derived from products that have a positive environmental utility which help prevent, restore and/or adapt to issues deriving from climate change, natural resource limitations and environmental degradation. This measure enables precise identification of green products and services across the entire value chain and helps investors assess revenue exposure to green activities within the Group.The FTSE Russell green revenue factor is a non-IFRS measure and it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standard

SUSTAINABILITY SALIENT FEATURES

  • Group serious injury frequency rate (SIFR) and total recordable injury frequency rate (TRIFR) at lowest recorded levels since 2013
  • 21% of employee promotions in SA were awarded to women, improved our women representation to 18%
  • Secured €500 million green loan financing facility for Keliber lithium project
  • The financial closure of our fourth renewable energy project securing 70% of our SA region’s long-term energy requirements
  • Level 4 B-BBEE achieved
  • Renewed sustainability strategic framework underpinned with 2030 targets
Percentage of women at Sibanye-Stillwater
Water purchased at Sibanye-Stillwater (ML)

SUSTAINABILITY CREDENTIALS

Sustainability-related indices (not limited to these) in which we are currently included:

  • MSCI ESG Ratings [logo]
  • FTSE4Good [logo]
  • FTSE/JSE
    Responsible
    Investment    JSE [logo]
  • MSCI ESG Ratings [logo]
Chairman and CEO, Vincent Maphai and Neal Froneman

CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S REVIEW

“We remain focused on our Strategic essentials as we navigate through a challenging macro-economic and geopolitical environment. During 2024, we implemented proactive measures to optimise operational profitability and protect and strengthen our Balance sheet.”

Dr Vincent Maphai – Chairman
Neal Froneman – Chief Executive Officer

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We have continued to be proactive in responding to many of the forces driving global change during 2023 and 2024. Underpinned by our strategic diversification since 2013, this has ensured that the Group is well positioned to sustain an extended period of low commodity prices, and potentially benefit from opportunities which may emerge. The global economic context may remain challenging for some time and, accordingly, our focus for 2025 remains on our strategic essentials: optimising our operations for profitability and long-term sustainability and protecting the Group balance sheet in order to secure our financial health.

What drives us

Our business model

Our business model is a system that transforms inputs, through business activities into outputs and outcomes, creating shared value over the short, medium and long term. Aligned with the International <IR> Framework, we leverage the six capitals namely natural, financial, human, manufactured, social and relationship and intellectual to drive sustainable value creation for all stakeholders.

OUR VALUE CREATION PROCESS

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Performance

Charl Keyter, CFO

CHIEF FINANCIAL OFFICER’S REPORT

“With a well-staggered debt maturity ladder, and in a weak PGM price environment, we will focus on meeting production targets, capitalise on cost saving initiatives and responsibly preserve cash on our balance sheet.”

Charl Keyter – Chief Financial Officer

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Successes

Maintaining a profitable business

  • Repositioned operations for sustainability in low price environment
  • SA gold operations entered into two gold hedges with ~55% of 2025 production hedged at a floor of R1.44 million/kg and cap of ~R1.82 million/kg, protecting the SA gold margin
  • Currency hedges entered into prior to SA national elections to protect operational cashflows from June 2024 to May 2025 at the SA PGM operations (US$60 million floor at R18/US$, US$120 million cap at R20.09/US$)

Operational excellence

  • Group decarbonisation accelerated with fourth renewable energy project providing 140MW of wind energy, financed through a third-party power purchase agreement (PPA) which assists with capital preservation

Maintaining strong liquidity in line with our capital allocation framework

  • Entered into a US$500 million streaming agreement
  • SA gold operations entered into a R1.8 billion gold prepayment agreement with ~4% of 2025 production hedged at a floor of R1.35 million/kg and cap of ~R1.74 million/kg
  • Secured well-priced long-term €500 million Green loan funding for the Keliber lithium project
  • Obtained debt covenant uplifts net debt: adjusted EBITDA of 3.5x until 30 June 2025 and 3.0x until 31 December 2025 supporting improved availability of liquidity
  • Obtained shareholder approval for the US$500 million Convertible Bonds to be convertible in shares at the option of the bond holders, reducing debt

Challenges

  • Earnings and cashflow mainly impacted by continued lower average PGM basket prices
  • Lower medium to long-term prices (PGM and nickel), operational constraints and above-inflation increases, resulted in an impairment of R9.2 billion (US$0.5 billion) across the Group
  • Incurred a loss for the year of R5.7 billion (US$0.3 billion) compared with R37.4 billion (US$2.0 billion) for 2023
  • No dividend declared due to the Group incurring a normalised earnings loss, in line with dividend policy

What we did in 2024

Delivering value from our operations

Achieving operational excellence and optimising long-term resource value

Successes

  • Restructuring and closure of loss making operations improve profitability.
  • SA gold – leverage to higher gold price drove a 216% increase in adjusted EBITDA¹ to R3.6 billion (US$206 million) for H2 2024
  • US PGM – consistent production and 27% reduction in AISC to US$1,367/2Eoz for 2024, delivered according to Q4 2024 restructuring plan; – restructured further at end 2024 due to persistently low prices
  • S45x benefits for 2025 could enhance profitability of US PGM and US PGM recycling operations by combined US$60 million (R1.1 billion)

Challenges

  • Lower prices for PGMs continue to weigh on the profitability of the Group
  • Operational underperformance at some operations
  • Risk of capital overruns and commissioning risks

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Mineral Resources and Mineral Reserves

Achieving operational excellence and optimising long-term resource value

Successes

  • Updated the Mineral Reserve estimate at the Keliber Lithium Project and achieved an increase of 36.6% in attributable lithium Mineral Reserves to 248kt LCE
  • Updated the Mineral Resource estimate at the Mt Lyell Copper project and achieved an increase of 20.8% in attributable Mineral Resources to 1,945Mlb copper
  • Kept our Mineral Resources and Mineral Reserves base at our SA PGM operations stable, and managed to add the Siphumelele mechanised UG2 project Mineral Reserves (0.8Moz), demonstrating the value being unlocked through the acquisition of the remaining 50% interest in the Kroondal operations

Challenges

  • Sustained low 2E PGM spot prices during the year has necessitated an operational restructuring as well as a strategic shift in extraction strategy at the US PGM operations. In combination with a lower 2E LoM basket price assumption, this has impacted the operation’s 2E PGM Mineral Resources of 79.1Moz (-9.9%) and Mineral Reserves of 19.0Moz (-27.8%)
  • Declining, but still substantial, Gold Mineral Resources of 48.8Moz (-2.2%) and Mineral Reserves of 10.0Moz (-8.0%) at our SA gold operations and projects, impacted by depletion and geological changes at Driefontein

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Safe production

Ensuring safety and wellbeing

Successes

  • Best recorded annual performance for SIFR, LDIFR and TRIFR for the Group
  • Consistent reporting of near-miss incidents has increased risk awareness and operational transparency
  • Received multiple safety and health awards in November 2024 from the SAIMM MineSafe awards (see details below)
SA region
  • Marked year-on-year improvement on all lagging indicators
US region
  • A strong safety performance in the second half of 2024
EU region
  • Year-on-year improvement on all lagging indicators at the Sandouville operation
AUS region
  • The percentage of frontline stoppages recorded during 2024 is a reflection on the matured safety culture already entrenched

Challenges

  • Lower prices for PGMs continue to weigh on the profitability of the Group
  • Operational underperformance at some operations
  • Risk of capital overruns and commissioning risks

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Health, wellbeing and occupational hygiene

Ensuring safety and wellbeing

Successes

  • Sustained universal health coverage evidenced by less than 5% changes in medical scheme plans in SA region; extensive mental health services in our US region
  • Continued reduction in the number of tuberculosis (TB) cases and TB rates per 1,000 employees in the SA region
  • The Ending Workplace TB campaign awarded Sibanye- Stillwater for its dedication to enhancing TB care and prevention in the workplace
  • Over R2 billion to date has been disbursed through the Tshiamiso Trust to ex-gold mineworkers (and their families) who met the criteria for silicosis and work-related TB
  • Acknowledged by the SAIMM MineSafe awards for leading dust practice, earning the Leading Practice Adoption award
  • Reldan’s industrial hygiene programmes (including audiometric testing, medical monitoring, and annual blood lead testing) show no adverse work-related health effects

Challenges

  • Ensuring wellbeing of our employees during the Groupwide restructuring
  • Slow regulatory approval in SA region for innovative healthcare financing and strategic fund pooling

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Our people

Inclusive, diverse and Bionic

Successes

  • Total percentage of female employees increased to 18% (2023: 17.2%)
  • Strengthened focus on values: safety, accountability, and respect
  • Finalists for both the Gender Mainstreaming awards and the Standard Bank Topco Gender Empowerment awards
  • Integrated and aligned newly acquired business entities' people and culture processes effectively
  • Established responsive and globally integrated talent and succession management

Challenges

  • Resolving the effect of restructuring activities on employee morale
  • Budget constraints have limited the ability to deliver on planned leadership programmes. The challenge remains to balance financial limitations, while ensuring meaningful development opportunities
  • While successful, securing a one-year wage agreement with unions at SA gold operations proved resource-intensive

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People: Socioeconomic development

Inclusive, diverse and Bionic

Successes

  • Socioeconomic studies completed for all regions demonstrating significant employment, economic, compensation and tax impacts
  • Collaborated with Wits Business School and the Department of Cooperative Governance and Traditional Affairs (COGTA) on capacity building for traditional leaders and local government in the SA region
  • Winner of the National SAB/ESG Africa awards in recognition for embedding sustainability
  • Achieved a level 4 B-BBEE score; an improvement from level 6
  • Received final regulatory approval for the East Boulder Mine Lewis Gulch TSF, through, inter alia, effective and meaningful engagement with regulators and stakeholders such as environmental NGOs

Challenges

  • Ailing municipalities exacerbating social delivery challenges and increased expectations for delivery by the mining companies in some of the regions where we operate
  • Illegal land occupation and increase in informal settlements, without basic services, around mining operations due to increased
  • Poverty and unemployment bringing people closer to our operations in search of jobs and procurement opportunities

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Innovation, digital and technology

Inclusive, diverse and Bionic

Successes

  • Significant progress in establishing a foundation and capacity for innovation, digital, and technology development and adoption across the organisation
  • Further embedded a culture of innovation through a collaborative programme led by our functions and regions, and finalised several supporting initiatives for implementation in 2025
  • Embedded digital capabilities to support the organisation in its drive to augment human capabilities with digital technologies (bionic)
  • Established the Intelligent core (cloud-based data and analytics platform), made significant progress in our peoplebased approach through people activation, and delivered several value initiatives throughout the business
  • Progressed a number of technology development initiatives focused on optimisation, automation and electrification
  • Filed a patent for a novel process using a chloride medium for pCAM production (the GalliCam project)

Challenges

  • The primary focus in the regions was on optimisation and organisational restructuring initiatives
  • Lack of access to, and retention of, the right skills that are able to leverage rapid innovation using digital technologies

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Planet: Minimising our environmental impact

Sustainability embedded as the way we do business

Successes

  • 111GWh (2%) of energy saved through demand-side energy management interventions
  • 407MW of dedicated renewable energy capacity in construction, with 267MW due to be operational by end-2025
  • Completed eight water stewardship assessments supporting a holistic approach to water as a resource
SA region
  • Financial close of the 140MW Umsinde Emoyeni Wind Farm (0.513 TWh p.a), 407MW of dedicated renewable energy capacity now in construction
  • Teams from the PMR and SA gold operations honoured at the Gauteng Province Emissions Reduction Recognition awards
  • Completed a land use framework for the SA region
US region
  • Regulatory approval received for future tailings and waste rock storage facilities at the East Boulder mine
  • Water stewardship maturity assessment completed at East Boulder Mine

Challenges

  • Ongoing grid connection approval delays for our renewable energy projects in development in South Africa
  • Water scarcity at our SA PGM operations remains challenging and make the operations vulnerable to climate changeinduced impacts

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Dr Elaine Dorward-King

SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIR’S REPORT

“We action our purpose to safeguard global sustainability through our metals through mining responsibly and sharing value.”

Dr Elaine Dorward-King – Chair: Social, Ethics and Sustainability Committee

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INTRODUCING OUR SUSTAINABILITY STRATEGIC FRAMEWORK

Our three dimensional strategy has integrated sustainability into the business strategy for growth, competitive advantage and shared value a separate sustainability strategy would therefore be superfluous. Instead we developed a sustainability framework that enables the delivery of our business essentials and supports differentiation for further value accretion.

The framework is designed to reduce risk (reputational and physical), be beneficial for our employee value proposition, positively engage stakeholders (e.g. investors, governments, and customers), and ultimately enhance our brand capital and enterprise value. But most importantly, sustainability is a key enabler to deliver the group’s strategic differentiators. Interconnected targets developed for 2030 give a medium term outlook and 2050 targets provide a longer term commitment. We are developing an implementation plan to support the framework.

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OUR SHARED VALUE IN NUMBERS

2013 2024
36,274 employees
incl. contractors		 72,423 employees
incl. contractors
R6.16 billion paid
in salaries and benefits		 R31.4 billion paid
in salaries and benefits
R1.05 billion invested in
socioeconomic development
and CSI		 R2.7 billion invested in
socioeconomic development
and CSI
R554 million taxes
and royalties		 R2.2 billion taxes
and royalties
R316 million invested in
training and development		 R1 billion invested in
training and development
R5.1 billion spent on total
discretionary procurement 		R28.7 billion spent on total
discretionary procurement
in South Africa