REPORT SUITE 2025 for the year ended 31 December 2025

REPORT SUITE 2025 for the year ended 31 December 2025

  • Integrated report 2025
  • Sustainability report 2025
  • Notice of Meeting 2025
  • Group Annual financial Report 2025
  • Company Annual financial statements 2025
  • Mineral Resources and Mineral Reserves Report 2025
  • Group impact supplement 2025

SUPPORTING FACT SHEETS AND SUPPLEMENTARY INFORMATION

  1. 2025 suite navigation guide and glossary of terms
  2. Climate change supplement
  3. Sustainability scorecards for the long term incentive (LTI) awards
  4. Biodiversity management
  5. Combatting illegal mining
  6. Progressing the UN’s SDGs
  7. Sibanye-Stillwater’s ICMM self-assessment for 2025
  8. Data book including the sustainability content index
  9. Application of King V™ principles in 2025
  10. Tax supplement
  11. Definitions for sustainability/ESG indicators

A GLOBAL GEOGRAPHICAL FOOTPRINT WITH AN EXTENSIVE AND STRATEGIC PORTFOLIO OF DIVERSIFIED ASSETS AND COMMODITIES

SA PGMs US PGMsSA Gold Battery metals Secondary mining Recycling
  • * Non-managed
  • 1. All recycling operations and Sandouville are non-mineral properties

2025 PRODUCTION AND RECYCLING1

  • 1.2Moz platinum
  • 1Moz palladium
  • 189koz rhodium
  • 258koz ruthenium
  • 60koz iridium
  • 856koz gold
  • 2.3Moz silver
  • 2.3Mt chrome
  • 101kt zinc (payable)
  • 1.1kt nickel
  • 3.2Mlbs copper
REDUCED NET LOSS
FOR 2025 YEAR2

R4.7 billion (US$264 million)

(2024: R5.7 billion/US$311 million)

NORMALISED EARNINGS
FOR 2025 YEAR3

R10.6 billion (US$577 million)

(2024: -R1.5 billion/-US$79 million)

GREEN REVENUE FACTOR4

74%

WORKFORCE

72,668

2025 REVENUE PER PRODUCT
(Rbn)
Revenue per product [chart]
2025 REVENUE PER OPERATION
(Rbn)
Revenue per operation [chart]
2025 PGM & GOLD
MINERAL RESERVES5 (Moz)
PGM and gold equivalent reserves 2024 [chart]
2025 PGM & GOLD EQUIVALENT MINERAL RESOURCES5 (Moz)
PGM and gold equivalent resources 2024 [chart]
  1. The Platinum Group Metals (PGM) production in the SA PGM operations is platinum, palladium, rhodium, and gold, referred to as 4E (3PGM+Au), totalling 1.7Moz 4E PGMs for 2025. Mined production of platinum and palladium, referred to as 2E (2PGM) from the US PGM operations, was 284koz 2E PGMs for 2025. Production from the US PGM recycling operation (platinum, palladium, and rhodium, referred to as 3E (3PGM)) was 378koz 3E PGMs. Recycling is inclusive of the Montana and Pennsylvania sites and the North Carolina site from 1 September 2025 to 31 December 2025
  2. See the Consolidated Income statement in the Group Annual financial report for the year ended 31 December 2025
  3. Normalised earnings is a pro forma performance measure and is not a measure of performance under IFRS Accounting Standards. This measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. See the reconciliation in the Group Annual financial report for the year ended 31 December 2025
  4. 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 Standards
  5. The Group also has battery metals in the form of lithium carbonate equivalent (LCE) Mineral Reserves of 248kt and Mineral Resources of 510kt LCE, and copper Mineral Reserves of 478kt and Mineral Resources of 5,500kt. The Group has declared a uranium oxide Mineral Reserve of 25.2Mlb.
Dr Vincent Maphai
Chairman
Dr Richard Stewart
CEO

CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REVIEW

Sibanye-Stillwater ended 2025 in a strengthened financial position and improved operational performance, providing positive momentum going into 2026. During the second half of 2025, the Group successfully navigated its leadership transition and shared its refreshed strategy with the market on 29 January 2026.

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SOLID 2025 PERFORMANCE PROVIDES A STRONG PLATFORM FOR THE REFRESHED STRATEGY IN 2026

The four pillars of our refreshed strategy prioritise unlocking unrealised value

Simplification

Simplification of operating model and asset portfolio to enhance accountability, agility and management focus

Performance excellence

Through holistic improvement to drive higher margins

Growth

Focused on value creation that is anchored in returns and unlocking organic value as a priority

Capital allocation

Prioritising returns and securing sustainability through a disciplined framework

R E S O U R C E O P T I M I S A T I O N o f o u r a s s e t s e c o n o m i c v a l u e M a x i m i s i n g O P E R A T I O N A L E X C E L L E N C E e x e c u t i n g i m p r o v i n g d e l i v e r y C o n s i s t e n t l y E M B E D D I N G S U S T A I N A B I L I T Y P e o p l e , p l a n e t , p r o s p e r i t y , a n d g o v e r n a n c e Performance excellence HOLISTIC IMPROVEMENT e l i m i n a t i n g f a t a l i t i e s : Z e r o H a r m C o m m i t t e d t o S A F E P R O D U C T I O N

Operational excellence

  • Productivity enhancements
  • Cost efficiency
  • Consistent, reliable delivery
  • Capital project execution

Safe production

  • Fatal elimination strategy
  • Critical controls, behaviours and management routines
  • Empowered and enabled teams
  • Best-practice systems
  • Instilling a values-driven and safe performance culture

Embedding sustainability

  • Social compacting (GNA, Marikana renewal)
  • Sustainable water strategies
  • ~765MW planned renewable energy portfolio
  • Subscribe to global best sustainability practices
  • Development of local economies, fixed capital investment

Resource optimisation

  • Enhance strategic mine planning process
  • Digital and technology innovation
  • Value chain optimisation
Charl Keyter
Chief Financial Officer

CHIEF FINANCIAL OFFICER’S REPORT

Our capital allocation framework balances stakeholder returns, balance sheet strength and operational sustainability.

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SUCCESSES

  • Solid operational performance and favourable precious metals tailwinds drive improved profitability
  • 280% increase in headline earnings year-on-year
  • Balance sheet leverage lower year-on-year — net debt:adjusted EBITDA of 0.59x at 31 December 2025
  • Final dividend: 131 SA cents per ordinary share, 2% dividend yield

CHALLENGES

  • Macroeconomic and geopolitical volatility impacts long-term planning assumptions
  • Net impairment of R14.0 billion: various contributing factors, including depressed long-term lithium prices, legislative uncertainty, and finite term of Section 45X Advanced Manufacturing Production Credit
  • Input cost pressures
Dr. Elaine Dorward-King
Chair: Social, Ethics and Sustainability Committee

SOCIAL, ETHICS AND SUSTAINABILITY COMMITTEE: CHAIR’S REPORT

We are actioning our purpose to create a better future for people and planet through our metals.

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SUMMARY: SUSTAINABILITY PERFORMANCE

  • 72,668 employees incl. contractors (2013: 36,274)
  • R31 billion paid in salaries and benefits (2013: R6.2 billion)
  • R2.7 billion invested in socioeconomic development and CSI (2013: R1.1 billion)
  • R3.8 billion taxes and royalties (2013: R554 million)
  • R1 billion invested in training and development (2013: R316 million)
  • R29.9 billion spent on total discretionary procurement (2013: R5.1 billion)

People
and prosperity

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Safe production

SUCCESSES

  • High potential incidents (HPIs) including both injury with potential loss of life (IPLL) and non injury with the potential for loss of life (NIPLL), decreased by 45% year-on-year
  • The Group recorded the lowest year-end performance for serious injury frequency rate (SIFR) (2.19), lost time injury frequency rate (LTIFR) (3.36), and total recordable injury frequency rate (TRIFR) (3.78)
SA operations
  • Received 14 safety awards in November 2025 at the SAIMM MineSafe Conference and Industry Awards Day

CHALLENGES

  • Tragic loss of 6 lives at our operations (2024: 8)
  • Illegal mining at and around the SA operations remains one of the primary drivers of crime, posing serious safety risks to communities and to our personnel

Health and Wellbeing

SUCCESSES

  • Sustained universal health coverage, demonstrated by less than 5% changes in medical scheme plans in SA operations
  • The Group’s first World Health Organization-Five Well-Being Index showed employees reporting positive wellbeing, reflecting improved mental health resilience across the Group
  • We have reduced tuberculosis (TB) at our SA gold operations from 832 cases in 2014 to 121 in 2025 (2024: 134)

CHALLENGES

  • The wellbeing of our workforce is an ongoing objective shaped by many factors; we will continue to strive for efficient health funding
  • Regulatory and legislative challenges continue to affect our South African operations, as legal proceedings fail to provide an acceptable national policy on health financing and service delivery

Workforce

SUCCESSES

  • Programmes such as Leading Inclusively and Women’s Voices play a key role in strengthening inclusive leadership and amplifying employee voices
  • Total percentage of women increased to 18.8%¹ (2024: 18.0%)
  • Concluding the SA gold operations wage negotiations without disruption

AWARDS AND RECOGNITION

  • Finalist in the Gender Mainstreaming Awards: Women Empowerment in the Workplace
  • Sibanye-Stillwater Academy won the Mining Qualifications Authority South Africa’s the Good Practice award
  1. Based on full time employees and temporary employees, excluding contractors

CHALLENGES

  • Sandouville production closure is impacting workforce numbers
  • Gender-based violence remains a serious challenge at the SA operations
  • Kloof life of mine has been reduced to one year, affecting workforce planning

Socioeconomic development

SUCCESSES

  • Developed a social value vector tool to measure our performance within the regional context
  • Retained a level 4 B-BBEE rating
  • Concluded a stakeholder perception study in South Africa

CHALLENGES

South Africa
  • Increased in-migration puts pressure on basic service delivery
  • High levels of youth unemployment drive greater demand for jobs and procurement opportunities
  • Crime, including illegal mining, compromises safety and wellbeing

Planet

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Climate action
and nature stewardship

SUCCESSES

  • Two renewable energy projects brought to commercial operation. Closed two additional renewable energy PPA agreements consisting of 358MW of solar and wind
  • All operations completed water self-assessments supporting a holistic approach to water as a resource
  • Adopted TNFD and completed TNFD-aligned LEAP assessments
  • Scope 1 and 2 emissions on track to meet 42% reduction by 2030
  • Comprehensive review of our scope 3 emissions completed
  • Comprehensive carbon neutrality roadmap completed for SA operations, covering >90% of emissions

CHALLENGES

  • Ongoing grid connection approval delays for our renewable energy projects in development in South Africa
  • Water scarcity at our South African PGM operations remains a significant challenge, increasing operational vulnerability to drought conditions and broader water security risks

Governance

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Corporate governance

SUCCESSES

  • Strengthened governance through refinements to Board committee structures and positive May 2025 AGM outcomes, with all director elections and resolutions passed by wide shareholder majorities
  • Leadership continuity ensured with the successful CEO transition and key executive appointments
  • Disciplined financial oversight through review of financial results, trading statements and operational updates, reinforcing capital allocation and performance management
  • Strategic progress through approval of the Metallix acquisition and the settlement of the Appian dispute, supporting long‑term growth and risk resolution
  • Sustainability governance and leadership demonstrated with adoption of the TNFD framework (from 2026 reporting), safety accolades for South African operations, and commissioning of major renewable energy assets (solar PV and wind)
  • Internal ethics survey completed provides valuable insight to areas requiring improvement

CHALLENGES

  • Market volatility and challenging geopolitical environment
  • Heightened global cyber security threats
  • Escalation of illegal mining in SA